ACRES Commercial Realty (ACR) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 04, 2024
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	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding (in shares)		7,736,907
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	Sep. 30, 2024	Dec. 31, 2023
ASSETS:
Cash and cash equivalents	$ 70,074	$ 83,449
Restricted cash	961	8,437
Accrued interest receivable	13,944	11,783
CRE loans	1,580,516	1,857,093
Less: allowance for credit losses	(34,699)	(28,757)
CRE loans, net	1,545,817	1,828,336
Principal paydowns receivable	24,445	0
Loan receivable - due from Manager	$ 10,750	$ 10,975
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Investments in unconsolidated entities	$ 22,036	$ 1,548
Properties held for sale	200,194	62,605
Investments in real estate	89,379	157,621
Right of use assets	19,613	19,879
Intangible assets	7,152	7,882
Other assets	5,971	3,590
Total assets	2,010,336	2,196,105
LIABILITIES
Accounts payable and other liabilities	16,421	13,963
Management fee payable - related party	$ 540	$ 584
Other Liability, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Accrued interest payable	$ 4,867	$ 8,459
Borrowings	1,489,229	1,676,200
Lease liabilities	44,739	44,276
Distributions payable	3,740	3,262
Accrued tax liability	735	121
Liabilities held for sale	3,173	3,025
Total liabilities	1,563,444	1,749,890
EQUITY
Common stock, par value $0.001: 41,666,666 shares authorized; $7,903,175 and $7,878,216 shares issued and outstanding (including $574,538 and $416,675 unvested restricted shares)	8	8
Additional paid-in capital	1,164,285	1,169,970
Accumulated other comprehensive loss	(3,605)	(4,801)
Distributions in excess of earnings	(724,358)	(729,391)
Total stockholders’ equity	436,340	435,796
Non-controlling interests	10,552	10,419
Total equity	446,892	446,215
TOTAL LIABILITIES AND EQUITY	2,010,336	2,196,105
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	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
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)	7,789,217	7,878,216
Common stock, shares outstanding (in shares)	7,789,217	7,878,216
Common stock, shares issued, non-vested restricted shares (in shares)	574,538	416,675
Assets of consolidated variable interest entities (“VIEs”) included in total assets above:
Restricted cash	$ 961	$ 8,437
Accrued interest receivable	13,944	11,783
CRE loans	1,545,817	1,828,336
Other assets	5,971	3,590
Total assets of consolidated VIEs	2,010,336	2,196,105
Accounts payable and other liabilities	16,421	13,963
Accrued interest payable	4,867	8,459
Borrowings	1,489,229	1,676,200
Total liabilities of consolidated VIEs	$ 1,563,444	$ 1,749,890
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)	4,507,857	4,607,857
Preferred stock, shares outstanding (in shares)	4,507,857	4,607,857
VIE, Primary Beneficiary
Assets of consolidated variable interest entities (“VIEs”) included in total assets above:
Restricted cash	$ 190	$ 220
Accrued interest receivable	10,719	9,188
Principal Paydown Receivable	15,450	0
Other assets	159	71
Total assets of consolidated VIEs	1,263,753	1,475,942
Accounts payable and other liabilities	142	143
Accrued interest payable	2,477	3,828
Borrowings	990,520	1,204,569
Total liabilities of consolidated VIEs	993,139	1,208,540
VIE, Primary Beneficiary | Pledged as Collateral
Assets of consolidated variable interest entities (“VIEs”) included in total assets above:
CRE loans	$ 1,237,235	$ 1,466,463

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income:
CRE loans	$ 38,712	$ 47,567	$ 120,918	$ 138,388
Other	589	641	2,060	2,297
Total interest income	39,301	48,208	122,978	140,685
Interest expense	28,842	33,555	90,404	97,372
Net interest income	10,459	14,653	32,574	43,313
Real estate income	11,857	9,316	29,371	25,266
Other revenue	37	37	112	107
Total revenues	22,353	24,006	62,057	68,686
OPERATING EXPENSES
General and administrative	2,430	2,246	8,041	7,573
Real estate expenses	12,524	9,706	31,791	29,058
Management fees - related party	1,624	2,113	4,871	5,776
Equity compensation - related party	833	482	2,124	2,095
Corporate depreciation and amortization	16	22	40	68
(Reversal of) provision for credit losses, net	(291)	1,983	5,942	9,779
Total operating expenses	17,136	16,552	52,809	54,349
Net interest and other revenues less operating expenses	5,217	7,454	9,248	14,337
OTHER INCOME (EXPENSE)
Equity in losses of unconsolidated subsidiaries	(168)	0	(209)	0
Gain on conversion of real estate	2,802	0	8,637	0
Gain on sale of real estate	0	0	0	745
Other income	285	113	1,835	465
Total other income	2,919	113	10,263	1,210
INCOME BEFORE TAXES	8,136	7,567	19,511	15,547
Income tax expense	(82)	0	(136)	(129)
NET INCOME	8,054	7,567	19,375	15,418
Net income allocated to preferred shares	(5,318)	(4,855)	(14,946)	(14,566)
Carrying value in excess of consideration paid for preferred shares	0	0	242	0
Net loss allocable to non-controlling interest, net of taxes	88	158	362	419
NET INCOME ALLOCABLE TO COMMON SHARES	$ 2,824	$ 2,870	$ 5,033	$ 1,271
NET INCOME PER COMMON SHARE - BASIC	$ 0.37	$ 0.34	$ 0.65	$ 0.15
NET INCOME PER COMMON SHARE - DILUTED	$ 0.36	$ 0.33	$ 0.63	$ 0.15
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	7,669,051	8,456,884	7,695,656	8,469,597
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED	7,945,622	8,592,556	7,940,299	8,609,679

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 8,054	$ 7,567	$ 19,375	$ 15,418
Other comprehensive income
Reclassification adjustments associated with net unrealized losses from interest rate swaps included in interest expense	401	402	1,196	1,192
Total other comprehensive income	401	402	1,196	1,192
Comprehensive income before allocation to preferred shares	8,455	7,969	20,571	16,610
Net loss allocated to non-controlling interests shares	88	158	362	419
Carrying value in excess of consideration paid for preferred shares	0	0	242	0
Net income allocated to preferred shares	(5,318)	(4,855)	(14,946)	(14,566)
Comprehensive income allocable to common shares	$ 3,225	$ 3,272	$ 6,229	$ 2,463

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT 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	Distributions in Excess of Earnings	Parent	Non-Controlling Interest
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
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	15,418
Ending balance at Sep. 30, 2023	448,227	$ 8	5	5	1,173,975	(5,202)	(731,088)	437,703	10,524
Ending balance (in shares) at Sep. 30, 2023		8,448,524
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock	(729)	$ (1)			(728)			(729)
Purchase and retirement of common stock (in shares)		(83,297)
Stock-based compensation	127				127			127
Stock-based compensation (in shares)		14,226
Amortization of stock-based compensation	482				482			482
Contributions from non-controlling interests	1,232								1,232
Net income	7,567						7,725	7,725	(158)
Distributions and accrual of cumulative preferred stock dividends	(4,855)						(4,855)	(4,855)
Amortization of terminated derivatives	402					402		402
Ending balance at Sep. 30, 2023	448,227	$ 8	5	5	1,173,975	(5,202)	(731,088)	437,703	10,524
Ending balance (in shares) at Sep. 30, 2023		8,448,524
Beginning balance at Dec. 31, 2023	$ 446,215	$ 8	5	5	1,169,970	(4,801)	(729,391)	435,796	10,419
Beginning balance (in shares) at Dec. 31, 2023	7,878,216	7,878,216
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock	$ (2,068)				(2,068)			(2,068)
Purchase and retirement of common stock (in shares)		(194,827)
Stock-based compensation	19				19			19
Stock-based compensation (in shares)		1,911
Amortization of stock-based compensation	477				477			477
Preferred stock redemption	(2,157)				(2,399)		242	(2,157)
Contributions from non-controlling interests	180								180
Net income	4,924						5,136	5,136	(212)
Distributions and accrual of cumulative preferred stock dividends	(4,822)						(4,822)	(4,822)
Amortization of terminated derivatives	397					397		397
Ending balance at Mar. 31, 2024	443,165	$ 8	5	5	1,165,999	(4,404)	(728,835)	432,778	10,387
Ending balance (in shares) at Mar. 31, 2024		7,685,300
Beginning balance at Dec. 31, 2023	$ 446,215	$ 8	5	5	1,169,970	(4,801)	(729,391)	435,796	10,419
Beginning balance (in shares) at Dec. 31, 2023	7,878,216	7,878,216
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 19,375
Ending balance at Sep. 30, 2024	$ 446,892	$ 8	5	5	1,164,285	(3,605)	(724,358)	436,340	10,552
Ending balance (in shares) at Sep. 30, 2024	7,789,217	7,789,217
Beginning balance at Mar. 31, 2024	$ 443,165	$ 8	5	5	1,165,999	(4,404)	(728,835)	432,778	10,387
Beginning balance (in shares) at Mar. 31, 2024		7,685,300
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock	(1,555)				(1,555)			(1,555)
Purchase and retirement of common stock (in shares)		(115,458)
Stock-based compensation (in shares)		333,333
Offering costs	(82)				(82)			(82)
Amortization of stock-based compensation	814				814			814
Contributions from non-controlling interests	61								61
Net income	6,397						6,459	6,459	(62)
Distributions and accrual of cumulative preferred stock dividends	(4,806)						(4,806)	(4,806)
Amortization of terminated derivatives	398					398		398
Ending balance at Jun. 30, 2024	444,392	$ 8	5	5	1,165,176	(4,006)	(727,182)	434,006	10,386
Ending balance (in shares) at Jun. 30, 2024		7,903,175
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock	(1,724)				(1,724)			(1,724)
Purchase and retirement of common stock (in shares)		(113,958)
Amortization of stock-based compensation	833				833			833
Contributions from non-controlling interests	254								254
Net income	8,054						8,142	8,142	(88)
Distributions and accrual of cumulative preferred stock dividends	(5,318)						(5,318)	(5,318)
Amortization of terminated derivatives	401					401		401
Ending balance at Sep. 30, 2024	$ 446,892	$ 8	$ 5	$ 5	$ 1,164,285	$ (3,605)	$ (724,358)	$ 436,340	$ 10,552
Ending balance (in shares) at Sep. 30, 2024	7,789,217	7,789,217

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 19,375	$ 15,418
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses, net	5,942	9,779
Depreciation, amortization and accretion	5,200	3,996
Amortization of stock-based compensation	2,124	2,095
Gain on conversion of real estate	(8,637)	0
Gain on sale of real estate	0	(745)
Equity in losses of unconsolidated subsidiaries	209	0
Changes in operating assets and liabilities	(5,585)	5,681
Net cash provided by operating activities	18,628	36,224
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal fundings of CRE loans	(27,958)	(75,002)
Principal payments received on CRE loans	245,684	194,856
Investments in real estate	(42,755)	(27,434)
Investment in unconsolidated entities	(574)	0
Purchase of furniture and fixtures	(8)	0
Proceeds from sale of real estate	0	14,309
Principal payments received on loan - due from Manager	225	225
Net cash provided by investing activities	174,614	106,954
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	(82)	0
Repurchase of common stock	(5,347)	(2,684)
Repurchase of preferred stock	(2,157)	0
Proceeds from borrowings:
Senior secured financing facility	0	13,500
Warehouse financing facilities and repurchase agreements	19,177	11,970
Mortgages payable	31,071	144
Construction loans	0	6,106
Payments on borrowings:
Securitizations	(216,447)	(32,091)
Senior secured financing facility	(1,397)	(40,554)
Warehouse financing facilities and repurchase agreements	(24,938)	(89,704)
Payment of debt issuance costs	0	(4,891)
Proceeds received from non-controlling interests	495	5,097
Distributions paid on preferred stock	(14,468)	(14,566)
Net cash used in financing activities	(214,093)	(147,673)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(20,851)	(4,495)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	91,886	104,811
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 71,035	$ 100,316

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2024
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 variable interest entities ("VIEs") as discussed in Note 3.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. ("GAAP"). In the opinion of management, the accompanying consolidated financial statements reflect all normal and recurring adjustments necessary to fairly present the Company’s financial position, results of operations and cash flows. Principles of Consolidation 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. 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 September 30, 2024 and December 31, 2023 , $6 6.8 million and $ 81.1 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): September 30, 2024 2023 Cash and cash equivalents $ 70,074 $ 64,440 Restricted cash 961 35,876 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 71,035 $ 100,316 Investments 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 $ 21.4 million ) at September 30, 2024 , 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. Recent Accounting Standards Accounting Standards to be Adopted in Future Periods In November 2023, the Financial Accounting Standards Board ("FASB") issued guidance to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. The guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company is in the process of evaluating the impact of this guidance, however, the Company does not expect a material impact to its consolidated financial statements. In December 2023, the FASB issued guidance to improve the transparency of income tax disclosures. This guidance is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is in the process of evaluating the impact of this guidance, however, the Company does not expect a material impact to its consolidated financial statements.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2024
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 two VIEs at both September 30, 2024 and December 31, 2023 (collectively, the "Consolidated VIEs"). The Consolidated VIEs are CRE securitizations that were formed on behalf of the Company to invest in CRE whole loans that 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. The Consolidated VIEs are accounted for as secured borrowings in accordance with GAAP. 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 nine months ended September 30, 2024 and 2023, the Company did not provide any financial support to either of its Consolidated 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 either of its Consolidated VIEs. Charles Street-ACRES FSU Student Venture, LLC 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 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. 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 September 30, 2024 and December 31, 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 September 30, 2024 and December 31, 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. 65 E. Wacker Joint Venture, LLC In March 2024, the Company contributed its interest in an East North Central office property to form a joint venture (the "Wacker JV") with an unrelated third-party ("Wacker Managing Member") for the purpose of converting the office property to multifamily units. At the date of contribution, the office property had a fair value of $ 20.3 million. The Wacker Managing Member is responsible for the day-to-day operations of the Wacker JV, but the Company and the Wacker Managing Member must each approve all major decisions related to the operations, financing or disposition of the Wacker JV before any major decision can be taken. The Company accounts for its investment in the Wacker JV as an equity method investment within investments in unconsolidated entities in its consolidated financial statements. 7720 McCallum JV, LLC In September 2024, the Company contributed $ 574,000 as well as its net interest in a multifamily unit property located in the Southwest region to form a joint venture (the "McCallum JV") with an unrelated third-party ("McCallum Managing Member"). The McCallum Managing Member is responsible for the day-to-day operations of the McCallum JV. The Company determined McCallum JV to be a VIE for which it was not the primary beneficiary because it did not have the power to direct the activities most significant to the McCallum JV, as the Company does not have unilateral kick-out rights or substantive participating rights. The Company accounts for its investment in the McCallum JV as an equity method investment within investments in unconsolidated entities in its consolidated financial statements. Upon formation of the McCallum JV, the McCallum JV took ownership of the multifamily property subject to a related CRE loan payable to the Company which was novated to allow the McCallum JV to replace the original obligor who was experiencing financial difficulty. The $ 31.5 million CRE loan has an initial maturity date of September 5, 2027 and bears interest at a rate of one-month Term SOFR and a spread of 2.75 %. There were no other changes to the terms of the loan. McCallum JV also entered into a $ 1.5 million mezzanine loan commitment with the Company. No amounts were funded under this commitment at September 30, 2024. The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs at September 30, 2024 (in thousands): Unsecured Junior Subordinated Debentures 65 E Wacker Joint Venture, LLC 7720 McCallum JV, LLC Total Maximum Exposure to Loss ASSETS Accrued interest receivable $ 13 $ — $ — $ 13 $ — Investments in unconsolidated entities 1,548 19,942 546 22,036 22,036 Total assets 1,561 19,942 546 22,049 LIABILITIES Accrued interest payable 420 — — 420 N/A Borrowings 51,548 — — 51,548 N/A Total liabilities 51,968 — — 51,968 Net (liability) asset $ ( 50,407 ) $ 19,942 $ 546 $ ( 29,919 )

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2024
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 Nine Months Ended September 30, 2024 2023 Supplemental cash flows: Interest expense paid in cash $ 91,084 $ 94,433 Income taxes paid in cash 83 101 Non-cash investing activities include the following: Transfer of whole loans to investments in real estate $ 43,828 $ 20,900 Properties held for sale assets related to the receipt of foreclosure or deed-in-lieu of foreclosure ( 14,398 ) ( 20,900 ) Transfer of investment in real estate to investment in unconsolidated entities ( 20,123 ) — Investments in real estate related to the receipt of foreclosure ( 9,307 ) — Non-cash financing activities include the following: Incentive compensation paid in common stock $ 19 $ 362 Distributions on preferred stock accrued but not paid 3,740 3,262 Capitalized amortization of deferred debt issuance costs 717 — Capitalized interest 1,722 766

LOANS

LOANS	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024: Whole loans (5)(6)(7) 55 $ 1,578,565 $ ( 2,749 ) $ 1,575,816 $ ( 29,999 ) $ 1,545,817 BR + 2.50 % to BR + 8.61 % October 2024 to September 2027 Mezzanine loan (5) 1 4,700 — 4,700 ( 4,700 ) — 10.00 % June 2028 Total $ 1,583,265 $ ( 2,749 ) $ 1,580,516 $ ( 34,699 ) $ 1,545,817 At December 31, 2023: Whole loans (5)(6) 69 $ 1,858,265 $ ( 5,872 ) $ 1,852,393 $ ( 24,057 ) $ 1,828,336 BR + 2.50 % to BR + 8.61 % January 2024 to January 2027 Mezzanine loan (5) 1 4,700 — 4,700 ( 4,700 ) — 10.00 % June 2028 Total $ 1,862,965 $ ( 5,872 ) $ 1,857,093 $ ( 28,757 ) $ 1,828,336 (1) Amounts include unamortized loan origination fees of $ 1.8 million and $ 5.8 million and deferred amendment fees of $ 968,000 and $ 110,000 at September 30, 2024 and December 31, 2023, respectively. (2) Benchmark rates ("BR") comprise one-month Term Secured Overnight Financing Rate ("Term SOFR"). Weighted-average one-month benchmark rates were 5.22 % and 5.39 % at September 30, 2024 and December 31, 2023 , respectively. Additionally, weighted-average benchmark rate floors were 0.85 % and 0.70 % at September 30, 2024 and December 31, 2023, respectively. (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 four and three whole loans, with amortized costs of $ 94.4 million and $ 41.2 million, in maturity default at September 30, 2024 and December 31, 2023, respectively. (5) Substantially all loans are pledged as collateral under various borrowings at September 30, 2024 and December 31, 2023. (6) CRE whole loans had $ 78.4 million and $ 109.4 million in unfunded loan commitments at September 30, 2024 and December 31, 2023, respectively. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreements, and any necessary approvals have been obtained. (7) Includes a mezzanine loan of $ 2.9 million, at amortized cost, that has a fixed interest rate of 15.0 % at September 30, 2024. The following is a summary of the Company’s CRE loans held for investment by property type and geographic location (dollars in thousands, except amounts in footnotes): September 30, 2024 December 31, 2023 Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Multifamily $ 1,225,778 79.4 % $ 1,453,681 79.6 % Office 216,964 14.0 % 247,410 13.5 % Hotel 66,851 4.3 % 70,857 3.9 % Self-Storage 36,224 2.3 % 48,363 2.6 % Retail — — 8,025 0.4 % Total $ 1,545,817 100 % $ 1,828,336 100 % September 30, 2024 December 31, 2023 Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Southwest $ 433,992 28.1 % $ 484,902 26.6 % Mountain 276,876 17.9 % 275,120 15.0 % Southeast 249,344 16.1 % 401,624 22.0 % Mid Atlantic 217,747 14.1 % 236,104 12.9 % Pacific 146,874 9.5 % 169,789 9.3 % Northeast 134,942 8.7 % 161,172 8.8 % East North Central 46,538 3.0 % 60,401 3.3 % West North Central 39,504 2.6 % 39,224 2.1 % Total $ 1,545,817 100 % $ 1,828,336 100 % 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 2024 2025 2026 and Thereafter Total At September 30, 2024: Whole loans (1) $ 123,016 $ 1,060,979 $ 297,394 $ 1,481,389 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 123,016 $ 1,060,979 $ 302,094 $ 1,486,089 Description 2024 2025 2026 and Thereafter Total At December 31, 2023: Whole loans (1) $ 916,985 $ 814,772 $ 79,484 $ 1,811,241 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 916,985 $ 814,772 $ 84,184 $ 1,815,941 (1) Maturity dates exclude four and three whole loans, with amortized costs of $ 94.4 million and $ 41.2 million, in maturity default at September 30, 2024 and December 31, 2023, respectively. (2) At September 30, 2024 , the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options were $ 101.3 million and $ 1.4 billion in 2025 and 2026 and thereafter, respectively. At December 31, 2023 , the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $ 80.4 million, $ 101.7 million and $ 1.6 billion in 2024, 2025 and 2026 and thereafter, respectively. At September 30, 2024 and December 31, 2023, 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 September 30, 2024, the Company had $ 24.4 million of principal paydowns receivable, all of which were received by the Company during October 2024. At December 31, 2023 , the Company had no loan principal paydowns receivable.

FINANCING RECEIVABLES

FINANCING RECEIVABLES	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
FINANCING RECEIVABLES	90 Days and Accruing At September 30, 2024: Whole loans, floating-rate $ 94,427 $ — $ — $ 94,427 $ 1,481,389 $ 1,575,816 $ — Mezzanine loan (2) — — 4,700 4,700 — 4,700 — Total $ 94,427 $ — $ 4,700 $ 99,127 $ 1,481,389 $ 1,580,516 $ — At December 31, 2023: Whole loans, floating-rate $ — $ — $ 41,152 $ 41,152 $ 1,811,241 $ 1,852,393 $ 19,127 Mezzanine loan (2) — — 4,700 4,700 — 4,700 — Total $ — $ — $ 45,852 $ 45,852 $ 1,811,241 $ 1,857,093 $ 19,127 (1) The total amortized cost of CRE whole loans excluded accrued interest receivable of $ 13.9 million and $ 11.8 million at September 30, 2024 and December 31, 2023, respectively. (2) Fully reserved at both September 30, 2024 and December 31, 2023. At September 30, 2024 and December 31, 2023, the Company had four and three CRE whole loans, with total amortized costs of $ 94.4 million and $ 41.2 million, respectively, and one mezzanine loan, with a total amortized cost of $ 4.7 million, in payment default. During the three and nine months ended September 30, 2024 , the Company recognized interest income of $ 204,000 and $ 338,000 , respectively, on one CRE whole loan that was placed on nonaccrual status. In both the three and nine months ended September 30, 2023 , the Company recognized interest income of $ 335,000 , on two CRE whole loans that were placed on nonaccrual status. Loan Modifications The Company is required to disclose modifications where it determined the borrower is experiencing financial difficulty and modified the agreement to: (i) forgive principal, (ii) reduce the interest rate, (iii) cause an other-than-insignificant payment delay, (iv) extend the loan term, or (v) any combination thereof. During the nine months ended September 30, 2024 , the Company entered into the following three loan modifications that required disclosure: • A multifamily loan with an amortized cost of $ 53.0 million, representing 3.4 % of the total amortized cost of the portfolio, was modified to: (i) extend its maturity from June 2025 to June 2026 , (ii) reduce its current interest rate from one-month Term SOFR plus a spread of 3.70 % to one-month Term SOFR plus a spread of 1.70 %, and (iii) defer interest of 2.00 % that will be due at payoff. In connection with the modification, the borrower funded additional capital into the project for interest reserves to cover debt service. • A multifamily loan with an amortized cost of $ 44.4 million, representing 2.8 % of the total amortized cost of the portfolio, was modified to: (i) reduce its current pay interest rate from one-month Term SOFR plus a spread of 3.31 % to a 5.00 % fixed rate and (ii) defer the unpaid interest that will be due at loan payoff. In connection with the modification, the borrower funded additional capital into the project for interest reserves to cover debt service. • A multifamily loan with an amortized cost of $ 70.7 million, representing 4.5 % of the total amortized cost of the portfolio, was modified to: (i) extend its maturity from January 2025 to January 2026 and (ii) provide for 2.00 % per annum of the interest rate to be deferred until payoff. The Company also entered into a mezzanine loan with a total commitment of $ 6.0 million, of which $ 3.0 million was funded as of September 30, 2024 . The loan has a fixed rate of 15.00 % that accrues and will be due at payoff in January 2026. In connection with the modification, the borrower renewed the interest rate cap. These loans were performing in accordance with the modified contractual terms as of September 30, 2024. At September 30, 2024 , two of these loans, with a total amortized cost of $ 123.7 million, had a risk rating of "4" and one loan, with an amortized cost of $ 44.4 million, had a risk rating of "3". Loans with a risk rating of "3" and "4" are included in the determination of the Company's general CECL reserves. During the nine months ended September 30, 2023 , the Company did no t enter into any loan modifications for borrowers that were experiencing financial difficulty." id="sjs-B4">NOTE 6 - FINANCING RECEIVABLES The following table shows the activity in the allowance for credit losses for the nine months ended September 30, 2024 and the year ended December 31, 2023 (in thousands): Nine Months Ended September 30, 2024 Year Ended December 31, 2023 Allowance for credit losses at beginning of period $ 28,757 $ 18,803 Provision for credit losses 5,942 10,902 Charge offs — ( 948 ) Allowance for credit losses at end of period $ 34,699 $ 28,757 During the three months ended September 30, 2024, the Company recorded a reversal of expected credit losses of $ 291,000 , primarily attributable to a decrease in modeled credit risk resulting from payoffs and net improvements in property-level performance, offset by a minor worsening of macroeconomic factors, which in turn is keeping interest rates higher for longer. During the nine months ended September 30, 2024, provisions of expected credit losses in the first and second quarters of 2024 outpaced the reversal during the third quarter of 2024, resulting in a net provision of $ 5.9 million , primarily driven by worsening macroeconomic factors, including, but not limited to, higher interest rates lasting longer than expected pressuring CRE pricing, offset, in part, by a decrease in modeled credit risk resulting from payoffs and net improvements in property-level performance. At both September 30, 2024 and December 31, 2023, the Company individually evaluated the following loan for impairment: • An office mezzanine loan in the Northeast region with a principal balance of $ 4.7 million at both September 30, 2024 and December 31, 2023. The Company fully reserved this loan in the fourth quarter of 2022, and it continues to be fully reserved at September 30, 2024. The loan entered payment default in February 2023 and has been placed on nonaccrual status. In fiscal year 2024, the Company individually evaluated one additional loan for which a resolution was reached: • One multifamily loan in the Southeast region, with a principal balance of $ 9.3 million for which foreclosure was determined to be probable. In August 2024, the Company foreclosed on the loan. At December 31, 2023, the Company had individually evaluated three additional loans for which resolutions were reached in fiscal year 2024: • A retail loan in the Northeast region, with a principal balance of $ 8.0 million at December 31, 2023, for which foreclosure was determined to be probable. The loan was modified in February 2021 to extend its maturity to December 2021. In December 2021, this loan entered payment default and was placed on nonaccrual status. The borrower filed for bankruptcy in 2023 and the property was sold to a third-party bidder at auction in February 2024. The sale closed in April 2024 at a purchase price of $ 8.3 million and the loan was paid off at par. • An office loan in the East North Central region with a principal balance of $ 14.0 million at December 31, 2023. During the year ended December 31, 2023, the loan entered into payment default and was placed 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 December 31, 2023. In March 2024, the Company accepted the deed-in-lieu of foreclosure in full satisfaction of the loan and recognized a $ 5.8 million gain upon conversion of the loan to real estate owned based on the property's fair value of $ 20.3 million as determined by a current appraisal. Upon receipt, the property was immediately contributed to a joint venture with an independent third party at its aforementioned fair value, and the Company's investment in that joint venture is included in investments in unconsolidated entities on the consolidated balance sheet (see Note 3). • An office loan in the Southwest region, with a principal balance of $ 19.1 million at December 31, 2023 for which foreclosure was determined to be probable. The loan had an initial maturity of March 2022 and was modified three times to extend its maturity to June 2022. The loan entered into payment default and was placed 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 May 2024, the Company agreed to temporarily defer its right to foreclose on the property. In July 2024, the Company foreclosed on the loan. At the time of foreclosure, the loan had a principal balance of $ 14.4 million. 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. Loans are typically rated a 2 at origination. 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 September 30, 2024: Whole loans, floating-rate $ 61,993 $ 649,765 $ 505,249 $ 353,196 $ 5,613 $ 1,575,816 Mezzanine loan — — — — 4,700 4,700 Total $ 61,993 $ 649,765 $ 505,249 $ 353,196 $ 10,313 $ 1,580,516 At December 31, 2023: Whole loans, floating-rate $ — $ 973,424 $ 581,032 $ 256,785 $ 41,152 $ 1,852,393 Mezzanine loan — — — — 4,700 4,700 Total $ — $ 973,424 $ 581,032 $ 256,785 $ 45,852 $ 1,857,093 (1) The total amortized cost of CRE whole loans excluded accrued interest receivable of $ 13.9 million and $ 11.8 million at September 30, 2024 and December 31, 2023, respectively. Credit risk profiles of CRE loans by origination year at amortized cost were as follows (in thousands, except amounts in the footnotes): 2024 (1) 2023 2022 2021 2020 Prior Total (2) At September 30, 2024: Whole loans, floating-rate: (3) Rating 1 $ — $ — $ — $ 61,993 $ — $ — $ 61,993 Rating 2 — 47,505 150,007 381,822 56,460 13,971 649,765 Rating 3 — 15,798 216,417 261,949 — 11,085 505,249 Rating 4 31,545 — 84,778 191,984 — 44,889 353,196 Rating 5 — — — — — 5,613 5,613 Total whole loans, floating-rate 31,545 63,303 451,202 897,748 56,460 75,558 1,575,816 Mezzanine loan (rating 5) — — — — — 4,700 4,700 Total $ 31,545 $ 63,303 $ 451,202 $ 897,748 $ 56,460 $ 80,258 $ 1,580,516 Current Period Gross Write-Offs $ — $ — $ — $ — $ — $ — $ — 2023 2022 2021 2020 2019 Prior Total (2) At December 31, 2023: Whole loans, floating-rate: (3) Rating 2 $ 63,634 $ 212,175 $ 636,487 $ 22,556 $ 38,572 $ — $ 973,424 Rating 3 — 168,791 364,369 34,232 — 13,640 581,032 Rating 4 — 82,918 123,333 — 5,645 44,889 256,785 Rating 5 — 14,000 — — 19,127 8,025 41,152 Total whole loans, floating-rate 63,634 477,884 1,124,189 56,788 63,344 66,554 1,852,393 Mezzanine loan (rating 5) — — — — — 4,700 4,700 Total $ 63,634 $ 477,884 $ 1,124,189 $ 56,788 $ 63,344 $ 71,254 $ 1,857,093 Current Period Gross Write-Offs $ — $ — $ — $ — $ ( 948 ) $ — $ ( 948 ) (1) Includes one novated CRE whole loan that resulted from a loan workout. (2) The total amortized cost of CRE whole loans excluded accrued interest receivable of $ 13.9 million and $ 11.8 million at September 30, 2024 and December 31, 2023, respectively. (3) Acquired CRE whole loans are grouped within each loan’s year of origination. The Company has one additional mezzanine loan that was included in other assets held for sale, and that loan had no carrying value at both September 30, 2024 and December 31, 2023 . 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 Total Past Due Current Total Loans Receivable (1) Total Loans > 90 Days and Accruing At September 30, 2024: Whole loans, floating-rate $ 94,427 $ — $ — $ 94,427 $ 1,481,389 $ 1,575,816 $ — Mezzanine loan (2) — — 4,700 4,700 — 4,700 — Total $ 94,427 $ — $ 4,700 $ 99,127 $ 1,481,389 $ 1,580,516 $ — At December 31, 2023: Whole loans, floating-rate $ — $ — $ 41,152 $ 41,152 $ 1,811,241 $ 1,852,393 $ 19,127 Mezzanine loan (2) — — 4,700 4,700 — 4,700 — Total $ — $ — $ 45,852 $ 45,852 $ 1,811,241 $ 1,857,093 $ 19,127 (1) The total amortized cost of CRE whole loans excluded accrued interest receivable of $ 13.9 million and $ 11.8 million at September 30, 2024 and December 31, 2023, respectively. (2) Fully reserved at both September 30, 2024 and December 31, 2023. At September 30, 2024 and December 31, 2023, the Company had four and three CRE whole loans, with total amortized costs of $ 94.4 million and $ 41.2 million, respectively, and one mezzanine loan, with a total amortized cost of $ 4.7 million, in payment default. During the three and nine months ended September 30, 2024 , the Company recognized interest income of $ 204,000 and $ 338,000 , respectively, on one CRE whole loan that was placed on nonaccrual status. In both the three and nine months ended September 30, 2023 , the Company recognized interest income of $ 335,000 , on two CRE whole loans that were placed on nonaccrual status. Loan Modifications The Company is required to disclose modifications where it determined the borrower is experiencing financial difficulty and modified the agreement to: (i) forgive principal, (ii) reduce the interest rate, (iii) cause an other-than-insignificant payment delay, (iv) extend the loan term, or (v) any combination thereof. During the nine months ended September 30, 2024 , the Company entered into the following three loan modifications that required disclosure: • A multifamily loan with an amortized cost of $ 53.0 million, representing 3.4 % of the total amortized cost of the portfolio, was modified to: (i) extend its maturity from June 2025 to June 2026 , (ii) reduce its current interest rate from one-month Term SOFR plus a spread of 3.70 % to one-month Term SOFR plus a spread of 1.70 %, and (iii) defer interest of 2.00 % that will be due at payoff. In connection with the modification, the borrower funded additional capital into the project for interest reserves to cover debt service. • A multifamily loan with an amortized cost of $ 44.4 million, representing 2.8 % of the total amortized cost of the portfolio, was modified to: (i) reduce its current pay interest rate from one-month Term SOFR plus a spread of 3.31 % to a 5.00 % fixed rate and (ii) defer the unpaid interest that will be due at loan payoff. In connection with the modification, the borrower funded additional capital into the project for interest reserves to cover debt service. • A multifamily loan with an amortized cost of $ 70.7 million, representing 4.5 % of the total amortized cost of the portfolio, was modified to: (i) extend its maturity from January 2025 to January 2026 and (ii) provide for 2.00 % per annum of the interest rate to be deferred until payoff. The Company also entered into a mezzanine loan with a total commitment of $ 6.0 million, of which $ 3.0 million was funded as of September 30, 2024 . The loan has a fixed rate of 15.00 % that accrues and will be due at payoff in January 2026. In connection with the modification, the borrower renewed the interest rate cap. These loans were performing in accordance with the modified contractual terms as of September 30, 2024. At September 30, 2024 , two of these loans, with a total amortized cost of $ 123.7 million, had a risk rating of "4" and one loan, with an amortized cost of $ 44.4 million, had a risk rating of "3". Loans with a risk rating of "3" and "4" are included in the determination of the Company's general CECL reserves. During the nine months ended September 30, 2023 , the Company did no t enter into any loan modifications for borrowers that were experiencing financial difficulty.

INVESTMENTS IN REAL ESTATE AND

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES	9 Months Ended
	Sep. 30, 2024
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 During the three months ended September 30, 2024 , the Company acquired investments in real estate as a result of its lending activities (through foreclosure or deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans). The following table summarizes the acquisition date values of the acquired assets and assumed liabilities during the three and nine months ended September 30, 2024 (in thousands): Investments in real estate from lending activities: Assets acquired: Investments in real estate $ 9,140 Cash and other assets 629 Properties held for sale 18,299 Total 28,068 Liabilities assumed: Other liabilities 758 Total fair value at acquisition of net assets acquired $ 27,310 At September 30, 2024, the Company held investments in eight real estate properties, four of which are included in investments in real estate, and four of which are included in properties held for sale on the consolidated balance sheet. During the three months ended September 30, 2024 , the Company reclassified one property in the southeast region with a carrying value of $ 118.2 million from an investment in real estate to real estate held for sale. The following table summarizes the book value of the Company’s acquired assets and assumed liabilities (in thousands, except amounts in the footnotes): September 30, 2024 December 31, 2023 Cost Basis Accumulated Depreciation & Amortization Carrying Value Cost Basis Accumulated Depreciation & Amortization Carrying Value Assets acquired: Investments in real estate, equity: Investments in real estate (1) $ 95,105 $ ( 5,775 ) $ 89,330 $ 162,662 $ ( 5,041 ) $ 157,621 Right of use assets (2)(3) 19,665 ( 683 ) 18,982 19,664 ( 478 ) 19,186 Intangible assets (4) 11,195 ( 4,043 ) 7,152 11,474 ( 3,592 ) 7,882 Subtotal 125,965 ( 10,501 ) 115,464 193,800 ( 9,111 ) 184,689 Investments in real estate from lending activities: Properties held for sale (5) 200,194 — 200,194 62,605 — 62,605 Total 326,159 ( 10,501 ) 315,658 256,405 ( 9,111 ) 247,294 Liabilities assumed: Investments in real estate, equity: Mortgage payables 71,368 2,548 73,916 40,297 1,489 41,786 Other liabilities 247 ( 247 ) — 247 ( 220 ) 27 Lease liabilities (3)(6) 44,061 — 44,061 43,538 — 43,538 Subtotal 115,676 2,301 117,977 84,082 1,269 85,351 Investments in real estate from lending activities: Liabilities held for sale (7) 3,173 — 3,173 3,025 — 3,025 Total 118,849 2,301 121,150 87,107 1,269 88,376 Total net investments in real estate and properties held for sale (8) $ 207,310 $ 194,508 $ 169,298 $ 158,918 (1) Includes $ 22.4 million and $ 38.4 million of land, which is not depreciable, at September 30, 2024 and December 31, 2023 , respectively. Also includes $ 2.9 million and $ 44.9 million of construction in progress, which is also not depreciable until placed in service, at September 30, 2024 and December 31, 2023, respectively. (2) Primarily comprised an $ 18.7 million and $ 19.2 million right of use asset, at September 30, 2024 and December 31, 2023, respectively, associated with the ground lease disclosed at footnote (6) below as an operating lease. 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 comprised a franchise intangible of $ 4.3 million and $ 4.7 million, a management contract intangible of $ 2.8 million and $ 2.9 million and a customer list intangible of $ 89,000 and $ 223,000 , at September 30, 2024 and December 31, 2023, respectively. (5) At September 30, 2024 and December 31, 2023, properties held for sale included a hotel acquired via deed-in-lieu of foreclosure in November 2020, as well as an office property acquired via deed-in-lieu of foreclosure in June 2023. At September 30, 2024, two additional properties, a newly constructed multi-family property placed in service in September 2024 and an office complex acquired July 2024, were classified as properties held for sale. (6) Primarily comprised of a $ 43.7 million ground lease with a remaining term of 92 years at September 30, 2024. Lease expense was $ 2.1 million and $ 2.0 million for the nine months ended September 30, 2024 and 2023, respectively. (7) Comprised of an operating lease liability. (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. At September 30, 2024 , 92 years remain in its term. The Company recorded lease payments of $ 452,000 and $ 1.3 million for the three and nine months ended September 30, 2024, respectively, and $ 439,000 and $ 1.3 million for the three and nine months ended September 30, 2023, respectively. The Company recorded amortization of $ 51,000 and $ 153,000 during the three and nine months ended September 30, 2024, respectively, related to the right of use asset and accretion of $ 639,000 and $ 1.9 million during the three and nine months ended September 30, 2024, respectively, related to its ground lease liability. The Company recorded amortization of $ 51,000 and $ 153,000 during the three and nine months ended September 30, 2023, respectively, related to the right of use asset and accretion of $ 620,000 and $ 1.8 million during the three and nine months ended September 30, 2023, respectively, related to its ground lease liability. During the three and nine months ended September 30, 2024, the Company recorded amortization expense of $ 243,000 and $ 730,000 , respectively, on its intangible assets. During the three and nine months ended September 30, 2023, the Company recorded amortization expense of $ 252,000 and $ 755,000 , respectively, on its intangible assets. The Company expects to record additional amortization expense of $ 232,000 during the remainder of fiscal year 2024. The Company also expects to record amortization expense of $ 793,000 , $ 748,000 , $ 748,000 , $ 748,000 and $ 748,000 during the 2025, 2026, 2027, 2028 and 2029 fiscal years, respectively, on its intangible assets.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2024
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 February 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): September 30, 2024 December 31, 2023 Operating Leases: Right of use assets $ 631 $ 693 Lease liabilities $ ( 678 ) $ ( 738 ) Weighted average remaining lease term: 5.0 years 5.8 years Weighted average discount rate (1) : 8.70 % 8.70 % (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 September 30, 2024 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Lease Cost: Operating lease cost $ 40 $ 39 $ 119 $ 154 Other Information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 39 $ 38 $ 116 $ 113 The following table summarizes the Company’s operating leases cash flow obligations on an undiscounted, annual basis (in thousands): Operating Leases 2024 $ 40 2025 162 2026 166 2027 170 2028 174 Thereafter 131 Subtotal 843 Less: impact of discount ( 165 ) Total $ 678

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 9 - INVESTMENTS IN UNCONSOLIDATED ENTITIES The following table summarizes the Company's investments in unconsolidated entities at September 30, 2024 and December 31, 2023 and equity in earnings of unconsolidated entities for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands, except in the footnotes): Earnings (Losses) of Unconsolidated Entities Ownership % For the Three Months Ended September 30, For the Nine Months Ended September 30, at September 30, 2024 September 30, 2024 December 31, 2023 2024 2023 2024 2023 Investment in RCT I and II (1) 3 % $ 1,548 $ 1,548 $ — $ — $ — $ — 65 E. Wacker Joint Venture, LLC (2) 90 % 19,942 — ( 140 ) — ( 181 ) — 7720 McCallum JV, LLC (3) 50 % 546 — ( 28 ) — ( 28 ) — Total $ 22,036 $ 1,548 $ ( 168 ) $ — $ ( 209 ) $ — (1) During the three and nine months ended September 30, 2024 and 2023 , dividends from the investments in RCT I's and RCT II's common shares in the amounts of $ 38,000 and $ 27,000 and $ 112,000 and $ 107,000 , respectively, are recorded in other revenue on the Company's consolidated statements of operations. (2) Refer to Note 3 for details regarding the Wacker JV. (3) Refer to Note 3 for details regarding the McCallum JV.

BORROWINGS

BORROWINGS	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
BORROWINGS	NOTE 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 September 30, 2024: ACR 2021-FL1 Senior Notes $ 585,332 $ 1,056 $ 584,276 6.73 % 11.7 years $ 712,752 ACR 2021-FL2 Senior Notes 408,261 2,017 406,244 7.15 % 12.3 years 541,261 Senior secured financing facility 63,099 2,375 60,724 8.87 % 3.3 years 161,303 CRE - term warehouse financing facilities (1)(2) 165,100 1,220 163,880 7.70 % 1.0 year 264,631 Mortgages payable 74,849 933 73,916 9.71 % 6.3 years 118,209 5.75 % Senior Unsecured Notes 150,000 1,359 148,641 5.75 % 1.9 years — Unsecured junior subordinated debentures 51,548 — 51,548 9.51 % 11.9 years — Total $ 1,498,189 $ 8,960 $ 1,489,229 7.19 % 9.1 years $ 1,798,156 Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At December 31, 2023: ACR 2021-FL1 Senior Notes $ 643,040 $ 2,243 $ 640,797 6.98 % 12.5 years $ 770,460 ACR 2021-FL2 Senior Notes 567,000 3,227 563,773 7.28 % 13.1 years 700,000 Senior secured financing facility 64,495 2,927 61,568 9.14 % 4.1 years 157,722 CRE - term warehouse financing facilities (1) 170,861 2,273 168,588 7.96 % 1.6 years 254,081 Mortgages payable 43,779 1,993 41,786 8.92 % 11.3 years 83,739 5.75 % Senior Unsecured Notes 150,000 1,860 148,140 5.75 % 2.6 years — Unsecured junior subordinated debentures 51,548 — 51,548 9.60 % 12.7 years — Total $ 1,690,723 $ 14,523 $ 1,676,200 7.28 % 10.4 years $ 1,966,002 (1) Principal outstanding includes accrued interest payable of $ 461,000 and $ 539,000 at September 30, 2024 and December 31, 2023, respectively. (2) In November 2024, the Company extended the Morgan Stanley Facility to November 2025. Securitizations The following table sets forth certain information with respect to the Company’s consolidated securitizations at September 30, 2024 (in thousands): Closing Date Maturity Date Reinvestment Period End (1) Total Note Paydowns from Closing Date through September 30, 2024 ACR 2021-FL1 May 2021 June 2036 May 2023 $ 89,891 ACR 2021-FL2 December 2021 January 2037 December 2023 $ 158,739 (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 September 30, 2024 and December 31, 2023 were eliminated in consolidation. ACR 2021-FL1 In May 2021, the Company closed ACRES Commercial Realty 2021-FL1 Issuer, Ltd. ("ACR 2021-FL1"), an $ 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. As of September 30, 2024, the Company had not exercised this right. ACR 2021-FL2 In December 2021, the Company closed ACRES Commercial Realty 2021-FL2 Issuer, Ltd. ("ACR 2021-FL2"), a $ 700.0 million CRE debt securitization transaction that provided financing for 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. Additionally, ACR 2021-FL2 included a reinvestment period, which ended in December 2023, that allowed 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. As of September 30, 2024, the Company had not exercised this right. Financing Arrangements Borrowings under the Company’s financing arrangements are guaranteed by the Company or one or more of its subsidiaries. The following table sets forth certain information with respect to these arrangements (dollars in thousands, except amounts in footnotes): September 30, 2024 December 31, 2023 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) $ 60,724 $ 161,303 6 8.87 % $ 61,568 $ 157,722 7 9.14 % CRE - Term Warehouse Financing Facilities (2) JPMorgan Chase Bank, N.A. (3) 90,843 157,633 5 7.57 % 74,694 125,044 4 7.82 % Morgan Stanley Mortgage Capital Holdings LLC (4) 73,037 106,998 6 7.85 % 93,894 129,037 7 8.07 % Mortgages Payable ReadyCap Commercial, LLC (5) 20,171 26,925 1 8.91 % 19,365 25,400 1 9.16 % Oceanview Life and Annuity Company (6)(7) 38,643 91,284 1 11.10 % 7,330 58,339 1 11.37 % Florida Pace Funding Agency (6)(8) 15,102 — — 7.26 % 15,091 — — 7.26 % Total $ 298,520 $ 544,143 $ 271,942 $ 495,542 (1) Includes $ 2.4 million and $ 2.9 million of deferred debt issuance costs at September 30, 2024 and December 31, 2023, respectively. (2) Outstanding borrowings include accrued interest payable. (3) Includes $ 1.1 million and $ 1.6 million of deferred debt issuance costs at September 30, 2024 and December 31, 2023, respectively. (4) Includes $ 71,000 and $ 647,000 of deferred debt issuance costs at September 30, 2024 and December 31, 2023, respectively. (5) Includes $ 121,000 and $ 259,000 of deferred debt issuance costs at September 30, 2024 and December 31, 2023, respectively. (6) Outstanding borrowings are collateralized by a student housing construction project. Value of collateral and number of positions as collateral related to Oceanview Life and Annuity Company also applies to Florida Pace Funding Agency. (7) Includes $ 405,000 and $ 1.3 million of deferred debt issuance costs at September 30, 2024 and December 31, 2023, respectively. (8) Includes $ 408,000 and $ 419,000 of deferred debt issuance costs at September 30, 2024 and December 31, 2023 , respectively. The following table shows information about the amount at risk under the Company's financing arrangements (dollars in thousands, except amounts in footnotes): Amount at Risk Weighted Average Remaining Maturity Weighted Average Interest Rate At September 30, 2024: Senior Secured Financing Facility (1) Massachusetts Mutual Life Insurance Company $ 98,571 3.3 years 8.87 % CRE - Term Warehouse Financing Facilities (1)(2) JPMorgan Chase Bank, N. A. $ 67,392 1.8 years 7.57 % Morgan Stanley Mortgage Capital Holdings LLC (3) $ 35,070 0.1 years 7.85 % Mortgages Payable ReadyCap Commercial, LLC (4) $ 6,533 0.5 years 8.91 % Oceanview Life and Annuity Company (5)(6) $ 36,138 0.4 years 11.10 % Florida Pace Funding Agency (5)(6) — 28.8 years 7.26 % (1) Equal to the total of the estimated fair value of securities or loans sold and accrued interest receivable, minus the total of the financing agreement liabilities and accrued interest payable. (2) The Company is required to maintain a total minimum unencumbered liquidity balance of $ 15.0 million. (3) In November 2024, the Company extended Morgan Stanley Mortgage Capital Holdings LLC to November 2025. (4) 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. (5) Equal to the total of the estimated fair value of real estate property investment financed, minus the total of the construction loans agreement liabilities and accrued interest payable. Amount at risk related to Oceanview Life and Annuity Company also applies to Florida Pace Funding Agency. (6) Outstanding borrowings are collateralized by a student housing construction project. The Company was in compliance with all financial covenants in each of the respective agreements at September 30, 2024 and December 31, 2023. 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 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. As amended, t he JPMorgan Chase Facility has a maximum facility amount of $ 250.0 million, charges interest of one-month Term SOFR plus market spreads and matures in July 2026 . 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. As amended, t he 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. In November 2024, the Company entered into Amendment No. 3 to Guaranty (the “Morgan Stanley Amendment”) by and between the Company and Morgan Stanley, which makes certain amendments and modifications to the Guaranty, dated November 3, 2021 between the Company and Morgan Stanley as amended (the “MS Guaranty”) including but not limited to amending the EBITDA to Interest Expense ratio (as defined in the MS Guaranty) through the quarter ending December 2025 and extending the Morgan Stanley Facility to November 2025. See Part II, Item 5 "Other Information". The Term Warehouse Financing Facilities are accounted for as secured borrowings in accordance with GAAP. Mortgages 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 Secured Overnight Financing Rate 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. 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 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 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 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 September 30, 2024 and December 31, 2023. The interest rates for RCT I and RCT II, at September 30, 2024, were 9.54 % and 9.47 % , respectively. The interest rates for RCT I and RCT II, at December 31, 2023, were 9.61 % and 9.60 %, 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 September 30, 2024: CRE securitizations $ 993,593 $ — $ — $ — $ — $ 993,593 Senior Secured Financing Facility 63,099 — — — 50,996 12,103 CRE - term warehouse financing facilities (1)(2) 165,100 73,108 — 91,992 — — Mortgages payable 74,849 — 59,339 — — 15,510 5.75% Senior Unsecured Notes 150,000 — — 150,000 — — Unsecured junior subordinated debentures 51,548 — — — — 51,548 Total $ 1,498,189 $ 73,108 $ 59,339 $ 241,992 $ 50,996 $ 1,072,754 (1) Includes accrued interest payable in the balances of principal outstanding. (2) In November 2024, the Company extended the Morgan Stanley Facility to November 2025.

SHARE ISSUANCE AND REPURCHASE

SHARE ISSUANCE AND REPURCHASE	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
SHARE ISSUANCE AND REPURCHASE	NOTE 11 - SHARE ISSUANCE AND REPURCHASE 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 7.875 % Series D Cumulative Redeemable Preferred Stock ("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 both the nine months ended September 30, 2024 and the year ended December 31, 2023, the Company did no t 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 distributions on the Series C Preferred Stock at a floating rate equal to three-month Term SOFR plus a spread of 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 September 30, 2024 , the Company had 4.8 million shares of Series C Preferred Stock and 4.5 million shares of Series D Preferred Stock outstanding, with weighted average issuance prices, excluding offering costs, of $ 25.00 . In November 2021, the board of directors, (the "Board"), authorized and approved the continued use of its existing share repurchase program to repurchase an additional $ 20.0 million of the outstanding shares of the Company's common stock. Under the share repurchase program, 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. In November 2023, the Board authorized and approved the repurchase of an additional $ 10.0 million of outstanding shares of both common and preferred stock. During the nine months ended September 30, 2024 and 2023, the Company repurchased $ 5.3 million and $ 2.7 million, respectively, of its common stock, representing 424,243 and 298,457 shares, respectively. Additionally, during the nine months ended September 30, 2024 , the Company repurchased $ 2.2 million, or 100,000 shares, of its Series D Preferred Stock. At September 30, 2024, $ 2.3 million of common and preferred stock remains available under this repurchase plan. In connection with the Note and Warrant Purchase Agreement with Oaktree Capital Management, L.P. ("Oaktree") and Massachusetts Mutual Life Insurance Company ("MassMutual") dated July 31, 2020, 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 classified as equity and 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 at an exercise price of $ 0.03 per share, subject to certain potential adjustments, and expire seven years from the issuance date. The holder of the warrants can exercise with cash or as a net exercise. In July 2022, MassMutual exercised their warrants to purchase 74,666 shares. At September 30, 2024 , the Oaktree warrants have no t been exercised.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [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, will be 1,700,817 shares of common stock. 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. The Company recognized stock-based compensation expense of $ 833,000 and $ 2.1 million during the three and nine months ended September 30, 2024 and $ 482,000 and $ 2.1 million, respectively, during the three and nine months ended September 30, 2023, related to restricted stock. In May 2024, the Company issued 295,237 shares of common stock to the Manager and 38,096 shares of common stock to the Company’s directors (with the exception of Messrs. Fentress and Fogel) under the Plans after the Company reached the established per share book value target of $ 27.00 per share. Each grant vests 25 % per year over four 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 nine months ended September 30, 2024, the Company incurred no incentive compensation payable to the Manager. At September 30, 2024 , there was no amount included in Management fee payable - related party on the consolidated balance sheets. During the three and nine months ended September 30, 2023 , the Company incurred incentive compensation expense payable to the Manager of $ 473,000 and $ 857,000 , respectively, of which 50 % was paid in cash and 50 % was payable in common stock. The Company issued 1,911 shares of common stock to the Manager during the nine months ended September 30, 2024, pertaining to the portion of the fourth quarter 2023 incentive compensation that was payable in shares. Shares of common stock issued under the Management Agreement for incentive compensation vest immediately upon issuance. 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, 2024 375,001 41,674 416,675 $ 14.07 Issued 297,148 38,096 335,244 13.90 Vested ( 151,909 ) ( 25,472 ) ( 177,381 ) 14.52 Unvested shares at September 30, 2024 520,240 54,298 574,538 $ 13.83 The unvested restricted common stock shares are expected to vest during the following years: Shares 2024 — 2025 245,952 2026 164,293 2027 82,139 2028 82,154 Total 574,538 At September 30, 2024 , total unrecognized compensation costs relating to unvested restricted stock was $ 4.4 million based on the grant date fair value of shares granted. The cost is expected to be recognized over a weighted average period of 3.2 years.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 13 - EARNINGS PER SHARE The following table presents a reconciliation of basic and diluted income per common share for the periods presented (dollars in thousands, except per share amounts): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 8,054 $ 7,567 $ 19,375 $ 15,418 Net income allocated to preferred shares ( 5,318 ) ( 4,855 ) ( 14,946 ) ( 14,566 ) Carrying value in excess of consideration paid for preferred shares — — 242 — Net loss allocable to non-controlling interest, net of taxes 88 158 362 419 Net income allocable to common shares $ 2,824 $ 2,870 $ 5,033 $ 1,271 Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 7,277,056 8,064,889 7,303,661 8,077,602 Weighted average number of warrants outstanding (1) 391,995 391,995 391,995 391,995 Total weighted average number of common shares outstanding - basic 7,669,051 8,456,884 7,695,656 8,469,597 Effect of dilutive securities - unvested restricted stock 276,571 135,672 244,643 140,082 Weighted average number of common shares outstanding - diluted 7,945,622 8,592,556 7,940,299 8,609,679 Net income per common share - basic $ 0.37 $ 0.34 $ 0.65 $ 0.15 Net income per common share - diluted $ 0.36 $ 0.33 $ 0.63 $ 0.15 (1) See Note 11 for further details regarding the warrants.

DISTRIBUTIONS

DISTRIBUTIONS	9 Months Ended
	Sep. 30, 2024
Distributions [Abstract]
DISTRIBUTIONS	NOTE 14 - DISTRIBUTIONS In order to qualify as a REIT, the Company must 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. The Company anticipates it will distribute substantially all of its taxable income to its stockholders, after accounting for the net usage of its deferred tax assets. 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 2024 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 nine months ended September 30, 2024 and 2023 , the Company did no t pay any common share distributions. The following table presents distributions declared (on a per share basis) for the nine months ended September 30, 2024 and the year ended December 31, 2023 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) 2024 September 30 October 30 $ 3,355 $ 0.6988981 October 30 $ 2,219 $ 0.4921875 June 30 July 30 2,587 0.5390625 July 30 2,219 0.4921875 March 31 April 30 2,588 0.5390625 April 30 2,219 0.4921875 2023 December 31 January 30, 2024 $ 2,588 $ 0.5390625 January 30, 2024 $ 2,268 $ 0.4921875 September 30 October 30 2,587 0.5390625 October 30 2,268 0.4921875 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

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024 (in thousands): Accumulated Other Comprehensive Loss - Net Unrealized Loss on Derivatives Balance at January 1, 2024 $ ( 4,801 ) Amounts reclassified from accumulated other comprehensive loss (1) 1,196 Balance at September 30, 2024 $ ( 3,605 ) (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	9 Months Ended
	Sep. 30, 2024
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. For the three and nine months ended September 30, 2024 and 2023 , the Manager earned base management fees of $ 1.6 million and $ 4.9 million, respectively. For the three and nine months ended September 30, 2024 , the Manager did no t earn an incentive management fee. For the three and nine months ended September 30, 2023 , the Manager earned incentive management fees of $ 473,000 and $ 857,000 , respectively, of which 50 % was paid in cash and 50 % was paid in common stock. At September 30, 2024 and December 31, 2023 , $ 540,000 and $ 546,000 , respectively, of base management fees were payable by the Company to the Manager. At September 30, 2024 , there was no incentive management fee payable and at December 31, 2023 , there was $ 38,000 of incentive management fees payable by the Company to the Manager. The Manager and its affiliates provide the Company with a Chief Financial Officer and a sufficient number of additional accounting, finance, tax and investor relations professionals. The Company reimburses 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, and investor relations professionals, in proportion to such personnel’s percentage of time allocated to the Company’s operations. The Company reimburses out-of-pocket expenses and certain other costs incurred by the Manager that related directly to the Company’s operations. These costs are recorded in general and administrative expenses on the consolidated statements of operations. The Company reimbursed the Manager $ 1.1 million and $ 3.7 million, for the three and nine months ended September 30, 2024 , respectively, and $ 670,000 and $ 3.0 million, for the three and nine months ended September 30, 2023, respectively, for all such compensation and costs. At September 30, 2024 and December 31, 2023 , the Company had payables to the Manager pursuant to the Management Agreement totaling $ 212,000 and $ 686,000 , respectively, related to such compensation and costs. The Company’s base management fee payable and incentive management fee payable were recorded in management fee payable while expense reimbursement payables were recorded in 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. The Company recorded interest income of $ 83,000 and $ 248,000 for the three and nine months ended September 30, 2024 , respectively, and $ 85,000 and $ 254,000 for the three and nine months ended September 30, 2023, respectively, on the ACRES Loan in other income (expense) on the consolidated statements of operations. At September 30, 2024 and December 31, 2023, the ACRES Loan had a principal balance of $ 10.8 million and $ 11.0 million, respectively, recorded in loan receivable - due from Manager on the consolidated balance sheets. At September 30, 2024 and December 31, 2023 , the ACRES Loan had no accrued interest receivable. At September 30, 2024 , 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 this transaction and was not separately compensated for managing the securitization entity and its assets. 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 serves as special servicer of ACR 2021-FL1 and ACR 2021-FL2. During the three and nine months ended September 30, 2024 and 2023, ACRES Capital Servicing received no portfolio servicing fees and earned $ 298,000 and $ 324,000 , and $ 26,000 and $ 91,000 , respectively, in special servicing fees, of which $ 4,000 and $ 11,000 and $ 9,000 and $ 56,000 , respectively, was recorded as a reduction to interest income in the consolidated statements of operations. Relationship with ACRES Commercial Mortgage, LLC. During the year ended December 31, 2023, subsequent to approval from its Board , the Company purchased a participation for $ 22.5 million in one CRE whole loan from ACRES Commercial Mortgage, LLC, an affiliate of ACRES Capital Corp. and the Manager. There was no activity for the nine months ended September 30, 2024. 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. The Company incurred and paid fees for services rendered under these agreements of $ 165,000 and $ 371,000 for the three and nine months ended September 30, 2024 , respectively, and $ 182,000 and $ 327,000 for the three and nine months ended September 30, 2023, respectively. Relationship with ACRES Share Holdings, LLC. During the nine months ended September 30, 2024 , the Company issued 1,911 shares to ACRES Share Holdings, LLC in connection with the incentive compensation payable to the Manager under the Management Agreement . There was no activity for the three months ended September 30, 2024. The shares vested fully upon issuance pursuant to the Management Agreement. During the nine months ended September 30, 2024 , the Company issued 295,237 restricted shares of common stock under the Manager Plan to ACRES Share Holdings, LLC after meeting the established per share book value hurdle. This grant vests 25 % per year over four years . See Note 12 for further details. There was no activity for the three months ended September 30, 2024. Relationship with McCallum JV . In September 2024, ACRES RF, a direct, wholly owned subsidiary, entered into a $ 33.7 million senior loan commitment and a $ 1.5 million mezzanine loan commitment with McCallum JV in which the Company holds a 50 % interest. The loan has an initial maturity date of September 5, 2027 , with a rate of one-month Term SOFR plus a spread of 2.75 %. At September 30, 2024 , the outstanding balance on the senior loan was $ 31.5 million, and no amounts have been funded on the mezzanine loan.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2024
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 either September 30, 2024 and December 31, 2023. The Company measures the fair value of certain assets on a non-recurring basis when events or changes in circumstances indicate that the carrying value of the assets may be impaired. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-downs of an asset's value due to impairment. During the nine months ended September 30, 2024 , the Company received one deed-in-lieu of foreclosure on a property and foreclosed on a second property that each formerly collateralized a CRE whole loan. Upon receipt, the properties were immediately contributed to joint ventures, and the Company's investment in those joint ventures are included in investments in unconsolidated entities on the consolidated balance sheet. The first property was appraised and determined to have a fair value of $ 20.3 million at the time of acquisition. Fair value was determined using a discounted cash flow valuation technique, with the significant unobservable inputs being an internal rate of return of 8.50 % and a terminal cap rate of 7.00 %. The second property was appraised and determined to have a fair value of $ 32.0 million at the time of acquisition. Fair value was determined using an income capitalization valuation technique, with the significant unobservable inputs being a terminal cap rate of 6.00 %. Additionally, two properties were acquired through foreclosure that each formerly collateralized a CRE whole loan. The first property was determined to have a fair value of $ 17.5 million at the time of acquisition and was immediately classified as a property held for sale on the Company's consolidated balance sheets. The property's value was determined from a range of offers received to purchase the property. The second property was appraised and determined to have a value of $ 9.8 million at the time of acquisition. Fair value was determined using an income approach valuation technique, with the significant unobservable input being a terminal cap rate of 6.25 %. The valuation of these properties fell under Level 3 of the fair value hierarchy. 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, accounts payable and other liabilities, accrued interest payable and distributions payable approximate their carrying values on the consolidated balance sheets. The fair values of the Company’s other financial 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. The Company’s floating-rate CRE loans had interest rates from 7.75 % to 13.79 % and 7.88 % to 13.96 % at September 30, 2024 and December 31, 2023, 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 fully reserved and had no carrying or fair value at September 30, 2024 or December 31, 2023. Loan receivable- due from Manager. 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 and mortgages payable. These are variable-rate debt instruments that are indexed to one-month Term SOFR that reset periodically and as a result, their carrying value approximates their fair value, excluding deferred debt issuance costs. The fair values of the Company’s 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 (1) Quoted Prices in Active Markets for Identical Assets of Liabilities Significant Other Observable Inputs Significant Unobservable Inputs At September 30, 2024: Assets: CRE whole loans $ 1,545,817 $ 1,578,566 $ — $ — $ 1,578,566 Loan receivable - related party 10,750 9,052 — — 9,052 Liabilities: Senior notes in CRE securitizations 990,520 981,805 — — 981,805 Senior secured financing facility 60,724 63,099 — — 63,099 Warehouse financing facilities 163,880 165,100 — — 165,100 Mortgages payable 73,916 74,849 — — 74,849 5.75 % Senior Unsecured Notes 148,641 145,785 — — 145,785 Junior subordinated notes 51,548 40,107 — — 40,107 At December 31, 2023: Assets: CRE whole loans $ 1,828,336 $ 1,858,265 $ — $ — $ 1,858,265 Loan receivable - related party 10,975 8,598 — — 8,598 Liabilities: Senior notes in CRE securitizations 1,204,570 1,163,048 — — 1,163,048 Senior secured financing facility 61,568 64,495 — — 64,495 Warehouse financing facilities 168,588 170,861 — — 170,861 Mortgages payable 41,786 43,779 — — 43,779 5.75 % Senior Unsecured Notes 148,140 138,795 — — 138,795 Junior subordinated notes 51,548 38,406 — — 38,406 (1) The fair values reflected in the table above represent management's best estimate of the fair value of the financial instruments and have no impact on the Company's performance or cash flows.

MARKET RISK AND DERIVATIVE INST

MARKET RISK AND DERIVATIVE INSTRUMENTS	9 Months Ended
	Sep. 30, 2024
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 may use 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 September 30, 2024 and December 31, 2023, the Company had losses of $ 3.7 million and $ 5.0 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 nine months ended September 30, 2024, the Company recorded amortization expense of $ 425,000 and $ 1.3 million , respectively, reported in interest expense on the consolidated statements of operations. During the three and nine months ended September 30, 2023 , the Company recorded amortization expense of $ 425,000 and $ 1.3 million, reported in interest expense on the consolidated statements of operations. At September 30, 2024 and December 31, 2023, the Company had an unrealized gain of $ 96,000 and $ 164,000 , 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 September 30, 2024 and 2023, 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 the nine months ended September 30, 2024 and 2023, the Company recorded accretion income, reported in interest expense on the consolidated statements of operations, of $ 69,000 and $ 68,000 , respectively, to accrete the accumulated other comprehensive income on the terminated swap agreements. The following table presents the effect of the derivative instruments on the consolidated statements of operations for the nine months ended September 30, 2024 and 2023 (in thousands): Realized and Unrealized Gain (Loss) (1) Consolidated Statements of Operations Location Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Interest rate swap contracts, hedging Interest expense $ ( 1,196 ) $ ( 1,192 ) (1) Negative values indicate a decrease to the associated consolidated statement of operations line items.

OFFSETTING OF FINANCIAL LIABILI

OFFSETTING OF FINANCIAL LIABILITIES	9 Months Ended
	Sep. 30, 2024
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 (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 September 30, 2024: Warehouse financing facilities (2) $ 163,880 $ — $ 163,880 $ 163,880 $ — $ — At December 31, 2023: Warehouse financing facilities (2) $ 168,588 $ — $ 168,588 $ 168,588 $ — $ — (1) Amounts represent financial instruments pledged that are available to be offset against liability balances associated with warehouse financing facilities and repurchase agreements. (2) The combined fair values of loans pledged against the Company’s various warehouse financing facilities and repurchase agreements was $ 264.6 million and $ 254.1 million at September 30, 2024 and December 31, 2023 , 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	9 Months Ended
	Sep. 30, 2024
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. The Company is unaware of any contingencies arising from such litigation that would require accrual or disclosure in the consolidated financial statements at September 30, 2024. The Company did no t have any general litigation reserve at September 30, 2024 or December 31, 2023. Other Guarantees See description of Mortgages Payable in Note 10. 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 $ 78.4 million and $ 109.4 million in unfunded loan commitments at September 30, 2024 and December 31, 2023 , respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
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 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)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation 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 The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. ("GAAP"). In the opinion of management, the accompanying consolidated financial statements reflect all normal and recurring adjustments necessary to fairly present the Company’s financial position, results of operations and cash flows.
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 September 30, 2024 and December 31, 2023 , $6 6.8 million and $ 81.1 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): September 30, 2024 2023 Cash and cash equivalents $ 70,074 $ 64,440 Restricted cash 961 35,876 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 71,035 $ 100,316
Investments In Real Estate	Investments 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 $ 21.4 million ) at September 30, 2024 , 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.
Recent Accounting Standards	Recent Accounting Standards Accounting Standards to be Adopted in Future Periods In November 2023, the Financial Accounting Standards Board ("FASB") issued guidance to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. The guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company is in the process of evaluating the impact of this guidance, however, the Company does not expect a material impact to its consolidated financial statements. In December 2023, the FASB issued guidance to improve the transparency of income tax disclosures. This guidance is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is in the process of evaluating the impact of this guidance, however, the Company does not expect a material impact to its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 2023 Cash and cash equivalents $ 70,074 $ 64,440 Restricted cash 961 35,876 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 71,035 $ 100,316
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)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 (in thousands): Unsecured Junior Subordinated Debentures 65 E Wacker Joint Venture, LLC 7720 McCallum JV, LLC Total Maximum Exposure to Loss ASSETS Accrued interest receivable $ 13 $ — $ — $ 13 $ — Investments in unconsolidated entities 1,548 19,942 546 22,036 22,036 Total assets 1,561 19,942 546 22,049 LIABILITIES Accrued interest payable 420 — — 420 N/A Borrowings 51,548 — — 51,548 N/A Total liabilities 51,968 — — 51,968 Net (liability) asset $ ( 50,407 ) $ 19,942 $ 546 $ ( 29,919 )

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule Of Supplemental Cash Flows and Other Significant Noncash Transactions	The following table summarizes the Company’s supplemental disclosure of cash flow information (in thousands): For the Nine Months Ended September 30, 2024 2023 Supplemental cash flows: Interest expense paid in cash $ 91,084 $ 94,433 Income taxes paid in cash 83 101 Non-cash investing activities include the following: Transfer of whole loans to investments in real estate $ 43,828 $ 20,900 Properties held for sale assets related to the receipt of foreclosure or deed-in-lieu of foreclosure ( 14,398 ) ( 20,900 ) Transfer of investment in real estate to investment in unconsolidated entities ( 20,123 ) — Investments in real estate related to the receipt of foreclosure ( 9,307 ) — Non-cash financing activities include the following: Incentive compensation paid in common stock $ 19 $ 362 Distributions on preferred stock accrued but not paid 3,740 3,262 Capitalized amortization of deferred debt issuance costs 717 — Capitalized interest 1,722 766

LOANS (Tables)

LOANS (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024: Whole loans (5)(6)(7) 55 $ 1,578,565 $ ( 2,749 ) $ 1,575,816 $ ( 29,999 ) $ 1,545,817 BR + 2.50 % to BR + 8.61 % October 2024 to September 2027 Mezzanine loan (5) 1 4,700 — 4,700 ( 4,700 ) — 10.00 % June 2028 Total $ 1,583,265 $ ( 2,749 ) $ 1,580,516 $ ( 34,699 ) $ 1,545,817 At December 31, 2023: Whole loans (5)(6) 69 $ 1,858,265 $ ( 5,872 ) $ 1,852,393 $ ( 24,057 ) $ 1,828,336 BR + 2.50 % to BR + 8.61 % January 2024 to January 2027 Mezzanine loan (5) 1 4,700 — 4,700 ( 4,700 ) — 10.00 % June 2028 Total $ 1,862,965 $ ( 5,872 ) $ 1,857,093 $ ( 28,757 ) $ 1,828,336 (1) Amounts include unamortized loan origination fees of $ 1.8 million and $ 5.8 million and deferred amendment fees of $ 968,000 and $ 110,000 at September 30, 2024 and December 31, 2023, respectively. (2) Benchmark rates ("BR") comprise one-month Term Secured Overnight Financing Rate ("Term SOFR"). Weighted-average one-month benchmark rates were 5.22 % and 5.39 % at September 30, 2024 and December 31, 2023 , respectively. Additionally, weighted-average benchmark rate floors were 0.85 % and 0.70 % at September 30, 2024 and December 31, 2023, respectively. (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 four and three whole loans, with amortized costs of $ 94.4 million and $ 41.2 million, in maturity default at September 30, 2024 and December 31, 2023, respectively. (5) Substantially all loans are pledged as collateral under various borrowings at September 30, 2024 and December 31, 2023. (6) CRE whole loans had $ 78.4 million and $ 109.4 million in unfunded loan commitments at September 30, 2024 and December 31, 2023, respectively. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreements, and any necessary approvals have been obtained. (7) Includes a mezzanine loan of $ 2.9 million, at amortized cost, that has a fixed interest rate of 15.0 % at September 30, 2024. The following is a summary of the Company’s CRE loans held for investment by property type and geographic location (dollars in thousands, except amounts in footnotes): September 30, 2024 December 31, 2023 Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Multifamily $ 1,225,778 79.4 % $ 1,453,681 79.6 % Office 216,964 14.0 % 247,410 13.5 % Hotel 66,851 4.3 % 70,857 3.9 % Self-Storage 36,224 2.3 % 48,363 2.6 % Retail — — 8,025 0.4 % Total $ 1,545,817 100 % $ 1,828,336 100 % September 30, 2024 December 31, 2023 Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Southwest $ 433,992 28.1 % $ 484,902 26.6 % Mountain 276,876 17.9 % 275,120 15.0 % Southeast 249,344 16.1 % 401,624 22.0 % Mid Atlantic 217,747 14.1 % 236,104 12.9 % Pacific 146,874 9.5 % 169,789 9.3 % Northeast 134,942 8.7 % 161,172 8.8 % East North Central 46,538 3.0 % 60,401 3.3 % West North Central 39,504 2.6 % 39,224 2.1 % Total $ 1,545,817 100 % $ 1,828,336 100 %
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 2024 2025 2026 and Thereafter Total At September 30, 2024: Whole loans (1) $ 123,016 $ 1,060,979 $ 297,394 $ 1,481,389 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 123,016 $ 1,060,979 $ 302,094 $ 1,486,089 Description 2024 2025 2026 and Thereafter Total At December 31, 2023: Whole loans (1) $ 916,985 $ 814,772 $ 79,484 $ 1,811,241 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 916,985 $ 814,772 $ 84,184 $ 1,815,941 (1) Maturity dates exclude four and three whole loans, with amortized costs of $ 94.4 million and $ 41.2 million, in maturity default at September 30, 2024 and December 31, 2023, respectively. (2) At September 30, 2024 , the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options were $ 101.3 million and $ 1.4 billion in 2025 and 2026 and thereafter, respectively. At December 31, 2023 , the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $ 80.4 million, $ 101.7 million and $ 1.6 billion in 2024, 2025 and 2026 and thereafter, respectively.

FINANCING RECEIVABLES (Tables)

FINANCING RECEIVABLES (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Activity in Allowance for Credit Losses	The following table shows the activity in the allowance for credit losses for the nine months ended September 30, 2024 and the year ended December 31, 2023 (in thousands): Nine Months Ended September 30, 2024 Year Ended December 31, 2023 Allowance for credit losses at beginning of period $ 28,757 $ 18,803 Provision for credit losses 5,942 10,902 Charge offs — ( 948 ) Allowance for credit losses at end of period $ 34,699 $ 28,757
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 September 30, 2024: Whole loans, floating-rate $ 61,993 $ 649,765 $ 505,249 $ 353,196 $ 5,613 $ 1,575,816 Mezzanine loan — — — — 4,700 4,700 Total $ 61,993 $ 649,765 $ 505,249 $ 353,196 $ 10,313 $ 1,580,516 At December 31, 2023: Whole loans, floating-rate $ — $ 973,424 $ 581,032 $ 256,785 $ 41,152 $ 1,852,393 Mezzanine loan — — — — 4,700 4,700 Total $ — $ 973,424 $ 581,032 $ 256,785 $ 45,852 $ 1,857,093 (1) The total amortized cost of CRE whole loans excluded accrued interest receivable of $ 13.9 million and $ 11.8 million at September 30, 2024 and December 31, 2023, respectively. Credit risk profiles of CRE loans by origination year at amortized cost were as follows (in thousands, except amounts in the footnotes): 2024 (1) 2023 2022 2021 2020 Prior Total (2) At September 30, 2024: Whole loans, floating-rate: (3) Rating 1 $ — $ — $ — $ 61,993 $ — $ — $ 61,993 Rating 2 — 47,505 150,007 381,822 56,460 13,971 649,765 Rating 3 — 15,798 216,417 261,949 — 11,085 505,249 Rating 4 31,545 — 84,778 191,984 — 44,889 353,196 Rating 5 — — — — — 5,613 5,613 Total whole loans, floating-rate 31,545 63,303 451,202 897,748 56,460 75,558 1,575,816 Mezzanine loan (rating 5) — — — — — 4,700 4,700 Total $ 31,545 $ 63,303 $ 451,202 $ 897,748 $ 56,460 $ 80,258 $ 1,580,516 Current Period Gross Write-Offs $ — $ — $ — $ — $ — $ — $ — 2023 2022 2021 2020 2019 Prior Total (2) At December 31, 2023: Whole loans, floating-rate: (3) Rating 2 $ 63,634 $ 212,175 $ 636,487 $ 22,556 $ 38,572 $ — $ 973,424 Rating 3 — 168,791 364,369 34,232 — 13,640 581,032 Rating 4 — 82,918 123,333 — 5,645 44,889 256,785 Rating 5 — 14,000 — — 19,127 8,025 41,152 Total whole loans, floating-rate 63,634 477,884 1,124,189 56,788 63,344 66,554 1,852,393 Mezzanine loan (rating 5) — — — — — 4,700 4,700 Total $ 63,634 $ 477,884 $ 1,124,189 $ 56,788 $ 63,344 $ 71,254 $ 1,857,093 Current Period Gross Write-Offs $ — $ — $ — $ — $ ( 948 ) $ — $ ( 948 ) (1) Includes one novated CRE whole loan that resulted from a loan workout. (2) The total amortized cost of CRE whole loans excluded accrued interest receivable of $ 13.9 million and $ 11.8 million at September 30, 2024 and December 31, 2023, respectively. (3) Acquired CRE whole loans are grouped within each loan’s year of origination. The Company has one additional mezzanine loan that was included in other assets held for sale, and that loan had no carrying value at both September 30, 2024 and December 31, 2023 .
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 Total Past Due Current Total Loans Receivable (1) Total Loans > 90 Days and Accruing At September 30, 2024: Whole loans, floating-rate $ 94,427 $ — $ — $ 94,427 $ 1,481,389 $ 1,575,816 $ — Mezzanine loan (2) — — 4,700 4,700 — 4,700 — Total $ 94,427 $ — $ 4,700 $ 99,127 $ 1,481,389 $ 1,580,516 $ — At December 31, 2023: Whole loans, floating-rate $ — $ — $ 41,152 $ 41,152 $ 1,811,241 $ 1,852,393 $ 19,127 Mezzanine loan (2) — — 4,700 4,700 — 4,700 — Total $ — $ — $ 45,852 $ 45,852 $ 1,811,241 $ 1,857,093 $ 19,127 (1) The total amortized cost of CRE whole loans excluded accrued interest receivable of $ 13.9 million and $ 11.8 million at September 30, 2024 and December 31, 2023, respectively. (2) Fully reserved at both September 30, 2024 and December 31, 2023.

INVESTMENTS IN REAL ESTATE AN_2

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Abstract]
Summary of Acquisition Date Values of Acquired Assets and Assumed Liabilities	The following table summarizes the acquisition date values of the acquired assets and assumed liabilities during the three and nine months ended September 30, 2024 (in thousands): Investments in real estate from lending activities: Assets acquired: Investments in real estate $ 9,140 Cash and other assets 629 Properties held for sale 18,299 Total 28,068 Liabilities assumed: Other liabilities 758 Total fair value at acquisition of net assets acquired $ 27,310
Schedule of Acquired Assets and Assumed Liabilities	The following table summarizes the book value of the Company’s acquired assets and assumed liabilities (in thousands, except amounts in the footnotes): September 30, 2024 December 31, 2023 Cost Basis Accumulated Depreciation & Amortization Carrying Value Cost Basis Accumulated Depreciation & Amortization Carrying Value Assets acquired: Investments in real estate, equity: Investments in real estate (1) $ 95,105 $ ( 5,775 ) $ 89,330 $ 162,662 $ ( 5,041 ) $ 157,621 Right of use assets (2)(3) 19,665 ( 683 ) 18,982 19,664 ( 478 ) 19,186 Intangible assets (4) 11,195 ( 4,043 ) 7,152 11,474 ( 3,592 ) 7,882 Subtotal 125,965 ( 10,501 ) 115,464 193,800 ( 9,111 ) 184,689 Investments in real estate from lending activities: Properties held for sale (5) 200,194 — 200,194 62,605 — 62,605 Total 326,159 ( 10,501 ) 315,658 256,405 ( 9,111 ) 247,294 Liabilities assumed: Investments in real estate, equity: Mortgage payables 71,368 2,548 73,916 40,297 1,489 41,786 Other liabilities 247 ( 247 ) — 247 ( 220 ) 27 Lease liabilities (3)(6) 44,061 — 44,061 43,538 — 43,538 Subtotal 115,676 2,301 117,977 84,082 1,269 85,351 Investments in real estate from lending activities: Liabilities held for sale (7) 3,173 — 3,173 3,025 — 3,025 Total 118,849 2,301 121,150 87,107 1,269 88,376 Total net investments in real estate and properties held for sale (8) $ 207,310 $ 194,508 $ 169,298 $ 158,918 (1) Includes $ 22.4 million and $ 38.4 million of land, which is not depreciable, at September 30, 2024 and December 31, 2023 , respectively. Also includes $ 2.9 million and $ 44.9 million of construction in progress, which is also not depreciable until placed in service, at September 30, 2024 and December 31, 2023, respectively. (2) Primarily comprised an $ 18.7 million and $ 19.2 million right of use asset, at September 30, 2024 and December 31, 2023, respectively, associated with the ground lease disclosed at footnote (6) below as an operating lease. 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 comprised a franchise intangible of $ 4.3 million and $ 4.7 million, a management contract intangible of $ 2.8 million and $ 2.9 million and a customer list intangible of $ 89,000 and $ 223,000 , at September 30, 2024 and December 31, 2023, respectively. (5) At September 30, 2024 and December 31, 2023, properties held for sale included a hotel acquired via deed-in-lieu of foreclosure in November 2020, as well as an office property acquired via deed-in-lieu of foreclosure in June 2023. At September 30, 2024, two additional properties, a newly constructed multi-family property placed in service in September 2024 and an office complex acquired July 2024, were classified as properties held for sale. (6) Primarily comprised of a $ 43.7 million ground lease with a remaining term of 92 years at September 30, 2024. Lease expense was $ 2.1 million and $ 2.0 million for the nine months ended September 30, 2024 and 2023, respectively. (7) Comprised of an operating lease liability. (8) Excludes items of working capital, either acquired or assumed.

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Summary of Operating Leases	The following table summarizes the Company’s operating leases (in thousands): September 30, 2024 December 31, 2023 Operating Leases: Right of use assets $ 631 $ 693 Lease liabilities $ ( 678 ) $ ( 738 ) Weighted average remaining lease term: 5.0 years 5.8 years Weighted average discount rate (1) : 8.70 % 8.70 % (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 September 30, 2024 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Lease Cost: Operating lease cost $ 40 $ 39 $ 119 $ 154 Other Information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 39 $ 38 $ 116 $ 113
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 2024 $ 40 2025 162 2026 166 2027 170 2028 174 Thereafter 131 Subtotal 843 Less: impact of discount ( 165 ) Total $ 678

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity in Earnings of Unconsolidated Entities	The following table summarizes the Company's investments in unconsolidated entities at September 30, 2024 and December 31, 2023 and equity in earnings of unconsolidated entities for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands, except in the footnotes): Earnings (Losses) of Unconsolidated Entities Ownership % For the Three Months Ended September 30, For the Nine Months Ended September 30, at September 30, 2024 September 30, 2024 December 31, 2023 2024 2023 2024 2023 Investment in RCT I and II (1) 3 % $ 1,548 $ 1,548 $ — $ — $ — $ — 65 E. Wacker Joint Venture, LLC (2) 90 % 19,942 — ( 140 ) — ( 181 ) — 7720 McCallum JV, LLC (3) 50 % 546 — ( 28 ) — ( 28 ) — Total $ 22,036 $ 1,548 $ ( 168 ) $ — $ ( 209 ) $ — (1) During the three and nine months ended September 30, 2024 and 2023 , dividends from the investments in RCT I's and RCT II's common shares in the amounts of $ 38,000 and $ 27,000 and $ 112,000 and $ 107,000 , respectively, are recorded in other revenue on the Company's consolidated statements of operations. (2) Refer to Note 3 for details regarding the Wacker JV. (3) Refer to Note 3 for details regarding the McCallum JV.

BORROWINGS (Tables)

BORROWINGS (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024: ACR 2021-FL1 Senior Notes $ 585,332 $ 1,056 $ 584,276 6.73 % 11.7 years $ 712,752 ACR 2021-FL2 Senior Notes 408,261 2,017 406,244 7.15 % 12.3 years 541,261 Senior secured financing facility 63,099 2,375 60,724 8.87 % 3.3 years 161,303 CRE - term warehouse financing facilities (1)(2) 165,100 1,220 163,880 7.70 % 1.0 year 264,631 Mortgages payable 74,849 933 73,916 9.71 % 6.3 years 118,209 5.75 % Senior Unsecured Notes 150,000 1,359 148,641 5.75 % 1.9 years — Unsecured junior subordinated debentures 51,548 — 51,548 9.51 % 11.9 years — Total $ 1,498,189 $ 8,960 $ 1,489,229 7.19 % 9.1 years $ 1,798,156 Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At December 31, 2023: ACR 2021-FL1 Senior Notes $ 643,040 $ 2,243 $ 640,797 6.98 % 12.5 years $ 770,460 ACR 2021-FL2 Senior Notes 567,000 3,227 563,773 7.28 % 13.1 years 700,000 Senior secured financing facility 64,495 2,927 61,568 9.14 % 4.1 years 157,722 CRE - term warehouse financing facilities (1) 170,861 2,273 168,588 7.96 % 1.6 years 254,081 Mortgages payable 43,779 1,993 41,786 8.92 % 11.3 years 83,739 5.75 % Senior Unsecured Notes 150,000 1,860 148,140 5.75 % 2.6 years — Unsecured junior subordinated debentures 51,548 — 51,548 9.60 % 12.7 years — Total $ 1,690,723 $ 14,523 $ 1,676,200 7.28 % 10.4 years $ 1,966,002 (1) Principal outstanding includes accrued interest payable of $ 461,000 and $ 539,000 at September 30, 2024 and December 31, 2023, respectively. (2) In November 2024, the Company extended the Morgan Stanley Facility to November 2025.
Schedule of securitizations	The following table sets forth certain information with respect to the Company’s consolidated securitizations at September 30, 2024 (in thousands): Closing Date Maturity Date Reinvestment Period End (1) Total Note Paydowns from Closing Date through September 30, 2024 ACR 2021-FL1 May 2021 June 2036 May 2023 $ 89,891 ACR 2021-FL2 December 2021 January 2037 December 2023 $ 158,739 (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 mortgage payable	The following table sets forth certain information with respect to these arrangements (dollars in thousands, except amounts in footnotes): September 30, 2024 December 31, 2023 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) $ 60,724 $ 161,303 6 8.87 % $ 61,568 $ 157,722 7 9.14 % CRE - Term Warehouse Financing Facilities (2) JPMorgan Chase Bank, N.A. (3) 90,843 157,633 5 7.57 % 74,694 125,044 4 7.82 % Morgan Stanley Mortgage Capital Holdings LLC (4) 73,037 106,998 6 7.85 % 93,894 129,037 7 8.07 % Mortgages Payable ReadyCap Commercial, LLC (5) 20,171 26,925 1 8.91 % 19,365 25,400 1 9.16 % Oceanview Life and Annuity Company (6)(7) 38,643 91,284 1 11.10 % 7,330 58,339 1 11.37 % Florida Pace Funding Agency (6)(8) 15,102 — — 7.26 % 15,091 — — 7.26 % Total $ 298,520 $ 544,143 $ 271,942 $ 495,542 (1) Includes $ 2.4 million and $ 2.9 million of deferred debt issuance costs at September 30, 2024 and December 31, 2023, respectively. (2) Outstanding borrowings include accrued interest payable. (3) Includes $ 1.1 million and $ 1.6 million of deferred debt issuance costs at September 30, 2024 and December 31, 2023, respectively. (4) Includes $ 71,000 and $ 647,000 of deferred debt issuance costs at September 30, 2024 and December 31, 2023, respectively. (5) Includes $ 121,000 and $ 259,000 of deferred debt issuance costs at September 30, 2024 and December 31, 2023, respectively. (6) Outstanding borrowings are collateralized by a student housing construction project. Value of collateral and number of positions as collateral related to Oceanview Life and Annuity Company also applies to Florida Pace Funding Agency. (7) Includes $ 405,000 and $ 1.3 million of deferred debt issuance costs at September 30, 2024 and December 31, 2023, respectively. (8) Includes $ 408,000 and $ 419,000 of deferred debt issuance costs at September 30, 2024 and December 31, 2023 , respectively.
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, except amounts in footnotes): Amount at Risk Weighted Average Remaining Maturity Weighted Average Interest Rate At September 30, 2024: Senior Secured Financing Facility (1) Massachusetts Mutual Life Insurance Company $ 98,571 3.3 years 8.87 % CRE - Term Warehouse Financing Facilities (1)(2) JPMorgan Chase Bank, N. A. $ 67,392 1.8 years 7.57 % Morgan Stanley Mortgage Capital Holdings LLC (3) $ 35,070 0.1 years 7.85 % Mortgages Payable ReadyCap Commercial, LLC (4) $ 6,533 0.5 years 8.91 % Oceanview Life and Annuity Company (5)(6) $ 36,138 0.4 years 11.10 % Florida Pace Funding Agency (5)(6) — 28.8 years 7.26 % (1) Equal to the total of the estimated fair value of securities or loans sold and accrued interest receivable, minus the total of the financing agreement liabilities and accrued interest payable. (2) The Company is required to maintain a total minimum unencumbered liquidity balance of $ 15.0 million. (3) In November 2024, the Company extended Morgan Stanley Mortgage Capital Holdings LLC to November 2025. (4) 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. (5) Equal to the total of the estimated fair value of real estate property investment financed, minus the total of the construction loans agreement liabilities and accrued interest payable. Amount at risk related to Oceanview Life and Annuity Company also applies to Florida Pace Funding Agency. (6) Outstanding borrowings are collateralized by a student housing construction project.
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 September 30, 2024: CRE securitizations $ 993,593 $ — $ — $ — $ — $ 993,593 Senior Secured Financing Facility 63,099 — — — 50,996 12,103 CRE - term warehouse financing facilities (1)(2) 165,100 73,108 — 91,992 — — Mortgages payable 74,849 — 59,339 — — 15,510 5.75% Senior Unsecured Notes 150,000 — — 150,000 — — Unsecured junior subordinated debentures 51,548 — — — — 51,548 Total $ 1,498,189 $ 73,108 $ 59,339 $ 241,992 $ 50,996 $ 1,072,754 (1) Includes accrued interest payable in the balances of principal outstanding. (2) In November 2024, the Company extended the Morgan Stanley Facility to November 2025.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [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, 2024 375,001 41,674 416,675 $ 14.07 Issued 297,148 38,096 335,244 13.90 Vested ( 151,909 ) ( 25,472 ) ( 177,381 ) 14.52 Unvested shares at September 30, 2024 520,240 54,298 574,538 $ 13.83
Summary of unvested restricted common stock expected to vest	The unvested restricted common stock shares are expected to vest during the following years: Shares 2024 — 2025 245,952 2026 164,293 2027 82,139 2028 82,154 Total 574,538

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Reconciliation of basic and diluted income per common share	The following table presents a reconciliation of basic and diluted income per common share for the periods presented (dollars in thousands, except per share amounts): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 8,054 $ 7,567 $ 19,375 $ 15,418 Net income allocated to preferred shares ( 5,318 ) ( 4,855 ) ( 14,946 ) ( 14,566 ) Carrying value in excess of consideration paid for preferred shares — — 242 — Net loss allocable to non-controlling interest, net of taxes 88 158 362 419 Net income allocable to common shares $ 2,824 $ 2,870 $ 5,033 $ 1,271 Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 7,277,056 8,064,889 7,303,661 8,077,602 Weighted average number of warrants outstanding (1) 391,995 391,995 391,995 391,995 Total weighted average number of common shares outstanding - basic 7,669,051 8,456,884 7,695,656 8,469,597 Effect of dilutive securities - unvested restricted stock 276,571 135,672 244,643 140,082 Weighted average number of common shares outstanding - diluted 7,945,622 8,592,556 7,940,299 8,609,679 Net income per common share - basic $ 0.37 $ 0.34 $ 0.65 $ 0.15 Net income per common share - diluted $ 0.36 $ 0.33 $ 0.63 $ 0.15 (1) See Note 11 for further details regarding the warrants.

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	9 Months Ended
	Sep. 30, 2024
Distributions [Abstract]
Distributions Declared	The following table presents distributions declared (on a per share basis) for the nine months ended September 30, 2024 and the year ended December 31, 2023 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) 2024 September 30 October 30 $ 3,355 $ 0.6988981 October 30 $ 2,219 $ 0.4921875 June 30 July 30 2,587 0.5390625 July 30 2,219 0.4921875 March 31 April 30 2,588 0.5390625 April 30 2,219 0.4921875 2023 December 31 January 30, 2024 $ 2,588 $ 0.5390625 January 30, 2024 $ 2,268 $ 0.4921875 September 30 October 30 2,587 0.5390625 October 30 2,268 0.4921875 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

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024 (in thousands): Accumulated Other Comprehensive Loss - Net Unrealized Loss on Derivatives Balance at January 1, 2024 $ ( 4,801 ) Amounts reclassified from accumulated other comprehensive loss (1) 1,196 Balance at September 30, 2024 $ ( 3,605 ) (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)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair value financial and non-financial assets not reported at fair value	The fair values of the Company’s 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 (1) Quoted Prices in Active Markets for Identical Assets of Liabilities Significant Other Observable Inputs Significant Unobservable Inputs At September 30, 2024: Assets: CRE whole loans $ 1,545,817 $ 1,578,566 $ — $ — $ 1,578,566 Loan receivable - related party 10,750 9,052 — — 9,052 Liabilities: Senior notes in CRE securitizations 990,520 981,805 — — 981,805 Senior secured financing facility 60,724 63,099 — — 63,099 Warehouse financing facilities 163,880 165,100 — — 165,100 Mortgages payable 73,916 74,849 — — 74,849 5.75 % Senior Unsecured Notes 148,641 145,785 — — 145,785 Junior subordinated notes 51,548 40,107 — — 40,107 At December 31, 2023: Assets: CRE whole loans $ 1,828,336 $ 1,858,265 $ — $ — $ 1,858,265 Loan receivable - related party 10,975 8,598 — — 8,598 Liabilities: Senior notes in CRE securitizations 1,204,570 1,163,048 — — 1,163,048 Senior secured financing facility 61,568 64,495 — — 64,495 Warehouse financing facilities 168,588 170,861 — — 170,861 Mortgages payable 41,786 43,779 — — 43,779 5.75 % Senior Unsecured Notes 148,140 138,795 — — 138,795 Junior subordinated notes 51,548 38,406 — — 38,406 (1) The fair values reflected in the table above represent management's best estimate of the fair value of the financial instruments and have no impact on the Company's performance or cash flows.

MARKET RISK AND DERIVATIVE IN_2

MARKET RISK AND DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024 and 2023 (in thousands): Realized and Unrealized Gain (Loss) (1) Consolidated Statements of Operations Location Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Interest rate swap contracts, hedging Interest expense $ ( 1,196 ) $ ( 1,192 ) (1) Negative values indicate a decrease to the associated consolidated statement of operations line items.

OFFSETTING OF FINANCIAL ASSETS

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Offsetting [Abstract]
Offsetting financial liabilities	The following table presents a summary of the Company’s offsetting of financial 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 September 30, 2024: Warehouse financing facilities (2) $ 163,880 $ — $ 163,880 $ 163,880 $ — $ — At December 31, 2023: Warehouse financing facilities (2) $ 168,588 $ — $ 168,588 $ 168,588 $ — $ — (1) Amounts represent financial instruments pledged that are available to be offset against liability balances associated with warehouse financing facilities and repurchase agreements. (2) The combined fair values of loans pledged against the Company’s various warehouse financing facilities and repurchase agreements was $ 264.6 million and $ 254.1 million at September 30, 2024 and December 31, 2023 , respectively.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Cash balance in excess of federal deposit Insurance limit, amount	$ 6,800,000	$ 81,100,000
Insurance limit per respective depository or brokerage institution	250,000
Operating loss carryforwards, valuation allowance, tax expense impact	$ 21,400,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 70,074	$ 83,449	$ 64,440
Restricted cash	961	8,437	35,876
Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows	$ 71,035	$ 91,886	$ 100,316	$ 104,811

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)	9 Months Ended
	Sep. 30, 2024
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	9 Months Ended
	Sep. 30, 2024 USD ($) Entity	Sep. 30, 2023 USD ($)	Dec. 31, 2023 Entity
Variable Interest Entity [Line Items]
Number of consolidated VIEs | Entity	2		2
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	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investments in unconsolidated entities		$ 22,036	$ 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 (Unc

VARIABLE INTEREST ENTITIES (Unconsolidated VIEs) (the Company is not the primary beneficiary, but has a variable interest) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 22,036,000		$ 1,548,000
Borrowings	1,489,229,000		1,676,200,000
CRE loan amount	298,520,000		$ 271,942,000
Mezzanine loan commitment	0
65 E. Wacker Joint Venture, LLC
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	19,942,000
Fair value of joint venture		$ 20,300,000
7720 McCallum JV, LLC
Variable Interest Entity [Line Items]
Fair value of joint venture	574,000
CRE loan amount	$ 31,500,000
Initial maturity date	Sep. 05, 2027
Basis spread on variable rate	2.75%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	One Month Term SOFR [Member]
Mezzanine loan commitment	$ 1,500,000
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 (Sch

VARIABLE INTEREST ENTITIES (Schedule of Classification, Carrying Value, and Maximum Exposure to Loss of Unconsolidated VIEs) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS:
Total assets	$ 2,010,336	$ 2,196,105
LIABILITIES
Total liabilities	1,563,444	$ 1,749,890
VIE, Not Primary Beneficiary
ASSETS:
Accrued interest receivable	13
Investments in unconsolidated entities	22,036
Total assets	22,049
LIABILITIES
Accrued interest payable	420
Borrowings	51,548
Total liabilities	51,968
Net (liability) asset	(29,919)
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	22,036
Unsecured Junior Subordinated Debentures | VIE, Not Primary Beneficiary
ASSETS:
Accrued interest receivable	13
Investments in unconsolidated entities	1,548
Total assets	1,561
LIABILITIES
Accrued interest payable	420
Borrowings	51,548
Total liabilities	51,968
Net (liability) asset	(50,407)
65 E. Wacker Joint Venture, LLC | VIE, Not Primary Beneficiary
ASSETS:
Investments in unconsolidated entities	19,942
Total assets	19,942
LIABILITIES
Net (liability) asset	19,942
7720 McCallum JV, LLC | VIE, Not Primary Beneficiary
ASSETS:
Investments in unconsolidated entities	546
Total assets	546
LIABILITIES
Net (liability) asset	$ 546

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental cash flows:
Interest expense paid in cash	$ 91,084	$ 94,433
Income taxes paid in cash	83	101
Non-cash investing activities include the following:
Transfer of whole loans to investments in real estate	43,828	20,900
Properties held for sale assets related to the receipt of foreclosure or deed-in-lieu of foreclosure	(14,398)	(20,900)
Transfer of investment in real estate to investment in unconsolidated entities	(20,123)	0
Investments in real estate related to the receipt of foreclosure	(9,307)	0
Non-cash financing activities include the following:
Incentive compensation paid in common stock	19	362
Capitalized amortization of deferred debt issuance costs	717
Capitalized interest	1,722	766
Preferred Stock
Non-cash financing activities include the following:
Distributions accrued but not paid	$ 3,740	$ 3,262

LOANS (Summary of Loans) (Detai

LOANS (Summary of Loans) (Details)	Sep. 30, 2024 USD ($) Loan	Dec. 31, 2023 USD ($) Loan	Dec. 31, 2022 USD ($)
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 1,580,516,000	$ 1,857,093,000
Less: allowance for credit losses	(34,699,000)	(28,757,000)	$ (18,803,000)
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	1,583,265,000	1,862,965,000
Unamortized (Discount) Premium, net	(2,749,000)	(5,872,000)
Amortized Cost, Loans held for investment	1,580,516,000	1,857,093,000
Less: allowance for credit losses	(34,699,000)	(28,757,000)
Carrying Value, Loans held for investment	1,545,817,000	1,828,336,000
Loan origination fees	1,800,000	5,800,000
Deferred amendment fees	$ 968,000	$ 110,000
Concentration of loan portfolio risk	100%	100%
Commercial Real Estate Loans | Multifamily
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 1,225,778,000	$ 1,453,681,000
Concentration of loan portfolio risk	79.40%	79.60%
Commercial Real Estate Loans | Office
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 216,964,000	$ 247,410,000
Concentration of loan portfolio risk	14%	13.50%
Commercial Real Estate Loans | Hotel
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 66,851,000	$ 70,857,000
Concentration of loan portfolio risk	4.30%	3.90%
Commercial Real Estate Loans | Self Storage
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 36,224,000	$ 48,363,000
Concentration of loan portfolio risk	2.30%	2.60%
Commercial Real Estate Loans | Retail
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment		$ 8,025,000
Concentration of loan portfolio risk		0.40%
Commercial Real Estate Loans | Southwest
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 433,992,000	$ 484,902,000
Concentration of loan portfolio risk	28.10%	26.60%
Commercial Real Estate Loans | Southeast
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 249,344,000	$ 401,624,000
Concentration of loan portfolio risk	16.10%	22%
Commercial Real Estate Loans | Mountain
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 276,876,000	$ 275,120,000
Concentration of loan portfolio risk	17.90%	15%
Commercial Real Estate Loans | Mid Atlantic
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 217,747,000	$ 236,104,000
Concentration of loan portfolio risk	14.10%	12.90%
Commercial Real Estate Loans | Pacific
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 146,874,000	$ 169,789,000
Concentration of loan portfolio risk	9.50%	9.30%
Commercial Real Estate Loans | Northeast
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 134,942,000	$ 161,172,000
Concentration of loan portfolio risk	8.70%	8.80%
Commercial Real Estate Loans | East North Central
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 46,538,000	$ 60,401,000
Concentration of loan portfolio risk	3%	3.30%
Commercial Real Estate Loans | West North Central
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 39,504,000	$ 39,224,000
Concentration of loan portfolio risk	2.60%	2.10%
Commercial Real Estate Loans | Whole Loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 1,578,565,000	$ 1,858,265,000
Unamortized (Discount) Premium, net	(2,749,000)	(5,872,000)
Amortized Cost, Loans held for investment	1,575,816,000	1,852,393,000
Less: allowance for credit losses	(29,999,000)	(24,057,000)
Carrying Value, Loans held for investment	$ 1,545,817,000	$ 1,828,336,000
Quantity | Loan	55	69
Loans receivable, interest rate floor	5.22%	5.39%
Loans held for investment, unfunded loan commitments	$ 78,400,000	$ 109,400,000
Mezzanine tranche	$ 2,900,000
Fixed interest rate	15%
Commercial Real Estate Loans | Whole Loans | Minimum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	2.50%	2.50%
Commercial Real Estate Loans | Whole Loans | Maximum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	8.61%	8.61%
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%
Loans receivable, interest rate floor	0.85%	0.70%
Commercial Real Estate Loans | Whole Loans in Default
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 94,400,000	$ 41,200,000
Quantity | Loan	4	3

LOANS (Commercial Real Estate L

LOANS (Commercial Real Estate Loans, at Amortized Cost) (Details) $ in Thousands	Sep. 30, 2024 USD ($) Loan	Dec. 31, 2023 USD ($) Loan
Receivables With Imputed Interest [Line Items]
CRE loans	$ 1,580,516	$ 1,857,093
Principal paydown receivable	24,445	0
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
CRE loans	1,580,516	1,857,093
Commercial Real Estate Loans | Whole Loans in Default
Receivables With Imputed Interest [Line Items]
CRE loans	$ 94,400	$ 41,200
Number of loans | Loan	4	3
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
2024	$ 123,016	$ 916,985
2025	1,060,979	814,772
2026 and Thereafter	302,094	84,184
Amortized Cost, Loans held for investment	$ 1,486,089	$ 1,815,941
Commercial Real Estate Loans | Whole Loans in Default
Receivables With Imputed Interest [Line Items]
Number of loans | Loan	4	3
Commercial Real Estate Loans | Whole Loans
Receivables With Imputed Interest [Line Items]
2024	$ 123,016	$ 916,985
2025	1,060,979	814,772
2026 and Thereafter	297,394	79,484
Amortized Cost, Loans held for investment	1,481,389	1,811,241
Commercial Real Estate Loans | Mezzanine loan
Receivables With Imputed Interest [Line Items]
2026 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]
2024		80,400
2025	101,300	101,700
2026 and Thereafter	$ 1,400,000	$ 1,600,000

FINANCING RECEIVABLES (Activity

FINANCING RECEIVABLES (Activity in Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Receivables [Abstract]
Allowance for credit losses at beginning of period	$ 28,757	$ 18,803	$ 18,803
Provision for credit losses, net	5,942	$ 9,779	10,902
Charge offs	0		(948)
Allowance for credit losses at end of period	$ 34,699		$ 28,757

FINANCING RECEIVABLES (Details)

FINANCING RECEIVABLES (Details)	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) Loan Note	Sep. 30, 2023 USD ($) Loan	Sep. 30, 2024 USD ($) Loan Contract Note	Sep. 30, 2023 USD ($) Loan Contract	Dec. 31, 2023 USD ($) Note Loan	Jul. 31, 2024 USD ($)
Accounts Notes And Loans Receivable [Line Items]
Reversal of credit losses, net					$ 5,942,000	$ 9,779,000	$ 10,902,000
No of extension agreements | Contract						0
Interest income			$ 39,301,000	$ 48,208,000	122,978,000	$ 140,685,000
Rating 3
Accounts Notes And Loans Receivable [Line Items]
Recorded investment			44,400,000		44,400,000
Rating 4
Accounts Notes And Loans Receivable [Line Items]
Recorded investment			$ 123,700,000		$ 123,700,000
Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
Number of bank loans | Note			1		1		1
Northeast Region | Retail Loan
Accounts Notes And Loans Receivable [Line Items]
Principal balance individually evaluated							$ 8,000,000
Financing receivable, purchase price	$ 8,300,000
Northeast Region | Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
Principal balance individually evaluated			$ 4,700,000		$ 4,700,000		4,700,000
Southwest region | Office Loan
Accounts Notes And Loans Receivable [Line Items]
Principal balance individually evaluated							$ 19,100,000	$ 14,400,000
Southwest region | Multifamily Loan
Accounts Notes And Loans Receivable [Line Items]
Number of loans individually evaluated | Loan					1		1
Principal balance individually evaluated			9,300,000		$ 9,300,000		$ 9,300,000
East North Central Region | Office Loan
Accounts Notes And Loans Receivable [Line Items]
Principal balance individually evaluated							14,000,000
Financing receivable, gain		$ 5,800,000
Property's fair value		$ 20,300,000
Extended Maturity
Accounts Notes And Loans Receivable [Line Items]
No of extension agreements | Contract					3
Loan Modification 1
Accounts Notes And Loans Receivable [Line Items]
Recorded investment			$ 53,000,000		$ 53,000,000
Percentage of total amortization cost					3.40%
Loan Modification 1 | Reduction in Interest Rate
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, interest rate floor			2%		2%
Loan Modification 2
Accounts Notes And Loans Receivable [Line Items]
Recorded investment			$ 44,400,000		$ 44,400,000
Percentage of total amortization cost					2.80%
Loan Modification 3
Accounts Notes And Loans Receivable [Line Items]
Recorded investment			70,700,000		$ 70,700,000
Percentage of total amortization cost					4.50%
Loan Modification 3 | Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, total commitment			6,000,000		$ 6,000,000
Financing receivable, funded commitment			$ 3,000,000		$ 3,000,000
Loan Modification 3 | Reduction in Interest Rate
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, interest rate floor			2%		2%
Loan Modification 3 | Reduction in Interest Rate | Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, fixed interest rate			15%		15%
Minimum | Loan Modification 1
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, modified, maturity month and year					2025-06
Minimum | Loan Modification 1 | Reduction in Interest Rate
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, interest rate floor			1.70%		1.70%
Investment, Variable Interest Rate, Type [Extensible Enumeration]			One Month Term SOFR [Member]		One Month Term SOFR [Member]
Minimum | Loan Modification 2 | Reduction in Interest Rate
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, interest rate floor			3.31%		3.31%
Investment, Variable Interest Rate, Type [Extensible Enumeration]			One Month Term SOFR [Member]		One Month Term SOFR [Member]
Maximum | Loan Modification 1
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, modified, maturity month and year					2026-06
Maximum | Loan Modification 1 | Reduction in Interest Rate
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, interest rate floor			3.70%		3.70%
Investment, Variable Interest Rate, Type [Extensible Enumeration]			One Month Term SOFR [Member]		One Month Term SOFR [Member]
Maximum | Loan Modification 2 | Reduction in Interest Rate
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, fixed interest rate			5%		5%
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Reversal of credit losses, net			$ 291,000		$ 5,900,000
Commercial Real Estate Loans | Four Whole Loans In Maturity Default
Accounts Notes And Loans Receivable [Line Items]
Recorded investment			$ 94,400,000		$ 94,400,000
Commercial Real Estate Loans | Three Whole Loans in Maturity Default
Accounts Notes And Loans Receivable [Line Items]
Recorded investment							$ 41,200,000
Commercial Real Estate Loans | Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, interest rate floor			0.85%		0.85%		0.70%
Commercial Real Estate Loans | Whole Loan In Payment Defaults
Accounts Notes And Loans Receivable [Line Items]
Number of bank loans | Loan			4		4		3
Commercial Real Estate Loans | Mazzanine Loans In Payment Defaults
Accounts Notes And Loans Receivable [Line Items]
Number of bank loans | Loan			1		1
Recorded investment			$ 4,700,000		$ 4,700,000
Commercial Real Estate Loans | Whole Loans In Maturity Default
Accounts Notes And Loans Receivable [Line Items]
Number of bank loans | Loan			1	2	1	2
Interest income			$ 204,000	$ 335,000	$ 338,000	$ 335,000

FINANCING RECEIVABLES (Credit R

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
CRE loans	$ 1,580,516	$ 1,857,093
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	1,580,516	1,857,093
Commercial Real Estate Loans | Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	1,575,816	1,852,393
Commercial Real Estate Loans | Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
CRE loans	4,700	4,700
Rating 1 | Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	61,993	0
Rating 1 | Commercial Real Estate Loans | Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	61,993	0
Rating 1 | 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	649,765	973,424
Rating 2 | Commercial Real Estate Loans | Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	649,765	973,424
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	505,249	581,032
Rating 3 | Commercial Real Estate Loans | Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	505,249	581,032
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	353,196	256,785
Rating 4 | Commercial Real Estate Loans | Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	353,196	256,785
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	10,313	45,852
Rating 5 | Commercial Real Estate Loans | Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	5,613	41,152
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	Sep. 30, 2024	Dec. 31, 2023
Commercial Real Estate Loans | Whole Loans
Accounts Notes And Loans Receivable [Line Items]
Recorded investment excluded accrued interest receivable	$ 13.9	$ 11.8

FINANCING RECEIVABLES (Credit_3

FINANCING RECEIVABLES (Credit Risk Profiles of CRE Loans by Origination Year at Amortized Costs) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year write offs, 2019	$ 0	$ (948)
Loans and receivables by origination year write offs, Prior	0	0
Loans and receivables by origination year write offs, Total	0	(948)
Commercial Real Estate Loans
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2024/2023	31,545	63,634
Loans and receivables by origination year, 2023/2022	63,303	477,884
Loans and receivables by origination year, 2022/2021	451,202	1,124,189
Loans and receivables by origination year, 2021/2020	897,748	56,788
Loans and receivables by origination year, 2020/2019	56,460	63,344
Loans and receivables by origination year, Prior	80,258	71,254
Loans and receivables by origination year, Total	1,580,516	1,857,093
Commercial Real Estate Loans | Whole Loans
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2024/2023	31,545	63,634
Loans and receivables by origination year, 2023/2022	63,303	477,884
Loans and receivables by origination year, 2022/2021	451,202	1,124,189
Loans and receivables by origination year, 2021/2020	897,748	56,788
Loans and receivables by origination year, 2020/2019	56,460	63,344
Loans and receivables by origination year, Prior	75,558	66,554
Loans and receivables by origination year, Total	1,575,816	1,852,393
Commercial Real Estate Loans | Whole Loans | Rating 1
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2024/2023	0
Loans and receivables by origination year, 2023/2022	0
Loans and receivables by origination year, 2022/2021	0
Loans and receivables by origination year, 2021/2020	61,993
Loans and receivables by origination year, 2020/2019	0
Loans and receivables by origination year, Prior	0
Loans and receivables by origination year, Total	61,993
Commercial Real Estate Loans | Whole Loans | Rating 2
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2024/2023	0	63,634
Loans and receivables by origination year, 2023/2022	47,505	212,175
Loans and receivables by origination year, 2022/2021	150,007	636,487
Loans and receivables by origination year, 2021/2020	381,822	22,556
Loans and receivables by origination year, 2020/2019	56,460	38,572
Loans and receivables by origination year, Prior	13,971	0
Loans and receivables by origination year, Total	649,765	973,424
Commercial Real Estate Loans | Whole Loans | Rating 3
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2024/2023	0	0
Loans and receivables by origination year, 2023/2022	15,798	168,791
Loans and receivables by origination year, 2022/2021	216,417	364,369
Loans and receivables by origination year, 2021/2020	261,949	34,232
Loans and receivables by origination year, 2020/2019	0	0
Loans and receivables by origination year, Prior	11,085	13,640
Loans and receivables by origination year, Total	505,249	581,032
Commercial Real Estate Loans | Whole Loans | Rating 4
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2024/2023	31,545	0
Loans and receivables by origination year, 2023/2022	0	82,918
Loans and receivables by origination year, 2022/2021	84,778	123,333
Loans and receivables by origination year, 2021/2020	191,984	0
Loans and receivables by origination year, 2020/2019	0	5,645
Loans and receivables by origination year, Prior	44,889	44,889
Loans and receivables by origination year, Total	353,196	256,785
Commercial Real Estate Loans | Whole Loans | Rating 5
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2024/2023	0	0
Loans and receivables by origination year, 2023/2022	0	14,000
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	19,127
Loans and receivables by origination year, Prior	5,613	8,025
Loans and receivables by origination year, Total	5,613	41,152
Commercial Real Estate Loans | Mezzanine loan | Rating 5
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2024/2023	0	0
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, Prior	4,700	4,700
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) - Commercial Real Estate Loans - Whole Loans $ in Millions	Sep. 30, 2024 USD ($) Loan	Dec. 31, 2023 USD ($)
Financing Receivable Recorded Investment Past Due [Line Items]
Number of bank loans | Loan	1
Recorded investment excluded accrued interest receivable | $	$ 13.9	$ 11.8

FINANCING RECEIVABLES (Loan Por

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	$ 1,580,516	$ 1,857,093
Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	1,580,516	1,857,093
Total Loans > 90 Days and Accruing	0	19,127
Commercial Real Estate Loans | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	1,575,816	1,852,393
Total Loans > 90 Days and Accruing	0	19,127
Commercial Real Estate Loans | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	4,700	4,700
Total Loans > 90 Days and Accruing	0	0
Commercial Real Estate Loans | 30-59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	94,427	0
Commercial Real Estate Loans | 30-59 Days | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	94,427	0
Commercial Real Estate Loans | 30-59 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Loans | 60-89 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Loans | 60-89 Days | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Loans | 60-89 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Loans | Greater than 90 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	4,700	45,852
Commercial Real Estate Loans | Greater than 90 Days | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	0	41,152
Commercial Real Estate Loans | Greater than 90 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	4,700	4,700
Commercial Real Estate Loans | Total Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	99,127	45,852
Commercial Real Estate Loans | Total Past Due | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	94,427	41,152
Commercial Real Estate Loans | Total Past Due | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	4,700	4,700
Commercial Real Estate Loans | Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	1,481,389	1,811,241
Commercial Real Estate Loans | Current | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	1,481,389	1,811,241
Commercial Real Estate Loans | Current | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	$ 0	$ 0

FINANCING RECEIVABLES (Loan P_2

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Parenthetical) (Details) - Commercial Real Estate Loans - Whole Loans In Maturity Default $ in Millions	Sep. 30, 2024 USD ($) Loan	Dec. 31, 2023 USD ($)	Sep. 30, 2023 Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Number of bank loans | Loan	1		2
Recorded investment excluded accrued interest receivable | $	$ 13.9	$ 11.8

INVESTMENTS IN REAL ESTATE AN_3

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES - (Summary of Acquisition Date Values of Acquired Assets and Assumed Liabilities) (Details) - Investments In Real Estate From Lending Activities $ in Thousands	Sep. 30, 2024 USD ($)
Assets acquired:
Investments in real estate	$ 9,140
Cash and other assets	629
Properties held for sale	18,299
Total	28,068
Liabilities assumed:
Other liabilities	758
Total fair value at acquistion of net assets acquired	$ 27,310

INVESTMENTS IN REAL ESTATE AN_4

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) Property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Number of real estate properties | Property	8		8
Amortization expense on intangible assets	$ 243,000	$ 252,000	$ 730,000	$ 755,000
Amortization expense on intangible assets during 2024	232,000		232,000
Amortization expense on intangible assets during 2025	793,000		793,000
Amortization expense on intangible assets during 2026	748,000		748,000
Amortization expense on intangible assets during 2027	748,000		748,000
Amortization expense on intangible assets during 2028	748,000		748,000
Amortization expense on intangible assets during 2029	748,000		748,000
Lease Expense	39,000	38,000	116,000	113,000
Real estate held for sale carrying value	200,194,000		200,194,000		$ 62,605,000
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	153,000	153,000
Offsetting amortization on right of use assets accretion and amortization lease liability	639,000	620,000	$ 1,900,000	1,800,000
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	$ 452,000	$ 439,000	$ 1,300,000	$ 1,300,000
Operating lease, remaining lease term	92 years		92 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
Real estate held for sale carrying value	$ 118,200,000		$ 118,200,000
Properties Held for Sale
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Number of real estate properties | Property	4		4

INVESTMENTS IN REAL ESTATE AN_5

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Schedule of Acquired Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Investment in Real Estate, Carrying Value	$ 89,379	$ 157,621
Right of use Assets, Carrying Value	19,613	19,879
Assets Acquired, Cost Basis	326,159	256,405
Assets Acquired, Accumulated Depreciation & Amortization	(10,501)	(9,111)
Assets Acquired, Carrying Value	315,658	247,294
Other liabilities, Carrying Value	540	584
Liabilities Assumed, Cost Basis	118,849	87,107
Liabilities Assumed, Accumulated Depreciation & Amortization	2,301	1,269
Liabilities Assumed, Carrying Value	121,150	88,376
Assets Acquired and Liabilities Assumed, Cost Basis	207,310	169,298
Asset Acquired and Liabilities Assumed, Carrying Value	194,508	158,918
Investments In Real Estate Equity
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Investment in Real Estate, Cost Basis	95,105	162,662
Investment in Real Estate Accumulated Depreciation & Amortization	(5,775)	(5,041)
Investment in Real Estate, Carrying Value	89,330	157,621
Right of use Assets, Cost Basis	19,665	19,664
Right of use Assets Accumulated Depreciation & Amortization	(683)	(478)
Right of use Assets, Carrying Value	18,982	19,186
Intangible Assets, Cost Basis	11,195	11,474
Intangible Assets, Accumulated Depreciation & Amortization	(4,043)	(3,592)
Intangible Assets, Carrying Value	7,152	7,882
Assets Acquired, Cost Basis	125,965	193,800
Assets Acquired, Accumulated Depreciation & Amortization	(10,501)	(9,111)
Assets Acquired, Carrying Value	115,464	184,689
Mortgage payable, Cost Basis	71,368	40,297
Mortgage payable, Accumulated Depreciation & Amortization	2,548	1,489
Mortgage payable, Carrying Value	73,916	41,786
Other liabilities, Cost Basis	247	247
Other liabilities, Accumulated Depreciation & Amortization	(247)	(220)
Other liabilities, Carrying Value		27
Lease liabilities, Cost Basis	44,061	43,538
Lease liabilities, Carrying Value	44,061	43,538
Liabilities Assumed, Cost Basis	115,676	84,082
Liabilities Assumed, Accumulated Depreciation & Amortization	2,301	1,269
Liabilities Assumed, Carrying Value	117,977	85,351
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	200,194	62,605
Properties Held for Sale, Carrying Value	200,194	62,605
Liabilities held for sale liabilities, Cost Basis	3,173	3,025
Liabilities held for sale liabilities, Carrying Value	$ 3,173	$ 3,025

INVESTMENTS IN REAL ESTATE AN_6

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Schedule of Acquired Assets and Assumed Liabilities) (Parenthetical) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Right of use assets	$ 19,613,000		$ 19,613,000		$ 19,879,000
Unamortized issuance costs and discounts	8,960,000		8,960,000		14,523,000
Lease Expense	39,000	$ 38,000	116,000	$ 113,000
Acquired Ground Lease
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Right of use assets	18,700,000		18,700,000		19,200,000
Investments In Real Estate From Lending Activities
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Ground leases	43,700,000		43,700,000
Investments In Real Estate Equity [Member]
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Right of use assets	18,982,000		18,982,000		19,186,000
Investments In Real Estate Equity [Member] | Land
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Investments in real estate	22,400,000		22,400,000		38,400,000
Investments In Real Estate Equity [Member] | Construction in Progress
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Construction inprogress in real estate	2,900,000		2,900,000		44,900,000
Franchise Rights | Investments In Real Estate Equity [Member]
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Intangible assets	4,300,000		4,300,000		4,700,000
Management Contract | Investments In Real Estate Equity [Member]
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Intangible assets	2,800,000		2,800,000		2,900,000
Customer Lists | Investments In Real Estate Equity [Member]
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Intangible assets	$ 89,000		$ 89,000		$ 223,000
Land Lease
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Operating lease, remaining lease term	92 years		92 years
Lease Expense			$ 2,100,000	$ 2,000,000

LEASES (Details)

LEASES (Details) - Office Space and Office Equipment	9 Months Ended
	Sep. 30, 2024
Minimum
Lessee Lease Description [Line Items]
Operating lease expiration date	2029-02
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	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right of use assets	$ 631	$ 693
Lease liabilities	$ (678)	$ (738)
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Lease Liabilities	Lease Liabilities
Weighted average remaining lease term:	5 years	5 years 9 months 18 days
Weighted average discount rate:	8.70%	8.70%

LEASES (Summary of Operating _2

LEASES (Summary of Operating Lease Costs and Cash Payments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease Cost:
Operating lease cost	$ 40	$ 39	$ 119	$ 154
Other Information:
Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases	$ 39	$ 38	$ 116	$ 113

LEASES (Summary of Operating _3

LEASES (Summary of Operating Leases Cash Flow Obligations on Undiscounted, Annual Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024	$ 40
2025	162
2026	166
2027	170
2028	174
Thereafter	131
Subtotal	843
Less: impact of discount	(165)
Total	$ 678	$ 738
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Lease Liabilities	Lease Liabilities

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summary of Equity in Earnings of Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 22,036		$ 22,036		$ 1,548
Equity in losses of unconsolidated subsidiaries	(168)	$ 0	(209)	$ 0
Earnings (losses) of unconsolidated entities	$ (168)		$ (209)
Investment in RCT I and II
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	3%		3%
Investments in unconsolidated entities	$ 1,548		$ 1,548		$ 1,548
65 E. Wacker Joint Venture, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	90%		90%
Investments in unconsolidated entities	$ 19,942		$ 19,942
Equity in losses of unconsolidated subsidiaries	$ (140)		$ (181)
7720 McCallum JV, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50%		50%
Investments in unconsolidated entities	$ 546		$ 546
Equity in losses of unconsolidated subsidiaries	$ (28)		$ (28)

INVESTMENTS IN UNCONSOLIDATED_4

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summary of Equity in Earnings of Unconsolidated Entities (Parenthetical) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Dividend income from investments	$ 37,000	$ 37,000	$ 112,000	$ 107,000
Interest In Rct I And Rct Ii [Member]
Schedule of Equity Method Investments [Line Items]
Dividend income from investments	$ 38,000	$ 27,000	$ 112,000	$ 107,000

BORROWINGS (Schedule of Debt) (

BORROWINGS (Schedule of Debt) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal Outstanding	$ 1,498,189	$ 1,690,723
Unamortized Issuance Costs and Discounts	8,960	14,523
Outstanding Borrowings	$ 1,489,229	$ 1,676,200
Weighted Average Borrowing Rate	7.19%	7.28%
Weighted Average Remaining Maturity	9 years 1 month 6 days	10 years 4 months 24 days
Value of Collateral	$ 1,798,156	$ 1,966,002
ACR 2021-FL1 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	585,332	643,040
Unamortized Issuance Costs and Discounts	1,056	2,243
Outstanding Borrowings	$ 584,276	$ 640,797
Weighted Average Borrowing Rate	6.73%	6.98%
Weighted Average Remaining Maturity	11 years 8 months 12 days	12 years 6 months
Value of Collateral	$ 712,752	$ 770,460
ACR 2021-FL2 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	408,261	567,000
Unamortized Issuance Costs and Discounts	2,017	3,227
Outstanding Borrowings	$ 406,244	$ 563,773
Weighted Average Borrowing Rate	7.15%	7.28%
Weighted Average Remaining Maturity	12 years 3 months 18 days	13 years 1 month 6 days
Value of Collateral	$ 541,261	$ 700,000
Senior Secured Financing Facility
Debt Instrument [Line Items]
Principal Outstanding	63,099	64,495
Unamortized Issuance Costs and Discounts	2,375	2,927
Outstanding Borrowings	$ 60,724	$ 61,568
Weighted Average Borrowing Rate	8.87%	9.14%
Weighted Average Remaining Maturity	3 years 3 months 18 days	4 years 1 month 6 days
Value of Collateral	$ 161,303	$ 157,722
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Principal Outstanding	165,100	170,861
Unamortized Issuance Costs and Discounts	1,220	2,273
Outstanding Borrowings	$ 163,880	$ 168,588
Weighted Average Borrowing Rate	7.70%	7.96%
Weighted Average Remaining Maturity	1 year	1 year 7 months 6 days
Value of Collateral	$ 264,631	$ 254,081
Mortgages Payable
Debt Instrument [Line Items]
Principal Outstanding	74,849	43,779
Unamortized Issuance Costs and Discounts	933	1,993
Outstanding Borrowings	$ 73,916	$ 41,786
Weighted Average Borrowing Rate	9.71%	8.92%
Weighted Average Remaining Maturity	6 years 3 months 18 days	11 years 3 months 18 days
Value of Collateral	$ 118,209	$ 83,739
5.75% Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Outstanding	150,000	150,000
Unamortized Issuance Costs and Discounts	1,359	1,860
Outstanding Borrowings	$ 148,641	$ 148,140
Weighted Average Borrowing Rate	5.75%	5.75%
Weighted Average Remaining Maturity	1 year 10 months 24 days	2 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	9.51%	9.60%
Weighted Average Remaining Maturity	11 years 10 months 24 days	12 years 8 months 12 days
Value of Collateral	$ 0	$ 0

BORROWINGS (Schedule of Debt)_2

BORROWINGS (Schedule of Debt) (Parenthetical) (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Aug. 16, 2021
Debt Instrument [Line Items]
Accrued interest payable	$ 4,867,000	$ 8,459,000
Interest rate, stated percentage			5.75%
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Accrued interest payable	$ 461,000	$ 539,000
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	9 Months Ended
	Sep. 30, 2024 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 June 30. 2024	$ 89,891
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 June 30. 2024	$ 158,739

BORROWINGS (ACR 2021-FL1) (Deta

BORROWINGS (ACR 2021-FL1) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	May 31, 2021
Debt Instrument [Line Items]
Face amount of debt issued	$ 298,520	$ 271,942
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	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2021
Debt Instrument [Line Items]
Face amount of debt issued	$ 298,520	$ 271,942
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 Term Warehouse Financing Facilities, Mortgage Payable) (Details) $ in Thousands	Sep. 30, 2024 USD ($) Loan	Dec. 31, 2023 USD ($) Loan
Debt Instrument [Line Items]
Outstanding Borrowings	$ 298,520	$ 271,942
Value of Collateral	$ 544,143	$ 495,542
Weighted Average Interest Rate	7.19%	7.28%
Senior Secured Financing Facility | Massachusetts Mutual Life Insurance Company
Debt Instrument [Line Items]
Outstanding Borrowings, Unamortized Issuance Costs and Discounts	$ 60,724	$ 61,568
Value of Collateral	$ 161,303	$ 157,722
Number of Positions as Collateral | Loan	6	7
Weighted Average Interest Rate	8.87%	9.14%
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings	$ 90,843	$ 74,694
Value of Collateral	$ 157,633	$ 125,044
Number of Positions as Collateral | Loan	5	4
Weighted Average Interest Rate	7.57%	7.82%
CRE - Term Warehouse Financing Facilities | Morgan Stanley Mortgage Capital Holdings LLC
Debt Instrument [Line Items]
Outstanding Borrowings	$ 73,037	$ 93,894
Value of Collateral	$ 106,998	$ 129,037
Number of Positions as Collateral | Loan	6	7
Weighted Average Interest Rate	7.85%	8.07%
Mortgages Payable | ReadyCap Commercial, LLC
Debt Instrument [Line Items]
Outstanding Borrowings	$ 20,171	$ 19,365
Value of Collateral	$ 26,925	$ 25,400
Number of Positions as Collateral | Loan	1	1
Weighted Average Interest Rate	8.91%	9.16%
Mortgages Payable | Oceanview Life and Annuity Company
Debt Instrument [Line Items]
Outstanding Borrowings, Unamortized Issuance Costs and Discounts	$ 38,643	$ 7,330
Value of Collateral	$ 91,284	$ 58,339
Number of Positions as Collateral | Loan	1	1
Weighted Average Interest Rate	11.10%	11.37%
Mortgages Payable | Florida Pace Funding Agency
Debt Instrument [Line Items]
Outstanding Borrowings, Unamortized Issuance Costs and Discounts	$ 15,102	$ 15,091
Weighted Average Interest Rate	7.26%	7.26%

BORROWINGS (Senior Secured Fi_2

BORROWINGS (Senior Secured Financing Facility Term Warehouse Financing Facilities, Mortgage Payable) (Parenthetical) (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	$ 8,960,000	$ 14,523,000
ReadyCap Commercial, LLC | Mortgages Payable
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	121,000	259,000
Oceanview Life and Annuity Company | Mortgages Payable
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	405,000	1,300,000
Florida Pace Funding Agency | Mortgages Payable
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	408,000	419,000
Senior Secured Financing Facility | Massachusetts Mutual Life Insurance Company
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	2,400,000	2,900,000
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	1,100,000	1,600,000
CRE - Term Warehouse Financing Facilities | Morgan Stanley Mortgage Capital Holdings LLC
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	$ 71,000	$ 647,000

BORROWINGS (Amount at Risk Unde

BORROWINGS (Amount at Risk Under Financing Arrangements) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	9 years 1 month 6 days	10 years 4 months 24 days
Weighted Average Interest Rate	7.19%	7.28%
Senior Secured Financing Facility
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	3 years 3 months 18 days	4 years 1 month 6 days
Weighted Average Interest Rate	8.87%	9.14%
Senior Secured Financing Facility | Massachusetts Mutual Life Insurance Company
Debt Instrument [Line Items]
Amount at Risk	$ 98,571
Weighted Average Remaining Maturity	3 years 3 months 18 days
Weighted Average Interest Rate	8.87%
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	1 year	1 year 7 months 6 days
Weighted Average Interest Rate	7.70%	7.96%
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Amount at Risk	$ 67,392
Weighted Average Remaining Maturity	1 year 9 months 18 days
Weighted Average Interest Rate	7.57%
CRE - Term Warehouse Financing Facilities | Morgan Stanley Mortgage Capital Holdings LLC
Debt Instrument [Line Items]
Amount at Risk	$ 35,070
Weighted Average Remaining Maturity	1 month 6 days
Weighted Average Interest Rate	7.85%
Mortgages Payable | ReadyCap Commercial, LLC
Debt Instrument [Line Items]
Amount at Risk	$ 6,533
Weighted Average Remaining Maturity	6 months
Weighted Average Interest Rate	8.91%	9.16%
Mortgages Payable | Oceanview Life and Annuity Company
Debt Instrument [Line Items]
Amount at Risk	$ 36,138
Weighted Average Remaining Maturity	4 months 24 days
Weighted Average Interest Rate	11.10%	11.37%
Mortgages Payable | Florida Pace Funding Agency
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	28 years 9 months 18 days
Weighted Average Interest Rate	7.26%	7.26%

BORROWINGS - (Amount at Risk Un

BORROWINGS - (Amount at Risk Under Financing Arrangements) (Parenthetical) (Details) $ in Millions	Sep. 30, 2024 USD ($)
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Minimum balance of unencumbered liquidity to be maintained	$ 15

BORROWINGS (Senior Secured Fi_3

BORROWINGS (Senior Secured Financing Facility) (Details) - USD ($) $ in Thousands		1 Months Ended
	Jul. 31, 2020	Dec. 31, 2022	Sep. 30, 2024	Dec. 31, 2023	Aug. 16, 2021
Debt Instrument [Line Items]
Face amount of debt issued			$ 298,520	$ 271,942
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		2026-07
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 (Mortgages Payable)

BORROWINGS (Mortgages Payable) (Details) $ in Millions	1 Months Ended
	Jan. 31, 2023 USD ($) Extension	Oct. 31, 2022 Extension	Apr. 30, 2022 USD ($)	Aug. 16, 2021
Debt Instrument [Line Items]
Borrowing rate				5.75%
Mortgages Payable | ReadyCap Commercial, LLC
Debt Instrument [Line Items]
Maximum facility amount			$ 20.4
Advanced in initial funding			$ 18.7
Maturity Date		2025-04
Number of options to extend | Extension		2
Option to extend, term		1 year
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 | Florida Pace Funding Agency
Debt Instrument [Line Items]
Maximum facility amount	$ 15.5
Maturity Date	2053-07
Borrowing rate	7.26%
30 Day Average SOFR | Mortgages Payable | ReadyCap Commercial, LLC
Debt Instrument [Line Items]
Basis spread on variable rate			3.80%
One Month SOFR | Mortgages Payable | ReadyCap Commercial, LLC
Debt Instrument [Line Items]
Basis spread on variable rate		3.80%
One Month SOFR | Constraction Loan Agreement | Oceanview Life and Annuity Company
Debt Instrument [Line Items]
Basis spread on variable rate	6%

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 | Florida Pace Funding Agency
Debt Instrument [Line Items]
Maximum facility amount	$ 15.5
Borrowing rate	7.26%
Maturity Date	2053-07

BORROWINGS (5.75% Senior Unsecu

BORROWINGS (5.75% Senior Unsecured Notes Due 2026) (Details) - USD ($) $ in Thousands		9 Months Ended
	Aug. 16, 2021	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%
Face amount of debt issued		$ 298,520	$ 271,942
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	Sep. 30, 2024	Dec. 31, 2023	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		9.54%	9.61%
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		9.47%	9.60%

BORROWINGS (Contractual Commitm

BORROWINGS (Contractual Commitments) (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Total	$ 1,498,189
2024	73,108
2025	59,339
2026	241,992
2027	50,996
2028 and Thereafter	1,072,754
CRE securitizations
Debt Instrument [Line Items]
Total	993,593
2024	0
2025	0
2026	0
2027	0
2028 and Thereafter	993,593
Senior Secured Financing Facility
Debt Instrument [Line Items]
Total	63,099
2024	0
2025	0
2026	0
2027	50,996
2028 and Thereafter	12,103
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Total	165,100
2024	73,108
2025	0
2026	91,992
2027	0
2028 and Thereafter	0
Mortgages Payable
Debt Instrument [Line Items]
Total	74,849
2024	0
2025	59,339
2026	0
2027	0
2028 and Thereafter	15,510
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 ($)			9 Months Ended		12 Months Ended
	Oct. 04, 2021	Jul. 31, 2020	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Nov. 30, 2023	Jul. 31, 2022	Nov. 30, 2021
Class of Stock [Line Items]
Shares repurchased during period, value			$ 5,300,000	$ 2,700,000
Shares repurchased during period, shares			424,243	298,457
Equity and Debt Securities Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount (up to)						$ 10,000,000		$ 20,000,000
Stock repurchase program, remaining authorized repurchase amount			$ 2,300,000
Note and Warrant Purchase Agreement | Oaktree and MassMutual
Class of Stock [Line Items]
Warrant exercise price		$ 0.03
Warrants recorded in additional paid-in capital, fair value		$ 3,100,000
Warrants expiration term		7 years
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 shares of common stock							74,666
7.875% Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)			4,507,857		4,607,857
Preferred stock, coupon authorized			7.875%		7.875%
Preferred stock, liquidation preference (in dollars per share)			$ 25		$ 25
Preferred stock, shares outstanding (in shares)			4,507,857		4,607,857
Preferred shares repurchased duringperiod, value			$ 2,200,000
Preferred shares repurchased during period, shares			100,000
7.875% Series D Preferred Stock | JonesTrading Institutional Services LLC | Equity and Debt Securities Repurchase Program
Class of Stock [Line Items]
Preferred stock, coupon authorized	7.875%
7.875% Series D Preferred Stock | Equity Distribution Agreement
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)			0		0
7.875% 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 | Three Month SOFR
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		5 Months Ended	9 Months Ended
	Jun. 30, 2021	May 31, 2021	Sep. 30, 2024	Sep. 30, 2023	May 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation costs related to unvested restricted stock			$ 4,400,000			$ 4,400,000
Cost is expected to be recognized over a weighted average period						3 years 2 months 12 days
Incentive Compensation Shares Payable						1,911
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%
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized stock-based compensation expense			833,000	$ 482,000		$ 2,100,000	$ 2,100,000
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			$ 0	$ 473,000		$ 0	$ 857,000
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	2031-06	2029-06
Common shares granted			1,700,817			1,700,817
Book value target per share					$ 27
Shares of common stock vest percentage per year					25%
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period					4 years
Manager | 2007 Omnibus Equity Compensation Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive Compensation Shares Payable					295,237
Directors | 2007 Omnibus Equity Compensation Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive Compensation Shares Payable					38,096

SHARE-BASED COMPENSATION (Commo

SHARE-BASED COMPENSATION (Common Stock Activity) (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted common stock transactions
Unvested shares, end of period (in shares)	574,538
Restricted Stock
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	416,675
Issued (shares)	335,244
Vested (shares)	(177,381)
Unvested shares, end of period (in shares)	574,538
Weighted-Average Grant-Date Fair Value, beginning of period (in shares) | $ / shares	$ 14.07
Weighted-Average Grant-Date Fair Value, Issued | $ / shares	13.9
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	14.52
Weighted-Average Grant-Date Fair Value, end of period (in shares) | $ / shares	$ 13.83
Restricted Stock | Manager
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	375,001
Issued (shares)	297,148
Vested (shares)	(151,909)
Unvested shares, end of period (in shares)	520,240
Restricted Stock | Directors
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	41,674
Issued (shares)	38,096
Vested (shares)	(25,472)
Unvested shares, end of period (in shares)	54,298

SHARE-BASED COMPENSATION (Com_2

SHARE-BASED COMPENSATION (Common Stock Expected to Vest) (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
2024	0
2025	245,952
2026	164,293
2027	82,139
2028	82,154
Total	574,538
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total	574,538	416,675

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 8,054	$ 6,397	$ 4,924	$ 7,567	$ 5,558	$ 2,293	$ 19,375	$ 15,418
Net income allocated to preferred shares	(5,318)			(4,855)			(14,946)	(14,566)
Carrying value in excess of consideration paid for preferred shares	0			0			242	0
Net loss allocable to non-controlling interest, net of taxes	88			158			362	419
NET INCOME ALLOCABLE TO COMMON SHARES	$ 2,824			$ 2,870			$ 5,033	$ 1,271
Weighted average number of common shares outstanding:
Weighted average number of common shares outstanding - basic	7,277,056			8,064,889			7,303,661	8,077,602
Weighted average number of warrants outstanding	391,995			391,995			391,995	391,995
Total weighted average number of common shares outstanding - basic	7,669,051			8,456,884			7,695,656	8,469,597
Effect of dilutive securities - unvested restricted stock	276,571			135,672			244,643	140,082
Weighted average number of common shares outstanding - diluted	7,945,622			8,592,556			7,940,299	8,609,679
Net income per common share - basic	$ 0.37			$ 0.34			$ 0.65	$ 0.15
Net income per common share - diluted	$ 0.36			$ 0.33			$ 0.63	$ 0.15

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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%
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
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Series C Preferred Stock
Class of Stock [Line Items]
Total Distribution Paid	$ 3,355	$ 2,587	$ 2,588	$ 2,588	$ 2,587	$ 2,588	$ 2,587
Distribution Per Share	$ 0.6988981	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625
Series D Preferred Stock
Class of Stock [Line Items]
Total Distribution Paid	$ 2,219	$ 2,219	$ 2,219	$ 2,268	$ 2,268	$ 2,268	$ 2,268
Distribution Per Share	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875
O 2024 Q3 Dividends | Series C Preferred Stock
Class of Stock [Line Items]
Date Paid	Oct. 30, 2024
O 2024 Q3 Dividends | Series D Preferred Stock
Class of Stock [Line Items]
Date Paid	Oct. 30, 2024
O 2024 Q2 Dividends | Series C Preferred Stock
Class of Stock [Line Items]
Date Paid		Jul. 30, 2024
O 2024 Q2 Dividends | Series D Preferred Stock
Class of Stock [Line Items]
Date Paid		Jul. 30, 2024
O 2024 Q1 Dividends | Series C Preferred Stock
Class of Stock [Line Items]
Date Paid			Apr. 30, 2024
O 2024 Q1 Dividends | Series D Preferred Stock
Class of Stock [Line Items]
Date Paid			Apr. 30, 2024
O 2023 Q4 Dividends | Series C Preferred Stock
Class of Stock [Line Items]
Date Paid				Jan. 30, 2024
O 2023 Q4 Dividends | Series D Preferred Stock
Class of Stock [Line Items]
Date Paid				Jan. 30, 2024
O 2023 Q3 Dividends | Series C Preferred Stock
Class of Stock [Line Items]
Date Paid					Oct. 30, 2023
O 2023 Q3 Dividends | Series D Preferred Stock
Class of Stock [Line Items]
Date Paid					Oct. 30, 2023
O 2023 Q2 Dividends | Series C Preferred Stock
Class of Stock [Line Items]
Date Paid						Jul. 31, 2023
O 2023 Q2 Dividends | Series D Preferred Stock
Class of Stock [Line Items]
Date Paid						Jul. 31, 2023
O 2023 Q1 Dividends | Series C Preferred Stock
Class of Stock [Line Items]
Date Paid							May 01, 2023
O 2023 Q1 Dividends | Series D Preferred Stock
Class of Stock [Line Items]
Date Paid							May 01, 2023

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	$ 435,796
Ending balance	436,340
Net Unrealized Loss on Derivatives
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(4,801)
Amounts reclassified from accumulated other comprehensive loss	1,196
Ending balance	$ (3,605)

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Relationship with ACRES Capital Corp and Certain of its Subsidiaries) (Details)		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 31, 2020 USD ($) Extension	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Entity shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) Loan
Related Party Transaction [Line Items]
Base management fees paid by the Company			$ 1,624,000	$ 2,113,000	$ 4,871,000	$ 5,776,000
General and administrative			2,430,000	2,246,000	8,041,000	7,573,000
Mezzanine loan commitment		$ 0	0		0
Interest income			39,301,000	48,208,000	122,978,000	140,685,000
Accrued interest receivable		13,944,000	13,944,000		$ 13,944,000		$ 11,783,000
Incentive Compensation Shares Payable | shares					1,911
Manager Pursuant To Management Agreement | Manager
Related Party Transaction [Line Items]
Incentive compensation					$ 0		38,000
Manager Pursuant To Management Agreement | ACRES Commercial Realty Corp
Related Party Transaction [Line Items]
Base management fees paid by the Company			1,600,000	1,600,000	4,900,000	4,900,000
Incentive compensation			$ 0	$ 473,000	$ 0	$ 857,000
Incentive compensation paid in cash percentage			50%	50%	50%	50%
Incentive compensation paid in common stock percentage			50%	50%	50%	50%
Total indebtedness		540,000	$ 540,000		$ 540,000		546,000
General and administrative			1,100,000	$ 670,000	3,700,000	$ 3,000,000
Manager Pursuant To Management Agreement | ACRES Commercial Realty Corp | Other Liabilities
Related Party Transaction [Line Items]
Total indebtedness		212,000	212,000		$ 212,000		686,000
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			298,000	26,000	324,000	91,000
ACRES Capital Corp | Interest Income | XAN 2020-RSO9 Senior Notes
Related Party Transaction [Line Items]
Special servicing fees			4,000	9,000	11,000	56,000
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		10,800,000	10,800,000		10,800,000		11,000,000
Accrued interest receivable		0	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			83,000	85,000	248,000	254,000
DevCo
Related Party Transaction [Line Items]
Fees payments			$ 165,000	$ 182,000	$ 371,000	$ 327,000
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]
Incentive Compensation Shares Payable | shares			0		1,911
ACRES Share Holdings, LLC | Manager Plan
Related Party Transaction [Line Items]
Shares of common stock issued | shares			0		295,237
Shares of common stock vest percentage per year					25%
Vest in installments					4 years
ACRES Capital, LLC | Commercial Real Estate Loans
Related Party Transaction [Line Items]
Loans refinanced by affiliates							$ 22,500,000
Number of loan | Loan							1
McCallum JV | ACRES RF
Related Party Transaction [Line Items]
Related party transaction, loan amount		33,700,000	$ 33,700,000		$ 33,700,000
Mezzanine loan commitment		1,500,000	1,500,000		1,500,000
Related party transaction loan outstanding amount		$ 31,500,000	$ 31,500,000		$ 31,500,000
Ownership interest		50%	50%		50%
Basis spread on variable rate		2.75%
Initial maturity date		Sep. 05, 2027
Investment, Variable Interest Rate, Type [Extensible Enumeration]		One Month Term SOFR [Member]	One Month Term SOFR [Member]		One Month Term SOFR [Member]

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
First property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of real estate owned property	$ 20,300,000
Second property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of real estate owned property	32,000,000
Third Property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of real estate owned property	17,500,000
Fourth Property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of real estate owned property	$ 9,800,000
Expected Future Cash Flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Internal rate of return	8.50%
Expected Future Cash Flows | First property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal cap rate	7%
Expected Future Cash Flows | Second property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal cap rate	6%
Level 3 | Expected Future Cash Flows | Second property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal cap rate	6.25%
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	7.75%	7.88%
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%	13.96%
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	Sep. 30, 2024	Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	$ 1,545,817	$ 1,828,336
Mortgages payable	1,498,189	1,690,723
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
Mortgages payable	0	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
Mortgages payable	0	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	9,052	8,598
Senior notes in CRE securitizations	981,805	1,163,048
Senior secured financing facility	63,099	64,495
Warehouse financing facilities	165,100	170,861
Mortgages payable	74,849	43,779
Junior subordinated notes	40,107	38,406
Significant Unobservable Inputs (Level 3) | CRE Whole Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	1,578,566	1,858,265
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	145,785	138,795
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party	10,750	10,975
Senior notes in CRE securitizations	990,520	1,204,570
Senior secured financing facility	60,724	61,568
Warehouse financing facilities	163,880	168,588
Mortgages payable	73,916	41,786
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	1,545,817	1,828,336
Carrying Value | 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
5.75% Senior Unsecured Notes	148,641	148,140
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party	9,052	8,598
Senior notes in CRE securitizations	981,805	1,163,048
Senior secured financing facility	63,099	64,495
Warehouse financing facilities	165,100	170,861
Mortgages payable	74,849	43,779
Junior subordinated notes	40,107	38,406
Fair Value | CRE Whole Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	1,578,566	1,858,265
Fair Value | 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
5.75% Senior Unsecured Notes	$ 145,785	$ 138,795

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Parenthetical) (Details)	Sep. 30, 2024	Dec. 31, 2023	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) - Terminated interest rate swap	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 30, 2020 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Derivative	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Derivatives, Fair Value [Line Items]
Realized loss on derivatives, net	$ (11,800,000)
Gain (loss) on derivatives				$ (3,700,000)		$ (5,000,000)
Amortization expense reported in interest expense		$ 425,000	$ 425,000	1,300,000	$ 1,300,000
Unrealized gains (loss) on derivatives, net				$ 96,000		$ 164,000
Number of hedges terminated | Derivative				2
Interest expense to fully amortize		$ 23,000	$ 23,000	$ 69,000	$ 68,000

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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Derivatives, Fair Value [Line Items]
Realized and Unrealized Gain (Loss)	$ (1,196)	$ (1,192)
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_2

OFFSETTING OF FINANCIAL LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Warehouse financing facilities
Gross Amounts of Recognized Liabilities	$ 163,880	$ 168,588
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Presented on the Consolidated Balance Sheets	163,880	168,588
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	163,880	168,588
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	$ 264,600	$ 254,100

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Estimated litigation liability	$ 0	$ 0
Commercial Real Estate Loans | Whole Loans
Loss Contingencies [Line Items]
Loans held for investment, unfunded loan commitments	$ 78,400,000	$ 109,400,000