ACRES Commercial Realty (ACR) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 06, 2022
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	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding (in shares)		9,100,548
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	Mar. 31, 2022	Dec. 31, 2021
ASSETS:
Cash and cash equivalents	$ 79,561	$ 35,500
Restricted cash	5,734	248,431
Accrued interest receivable	6,282	6,112
CRE loans	1,896,425	1,882,551
Less: allowance for credit losses	(4,706)	(8,805)
CRE loans, net	1,891,719	1,873,746
Principal paydowns receivable	0	14,899
Loan receivable - related party	11,525	11,575
Investments in unconsolidated entities	1,548	1,548
Property held for sale	17,657	17,846
Investments in real estate	58,782	59,308
Right of use assets	5,918	5,951
Intangible assets	2,987	3,877
Other assets	5,412	5,482
Total assets	2,087,125	2,284,275
LIABILITIES
Accounts payable and other liabilities	8,182	7,025
Management fee payable - related party	557	561
Accrued interest payable	2,598	5,937
Borrowings	1,626,204	1,814,424
Lease liabilities	3,514	3,537
Distributions payable	3,262	3,262
Accrued tax liability	106	1
Liabilities held for sale		1,333
Total liabilities	1,644,423	1,836,080
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001: 41,666,666 shares authorized; 8,834,527 and 9,149,079 shares issued and outstanding (including 333,329 and 333,329 of unvested restricted shares)	9	9
Additional paid-in capital	1,176,685	1,179,863
Accumulated other comprehensive loss	(7,671)	(8,127)
Distributions in excess of earnings	(726,331)	(723,560)
Total stockholders’ equity	442,702	448,195
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	2,087,125	2,284,275
8.625% Series C Preferred Stock
STOCKHOLDERS’ EQUITY
Preferred stock, value	5	5
7.875% Series D Preferred Stock
STOCKHOLDERS’ EQUITY
Preferred stock, value	$ 5	$ 5

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	41,666,666	41,666,666
Common stock, shares issued (in shares)	8,834,527	9,149,079
Common stock, shares outstanding (in shares)	8,834,527	9,149,079
Common stock, shares issued, non-vested restricted shares (in shares)	333,329	333,329
Assets of consolidated variable interest entities (VIEs) included in total assets above:
Restricted cash	$ 5,734	$ 248,431
Accrued interest receivable	6,282	6,112
Other assets	5,412	5,482
Total assets of consolidated VIEs	2,087,125	2,284,275
Accounts payable and other liabilities	8,182	7,025
Accrued interest payable	2,598	5,937
Borrowings	1,626,204	1,814,424
Total liabilities of consolidated VIEs	$ 1,644,423	$ 1,836,080
8.625% Series C Preferred Stock
Assets of consolidated variable interest entities (VIEs) included in total assets above:
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
Assets of consolidated variable interest entities (VIEs) included in total assets above:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	6,800,000	6,800,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, coupon authorized	7.875%	7.875%
Preferred stock, shares issued (in shares)	4,607,857	4,607,857
Preferred stock, shares outstanding (in shares)	4,607,857	4,607,857
VIE, Primary Beneficiary
Assets of consolidated variable interest entities (VIEs) included in total assets above:
Restricted cash	$ 4,866	$ 248,371
Accrued interest receivable	4,504	3,826
CRE loans, pledged as collateral	1,486,805	1,601,482
Principal paydowns receivable	0	14,899
Other assets	53	36
Total assets of consolidated VIEs	1,496,228	1,868,614
Accounts payable and other liabilities	100	315
Accrued interest payable	1,001	997
Borrowings	1,231,153	1,466,499
Total liabilities of consolidated VIEs	$ 1,232,254	$ 1,467,811

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest income:
CRE loans	$ 22,657	$ 24,575
Securities		161
Other	19	13
Total interest income	22,676	24,749
Interest expense	14,907	13,724
Net interest income	7,769	11,025
Real estate income	3,138	1,654
Other revenue	$ 16	$ 16
Revenue, Product and Service [Extensible Enumeration]	us-gaap:ProductAndServiceOtherMember	us-gaap:ProductAndServiceOtherMember
Total revenues	$ 10,923	$ 12,695
OPERATING EXPENSES
General and administrative	3,457	3,153
Real estate expenses	4,794	1,831
Management fees - related party	1,682	1,326
Equity compensation - related party	744	19
Corporate depreciation and amortization	22	44
Reversal of credit losses, net	(1,802)	(5,641)
Total operating expenses	8,897	732
Net interest and other revenues less operating expenses	2,026	11,963
OTHER INCOME (EXPENSE)
Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives		878
Loss on extinguishment of debt	(460)
Other income	798	215
Total other income	338	1,093
INCOME BEFORE TAXES	2,364	13,056
Income tax expense	(280)
NET INCOME	2,084	13,056
Net income allocated to preferred shares	(4,855)	(2,588)
NET (LOSS) INCOME ALLOCABLE TO COMMON SHARES	$ (2,771)	$ 10,468
NET (LOSS) INCOME PER COMMON SHARE - BASIC	$ (0.30)	$ 1.03
NET (LOSS) INCOME PER COMMON SHARE - DILUTED	$ (0.30)	$ 1.03
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	9,096,977	10,196,124
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED	9,096,977	10,205,369

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 2,084	$ 13,056
Other comprehensive income:
Reclassification adjustments associated with net unrealized losses from interest rate swaps included in net income	456	456
Total other comprehensive income	456	456
Comprehensive income before allocation to preferred shares	2,540	13,512
Net income allocated to preferred shares	(4,855)	(2,588)
Comprehensive (loss) income allocable to common shares	$ (2,315)	$ 10,924

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock8.625% Series C Preferred Stock	Preferred Stock7.875% Series D Preferred Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings (Distributions In Excess of Earnings)
Beginning balance at Dec. 31, 2020	$ 334,382	$ 10	$ 5		$ 1,085,941	$ (9,978)	$ (741,596)
Beginning balance (in shares) at Dec. 31, 2020		10,162,289
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock	(9,519)	$ (1)			(9,518)
Purchase and retirement of common stock (in shares)		(744,778)
Amortization of stock-based compensation	19				19
Net income	13,056						13,056
Distributions and accrual of cumulative preferred stock dividends	(2,588)						(2,588)
Amortization of terminated derivatives	456					456
Ending balance at Mar. 31, 2021	335,806	$ 9	5		1,076,442	(9,522)	(731,128)
Ending balance (in shares) at Mar. 31, 2021		9,417,511
Beginning balance at Dec. 31, 2021	$ 448,195	$ 9	5	$ 5	1,179,863	(8,127)	(723,560)
Beginning balance (in shares) at Dec. 31, 2021	9,149,079	9,149,079
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Offering costs	$ (37)				(37)
Purchase and retirement of common stock	(3,885)				(3,885)
Purchase and retirement of common stock (in shares)		(314,552)
Amortization of stock-based compensation	744				744
Net income	2,084						2,084
Distributions and accrual of cumulative preferred stock dividends	(4,855)						(4,855)
Amortization of terminated derivatives	456					456
Ending balance at Mar. 31, 2022	$ 442,702	$ 9	$ 5	$ 5	$ 1,176,685	$ (7,671)	$ (726,331)
Ending balance (in shares) at Mar. 31, 2022	8,834,527	8,834,527

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 2,084	$ 13,056
Adjustments to reconcile net income from operations to net cash provided by operating activities:
Reversal of credit losses, net	(1,802)	(5,641)
Depreciation, amortization and accretion	3,508	2,366
Amortization of stock-based compensation	744	19
Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives		(878)
Loss on extinguishment of debt	460
Changes in operating assets and liabilities	(3,440)	564
Net cash provided by operating activities	1,554	9,486
CASH FLOWS FROM INVESTING ACTIVITIES:
Origination and purchase of loans	(106,768)	(130,849)
Principal payments received on loans	107,192	176,988
Investments in real estate	188
Proceeds from sale of investment securities available-for-sale		2,958
Principal payments received on loan - related party	50	50
Purchase of furniture and fixtures	(9)	(43)
Net cash provided by investing activities	653	49,104
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of common stock	(3,885)	(9,519)
Proceeds from issuance of preferred stock (net of $37 of underwriting discounts and offering costs)	(37)
Proceeds from borrowings:
Senior secured financing facility	10,150	34,321
Warehouse financing facilities and repurchase agreements	84,992	115,603
Payments on borrowings:
Securitizations	(237,189)	(127,525)
Senior secured financing facility	(10,150)	(22,813)
Convertible senior notes	(39,839)
Payment of debt issuance costs	(30)
Distributions paid on preferred stock	(4,855)	(2,588)
Net cash used in financing activities	(200,843)	(12,521)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(198,636)	46,069
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEG. OF PERIOD	283,931	67,741
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 85,295	$ 113,810

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Statement Of Cash Flows [Abstract]
Underwriting discounts and offering costs	$ 37

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 - ORGANIZATION ACRES Commercial Realty Corp., a Maryland corporation, along with its subsidiaries (collectively, the “Company”), is a real estate investment trust (“REIT”) that is primarily focused on originating, holding and managing commercial real estate (“CRE”) mortgage loans and equity investments in commercial real estate properties through direct ownership and joint ventures. The Company’s manager is ACRES Capital, LLC (the “Manager”), a subsidiary of ACRES Capital Corp. (collectively, “ACRES”), a private commercial real estate lender exclusively dedicated to nationwide middle market CRE lending with a focus on multifamily, student housing, hospitality, office and industrial property in top United States (“U.S.”) markets. The Company has qualified, and expects to qualify in the current fiscal year, as a REIT. The Company conducts its operations through the use of subsidiaries that it consolidates into its financial statements. The Company’s core assets are consolidated through its investment in ACRES Realty Funding, Inc. (“ACRES RF”), a wholly-owned subsidiary that holds CRE loans, investments in commercial real estate properties and investments in CRE securitizations, which are consolidated as VIEs as discussed in Note 3. Reverse Stock Split Effective February 16, 2021, the Company completed a one-for-three In May 2021, the Company adopted articles of amendment to its charter to decrease its authorized shares of capital stock from 225,000,000 shares, consisting of 125,000,000 shares of common stock and 100,000,000 shares of preferred stock to 141,666,666 shares, consisting of 41,666,666 shares of common stock and 100,000,000 shares of preferred stock.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“GAAP”). The consolidated financial statements include the accounts of the Company, majority-owned or controlled subsidiaries and VIEs for which the Company is considered the primary beneficiary. All inter-company transactions and balances have been eliminated in consolidation. Basis of Presentation All adjustments necessary to fairly present the Company’s financial position, results of operations and cash flows have been made. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and within the period of financial results. Actual results could differ from those estimates. Estimates affecting the accompanying consolidated financial statements include, but are not limited to, the net realizable and fair values of the Company’s investments and derivatives, the estimated useful lives used to calculate depreciation, the expected lives over which to amortize premiums and accrete discounts, reversals of or provisions for expected credit losses and the disclosure of contingent liabilities. The coronavirus (“COVID-19”) pandemic continues to plague countries throughout the globe as virus variants have emerged, leading numerous countries, including the U.S., to declare national emergencies. Many countries responded to the initial outbreak in late 2019 by instituting quarantines, restricting travel and limiting operations of non-essential offices and retail centers, which resulted in the closure or remote operation of non-essential businesses, increased rates of unemployment and market disruption in connection with the economic uncertainty. While the U.S. and certain countries around the world have eased restrictions and financial markets have stabilized to some degree in connection with the development and distribution of vaccines and other effective COVID-19 treatments, the pandemic continues to cause uncertainty on the U.S. and global economies, generally, and the CRE business, specifically. Estimates and assumptions as of March 31, 2022, are inherently less certain than they would be absent the current and potential impacts of COVID-19, particularly the reinstatement of restrictions placed on businesses. The Company believes the estimates and assumptions underlying the consolidated financial statements are reasonable and supportable based on the information available at March 31, 2022. Actual results may ultimately differ from those estimates. 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 March 31, 2022 and December 31, 2021, approximately $77.4 million and $33.3 million, respectively, of the reported cash balances exceeded the Federal Deposit Insurance Corporation and Securities Investor Protection Corporation deposit insurance limits of $250,000 per respective depository or brokerage institution. However, all of the Company’s cash deposits are held at multiple, established financial institutions, in multiple accounts associated with its parent and respective consolidated subsidiaries, to minimize credit risk exposure. Restricted cash includes required account balance minimums primarily for the Company’s CRE debt securitizations, term warehouse financing facilities and repurchase agreements 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): March 31, 2022 2021 Cash and cash equivalents $ 79,561 $ 70,985 Restricted cash 5,734 42,825 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 85,295 $ 113,810 Investment in Real Estate The Company depreciates investments in real estate and amortizes related intangible assets over the estimated useful lives of the assets as follows: Category Term Building 35 to 40 years Building improvements 8 to 35 years Site improvements 10 years Tenant improvements 180 days to 3 years Furniture, fixtures and equipment 3 to 12 years Right of use assets 66.3 years Intangible assets 180 days to 16.5 years Lease liabilities 66.3 years Income Taxes The Company recorded a full valuation allowance against its net deferred tax assets (tax effected expense of $21.5 million) at March 31, 2022, 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 Adopted in 2022 In August 2020, the Financial Accounting Standards Board (“FASB”) issued guidance that removes certain separation models for convertible debt instruments and convertible preferred stock that require the separation into a debt component and an equity or derivative component. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost, if no other features require bifurcation and recognition as derivatives and the convertible instrument is not issued with substantial premiums accounted for as paid-in capital. By removing those separation models, the interest rate of convertible debt instruments typically will be closer to the coupon interest rate. The guidance also revises the derivative scope exception for contracts in an entity’s own equity and improves the consistency of EPS calculations. Adoption did not have a material impact on the Company’s consolidated financial statements. Accounting Standards to be Adopted in Future Periods In March 2022, the FASB issued an amendment eliminating certain previously issued accounting guidance for troubled debt restructurings (“TDRs”) and enhancing disclosure requirements surrounding refinancings, restructurings, and write-offs. Current GAAP provides an exception to general recognition and measurement guidance for loan restructurings if they meet specific criteria to be considered TDRs. If a modification is a TDR, incremental expected losses are recorded in the allowance for credit losses upon modification and specific disclosures are required. The new amendment eliminates the TDR recognition and measurement guidance and requires the reporting entity to evaluate whether the modification represents a new loan or a continuation of an existing loan, consistent with accounting for other loan modifications. The amendment also requires public business entities to disclose current-period gross write-offs by year of origination for certain financing receivables and net investments in leases. For entities that have adopted the previously issued guidance amended by this update, which the Company did during the year ended December 31, 2020, this update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for entities that have adopted the previously issued guidance amended by this update. The Company is in the process of evaluating the impact of this guidance.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 3 - VARIABLE INTEREST ENTITIES The Company has evaluated its loans, investments in unconsolidated entities, liabilities to subsidiary trusts issuing preferred securities (consisting of unsecured junior subordinated notes), securitizations, guarantees and other financial contracts in order to determine if they are variable interests in VIEs. The Company regularly monitors these legal interests and contracts and, to the extent it has determined that it has a variable interest, analyzes the related entity for potential consolidation . Consolidated VIEs (the Company is the primary beneficiary) Based on management’s analysis, the Company was the primary beneficiary of five and seven VIEs at March 31, 2022 and December 31, 2021, respectively (collectively, the “Consolidated VIEs”). The Consolidated VIEs are CRE securitizations and CDOs that were formed on behalf of the Company to invest in real estate-related securities, commercial mortgage-backed securities (“CMBS”), syndicated corporate loans and corporate bonds and were financed by the issuance of debt securities. By financing these assets with long-term borrowings through the issuance of debt securities, the Company seeks to generate attractive risk-adjusted equity returns and to match the term of its assets and liabilities. The primary beneficiary determination for each of these VIEs was made at each VIE’s inception and is continually assessed. 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 1 1 . Creditors of the Company’s Consolidated VIEs have no recourse to the general credit of the Company, nor to each other. During the three months ended March 31, 2022 and 2021, the Company did not provide any financial support to any of its VIEs nor does it have any requirement to do so, although it may choose to do so in the future to maximize future cash flows from such investments to the Company. There are no explicit arrangements that obligate the Company to provide financial support to any of its Consolidated VIEs. The following table shows the classification and carrying values of assets and liabilities of the Company’s Consolidated VIEs at March 31, 2022 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 4,482 $ 384 $ 4,866 Accrued interest receivable 4,504 — 4,504 CRE loans, pledged as collateral (1) 1,486,805 — 1,486,805 Other assets 53 — 53 Total assets (2) $ 1,495,844 $ 384 $ 1,496,228 LIABILITIES Accounts payable and other liabilities $ 100 $ — $ 100 Accrued interest payable 1,001 — 1,001 Borrowings 1,231,153 — 1,231,153 Total liabilities $ 1,232,254 $ — $ 1,232,254 (1) Excludes allowance for credit losses. (2) Assets of each of the Consolidated VIEs may only be used to settle the obligations of each respective VIE. Unconsolidated VIEs (the Company is not the primary beneficiary, but has a variable interest) Based on management’s analysis, the Company is not the primary beneficiary of the VIEs discussed below since it does not have both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Accordingly, the following VIEs are not consolidated in the Company’s financial statements at March 31, 2022. 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”), with a value of $1.5 million in the aggregate, or 3.0% of each trust, at March 31, 2022. RCT I and RCT II were formed for the purposes of providing debt financing to the Company. The Company completed a qualitative analysis to determine whether it is the primary beneficiary of each of the trusts and determined that it was not the primary beneficiary of either trust because it does not have the power to direct the activities most significant to the trusts, which include the collection of principal and interest through servicing rights. Accordingly, neither trust is consolidated into the Company’s consolidated financial statements. The Company records its investments in RCT I and RCT II’s common shares of $ 774,000 each as investments in unconsolidated entities using the cost method, recording dividend income when declared by RCT I and RCT II. The trusts each hold subordinated debentures for which the Company is the obligor in the amount of $25.8 million for each of RCT I and RCT II. The debentures were funded by the issuance of trust preferred securities of RCT I and RCT II. The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs at March 31, 2022 (in thousands): Unsecured Junior Subordinated Debentures Maximum Exposure to Loss ASSETS Accrued interest receivable $ 6 $ — Investments in unconsolidated entities 1,548 $ 1,548 Total assets 1,554 LIABILITIES Accrued interest payable 186 N/A Borrowings 51,548 N/A Total liabilities 51,734 N/A Net (liability) asset $ (50,180 ) N/A At March 31, 2022, there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to any of its unconsolidated VIEs.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2022
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 Three Months Ended March 31, 2022 2021 Supplemental cash flows: Interest expense paid in cash $ 14,894 $ 12,969 Income taxes paid in cash $ 180 $ — Non-cash operating activities include the following: Receipt of right of use assets $ — $ (6 ) Execution of operating leases $ — $ 6 Non-cash financing activities include the following: Distributions on preferred stock accrued but not paid $ 3,262 $ 1,725

LOANS

LOANS	3 Months Ended
	Mar. 31, 2022
Loans Held For Investment [Abstract]
LOANS	NOTE 5 - LOANS The following is a summary of the Company’s loans (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 March 31, 2022: CRE loans held for investment: Whole loans (5)(6) 88 $ 1,904,974 $ (13,249 ) $ 1,891,725 $ (4,470 ) $ 1,887,255 1M BR plus 2.75% to 1M BR plus 8.50% April 2022 to September 2025 Mezzanine loan (5) 1 4,700 — 4,700 (236 ) 4,464 10.00% June 2028 Total CRE loans held for investment $ 1,909,674 $ (13,249 ) $ 1,896,425 $ (4,706 ) $ 1,891,719 At December 31, 2021: CRE loans held for investment: Whole loans (5)(6) 93 $ 1,891,795 $ (13,944 ) $ 1,877,851 $ (8,550 ) $ 1,869,301 1M BR plus 2.70% to 1M BR plus 8.50% January 2022 to September 2025 Mezzanine loan (5) 1 4,700 — 4,700 (255 ) 4,445 10.00% June 2028 Total CRE loans held for investment $ 1,896,495 $ (13,944 ) $ 1,882,551 $ (8,805 ) $ 1,873,746 (1) Amounts include unamortized loan origination fees of $13.0 million and $13.6 million and deferred amendment fees of $248,000 and $307,000 at March 31, 2022 and December 31, 2021, respectively. Additionally, the amounts include unamortized loan acquisition costs of $7,300 at December 31, 2021. ( 2 ) The Company’s whole loan portfolio of $1.9 billion at each period presented had weighted-average one-month benchmark rate (“BR”) floors of 0.66% and 0.75% at March 31, 2022 and December 31, 2021, respectively. Benchmark rates comprise one-month London Interbank Offered Rate (“LIBOR”) or one-month Term Secured Overnight Financing Rate (“SOFR”). At March 31, 2022 and December 31, 2021, all but one of the Company’s floating-rate whole loans had one-month benchmark floors. ( 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 one and three whole loans, with amortized costs of $8.0 million and $27.9 million, in maturity default at March 31, 2022 and December 31, 2021, respectively. ( 5 ) Substantially all loans are pledged as collateral under various borrowings at March 31, 2022 and December 31, 2021. ( 6 ) CRE whole loans had $145.5 million and $157.6 million in unfunded loan commitments at March 31, 2022 and December 31, 2021, respectively. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreement, and any necessary approvals have been obtained. The following is a summary of the contractual maturities of the Company’s CRE loans held for investment, at amortized cost (in thousands, except amounts in the footnotes): Description 2022 2023 2024 and Thereafter Total At March 31, 2022: Whole loans (1) $ 319,577 $ 214,833 $ 1,349,290 $ 1,883,700 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 319,577 $ 214,833 $ 1,353,990 $ 1,888,400 Description 2022 2023 2024 and Thereafter Total At December 31, 2021: Whole loans (1) $ 377,024 $ 230,872 $ 1,242,013 $ 1,849,909 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 377,024 $ 230,872 $ 1,246,713 $ 1,854,609 (1) Maturity dates exclude one and three whole loans, with amortized costs of $8.0 million and $27.9 million, in maturity default at March 31, 2022 and December 31, 2021, respectively. ( 2 ) At March 31, 2022, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $52.0 million, $110.0 million and $1.7 billion in 2022, 2023 and 2024 and thereafter, respectively. At December 31, 2021, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $52.0 million, $127.6 million and $1.7 billion in 2022, 2023 and 2024 and thereafter, respectively. At March 31, 2022, approximately 26.8%, 22.3% and 14.2% of the Company’s CRE loan portfolio was concentrated in the Southeast, Southwest and Mid-Atlantic regions, respectively, based on carrying value, as defined by the National Council of Real Estate Investment Fiduciaries. At December 31, 2021, approximately 28.4%, 18.4% and 15.2% of the Company’s CRE loan portfolio was concentrated in the Southeast, Southwest and Mid-Atlantic regions, respectively, based on carrying value. At March 31, 2022 and December 31, 2021, no single loan or investment represented more than 10% of the Company’s total assets, and no single investor 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 March 31, 2022, the Company had no loan principal paydowns receivable. At December 31, 2021, the Company had $14.9 million of loan principal paydowns receivable, all of which was received in cash by the Company in January 2022.

FINANCING RECEIVABLES

FINANCING RECEIVABLES	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
FINANCING RECEIVABLES	NOTE 6 - FINANCING RECEIVABLES The following table shows the activity in the allowance for credit losses for the three months ended March 31, 2022 and year ended December 31, 2021 (in thousands): Three Months Ended March 31, 2022 Year Ended December 31, 2021 CRE Loans CRE Loans Allowance for credit losses: Allowance for credit losses at beginning of period $ 8,805 $ 34,310 Reversal of credit losses, net (1,802 ) (21,262 ) Charge offs (2,297 ) (4,243 ) Allowance for credit losses at end of period $ 4,706 $ 8,805 During the three months ended March 31, 2022, the Company recorded a reversal of expected credit losses of $1.8 million in connection with resolutions of loans with specific reserves and continued improvements in property-level operations supported by a continued, generally positive outlook on the macroeconomic environment. During the three months ended March 31, 2021, the Company recorded a reversal of expected credit losses of $5.6 million in connection with loan paydowns, improved collateral operating performance, declines in expected unemployment and continued projected recoveries in future CRE asset pricing. At March 31, 2022, the Company individually evaluated one hotel loan and one retail loan in the Northeast region with principal balances of $14.0 million and $8.0 million, respectively, for which foreclosure was determined to be probable. Each loan had an as-is appraised value in excess of its principal balance, and, as such, had no current expected credit losses (“CECL”) allowance at March 31, 2022. At December 31, 2021, two additional loans were individually evaluated for impairment: a retail loan in the Pacific region and a hotel loan in the East North Central region. Both loans were repaid in January 2022. The repayment of the retail loan in the Pacific region resulted in a charge off of $2.3 million against the allowance for credit losses. An individual CECL allowance was established for this loan during the fourth quarter of 2021. 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 reunderwritten loan-to-collateral value 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 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 and, 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 and preferred equity investments 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 amount s in the footnote s ): Rating 1 Rating 2 Rating 3 Rating 4 Rating 5 Total (1) At March 31, 2022: Whole loans, floating-rate $ — $ 1,532,355 $ 239,871 $ 105,503 $ 13,996 $ 1,891,725 Mezzanine loan — — — 4,700 — 4,700 Total $ — $ 1,532,355 $ 239,871 $ 110,203 $ 13,996 $ 1,896,425 At December 31, 2021: Whole loans, floating-rate $ — $ 1,456,330 $ 273,078 $ 123,762 $ 24,681 $ 1,877,851 Mezzanine loan — — — 4,700 — 4,700 Total $ — $ 1,456,330 $ 273,078 $ 128,462 $ 24,681 $ 1,882,551 (1) The total amortized cost of CRE loans excluded accrued interest receivable of $6.2 million and $6.1 million at March 31, 2022 and December 31, 2021, respectively. Credit risk profiles of CRE loans by origination year at amortized cost were as follows (in thousands, except amounts in the footnotes): 2022 2021 2020 2019 2018 Prior Total (1) At March 31, 2022: Whole loans, floating-rate: (2) Rating 2 $ 96,131 $ 1,241,086 $ 143,059 $ 32,605 $ 19,474 $ — $ 1,532,355 Rating 3 — 34,707 25,067 101,756 60,841 17,500 239,871 Rating 4 — — — 28,465 77,038 — 105,503 Rating 5 — — — 13,996 — — 13,996 Total whole loans, floating-rate 96,131 1,275,793 168,126 176,822 157,353 17,500 1,891,725 Mezzanine loan (rating 4) — — — — 4,700 — 4,700 Total $ 96,131 $ 1,275,793 $ 168,126 $ 176,822 $ 162,053 $ 17,500 $ 1,896,425 2021 2020 2019 2018 2017 Prior Total (1) At December 31, 2021: Whole loans, floating-rate: (2) Rating 2 $ 1,230,810 $ 150,513 $ 55,510 $ 19,497 $ — $ — $ 1,456,330 Rating 3 33,781 24,604 136,305 60,888 — 17,500 273,078 Rating 4 — — 28,446 86,096 — 9,220 123,762 Rating 5 — — 22,385 — — 2,296 24,681 Total whole loans, floating-rate 1,264,591 175,117 242,646 166,481 — 29,016 1,877,851 Mezzanine loan (rating 4) — — — 4,700 — — 4,700 Total $ 1,264,591 $ 175,117 $ 242,646 $ 171,181 $ — $ 29,016 $ 1,882,551 (1) The total amortized cost of CRE loans excluded accrued interest receivable of $6.2 million and $6.1 million at March 31, 2022 and December 31, 2021, respectively (2) Acquired CRE whole loans are grouped within each loan’s year of origination. At March 31, 2022 and December 31, 2021, the Company had one mezzanine loan included in other assets that had no carrying value. Loan Portfolio Aging Analysis The following table presents the CRE loan portfolio aging analysis as of the dates indicated for CRE loans at amortized cost (in thousands, except amounts in footnotes): 30-59 Days 60-89 Days Greater than 90 Days (1) Total Past Due Current (2) Total Loans Receivable (3) Total Loans > 90 Days and Accruing At March 31, 2022: Whole loans, floating-rate $ — $ — $ 8,025 $ 8,025 $ 1,883,700 $ 1,891,725 $ — Mezzanine loan — — — — 4,700 4,700 — Total $ — $ — $ 8,025 $ 8,025 $ 1,888,400 $ 1,896,425 $ — At December 31, 2021: Whole loans, floating-rate $ — $ — $ 19,916 $ 19,916 $ 1,857,935 $ 1,877,851 $ 19,916 Mezzanine loan — — — — 4,700 4,700 — Total $ — $ — $ 19,916 $ 19,916 $ 1,862,635 $ 1,882,551 $ 19,916 (1) During the three months ended March 31, 2022, the Company did not recognize interest income on the one loan with a principal payment past due greater than 90 days at March 31, 2022. During the three months ended March 31, 2021, the Company recognized interest income of $153,000 on the one loan with a principal payment past due greater than 90 days at March 31, 2022. (2) Includes one whole loan, with amortized costs of $8.0 million, in maturity default at December 31, 2021. (3) The total amortized cost of CRE loans excluded accrued interest receivable of $6.2 million and $6.1 million at March 31, 2022 and December 31, 2021, respectively. At March 31, 2022 and December 31, 2021, the Company had one and three CRE loans in maturity default with total amortized costs of $8.0 million and $27.9 million, respectively. During the three months ended March 31, 2022, two whole loans in maturity default at December 31, 2021 paid off principal of $17.6 million. The payoff on one loan was the result of a discounted payoff and resulted in a realized loss of $2.3 million for which a CECL allowance was established as of December 31, 2021. At March 31, 2022 , two whole loans, including one loan in maturity default, with a total amortized cost of $22.0 million, were past due on interest payments. At December 31, 2021, three whole loans, including two loans that had maturity defaults, with total amortized cost of $30.4 million, were past due on interest payments. Troubled Debt Restructurings There were no TDRs for the three months ended March 31, 2022 and 2021. During the three months ended March 31, 2022, the Company entered into two agreements that extended loans by a weighted average period of three months and, in certain cases, modified certain other loan terms. One formerly forborne borrower was in maturity default at March 31, 2022. No loan modifications during the resulted in TDRs.

INVESTMENTS IN REAL ESTATE AND

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, the Company did not acquire any real estate through direct equity investments or as a result of its lending activities . In April 2022, the Company acquired two properties through equity investments for a total investment of $51.6 million. Prior to its acquisition, one property, with an acquisition price of $38.6 million, served as collateral for a loan held by an affiliate of the Manager. The following table summarizes the book value of the Company’s investments in real estate and related intangible assets (in thousands, except amounts in the footnotes): March 31, 2022 December 31, 2021 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) $ 27,097 $ (381 ) $ 26,716 $ 27,065 $ (191 ) $ 26,874 Intangible assets (2) 1,726 (1,611 ) 115 1,726 (806 ) 920 Subtotal 28,823 (1,992 ) 26,831 28,791 (997 ) 27,794 Investments in real estate from lending activities: Investment in real estate (3) 34,133 (2,067 ) 32,066 34,124 (1,689 ) 32,435 Property held for sale (4) 17,657 — 17,657 17,846 — 17,846 Right of use assets (5)(6) 5,603 (116 ) 5,487 5,603 (95 ) 5,508 Intangible assets (7) 3,337 (465 ) 2,872 3,337 (380 ) 2,957 Subtotal 60,730 (2,648 ) 58,082 60,910 (2,164 ) 58,746 Total 89,553 (4,640 ) 84,913 89,701 (3,161 ) 86,540 Liabilities assumed: Equity investments in real estate: Other liabilities (247 ) 155 (92 ) (247 ) 78 (169 ) Investments in real estate from lending activities: Lease liabilities (6) (3,113 ) 65 (3,048 ) (3,113 ) 53 (3,060 ) Total (3,360 ) 220 (3,140 ) (3,360 ) 131 (3,229 ) $ 86,193 $ 81,773 $ 86,341 $ 83,311 (1) Includes $22.4 million of land, which is not depreciable, at March 31, 2022 and December 31, 2021. (2) Carrying value includes approximately $59,000 and $819,000 of an acquired in-place lease intangible asset and $55,000 and $101,000 of an acquired leasing commission intangible asset at March 31, 2022 and December 31, 2021, respectively. (3) Includes $126,000 and $129,000 of building renovations assets at carrying value at March 31, 2022 and December 31, 2021 made subsequent to the date of acquisition of a property. (4) Includes a property acquired in October 2021 that is being marketed for sale. (5) Right of use assets include a and December 31, 2021, respectively. (6) Refer to Note 8 for additional information on the Company’s remaining operating leases. (7) Carrying value includes franchise agreement intangible ass ets of $2.6 million and $2.6 million and a customer list intangible asset of $269,000 and $311,000 at March 31, 2022 and December 31, 2021, respectively. The right of use assets and lease liabilities comprised an acquired ground lease that was determined to be an operating lease and associated below-market lease intangible asset. The lease payments on the ground lease consist of air rights rent, retail rent and parking rent, the amounts of which are specifically determined in the executed lease agreement and subsequently increased based on the increase of the consumer price index over a specified number of periods. The Company recorded approximately $12,000 of offsetting amortization and accretion on its ground lease right of use assets and lease liabilities during the three months ended March 31, 2022 and 2021. During the three months ended March 31, 2022 and 2021, the Company recorded amortization expense of approximately $1.2 million and $197,000, respectively, on its intangible assets. The Company expects to record amortization expense of $1.2 million, $401,000, $244,000, $210,000 and $210,000 during the 2022, 2023, 2024, 2025 and 2026 fiscal years, respectively, on its intangible assets.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
LEASES	NOTE 8 - LEASES In addition to the ground lease discussed in Note 7, the Company has operating leases for office space and office equipment. The leases have terms that expire between January 2024 and July 2028. 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): March 31, 2022 December 31, 2021 Operating Leases: Right of use assets $ 431 $ 443 Lease liabilities $ (466 ) $ (477 ) Weighted average remaining lease term: 6.3 years 6.6 years Weighted average discount rate: 10.65 % 10.65 % The following table summarizes the Company’s operating lease costs and cash payments for the periods presented (in thousands): For the Three Months Ended March 31, 2022 2021 Lease Cost: Operating lease cost $ 24 $ — Other Information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 23 $ — The following table summarizes the Company’s operating leases cash flow obligations on an undiscounted, annual basis (in thousands): Operating Leases 2022 $ 97 2023 99 2024 99 2025 102 2026 104 Thereafter 170 Subtotal 671 Less: impact of discount (205 ) Total $ 466

INVESTMENT SECURITIES AVAILABLE

INVESTMENT SECURITIES AVAILABLE-FOR-SALE	3 Months Ended
	Mar. 31, 2022
Available For Sale Securities [Abstract]
INVESTMENT SECURITIES AVAILABLE-FOR-SALE	NOTE 9 - INVESTMENT SECURITIES AVAILABLE-FOR-SALE The Company had no investment securities available-for-sale at March 31, 2022 or December 31, 2021. The Company sold its final two CMBS positions, resulting in cash proceeds of $3.0 million and gains of $878,000, during the three months ended March 31, 2021.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	3 Months Ended
	Mar. 31, 2022
Equity Method Investments And Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 10 - INVESTMENTS IN UNCONSOLIDATED ENTITIES The Company’s investments in unconsolidated entities at March 31, 2022 and December 31, 2021 comprised a 100% interest in the common shares of RCT I and RCT II with a value of $1.5 million in the aggregate, or 3.0% of each trust. The Company records its investments in RCT I’s and RCT II’s common shares as investments in unconsolidated entities using the cost method, recording dividend income when declared by RCT I and RCT II. During each of the three months ended March 31, 2022 and 2021, the Company recorded dividends from its investments in RCT I’s and RCT II’s common shares, reported in other revenue on the consolidated statement of operations, of $16,000.

BORROWINGS

BORROWINGS	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
BORROWINGS	NOTE 11 - BORROWINGS The Company historically has financed the acquisition of its investments, including investment securities and loans, through the use of secured and unsecured borrowings in the form of securitized notes, secured term warehouse financing facilities, a senior secured financing facility, senior unsecured notes, convertible senior notes and trust preferred securities issuances. 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 March 31, 2022: ACR 2021-FL1 Senior Notes $ 675,223 $ 5,014 $ 670,209 1.93 % 14.2 years $ 802,643 ACR 2021-FL2 Senior Notes 567,000 6,056 560,944 2.24 % 14.8 years 700,000 Senior secured financing facility — 3,280 (3,280 ) 5.75 % 5.3 years 153,171 CRE - term warehouse financing facilities (1) 156,070 3,864 152,206 2.57 % 2.6 years 210,412 4.5% Convertible Senior Notes 48,175 528 47,647 4.50 % 137 days — 5.75% Senior Unsecured Notes (2) 150,000 3,070 146,930 5.75 % 4.4 years — Unsecured Junior Subordinated Debentures 51,548 — 51,548 4.60 % 14.4 years — Total $ 1,648,016 $ 21,812 $ 1,626,204 2.60 % 12.0 years $ 1,866,226 Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At December 31, 2021: XAN 2020-RSO8 Senior Notes $ 142,375 $ 577 $ 141,798 2.18 % 13.2 years $ 229,263 XAN 2020-RSO9 Senior Notes 94,814 489 94,325 4.25 % 15.3 years 144,361 ACR 2021-FL1 Senior Notes (3) 675,223 5,410 669,813 1.60 % 14.5 years 802,643 ACR 2021-FL2 Senior Notes 567,000 6,437 560,563 1.90 % 15.1 years 700,000 Senior secured financing facility — 3,432 (3,432 ) 5.75 % 6.2 years 170,791 CRE - term warehouse financing facilities (1) 71,078 4,307 66,771 2.27 % 2.8 years 102,027 4.50% Convertible Senior Notes 88,014 1,583 86,431 4.50 % 227 days — 5.75% Senior Unsecured Notes (2) 150,000 3,393 146,607 5.75 % 4.6 years — Unsecured junior subordinated debentures 51,548 — 51,548 4.12 % 14.7 years — Total $ 1,840,052 $ 25,628 $ 1,814,424 2.44 % 12.7 years $ 2,149,085 ( 1 ) Principal outstanding includes accrued interest payable of $134,000 and $58,000 at March 31, 2022 and December 31, 2021, respectively. ( 2 ) Includes deferred debt issuance costs of $128,000 and $306,000 at March 31, 2022 and December 31, 2021, respectively, associated with the 12.00% senior unsecured notes due 2027 (“12.00% Senior Unsecured Notes”) that had no outstanding balance at both March 31, 2022 and December 31, 2021. ( 3 ) Value of collateral excludes interest income of $730,000 and exit fees of $228,000 received as of December 31, 2021. Securitizations The following table sets forth certain information with respect to the Company’s consolidated securitizations at March 31, 2022 (in thousands, except amount in footnotes): Closing Date Maturity Date Permitted Funded Companion Participation Acquisition Period End (1) Reinvestment Period End (2) Total Note Paydowns Received from Closing Date through March 31, 2022 ACR 2021-FL1 May 2021 June 2036 N/A May 2023 $ — ACR 2021-FL2 December 2021 January 2037 N/A December 2023 $ — (1) The permitted funded companion participation acquisition period is the period in which principal repayments can be utilized to purchase loans held outside of the respective securitization that represent the funded commitments of existing collateral in the respective securitization that were not funded as of the date the respective securitization was closed. (2) The reinvestment period is the period in which principal proceeds received before the end of the period 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 and preferred shares of the securitizations held by the Company at March 31, 2022 and December 31, 2021 were eliminated in consolidation. XAN 2020-RSO8 In March 2020, the Company closed Exantas Capital Corp. 2020-RSO8, Ltd. (“XAN 2020-RSO8”), a $522.6 million CRE debt securitization transaction that provided financing for CRE loans. In March 2022, the Company exercised the optional redemption of XAN 2020-RSO8, and all of the outstanding senior notes were paid off from the sales proceeds of certain of the securitization’s assets. XAN 2020-RSO9 In September 2020, the Company closed Exantas Capital Corp. 2020-RSO9, Ltd. (“XAN 2020-RSO9”), a $297.0 million CRE debt securitization transaction that provided financing for CRE loans. In February 2022, the Company exercised the optional redemption of XAN 2020-RSO9, and all of the outstanding senior notes were paid off from the sales proceeds of certain of the securitization’s assets. Corporate Debt 4.50% Convertible Senior Notes The Company issued $143.8 million aggregate principal of its 4.50% convertible senior notes due 2022 (“4.50% Convertible Senior Notes”) in August 2017. During the three months ended March 31, 2022, the Company repurchased $39.8 million of its 4.50% Convertible Senior Notes, resulting in a charge to earnings of $574,000, comprising an extinguishment of debt charge of $460,000 in connection with the acceleration of the market discount and interest expense of $114,000 in connection with the acceleration of deferred debt issuance costs. During the year ended December 31, 2021 , the Company repurchased $55.7 million of its 4.50% Convertible Senior Notes. The following table summarizes the 4.50% Convertible Senior Notes at March 31, 2022 (dollars in thousands, except the conversion rate, conversion price and amounts in the footnotes): Principal Outstanding Borrowing Rate Effective Rate (1)(2) Conversion Rate (3)(4) Conversion Price (4) Maturity Date 4.50% Convertible Senior Notes $ 48,175 4.50 % 7.43 % 27.7222 $ 36.06 August 15, 2022 (1) Includes the amortization of the market discounts and deferred debt issuance costs, if any, for the 4.50% Convertible Senior Notes recorded in interest expense on the consolidated statements of operations. (2) During the three months ended March 31, 2022 and 2021, the effective interest rate for the 4.50% Convertible Senior Notes was 7.43%. ( 3 ) Represents the number of shares of common stock per $1,000 principal amount of the 4.50% Convertible Senior Notes’ principal outstanding, subject to adjustment as provided in the Third Supplemental Indenture (the “4.50% Convertible Senior Notes Indenture”). (4 ) The conversion rate and conversion price of the 4.50% Convertible Senior Notes at March 31, 2022 are adjusted to reflect quarterly cash distributions in excess of a $0.30 distribution threshold, as defined in the 4.50% Convertible Senior Notes Indenture. The 4.50% Convertible Senior Notes are convertible at the option of the holder at any time up until one business day before the respective maturity date and may be settled in cash, the Company’s common stock or a combination of cash and the Company’s common stock, at the Company’s election. The closing price of the Company’s common stock was $13.41 on March 31, 2022, which did not exceed the conversion price of its 4.50% Convertible Senior Notes at March 31, 2022. Senior Unsecured Notes 12.00% Senior Unsecured Notes Due 2027 On July 31, 2020, the Company entered into a Note and Warrant Purchase Agreement (the “Note and Warrant Purchase Agreement”) with Oaktree Capital Management, L.P. (“Oaktree”) and Massachusetts Mutual Life Insurance Company (“MassMutual”) pursuant to which the Company may issue to Oaktree and MassMutual from time to time up to $125.0 million aggregate principal amount of 12.00% Senior Unsecured Notes. The 12.00% Senior Unsecured Notes had an annual interest rate of 12.00%, payable up to 3.25% (at the election of the Company) as pay-in-kind interest and the remainder as cash interest. On July 31, 2020, the Company issued to Oaktree and MassMutual $42.0 million and $8.0 million aggregate principal amount, respectively, of the 12.00% Senior Unsecured Notes. On August 18, 2021, the Company entered into an agreement with Oaktree and MassMutual that provided for the redemption in full of the outstanding balance of the 12.00% Senior Unsecured Notes, including a waiver of certain sections of the Note and Warrant Purchase Agreement. On August 20, 2021, the redemption was consummated and a payment to Oaktree and MassMutual was made for an aggregate $55.3 million, which consisted of (i) principal in the amount of $50.0 million, (ii) interest in the amount of approximately $329,000 and (iii) a make-whole amount of approximately $5.0 million. In connection with the redemption, the Company recorded a charge to earnings of $8.0 million, comprising an extinguishment of debt charge of $7.8 million in connection with (i) the $5.0 million net make-whole amount and (ii) the $2.8 million acceleration of the remaining market discount; and interest expense of $218,000 in connection with the acceleration of deferred debt issuance costs. In January 2022, the Company entered into an amendment of the Note and Warrant Purchase Agreement that extended the time to July 2022 that the Company may elect to issue to Oaktree and MassMutual up to $75.0 million of principal of additional notes. At any time and from time to time prior to July 31, 2022, the Company may elect to issue to Oaktree and MassMutual warrants to purchase an additional 699,992 shares of the common stock for a purchase price equal to the principal amount of the 12.00% Senior Unsecured Notes being issued. The warrants are immediately exercisable on issuance and expire seven years from the issuance date. The warrants can be exercised with cash or as a net exercise. Senior Secured Financing Facility and Term Warehouse Financing Facilities Borrowings under the Company’s senior secured financing facility and term warehouse facilities are guaranteed by the Company or one or more of its subsidiaries. The following table sets forth certain information with respect to the Company’s senior secured financing and term warehouse financing facilities (dollars in thousands, except amounts in footnotes): March 31, 2022 December 31, 2021 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) $ (3,280 ) $ 153,171 7 5.75 % $ (3,432 ) $ 170,791 9 5.75 % CRE - Term Warehouse Financing Facilities (2) JPMorgan Chase Bank, N.A. (3) 45,196 69,709 5 2.75 % 18,875 37,167 3 2.85 % Morgan Stanley Mortgage Capital Holdings LLC (4) 107,010 140,703 8 2.50 % 47,896 64,860 3 2.03 % Total $ 148,926 $ 363,583 $ 63,339 $ 272,818 (1) Includes $3.3 million and $3.4 million of deferred debt issuance costs at March 31, 2022 and December 31, 2021, respectively. (2) Outstanding borrowings include accrued interest payable. ( 3 ) Includes $1.6 million and $1.8 million of deferred debt issuance costs at March 31, 2022 and December 31, 2021, respectively, in addition to $250,000 and $356,000 of deferred debt issuance costs at March 31, 2022 and December 31, 2021, respectively, from other term warehouse financing facilities with no balance. ( 4 ) Includes $2.0 million and $2.2 million of deferred debt issuance costs at March 31, 2022 and December 31, 2021, respectively. The following table shows information about the amount at risk under the warehouse financing facilities (dollars in thousands): Amount at Risk (1) Weighted Average Remaining Maturity Weighted Average Interest Rate At March 31, 2022: CRE - Term Warehouse Financing Facilities JPMorgan Chase Bank, N.A. $ 22,929 2.6 years 2.75 % Morgan Stanley Mortgage Capital Holdings LLC $ 32,174 2.6 years 2.50 % (1) Equal to the total of the estimated fair value of loans sold and accrued interest receivable, minus the total of the warehouse financing agreement liabilities and accrued interest payable. The Company was in compliance with all financial covenants in each of the respective agreements at March 31, 2022 and Senior Secured Financing Facility In July 2020, an indirect, wholly-owned subsidiary of the Company (“Holdings”), along with its direct wholly-owned subsidiary (the “Borrower”), entered into a loan and servicing agreement (the “MassMutual Loan Agreement”) with MassMutual and the other lenders party thereto (the “Lenders”) to finance the Company’s core CRE lending business. In connection with the MassMutual Loan Agreement, the Company, with certain of its subsidiaries, entered into a Guaranty (the “MassMutual Guaranty”) in favor of the secured parties under the MassMutual Loan Agreement. Pursuant to the MassMutual Guaranty, the Company fully guaranteed all payments and performance of the Borrower and Holdings under the MassMutual Loan Agreement. Additionally, the Company and certain of its subsidiaries made certain representations and warranties and agreed not to incur debt or liens, each subject to certain exceptions, and agreed to provide the Lenders with certain information. The MassMutual Loan Agreement was amended in several instances pursuant to which (i) MassMutual consented to the formation of certain subsidiaries to hold real estate and (ii) such subsidiaries agreed to enter into guaranty agreements in favor of the secured parties under the MassMutual Loan Agreement. CRE - Term Warehouse Financing Facilities In April 2018, an indirect, wholly-owned subsidiary of the Company entered into a master repurchase agreement (the “Barclays Facility”) with Barclays Bank PLC (“Barclays”) to finance the origination of CRE loans. In February 2022, such subsidiary entered into the Third Amendment to Master Repurchase Agreement (the “Barclays Amendment”) with Barclays, which amended the Barclays Facility to add market terms regarding the replacement of LIBOR upon determination of a benchmark transition event. In 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. In January 2022, such subsidiary entered into the First Amendment to Master Repurchase and Securities Contract Agreement (the “Morgan Stanley Amendment”) with Morgan Stanley, which amended the Morgan Stanley Facility to add market terms regarding the replacement of LIBOR upon determination of a benchmark transition event. Contractual maturity dates of the Company’s borrowings’ principal outstanding by category and year are presented in the table below (in thousands): Total 2022 2023 2024 2025 2026 and Thereafter At March 31, 2022: CRE securitizations $ 1,242,223 $ — $ — $ — $ — $ 1,242,223 Unsecured junior subordinated debentures 51,548 — — — — 51,548 4.50% Convertible Senior Notes 48,175 48,175 — — — — 5.75% Senior Unsecured Notes 150,000 — — — — 150,000 CRE - term warehouse financing facilities (1) 156,070 — — 156,070 — — Total $ 1,648,016 $ 48,175 $ — $ 156,070 $ — $ 1,443,771 (1) Includes accrued interest payable in the balances of principal outstanding.

SHARE ISSUANCE AND REPURCHASE

SHARE ISSUANCE AND REPURCHASE	3 Months Ended
	Mar. 31, 2022
Stockholders Equity Note [Abstract]
SHARE ISSUANCE AND REPURCHASE	NOTE 12 - SHARE ISSUANCE AND REPURCHASE In May 2021, and subsequently in June 2021, the Company issued a total of % Series D Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”) at a public offering price of $ 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 % of the gross proceeds from the sales of the Series D Preferred Stock pursuant to the agreement. The terms and conditions of the agreement include various representations and warranties, conditions to closing, indemnification rights and obligations of the parties and termination provisions. During the three months ended March 31, 2022 , the Company did not issue any Series D Preferred Stock through this agreement. On or after July 30, 2024, the Company may, at its option, redeem its 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”), in whole or in part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid distributions, 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 LIBOR plus 5.927% per annum based on the $25.00 liquidation preference, provided that such floating rate shall not be less than the initial rate of 8.625% at any date of determination. At March 31, 2022, the Company had 4.8 million shares of Series C Preferred Stock and 4.6 million shares of Series D Preferred Stock outstanding, with weighted average issuance prices, excluding offering costs, of $25.00. In March 2016, the board of directors (the “Board”) approved a securities repurchase plan, and i n November 2020, the Board reauthorized and approved the continued use of this plan to repurchase up to $20.0 million of the outstanding shares of the Company’s common stock. Additionally, the Board authorized the Company to enter into written trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934 (the “Exchange Act”). In July 2021, the authorized amount was fully utilized, and in During the three months ended March 31, 2022 and 2021, the Company repurchased $3.9 million and $9.5 million of its common stock, respectively, representing 314,552 and 744,664 shares, respectively. At March 31, 2022, $12.4 million remains available under this repurchase plan. In connection with the Note and Warrant Purchase Agreement, the 12.00% Senior Unsecured Notes Oaktree and MassMutual

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
SHARE-BASED COMPENSATION	NOTE 13 - SHARE-BASED COMPENSATION In June 2021, the Company’s shareholders approved the ACRES Commercial Realty Corp. Third Amended and Restated Omnibus Equity Compensation Plan (the “Omnibus Plan”) and the ACRES Commercial Realty Corp. Manager Incentive Plan (the “Manager Plan” and together with the Omnibus Plan, the “Plans”). The Omnibus Plan was amended to (i) increase the number of shares authorized for issuance by an additional 1,100,000 shares of common stock, less any shares of common stock issued or subject to awards granted under the Manager Plan; and (ii) extend the expiration date of the Omnibus Plan from June 2029 to June 2031. The maximum number of shares that may be subject to awards granted under the Plans, determined on a combined basis, is 1,700,817 shares of common stock. The Company recognized restricted stock-based compensation expense of $744,000 and $19,000, respectively, during the three months ended March 31, 2022 and March 31, 2021 . 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, 2022 299,999 33,330 333,329 $ 17.39 Issued — — — — Vested — — — — Forfeited — — — — Unvested shares at March 31, 2022 299,999 33,330 333,329 $ 17.39 The unvested restricted common stock shares are expected to vest during the following years: Year Shares 2022 83,331 2023 83,331 2024 83,331 2025 83,336 Total 333,329 At March 31, 2022, total unrecognized compensation costs relating to unvested restricted stock was $3.4 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. 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 is paid in cash and at least 25% is paid in the form of an award of common stock, recorded in management fees on the consolidated statements of operations. No incentive compensation was paid to the Manager for the three months ended March 31, 2022 or 2021. On May 6, 2022, the Company issued 299,999 restricted shares under the Manager Plan and a total of 33,334 shares to its directors under the Omnibus Plan, each grant to vest 25% over four years. The Omnibus Plan and the Manager Plan are administered by the compensation committee of the 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 17 for a description of awards made under the Manager Plan.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 14 - EARNINGS PER SHARE The following table presents a reconciliation of basic and diluted earnings (losses) per common share for the periods presented (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2022 2021 Net income $ 2,084 $ 13,056 Net income allocated to preferred shares (4,855 ) (2,588 ) Net (loss) income allocable to common shares $ (2,771 ) $ 10,468 Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 8,630,316 9,729,463 Weighted average number of warrants outstanding (1) 466,661 466,661 Total weighted average number of common shares outstanding - basic 9,096,977 10,196,124 Effect of dilutive securities - unvested restricted stock — 9,245 Weighted average number of common shares outstanding - diluted 9,096,977 10,205,369 Net (loss) income per common share - basic $ (0.30 ) $ 1.03 Net (loss) income per common share - diluted $ (0.30 ) $ 1.03 (1) See Note 12 for further details regarding the warrants.

DISTRIBUTIONS

DISTRIBUTIONS	3 Months Ended
	Mar. 31, 2022
Distributions [Abstract]
DISTRIBUTIONS	NOTE 15 - DISTRIBUTIONS In order to qualify as a REIT, the Company must currently distribute at least 90% of its taxable income. In addition, the Company must distribute 100% of its taxable income in order to not be subject to corporate federal income taxes on retained income. The Company anticipates it will distribute substantially all of its taxable income to its stockholders. Because taxable income differs from cash flow from operations due to non-cash revenues or expenses (such as provisions for loan and lease losses and depreciation), 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 2022 distributions are, and will be, determined by the 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 months ended March 31, 2022, the Company declared and subsequently paid its Series C Preferred Stock and Series D Preferred Stock distributions of $0.54 per share and $0.49 per share, respectively. For the three months ended March 31, 2021, the Company declared and subsequently paid its Series C Preferred Stock distributions of $0.54 per share. The Company did not pay any common share distributions for the three months ended March 31, 2022 and 2021. The following tables present distributions declared (on a per share basis) for the three months ended March 31, 2022 and the year ended December 31, 2021: Series C Preferred Stock Series D Preferred Stock Date Paid Total Distributions Paid Distributions Per Share Date Paid Total Distributions Paid Distributions Per Share (in thousands) (in thousands) 2022 March 31 May 2 $ 2,588 $ 0.5390625 May 2 $ 2,268 $ 0.4921875 2021 December 31 January 31, 2022 $ 2,588 $ 0.5390625 January 31, 2022 $ 2,268 $ 0.4921875 September 30 November 1 $ 2,588 $ 0.5390625 November 1 $ 2,264 $ 0.4921875 June 30 July 30 $ 2,588 $ 0.5390625 July 30 $ 1,736 $ 0.3773440 March 31 April 30 $ 2,588 $ 0.5390625 N/A N/A N/A

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 16 - 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 three months ended March 31, 2022 (in thousands): Accumulated Other Comprehensive Loss - Net Unrealized Loss on Derivatives Balance at January 1, 2022 $ (8,127 ) Amounts reclassified from accumulated other comprehensive loss (1) 456 Balance at March 31, 2022 $ (7,671 ) (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	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 17 - RELATED PARTY TRANSACTIONS Relationship with ACRES Capital Corp. and certain of its Subsidiaries 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 months ended March 31, 2022 and 2021, the Manager earned base management fees of approximately $1.7 million and $1.3 million, respectively. No incentive compensation was earned for the three months ended March 31, 2022 and 2021. At March 31, 2022 and December 31, 2021, $557,000 and $561,000, respectively, of base management fees were payable by the Company to the Manager. There was no incentive compensation payable at March 31, 2022 and December 31, 2021. 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. For the three months ended March 31, 2022 and 2021, the Company reimbursed the Manager $2.0 million and $1.2 million, respectively, for all such compensation and costs. At March 31, 2022 and December 31, 2021, the Company had payables to the Manager pursuant to the Management Agreement totaling approximately $317,000 and $1.2 million, respectively, related to such compensation and costs. The Company’s base management fee payable and expense reimbursements payable were recorded in management fee payable - related party and accounts payable and other liabilities on the consolidated balance sheet, respectively. On July 31, 2020, ACRES RF, then known as RCC Real Estate, Inc., 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 During the three months ended March 31, 2022 and 2021, the Company recorded interest income of $87,000 and $89,000, respectively, on the ACRES Loan in other income (expense) on the consolidated statements of operations. At March 31, 2022, the ACRES Loan had a principal balance and accrued interest receivable of $11.5 million and $30,000, respectively, recorded in loan receivable - related party and accrued interest receivable, respectively, on the consolidated balance sheet. At December 31, 2021, the ACRES Loan had a principal balance of $11.6 million, recorded in loan receivable - related party on the consolidated balance sheet, and no accrued interest receivable. At March 31, 2022, the Company retained equity in two securitization entities that were structured for the Company by the Manager. Under the Management Agreement, the Manager was not separately compensated by the Company for executing these transactions and was not separately compensated for managing the securitization entities and their assets. Relationship with ACRES Capital Servicing LLC. Under the MassMutual Loan Agreement, ACRES Capital Servicing LLC (“ACRES Capital Servicing”), an affiliate of ACRES Capital Corp. and the Manager, serves as the portfolio servicer. Additionally, ACRES Capital Servicing served as the special servicer of Exantas Capital Corp. 2019-RSO7, Ltd. (“XAN 2019-RSO7”), XAN 2020-RSO8 and XAN 2020-RSO9 and serves as special servicer of ACRES Commercial Realty 2021-FL1 Issuer, Ltd. (“ACR 2021-FL1”) and ACRES Commercial Realty 2021-FL2 Issuer, Ltd. (“ACR 2021-FL2”). During the three months ended March 31, 2022 and 2021, ACRES Capital Servicing received no portfolio servicing fees or special servicing fees. 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 and December 2021, the joint venture entities of the two 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. No fees were incurred or paid to DevCo for services rendered under the Development Agreements during the three months ended March 31, 2022 Relationship with ACRES Share Holdings, LLC. In June 2021, the Company’s Manager Plan was approved by its shareholders, which authorized up to 1,100,000 shares of common stock for issuance to the Manager (less shares of common stock issued or subject to awards under the Omnibus Plan). ACRES Share Holdings, LLC, an affiliate of ACRES Capital Corp. and the Manager, was granted 299,999 shares during the year ended December 31, 2021 that will vest 25% each year on the anniversary of the issuance date over four years. There were no shares issued under this plan during the three months ended March 31, 2022. On May 6, 2022, the Company issued 299,999 restricted shares to ACRES Share Holdings, LLC under the Manager Plan that will vest 25% each year on the anniversary of the issuance date over four years. See Note 13 for additional details.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 18 - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company had no financial instruments carried at fair value on a recurring basis at March 31, 2022 and December 31, 2021. The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair values of the Company’s short-term financial instruments such as cash and cash equivalents, restricted cash, accrued interest receivable, principal paydowns receivable, accrued interest payable and distributions payable approximate their carrying values on the consolidated balance sheets. The fair values of the Company’s loans held for investment are measured by discounting the expected future cash flows using the current interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Par values of loans with variable interest rates are expected to approximate fair value unless evidence of credit deterioration exists, in which case the fair value approximates the par value less the loan’s allowance estimated through individual evaluation. Fair values of loans with fixed rates are calculated using the net present values of future cash flows, discounted at market rates. The Company’s floating-rate CRE loans had interest rates from 3.19% to 9.00% and 3.01% to 9.00% at March 31, 2022 and December 31, 2021, respectively. The fair value of the Company’s mezzanine loan is measured by discounting the remaining contractual cash flows using the current interest rates at which similar instruments would be originated for the same remaining maturity. The Company’s mezzanine loan is discounted at a rate of 10.00%. The Company’s loan receivable - related party is estimated using a discounted cash flow model. Senior notes in CRE securitizations are estimated using a discounted cash flow model with implied yields based on trades for similar securities. The fair value of the senior secured financing facility is measured by discounting the facility’s remaining contractual cash flows using the current interest rate at which a similar debt instrument would be issued for the same remaining maturity. The fair value of the senior secured financing facility is estimated using a discounted cash flow model that discounts the expected future cash flows at a rate of 5.75%. At March 31, 2022 and December 31, 2021, there were no borrowings outstanding on the senior secured financing facility. Warehouse financing facilities are variable-rate debt instruments indexed to LIBOR that reset periodically and, as a result, their carrying value approximates their fair value, excluding deferred debt issuance costs. The fair value of the 4.50% Convertible Senior Notes is determined using a discounted cash flow model that discounts the issuance’s contractual future cash flows using the current interest rate on similar debt issuances with similar terms and similar remaining maturities that do not have a conversion option. The Company’s 5.75% Senior Unsecured Notes are estimated by using a discounted cash flow model. The fair values of the junior subordinated notes RCT I and RCT II are estimated by using a discounted cash flow model. The fair values of the Company’s remaining financial and non-financial assets that are not reported at fair value on the consolidated balance sheets are reported in the following table (in thousands): Fair Value Measurements Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At March 31, 2022: Assets: CRE whole loans $ 1,887,255 $ 1,904,974 $ — $ — $ 1,904,974 CRE mezzanine loan $ 4,464 $ 4,700 $ — $ — $ 4,700 Loan receivable - related party $ 11,525 $ 10,004 $ — $ — $ 10,004 Liabilities: . Senior notes in CRE securitizations $ 1,231,153 $ 1,223,179 $ — $ — $ 1,223,179 Warehouse financing facilities $ 152,206 $ 156,070 $ — $ — $ 156,070 4.50% Convertible Senior Notes $ 47,647 $ 48,175 $ — $ — $ 48,175 5.75% Senior Unsecured Notes (1) $ 146,930 $ 140,340 $ — $ — $ 140,340 Junior subordinated notes $ 51,548 $ 39,999 $ — $ — $ 39,999 At December 31, 2021: Assets: CRE whole loans $ 1,869,301 $ 1,889,499 $ — $ — $ 1,889,499 CRE mezzanine loan $ 4,445 $ 4,700 $ — $ — $ 4,700 Loan receivable - related party $ 11,575 $ 10,407 $ — $ — $ 10,407 Liabilities: Senior notes in CRE securitizations $ 1,466,499 $ 1,473,893 $ — $ — $ 1,473,893 Warehouse financing facility $ 66,771 $ 68,905 $ — $ — $ 68,905 4.50% Convertible Senior Notes $ 86,431 $ 87,873 $ — $ — $ 87,873 5.75% Senior Unsecured Notes (1) $ 146,607 $ 148,125 $ — $ — $ 148,125 Junior subordinated notes $ 51,548 $ 41,424 $ — $ — $ 41,424 (1) Carrying value at March 31, 2022 and December 31, 2021 includes deferred debt issuance costs of $128,000 and $307,000, respectively, associated with the 12.00% Senior Unsecured Notes, that had no outstanding balance at both March 31, 2022 and December 31, 2021.

MARKET RISK AND DERIVATIVE INST

MARKET RISK AND DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
MARKET RISK AND DERIVATIVE INSTRUMENTS	NOTE 19 - MARKET RISK AND DERIVATIVE INSTRUMENTS The Company is affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as “market risks.” When deemed appropriate, the Company used derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative instruments were interest rate risk and market price risk. The Company also historically managed its interest rate risk with interest rate swaps. Interest rate swaps are contracts between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. The Company seeks to manage the extent to which net income changes as a function of changes in interest rates by matching adjustable-rate assets with variable-rate borrowings. The Company classified its interest rate swap contracts as cash flow hedges, which are hedges that eliminate the risk of changes in the cash flows of a financial asset or liability. The Company terminated all of its interest rate swap positions associated with its prior financed CMBS portfolio in April 2020. At termination, the Company realized a loss of $11.8 million. At March 31, 2022 and December 31, 2021 At March 31, 2022 and December 31, 2021, the Company had an unrealized gain of $324,000 and $347,000, 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 March 31, 2022 and 2021, 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. The Company’s prior origination of fixed-rate CRE whole loans exposed it to market pricing risk in connection with the fluctuations of market interest rates. In order to mitigate this market price risk, the Company entered into interest rate swap contracts in which it paid a fixed rate of interest in exchange for a variable rate of interest, usually three-month LIBOR. Unrealized gains and losses on the value of these swap contracts were recorded in other income (expense) on the consolidated statements of operations. In December 2020, these interest rate swap contracts were terminated. The following tables present the effect of the derivative instruments on the consolidated statements of operations for the three months ended March 31, 2022 and 2021 (in thousands): Derivatives Three Months Ended March 31, 2022 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ (456 ) Derivatives Three Months Ended March 31, 2021 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ (456 ) (1) Negative values indicate a decrease to the associated consolidated statement of operations line items.

OFFSETTING OF FINANCIAL LIABILI

OFFSETTING OF FINANCIAL LIABILITIES	3 Months Ended
	Mar. 31, 2022
Offsetting [Abstract]
OFFSETTING OF FINANCIAL LIABILITIES	NOTE 20 - OFFSETTING OF FINANCIAL LIABILITIES The following table presents a summary of the Company’s offsetting of financial liabilities (in thousands, except amounts in footnotes): (iv) Gross Amounts Not Offset on the Consolidated Balance Sheets (i) Gross Amounts of Recognized Liabilities (ii) Gross Amounts Offset on the Consolidated Balance Sheets (iii) = (i) - (ii) Net Amounts of Liabilities Included on the Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Pledged (v) = (iii) - (iv) Net Amount At March 31, 2022: Warehouse financing facilities (2) $ 152,206 $ — $ 152,206 $ 152,206 $ — $ — At December 31, 2021: Warehouse financing facilities (2) $ 66,771 $ — $ 66,771 $ 66,771 $ — $ — (1) Amounts represent financial instruments pledged that are available to be offset against liability balances associated with term warehouse financing facilities and repurchase agreements. ( 2 ) The combined fair values of loans pledged against the Company’s various term warehouse financing facilities and repurchase agreements was $210.4 million and $102.0 million at March 31, 2022 and December 31, 2021, 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	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 21 - COMMITMENTS AND CONTINGENCIES The Company may become involved in litigation on various matters due to the nature of the Company’s business activities. The resolution of these matters may result in adverse judgments, fines, penalties, injunctions and other relief against the Company as well as monetary payments or other agreements and obligations. In addition, the Company may enter into settlements on certain matters in order to avoid the additional costs of engaging in litigation. Except as discussed below, the Company is unaware of any contingencies arising from such litigation that would require accrual or disclosure in the consolidated financial statements at March 31, 2022. The Company’s subsidiary, Primary Capital Mortgage, LLC (“PCM”), is subject to potential litigation related to claims for repurchases or indemnifications on loans that PCM has sold to third parties. At March 31, 2022 and December 31, 2021, no such litigation demand was outstanding. Reserves for such litigation demands are included in the reserve for mortgage repurchases and indemnifications that totaled $1.3 million at March 31, 2022 and December 31, 2021. The reserves for mortgage repurchases and indemnifications are included in accounts payable and other liabilities on the consolidated balance sheets. The Company did not have any pending litigation matters or general litigation reserve at March 31, 2022 or December 31, 2021. Impact of COVID-19 As discussed in Note 2, the COVID-19 pandemic continues to plague countries throughout the globe as virus variants have emerged. While the U.S. and certain countries around the world have eased restrictions and financial markets and unemployment rates have stabilized to some degree, due in large part to the discovery and distribution of vaccines and other treatments, the pandemic continues to cause uncertainty on the U.S. and global economies, generally, and the CRE business in particular. The reinstatement of nationwide restrictions placed on businesses in response to COVID-19 may cause significant cash flow disruptions across the economy that may impact the Company’s borrowers and their ability to stay current with their debt obligations in the near term. Due to the fluidity of this situation, along with other world events, any prediction as to the ultimate adverse impact of the pandemic on economic and market conditions remains difficult to assess. The Company had no contingent liabilities recorded in connection with the COVID-19 pandemic at March 31, 2022 Other Contingencies PCM is subject to additional claims for repurchases or indemnifications on loans that PCM has sold to investors. At March 31, 2022 and December 31, 2021, outstanding demands for indemnification, repurchase or make whole payments totaled $3.3 million. The Company’s estimated exposure for such outstanding claims, as well as unasserted claims, is included in its reserve for mortgage repurchases and indemnifications. 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 $145.5 million and $157.6 million in unfunded loan commitments at March 31, 2022 and December 31, 2021, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 22 - 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 Notes 7 and 13, 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)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“GAAP”). The consolidated financial statements include the accounts of the Company, majority-owned or controlled subsidiaries and VIEs for which the Company is considered the primary beneficiary. All inter-company transactions and balances have been eliminated in consolidation.
Basis of Presentation	Basis of Presentation All adjustments necessary to fairly present the Company’s financial position, results of operations and cash flows have been made.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and within the period of financial results. Actual results could differ from those estimates. Estimates affecting the accompanying consolidated financial statements include, but are not limited to, the net realizable and fair values of the Company’s investments and derivatives, the estimated useful lives used to calculate depreciation, the expected lives over which to amortize premiums and accrete discounts, reversals of or provisions for expected credit losses and the disclosure of contingent liabilities. The coronavirus (“COVID-19”) pandemic continues to plague countries throughout the globe as virus variants have emerged, leading numerous countries, including the U.S., to declare national emergencies. Many countries responded to the initial outbreak in late 2019 by instituting quarantines, restricting travel and limiting operations of non-essential offices and retail centers, which resulted in the closure or remote operation of non-essential businesses, increased rates of unemployment and market disruption in connection with the economic uncertainty. While the U.S. and certain countries around the world have eased restrictions and financial markets have stabilized to some degree in connection with the development and distribution of vaccines and other effective COVID-19 treatments, the pandemic continues to cause uncertainty on the U.S. and global economies, generally, and the CRE business, specifically. Estimates and assumptions as of March 31, 2022, are inherently less certain than they would be absent the current and potential impacts of COVID-19, particularly the reinstatement of restrictions placed on businesses. The Company believes the estimates and assumptions underlying the consolidated financial statements are reasonable and supportable based on the information available at March 31, 2022. Actual results may ultimately differ from those estimates.
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 March 31, 2022 and December 31, 2021, approximately $77.4 million and $33.3 million, respectively, of the reported cash balances exceeded the Federal Deposit Insurance Corporation and Securities Investor Protection Corporation deposit insurance limits of $250,000 per respective depository or brokerage institution. However, all of the Company’s cash deposits are held at multiple, established financial institutions, in multiple accounts associated with its parent and respective consolidated subsidiaries, to minimize credit risk exposure. Restricted cash includes required account balance minimums primarily for the Company’s CRE debt securitizations, term warehouse financing facilities and repurchase agreements 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): March 31, 2022 2021 Cash and cash equivalents $ 79,561 $ 70,985 Restricted cash 5,734 42,825 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 85,295 $ 113,810
Investment In Real Estate	Investment in Real Estate The Company depreciates investments in real estate and amortizes related intangible assets over the estimated useful lives of the assets as follows: Category Term Building 35 to 40 years Building improvements 8 to 35 years Site improvements 10 years Tenant improvements 180 days to 3 years Furniture, fixtures and equipment 3 to 12 years Right of use assets 66.3 years Intangible assets 180 days to 16.5 years Lease liabilities 66.3 years
Income Taxes	Income Taxes The Company recorded a full valuation allowance against its net deferred tax assets (tax effected expense of $21.5 million) at March 31, 2022, 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 Adopted in 2022 In August 2020, the Financial Accounting Standards Board (“FASB”) issued guidance that removes certain separation models for convertible debt instruments and convertible preferred stock that require the separation into a debt component and an equity or derivative component. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost, if no other features require bifurcation and recognition as derivatives and the convertible instrument is not issued with substantial premiums accounted for as paid-in capital. By removing those separation models, the interest rate of convertible debt instruments typically will be closer to the coupon interest rate. The guidance also revises the derivative scope exception for contracts in an entity’s own equity and improves the consistency of EPS calculations. Adoption did not have a material impact on the Company’s consolidated financial statements. Accounting Standards to be Adopted in Future Periods In March 2022, the FASB issued an amendment eliminating certain previously issued accounting guidance for troubled debt restructurings (“TDRs”) and enhancing disclosure requirements surrounding refinancings, restructurings, and write-offs. Current GAAP provides an exception to general recognition and measurement guidance for loan restructurings if they meet specific criteria to be considered TDRs. If a modification is a TDR, incremental expected losses are recorded in the allowance for credit losses upon modification and specific disclosures are required. The new amendment eliminates the TDR recognition and measurement guidance and requires the reporting entity to evaluate whether the modification represents a new loan or a continuation of an existing loan, consistent with accounting for other loan modifications. The amendment also requires public business entities to disclose current-period gross write-offs by year of origination for certain financing receivables and net investments in leases. For entities that have adopted the previously issued guidance amended by this update, which the Company did during the year ended December 31, 2020, this update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for entities that have adopted the previously issued guidance amended by this update. The Company is in the process of evaluating the impact of this guidance.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 2021 Cash and cash equivalents $ 79,561 $ 70,985 Restricted cash 5,734 42,825 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 85,295 $ 113,810
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 180 days to 3 years Furniture, fixtures and equipment 3 to 12 years Right of use assets 66.3 years Intangible assets 180 days to 16.5 years Lease liabilities 66.3 years

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2022
VIE, Primary Beneficiary
Schedule of variable interest entities	The following table shows the classification and carrying values of assets and liabilities of the Company’s Consolidated VIEs at March 31, 2022 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 4,482 $ 384 $ 4,866 Accrued interest receivable 4,504 — 4,504 CRE loans, pledged as collateral (1) 1,486,805 — 1,486,805 Other assets 53 — 53 Total assets (2) $ 1,495,844 $ 384 $ 1,496,228 LIABILITIES Accounts payable and other liabilities $ 100 $ — $ 100 Accrued interest payable 1,001 — 1,001 Borrowings 1,231,153 — 1,231,153 Total liabilities $ 1,232,254 $ — $ 1,232,254 (1) Excludes allowance for credit losses. (2) Assets of each of the Consolidated VIEs may only be used to settle the obligations of each respective VIE.
VIE, Not Primary Beneficiary
Schedule of variable interest entities	The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs at March 31, 2022 (in thousands): Unsecured Junior Subordinated Debentures Maximum Exposure to Loss ASSETS Accrued interest receivable $ 6 $ — Investments in unconsolidated entities 1,548 $ 1,548 Total assets 1,554 LIABILITIES Accrued interest payable 186 N/A Borrowings 51,548 N/A Total liabilities 51,734 N/A Net (liability) asset $ (50,180 ) N/A

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of other significant noncash transactions	The following table summarizes the Company’s supplemental disclosure of cash flow information (in thousands): For the Three Months Ended March 31, 2022 2021 Supplemental cash flows: Interest expense paid in cash $ 14,894 $ 12,969 Income taxes paid in cash $ 180 $ — Non-cash operating activities include the following: Receipt of right of use assets $ — $ (6 ) Execution of operating leases $ — $ 6 Non-cash financing activities include the following: Distributions on preferred stock accrued but not paid $ 3,262 $ 1,725

LOANS (Tables)

LOANS (Tables)	3 Months Ended
	Mar. 31, 2022
Loans Held For Investment [Abstract]
Summary of loans held for Investments	The following is a summary of the Company’s loans (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 March 31, 2022: CRE loans held for investment: Whole loans (5)(6) 88 $ 1,904,974 $ (13,249 ) $ 1,891,725 $ (4,470 ) $ 1,887,255 1M BR plus 2.75% to 1M BR plus 8.50% April 2022 to September 2025 Mezzanine loan (5) 1 4,700 — 4,700 (236 ) 4,464 10.00% June 2028 Total CRE loans held for investment $ 1,909,674 $ (13,249 ) $ 1,896,425 $ (4,706 ) $ 1,891,719 At December 31, 2021: CRE loans held for investment: Whole loans (5)(6) 93 $ 1,891,795 $ (13,944 ) $ 1,877,851 $ (8,550 ) $ 1,869,301 1M BR plus 2.70% to 1M BR plus 8.50% January 2022 to September 2025 Mezzanine loan (5) 1 4,700 — 4,700 (255 ) 4,445 10.00% June 2028 Total CRE loans held for investment $ 1,896,495 $ (13,944 ) $ 1,882,551 $ (8,805 ) $ 1,873,746 (1) Amounts include unamortized loan origination fees of $13.0 million and $13.6 million and deferred amendment fees of $248,000 and $307,000 at March 31, 2022 and December 31, 2021, respectively. Additionally, the amounts include unamortized loan acquisition costs of $7,300 at December 31, 2021. ( 2 ) The Company’s whole loan portfolio of $1.9 billion at each period presented had weighted-average one-month benchmark rate (“BR”) floors of 0.66% and 0.75% at March 31, 2022 and December 31, 2021, respectively. Benchmark rates comprise one-month London Interbank Offered Rate (“LIBOR”) or one-month Term Secured Overnight Financing Rate (“SOFR”). At March 31, 2022 and December 31, 2021, all but one of the Company’s floating-rate whole loans had one-month benchmark floors. ( 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 one and three whole loans, with amortized costs of $8.0 million and $27.9 million, in maturity default at March 31, 2022 and December 31, 2021, respectively. ( 5 ) Substantially all loans are pledged as collateral under various borrowings at March 31, 2022 and December 31, 2021. ( 6 ) CRE whole loans had $145.5 million and $157.6 million in unfunded loan commitments at March 31, 2022 and December 31, 2021, respectively. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreement, and any necessary approvals have been obtained.
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 2022 2023 2024 and Thereafter Total At March 31, 2022: Whole loans (1) $ 319,577 $ 214,833 $ 1,349,290 $ 1,883,700 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 319,577 $ 214,833 $ 1,353,990 $ 1,888,400 Description 2022 2023 2024 and Thereafter Total At December 31, 2021: Whole loans (1) $ 377,024 $ 230,872 $ 1,242,013 $ 1,849,909 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 377,024 $ 230,872 $ 1,246,713 $ 1,854,609 (1) Maturity dates exclude one and three whole loans, with amortized costs of $8.0 million and $27.9 million, in maturity default at March 31, 2022 and December 31, 2021, respectively. ( 2 ) At March 31, 2022, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $52.0 million, $110.0 million and $1.7 billion in 2022, 2023 and 2024 and thereafter, respectively. At December 31, 2021, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $52.0 million, $127.6 million and $1.7 billion in 2022, 2023 and 2024 and thereafter, respectively.

FINANCING RECEIVABLES (Tables)

FINANCING RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Activity in Allowance for Credit Losses	The following table shows the activity in the allowance for credit losses for the three months ended March 31, 2022 and year ended December 31, 2021 (in thousands): Three Months Ended March 31, 2022 Year Ended December 31, 2021 CRE Loans CRE Loans Allowance for credit losses: Allowance for credit losses at beginning of period $ 8,805 $ 34,310 Reversal of credit losses, net (1,802 ) (21,262 ) Charge offs (2,297 ) (4,243 ) Allowance for credit losses at end of period $ 4,706 $ 8,805
Credit quality indicators for bank loans and commercial real estate loans	The criteria set forth below should be used as general guidelines and, 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 and preferred equity investments 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 amount s in the footnote s ): Rating 1 Rating 2 Rating 3 Rating 4 Rating 5 Total (1) At March 31, 2022: Whole loans, floating-rate $ — $ 1,532,355 $ 239,871 $ 105,503 $ 13,996 $ 1,891,725 Mezzanine loan — — — 4,700 — 4,700 Total $ — $ 1,532,355 $ 239,871 $ 110,203 $ 13,996 $ 1,896,425 At December 31, 2021: Whole loans, floating-rate $ — $ 1,456,330 $ 273,078 $ 123,762 $ 24,681 $ 1,877,851 Mezzanine loan — — — 4,700 — 4,700 Total $ — $ 1,456,330 $ 273,078 $ 128,462 $ 24,681 $ 1,882,551 (1) The total amortized cost of CRE loans excluded accrued interest receivable of $6.2 million and $6.1 million at March 31, 2022 and December 31, 2021, respectively. Credit risk profiles of CRE loans by origination year at amortized cost were as follows (in thousands, except amounts in the footnotes): 2022 2021 2020 2019 2018 Prior Total (1) At March 31, 2022: Whole loans, floating-rate: (2) Rating 2 $ 96,131 $ 1,241,086 $ 143,059 $ 32,605 $ 19,474 $ — $ 1,532,355 Rating 3 — 34,707 25,067 101,756 60,841 17,500 239,871 Rating 4 — — — 28,465 77,038 — 105,503 Rating 5 — — — 13,996 — — 13,996 Total whole loans, floating-rate 96,131 1,275,793 168,126 176,822 157,353 17,500 1,891,725 Mezzanine loan (rating 4) — — — — 4,700 — 4,700 Total $ 96,131 $ 1,275,793 $ 168,126 $ 176,822 $ 162,053 $ 17,500 $ 1,896,425 2021 2020 2019 2018 2017 Prior Total (1) At December 31, 2021: Whole loans, floating-rate: (2) Rating 2 $ 1,230,810 $ 150,513 $ 55,510 $ 19,497 $ — $ — $ 1,456,330 Rating 3 33,781 24,604 136,305 60,888 — 17,500 273,078 Rating 4 — — 28,446 86,096 — 9,220 123,762 Rating 5 — — 22,385 — — 2,296 24,681 Total whole loans, floating-rate 1,264,591 175,117 242,646 166,481 — 29,016 1,877,851 Mezzanine loan (rating 4) — — — 4,700 — — 4,700 Total $ 1,264,591 $ 175,117 $ 242,646 $ 171,181 $ — $ 29,016 $ 1,882,551 (1) The total amortized cost of CRE loans excluded accrued interest receivable of $6.2 million and $6.1 million at March 31, 2022 and December 31, 2021, respectively (2) Acquired CRE whole loans are grouped within each loan’s year of origination.
Loan portfolios aging analysis	The following table presents the CRE loan portfolio aging analysis as of the dates indicated for CRE loans at amortized cost (in thousands, except amounts in footnotes): 30-59 Days 60-89 Days Greater than 90 Days (1) Total Past Due Current (2) Total Loans Receivable (3) Total Loans > 90 Days and Accruing At March 31, 2022: Whole loans, floating-rate $ — $ — $ 8,025 $ 8,025 $ 1,883,700 $ 1,891,725 $ — Mezzanine loan — — — — 4,700 4,700 — Total $ — $ — $ 8,025 $ 8,025 $ 1,888,400 $ 1,896,425 $ — At December 31, 2021: Whole loans, floating-rate $ — $ — $ 19,916 $ 19,916 $ 1,857,935 $ 1,877,851 $ 19,916 Mezzanine loan — — — — 4,700 4,700 — Total $ — $ — $ 19,916 $ 19,916 $ 1,862,635 $ 1,882,551 $ 19,916 (1) During the three months ended March 31, 2022, the Company did not recognize interest income on the one loan with a principal payment past due greater than 90 days at March 31, 2022. During the three months ended March 31, 2021, the Company recognized interest income of $153,000 on the one loan with a principal payment past due greater than 90 days at March 31, 2022. (2) Includes one whole loan, with amortized costs of $8.0 million, in maturity default at December 31, 2021. (3) The total amortized cost of CRE loans excluded accrued interest receivable of $6.2 million and $6.1 million at March 31, 2022 and December 31, 2021, respectively.

INVESTMENTS IN REAL ESTATE AN_2

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Abstract]
Schedule of Investments in Real Estate and Related Intangible Assets	The following table summarizes the book value of the Company’s investments in real estate and related intangible assets (in thousands, except amounts in the footnotes): March 31, 2022 December 31, 2021 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) $ 27,097 $ (381 ) $ 26,716 $ 27,065 $ (191 ) $ 26,874 Intangible assets (2) 1,726 (1,611 ) 115 1,726 (806 ) 920 Subtotal 28,823 (1,992 ) 26,831 28,791 (997 ) 27,794 Investments in real estate from lending activities: Investment in real estate (3) 34,133 (2,067 ) 32,066 34,124 (1,689 ) 32,435 Property held for sale (4) 17,657 — 17,657 17,846 — 17,846 Right of use assets (5)(6) 5,603 (116 ) 5,487 5,603 (95 ) 5,508 Intangible assets (7) 3,337 (465 ) 2,872 3,337 (380 ) 2,957 Subtotal 60,730 (2,648 ) 58,082 60,910 (2,164 ) 58,746 Total 89,553 (4,640 ) 84,913 89,701 (3,161 ) 86,540 Liabilities assumed: Equity investments in real estate: Other liabilities (247 ) 155 (92 ) (247 ) 78 (169 ) Investments in real estate from lending activities: Lease liabilities (6) (3,113 ) 65 (3,048 ) (3,113 ) 53 (3,060 ) Total (3,360 ) 220 (3,140 ) (3,360 ) 131 (3,229 ) $ 86,193 $ 81,773 $ 86,341 $ 83,311 (1) Includes $22.4 million of land, which is not depreciable, at March 31, 2022 and December 31, 2021. (2) Carrying value includes approximately $59,000 and $819,000 of an acquired in-place lease intangible asset and $55,000 and $101,000 of an acquired leasing commission intangible asset at March 31, 2022 and December 31, 2021, respectively. (3) Includes $126,000 and $129,000 of building renovations assets at carrying value at March 31, 2022 and December 31, 2021 made subsequent to the date of acquisition of a property. (4) Includes a property acquired in October 2021 that is being marketed for sale. (5) Right of use assets include a and December 31, 2021, respectively. (6) Refer to Note 8 for additional information on the Company’s remaining operating leases. (7) Carrying value includes franchise agreement intangible ass ets of $2.6 million and $2.6 million and a customer list intangible asset of $269,000 and $311,000 at March 31, 2022 and December 31, 2021, respectively.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Summary of Operating Leases	The following table summarizes the Company’s operating leases (in thousands): March 31, 2022 December 31, 2021 Operating Leases: Right of use assets $ 431 $ 443 Lease liabilities $ (466 ) $ (477 ) Weighted average remaining lease term: 6.3 years 6.6 years Weighted average discount rate: 10.65 % 10.65 %
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): For the Three Months Ended March 31, 2022 2021 Lease Cost: Operating lease cost $ 24 $ — Other Information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 23 $ —
Summary of Operating Leases by Maturity Date Based on Undiscounted Cash Flows	The following table summarizes the Company’s operating leases cash flow obligations on an undiscounted, annual basis (in thousands): Operating Leases 2022 $ 97 2023 99 2024 99 2025 102 2026 104 Thereafter 170 Subtotal 671 Less: impact of discount (205 ) Total $ 466

BORROWINGS (Tables)

BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022: ACR 2021-FL1 Senior Notes $ 675,223 $ 5,014 $ 670,209 1.93 % 14.2 years $ 802,643 ACR 2021-FL2 Senior Notes 567,000 6,056 560,944 2.24 % 14.8 years 700,000 Senior secured financing facility — 3,280 (3,280 ) 5.75 % 5.3 years 153,171 CRE - term warehouse financing facilities (1) 156,070 3,864 152,206 2.57 % 2.6 years 210,412 4.5% Convertible Senior Notes 48,175 528 47,647 4.50 % 137 days — 5.75% Senior Unsecured Notes (2) 150,000 3,070 146,930 5.75 % 4.4 years — Unsecured Junior Subordinated Debentures 51,548 — 51,548 4.60 % 14.4 years — Total $ 1,648,016 $ 21,812 $ 1,626,204 2.60 % 12.0 years $ 1,866,226 Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At December 31, 2021: XAN 2020-RSO8 Senior Notes $ 142,375 $ 577 $ 141,798 2.18 % 13.2 years $ 229,263 XAN 2020-RSO9 Senior Notes 94,814 489 94,325 4.25 % 15.3 years 144,361 ACR 2021-FL1 Senior Notes (3) 675,223 5,410 669,813 1.60 % 14.5 years 802,643 ACR 2021-FL2 Senior Notes 567,000 6,437 560,563 1.90 % 15.1 years 700,000 Senior secured financing facility — 3,432 (3,432 ) 5.75 % 6.2 years 170,791 CRE - term warehouse financing facilities (1) 71,078 4,307 66,771 2.27 % 2.8 years 102,027 4.50% Convertible Senior Notes 88,014 1,583 86,431 4.50 % 227 days — 5.75% Senior Unsecured Notes (2) 150,000 3,393 146,607 5.75 % 4.6 years — Unsecured junior subordinated debentures 51,548 — 51,548 4.12 % 14.7 years — Total $ 1,840,052 $ 25,628 $ 1,814,424 2.44 % 12.7 years $ 2,149,085 ( 1 ) Principal outstanding includes accrued interest payable of $134,000 and $58,000 at March 31, 2022 and December 31, 2021, respectively. ( 2 ) Includes deferred debt issuance costs of $128,000 and $306,000 at March 31, 2022 and December 31, 2021, respectively, associated with the 12.00% senior unsecured notes due 2027 (“12.00% Senior Unsecured Notes”) that had no outstanding balance at both March 31, 2022 and December 31, 2021. ( 3 ) Value of collateral excludes interest income of $730,000 and exit fees of $228,000 received as of December 31, 2021.
Schedule of securitizations	The following table sets forth certain information with respect to the Company’s consolidated securitizations at March 31, 2022 (in thousands, except amount in footnotes): Closing Date Maturity Date Permitted Funded Companion Participation Acquisition Period End (1) Reinvestment Period End (2) Total Note Paydowns Received from Closing Date through March 31, 2022 ACR 2021-FL1 May 2021 June 2036 N/A May 2023 $ — ACR 2021-FL2 December 2021 January 2037 N/A December 2023 $ — (1) The permitted funded companion participation acquisition period is the period in which principal repayments can be utilized to purchase loans held outside of the respective securitization that represent the funded commitments of existing collateral in the respective securitization that were not funded as of the date the respective securitization was closed. (2) The reinvestment period is the period in which principal proceeds received before the end of the period may be used to acquire CRE loans for reinvestment into the securitization.
Schedule of convertible senior notes	The following table summarizes the 4.50% Convertible Senior Notes at March 31, 2022 (dollars in thousands, except the conversion rate, conversion price and amounts in the footnotes): Principal Outstanding Borrowing Rate Effective Rate (1)(2) Conversion Rate (3)(4) Conversion Price (4) Maturity Date 4.50% Convertible Senior Notes $ 48,175 4.50 % 7.43 % 27.7222 $ 36.06 August 15, 2022 (1) Includes the amortization of the market discounts and deferred debt issuance costs, if any, for the 4.50% Convertible Senior Notes recorded in interest expense on the consolidated statements of operations. (2) During the three months ended March 31, 2022 and 2021, the effective interest rate for the 4.50% Convertible Senior Notes was 7.43%. ( 3 ) Represents the number of shares of common stock per $1,000 principal amount of the 4.50% Convertible Senior Notes’ principal outstanding, subject to adjustment as provided in the Third Supplemental Indenture (the “4.50% Convertible Senior Notes Indenture”). (4 ) The conversion rate and conversion price of the 4.50% Convertible Senior Notes at March 31, 2022 are adjusted to reflect quarterly cash distributions in excess of a $0.30 distribution threshold, as defined in the 4.50% Convertible Senior Notes Indenture.
Senior secured warehouse financing facilities and repurchase agreements	The following table sets forth certain information with respect to the Company’s senior secured financing and term warehouse financing facilities (dollars in thousands, except amounts in footnotes): March 31, 2022 December 31, 2021 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) $ (3,280 ) $ 153,171 7 5.75 % $ (3,432 ) $ 170,791 9 5.75 % CRE - Term Warehouse Financing Facilities (2) JPMorgan Chase Bank, N.A. (3) 45,196 69,709 5 2.75 % 18,875 37,167 3 2.85 % Morgan Stanley Mortgage Capital Holdings LLC (4) 107,010 140,703 8 2.50 % 47,896 64,860 3 2.03 % Total $ 148,926 $ 363,583 $ 63,339 $ 272,818 (1) Includes $3.3 million and $3.4 million of deferred debt issuance costs at March 31, 2022 and December 31, 2021, respectively. (2) Outstanding borrowings include accrued interest payable. ( 3 ) Includes $1.6 million and $1.8 million of deferred debt issuance costs at March 31, 2022 and December 31, 2021, respectively, in addition to $250,000 and $356,000 of deferred debt issuance costs at March 31, 2022 and December 31, 2021, respectively, from other term warehouse financing facilities with no balance. ( 4 ) Includes $2.0 million and $2.2 million of deferred debt issuance costs at March 31, 2022 and December 31, 2021, respectively.
Schedule of amount at risk under credit facility	The following table shows information about the amount at risk under the warehouse financing facilities (dollars in thousands): Amount at Risk (1) Weighted Average Remaining Maturity Weighted Average Interest Rate At March 31, 2022: CRE - Term Warehouse Financing Facilities JPMorgan Chase Bank, N.A. $ 22,929 2.6 years 2.75 % Morgan Stanley Mortgage Capital Holdings LLC $ 32,174 2.6 years 2.50 % (1) Equal to the total of the estimated fair value of loans sold and accrued interest receivable, minus the total of the warehouse financing agreement liabilities and accrued interest payable.
Schedule of contractual obligations and commitments	Contractual maturity dates of the Company’s borrowings’ principal outstanding by category and year are presented in the table below (in thousands): Total 2022 2023 2024 2025 2026 and Thereafter At March 31, 2022: CRE securitizations $ 1,242,223 $ — $ — $ — $ — $ 1,242,223 Unsecured junior subordinated debentures 51,548 — — — — 51,548 4.50% Convertible Senior Notes 48,175 48,175 — — — — 5.75% Senior Unsecured Notes 150,000 — — — — 150,000 CRE - term warehouse financing facilities (1) 156,070 — — 156,070 — — Total $ 1,648,016 $ 48,175 $ — $ 156,070 $ — $ 1,443,771 (1) Includes accrued interest payable in the balances of principal outstanding.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of restricted common stock transactions	The following table summarizes the Company’s restricted common stock transactions: Manager Directors Total Number of Shares Weighted-Average Grant-Date Fair Value Unvested shares at January 1, 2022 299,999 33,330 333,329 $ 17.39 Issued — — — — Vested — — — — Forfeited — — — — Unvested shares at March 31, 2022 299,999 33,330 333,329 $ 17.39
Summary of unvested restricted common stock expected to vest	The unvested restricted common stock shares are expected to vest during the following years: Year Shares 2022 83,331 2023 83,331 2024 83,331 2025 83,336 Total 333,329

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Reconciliation of basic and diluted earnings (losses) per common share	The following table presents a reconciliation of basic and diluted earnings (losses) per common share for the periods presented (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2022 2021 Net income $ 2,084 $ 13,056 Net income allocated to preferred shares (4,855 ) (2,588 ) Net (loss) income allocable to common shares $ (2,771 ) $ 10,468 Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 8,630,316 9,729,463 Weighted average number of warrants outstanding (1) 466,661 466,661 Total weighted average number of common shares outstanding - basic 9,096,977 10,196,124 Effect of dilutive securities - unvested restricted stock — 9,245 Weighted average number of common shares outstanding - diluted 9,096,977 10,205,369 Net (loss) income per common share - basic $ (0.30 ) $ 1.03 Net (loss) income per common share - diluted $ (0.30 ) $ 1.03 (1) See Note 12 for further details regarding the warrants.

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	3 Months Ended
	Mar. 31, 2022
Distributions [Abstract]
Distributions Declared	The following tables present distributions declared (on a per share basis) for the three months ended March 31, 2022 and the year ended December 31, 2021: Series C Preferred Stock Series D Preferred Stock Date Paid Total Distributions Paid Distributions Per Share Date Paid Total Distributions Paid Distributions Per Share (in thousands) (in thousands) 2022 March 31 May 2 $ 2,588 $ 0.5390625 May 2 $ 2,268 $ 0.4921875 2021 December 31 January 31, 2022 $ 2,588 $ 0.5390625 January 31, 2022 $ 2,268 $ 0.4921875 September 30 November 1 $ 2,588 $ 0.5390625 November 1 $ 2,264 $ 0.4921875 June 30 July 30 $ 2,588 $ 0.5390625 July 30 $ 1,736 $ 0.3773440 March 31 April 30 $ 2,588 $ 0.5390625 N/A N/A N/A

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022 (in thousands): Accumulated Other Comprehensive Loss - Net Unrealized Loss on Derivatives Balance at January 1, 2022 $ (8,127 ) Amounts reclassified from accumulated other comprehensive loss (1) 456 Balance at March 31, 2022 $ (7,671 ) (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)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair value financial and non-financial assets not reported at fair value	The fair values of the Company’s remaining financial and non-financial assets that are not reported at fair value on the consolidated balance sheets are reported in the following table (in thousands): Fair Value Measurements Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At March 31, 2022: Assets: CRE whole loans $ 1,887,255 $ 1,904,974 $ — $ — $ 1,904,974 CRE mezzanine loan $ 4,464 $ 4,700 $ — $ — $ 4,700 Loan receivable - related party $ 11,525 $ 10,004 $ — $ — $ 10,004 Liabilities: . Senior notes in CRE securitizations $ 1,231,153 $ 1,223,179 $ — $ — $ 1,223,179 Warehouse financing facilities $ 152,206 $ 156,070 $ — $ — $ 156,070 4.50% Convertible Senior Notes $ 47,647 $ 48,175 $ — $ — $ 48,175 5.75% Senior Unsecured Notes (1) $ 146,930 $ 140,340 $ — $ — $ 140,340 Junior subordinated notes $ 51,548 $ 39,999 $ — $ — $ 39,999 At December 31, 2021: Assets: CRE whole loans $ 1,869,301 $ 1,889,499 $ — $ — $ 1,889,499 CRE mezzanine loan $ 4,445 $ 4,700 $ — $ — $ 4,700 Loan receivable - related party $ 11,575 $ 10,407 $ — $ — $ 10,407 Liabilities: Senior notes in CRE securitizations $ 1,466,499 $ 1,473,893 $ — $ — $ 1,473,893 Warehouse financing facility $ 66,771 $ 68,905 $ — $ — $ 68,905 4.50% Convertible Senior Notes $ 86,431 $ 87,873 $ — $ — $ 87,873 5.75% Senior Unsecured Notes (1) $ 146,607 $ 148,125 $ — $ — $ 148,125 Junior subordinated notes $ 51,548 $ 41,424 $ — $ — $ 41,424 (1) Carrying value at March 31, 2022 and December 31, 2021 includes deferred debt issuance costs of $128,000 and $307,000, respectively, associated with the 12.00% Senior Unsecured Notes, that had no outstanding balance at both March 31, 2022 and December 31, 2021.

MARKET RISK AND DERIVATIVE IN_2

MARKET RISK AND DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
The effect of derivative instruments on the statement of income	The following tables present the effect of the derivative instruments on the consolidated statements of operations for the three months ended March 31, 2022 and 2021 (in thousands): Derivatives Three Months Ended March 31, 2022 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ (456 ) Derivatives Three Months Ended March 31, 2021 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ (456 ) (1) Negative values indicate a decrease to the associated consolidated statement of operations line items.

OFFSETTING OF FINANCIAL LIABI_2

OFFSETTING OF FINANCIAL LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
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): (iv) Gross Amounts Not Offset on the Consolidated Balance Sheets (i) Gross Amounts of Recognized Liabilities (ii) Gross Amounts Offset on the Consolidated Balance Sheets (iii) = (i) - (ii) Net Amounts of Liabilities Included on the Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Pledged (v) = (iii) - (iv) Net Amount At March 31, 2022: Warehouse financing facilities (2) $ 152,206 $ — $ 152,206 $ 152,206 $ — $ — At December 31, 2021: Warehouse financing facilities (2) $ 66,771 $ — $ 66,771 $ 66,771 $ — $ — (1) Amounts represent financial instruments pledged that are available to be offset against liability balances associated with term warehouse financing facilities and repurchase agreements. ( 2 ) The combined fair values of loans pledged against the Company’s various term warehouse financing facilities and repurchase agreements was $210.4 million and $102.0 million at March 31, 2022 and December 31, 2021, respectively.

ORGANIZATION (Details)

ORGANIZATION (Details)	Feb. 16, 2021$ / sharesshares	Mar. 31, 2022$ / sharesshares	Dec. 31, 2021$ / sharesshares	May 31, 2021shares	Apr. 30, 2021shares
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Reverse stock split of common stock	0.333
Number of fractional shares issued	0
Common stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001	$ 0.001
Capital stock, shares authorized				141,666,666	225,000,000
Common stock, shares authorized		41,666,666	41,666,666	41,666,666	125,000,000
Preferred stock, shares authorized				100,000,000	100,000,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash balance in excess of federal deposit Insurance limit, amount	$ 77.4	$ 33.3
Operating loss carryforwards, valuation allowance, tax expense impact	$ 21.5

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 79,561	$ 35,500	$ 70,985
Restricted cash	5,734	248,431	42,825
Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows	$ 85,295	$ 283,931	$ 113,810	$ 67,741

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)	3 Months Ended
	Mar. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Building	35 years
Building improvements	8 years
Site improvements	10 years
Tenant improvements	180 days
Furniture, fixtures and equipment	3 years
Right of use assets	66 years 3 months 18 days
Intangible assets	180 days
Lease liabilities	66 years 3 months 18 days
Maximum
Summary Of Significant Accounting Policies [Line Items]
Building	40 years
Building improvements	35 years
Tenant improvements	3 years
Furniture, fixtures and equipment	12 years
Intangible assets	16 years 6 months

VARIABLE INTEREST ENTITIES (Con

VARIABLE INTEREST ENTITIES (Consolidated VIEs) (the Company is the primary beneficiary) (Details) - VIE, Primary Beneficiary	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)entity	Dec. 31, 2021USD ($)entity
Variable Interest Entity [Line Items]
Number of consolidated VIEs | entity	5	7
Financial support, amount | $	$ 0	$ 0

VARIABLE INTEREST ENTITIES (Sch

VARIABLE INTEREST ENTITIES (Schedule of Carrying Value of Assets and Liabilities of Consolidated VIEs) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
ASSETS:
Restricted cash	$ 5,734	$ 248,431	$ 42,825
Accrued interest receivable	6,282	6,112
Other assets	5,412	5,482
Total assets	2,087,125	2,284,275
LIABILITIES
Accounts payable and other liabilities	8,182	7,025
Accrued interest payable	2,598	5,937
Borrowings	1,626,204	1,814,424
Total liabilities	1,644,423	1,836,080
VIE, Primary Beneficiary
ASSETS:
Restricted cash	4,866	248,371
Accrued interest receivable	4,504	3,826
CRE loans, pledged as collateral	1,486,805	1,601,482
Other assets	53	36
Total assets	1,496,228	1,868,614
LIABILITIES
Accounts payable and other liabilities	100	315
Accrued interest payable	1,001	997
Borrowings	1,231,153	1,466,499
Total liabilities	1,232,254	$ 1,467,811
CRE Securitizations | VIE, Primary Beneficiary
ASSETS:
Restricted cash	4,482
Accrued interest receivable	4,504
CRE loans, pledged as collateral	1,486,805
Other assets	53
Total assets	1,495,844
LIABILITIES
Accounts payable and other liabilities	100
Accrued interest payable	1,001
Borrowings	1,231,153
Total liabilities	1,232,254
Other | VIE, Primary Beneficiary
ASSETS:
Restricted cash	384
Accrued interest receivable	0
CRE loans, pledged as collateral	0
Other assets	0
Total assets	384
LIABILITIES
Accounts payable and other liabilities	0
Accrued interest payable	0
Borrowings	0
Total liabilities	$ 0

VARIABLE INTEREST ENTITIES (Unc

VARIABLE INTEREST ENTITIES (Unconsolidated VIEs) (the Company is not the primary beneficiary, but has a variable interest) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 1,548,000	$ 1,548,000
Borrowings	$ 1,626,204,000	$ 1,814,424,000
VIE, Not Primary Beneficiary | Investment in RCT I and II
Variable Interest Entity [Line Items]
Ownership percentage in VIE	100.00%
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	3.00%
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	3.00%
Borrowings	$ 25,800,000

VARIABLE INTEREST ENTITIES (S_2

VARIABLE INTEREST ENTITIES (Schedule of Classification, Carrying Value, and Maximum Exposure to Loss of Unconsolidated VIEs) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS:
Total assets	$ 2,087,125	$ 2,284,275
LIABILITIES
Total liabilities	1,644,423	$ 1,836,080
VIE, Not Primary Beneficiary | Interest Receivable
ASSETS:
Maximum Exposure to Loss	0
VIE, Not Primary Beneficiary | Investments in Unconsolidated Entities
ASSETS:
Maximum Exposure to Loss	1,548
Unsecured Junior Subordinated Debentures | VIE, Not Primary Beneficiary
ASSETS:
Accrued interest receivable	6
Investments in unconsolidated entities	1,548
Total assets	1,554
LIABILITIES
Accrued interest payable	186
Borrowings	51,548
Total liabilities	51,734
Net (liability) asset	$ (50,180)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental cash flows:
Interest expense paid in cash	$ 14,894	$ 12,969
Income taxes paid in cash	180
Non-cash operating activities include the following:
Receipt of right of use assets		(6)
Execution of operating leases		6
Preferred Stock
Non-cash financing activities include the following:
Distributions accrued but not paid	$ 3,262	$ 1,725

LOANS (Summary of Loans) (Detai

LOANS (Summary of Loans) (Details)	Mar. 31, 2022USD ($)Loan	Dec. 31, 2021USD ($)Loan	Dec. 31, 2020USD ($)
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 1,896,425,000	$ 1,882,551,000
Allowance for Credit Losses	(4,706,000)	(8,805,000)
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	1,909,674,000	1,896,495,000
Unamortized (Discount) Premium, net	(13,249,000)	(13,944,000)
Amortized Cost, Loans held for investment	1,896,425,000	1,882,551,000
Allowance for Credit Losses	(4,706,000)	(8,805,000)	$ (34,310,000)
Carrying Value, Loans held for investment	1,891,719,000	1,873,746,000
Loan origination fees	13,000,000	13,600,000
Deferred amendment fees	248,000	307,000
Unamortized loan acquisition costs		7,300
Commercial Real Estate Loans | Whole Loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	1,904,974,000	1,891,795,000
Unamortized (Discount) Premium, net	(13,249,000)	(13,944,000)
Amortized Cost, Loans held for investment	1,891,725,000	1,877,851,000
Allowance for Credit Losses	(4,470,000)	(8,550,000)
Carrying Value, Loans held for investment	$ 1,887,255,000	$ 1,869,301,000
Quantity | Loan	88	93
Loans held for investment, unfunded loan commitments	$ 145,500,000	$ 157,600,000
Commercial Real Estate Loans | Whole Loans | Benchmark Rate
Receivables With Imputed Interest [Line Items]
Loan receivable, floor interest rate	0.66%	0.75%
Commercial Real Estate Loans | Whole Loans | Benchmark Rate | Minimum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	2.75%	2.70%
Commercial Real Estate Loans | Whole Loans | Benchmark Rate | Maximum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	8.50%	8.50%
Commercial Real Estate Loans | Mezzanine loan
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 4,700,000	$ 4,700,000
Amortized Cost, Loans held for investment	4,700,000	4,700,000
Allowance for Credit Losses	(236,000)	(255,000)
Carrying Value, Loans held for investment	$ 4,464,000	$ 4,445,000
Quantity | Loan	1	1
Contractual Interest Rates	10.00%	10.00%
Commercial Real Estate Loans | Whole Loans in Default
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 8,000,000	$ 27,900,000
Quantity | Loan	1	3

LOANS (Commercial Real Estate L

LOANS (Commercial Real Estate Loans, at Amortized Cost) (Details) $ in Thousands	Mar. 31, 2022USD ($)Loan	Dec. 31, 2021USD ($)Loan
Receivables With Imputed Interest [Line Items]
CRE loans	$ 1,896,425	$ 1,882,551
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
CRE loans	1,896,425	1,882,551
Commercial Real Estate Loans | Whole Loans in Default
Receivables With Imputed Interest [Line Items]
CRE loans	$ 8,000	$ 27,900
Number of loans | Loan	1	3
Commercial Real Estate Debt Investments
Receivables With Imputed Interest [Line Items]
2022	$ 319,577	$ 377,024
2023	214,833	230,872
2024 and Thereafter	1,353,990	1,246,713
Amortized Cost, Loans held for investment	1,888,400	1,854,609
Commercial Real Estate Debt Investments | Whole Loans
Receivables With Imputed Interest [Line Items]
2022	319,577	377,024
2023	214,833	230,872
2024 and Thereafter	1,349,290	1,242,013
Amortized Cost, Loans held for investment	1,883,700	1,849,909
Commercial Real Estate Debt Investments | Mezzanine loan
Receivables With Imputed Interest [Line Items]
2024 and Thereafter	4,700	4,700
Amortized Cost, Loans held for investment	4,700	4,700
Commercial Real Estate Debt Investments | Whole Loans | Whole Loan in Extension Option
Receivables With Imputed Interest [Line Items]
2022	52,000	52,000
2023	110,000	127,600
2024 and Thereafter	$ 1,700,000	$ 1,700,000

LOANS (Details)

LOANS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Principal paydowns receivable	$ 0	$ 14,899
Commercial Real Estate Loans | Southwest Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	22.30%	18.40%
Commercial Real Estate Loans | Mountain Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	26.80%	28.40%
Commercial Real Estate Loans | Southeast Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	14.20%	15.20%

FINANCING RECEIVABLES (Activity

FINANCING RECEIVABLES (Activity in Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Allowance for credit losses:
Allowance for credit losses at beginning of period	$ 8,805
Reversal of credit losses, net	(1,802)	$ (5,641)
Allowance for credit losses at end of period	4,706		$ 8,805
Commercial Real Estate Loans
Allowance for credit losses:
Allowance for credit losses at beginning of period	8,805	34,310	34,310
Reversal of credit losses, net	(1,802)	$ (5,600)	(21,262)
Charge offs	(2,297)		(4,243)
Allowance for credit losses at end of period	$ 4,706		$ 8,805

FINANCING RECEIVABLES (Details)

FINANCING RECEIVABLES (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)LoanContractBorrower	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)Loan
Accounts Notes And Loans Receivable [Line Items]
Reversal of credit losses, net	$ (1,802,000)	$ (5,641,000)
Number of defaulted additional loans | Loan			2
Repayment of additional loans			2022-01
Recorded investment	22,000,000		$ 30,400,000
Troubled-debt restructurings	$ 0	0
Extension Agreements
Accounts Notes And Loans Receivable [Line Items]
No of extension agreements | Contract	2
Weighted average extension period of contracts	3 months
Principal Forgiveness
Accounts Notes And Loans Receivable [Line Items]
Number of borrowers | Borrower	1
Hotel Loan
Accounts Notes And Loans Receivable [Line Items]
Current expected credit losses (CECL) allowance	$ 0
Retail Loan
Accounts Notes And Loans Receivable [Line Items]
Current expected credit losses (CECL) allowance	0
Whole Loans In Maturity Default
Accounts Notes And Loans Receivable [Line Items]
Number of bank loans | Loan			1
Recorded investment			$ 8,000,000
Northeast Region | Hotel Loan
Accounts Notes And Loans Receivable [Line Items]
Principal balance individually evaluated	$ 14,000,000
Number of loans individually evaluated | Loan	1
Northeast Region | Retail Loan
Accounts Notes And Loans Receivable [Line Items]
Principal balance individually evaluated	$ 8,000,000
Number of loans individually evaluated | Loan	1
Pacific Region | Retail Loan
Accounts Notes And Loans Receivable [Line Items]
Charge offs			2,300,000
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Reversal of credit losses, net	$ (1,802,000)	$ (5,600,000)	(21,262,000)
Current expected credit losses (CECL) allowance			2,300,000
Charge offs	$ 2,297,000		$ 4,243,000
Number of bank loans | Loan	1		3
Recorded investment	$ 8,000,000		$ 27,900,000
Commercial Real Estate Loans | Whole Loans In Maturity Default
Accounts Notes And Loans Receivable [Line Items]
Number of bank loans | Loan	2
Commercial Real Estate Loans | Principal Receivable
Accounts Notes And Loans Receivable [Line Items]
Proceeds from the payoffs of loans receivable	$ 17,600,000
Commercial Real Estate Loans | Whole Loans
Accounts Notes And Loans Receivable [Line Items]
Number of bank loans | Loan	2		3

FINANCING RECEIVABLES (Credit R

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Financing Receivables [Line Items]
CRE loans	$ 1,896,425	$ 1,882,551
Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
CRE loans	1,896,425	1,882,551
Commercial Real Estate Loans | Whole Loans
Schedule Of Financing Receivables [Line Items]
CRE loans	1,891,725	1,877,851
Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
CRE loans	4,700	4,700
Rating 1 | Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
CRE loans	0	0
Rating 1 | Commercial Real Estate Loans | Whole Loans
Schedule Of Financing Receivables [Line Items]
CRE loans	0	0
Rating 1 | Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
CRE loans	0	0
Rating 2 | Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
CRE loans	1,532,355	1,456,330
Rating 2 | Commercial Real Estate Loans | Whole Loans
Schedule Of Financing Receivables [Line Items]
CRE loans	1,532,355	1,456,330
Rating 2 | Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
CRE loans	0	0
Rating 3 | Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
CRE loans	239,871	273,078
Rating 3 | Commercial Real Estate Loans | Whole Loans
Schedule Of Financing Receivables [Line Items]
CRE loans	239,871	273,078
Rating 3 | Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
CRE loans	0	0
Rating 4 | Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
CRE loans	110,203	128,462
Rating 4 | Commercial Real Estate Loans | Whole Loans
Schedule Of Financing Receivables [Line Items]
CRE loans	105,503	123,762
Rating 4 | Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
CRE loans	4,700	4,700
Rating 5 | Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
CRE loans	13,996	24,681
Rating 5 | Commercial Real Estate Loans | Whole Loans
Schedule Of Financing Receivables [Line Items]
CRE loans	13,996	24,681
Rating 5 | Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
CRE loans	$ 0	$ 0

FINANCING RECEIVABLES (Credit_2

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Recorded investment excluded accrued interest receivable	$ 6.2	$ 6.1

FINANCING RECEIVABLES (Credit_3

FINANCING RECEIVABLES (Credit Risk Profiles of CRE Loans by Origination Year at Amortized Costs) (Details) - Commercial Real Estate Loans - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2022	$ 96,131	$ 1,264,591
Loans and receivables by origination year, 2021	1,275,793	175,117
Loans and receivables by origination year, 2020	168,126	242,646
Loans and receivables by origination year, 2019	176,822	171,181
Loans and receivables by origination year, 2018	162,053	0
Loans and receivables by origination year, Prior	17,500	29,016
Loans and receivables by origination year, Total	1,896,425	1,882,551
Whole Loans
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2022	96,131	1,264,591
Loans and receivables by origination year, 2021	1,275,793	175,117
Loans and receivables by origination year, 2020	168,126	242,646
Loans and receivables by origination year, 2019	176,822	166,481
Loans and receivables by origination year, 2018	157,353	0
Loans and receivables by origination year, Prior	17,500	29,016
Loans and receivables by origination year, Total	1,891,725	1,877,851
Whole Loans | Rating 2
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2022	96,131	1,230,810
Loans and receivables by origination year, 2021	1,241,086	150,513
Loans and receivables by origination year, 2020	143,059	55,510
Loans and receivables by origination year, 2019	32,605	19,497
Loans and receivables by origination year, 2018	19,474	0
Loans and receivables by origination year, Prior	0	0
Loans and receivables by origination year, Total	1,532,355	1,456,330
Whole Loans | Rating 3
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2022	0	33,781
Loans and receivables by origination year, 2021	34,707	24,604
Loans and receivables by origination year, 2020	25,067	136,305
Loans and receivables by origination year, 2019	101,756	60,888
Loans and receivables by origination year, 2018	60,841	0
Loans and receivables by origination year, Prior	17,500	17,500
Loans and receivables by origination year, Total	239,871	273,078
Whole Loans | Rating 4
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2022	0	0
Loans and receivables by origination year, 2021	0	0
Loans and receivables by origination year, 2020	0	28,446
Loans and receivables by origination year, 2019	28,465	86,096
Loans and receivables by origination year, 2018	77,038	0
Loans and receivables by origination year, Prior	0	9,220
Loans and receivables by origination year, Total	105,503	123,762
Whole Loans | Rating 5
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2022	0	0
Loans and receivables by origination year, 2021	0	0
Loans and receivables by origination year, 2020	0	22,385
Loans and receivables by origination year, 2019	13,996	0
Loans and receivables by origination year, 2018	0	0
Loans and receivables by origination year, Prior	0	2,296
Loans and receivables by origination year, Total	13,996	24,681
Mezzanine loan | Rating 4
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2022	0	0
Loans and receivables by origination year, 2021	0	0
Loans and receivables by origination year, 2020	0	0
Loans and receivables by origination year, 2019	0	4,700
Loans and receivables by origination year, 2018	4,700	0
Loans and receivables by origination year, Prior	0	0
Loans and receivables by origination year, Total	$ 4,700	$ 4,700

FINANCING RECEIVABLES (Credit_4

FINANCING RECEIVABLES (Credit Risk Profiles of CRE Loans by Origination Year at Amortized Costs) (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Recorded investment excluded accrued interest receivable	$ 6.2	$ 6.1

FINANCING RECEIVABLES (Loan Por

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	$ 1,896,425	$ 1,882,551
CRE loans	1,896,425	1,882,551
CRE loans	0	19,916
30-59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
CRE loans	0	0
60-89 Days
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
CRE loans	0	0
Greater than 90 Days
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	8,025	19,916
CRE loans	8,025	19,916
Total Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	8,025	19,916
CRE loans	8,025	19,916
Current
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	1,888,400	1,862,635
CRE loans	1,888,400	1,862,635
Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	1,896,425	1,882,551
CRE loans	1,896,425	1,882,551
Commercial Real Estate Loans | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	1,891,725	1,877,851
CRE loans	1,891,725	1,877,851
CRE loans	0	19,916
Commercial Real Estate Loans | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	4,700	4,700
CRE loans	4,700	4,700
CRE loans	0	0
Commercial Real Estate Loans | 30-59 Days | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
CRE loans	0	0
Commercial Real Estate Loans | 30-59 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
CRE loans	0	0
Commercial Real Estate Loans | 60-89 Days | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
CRE loans	0	0
Commercial Real Estate Loans | 60-89 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
CRE loans	0	0
Commercial Real Estate Loans | Greater than 90 Days | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	8,025	19,916
CRE loans	8,025	19,916
Commercial Real Estate Loans | Greater than 90 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
CRE loans	0	0
Commercial Real Estate Loans | Total Past Due | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	8,025	19,916
CRE loans	8,025	19,916
Commercial Real Estate Loans | Total Past Due | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
CRE loans	0	0
Commercial Real Estate Loans | Current | Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	1,883,700	1,857,935
CRE loans	1,883,700	1,857,935
Commercial Real Estate Loans | Current | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	4,700	4,700
CRE loans	$ 4,700	$ 4,700

FINANCING RECEIVABLES (Loan P_2

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2022USD ($)Loan	Mar. 31, 2021USD ($)Loan	Dec. 31, 2021USD ($)Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Interest income	$ 22,676,000	$ 24,749,000
Recorded investment	$ 22,000,000		$ 30,400,000
Whole Loans In Maturity Default
Financing Receivable Recorded Investment Past Due [Line Items]
Number of bank loans | Loan			1
Recorded investment			$ 8,000,000
Whole Loans In Maturity Default | Greater than 90 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Number of bank loans | Loan	1	1
Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Number of bank loans | Loan	1		3
Recorded investment	$ 8,000,000		$ 27,900,000
Recorded investment excluded accrued interest receivable	6,200,000		$ 6,100,000
Commercial Real Estate Loans | Whole Loans In Maturity Default
Financing Receivable Recorded Investment Past Due [Line Items]
Interest income	$ 0	$ 153,000
Number of bank loans | Loan	2

INVESTMENTS IN REAL ESTATE AN_3

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Details)	1 Months Ended	3 Months Ended
	Apr. 30, 2022USD ($)Property	Mar. 31, 2022USD ($)Property	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Amortization expense on intangible assets		$ 1,200,000	$ 197,000
Amortization expense on intangible assets during 2022		1,200,000
Amortization expense on intangible assets during 2023		401,000
Amortization expense on intangible assets during 2024		244,000
Amortization expense on intangible assets during 2025		210,000
Amortization expense on intangible assets during 2026		210,000
Ground Lease
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Offsetting amortization and accretion on right of use assets and lease liabilities		$ 12,000	$ 12,000
Investments In Real Estate Equity
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Number of properties acquired | Property		0
Investments in real estate		$ 27,097,000		$ 27,065,000
Investments In Real Estate From Lending Activities
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Number of properties acquired | Property		0
Investments in real estate		$ 34,133,000		$ 34,124,000
Subsequent Event | Investments In Real Estate Equity
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Number of properties acquired | Property	2
Number of properties acquired served as collateral for loan prior to acquisition | Property	1
Investments in real estate	$ 51,600,000
Acquisition price of property served as collateral for loan prior to acquisition	$ 38,600,000

INVESTMENTS IN REAL ESTATE AN_4

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Schedule of Investments in Real Estate and Related Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Investment in Real Estate, Carrying Value	$ 58,782	$ 59,308
Liabilities Assumed, Cost	(3,360)	(3,360)
Liabilities Assumed, Accumulated Depreciation & Amortization	220	131
Liabilities Assumed, Carrying Value	(3,140)	(3,229)
Assets Acquired and Liabilities Assumed, Cost	86,193	86,341
Asset Acquired and Liabilities Assumed, Carrying Value	81,773	83,311
Assets Acquired, Cost	89,553	89,701
Assets Acquired, Accumulated Depreciation & Amortization	(4,640)	(3,161)
Assets Acquired, Carrying Value	84,913	86,540
Investments In Real Estate Equity
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Investment in Real Estate, Cost	27,097	27,065
Investment in Real Estate Accumulated Depreciation & Amortization	(381)	(191)
Investment in Real Estate, Carrying Value	26,716	26,874
Intangible Assets, Cost	1,726	1,726
Intangible Assets, Accumulated Depreciation & Amortization	(1,611)	(806)
Intangible Assets, Carrying Value	115	920
Assets Acquired, Cost	28,823	28,791
Assets Acquired, Accumulated Depreciation & Amortization	(1,992)	(997)
Assets Acquired, Carrying Value	26,831	27,794
Other Liabilities, Cost	(247)	(247)
Other Liabilities, Accumulated Depreciation & Amortization	155	78
Other Liabilities, Carrying Value	(92)	(169)
Investments In Real Estate From Lending Activities
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Right of use Assets, Cost	5,603	5,603
Right of use Assets Accumulated Depreciation & Amortization	(116)	(95)
Right of use Assets, Carrying Value	5,487	5,508
Investment in Real Estate, Cost	34,133	34,124
Investment in Real Estate Accumulated Depreciation & Amortization	(2,067)	(1,689)
Investment in Real Estate, Carrying Value	32,066	32,435
Intangible Assets, Cost	3,337	3,337
Intangible Assets, Accumulated Depreciation & Amortization	(465)	(380)
Intangible Assets, Carrying Value	2,872	2,957
Property Held for Sale, Cost	17,657	17,846
Property Held for Sale, Carrying Value	17,657	17,846
Lease Liabilities, Cost	(3,113)	(3,113)
Lease Liabilities, Accumulated Depreciation & Amortization	65	53
Lease Liabilities, Carrying Value	(3,048)	(3,060)
Assets Acquired, Cost	60,730	60,910
Assets Acquired, Accumulated Depreciation & Amortization	(2,648)	(2,164)
Assets Acquired, Carrying Value	$ 58,082	$ 58,746

INVESTMENTS IN REAL ESTATE AN_5

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Schedule of Investments in Real Estate and Related Intangible Assets) (Parenthetical) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Investments In Real Estate Equity
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Investments in real estate	$ 22,400,000	$ 22,400,000
Acquired in-place lease intangible asset	59,000	819,000
Leasing commission intangible asset	55,000	101,000
Intangible assets	115,000	920,000
Investments In Real Estate From Lending Activities
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Building renovation assets	126,000	129,000
Ground leases	3,000,000	3,100,000
Below market lease intangible asset	2,400,000	2,400,000
Intangible assets	2,872,000	2,957,000
Franchise Agreement | Investments In Real Estate From Lending Activities
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Intangible assets	2,600,000	2,600,000
Customer Lists | Investments In Real Estate From Lending Activities
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Intangible assets	$ 269,000	$ 311,000

LEASES (Details)

LEASES (Details) - Office Space and Office Equipment	3 Months Ended
	Mar. 31, 2022
Minimum
Lessee Lease Description [Line Items]
Operating lease expiration date	2024-01
Maximum
Lessee Lease Description [Line Items]
Operating lease expiration date	2028-07

LEASES (Summary of Operating Le

LEASES (Summary of Operating Leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right of use assets	$ 431	$ 443
Lease liabilities	$ (466)	$ (477)
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Weighted average remaining lease term:	6 years 3 months 18 days	6 years 7 months 6 days
Weighted average discount rate:	10.65%	10.65%

LEASES (Summary of Operating _2

LEASES (Summary of Operating Lease Costs and Cash Payments) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Lease Cost:
Operating lease cost	$ 24
Other Information:
Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases	$ 23

LEASES (Summary of Operating _3

LEASES (Summary of Operating Leases by Maturity Date Based on Undiscounted Cash Flows) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2022	$ 97
2023	99
2024	99
2025	102
2026	104
Thereafter	170
Subtotal	671
Less: impact of discount	(205)
Total	$ 466	$ 477
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities

INVESTMENT SECURITIES AVAILAB_2

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details)	3 Months Ended
	Mar. 31, 2021USD ($)position	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Investment securities, available-for-sale		$ 0	$ 0
Proceeds from sale of investment securities available-for-sale	$ 2,958,000
Commercial Mortgage Backed Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Positions Sold/Redeemed | position	2
Proceeds from sale of investment securities available-for-sale	$ 3,000,000
Realized gain	$ 878,000

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 1,548,000	$ 1,548,000
VIE, Not Primary Beneficiary | Investment in RCT I and II
Schedule Of Equity Method Investments [Line Items]
Ownership percentage in VIE	100.00%	100.00%
Investments in unconsolidated entities	$ 1,500,000	$ 1,500,000
Dividends from investments in unconsolidated entities	$ 16,000	$ 16,000
VIE, Not Primary Beneficiary | Interest in RCT I
Schedule Of Equity Method Investments [Line Items]
Percentage of value of trusts owned	3.00%	3.00%
VIE, Not Primary Beneficiary | Interest in RCT II
Schedule Of Equity Method Investments [Line Items]
Percentage of value of trusts owned	3.00%	3.00%

BORROWINGS (Schedule of Debt) (

BORROWINGS (Schedule of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal Outstanding	$ 1,648,016	$ 1,840,052
Unamortized Issuance Costs and Discounts	21,812	25,628
Outstanding Borrowings	$ 1,626,204	$ 1,814,424
Weighted Average Borrowing Rate	2.60%	2.44%
Weighted Average Remaining Maturity	12 years	12 years 8 months 12 days
Value of Collateral	$ 1,866,226	$ 2,149,085
XAN 2020-RSO8 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding		142,375
Unamortized Issuance Costs and Discounts		577
Outstanding Borrowings		$ 141,798
Weighted Average Borrowing Rate		2.18%
Weighted Average Remaining Maturity		13 years 2 months 12 days
Value of Collateral		$ 229,263
XAN 2020-RSO9 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding		94,814
Unamortized Issuance Costs and Discounts		489
Outstanding Borrowings		$ 94,325
Weighted Average Borrowing Rate		4.25%
Weighted Average Remaining Maturity		15 years 3 months 18 days
Value of Collateral		$ 144,361
ACR 2021-FL1 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	675,223	675,223
Unamortized Issuance Costs and Discounts	5,014	5,410
Outstanding Borrowings	$ 670,209	$ 669,813
Weighted Average Borrowing Rate	1.93%	1.60%
Weighted Average Remaining Maturity	14 years 2 months 12 days	14 years 6 months
Value of Collateral	$ 802,643	$ 802,643
ACR 2021-FL2 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	567,000	567,000
Unamortized Issuance Costs and Discounts	6,056	6,437
Outstanding Borrowings	$ 560,944	$ 560,563
Weighted Average Borrowing Rate	2.24%	1.90%
Weighted Average Remaining Maturity	14 years 9 months 18 days	15 years 1 month 6 days
Value of Collateral	$ 700,000	$ 700,000
Senior Secured Financing Facility
Debt Instrument [Line Items]
Unamortized Issuance Costs and Discounts	3,280	3,432
Outstanding Borrowings, Unamortized Issuance Costs and Discounts	$ (3,280)	$ (3,432)
Weighted Average Borrowing Rate	5.75%	5.75%
Weighted Average Remaining Maturity	5 years 3 months 18 days	6 years 2 months 12 days
Value of Collateral	$ 153,171	$ 170,791
4.5% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	48,175	88,014
Unamortized Issuance Costs and Discounts	528	1,583
Outstanding Borrowings	$ 47,647	$ 86,431
Weighted Average Borrowing Rate	4.50%	4.50%
Weighted Average Remaining Maturity	137 days	227 days
Value of Collateral	$ 0	$ 0
5.75% Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Outstanding	150,000	150,000
Unamortized Issuance Costs and Discounts	3,070	3,393
Outstanding Borrowings	$ 146,930	$ 146,607
Weighted Average Borrowing Rate	5.75%	5.75%
Weighted Average Remaining Maturity	4 years 4 months 24 days	4 years 7 months 6 days
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Principal Outstanding	$ 156,070	$ 71,078
Unamortized Issuance Costs and Discounts	3,864	4,307
Outstanding Borrowings	$ 152,206	$ 66,771
Weighted Average Borrowing Rate	2.57%	2.27%
Weighted Average Remaining Maturity	2 years 7 months 6 days	2 years 9 months 18 days
Value of Collateral	$ 210,412	$ 102,027
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Principal Outstanding	51,548	51,548
Unamortized Issuance Costs and Discounts		0
Outstanding Borrowings	$ 51,548	$ 51,548
Weighted Average Borrowing Rate	4.60%	4.12%
Weighted Average Remaining Maturity	14 years 4 months 24 days	14 years 8 months 12 days
Value of Collateral		$ 0

BORROWINGS (Schedule of Debt)_2

BORROWINGS (Schedule of Debt) (Parenthetical) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Aug. 31, 2017
Debt Instrument [Line Items]
Accrued interest payable	$ 2,598,000		$ 5,937,000
Unamortized issuance costs and discounts	21,812,000		25,628,000
Outstanding Borrowings	1,626,204,000		$ 1,814,424,000
Interest income	$ 22,657,000	$ 24,575,000
4.5% Convertible Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.50%		4.50%	4.50%
Unamortized issuance costs and discounts	$ 528,000		$ 1,583,000
Outstanding Borrowings	$ 47,647,000		$ 86,431,000
5.75% Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%		5.75%
Unamortized issuance costs and discounts	$ 3,070,000		$ 3,393,000
Outstanding Borrowings	146,930,000		146,607,000
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Accrued interest payable	134,000		58,000
Unamortized issuance costs and discounts	3,864,000		4,307,000
Outstanding Borrowings	152,206,000		66,771,000
12.00% Senior Unsecured Notes
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	128,000		306,000
Outstanding Borrowings	0		0
ACR 2021-FL1 Senior Notes
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	5,014,000		5,410,000
Outstanding Borrowings	$ 670,209,000		669,813,000
Exit fees			228,000
Interest income			$ 730,000

BORROWINGS (Securitization) (De

BORROWINGS (Securitization) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
ACR 2021-FL1 Senior Notes
Debt Instrument [Line Items]
Closing Date	2021-05
Maturity Date	2036-06
End of Designated Principal Reinvestment Period	2023-05
Total Note Paydowns Received from Closing Date through March 31, 2022	$ 0
ACR 2021-FL2 Senior Notes
Debt Instrument [Line Items]
Closing Date	2021-12
Maturity Date	2037-01
End of Designated Principal Reinvestment Period	2023-12
Total Note Paydowns Received from Closing Date through March 31, 2022	$ 0

BORROWINGS (XAN 2020-RSO8) (Det

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

BORROWINGS (XAN 2020-RSO9) (Det

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

BORROWINGS (4.50% Convertible S

BORROWINGS (4.50% Convertible Senior Notes) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Aug. 31, 2017
Debt Instrument [Line Items]
Face amount of debt issued	$ 148,926,000		$ 63,339,000
Loss on extinguishment of debt	(460,000)
Interest expense	$ 14,907,000	$ 13,724,000
4.5% Convertible Senior Notes
Debt Instrument [Line Items]
Face amount of debt issued				$ 143,800,000
Debt instrument, interest rate, stated percentage	4.50%		4.50%	4.50%
Repurchase of convertible senior notes	$ 39,800,000		$ 55,700,000
Charge to earnings	574,000
Loss on extinguishment of debt	460,000
Interest expense	$ 114,000
Closing price of common stock	$ 13.41

BORROWINGS (Schedule of Convert

BORROWINGS (Schedule of Convertible Senior Notes) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / shares	Dec. 31, 2021USD ($)	Mar. 31, 2021	Aug. 31, 2017
Debt Instrument [Line Items]
Principal Outstanding	$ 1,648,016	$ 1,840,052
4.5% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	$ 48,175	$ 88,014
Borrowing Rate	4.50%	4.50%		4.50%
Effective Rate	7.43%		7.43%
Conversion Rate	27.7222
Conversion Price | $ / shares	$ 36.06
Maturity Date	Aug. 15, 2022

BORROWINGS (Schedule of Conve_2

BORROWINGS (Schedule of Convertible Senior Notes) (Parenthetical) (Details) - 4.5% Convertible Senior Notes - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Aug. 31, 2017
Debt Instrument [Line Items]
Effective interest rate	7.43%		7.43%
Conversion principal amount				$ 1,000
Debt instrument convertible distribution threshold (in dollars per share)	$ 0.30
Borrowing Rate	4.50%	4.50%		4.50%

BORROWINGS (12.00% Senior Unsec

BORROWINGS (12.00% Senior Unsecured Notes Due 2027) (Details) - USD ($)	Aug. 18, 2021	Jul. 31, 2020	Jan. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Face amount of debt issued				$ 148,926,000		$ 63,339,000
Loss on extinguishment of debt				(460,000)
Interest expense				$ 14,907,000	$ 13,724,000
Note and Warrant Purchase Agreement | Oaktree and MassMutual
Debt Instrument [Line Items]
Warrants to purchase additional shares of common stock		699,992
Date from which remaining unissued warrants can be issued		Jul. 31, 2022
Warrants expiration term		7 years
12.00% Senior Unsecured Notes | Note and Warrant Purchase Agreement | Oaktree and MassMutual
Debt Instrument [Line Items]
Debt instrument, maximum borrowing capacity		$ 125,000,000
Debt instrument, interest rate, stated percentage		12.00%
Debt instrument, pay-in-kind interest rate maximum percentage		3.25%
Face amount of debt issued	$ 50,000,000		$ 75,000,000
Debt instrument, redemption amount	55,300,000
Debt instrument redemption interest amount	329,000
Debt instrument make-whole amount	5,000,000
Debt instrument, charge to earnings in connection with redemption	8,000,000
Loss on extinguishment of debt	7,800,000
Debt instrument net make-whole amount	5,000,000
Debt instrument, acceleration of remaining market discount	2,800,000
Interest expense	$ 218,000
Warrants to purchase additional shares of common stock			699,992
Date from which remaining unissued warrants can be issued			Jul. 31, 2022
Warrants expiration term			7 years
12.00% Senior Unsecured Notes | Note and Warrant Purchase Agreement | Oaktree
Debt Instrument [Line Items]
Face amount of debt issued		$ 42,000,000
12.00% Senior Unsecured Notes | Note and Warrant Purchase Agreement | MassMutual
Debt Instrument [Line Items]
Face amount of debt issued		$ 8,000,000

BORROWINGS (Senior Secured Fina

BORROWINGS (Senior Secured Financing Facility and Term Warehouse Financing Facilities) (Details) $ in Thousands	Mar. 31, 2022USD ($)Loan	Dec. 31, 2021USD ($)Loan
Debt Instrument [Line Items]
Outstanding Borrowings	$ 148,926	$ 63,339
Value of Collateral	$ 363,583	$ 272,818
Weighted Average Interest Rate	2.60%	2.44%
Senior Secured Financing Facility | Massachusetts Mutual Life Insurance Company
Debt Instrument [Line Items]
Outstanding Borrowings, Unamortized Issuance Costs and Discounts	$ (3,280)	$ (3,432)
Value of Collateral	$ 153,171	$ 170,791
Number of Positions as Collateral | Loan	7	9
Weighted Average Interest Rate	5.75%	5.75%
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings	$ 45,196	$ 18,875
Value of Collateral	$ 69,709	$ 37,167
Number of Positions as Collateral | Loan	5	3
Weighted Average Interest Rate	2.75%	2.85%
CRE - Term Warehouse Financing Facilities | Morgan Stanley Mortgage Capital Holdings LLC
Debt Instrument [Line Items]
Outstanding Borrowings	$ 107,010	$ 47,896
Value of Collateral	$ 140,703	$ 64,860
Number of Positions as Collateral | Loan	8	3
Weighted Average Interest Rate	2.50%	2.03%

BORROWINGS (Senior Secured Fi_2

BORROWINGS (Senior Secured Financing Facility and Term Warehouse Financing Facilities (Parenthetical) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	$ 21,812,000	$ 25,628,000
Senior Secured Financing Facility | Massachusetts Mutual Life Insurance Company
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	3,300,000	3,400,000
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	1,600,000	1,800,000
CRE - Term Warehouse Financing Facilities | Morgan Stanley Mortgage Capital Holdings LLC
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	2,000,000	2,200,000
Interest Receivable | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	$ 250,000	$ 356,000

BORROWINGS (Amount at Risk Unde

BORROWINGS (Amount at Risk Under Warehouse Financing Facilities) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	12 years	12 years 8 months 12 days
Weighted Average Interest Rate	2.60%	2.44%
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	2 years 7 months 6 days	2 years 9 months 18 days
Weighted Average Interest Rate	2.57%	2.27%
CRE - Term Warehouse Financing Facilities | Morgan Stanley Mortgage Capital Holdings LLC
Debt Instrument [Line Items]
Amount at Risk	$ 32,174
Weighted Average Remaining Maturity	2 years 7 months 6 days
Weighted Average Interest Rate	2.50%
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Amount at Risk	$ 22,929
Weighted Average Remaining Maturity	2 years 7 months 6 days
Weighted Average Interest Rate	2.75%

BORROWINGS (Contractual Commitm

BORROWINGS (Contractual Commitments) (Details) $ in Thousands	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Total	$ 1,648,016
2022	48,175
2023	0
2024	156,070
2025	0
2026 and Thereafter	1,443,771
CRE securitizations
Debt Instrument [Line Items]
Total	1,242,223
2022	0
2023	0
2024	0
2025	0
2026 and Thereafter	1,242,223
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Total	51,548
2022	0
2023	0
2024	0
2025	0
2026 and Thereafter	51,548
Convertible Debt | 4.5% Convertible Senior Notes
Debt Instrument [Line Items]
Total	48,175
2022	48,175
2023	0
2024	0
2025	0
2026 and Thereafter	0
5.75% Senior Unsecured Notes
Debt Instrument [Line Items]
Total	150,000
2022	0
2023	0
2024	0
2025	0
2026 and Thereafter	150,000
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Total	156,070
2022	0
2023	0
2024	156,070
2025	0
2026 and Thereafter	$ 0

SHARE ISSUANCE AND REPURCHASE (

SHARE ISSUANCE AND REPURCHASE (Details) - USD ($)	Jul. 31, 2020	Jun. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Nov. 30, 2021	Nov. 30, 2020
Class Of Stock [Line Items]
Proceeds from issuance of preferred stock, net			$ (37,000)
Shares repurchased during period, value			$ 3,900,000	$ 9,500,000
Shares repurchased during period, shares			314,552	744,664
Equity and Debt Securities Repurchase Program
Class Of Stock [Line Items]
Stock repurchase program, authorized amount (up to)						$ 20,000,000	$ 20,000,000
Stock repurchase program, remaining authorized repurchase amount			$ 12,400,000
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
Date from which remaining unissued warrants can be issued	Jul. 31, 2022
Warrants to purchase additional shares of common stock	699,992
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
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
Note and Warrant Purchase Agreement | Maximum | Oaktree and MassMutual
Class Of Stock [Line Items]
Aggregate purchase of common stock warrants	1,166,653
7.875% Series D Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares issued (in shares)		4,600,000	4,607,857		4,607,857
Preferred stock, coupon authorized		7.875%	7.875%		7.875%
Offering price		$ 25
Proceeds from issuance of preferred stock, net		$ 110,400,000
Underwriting discounts and other offering expenses		$ 4,600,000
Preferred stock, liquidation preference (in dollars per share)			$ 25		$ 25
Preferred stock, shares outstanding (in shares)			4,607,857		4,607,857
Series D Preferred Stock | Equity Distribution Agreement
Class Of Stock [Line Items]
Preferred stock, shares issued (in shares)			0
Series D Preferred Stock | Equity Distribution Agreement | Maximum | JonesTrading Institutional Services LLC
Class Of Stock [Line Items]
Number of shares that may be issued or sold from time to time under agreement			2,200,000
Commission fee payable of gross proceeds from sale of stock in percentage			3.00%
8.625% Series C Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares issued (in shares)			4,800,000		4,800,000
Preferred stock, coupon authorized			8.625%		8.625%
Preferred stock, liquidation preference (in dollars per share)			$ 25		$ 25
Preferred stock, shares outstanding (in shares)			4,800,000		4,800,000
Preferred stock, weighted average issuance price (in dollars per share)			$ 25
8.625% Series C Preferred Stock | London Interbank Offered Rate (LIBOR)
Class Of Stock [Line Items]
Dividend payment rate, variable, basis spread on variable rate			5.927%

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($)	May 06, 2022	May 31, 2021	Jun. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation costs related to unvested restricted stock				$ 3,400,000
Cost is expected to be recognized over a weighted average period				3 years 2 months 12 days
Manager Pursuant To Management Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash awards, percentage (up to)				75.00%
Common stock awards, percentage (at least)				25.00%
Incentive management fee pursuant to the management agreement				$ 0	$ 0
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized stock-based compensation expense				$ 744,000	$ 19,000
Restricted shares issued				0
Restricted Stock | Manager
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares issued				0
Restricted Stock | Manager | Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares issued	299,999
Vesting period	4 years
Vesting percentage	25.00%
Restricted Stock | Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares issued				0
Restricted Stock | Directors | Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares issued	33,334
Vesting period	4 years
Vesting percentage	25.00%
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
Share based compensation expiration period		2029-06	2031-06
Common shares granted				1,700,817

SHARE-BASED COMPENSATION (Commo

SHARE-BASED COMPENSATION (Common Stock Activity) (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	333,329
Issued (shares)	0
Vested (shares)	0
Forfeited (shares)	0
Unvested shares, end of period (in shares)	333,329
Weighted-Average Grant-Date Fair Value, beginning of period (in shares) | $ / shares	$ 17.39
Weighted-Average Grant-Date Fair Value, Issued | $ / shares	0
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	0
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	0
Weighted-Average Grant-Date Fair Value, end of period (in shares) | $ / shares	$ 17.39
Manager
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	299,999
Issued (shares)	0
Vested (shares)	0
Forfeited (shares)	0
Unvested shares, end of period (in shares)	299,999
Directors
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	33,330
Issued (shares)	0
Vested (shares)	0
Forfeited (shares)	0
Unvested shares, end of period (in shares)	33,330

SHARE-BASED COMPENSATION (Com_2

SHARE-BASED COMPENSATION (Common Stock Expected to Vest) (Details) - Restricted Stock - shares	Mar. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
2022	83,331
2023	83,331
2024	83,331
2025	83,336
Total	333,329	333,329

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income	$ 2,084	$ 13,056
Net income allocated to preferred shares	(4,855)	(2,588)
NET (LOSS) INCOME ALLOCABLE TO COMMON SHARES	$ (2,771)	$ 10,468
Weighted average number of common shares outstanding:
Weighted average number of common shares outstanding - basic	8,630,316	9,729,463
Weighted average number of warrants outstanding	466,661	466,661
Total weighted average number of common shares outstanding - basic	9,096,977	10,196,124
Effect of dilutive securities - unvested restricted stock	0	9,245
Weighted average number of common shares outstanding - diluted	9,096,977	10,205,369
Net (loss) income per common share - basic	$ (0.30)	$ 1.03
Net (loss) income per common share - diluted	$ (0.30)	$ 1.03

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Class Of Stock [Line Items]
REIT required taxable income distribution, percentage (at least)	90.00%
REIT taxable income distribution required for exempt federal income taxes, percentage	100.00%
Common Stock
Class Of Stock [Line Items]
Dividend per share (in dollars per share)	$ 0				$ 0
Series C Preferred Stock
Class Of Stock [Line Items]
Dividend per share (in dollars per share)	0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625
Series D Preferred Stock
Class Of Stock [Line Items]
Dividend per share (in dollars per share)	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.3773440

DISTRIBUTIONS (Distributions De

DISTRIBUTIONS (Distributions Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Series C Preferred Stock
Class Of Stock [Line Items]
Date Paid	May 2, 2022	Jan. 31, 2022	Nov. 1, 2021	Jul. 30, 2021	Apr. 30, 2021
Total Distributions Paid	$ 2,588	$ 2,588	$ 2,588	$ 2,588	$ 2,588
Distributions Per Share	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625
Series D Preferred Stock
Class Of Stock [Line Items]
Date Paid	May 2, 2022	Jan. 31, 2022	Nov. 1, 2021	Jul. 30, 2021
Total Distributions Paid	$ 2,268	$ 2,268	$ 2,264	$ 1,736
Distributions Per Share	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.3773440

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	$ 448,195
Ending balance	442,702
Net Unrealized Loss on Derivatives
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(8,127)
Amounts reclassified from accumulated other comprehensive loss	456
Ending balance	$ (7,671)

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Relationship with ACRES Capital Corp and Certain of its Subsidiaries) (Details)	May 06, 2022shares	Jul. 31, 2020USD ($)extension	Mar. 31, 2022USD ($)entityshares	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)shares
Related Party Transaction [Line Items]
Base management fees paid by the Company			$ 1,682,000	$ 1,326,000
General and administrative			3,457,000	3,153,000
Interest income			22,676,000	24,749,000
Accrued interest receivable			6,282,000		$ 6,112,000
Restricted Stock | Manager | Subsequent Event
Related Party Transaction [Line Items]
Shares of common stock vest percentage	25.00%
Vest in installments	4 years
Manager Pursuant To Management Agreement | ACRES Commercial Realty Corp
Related Party Transaction [Line Items]
Base management fees paid by the Company			1,700,000	1,300,000
Total indebtedness			557,000		561,000
Incentive compensation			0	0
Incentive compensation payable and Servicing fees payable			0		0
General and administrative			2,000,000	1,200,000
Manager Pursuant To Management Agreement | ACRES Commercial Realty Corp | Other Liabilities
Related Party Transaction [Line Items]
Total indebtedness			$ 317,000		1,200,000
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
Special servicing fees			0	0
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		3.00%
Related party transaction, monthly amortization payment		$ 25,000
Related party debt, maturity month and year		2026-07
Number of options to extend | extension		2
Related party debt, extension term		1 year
Related party debt, percentage of extension fee		0.50%
Principal balance			11,500,000		11,600,000
Accrued interest receivable			30,000		$ 0
ACRES Capital Corp | ACRES Commercial Realty Corp | Loan Evidenced by Promissory Note | Other Income (Expense)
Related Party Transaction [Line Items]
Interest income			87,000	$ 89,000
DevCo
Related Party Transaction [Line Items]
Fees payments			$ 0
DevCo | Minimum
Related Party Transaction [Line Items]
Market rate for fees			1.25%
DevCo | Maximum
Related Party Transaction [Line Items]
Market rate for fees			1.50%
ACRES Share Holdings, LLC
Related Party Transaction [Line Items]
Number of share authorized for issue (in shares) | shares			1,100,000
Common shares granted | shares					299,999
Shares of common stock vest percentage					25.00%
Vest in installments					4 years
Shares of common stock issued | shares			0
ACRES Share Holdings, LLC | Restricted Stock | Manager | Subsequent Event
Related Party Transaction [Line Items]
Shares of common stock vest percentage	25.00%
Vest in installments	4 years
Shares of common stock issued | shares	299,999

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments carried at fair value	$ 0	$ 0
Mezzanine loan | Expected Future Cash Flows | Measurement Input, Discount Rate | VIE, Not Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.1000
Senior Secured Financing Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings outstanding	$ 0	$ 0
Senior Secured Financing Facility | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.0575
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	3.19%	3.01%
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	9.00%	9.00%
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	Mar. 31, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	$ 1,891,719	$ 1,873,746
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
Warehouse financing facilities	0	0
Junior subordinated notes	0	0
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) | CRE whole loans
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) | Mezzanine 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) | 4.50% Convertible Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
4.50% Convertible Senior Notes	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]
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
Warehouse financing facilities	0	0
Junior subordinated notes	0	0
Significant Other Observable Inputs (Level 2) | CRE whole loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	0	0
Significant Other Observable Inputs (Level 2) | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	0	0
Significant Other Observable Inputs (Level 2) | 4.50% Convertible Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
4.50% Convertible Senior Notes	0	0
Significant Other Observable Inputs (Level 2) | 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes	0	0
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party	10,004	10,407
Senior notes in CRE securitizations	1,223,179	1,473,893
Warehouse financing facilities	156,070	68,905
Junior subordinated notes	39,999	41,424
Significant Unobservable Inputs (Level 3) | CRE whole loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	1,904,974	1,889,499
Significant Unobservable Inputs (Level 3) | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	4,700	4,700
Significant Unobservable Inputs (Level 3) | 4.50% Convertible Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
4.50% Convertible Senior Notes	48,175	87,873
Significant Unobservable Inputs (Level 3) | 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes	140,340	148,125
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party	11,525	11,575
Senior notes in CRE securitizations	1,231,153	1,466,499
Warehouse financing facilities	152,206	66,771
Junior subordinated notes	51,548	51,548
Carrying Value | CRE whole loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	1,887,255	1,869,301
Carrying Value | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	4,464	4,445
Carrying Value | 4.50% Convertible Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
4.50% Convertible Senior Notes	47,647	86,431
Carrying Value | 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes	146,930	146,607
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party	10,004	10,407
Senior notes in CRE securitizations	1,223,179	1,473,893
Warehouse financing facilities	156,070	68,905
Junior subordinated notes	39,999	41,424
Fair Value | CRE whole loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	1,904,974	1,889,499
Fair Value | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	4,700	4,700
Fair Value | 4.50% Convertible Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
4.50% Convertible Senior Notes	48,175	87,873
Fair Value | 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes	$ 140,340	$ 148,125

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Parenthetical) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unamortized issuance costs and discounts	$ 21,812,000	$ 25,628,000
Outstanding Borrowings	1,626,204,000	1,814,424,000
12.00% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unamortized issuance costs and discounts	128,000	307,000
Outstanding Borrowings	$ 0	$ 0

MARKET RISK AND DERIVATIVE IN_3

MARKET RISK AND DERIVATIVE INSTRUMENTS (Details) - Terminated interest rate swap	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2020USD ($)	Mar. 31, 2022USD ($)derivative	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Derivatives, Fair Value [Line Items]
Realized loss on derivatives, net	$ (11,800,000)
Gain (loss) on derivatives		$ (8,000,000)		$ (8,500,000)
Amortization expense reported in interest expense		479,000	$ 479,000
Unrealized gains (loss) on derivatives, net		$ 324,000		$ 347,000
Number of hedges terminated | derivative		2
Interest expense to fully amortize		$ 23,000	$ 23,000

MARKET RISK AND DERIVATIVE IN_4

MARKET RISK AND DERIVATIVE INSTRUMENTS (Fair Value and Classification of Derivatives) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest rate swaps | Interest expense
Derivatives, Fair Value [Line Items]
Realized and Unrealized Gain (Loss)	$ (456)	$ (456)

OFFSETTING OF FINANCIAL LIABI_3

OFFSETTING OF FINANCIAL LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Warehouse financing facilities
Gross Amounts of Recognized Liabilities	$ 152,206	$ 66,771
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	152,206	66,771
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	152,206	66,771
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	$ 210,400	$ 102,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Estimated litigation liability	$ 0	$ 0
Commercial Real Estate Loans | CRE whole loans
Loss Contingencies [Line Items]
Loans held for investment, unfunded loan commitments	145,500,000	157,600,000
Indemnification Agreement
Loss Contingencies [Line Items]
Estimated litigation liability	1,300,000	1,300,000
PCM
Loss Contingencies [Line Items]
Outstanding demands to indemnify purchaser of residential mortgage loans	3,300,000	3,300,000
PCM | Indemnification Agreement
Loss Contingencies [Line Items]
Outstanding litigation demands	$ 0	$ 0