Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 23, 2021 | Jun. 30, 2020 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-36299 | ||
Entity Registrant Name | Ladder Capital Corp | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 80-0925494 | ||
Entity Address, Address Line One | 345 Park Avenue, | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10154 | ||
City Area Code | 212 | ||
Local Phone Number | 715-3170 | ||
Title of 12(b) Security | Class A common stock, $0.001 par value | ||
Trading Symbol | LADR | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Smaller Reporting Company | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 855,736,869 | ||
Entity Central Index Key | 0001577670 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Class A Common Stock | |||
Entity Common Stock, Shares Outstanding | 126,825,760 | ||
Class B Common Stock | |||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Cash and cash equivalents | $ 1,254,432 | $ 58,171 | |
Restricted cash | [1] | 29,852 | 297,575 |
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable | [1] | 2,354,059 | 3,257,036 |
Allowance for credit losses | (41,507) | (20,500) | |
Mortgage loan receivables held for sale | [1] | 30,518 | 122,325 |
Real estate securities | [1] | 1,058,298 | 1,721,305 |
Real estate and related lease intangibles, net | [1] | 985,304 | 1,048,081 |
Investments in and advances to unconsolidated joint ventures | [1] | 46,253 | 48,433 |
FHLB stock | [1] | 31,000 | 61,619 |
Derivative instruments | [1] | 299 | 693 |
Accrued interest receivable | [1] | 16,088 | 21,066 |
Other assets | [1] | 116,633 | 53,348 |
Total assets | [1] | 5,881,229 | 6,669,152 |
Liabilities | |||
Debt obligations, net | [1] | 4,209,864 | 4,859,873 |
Dividends payable | [1] | 27,537 | 38,696 |
Accrued expenses | [1] | 43,876 | 72,397 |
Other liabilities | [1] | 51,527 | 59,209 |
Total liabilities | [1] | 4,332,804 | 5,030,175 |
Commitments and contingencies (Note 18) | [1] | 0 | 0 |
Equity | |||
Additional paid-in capital | [1] | 1,780,074 | 1,532,384 |
Treasury stock, 474,050 and 3,184,269 shares, at cost | [1] | (62,859) | (42,699) |
Retained earnings (dividends in excess of earnings) | [1] | (163,717) | (35,746) |
Accumulated other comprehensive income (loss) | [1] | (10,463) | 4,218 |
Total shareholders’ equity | [1] | 1,543,162 | 1,458,277 |
Noncontrolling interest in operating partnership | [1] | 0 | 172,054 |
Noncontrolling interest in consolidated joint ventures | [1] | 5,263 | 8,646 |
Total equity | [1] | 1,548,425 | 1,638,977 |
Total liabilities and equity | [1] | 5,881,229 | 6,669,152 |
Class A Common Stock | |||
Equity | |||
Common stock | [1] | 127 | 108 |
Class B Common Stock | |||
Equity | |||
Common stock | [1] | $ 0 | $ 12 |
[1] | Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Treasury stock (in shares) | 474,050 | 3,184,269 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, issued (in shares) | 126,852,765 | 126,378,715 |
Common stock, outstanding (in shares) | 110,693,832 | 107,509,563 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 0 | 12,158,933 |
Common stock, outstanding (in shares) | 0 | 12,158,933 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | Dec. 15, 2020 | Aug. 31, 2020 | May 28, 2020 | Feb. 27, 2020 | Nov. 26, 2019 | Aug. 22, 2019 | May 30, 2019 | May 01, 2019 | Feb. 27, 2019 | Feb. 06, 2019 | Jan. 24, 2019 | Nov. 01, 2018 | Oct. 30, 2018 | Sep. 05, 2018 | May 30, 2018 | Feb. 27, 2018 | Jun. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Net interest income | ||||||||||||||||||||||||||||
Interest income | $ 50,543,000 | $ 54,621,000 | $ 62,096,000 | $ 72,589,000 | $ 76,196,000 | $ 82,251,000 | $ 85,322,000 | $ 86,466,000 | $ 239,849,000 | $ 330,235,000 | $ 344,816,000 | |||||||||||||||||
Interest expense | 227,474,000 | 204,353,000 | 194,291,000 | |||||||||||||||||||||||||
Net interest income (expense) | 12,375,000 | 125,882,000 | 150,525,000 | |||||||||||||||||||||||||
Provision for (release of) loan loss reserves | 18,275,000 | 2,600,000 | 13,900,000 | |||||||||||||||||||||||||
Net interest income (expense) after provision for (release of) loan losses | 4,359,000 | 735,000 | (5,600,000) | (5,393,000) | 24,857,000 | 30,854,000 | 32,653,000 | 34,918,000 | (5,900,000) | 123,282,000 | 136,625,000 | |||||||||||||||||
Other income (loss) | ||||||||||||||||||||||||||||
Operating lease income | $ 3,900,000 | 100,248,000 | 106,366,000 | 106,177,000 | ||||||||||||||||||||||||
Sale of loans, net | (1,571,000) | 54,758,000 | 16,511,000 | |||||||||||||||||||||||||
Realized gain (loss) on securities | (12,410,000) | 14,911,000 | (5,808,000) | |||||||||||||||||||||||||
Unrealized gain (loss) on equity securities | (132,000) | 1,737,000 | (1,605,000) | |||||||||||||||||||||||||
Unrealized gain (loss) on Agency interest-only securities | 263,000 | 84,000 | 555,000 | |||||||||||||||||||||||||
Realized gain (loss) on sale of real estate, net | $ 0 | 32,102,000 | 1,392,000 | 95,881,000 | ||||||||||||||||||||||||
Impairment of real estate | (1,400,000) | 0 | (1,350,000) | 0 | ||||||||||||||||||||||||
Fee and other income | 12,654,000 | 24,403,000 | 26,285,000 | |||||||||||||||||||||||||
Net result from derivative transactions | (15,270,000) | (30,011,000) | 15,926,000 | |||||||||||||||||||||||||
Earnings (loss) from investment in unconsolidated joint ventures | 1,821,000 | 3,432,000 | 790,000 | |||||||||||||||||||||||||
Gain (loss) on extinguishment/defeasance of debt | $ (1,100,000) | 22,250,000 | (1,070,000) | (4,392,000) | ||||||||||||||||||||||||
Total other income (loss) | 139,955,000 | 174,652,000 | 250,320,000 | |||||||||||||||||||||||||
Costs and expenses | ||||||||||||||||||||||||||||
Salaries and employee benefits | 58,101,000 | 67,768,000 | 60,117,000 | |||||||||||||||||||||||||
Operating expenses | 20,294,000 | 22,595,000 | 21,696,000 | |||||||||||||||||||||||||
Real estate operating expenses | 28,584,000 | 23,323,000 | 29,799,000 | |||||||||||||||||||||||||
Fee expense | 7,244,000 | 6,090,000 | 5,055,000 | |||||||||||||||||||||||||
Depreciation and amortization | $ 400,000 | 39,079,000 | 38,511,000 | 41,959,000 | ||||||||||||||||||||||||
Total costs and expenses | 47,889,000 | 32,149,000 | 31,052,000 | 42,211,000 | 36,839,000 | 36,989,000 | 38,069,000 | 46,390,000 | 153,302,000 | 158,287,000 | 158,626,000 | |||||||||||||||||
Income (loss) before taxes | (16,295,000) | 21,396,000 | (5,743,000) | (18,602,000) | 47,619,000 | 32,060,000 | 38,291,000 | 21,677,000 | (19,247,000) | 139,647,000 | 228,319,000 | |||||||||||||||||
Income tax expense (benefit) | (4,712,000) | 14,000 | (550,000) | (4,541,000) | 2,169,000 | 1,112,000 | 2,219,000 | (2,854,000) | (9,789,000) | 2,646,000 | 6,643,000 | |||||||||||||||||
Net income (loss) | (11,583,000) | 21,382,000 | (5,193,000) | (14,061,000) | 45,450,000 | 30,948,000 | 36,072,000 | 24,531,000 | (9,458,000) | 137,001,000 | 221,676,000 | |||||||||||||||||
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures | (127,000) | (4,149,000) | 250,000 | (1,519,000) | 4,000 | (64,000) | 307,000 | 447,000 | (5,544,000) | 694,000 | (15,864,000) | |||||||||||||||||
Net (income) loss attributable to noncontrolling interest in operating partnership | $ (4,000) | $ (45,000) | $ 754,000 | $ (148,000) | $ (4,804,000) | $ (3,308,000) | $ (4,136,000) | $ (2,802,000) | $ 557,000 | $ (15,050,000) | $ (25,797,000) | |||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||
Basic (in dollars per share) | $ (0.10) | $ 0.15 | $ (0.04) | $ (0.15) | $ 0.38 | $ 0.26 | $ 0.31 | $ 0.21 | $ (0.13) | $ 1.16 | $ 1.85 | |||||||||||||||||
Diluted (in dollars per share) | $ (0.10) | $ 0.14 | $ (0.04) | $ (0.15) | $ 0.37 | $ 0.26 | $ 0.30 | $ 0.21 | $ (0.13) | $ 1.15 | $ 1.84 | |||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||
Basic (in shares) | 112,409,615 | 105,455,849 | 97,226,027 | |||||||||||||||||||||||||
Diluted (in shares) | 112,409,615 | 106,399,783 | 97,652,065 | |||||||||||||||||||||||||
Class A Common Stock | ||||||||||||||||||||||||||||
Costs and expenses | ||||||||||||||||||||||||||||
Net income (loss) attributable to Class A common shareholders | $ (11,714,000) | $ 17,188,000 | $ (4,189,000) | $ (15,728,000) | $ 40,650,000 | $ 27,577,000 | $ 32,242,000 | $ 22,175,000 | $ (14,445,000) | $ 122,645,000 | $ 180,015,000 | |||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||
Basic (in dollars per share) | $ (0.13) | $ 1.16 | $ 1.85 | |||||||||||||||||||||||||
Diluted (in dollars per share) | $ (0.13) | $ 1.15 | $ 1.84 | |||||||||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||
Basic (in shares) | 112,409,615 | 105,455,849 | 97,226,027 | |||||||||||||||||||||||||
Diluted (in shares) | 112,409,615 | 106,399,783 | 97,652,065 | |||||||||||||||||||||||||
Dividends per share of Class A common stock (in dollars per share) | $ 0.200 | $ 0.200 | $ 0.200 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.570 | $ 0.570 | $ 0.570 | $ 0.325 | $ 0.325 | $ 0.315 | $ 0.200 | $ 0.200 | $ 0.200 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.940 | $ 1.360 | $ 1.535 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income (loss) | $ (9,458) | $ 137,001 | $ 221,676 |
Unrealized gain (loss) on securities, net of tax: | |||
Unrealized gain (loss) on real estate securities, available for sale | (28,618) | 24,678 | (8,205) |
Reclassification adjustment for (gain) loss included in net income (loss) | 13,460 | (14,748) | 3,064 |
Total other comprehensive income (loss) | (15,158) | 9,930 | (5,141) |
Comprehensive income (loss) | (24,616) | 146,931 | 216,535 |
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures | (5,544) | 694 | (15,864) |
Comprehensive income (loss) of combined Class A common shareholders and Operating Partnership unitholders | (30,160) | 147,625 | 200,671 |
Comprehensive (income) loss attributable to noncontrolling interest in operating partnership | 5,765 | (16,195) | (24,868) |
Class A Common Stock | |||
Unrealized gain (loss) on securities, net of tax: | |||
Comprehensive income (loss) attributable to Class A common shareholders | $ (24,395) | $ 131,430 | $ 175,803 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Class A Common Stock | Class B Common Stock | Common StockClass A Common Stock | Common StockClass B Common Stock | Additional Paid- in-Capital | Treasury Stock | Retained Earnings (Dividends in Excess of Earnings) | Retained Earnings (Dividends in Excess of Earnings)Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Operating Partnership | Consolidated Joint Ventures | |
Beginning Balance (in shares) at Dec. 31, 2017 | 93,641,000 | 17,668,000 | ||||||||||||
Beginning Balance at Dec. 31, 2017 | $ 1,488,146 | $ 94 | $ 18 | $ 1,306,136 | $ (31,956) | $ (39,112) | $ (212) | $ 240,861 | $ 12,317 | |||||
Increase Decrease in Stockholders' Equity | ||||||||||||||
Contributions | 7,604 | 7,604 | ||||||||||||
Distributions | (46,083) | (20,353) | (25,730) | |||||||||||
Amortization of equity based compensation | 8,831 | 8,831 | ||||||||||||
Issuance of common stock (in shares) | 5,800,000 | |||||||||||||
Issuance of common stock | 99,006 | $ 6 | 99,000 | |||||||||||
Grants of restricted stock (in shares) | 34,000 | |||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares) | (58,000) | |||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units | (859) | (859) | ||||||||||||
Forfeitures (in shares) | (26,000) | |||||||||||||
Dividends declared | (129,561) | (129,561) | ||||||||||||
Exchange of noncontrolling interest for common stock (in shares) | 4,550,000 | (4,550,000) | ||||||||||||
Exchange of noncontrolling interest for common stock | 515 | $ 5 | $ (5) | 63,109 | (167) | (62,427) | ||||||||
Net income (loss) | 221,676 | 180,015 | 25,797 | 15,864 | ||||||||||
Other comprehensive income (loss) | (5,141) | (4,211) | (930) | |||||||||||
Rebalancing of ownership percentage between Company and Operating Partnership | (5,420) | (59) | 5,479 | |||||||||||
Offering costs | (499) | (499) | ||||||||||||
Ending Balance (in shares) at Dec. 31, 2018 | 103,941,000 | 13,118,000 | ||||||||||||
Ending Balance at Dec. 31, 2018 | 1,643,635 | $ 105 | $ 13 | 1,471,157 | (32,815) | 11,342 | (4,649) | 188,427 | 10,055 | |||||
Increase Decrease in Stockholders' Equity | ||||||||||||||
Contributions | 498 | 498 | ||||||||||||
Distributions | (18,475) | (17,262) | (1,213) | |||||||||||
Amortization of equity based compensation | 21,777 | 21,777 | ||||||||||||
Grants of restricted stock (in shares) | 1,478,000 | |||||||||||||
Grants of restricted stock | $ 1 | (1) | ||||||||||||
Purchase of treasury stock (in shares) | (40,000) | |||||||||||||
Purchase of treasury stock | (637) | (637) | ||||||||||||
Re-issuance of treasury stock (in shares) | 92,000 | |||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares) | (526,000) | |||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units | (9,247) | (9,247) | ||||||||||||
Forfeitures (in shares) | (9,000) | |||||||||||||
Dividends declared | (145,910) | (145,910) | ||||||||||||
Exchange of noncontrolling interest for common stock (in shares) | 1,139,411 | (1,139,411) | 1,139,000 | (1,139,000) | ||||||||||
Exchange of noncontrolling interest for common stock | 405 | $ 1 | $ (1) | 16,449 | 65 | (16,109) | ||||||||
Net income (loss) | 137,001 | 122,645 | 15,050 | (694) | ||||||||||
Other comprehensive income (loss) | 9,930 | 8,785 | 1,145 | |||||||||||
Rebalancing of ownership percentage between Company and Operating Partnership | (820) | 17 | 803 | |||||||||||
Stock dividends (in shares) | 1,434,000 | 181,000 | ||||||||||||
Stock dividends | $ 1 | 23,822 | (23,823) | |||||||||||
Ending Balance (in shares) at Dec. 31, 2019 | 107,509,000 | 12,160,000 | ||||||||||||
Ending Balance at Dec. 31, 2019 | 1,638,977 | [1] | $ (5,797) | $ 108 | $ 12 | 1,532,384 | (42,699) | (35,746) | $ (5,797) | 4,218 | 172,054 | 8,646 | ||
Increase Decrease in Stockholders' Equity | ||||||||||||||
Contributions | 860 | 860 | ||||||||||||
Distributions | (16,485) | (6,698) | (9,787) | |||||||||||
Amortization of equity based compensation | 42,728 | 42,728 | ||||||||||||
Issuance of common stock (in shares) | 4,000,000 | |||||||||||||
Issuance of common stock | 32,000 | $ 4 | 31,996 | |||||||||||
Issuance of Purchase Right | 8,425 | 8,425 | ||||||||||||
Purchase of treasury stock (in shares) | (384,000) | |||||||||||||
Purchase of treasury stock | (3,035) | (3,035) | ||||||||||||
Re-issuance of treasury stock (in shares) | 4,423,000 | |||||||||||||
Re-issuance of treasury stock | $ 4 | (4) | ||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares) | (1,301,000) | |||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units | (17,126) | $ (1) | (17,125) | |||||||||||
Forfeitures (in shares) | (28,000) | |||||||||||||
Dividends declared | (107,729) | (107,729) | ||||||||||||
Exchange of noncontrolling interest for common stock (in shares) | 12,159,000 | (12,160,000) | ||||||||||||
Exchange of noncontrolling interest for common stock | 223 | $ 12 | $ (12) | 165,788 | (6,952) | (158,613) | ||||||||
Net income (loss) | (9,458) | (14,445) | (557) | 5,544 | ||||||||||
Other comprehensive income (loss) | (15,158) | (9,950) | (5,208) | |||||||||||
Rebalancing of ownership percentage between Company and Operating Partnership | (1,243) | 2,221 | (978) | |||||||||||
Ending Balance (in shares) at Dec. 31, 2020 | 126,378,000 | 0 | ||||||||||||
Ending Balance at Dec. 31, 2020 | $ 1,548,425 | [1] | $ 127 | $ 0 | $ 1,780,074 | $ (62,859) | $ (163,717) | $ (10,463) | $ 0 | $ 5,263 | ||||
Increase Decrease in Stockholders' Equity | ||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||||
[1] | Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (9,458,000) | $ 137,001,000 | $ 221,676,000 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
(Gain) loss on extinguishment/defeasance of debt | (22,250,000) | 1,070,000 | 4,392,000 |
Depreciation and amortization | 39,079,000 | 38,511,000 | 41,959,000 |
Unrealized (gain) loss on derivative instruments | 269,000 | (1,542,000) | (705,000) |
Unrealized (gain) loss on equity securities | 132,000 | (1,737,000) | 1,605,000 |
Unrealized (gain) loss on Agency interest-only securities | (263,000) | (84,000) | (555,000) |
Provision for (release of) loan loss reserves | 18,275,000 | 2,600,000 | 13,900,000 |
Impairment of real estate | 0 | 1,350,000 | 0 |
Amortization of equity based compensation | 42,728,000 | 21,777,000 | 8,831,000 |
Amortization of deferred financing costs included in interest expense | 18,730,000 | 10,987,000 | 10,906,000 |
Amortization of premium on mortgage loan financing | (1,160,000) | (1,584,000) | (1,023,000) |
Amortization of above- and below-market lease intangibles | (2,234,000) | (1,359,000) | (1,739,000) |
Amortization of premium/(accretion) of discount and other fees on loans | (15,530,000) | (17,845,000) | (19,820,000) |
Amortization of premium/(accretion) of discount and other fees on securities | 526,000 | 217,000 | 3,124,000 |
Realized (gain) loss on sale of mortgage loan receivables held for sale | (8,026,000) | (54,758,000) | (16,511,000) |
Realized (gain) loss on sale of mortgage loan receivables held for investment | 9,596,000 | 0 | 0 |
Realized (gain) loss on disposition of loan | (98,000) | (2,250,000) | 0 |
Realized (gain) loss on securities | 13,136,000 | (14,911,000) | 5,808,000 |
Realized (gain) loss on sale of real estate, net | (32,102,000) | (1,392,000) | (95,881,000) |
Realized gain on sale of derivative instruments | (108,000) | 84,000 | (242,000) |
Origination of mortgage loan receivables held for sale | (212,845,000) | (946,178,000) | (1,297,221,000) |
Purchases of mortgage loan receivables held for sale | 0 | (9,934,000) | 0 |
Repayment of mortgage loan receivables held for sale | 404,000 | 667,000 | 14,242,000 |
Proceeds from sales of mortgage loan receivables held for sale | 312,273,000 | 1,024,357,000 | 1,292,442,000 |
(Income) loss from investments in unconsolidated joint ventures in excess of distributions received | (1,821,000) | (3,432,000) | (790,000) |
Distributions from operations of investment in unconsolidated joint ventures | 0 | 3,317,000 | 1,250,000 |
Deferred tax asset (liability) | 94,000 | 4,814,000 | (7,525,000) |
Changes in operating assets and liabilities: | |||
Accrued interest receivable | 4,895,000 | 5,556,000 | (1,339,000) |
Other assets | (8,778,000) | 1,502,000 | 3,369,000 |
Accrued expenses and other liabilities | (33,363,000) | (13,192,000) | 20,436,000 |
Net cash provided by (used in) operating activities | 111,943,000 | 183,207,000 | 200,433,000 |
Cash flows from investing activities: | |||
Origination of mortgage loan receivables held for investment | (353,662,000) | (1,452,049,000) | (1,478,771,000) |
Repayment of mortgage loan receivables held for investment | 891,705,000 | 1,639,101,000 | 1,411,862,000 |
Proceeds from sale of mortgage loan receivables held for investment, at amortized cost | 270,491,000 | 0 | 0 |
Purchases of real estate securities | (440,612,000) | (1,645,640,000) | (770,039,000) |
Repayment of real estate securities | 146,158,000 | 491,880,000 | 109,446,000 |
Basis recovery of Agency interest-only securities | 7,611,000 | 12,086,000 | 18,349,000 |
Proceeds from sales of real estate securities | 932,158,000 | 855,618,000 | 324,798,000 |
Purchases of real estate | (7,440,000) | (20,235,000) | (122,707,000) |
Capital improvements of real estate | (6,103,000) | (7,592,000) | (7,782,000) |
Proceeds from sale of real estate | 67,104,000 | 12,123,000 | 157,008,000 |
Capital contributions and advances to investment in unconsolidated joint ventures | 0 | (56,337,000) | (3,865,000) |
Capital distribution from investment in unconsolidated joint ventures | 4,002,000 | 48,514,000 | 0 |
Capitalization of interest on investment in unconsolidated joint ventures | 0 | (142,000) | (1,507,000) |
Purchase of FHLB stock | 0 | (3,704,000) | 0 |
Proceeds from sale of FHLB stock | 30,619,000 | 0 | 20,000,000 |
Purchase of derivative instruments | (196,000) | (310,000) | (545,000) |
Sale of derivative instruments | 430,000 | 100,000 | 888,000 |
Net cash provided by (used in) investing activities | 1,542,265,000 | (126,587,000) | (342,865,000) |
Cash flows from financing activities: | |||
Deferred financing costs paid | (18,021,000) | (6,910,000) | (3,509,000) |
Proceeds from borrowings under debt obligations | 10,021,156,000 | 14,402,852,000 | 5,806,914,000 |
Repayment of borrowings under debt obligations | (10,614,556,000) | (14,022,875,000) | (5,681,604,000) |
Cash dividends paid to Class A common shareholders | (118,888,000) | (144,530,000) | (122,772,000) |
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock | (17,126,000) | (9,247,000) | (858,000) |
Purchase of treasury stock | (3,035,000) | (637,000) | 0 |
Issuance of common stock | 32,000,000 | 0 | 99,006,000 |
Common stock offering costs | 0 | 0 | (499,000) |
Issuance of purchase right | 8,425,000 | 0 | 0 |
Net cash provided by (used in) financing activities | (725,670,000) | 200,676,000 | 58,199,000 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 928,538,000 | 257,296,000 | (84,233,000) |
Cash, cash equivalents and restricted cash at beginning of period | 355,746,000 | 98,450,000 | 182,683,000 |
Cash, cash equivalents and restricted cash at end of period | 1,284,284,000 | 355,746,000 | 98,450,000 |
Supplemental information: | |||
Cash paid for interest, net of amounts capitalized | 202,939,000 | 195,061,000 | 183,215,000 |
Cash paid (received) for income taxes | 2,197,000 | 885,000 | 9,839,000 |
Non-cash investing and financing activities: | |||
Repayment in transit of mortgage loans receivable held for investment (other assets) | 69,649,000 | 0 | 106,205,000 |
Settlement of mortgage loan receivable held for investment by real estate, net | (28,903,000) | (44,183,000) | 0 |
Transfer from mortgage loans receivable held for sale to mortgage loans receivable held for investment, net, at amortized cost | 0 | 45,832,000 | 55,403,000 |
Proceeds from sale of real estate | 0 | 0 | 1,421,000 |
Real estate acquired in settlement of mortgage loan receivable held for investment, net | 29,310,000 | 84,356,000 | 0 |
Net settlement of sale of real estate, subject to debt - real estate | (31,768,000) | (11,943,000) | 0 |
Net settlement of sale of real estate, subject to debt - debt obligations | 31,768,000 | 11,943,000 | 0 |
Reduction in proceeds from sales of real estate | 0 | 0 | 62,417,000 |
Assumption of debt obligations by real estate buyer/defeasance of debt and related costs | 0 | 0 | (62,417,000) |
Exchange of noncontrolling interest for common stock | 158,625,000 | 16,110,000 | 62,433,000 |
Mortgage loan financing acquired in settlement of mortgage loan receivable held for investment, net | 0 | (33,904,000) | 0 |
Change in deferred tax asset related to exchanges of noncontrolling interest for common stock | 223,000 | 394,000 | 428,000 |
Increase in amount payable pursuant to tax receivable agreement | 0 | (11,000) | (86,000) |
Rebalancing of ownership percentage between Company and Operating Partnership | (978,000) | 803,000 | 5,480,000 |
Dividends declared, not paid | 27,537,000 | 38,696,000 | 37,316,000 |
Stock dividends | 0 | 23,823,000 | 0 |
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | 355,746,000 | 355,746,000 | 182,683,000 |
Consolidated Joint Venture | |||
Cash flows from financing activities: | |||
Capital distributed to noncontrolling interests | (9,787,000) | (1,213,000) | (25,730,000) |
Capital contributed by noncontrolling interests in consolidated joint ventures | 860,000 | 498,000 | 7,604,000 |
Operating Partnership | |||
Cash flows from financing activities: | |||
Capital distributed to noncontrolling interests | (6,698,000) | (17,262,000) | (20,353,000) |
Equity Securities | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Unrealized (gain) loss on equity securities | 132,000 | (1,737,000) | 1,605,000 |
Mutual Fund | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Unrealized (gain) loss on equity securities | $ (158,000) | $ (405,000) | $ (156,000) |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND OPERATIONS | 1. ORGANIZATION AND OPERATIONS We are an internally-managed real estate investment trust (“REIT”) that is a leader in commercial real estate finance. We originate and invest in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Our investment activities include: (i) our primary business of originating senior first mortgage fixed and floating rate loans collateralized by commercial real estate with flexible loan structures; (ii) investing in investment grade securities secured by first mortgage loans on commercial real estate; and (iii) owning and operating commercial real estate, including net leased commercial properties. Ladder Capital Corp, as the general partner of Ladder Capital Finance Holdings LLLP (“LCFH,” “Predecessor” or the “Operating Partnership”), operates the Ladder Capital business through LCFH and its subsidiaries. As of December 31, 2020, Ladder Capital Corp has a 100.0% economic interest in LCFH and controls the management of LCFH as a result of its ability to appoint its board members. Accordingly, Ladder Capital Corp consolidates the financial results of LCFH and its subsidiaries. In addition, Ladder Capital Corp, through certain subsidiaries which are treated as taxable REIT subsidiaries (each a “TRS”), is indirectly subject to U.S. federal, state and local income taxes. Other than such indirect U.S. federal, state and local income taxes, there are no material differences between Ladder Capital Corp’s consolidated financial statements and LCFH’s consolidated financial statements. Ladder Capital Corp was formed as a Delaware corporation on May 21, 2013. The Company conducted its initial public offering (“IPO”) which closed on February 11, 2014. The Company used the net proceeds from the IPO to purchase newly issued limited partnership units (“LP Units”) from LCFH. In connection with the IPO, Ladder Capital Corp also became a holding corporation and the general partner of, and obtained a controlling interest in, LCFH. Ladder Capital Corp’s only business is to act as the general partner of LCFH, and, as such, Ladder Capital Corp indirectly operates and controls all of the business and affairs of LCFH and its subsidiaries. The IPO transactions described herein are referred to as the “IPO Transactions.” COVID-19 Impact on the Organization On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (“COVID-19”) a global pandemic and recommended containment and mitigation measures worldwide. As of the date of this filing, the majority of our employees continue to work remotely. We continue to actively manage the liquidity and operations of the Company in light of the market conditions and the overall financial impact of the COVID-19 pandemic across most industries in the United States. In view of the uncertainty related to the severity and duration of the pandemic, its ultimate impact on our revenues, profitability and financial position remains difficult to assess at this time. Refer to the Notes to the Consolidated Financial Statements for further disclosure on the current and potential impact of the COVID-19 global pandemic on our business. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company conducted a more extensive going concern analysis as a result of market conditions throughout the year ended December 31, 2020. As the COVID-19 crisis evolved, management implemented a plan to increase liquidity resources and pay down debt. The Company maintained an unrestricted cash position of $1.3 billion as of December 31, 2020 to mitigate uncertainty in liquidity needs in light of market conditions. The Company was in compliance with all financial covenants as of December 31, 2020 (refer to Note 7, Debt Obligations, Net). As of March 31, 2020, partly as a result of maintaining higher levels of cash, the Company was not in compliance with its 3.5x covenant ratio with certain of its lenders; however, the Company cured such non-compliance through pay downs of debt with various counterparties during the cure period. Management continues to evaluate the Company’s liquidity under the current market conditions and expects that its current cash resources, operating cash flows and ability to obtain financing is sufficient to sustain operations for a period greater than one year from the issuance date of this Annual Report. As part of the Company’s actions implemented in direct response to the COVID-19 pandemic, for the three months ended June 30, 2020, the Company incurred an additional $2.1 million of professional fees, included in operating expenses, and $0.2 million of severance costs, included in salaries and employee benefits. Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the Company’s accounts and those of its subsidiaries which are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. See Note 10, Consolidated Variable Interest Entities for further information on the Company’s consolidated variable interest entities. Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of resulting changes are reflected in the consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying consolidated financial statements include, but are not limited to the following: • valuation of real estate securities; • valuation of mortgage loan receivables held for sale; • valuation of real estate; • allocation of purchase price for acquired real estate; • impairment, and useful lives, of real estate; • useful lives of intangible assets; • valuation of derivative instruments; • valuation of deferred tax asset (liability); • amounts payable pursuant to the Tax Receivable Agreement; • determination of effective yield for recognition of interest income; • adequacy of provision for loan losses including the valuation of underlying collateral for collateral-dependent loans; • determination of other than temporary impairment of real estate securities and investments in and advances to unconsolidated joint ventures; • certain estimates and assumptions used in the accrual of incentive compensation and calculation of the fair value of equity compensation issued to employees; • determination of the effective tax rate for income tax provision; and • certain estimates and assumptions used in the allocation of revenue and expenses for our segment reporting. Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of December 31, 2020 and 2019. At December 31, 2020 and 2019, and at various times during the years, the balances exceeded the insured limits Restricted Cash Restricted cash includes accounts the Company maintains with brokers to facilitate financial derivative and repurchase agreement transactions in support of its loan and securities investments and risk management activities. Based on the value of the positions in these accounts and the associated margin requirements, the Company may be required to deposit additional cash into these broker accounts. The cash collateral held by broker is considered restricted cash. Restricted cash also includes tenant security deposits, deposits related to real estate sales and acquisitions and required escrow balances on credit facilities. Mortgage Loan Receivables Held for Investment Loans for which the Company has the intention and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for credit losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the effective interest method, adjusted for actual prepayments. Upon the decision to sell such loans, the Company will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value on the consolidated balance sheets. Provision for Loan Losses The Company uses a current expected credit loss model (“CECL”) for estimating the provision for loan losses on its loan portfolio. The CECL model requires the consideration of possible credit losses over the life of an instrument and includes a portfolio-based component and an asset-specific component. In compliance with the CECL reporting requirements, the Company supplemented its existing credit monitoring and management processes with additional processes to support the calculation of the CECL reserves. As part of that effort, the Company has engaged a third-party service provider to provide market data and a credit loss model. The credit loss model is a forward-looking, econometric, commercial real estate (“CRE”) loss forecasting tool. It is comprised of a probability of default (“PD”) model and a loss given default (“LGD”) model that, layered together with user’s loan-level data, selected forward-looking macroeconomic variables, and pool-level mean loss rates, produces life of loan expected losses (“EL”) at the loan and portfolio level. Where management has determined that the credit loss model does not fully capture certain external factors, including portfolio trends or loan-specific factors, a qualitative adjustment to the reserve, is recorded. The CECL model was implemented in 2020. Given prior period loss models were based on the incurred loss model, management notes that prior periods are not measured on a comparable basis. The asset-specific reserve component relates to reserves for losses on individually impaired loans. The Company evaluates each loan for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, less the estimated costs to sell, if recovery of the Company’s investment is expected solely from the collateral. The Company may use the direct capitalization rate valuation methodology or the sales comparison approach to estimate the fair value of the collateral for such loans and in certain cases will obtain external appraisals and take into account potential sale bids. Determining fair value of the collateral may take into account a number of assumptions including, but not limited to, cash flow projections, market capitalization rates, discount rates and data regarding recent comparable sales of similar properties. Such assumptions are generally based on current market conditions and are subject to economic and market uncertainties. The Company’s loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan at maturity, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic submarket in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management and underwriting personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data and ultimately presented to management for approval. A loan is also considered impaired if its terms are modified in a troubled debt restructuring (“TDR”). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans. Generally, when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and, in some cases, lookback features or equity interests to offset concessions granted should conditions impacting the loan improve. The Company’s determination of credit losses is impacted by TDRs whereby loans that have gone through TDRs are considered impaired and are assessed for specific reserves. Loans previously restructured under TDRs that subsequently default are reassessed to incorporate the Company’s current assumptions on expected cash flows and additional provision expense is recorded to the extent necessary. The Company designates non-accrual loans generally when (i) the principal or coupon interest components of loan payments become 90-days past due or (ii) in the opinion of the Company, it is doubtful the Company will be able to collect all amounts due according to the contractual terms of the loan. Interest income on non-accrual loans in which the Company reasonably expects a full recovery of the loan’s outstanding principal balance is recognized when received in cash. Otherwise, income recognition will be suspended and any cash received will be applied as a reduction to the amortized cost. A non-accrual loan is returned to accrual status at such time as the loan becomes contractually current and future principal and coupon interest are reasonably assured to be received in accordance with the contractual loan terms. A loan will be written off when management has determined it is no longer realizable and deemed non-recoverable. Mortgage Loan Receivables Held for Sale Mortgage loan receivables held for sale are first mortgage loans that are secured by cash-flowing commercial real estate and are available for sale to securitizations. Mortgage loan receivables held for sale are recorded at lower of cost or market value on an individual basis. Real Estate Securities The Company classifies its real estate securities investments on the date of acquisition of the investment. Real estate securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses on all securities, except for Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”) and equity securities, recorded as a component of other comprehensive income (loss) in shareholders’ equity. As more fully described in Note 4, certain securities which were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Act which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the consolidated statements of income in accordance with ASC 815. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the consolidated statements of income. The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. The Company accounts for the changes in the fair value of the unfunded portion of its GNMA Construction securities, which are included in real estate securities, available-for-sale, on the consolidated balance sheet, as available for sale securities. Unrealized losses on securities that, in the judgment of management, are other than temporary are charged against earnings as a loss in the consolidated statements of income. Equity securities are classified as available-for-sale. The Company has elected the fair market value option for accounting for these equity securities and changes in fair value are recorded in current period earnings. When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an other-than-temporary impairment in the value of the security. An impairment will be considered other-than-temporary based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) the Company does not expect to recover the security’s cost basis (i.e., a credit loss). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is other-than-temporary and will be recognized currently in earnings equal to the entire difference between fair value and amortized cost. If a credit loss exists, but the Company does not intend to, nor is it more likely than not that it will be required to sell before recovery, the impairment is other-than-temporary and will be separated into (i) the estimated amount relating to the credit loss, and (ii) the amount relating to all other factors. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss recognized in other comprehensive income. Estimating cash flows and determining whether there is other-than-temporary impairment require management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts. For cash flow statement purposes, receipts of interest from interest-only real estate securities are bifurcated between amortization of premium/(accretion) of discount and other fees on securities as part of cash flows from operations and basis recovery of Agency interest-only securities as part of cash flows from investing activities. The Company utilizes an internal model as its primary pricing source to develop its prices for its commercial mortgage-backed securities (“CMBS”) and other commercial real estate securities guaranteed by a U.S. governmental agency or by a government sponsored entity (together, “U.S. Agency Securities”). Different judgments and assumptions could result in materially different estimates of fair value. To confirm its own valuations, the Company requests prices for each of its CMBS and U.S. Agency Securities investments from three different sources, including third parties that provide pricing services and brokers, although since broker quotes for the same or similar securities in which Ladder has invested are non-binding, the Company does not consider them to be a primary source for valuation. The Company may also develop a price for a security based on its direct observations of market activity and other observations. Typically, at least two prices per security are obtained. Prior to using a third-party pricing service for valuation, the Company develops an understanding of the valuation methodologies used by such pricing services through discussions with their representatives and review of their valuation methodologies used for different types of securities. The Company understands that the pricing services develop estimates of fair value for CMBS and U.S. Agency Securities using various techniques, including discussion with their internal trading desks, proprietary models and matrix pricing approaches. The Company does not have access to, and is therefore not able to review in detail, the inputs used by the pricing services in developing their estimates of fair value. However, on at least a monthly basis as part of our closing process, the Company evaluates the fair value information provided by the pricing services by comparing this information for reasonableness against its direct observations of market activity for similar securities and anecdotal information obtained from market participants that, in its assessment, is relevant to the determination of fair value. This process may result in the Company “challenging” the estimate of fair value for a security if it is unable to reconcile the estimate provided by the pricing service with its assessment of fair value for the security. Accordingly, in following this approach, the Company’s objective is to ensure that the information used by pricing services in their determination of fair value of securities is reasonable and appropriate. Since inception, the Company has not encountered significant variation in the values obtained from the various pricing sources. In the extremely limited occasions where the prices received were challenged, the challenge resulted in the prices provided by the pricing services being updated to reflect current market updates or cash flow assumptions. Real Estate The Company generally acquires real estate assets or land and development assets through cash purchases and may also acquire such assets through foreclosure or deed-in-lieu of foreclosure in full or partial satisfaction of defaulted loans. Based on the Company’s strategic plan to realize the maximum value from the real estate acquired, properties are classified as Real estate, net or Real estate held for sale in the consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net, and when the Company intends to market these properties for sale in the near term, assets are classified as Real estate held for sale in the consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company records real estate acquired through foreclosure at fair value. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 55 years for buildings, four The Company classifies most of its investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense and impairments, as applicable and are included in Real estate, net in the consolidated balance sheets. Certain of the Company’s real estate is leased to others on a net lease basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance. These leases are for fixed terms of varying length and provide for annual rentals. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The cumulative excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable within other assets in the consolidated balance sheets. Allocation of Purchase Price for Acquired Real Estate Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods. These methods may include discounted cash flow models, for which assumptions including cash flow projections, discount and capitalization rates, or market comparable transactions, which require management judgment in determining the appropriateness of recent comparable sales of similar properties, or the ground lease approach for land valuation, which requires management judgement in determining comparable ground leases to forecast the economic ground rent and apply capitalization rate to the forecast economic ground rent to estimate land value. The Company may also utilize estimates of replacement costs net of depreciation. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships but in no event do the amortization periods for intangible assets exceed the depreciable lives of the buildings. If a tenant terminates its lease, the unamortized portion of the in-place lease value and tenant relationship intangibles are charged to expense. The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 15 Fair Value of Financial Instruments, depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition. Impairment of Property Held for Use On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. Real Estate Held for Sale In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the consolidated statements of income. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. Sales of Real Estate Gains on sales of real estate after January 1, 2018 are recognized pursuant to the provisions included in ASC 606-20, Revenue from Contracts with Customers (“ASC 606-20”) or ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, the Company’s sales of residential condominiums would be governed by ASC 606-20 and the sales of rental properties under ASC 610-20. Gain on sales of real estate prior to January 1, 2018 are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales (“ASC 360-20”). The specific timing of a sale was measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual |
MORTGAGE LOAN RECEIVABLES
MORTGAGE LOAN RECEIVABLES | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
MORTGAGE LOAN RECEIVABLES | 3. MORTGAGE LOAN RECEIVABLES December 31, 2020 ($ in thousands) Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 2,243,639 $ 2,232,749 6.50 % 1.00 Mezzanine loans 121,565 121,310 10.83 % 2.42 Total mortgage loans 2,365,204 2,354,059 6.65 % 1.07 Allowance for credit losses N/A (41,507) Total mortgage loan receivables held for investment, net, at amortized cost 2,365,204 2,312,552 Mortgage loan receivables held for sale: First mortgage loans 30,478 30,518 4.05 % 9.18 Total $ 2,395,682 $ 2,343,070 6.74 % 1.23 (1) Includes the impact from interest rate floors. December 31, 2020 LIBOR rates are used to calculate weighted average yield for floating rate loans. As of December 31, 2020, $1.9 billion, or 82.0%, of the outstanding face amount of our mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates, linked to LIBOR. Of this $1.9 billion, 100% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2020, $30.5 million, or 100%, of the outstanding face amount of our mortgage loan receivables held for sale were at fixed interest rates. December 31, 2019 ($ in thousands) Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 3,147,275 $ 3,127,173 6.77 % 1.35 Mezzanine loans 130,322 129,863 10.97 % 3.26 Total mortgage loans 3,277,597 3,257,036 6.94 % 1.43 Allowance for credit losses N/A (20,500) Total mortgage loan receivables held for investment, net, at amortized cost 3,277,597 3,236,536 Mortgage loan receivables held for sale: First mortgage loans 122,748 122,325 4.20 % 9.99 Total $ 3,400,345 $ 3,358,861 6.88 % 1.75 (1) Includes the impact from interest rate floors. December 31, 2019 LIBOR rates are used to calculate weighted average yield for floating rate loans. As of December 31, 2019, $2.5 billion, or 77.2%, of the outstanding principal of our mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates, linked to LIBOR or a replacement index generally determined in our discretion. Of this $2.5 billion, 100% of these variable rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2019, $122.7 million, or 100%, of the carrying value of our mortgage loan receivables held for sale were at fixed interest rates. For the years ended December 31, 2020 and 2019, the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2019 $ 3,257,036 $ (20,500) $ 122,325 Origination of mortgage loan receivables 353,661 — 212,845 Repayment of mortgage loan receivables (960,832) — (404) Proceeds from sales of mortgage loan receivables (270,491) — (312,273) Non-cash disposition of loans via foreclosure(1) (31,249) — — Sale of loans, net (9,596) — 8,025 Accretion/amortization of discount, premium and other fees 15,530 — — Release of asset-specific loan loss provision via foreclosure(1) — 2,500 — Provision for current expected credit loss (implementation impact)(2) — (4,964) — Provision for current expected credit loss, net (impact to earnings)(2) — (18,543) — Balance, December 31, 2020 $ 2,354,059 $ (41,507) $ 30,518 (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. (2) During the year ended December 31, 2020, the initial impact of the implementation of the CECL accounting standard as of January 1, 2020 is recorded against retained earnings. Subsequent remeasurement, including the period to date change for the year ended December 31, 2020, is accounted for as provision for current expected credit loss in the consolidated statements of income. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Mortgage loans transferred but not considered sold Allowance for credit losses Mortgage loan Balance, December 31, 2018 $ 3,318,390 $ — $ (17,900) $ 182,439 Origination of mortgage loan receivables 1,452,049 — — 946,178 Purchases of mortgage loan receivables — — — 9,934 Repayment of mortgage loan receivables (1,531,551) — — (795) Proceeds from sales of mortgage loan receivables(1) — (15,504) — (1,008,853) Non-cash disposition of loan via foreclosure(2) (45,529) — — — Sale of loans, net — — — 54,758 Transfer between held for investment and held for sale(1) 45,832 15,504 — (61,336) Accretion/amortization of discount, premium and other fees 17,845 — — — Provision for/(release of) loan loss reserves — — (2,600) — Balance, December 31, 2019 $ 3,257,036 $ — $ (20,500) $ 122,325 (1) We sell certain loans into securitizations; however, for a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860 under which the Company must surrender control over the transferred assets which must qualify as recognized financial assets at the time of transfer. The assets must be isolated from the Company, even in bankruptcy or other receivership, the purchaser must have the right to pledge or sell the assets transferred and the Company may not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability. During the three months ended March 31, 2019, the Company reclassified from mortgage loan receivables held for sale to mortgage loans transferred but not considered sold, at amortized cost, one loan with an outstanding face amount of $15.4 million, a book value of $15.5 million (fair value at the date of reclassification) and a remaining maturity of 9.8 years, which was sold to the WFCM 2019-C49 securitization trust. Subsequent to March 31, 2019, the controlling loan interest was sold to the UBS 2019-C16 securitization trust, and as a result, the loan previously sold during the three months ended March 31, 2019 was accounted for as a sale during the year ended December 31, 2019. (2) Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2017 $ 3,282,462 $ (4,000) $ 230,180 Origination of mortgage loan receivables 1,478,771 — 1,297,221 Repayment of mortgage loan receivables (1,518,066) — (14,242) Proceeds from sales of mortgage loan receivables — — (1,291,828) Sale of loans, net — — 16,511 Transfer between held for investment and held for sale 55,403 — (55,403) Accretion/amortization of discount, premium and other fees 19,820 — — Provision for (release of) loan loss reserves — (13,900) — Balance, December 31, 2018 $ 3,318,390 $ (17,900) $ 182,439 During the years ended December 31, 2020, 2019 and 2018, the transfers of financial assets via sales of loans were treated as sales under ASC Topic 860 — Transfers and Servicing . During the year ended December 31, 2019, the transfers of financial assets via sales of loans were treated as sales under ASC Topic 860 — Transfers and Servicing , except for the one loan discussed above. As of December 31, 2020 and 2019, there was $0.5 million and $0.4 million, respectively, of unamortized discounts included in our mortgage loan receivables held for investment, net, at amortized cost, on our consolidated balance sheets. Allowance for Credit Losses and Non-Accrual Status ($ in thousands) Year Ended December 31, 2020 2019 2018 Allowance for credit losses at beginning of period $ 20,500 $ 17,900 $ 4,000 Provision for current expected credit loss (implementation impact) 4,964 (5) — — Provision for current expected credit loss, net (impact to earnings) (3) 18,543 (4) 2,600 13,900 Foreclosure of loans subject to asset-specific reserve (2,500) — — Allowance for credit losses at end of period $ 41,507 $ 20,500 $ 17,900 December 31, 2020 December 31, 2019 Carrying value of loans on non-accrual status, net of asset-specific reserve $ 175,022 (1) $ 86,025 (2) (1) Represents two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $24.2 million, two loans with a combined carrying value of $27.1 million, one loan with a carrying value of $36.4 million, one loan with a carrying value of $13.0 million, one loan with a carrying value of $30.6 million, and one loan with a carrying value of $43.8 million which was foreclosed on in 2021 and is under contract for sale, as further discussed below. (2) Represents two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $24.2 million, one loan with a carrying value of $0.4 million and one loan with a carrying value of $61.5 million, as further discussed below. (3) The total provision includes asset specific reserves of $9.2 million, $2.0 million and $12.7 million as well as a general reserve component of $9.4 million, $0.6 million, and $1.2 million for the years ended 2020, 2019, and 2018 respectively. (4) Additional provisions for current expected credit losses that impact earnings for the year ended 2020 include releases of $0.3 million on unfunded commitments and $2.0 thousand on held-to-maturity securities. (5) Additional provisions for current expected credit losses related to implementation of $0.8 million and $22.0 thousand related to unfunded commitments and held-to-maturity securities, respectively, were recorded on January 1, 2020 at implementation of CECL. Current Expected Credit Loss (“CECL”) On January 1, 2020, the Company recorded a CECL Reserve of $11.6 million, which equated to 0.36% of $3.2 billion carrying value of its held for investment loan portfolio. This reserve excluded three loans that previously had an aggregate of $14.7 million of asset-specific reserves and a carrying value of $39.8 million as of January 1, 2020. Upon adoption, the aggregated CECL Reserve reduced total shareholder’s equity by $5.8 million. As of December 31, 2020, the Company has a $42.1 million allowance for current expected credit losses. This includes three loans that have an aggregate of $21.4 million of asset-specific reserves against a carrying value of $116.4 million as of December 31, 2020. The total change in reserve for provision for the year ended December 31, 2020 was $18.3 million, which includes $9.1 million in the general reserve on both the loans held for investment and the related unfunded commitments and $9.2 million in asset-specific provision related to three loans. These increases and decreases during the year are primarily due to the update of the macro economic assumptions used instead of the more stable “Baseline” scenario from the Federal Reserve that was utilized in the January 1, 2020 CECL reserve analysis. For additional information, refer to “Allowance for Credit Losses and Non-Accrual Status” in Note 3, Mortgage Loan Receivables to the consolidated financial statements. The Company has concluded that none of its loans, other than the four loans discussed below, are individually impaired as of December 31, 2020. Loan Portfolio by Geographic Region, Property Type and Vintage ($ in thousands) Amortized Cost Geographic Region Northeast $ 707,485 Southwest 437,153 South 313,759 Midwest 462,602 West 316,620 Subtotal loans 2,237,619 Individually impaired loans(1) 116,440 Total loans $ 2,354,059 (1) Included in individually impaired loans are two loans, which were originated in 2016 simultaneously as part of a single transaction with a combined amortized cost of $26.9 million, collateralized by a mixed use property located in the Northeast region; one loan, which was originated in 2016 and subsequently restructured into two loans in 2018, with a combined amortized cost of $44.6 million, collateralized by a mixed use property located in the Northeast region; and one loan, originated in 2018, with an amortized cost of $45.0 million, collateralized by a hotel located in the South region. The above individually impaired loans’ amortized cost bases exclude asset-specific provisions totaling $21.4 million. Management’s method for monitoring credit is the performance of a loan. A loan is impaired or not impaired based on the expectation that all amounts contractually due under a loan will be collected when due. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing Ladder’s loan portfolio by collateral type. The following table summarizes the amortized cost of the loan portfolio by property type ($ in thousands). Amortized Cost Basis by Origination Year Property Type 2020 2019 2018 2017 2016 and Earlier Total Office $ — $ 196,610 $ 249,330 $ 83,673 $ 50,935 $ 580,548 Multifamily 65,537 260,254 44,665 24,406 — 394,862 Hospitality — 43,000 139,394 67,307 78,694 328,395 Other 31,217 131,434 77,484 — — 240,135 Mixed Use 106,537 101,704 — 13,268 — 221,509 Retail — 110,492 — — 65,734 176,226 Industrial 46,130 114,630 — — 6,461 167,221 Manufactured Housing 4,553 57,305 11,718 — 3,961 77,537 Self-Storage — 35,986 15,200 — — 51,186 Subtotal loans 253,974 1,051,415 537,791 188,654 205,785 2,237,619 Individually Impaired loans (1) — — 44,952 — 71,488 116,440 Total loans (2) $ 253,974 $ 1,051,415 $ 582,743 $ 188,654 $ 277,273 $ 2,354,059 (1) Included in individually impaired loans are two loans, which were originated in 2016 simultaneously as part of a single transaction with a combined amortized cost of $26.9 million, collateralized by a mixed use property located in the Northeast region, one loan, which was originated in 2016 and subsequently restructured into two loans in 2018, with a combined amortized cost of $44.6 million, collateralized by a mixed use property located in the Northeast region, and one loan, originated in 2018, with a amortized cost of $45.0 million, collateralized by a hotel located in the South region. The above individually impaired loans’ amortized cost basis excludes asset-specific provisions totaling $21.4 million. (2) Not included above is $14.5 million of accrued interest receivable on all loans at December 31, 2020. Individually Impaired Loans As of December 31, 2020, two loans with a carrying value of $24.2 million were impaired and on non-accrual status. The loans are collateralized by a mixed use property in the Northeast region, which were originated simultaneously as part of a single transaction and are directly and indirectly secured by the same property. In assessing these collateral-dependent loans for impairment, the most significant consideration is the fair value of the underlying real estate collateral, which includes an in-place long-dated retail lease. The value of such property is most significantly affected by the contractual lease terms and the appropriate market capitalization rates, which are driven by the property’s market strength, the general interest rate environment and the retail tenant’s creditworthiness. In view of these considerations, the Company uses a direct capitalization rate valuation methodology to calculate the fair value of the underlying real estate collateral. The Company previously recorded an asset-specific provision for loss in 2018 on one of these loans, with a carrying value of $5.9 million, of $2.7 million to reduce the carrying value of the two loans collectively to the fair value of the property less the cost to foreclose and sell the property utilizing direct capitalization rates of 4.70% to 5.00%. As of December 31, 2020, the Company believed no additional loss provision was necessary based on the application of direct capitalization rates of 4.60% to 4.90%. In 2018, a loan secured by a mixed-use property in the Northeast region, with a carrying value of $45.0 million, was determined to be impaired and a reserve of $10.0 million was recorded to reduce the carrying value of the loan to the estimated fair value of the collateral, less the estimated costs to sell. In 2018, the loan experienced a maturity default and its terms were modified in a TDR, which provided for, among other things, the restructuring of the Company’s existing $45.0 million first mortgage loan into a $35.0 million A-Note and a $10.0 million B-Note. The reserve of $10.0 million was applied to the B-Note and the B-Note was placed on non-accrual status. For the three months ended March 31, 2020, management determined that the A-Note was impaired, reflecting a decline in collateral value due to: (i) new information available during the three months ended March 31, 2020 regarding two recent comparable sales and (ii) a change in market conditions driven by COVID-19 as capital flow to the tertiary markets shifted. As a result, on March 31, 2020, the Company recorded an asset-specific provision for loss on the A-Note of $7.5 million to reduce the carrying value of this loan to the fair value of the property less the cost to foreclose and sell the property utilizing direct capitalization rates of 7.50% to 8.60%. The Company placed the A-Note on non-accrual status as of March 31, 2020. As of December 31, 2020, the combined carrying value, after impairment of the A-Note and the B-Note was $27.1 million. For the three months ended December 31, 2020, management identified one loan secured by a hotel in the Southeast region with a carrying value of $45.0 million as impaired, reflecting a decline in the collateral value attributable to new information available related to a purchase offer on the property. A reserve of $1.2 million was recorded for this impaired loan in the three months ended December 31, 2020 to reduce the carrying value of the loan to the estimated fair value of the collateral, less the estimated costs to sell. Subsequent to year end, in February 2021, the Company foreclosed on the asset and closed on the sale of the asset. As of December 31, 2020, there were no unfunded commitments associated with modified loans considered TDRs. These non-recurring fair values are considered Level 3 measurements in the fair value hierarchy. Other Loans on Non-Accrual Status As of December 31, 2020, three other loans were on non-accrual status, with a combined carrying value of $79.9 million. The Company put such loans on non-accrual status in the fourth quarter 2020 and performed a review of the collateral for the loans. The review consisted of conversations with market participants familiar with the property locations as well as reviewing market data and comparable properties. The Company will continue to monitor for impairment. There are no other loans on non-accrual status other than those discussed in Individually Impaired Loans and Other Loans on Non-Accrual Status above as of December 31, 2020. |
REAL ESTATE SECURITIES
REAL ESTATE SECURITIES | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
REAL ESTATE SECURITIES | 4. REAL ESTATE SECURITIES The Company invests in primarily AAA-rated real estate securities, typically front pay securities, with relatively short duration and significant subordination. CMBS, CMBS interest-only securities, Agency securities, Government National Mortgage Association (“GNMA”) construction securities, GNMA permanent securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. GNMA and Federal Home Loan Mortgage Corp (“FHLMC”) securities (collectively, “Agency interest-only securities”) are recorded at fair value with changes in fair value recorded in current period earnings. Equity securities are reported at fair value with changes in fair value recorded in current period earnings. The following is a summary of the Company’s securities at December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses Carrying # of Rating (1) Coupon % Yield % Remaining CMBS(2) $ 1,015,520 $ 1,015,282 $ 1,382 $ (13,363) $ 1,003,301 (3) 90 AAA 1.56 % 1.56 % 2.01 CMBS interest-only(2)(4) 1,498,181 21,567 672 (26) 22,213 (5) 15 AAA 0.44 % 3.53 % 2.19 GNMA interest-only(4)(6) 75,350 868 232 (100) 1,000 11 AA+ 0.43 % 5.06 % 3.59 Agency securities(2) 586 593 12 — 605 2 AA+ 2.55 % 1.64 % 1.26 GNMA permanent securities(2) 30,254 30,340 859 — 31,199 5 AA+ 3.87 % 3.49 % 1.98 Total debt securities $ 2,619,891 $ 1,068,650 $ 3,157 $ (13,489) $ 1,058,318 123 0.91 % 1.66 % 2.01 Provision for current expected credit losses N/A — — (20) (20) Total real estate securities $ 2,619,891 $ 1,068,650 $ 3,157 $ (13,509) $ 1,058,298 123 (1) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the highest rating is used. Ratings provided were determined by third-party rating agencies as of a particular date, may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time. (2) CMBS, CMBS interest-only securities, Agency securities, GNMA permanent securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. (3) Includes $11.1 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, (the “Dodd-Frank Act”) and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (4) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (5) Includes $0.7 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (6) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income in accordance with ASC 815. December 31, 2019 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Gains Losses Carrying # of Rating (1) Coupon % Yield % Remaining CMBS(2) $ 1,640,597 $ 1,640,905 $ 4,337 $ (920) $ 1,644,322 (3) 125 AAA 3.06 % 3.08 % 2.41 CMBS interest-only(2)(4) 1,559,160 28,553 630 (37) 29,146 (5) 15 AAA 0.60 % 3.04 % 2.53 GNMA interest-only(4)(6) 109,783 1,982 123 (254) 1,851 11 AA+ 0.49 % 4.59 % 2.77 Agency securities(2) 629 640 1 (4) 637 2 AA+ 2.65 % 1.73 % 1.83 GNMA permanent securities(2) 31,461 31,681 688 — 32,369 6 AA+ 3.91 % 3.17 % 1.93 Total debt securities $ 3,341,630 $ 1,703,761 $ 5,779 $ (1,215) $ 1,708,325 159 1.84 % 3.06 % 2.39 Equity securities(7) N/A 12,848 292 (160) 12,980 2 N/A N/A N/A N/A Total real estate securities $ 3,341,630 $ 1,716,609 $ 6,071 $ (1,375) $ 1,721,305 161 (1) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the highest rating is used. Ratings provided were determined by third-party rating agencies as of a particular date, may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time. (2) CMBS, CMBS interest-only securities, Agency securities, GNMA permanent securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. (3) Includes $11.6 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (4) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (5) Includes $0.8 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (6) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income in accordance with ASC 815. (7) The Company has elected to account for equity securities at fair value with changes in fair value recorded in current period earnings. The following is a breakdown of the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 230,977 $ 748,953 $ 23,371 $ — $ 1,003,301 CMBS interest-only 1,572 20,641 — — 22,213 GNMA interest-only 65 647 288 — 1,000 Agency securities — 605 — — 605 GNMA permanent securities 67 31,132 — — 31,199 Provision for current expected credit losses — — — — (20) Total debt securities $ 232,681 $ 801,978 $ 23,659 $ — $ 1,058,298 December 31, 2019 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 177,193 $ 1,389,392 $ 77,737 $ — $ 1,644,322 CMBS interest-only 1,439 27,707 — — 29,146 GNMA interest-only 91 1,504 256 — 1,851 Agency securities — 637 — — 637 GNMA permanent securities 416 31,953 — — 32,369 Total debt securities $ 179,139 $ 1,451,193 $ 77,993 $ — $ 1,708,325 During the years ended December 31, 2020 and 2019, the Company realized a gain (loss) on the sale of equity securities of $1.1 million and $0.2 million, respectively, which is included in realized gain (loss) on securities on the Company’s consolidated statements of income. There was a $0.1 million realized a gain (loss) on the sale of equity securities for the year ended December 31, 2018. During the years ended December 31, 2020, 2019, and 2018, the Company realized losses on securities recorded as other than temporary impairments of $0.5 million, $0.1 million and $2.8 million, respectively, which are included in realized gain (loss) on securities on the Company’s consolidated statements of income. |
REAL ESTATE AND RELATED LEASE I
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET | 5. REAL ESTATE AND RELATED LEASE INTANGIBLES, NET The market conditions due to the COVID-19 pandemic and the resulting economic disruption have broadly impacted the commercial real estate sector. As expected, the net leased commercial real estate properties, which comprise the majority of our portfolio, have remained minimally impacted as the majority of the net leased properties in our real estate portfolio are necessity-based businesses and have remained open and stable during the COVID-19 pandemic. We continue to actively monitor the diversified commercial real estate properties for both the immediate and long term impact of the pandemic on the buildings, the tenants, the business plans and the ability to execute those business plans. The following tables present additional detail related to our real estate portfolio, net, including foreclosed properties ($ in thousands): December 31, 2020 December 31, 2019 Land $ 220,511 $ 209,955 Building 838,542 883,005 In-place leases and other intangibles 157,176 161,203 Undepreciated Real estate and related lease intangibles 1,216,229 1,254,163 Less: Accumulated depreciation and amortization (230,925) (206,082) Real estate and related lease intangibles, net $ 985,304 $ 1,048,081 Below market lease intangibles, net (other liabilities) $ (36,952) $ (39,067) At December 31, 2020 and 2019, the Company held foreclosed properties included in real estate and related lease intangibles, net with a carrying value of $106.8 million and $89.5 million, respectively. The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Year Ended December 31, 2020 2019 2018 Depreciation expense(1) $ 32,383 $ 30,421 $ 31,537 Amortization expense 6,696 7,991 10,347 Total real estate depreciation and amortization expense $ 39,079 $ 38,412 $ 41,884 (1) Depreciation expense on the consolidated statements of income also includes $99 thousand, $99 thousand and $75 thousand of depreciation on corporate fixed assets for the years ended December 31, 2020, 2019 and 2018, respectively. The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands): December 31, 2020 December 31, 2019 Gross intangible assets(1) $ 157,176 $ 161,203 Accumulated amortization 66,014 62,773 Net intangible assets $ 91,162 $ 98,430 (1) Includes $4.2 million and $4.5 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of December 31, 2020 and 2019, respectively. The following table presents increases/reductions in operating lease income recorded by the Company ($ in thousands): Year Ended December 31, 2020 2019 2018 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (367) $ (819) $ (648) Increase in operating lease income for amortization of below market lease intangibles acquired 2,600 2,177 2,387 The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2020 ($ in thousands): Period Ending December 31, Adjustment to Operating Lease Income Amortization Expense 2021 $ 1,071 $ 5,509 2022 1,071 5,509 2023 1,071 5,509 2024 1,071 5,509 2025 1,071 5,509 Thereafter 27,426 59,449 Total $ 32,781 $ 86,994 Lease Prepayment by Lessor, Retirement of Related Mortgage Loan Financing and Impairment of Real Estate On January 10, 2019, the Company received $10.0 million prepayment of a lease on a single-tenant two-story office building in Wayne, NJ. As of March 31, 2019, this property had a book value of $5.6 million, which is net of accumulated depreciation and amortization of $2.7 million. The Company recognized the $10.0 million of operating lease income on a straight-line basis over the revised lease term. On February 6, 2019, the Company paid off $6.6 million of mortgage loan financing related to the property, recognizing a loss on extinguishment of debt of $1.1 million. During the three months ended March 31, 2019, the Company recorded a $1.4 million impairment of real estate to reduce the carrying value of the real estate to the estimated fair value of the real estate. On May 1, 2019, the Company completed the sale of the property recognizing $3.9 million of operating lease income, $3.5 million realized loss on sale of real estate, net and $0.4 million of depreciation and amortization expense, resulting in a net loss of $20 thousand. See Note 15, Fair Value of Financial Instruments for further detail. There were $0.5 million and $0.9 million of rent receivables included in other assets on the consolidated balance sheets as of December 31, 2020 and 2019, respectively. There was unencumbered real estate of $75.9 million and $59.2 million as of December 31, 2020 and 2019, respectively. During the years ended December 31, 2020 and 2019, the Company recorded $5.6 million and $2.6 million, respectively, of real estate operating income, which is included in operating lease income in the consolidated statements of income. There was no real estate operating income recorded during the year ended December 31, 2018. The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at December 31, 2020 ($ in thousands): Period Ending December 31, Amount 2021 $ 79,393 2022 70,983 2023 64,425 2024 63,438 2025 62,138 Thereafter 471,409 Total $ 811,786 Acquisitions During the year ended December 31, 2020, the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) Aggregate purchases of net leased real estate $ 7,440 100.0% Real estate acquired via foreclosure March 2020 Diversified Los Angeles, CA 21,535 100.0% June 2020 Diversified Winston Salem, NC 3,900 100.0% December 2020 Diversified South Bend, IN 3,875 100.0% Total real estate acquired via foreclosure 29,310 Total real estate acquisitions $ 36,750 (1) Properties were consolidated as of acquisition date. The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the year ended December 31, 2020, all acquisitions were determined to be asset acquisitions. The purchase prices were allocated to the asset acquisitions during the year ended December 31, 2020, as follows ($ in thousands): Purchase Price Allocation Land $ 25,250 Building 10,473 Intangibles 1,379 Below Market Lease Intangibles (352) Total purchase price $ 36,750 The weighted average amortization period for intangible assets acquired during the year ended December 31, 2020 was 39.8 years. The Company recorded $0.4 million in revenues from its 2020 acquisitions for the year ended December 31, 2020, which is included in its consolidated statements of income. The Company recorded $(0.9) million in earnings (losses) from its 2020 acquisitions for the year ended December 31, 2020, which is included in its consolidated statements of income. During the year ended December 31, 2019, the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) Aggregate purchases of net leased real estate $ 20,441 100.0% Real estate acquired via foreclosure February 2019 Diversified Omaha, NE 18,200 100.0% December 2019 Diversified San Diego, CA 42,250 100.0% December 2019 Diversified Fort Worth and Arlington, TX 23,700 100.0% Total real estate acquired via foreclosure 84,150 Total real estate acquisitions $ 104,591 (1) Properties were consolidated as of acquisition date. The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the year ended December 31, 2019, all acquisitions were determined to be asset acquisitions. The purchase prices were allocated to the asset acquisitions during the year ended December 31, 2019, as follows ($ in thousands): Purchase Price Allocation Land $ 17,373 Building 84,725 Intangibles 3,802 Below Market Lease Intangibles (1,309) Total purchase price $ 104,591 The weighted average amortization period for intangible assets acquired during the year ended December 31, 2019 was 34.2 years. The Company recorded $0.6 million in revenues from its 2019 acquisitions for the year ended December 31, 2019, respectively, which is included in its consolidated statements of income. The Company recorded $(2.3) million in earnings (losses) from its 2019 acquisitions for the year ended December 31, 2019, respectively, which is included in its consolidated statements of income. Acquisitions via Foreclosure In December 2020, the Company acquired a hotel in South Bend, IN, via foreclosure. The property previously served as collateral for a mortgage loan receivable held for investment with a basis of $4.1 million, net of an asset-specific loan loss provision of $0.5 million. The Company recorded a gain of $0.1 million resulting from the foreclosure of the loan. In December 2020, the foreclosed property was sold without any gain or loss. In June 2020, the Company acquired a hotel in Winston Salem, NC via foreclosure. This property previously served as collateral for a mortgage loan receivable held for investment with a net basis of $3.8 million. The Company obtained a third-party appraisal of the property. The $3.9 million fair value was determined using the ground lease approach and the income approach to value. The appraiser utilized a terminal capitalization rate of 9.50% and a discount rate of 13.50%. There was no gain or loss resulting from the foreclosure of the loan. In September 2020, the foreclosed property was sold for a gain of $0.8 million. In March 2020, the Company acquired a development property in Los Angeles, CA, via foreclosure. This property previously served as collateral for a mortgage loan receivable held for investment with a basis of $21.6 million, net of an asset-specific loan loss provision of $2.0 million. The Company obtained a third-party appraisal of the property. Substantially all of the fair value was attributed to land. The $21.5 million fair value was determined using the sales comparison approach to value. Using this approach, the appraiser developed an opinion of the fee simple value of the underlying land by comparing the property to similar, recently sold properties in the surrounding or competing area. The Company recorded a $0.1 million loss resulting from the foreclosure of the loan. In December 2019, the Company acquired a hotel in San Diego, CA, via foreclosure. This property previously served as collateral for two mortgage loan receivables held for investment with a net basis of $40.0 million. The receivables consisted of a $33.9 million first mortgage loan receivable to a third-party and a $5.7 million mortgage loan receivable held for investment by the Company as of the date of foreclosure. The $33.9 million first mortgage loan obligation was assumed by the Company on the date of acquisition. The Company obtained a third-party appraisal of the property with a fair value of $42.3 million. The value was determined using the income approach. The appraiser utilized a terminal capitalization rate of 8.50% and a discount rate of 10.50%. There was a $2.3 million gain resulting from the foreclosure of the loan. In December 2019, the Company acquired a portfolio of two student housing properties in Fort Worth and Arlington, TX, via foreclosure. These properties previously served as collateral for a mortgage loan receivable held for investment with a net basis of $22.6 million. The acquisitions were recorded at fair value. The Company obtained a third-party appraisal of both properties. The $12.8 million fair value of the Fort Worth, TX property was determined using the income approach. The appraiser utilized a projected stabilized cash flow and a cap rate of 5.75%. The $10.9 million fair value of the Arlington, TX property was determined using the income approach. The appraiser utilized a projected stabilized cash flow and a cap rate of 6.00%. The Company also assumed $0.9 million of other liabilities, net in connection with the foreclosure. There was no gain or loss resulting from the foreclosure of the loan. In February 2019, the Company acquired a hotel in Omaha, NE, via foreclosure. This property previously served as collateral for a mortgage loan receivable held for investment with a net basis of $17.9 million. The Company obtained a third-party appraisal of the property. The $18.2 million fair value was determined using the income approach to value. The appraiser utilized a terminal capitalization rate of 8.75% and a discount rate of 10.25%. There was no gain or loss resulting from the foreclosure of the loan. These non-recurring fair values are considered Level 3 measurements in the fair value hierarchy. Sales The Company sold the following properties during the year ended December 31, 2020 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss)(1) Properties Units Sold Units Remaining Various Condominium Miami, FL $ 1,832 $ 1,821 $ 11 — 6 — March 2020 Diversified Richmond, VA 22,527 14,829 7,698 7 — — March 2020 Diversified Richmond, VA 6,932 4,109 2,823 1 — — August 2020 Net Lease Bellport, NY 19,434 15,012 4,422 1 — — September 2020 Diversified Lithia Springs, GA 39,491 23,187 16,304 1 — — September 2020 Diversified Winston Salem, NC 4,647 3,803 844 1 — — December 2020 Diversified South Bend, IN 3,875 3,875 — 1 — — Totals $ 98,738 $ 66,636 $ 32,102 (1) Realized gain (loss) on the sale of real estate, net on the consolidated statements of income also includes $32.1 million of realized gain (loss) on the disposal of fixed assets for the year ended December 31, 2020. The Company sold the following properties during the year ended December 31, 2019 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining November 2019 Condominium Las Vegas, NV $ 809 $ 415 $ 394 — 1 — Various Condominium Miami, FL 4,715 4,282 433 — 16 6 April 2019 Diversified Wayne, NJ 1,729 4,799 (3,070) 1 — — May 2019 Diversified Grand Rapids, MI 10,019 8,254 1,765 1 — — August 2019 Diversified Grand Rapids, MI 6,970 4,920 2,050 1 — — Totals $ 24,242 $ 22,670 $ 1,572 (1) Realized gain (loss) on the sale of real estate, net on the consolidated statements of income also includes $1.4 million of realized loss on the disposal of fixed assets for the year ended December 31, 2019. The Company sold the following properties during the year ended December 31, 2018 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Realized Gain Allocated to Third Party Investor Properties Units Sold Units Remaining Various Condominium Las Vegas, NV $ 8,763 $ 4,458 $ 4,305 $ — — 12 1 Various Condominium Miami, FL 7,851 6,716 1,135 — — 26 22 March 2018 Diversified El Monte, CA 71,807 52,610 19,197 6,999 1 — — March 2018 Diversified Richmond, VA 20,966 11,370 9,596 389 1 — — September 2018 Diversified St. Paul, MN 109,275 47,627 61,648 7,928 4 — — Totals $ 218,662 $ 122,781 $ 95,881 $ 15,316 |
INVESTMENT IN AND ADVANCES TO U
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES | 6. INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES The following is a summary of the Company’s investments in and advances to unconsolidated joint ventures, which we account for using the equity method, as of December 31, 2020 and 2019 ($ in thousands): Entity December 31, 2020 December 31, 2019 Grace Lake JV, LLC $ 4,023 $ 3,047 24 Second Avenue Holdings LLC 42,230 45,386 Investment in unconsolidated joint ventures $ 46,253 $ 48,433 The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the years ended December 31, 2020 and 2019 ($ in thousands): Year Ended December 31, Entity 2020 2019 2018 Grace Lake JV, LLC $ 976 $ 1,047 1,658 24 Second Avenue Holdings LLC 845 2,385 (868) Earnings (loss) from investment in unconsolidated joint ventures $ 1,821 $ 3,432 $ 790 Grace Lake JV, LLC In connection with the origination of a loan in April 2012, the Company received a 25% equity interest with the right to convert upon a capital event. On March 22, 2013, the loan was refinanced, and the Company converted its interest into a 19% limited liability company membership interest in Grace Lake JV, LLC (“Grace Lake LLC”), which holds an investment in an office building complex. After taking into account the preferred return of 8.25% and the return of all equity remaining in the property to the Company’s operating partner, the Company is entitled to 25% of the distribution of all excess cash flows and all disposition proceeds upon any sale. The Company is not legally required to provide any future funding to Grace Lake LLC. The Company accounts for its interest in Grace Lake LLC using the equity method of accounting, as it has a 19% investment, compared to the 81% investment of its operating partner and does not control the entity. The Company’s investment in Grace Lake LLC is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was deemed to be a VIE primarily based on the fact there are disproportionate voting and economic rights within the joint venture. The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has a passive investment and no control of this entity and therefore does not have controlling financial interests in this VIE. The Company’s maximum exposure to loss is limited to its investment in the VIE. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. During the year ended December 31, 2020, the Company received no distributions from its investment in Grace Lake LLC. During the years ended December 31, 2019 and 2018, the Company had received $3.3 million and $1.3 million, respectively, of distributions from its investment in Grace Lake LLC. The Company holds its investment in Grace Lake LLC in a TRS. 24 Second Avenue Holdings LLC On August 7, 2015, the Company entered into a joint venture, 24 Second Avenue Holdings LLC (“24 Second Avenue”), with an operating partner (the “Operating Partner”) to invest in a ground-up residential/retail condominium development and construction project located at 24 Second Avenue, New York, NY. The Company accounted for its interest in 24 Second Avenue using the equity method of accounting as its joint venture partner was the managing member of 24 Second Avenue and had substantive management rights. During the three months ended March 31, 2019, the Company converted its existing $35.0 million common equity interest into a $35.0 million priority preferred equity position. The Company also provided $50.4 million in first mortgage financing in order to refinance the existing $48.1 million first mortgage construction loan which was made by another lending institution. In addition to the new $50.4 million first mortgage loan, the Company also funded a $6.5 million mezzanine loan for use in completing the project. The Operating Partner must fully fund any and all additional capital for necessary expenses. Due to the Company’s non-controlling equity interest in 24 Second Avenue, the Company accounts for the new loans as additional investments in the joint venture. During the years ended December 31, 2020, 2019 and 2018, the Company recorded $0.8 million, $2.4 million and $(0.9) million, respectively, in income (expenses), each of which is recorded in earnings (loss) from investment in unconsolidated joint ventures in the consolidated statements of income. During 2019 and 2018, the Company capitalized interest related to the cost of its investment in 24 Second Avenue, as 24 Second Avenue had activities in progress necessary to construct and ultimately sell condominium units. During the years ended December 31, 2019 and 2018, the Company capitalized $0.1 million and $1.5 million, respectively, of interest expense, using a weighted average interest rate. The capitalized interest expense was recorded in investment in unconsolidated joint ventures in the consolidated balance sheets. As a result of the transactions described above, subsequent to the three months ended March 31, 2019, the Company no longer capitalizes interest related to this investment, and income generated from the new loans is accounted for as earnings from investment in unconsolidated joint ventures. The 24 Second Avenue investment consists of residential condominium units and one commercial condominium unit. 24 Second Avenue started closing on the existing sales contracts during the quarter ended March 31, 2019, upon receipt of New York City Building Department approvals and a temporary certificate of occupancy for a portion of the project. As of December 31, 2020, 24 Second Avenue sold 20 residential condominium units for $53.0 million in total gross sale proceeds, and one residential condominium unit was under contract for sale for $2.3 million in gross sales proceeds with a 10% deposit down on the sales contract. As of December 31, 2020, the Company had no additional remaining capital commitment to 24 Second Avenue. The Company’s non-controlling investment in 24 Second Avenue is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was deemed to be a VIE primarily based on (i) the fact that the total equity investment at risk (inclusive of the additional financing the Company provided through the first mortgage and mezzanine loans) is sufficient to permit the entities to finance activities without additional subordinated financial support provided by any parties, including equity holders; and (ii) the voting and economic rights are not disproportionate within the joint venture. The Company determined that it was not the primary beneficiary of this VIE because it does not have a controlling financial interest. The Company holds its investment in 24 Second Avenue in a TRS. Combined Summary Financial Information for Unconsolidated Joint Ventures The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2020 and 2019 ($ in thousands): December 31, 2020 December 31, 2019 Total assets $ 114,916 $ 118,727 Total liabilities 75,775 78,762 Partners’/members’ capital $ 39,141 $ 39,965 The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the years ended December 31, 2020, 2019 and 2018 ($ in thousands): Year Ended December 31, 2020 2019 2018 Total revenues $ 17,461 $ 7,630 $ 19,122 Total expenses 14,206 14,930 13,381 Net income (loss) $ 3,255 $ (7,300) $ 5,741 |
DEBT OBLIGATIONS, NET
DEBT OBLIGATIONS, NET | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
DEBT OBLIGATIONS, NET | The details of the Company’s debt obligations at December 31, 2020 and December 31, 2019 are as follows ($ in thousands): December 31, 2020 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2020(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility(2) $ 500,000 $ 112,004 $ 387,996 1.91% — 2.16% 12/19/2022 (3) (4) $ 180,416 $ 180,416 Committed Loan Repurchase Facility 250,000 — 250,000 —% — —% 2/26/2021 (5) (6) — — Committed Loan Repurchase Facility 300,000 90,197 209,803 1.91% — 2.91% 12/16/2021 (7) (8) 154,850 154,850 Committed Loan Repurchase Facility 300,000 11,312 288,688 2.19% — 2.19% 11/6/2022 (9) (4) 28,285 28,285 Committed Loan Repurchase Facility 100,000 26,183 73,817 2.28% — 2.28% 12/31/2022 (10) (4) 45,235 45,235 Committed Loan Repurchase Facility 100,000 15,672 84,328 2.66% — 3.5% 10/24/2021 (11) (12) 30,600 30,600 Total Committed Loan Repurchase Facilities 1,550,000 255,368 1,294,632 439,386 439,386 Committed Securities Repurchase Facility(2) 787,996 149,633 638,363 0.86% — 1.11% 12/23/2021 N/A (13) 226,008 226,008 Uncommitted Securities Repurchase Facility N/A (14) 415,836 N/A (14) 0.73% — 2.84% 1/2021-3/2021 N/A (13) 502,476 502,476 (15) Total Repurchase Facilities 1,950,000 820,837 1,544,999 1,167,870 1,167,870 Revolving Credit Facility 266,430 266,430 — 3.15% — 3.15% 2/11/2022 (16) N/A (17) N/A (17) N/A (17) Mortgage Loan Financing 766,064 766,064 — 3.75% — 6.16% 2021 - 2030(18) N/A (19) 909,406 1,133,703 (20) Secured Financing Facility 206,350 192,646 (21) — 10.75% — 10.75% 5/6/2023 N/A (22) 327,769 328,097 CLO Debt 279,156 276,516 (23) — 5.5% — 5.5% 5/16/2024 N/A (4) 362,600 362,600 Borrowings from the FHLB 1,500,000 288,000 1,212,000 0.41% — 2.74% 2021 - 2024 N/A (24) 388,400 392,212 (25) Senior Unsecured Notes 1,612,299 1,599,371 (26) — 4.25% — 5.88% 2021 - 2027 N/A N/A (27) N/A (27) N/A (27) Total Debt Obligations, Net $ 6,580,299 $ 4,209,864 $ 2,756,999 $ 3,156,045 $ 3,384,482 (1) December 2020 LIBOR rates are used to calculate interest rates for floating rate debt. (2) The combined committed amounts for the loan repurchase facility and the securities repurchase facility total $900.0 million, with maximum capacity on the loan repurchase facility of $500.0 million, and maximum capacity on the securities repurchase facility of $900.0 million less outstanding commitments on the loan repurchase facility. (3) Two additional 12-month periods at Company’s option. No new advances are permitted after the initial maturity date. (4) First mortgage commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans. (5) Three additional 12-month periods at Company’s option. (6) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (7) Two additional 364-day periods at Company’s option. (8) First mortgage and mezzanine commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans. (9) One additional 12-month extension period and two additional 6-month extension periods at Company’s option. (10) Two additional 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date. (11) The Company may extend periodically with lender’s consent. At no time can the maturity of the facility exceed 364 days from the date of determination. (12) First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein. (13) Commercial real estate securities. It does not include the real estate collateralizing such securities. (14) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (15) Includes $2.1 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (16) Three additional 12-month periods at Company’s option. (17) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries. (18) Anticipated repayment dates. (19) Certain of our real estate investments serve as collateral for our mortgage loan financing. (20) Using undepreciated carrying value of commercial real estate to approximate fair value. (21) Presented net of unamortized debt issuance costs of $7.2 million and an unamortized discount of $6.6 million related to the Purchase Right (described in detail under Secured Financing Facility below) at December 31, 2020. (22) First mortgage commercial real estate loans. Substitution of collateral and conversion of loan collateral to mortgage collateral are permitted with Lender’s approval. (23) Presented net of unamortized debt issuance costs of $2.6 million at December 31, 2020. (24) First mortgage commercial real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities. (25) Includes $9.4 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (26) Presented net of unamortized debt issuance costs of $12.9 million at December 31, 2020. (27) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. December 31, 2019 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2019(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 183,828 $ 416,172 3.24% — 3.74% 12/19/2022 (2) (3) $ 287,974 $ 288,210 Committed Loan Repurchase Facility 350,000 70,697 279,303 3.71% — 3.81% 5/24/2020 (4) (5) 101,590 103,868 Committed Loan Repurchase Facility 300,000 248,182 51,818 3.49% — 3.74% 12/19/2020 (6) (7) 382,778 382,778 Committed Loan Repurchase Facility 300,000 98,678 201,322 3.50% — 3.75% 11/6/2022 (8) (3) 175,000 175,270 Committed Loan Repurchase Facility 100,000 9,952 90,048 3.96% — 3.99% 1/3/2023 (9) (3) 75,628 75,813 Committed Loan Repurchase Facility 100,000 90,927 9,073 3.74% — 3.80% 12/24/2020 (10) (11) 126,311 126,311 Total Committed Loan Repurchase Facilities 1,750,000 702,264 1,047,736 1,149,281 1,152,250 Committed Securities Repurchase Facility 400,000 42,751 357,249 2.50% — 2.56% 12/23/2021 N/A (12) 52,691 52,691 Uncommitted Securities Repurchase Facility N/A (13) 1,070,919 N/A (13) 2.17% — 3.54% 1/2020 - 3/2020 N/A (12) 1,188,440 1,188,440 (14) Total Repurchase Facilities 2,150,000 1,815,934 1,404,985 2,390,412 2,393,381 Revolving Credit Facility 266,430 — 266,430 NA 2/11/2020 (15) N/A (16) N/A (16) N/A (16) Mortgage Loan Financing 812,606 812,606 — 3.75% — 6.75% 2020 - 2029(17) N/A (18) 988,857 1,192,106 (19) Borrowings from the FHLB 1,945,795 1,073,500 872,295 1.47% — 2.95% 2020 - 2024 N/A (20) 1,107,188 1,113,811 (21) Senior Unsecured Notes 1,166,201 1,157,833 (22) — 5.25% — 5.88% 2021 - 2025 N/A N/A (23) N/A (23) N/A (23) Total Debt Obligations $ 6,341,032 $ 4,859,873 $ 2,543,710 $ 4,486,457 $ 4,699,298 (1) December 31, 2019 LIBOR rates are used to calculate interest rates for floating rate debt. (2) Two additional 12-month periods at Company’s option. No new advances are permitted after the initial maturity date. (3) First mortgage commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans. (4) One additional 12-month period at Company’s option. (5) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (6) Three additional 364-day periods. (7) First mortgage and mezzanine commercial real estate loans and senior pari passu interests therein. It does not include the real estate collateralizing such loans. (8) One additional 12-month extension period and two additional 6-month extension periods at Company’s option. (9) Two additional 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date. (10) The Company may extend periodically with lender’s consent. At no time can the maturity of the facility exceed 364 days from the date of determination. (11) First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein. (12) Commercial real estate securities. It does not include the real estate collateralizing such securities. (13) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (14) Includes $2.2 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (15) Four additional 12-month periods at Company’s option. (16) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries. (17) Anticipated repayment dates. (18) Certain of our real estate investments serve as collateral for our mortgage loan financing. (19) Using undepreciated carrying value of commercial real estate to approximate fair value. (20) First mortgage commercial real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities. (21) Includes $9.9 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. Additionally includes $261.0 million of cash collateral. (22) Presented net of unamortized debt issuance costs of $8.4 million at December 31, 2019. (23) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. Committed Loan and Securities Repurchase Facilities The Company has entered into multiple committed master repurchase agreements in order to finance its lending activities. The Company has entered into six committed master repurchase agreements, as outlined in the December 31, 2020 table above, totaling $1.6 billion of credit capacity. Assets pledged as collateral under these facilities are limited to whole mortgage loans or participation interests in mortgage loans collateralized by first liens on commercial properties and mezzanine debt. The Company also has a term master repurchase agreement with a major U.S. bank to finance CMBS totaling $788.0 million. The Company’s repurchase facilities include covenants covering net worth requirements, minimum liquidity levels, maximum leverage ratios, and minimum fixed charge coverage ratios. The Company believes it was in compliance with all covenants as of December 31, 2020 and December 31, 2019. The Company has the option to extend some of the current facilities subject to a number of conditions, including satisfaction of certain notice requirements, no event of default exists, and no margin deficit exists, all as defined in the repurchase facility agreements. The lenders have sole discretion with respect to the inclusion of collateral in these facilities, to determine the market value of the collateral on a daily basis, to be exercised on a good faith basis, and have the right in certain cases to require additional collateral, a full and/or partial repayment of the facilities (margin call), or a reduction in unused availability under the facilities, sufficient to rebalance the facilities if the estimated market value of the included collateral declines. As of December 31, 2020, the Company had repurchase agreements with eight counterparties, with total debt obligations outstanding of $820.8 million. As of December 31, 2020, two counterparties, JP Morgan and Wells Fargo, held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $77.4 million, or 5% of our total equity. As of December 31, 2020, the weighted average haircut, or the percent of collateral value in excess of the loan amount, under our repurchase agreements was 29.7%. There have been no significant fluctuations in haircuts across asset classes on our repurchase facilities. On February 14, 2020, the Company amended one of its committed loan repurchase facilities with a major U.S. bank to reduce the maximum capacity of the facility from $600.0 million to $500.0 million. On February 26, 2020, the Company amended one of its committed loan repurchase facilities with a major U.S. bank, extending the term of the facility. The current maturity date is now February 26, 2021, and the Company has three one-year extension options for a final maturity date of February 26, 2024. The Company also reduced the maximum size of the facility from $350.0 million to $250.0 million. On March 23, 2020, the Company amended one of its committed loan and securities repurchase facilities with a major U.S. bank to allow for an increase in the capacity on the securities repurchase facility, to the extent the Company has excess capacity on the loan repurchase facility. Prior to the amendment, the committed amounts on the facility were $500.0 million and $400.0 million on the loan and securities repurchase facilities, respectively. After the amendment, the committed amounts continue to total $900.0 million, with maximum capacity on the loan repurchase facility of $500.0 million, and maximum capacity on the securities repurchase facility of $900.0 million less outstanding commitments on the loan repurchase facility. Effective June 16, 2020, the Company amended the pricing side letter related to one of its committed loan repurchase facility with a major U.S. bank to extend the current maturity date to March 24, 2021. The Company also temporarily increased the leverage covenant to 4.0x through and including December 31, 2020. On December 9, 2020, the Company further amended the pricing side letter to extend the current maturity date to October 24, 2021. Revolving Credit Facility The Company’s revolving credit facility (the “Revolving Credit Facility”) provides for an aggregate maximum borrowing amount of $266.4 million, including a $25.0 million sublimit for the issuance of letters of credit. The Revolving Credit Facility is available on a revolving basis to finance the Company’s working capital needs and for general corporate purposes. On November 25, 2019, the Company amended the Revolving Credit Facility to add two additional one-year extension options, extending the final maturity date, including all extension options, to February 2025. The amendment also provided for a reduction of the interest rate to one-month LIBOR plus 3.00% upon the upgrade of the Company’s credit ratings, which occurred in January 2020. As of December 31, 2020, interest on the Revolving Credit Facility is one-month LIBOR plus 3.00% per annum payable monthly in arrears. As of December 31, 2020, the Company had $266.4 million borrowings outstanding. The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries. The Revolving Credit Facility is secured by a pledge of the shares of (or other ownership or equity interests in) certain subsidiaries to the extent the pledge is not restricted under existing regulations, law or contractual obligations. LCFH is subject to customary affirmative covenants and negative covenants, including limitations on the incurrence of additional debt, liens, restricted payments, sales of assets and affiliate transactions. In addition, under the Revolving Credit Facility, LCFH is required to comply with financial covenants relating to minimum net worth, maximum leverage, minimum liquidity, and minimum fixed charge coverage, consistent with our other credit facilities. The Company’s ability to borrow under the Revolving Credit Facility is dependent on, among other things, LCFH’s compliance with the financial covenants. The Revolving Credit Facility contains customary events of default, including non-payment of principal or interest, fees or other amounts, failure to perform or observe covenants, cross-default to other indebtedness, the rendering of judgments against the Company or certain of our subsidiaries to pay certain amounts of money and certain events of bankruptcy or insolvency. Debt Issuance Costs As discussed in Note 2, Significant Accounting Policies in this Annual Report, the Company considers its committed loan master repurchase facilities and Revolving Credit Facility to be revolving debt arrangements. As such, the Company continues to defer and present costs associated with these facilities as an asset, subsequently amortizing those costs ratably over the term of each revolving debt arrangement. As of December 31, 2020 and 2019, the amount of unamortized costs relating to such facilities are $5.8 million and $8.0 million, respectively, and are included in other assets in the consolidated balance sheets. Uncommitted Securities Repurchase Facilities The Company has also entered into multiple master repurchase agreements with several counterparties collateralized by real estate securities. The borrowings under these agreements have typical advance rates between 75% and 95% of the fair value of collateral. Mortgage Loan Financing These non-recourse debt agreements provide for fixed rate financing at rates ranging from 3.75% to 6.16%, with anticipated maturity dates between 2021- 2030 as of December 31, 2020. These loans have carrying amounts of $766.1 million and $812.6 million, net of unamortized premiums of $4.6 million and $5.5 million as of December 31, 2020 and 2019, respectively, representing proceeds received upon financing greater than the contractual amounts due under these agreements. The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method. The Company recorded $1.2 million, $1.6 million and $1.0 million of premium amortization, which decreased interest expense, for the years ended December 31, 2020, 2019 and 2018, respectively. The loans are collateralized by real estate and related lease intangibles, net, of $909.4 million and $988.9 million as of December 31, 2020 and 2019, respectively. During the years ended December 31, 2020, 2019 and 2018, the Company executed 10, 22 and 12 term debt agreements, respectively, to finance properties in its real estate portfolio. On February 6, 2019, the Company paid off $6.6 million of mortgage loan financing, recognizing a loss on extinguishment of debt of $1.1 million. Secured Financing Facility On April 30, 2020, the Company entered into a strategic financing arrangement with an American multinational corporation (the “Lender”), under which the Lender provided the Company with approximately $206.4 million in senior secured financing (the “Secured Financing Facility”) to fund transitional and land loans. The Secured Financing Facility is secured on a first lien basis on a portfolio of certain of the Company’s loans and will mature on May 6, 2023, and borrowings thereunder bear interest at LIBOR (or a minimum of 0.75% if greater) plus 10.0%, with a minimum interest premium of approximately $39.2 million minus the aggregate sum of all interest payments made under the Secured Financing Facility prior to the date of payment of the minimum interest premium, which is payable upon the earlier of maturity or repayment in full of the loan. The Senior Financing Facility is non-recourse, subject to limited exceptions, and does not contain mark-to-market provisions. Additionally, the Senior Financing Facility provides the Company optionality to modify or restructure loans or forbear in exercising remedies, which maximizes the Company’s financial flexibility. As part of the strategic financing, the Lender also had the ability to make an equity investment in the Company of up to 4.0 million Class A common shares at $8.00 per share, subject to certain adjustments (the “Purchase Right”). The Purchase Right was exercised in full at $8.00 per share on December 29, 2020. In addition, the Lender has agreed not to sell, transfer, assign, pledge, hypothecate, mortgage, dispose of or in any way encumber the shares acquired as a result of exercising the Purchase Right for a period of time following the exercise date. In connection with the issuance of the Purchase Right, the Company and the Lender entered into a registration rights agreement, pursuant to which the Company has agreed to provide customary demand and piggyback registration rights to the Lender. The Purchase Right was classified as equity and the $200.9 million of net proceeds from the original issuance were allocated $192.5 million to the originally issued debt obligation and $8.4 million to the Purchase Right using the relative fair value method. The commitment to issue shares will not be subsequently remeasured. The $8.4 million allocated to the Purchase Right is being treated as a discount to the debt and amortized over the life of the Purchase Right to interest expense. Collateralized Loan Obligation (“CLO”) Debt On April 27, 2020, a consolidated subsidiary of the Company completed a private CLO transaction with a major U.S. bank which generated $310.2 million of gross proceeds to Ladder, financing $481.3 million of loans (“Contributed Loans”) at a 64.5% advance rate on a matched term, non-mark-to-market and non-recourse basis. A consolidated subsidiary of the Company retained a 35.5% subordinate and controlling interest in the CLO. The Company retained control over major decisions made with respect to the administration of the Contributed Loans, including broad discretion in managing these loans in light of the COVID-19 pandemic, and has the ability to appoint the special servicer under the CLO. The CLO is a VIE and the Company was the primary beneficiary and, therefore, consolidated the VIE - See Note 10, Consolidated Variable Interest Entities. Proceeds from the transaction were used to pay off other secured debt including bank and FHLB financing that was subject to mark-to-market provisions. As of December 31, 2020, the Company had $276.5 million of matched term, non-mark-to-market and non-recourse CLO debt included in debt obligations on its consolidated balance sheets. Unamortized debt issuance costs of $2.6 million were included in CLO debt as of December 31, 2020. The Company completed CLO issuances in the two transactions described below. In October 2019, the Company redeemed all outstanding debt obligations related to the two CLO transactions. On October 17, 2017, a consolidated subsidiary of the Company consummated a securitization of floating-rate commercial mortgage loans through a static CLO structure. Over $456.9 million of balance sheet loans (“Contributed Loans”) were contributed into the CLO. A consolidated subsidiary of the Company retained an approximately 18.5% interest in the CLO by retaining the most subordinate classes of notes issued by the CLO. The Company retained control over major decisions made with respect to the administration of the Contributed Loans and had the ability to appoint the special servicer under the CLO. The CLO was a VIE and the Company was the primary beneficiary. On December 21, 2017, a subsidiary of the Company consummated a securitization of fixed and floating-rate commercial mortgage loans through a static CLO structure. Over $431.5 million of Contributed Loans were contributed into the CLO. A consolidated subsidiary of the Company retained an approximately 25.0% interest in the CLO by retaining the most subordinate classes of notes issued by the CLO. The Company retained control over major decisions made with respect to the administration of the Contributed Loans and had the ability to appoint the special servicer under the CLO. The CLO was a VIE and the Company was the primary beneficiary. On July 11, 2012, Tuebor, a consolidated subsidiary of the Company, became a member of the FHLB and subsequently drew its first secured funding advances from the FHLB. On December 6, 2017, Tuebor’s advance limit was updated by the FHLB to the lowest of a Set Dollar Limit ($2.0 billion), 40% of Tuebor’s total assets or 150% of the Company’s total equity. Beginning April 1, 2020 through December 31, 2020, the Set Dollar Limit was $1.5 billion. Beginning January 1, 2021 through February 19, 2021, the Set Dollar Limit will be $750.0 million. Tuebor has met its obligations and paid down its advances in accordance with the scheduled reduction in the Set Dollar Limit, which remains subject to revision by the FHLB or as a result of any future changes in applicable regulations. As of December 31, 2020, Tuebor had $288.0 million of borrowings outstanding (with an additional $1.2 billion of committed term financing available from the FHLB), with terms of overnight to 3.75 years (with a weighted average of 2.76 years), interest rates of 0.41% to 2.74% (with a weighted average of 1.12%), and advance rates of 45.0% to 95.7% on eligible collateral. As of December 31, 2020, collateral for the borrowings was comprised of $280.1 million of CMBS and U.S. Agency Securities and $108.3 million of first mortgage commercial real estate loans. As of December 31, 2019, Tuebor had $1.1 billion of borrowings outstanding (with an additional $872.3 million of committed term financing available from the FHLB), with terms of overnight to 4.75 years (with a weighted average of 2.1 years), interest rates of 1.47% to 2.95% (with a weighted average of 2.33%), and advance rates of 60.8% to 100% of the collateral, including cash collateral. As of December 31, 2019, collateral for the borrowings was comprised of $432.0 million of CMBS and U.S. Agency Securities and $675.2 million of first mortgage commercial real estate loans and $261.0 million of cash. FHLB advances amounted to 6.8% of the Company’s outstanding debt obligations as of December 31, 2020. After February 19, 2021, pursuant to a final rule adopted by the Federal Housing Finance Agency (the "FHFA") regarding the eligibility of captive insurance companies, Tuebor's outstanding advances may remain outstanding until their scheduled maturity dates, but Tuebor may not borrow additional funds. There is no assurance that the FHFA or the FHLB will not take actions that could adversely impact Tuebor’s existing advances. Tuebor is subject to state regulations which require that dividends (including dividends to the Company as its parent) may only be made with regulatory approval. However, there can be no assurance that we would obtain such approval if sought. Largely as a result of this restriction, approximately $2.1 billion of the member’s capital was restricted from transfer via dividend to Tuebor’s parent without prior approval of state insurance regulators at December 31, 2020. To facilitate intercompany cash funding of operations and investments, Tuebor and its parent maintain regulator-approved intercompany borrowing/lending agreements. Senior Unsecured Notes As of December 31, 2020, the Company had $1.6 billion of unsecured corporate bonds outstanding. These unsecured financings were comprised of $146.7 million in aggregate principal amount of 5.875% senior notes due 2021 (the “2021 Notes”), $465.9 million in aggregate principal amount of 5.25% senior notes due 2022 (the “2022 Notes”), $348.0 million in aggregate principal amount of 5.25% senior notes due 2025 (the “2025 Notes”) and $651.8 million in aggregate principal amount of 4.25% senior notes due 2027 (the “2027 Notes,” collectively with the 2021 Notes, the 2022 Notes and the 2025 Notes, the “Notes”). As a result of the Company’s financing and liquidity measures implemented to date as a direct response to the COVID-19 pandemic, Ladder repurchased an aggregate principal of the Notes of $139.1 million, recognizing a gain on extinguishment of debt of $19.0 million, offset by accelerated deferred financing cost amortization of $1.5 million during the three months ended June 30, 2020. LCFH issued the Notes with Ladder Capital Finance Corporation (“LCFC”), as co-issuers on a joint and several basis. LCFC is a 100% owned finance subsidiary of Series TRS of LCFH with no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Notes. The Company and certain subsidiaries of LCFH currently guarantee the obligations under the Notes and the indenture. The Company is the general partner of LCFH and, through LCFH and its subsidiaries, operates the Ladder Capital business. As of December 31, 2020, the Company has a 100.0% economic and voting interest in LCFH and controls the management of LCFH as a result of its ability to appoint board members. Accordingly, the Company consolidates the financial results of LCFH. In addition, the Company, through certain subsidiaries which are treated as TRSs, is indirectly subject to U.S. federal, state and local income taxes. Other than federal, state and local income taxes, there are no material differences between the Company’s consolidated financial statements and LCFH’s consolidated financial statements. The Company believes it was in compliance with all covenants of the Notes as of December 31, 2020 and 2019. Unamortized debt issuance costs of $12.9 million and $8.4 million are included in senior unsecured notes as of December 31, 2020 and 2019, respectively, in accordance with GAAP. 2021 Notes On August 1, 2014, LCFH issued $300.0 million in aggregate principal amount of 5.875% senior notes due August 1, 2021 (the “2021 Notes”). The 2021 Notes require interest payments semi-annually in cash in arrears on February 1 and August 1 of each year, beginning on February 1, 2015. The 2021 Notes will mature on August 1, 2021. The 2021 Notes are unsecured and are subject to incurrence-based covenants, including limitations on the incurrence of additional debt, restricted payments, liens, sales of assets, affiliate transactions and other covenants typical for financings of this type. At any time on or after August 1, 2017, the Company may redeem the 2021 Notes in whole or in part, upon not less than 30 nor more than 60 days’ notice, at redemption prices defined in the indenture governing the 2021 Notes, plus accrued and unpaid interest, if any, to the redemption date. On February 24, 2016, the board of directors authorized the Company to make up to $100.0 million in repurchases of the 2021 Notes from time to time without further approval. On May 2, 2018, the board of the directors authorized the Company to repurchase any or all of the 2021 Notes from time to time without further approval. During the year ended December 31, 2020, the Company retired $119.5 million of principal of the 2021 Notes for a repurchase price of $119.3 million, recognizing a $0.1 million net gain on extinguishment of debt after recognizing $(0.2) million of unamortized debt issuance costs associated with the retired debt. As of December 31, 2020, the remaining $146.7 million in aggregate principal amount of the 2021 Notes was due on August 1, 2021; however, subsequent to year end, the Company redeemed in full its 5.875% Senior Notes due 2021. Refer to Note 21 Subsequent Events for further details. 2022 Notes On March 16, 2017, LCFH issued $500.0 million in aggregate principal amount of 5.250% senior notes due March 15, 2022 (the “2022 Notes”). The 2022 Notes require interest payments semi-annually in cash in arrears on March 15 and September 15 of each year, beginning on September 15, 2017. The 2022 Notes will mature on March 15, 2022. The 2022 Notes are unsecured and are subject to an unencumbered assets to unsecured debt covenant. At any time on or after September 15, 2021, the 2022 Notes are redeemable at the option of the Company, in whole or in part, upon not less than 15 nor more than 60 days’ notice, without penalty. On May 2, 2018, the board of the directors authorized the Company to repurchase any or all of the 2022 Notes from time to time without further approval. During the year ended December 31, 2020, the Company retired $34.2 million of principal of the 2022 Notes for a repurchase price of $33.2 million, recognizing a $0.7 million ne |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | 8. DERIVATIVE INSTRUMENTS The Company uses derivative instruments primarily to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following is a breakdown of the derivatives outstanding as of December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month LIBOR $ 69,571 $ — $ — 0.35 Futures 5-year Swap 23,800 108 — 0.25 10-year Swap 41,800 191 — 0.25 Total futures 65,600 299 — Total derivatives $ 135,171 $ 299 $ — (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. December 31, 2019 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1Month LIBOR $ 69,571 $ — $ — 0.36 Futures 5-year Swap 46,000 158 — 0.25 10-year Swap 149,800 516 — 0.25 5-year U.S. Treasury Note 1,100 4 — 0.25 Total futures 196,900 678 — Credit Derivatives S&P 500 Put Options 143,300 15 — 0.05 Total credit derivatives 143,300 15 — Total derivatives $ 409,771 $ 693 $ — (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018 ($ in thousands): Year Ended December 31, 2020 Contract Type Unrealized Realized Net Result Futures $ (379) $ (15,113) $ (15,492) Credit Derivatives 111 111 222 Total $ (268) $ (15,002) $ (15,270) Year Ended December 31, 2019 Contract Type Unrealized Realized Net Result Futures $ 1,653 $ (31,469) $ (29,816) Credit Derivatives (111) (84) (195) Total $ 1,542 $ (31,553) $ (30,011) Year Ended December 31, 2018 Contract Type Unrealized Realized Net Result Futures $ (747) $ 16,176 $ 15,429 Swaps 1,403 (848) 555 Credit Derivatives 49 (107) (58) Total $ 705 $ 15,221 $ 15,926 The Company’s counterparties held $0.8 million, $3.5 million and $5.0 million of cash margin as collateral for derivatives as of December 31, 2020, 2019, and 2018, respectively, which is included in restricted cash in the consolidated balance sheets. Futures Collateral posted with our futures counterparties is segregated in the Company’s books and records. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. Interest rate futures that are governed by an ISDA agreement provide for bilateral collateral pledging based on the counterparties’ market value. The counterparties have the right to re-pledge the collateral posted but have the obligation to return the pledged collateral, or substantially the same collateral, if agreed to by us, as the market value of the interest rate futures change. The Company is required to post initial margin and daily variation margin for our interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Effective January 3, 2017, CME amended their rulebooks to legally characterize daily variation margin payments for centrally cleared interest rate futures as settlement rather than collateral. As a result of this rule change, variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures. |
OFFSETTING ASSETS AND LIABILITI
OFFSETTING ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Offsetting [Abstract] | |
OFFSETTING ASSETS AND LIABILITIES | 9. OFFSETTING ASSETS AND LIABILITIES The following tables present both gross information and net information about derivatives and other instruments eligible for offset in the statement of financial position as of December 31, 2020 and 2019. The Company’s accounting policy is to record derivative asset and liability positions on a gross basis; therefore, the following tables present the gross derivative asset and liability positions recorded on the balance sheets, while also disclosing the eligible amounts of financial instruments and cash collateral to the extent those amounts could offset the gross amount of derivative asset and liability positions. The actual amounts of collateral posted by or received from counterparties may be in excess of the amounts disclosed in the following tables as the following only disclose amounts eligible to be offset to the extent of the recorded gross derivative positions. As of December 31, 2020 Offsetting of Financial Assets and Derivative Assets ($ in thousands) Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 299 $ — $ 299 $ — $ — $ 299 Total $ 299 $ — $ 299 $ — $ — $ 299 (1) Included in restricted cash on consolidated balance sheets. As of December 31, 2020 Offsetting of Financial Liabilities and Derivative Liabilities ($ in thousands) Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Repurchase agreements $ 820,837 $ — $ 820,837 $ 820,837 $ — $ — Total $ 820,837 $ — $ 820,837 $ 820,837 $ — $ — (1) Included in restricted cash on consolidated balance sheets. As of December 31, 2019 Offsetting of Financial Assets and Derivative Assets ($ in thousands) Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 693 $ — $ 693 $ — $ — $ 693 Total $ 693 $ — $ 693 $ — $ — $ 693 (1) Included in restricted cash on consolidated balance sheets. As of December 31, 2019 Offsetting of Financial Liabilities and Derivative Liabilities ($ in thousands) Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Repurchase agreements $ 1,815,934 $ — $ 1,815,934 $ 1,815,934 $ — $ — Total $ 1,815,934 $ — $ 1,815,934 $ 1,815,934 $ — $ — (1) Included in restricted cash on consolidated balance sheets. Master netting agreements that the Company has entered into with its derivative and repurchase agreement counterparties allow for netting of the same transaction, in the same currency, on the same date. Assets, liabilities, and collateral subject to master netting agreements as of December 31, 2020 and 2019 are disclosed in the tables above. The Company does not present its derivative and repurchase agreements net on the consolidated financial statements as it has elected gross presentation. |
CONSOLIDATED VARIABLE INTEREST
CONSOLIDATED VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONSOLIDATED VARIABLE INTEREST ENTITIES | 10. CONSOLIDATED VARIABLE INTEREST ENTITIES FASB ASC Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. The Company consolidates one collateralized loan obligation (“CLO”) VIE with the following balance sheet ($ in thousands): December 31, 2020 Notes 3 & 7 Restricted cash $ 3,925 Mortgage loan receivables held for investment, net, at amortized cost 362,600 Accrued interest receivable 1,382 Other assets 69,649 Total assets $ 437,556 Debt obligations, net $ 276,516 Accrued expenses 682 Total liabilities 277,198 Net equity in VIEs (eliminated in consolidation) 160,358 Total equity 160,358 Total liabilities and equity $ 437,556 |
EQUITY STRUCTURE AND ACCOUNTS
EQUITY STRUCTURE AND ACCOUNTS | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
EQUITY STRUCTURE AND ACCOUNTS | 11. EQUITY STRUCTURE AND ACCOUNTS The Company has two classes of common stock, Class A and Class B, which are described as follows: Class A Common Stock Voting Rights Holders of shares of Class A common stock are entitled to one vote per share on all matters on which stockholders generally are entitled to vote. The holders of Class A common stock do not have cumulative voting rights in the election of directors. Dividend Rights Subject to the rights of the holders of any preferred stock that may be outstanding and any contractual or statutory restrictions, holders of Class A common stock are entitled to receive equally and ratably, share for share, dividends as may be declared by the board of directors out of funds legally available to pay dividends. Dividends upon Class A common stock may be declared by the board of directors at any regular or special meeting and may be paid in cash, in property, or in shares of capital stock. Liquidation Rights Upon liquidation, dissolution, distribution of assets or other winding up, the holders of Class A common stock are entitled to receive ratably the assets available for distribution to the shareholders after payment of liabilities and the liquidation preference of any outstanding shares of preferred stock. Other Matters The shares of Class A common stock have no preemptive or conversion rights and are not subject to further calls or assessment by the Company. There are no redemption or sinking fund provisions applicable to the Class A common stock. All outstanding shares of our Class A common stock are fully paid and non-assessable. Class B Common Stock Voting Rights Holders of shares of Class B common stock are entitled to one vote for each share on all matters on which stockholders generally are entitled to vote. Holders of shares of our Class B common stock vote together with holders of our Class A common stock on all such matters. Our stockholders do not have cumulative voting rights in the election of directors. No Dividend or Liquidation Rights Holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of Ladder Capital Corp. Exchange for Class A Common Stock We are a holding company and have no material assets other than our direct and indirect ownership of Series REIT limited partnership units (“Series REIT LP Units”) and Series TRS limited partnership units (“Series TRS LP Units,” and, collectively with Series REIT LP Units, “Series Units”) of LCFH. Series TRS LP Units are exchangeable for the same number of limited liability company interests of LC TRS I LLC (“LC TRS I Shares”), which is a limited liability company that is a TRS as well as a general partner of Series TRS. Pursuant to the Third Amended and Restated LLLP Agreement of LCFH, the Continuing LCFH Limited Partners may from time to time, subject to certain conditions, receive one share of the Company’s Class A common stock in exchange for (i) one share of the Company’s Class B common stock, (ii) one Series REIT LP Unit and (iii) either one Series TRS LP Unit or one TRS I LLC Share, subject to equitable adjustments for stock splits, stock dividends and reclassifications. As of September 30, 2020, all shares of Class B common stock, Series REIT LP Units and Series TRS LP Units have been exchanged for shares of Class A common stock and no Class B common stock is outstanding as of December 31, 2020. During the year ended December 31, 2020, 12,158,933 Series REIT LP Units and 12,158,933 Series TRS LP Units were collectively exchanged for 12,158,933 shares of Class A common stock and 12,158,933 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. As of December 31, 2020, the Company held a 100.0% interest in LCFH. During the year ended December 31, 2019, 1,139,411 Series REIT LP Units and 1,139,411 Series TRS LP Units were collectively exchanged for 1,139,411 shares of Class A common stock; and 1,139,411 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. As of December 31, 2019, the Company held a 89.8% interest in LCFH. Stock Repurchases On October 30, 2014, the board of directors authorized the Company to repurchase up to $50.0 million of the Company’s Class A common stock from time to time without further approval. Stock repurchases by the Company are generally made for cash in open market transactions at prevailing market prices but may also be made in privately negotiated transactions or otherwise. The timing and amount of purchases are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. As of December 31, 2020, the Company has a remaining amount available for repurchase of $38.1 million, which represents 3.1% in the aggregate of its outstanding Class A common stock, based on the closing price of $9.78 per share on such date. The following table is a summary of the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2020, 2019 and 2018 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2019 $ 41,132 Additional authorizations — Repurchases paid 384,251 (3,030) Repurchases unsettled — Authorizations remaining as of December 31, 2020 $ 38,102 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2018 $ 41,769 Additional authorizations — Repurchases paid 40,065 (637) Repurchases unsettled — Authorizations remaining as of December 31, 2019 $ 41,132 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2017 $ 41,769 Additional authorizations — Repurchases paid — — Repurchases unsettled — Authorizations remaining as of December 31, 2018 $ 41,769 (1) Amount excludes commissions paid associated with share repurchases. Dividends In order for the Company to maintain its qualification as a REIT under the Code, it must annually distribute at least 90% of its taxable income. The Company has paid and in the future intends to declare regular quarterly distributions to its shareholders in order to continue to qualify as a REIT. Consistent with IRS guidance, the Company may, subject to a cash/stock election by its shareholders, pay a portion of its dividends in stock, to provide for meaningful capital retention; however, the REIT distribution requirements limit its ability to retain earnings and thereby replenish or increase capital for operations. The timing and amount of future distributions is based on a number of factors, including, among other things, the Company’s future operations and earnings, capital requirements and surplus, general financial condition and contractual restrictions. All dividend declarations are subject to the approval of the Company’s board of directors. Generally, the Company expects its distributions to be taxable as ordinary dividends to its shareholders, whether paid in cash or a combination of cash and common stock, and not as a tax-free return of capital or a capital gain (although for taxable years beginning after December 31, 2017 and before January 1, 2026, generally stockholders that are individuals, trusts or estates may deduct 20% of the aggregate amount of ordinary dividends distributed by us, subject to certain limitations). The Company believes that its significant capital resources and access to financing will provide the financial flexibility at levels sufficient to meet current and anticipated capital requirements, including funding new investment opportunities, paying distributions to its shareholders and servicing our debt obligations. The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2020, 2019 and 2018: Declaration Date Dividend per Share February 27, 2020 $ 0.340 May 28, 2020 0.200 August 31, 2020 0.200 December 15, 2020 0.200 Total $ 0.940 February 27, 2019 $ 0.340 May 30, 2019 0.340 August 22, 2019 0.340 November 26, 2019 0.340 Total $ 1.360 February 27, 2018 $ 0.315 May 30, 2018 0.325 September 5, 2018 0.325 November 1, 2018(1) 0.570 Total $ 1.535 (1) On October 30, 2018, the Company’s board of directors approved the fourth quarter 2018 dividend of $0.570 per share of the Company’s Class A common stock in order to meet its annual REIT taxable income distribution requirement. The dividend was paid as a combination of cash and Class A common stock, subject to shareholder elections. The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2020, 2019 and 2018: Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital March 10, 2020 April 1, 2020 $ 0.340 $ 0.230 $ — $ 0.039 $ 0.016 $ 0.071 June 10, 2020 July 1, 2020 0.200 0.135 — 0.023 0.009 0.042 September 10, 2020 October 1, 2020 0.200 0.135 — 0.023 0.009 0.042 December 31, 2020 January 15, 2021 (1) 0.200 — — — — — Total $ 0.940 $ 0.500 $ — $ 0.085 $ 0.034 $ 0.155 (1) The $0.200 fourth quarter dividend paid on January 15, 2021 is considered a 2021 dividend for U.S. federal income tax purposes. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain March 11, 2019 April 1, 2019 $ 0.340 $ 0.324 $ 0.054 $ 0.016 $ 0.005 June 10, 2019 July 1, 2019 0.340 0.324 0.054 0.016 0.005 September 10, 2019 October 1, 2019 0.340 0.324 0.054 0.016 0.005 December 10, 2019 January 3, 2020 (1) 0.340 0.324 0.054 0.016 0.005 Total $ 1.360 $ 1.296 $ 0.216 $ 0.064 $ 0.020 (1) The $0.340 fourth quarter dividend paid on January 3, 2020 is considered a 2019 dividend for U.S. federal income tax purposes. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain December 11, 2017 January 3, 2018 (1) $ 0.050 $ 0.038 $ — $ 0.012 $ 0.001 March 12, 2018 April 2, 2018 0.315 0.239 — 0.076 0.009 June 11, 2018 July 2, 2018 0.325 0.246 — 0.079 0.009 September 17, 2018 October 1, 2018 0.325 0.246 — 0.079 0.009 December 10, 2018 January 24, 2019 (2) 0.570 0.432 — 0.138 0.015 Total $ 1.585 $ 1.201 $ — $ 0.384 $ 0.043 (1) $0.265 of the $0.315 fourth quarter dividend paid on January 3, 2018 is considered a 2017 dividend for U.S. federal income tax purposes. $0.050 is considered a 2018 dividend for U.S. federal income tax purposes and was reflected in 2019 tax reporting. (2) The $0.570 fourth quarter dividend paid on January 24, 2019 is considered a 2018 dividend for U.S. federal income tax purposes. Stock Dividend In order for the Company to maintain its qualification as a REIT under the Code, it must annually distribute at least 90% of its taxable income. The Company elected, subject to the cash/stock election by its shareholders described below, to pay its fourth quarter 2018 dividend in a mix of cash and stock and have such dividend be treated as a taxable distribution to its shareholders for U.S. federal income tax purposes. Pursuant to IRS guidance, shareholders had the option to elect to receive the fourth quarter 2018 dividend in all cash (a “Cash Election”), or all shares of Ladder’s Class A common stock (a “Share Election”). Shareholders who did not return an election form, or who otherwise failed to properly complete an election form, were deemed to have made a Share Election. The total amount of cash paid to all shareholders was limited to a maximum of 20% of the total value of each of the fourth quarter 2018 dividend (the “Cash Amount”). The aggregate amount of the dividends owed to shareholders who made Cash Elections exceeded the Cash Amount, and accordingly, the Cash Amount was prorated among such shareholders, with the remaining portion of the fourth quarter 2018 dividend, as applicable, paid to such shareholders in shares of Ladder’s Class A common stock plus cash in lieu of any fractional shares. Shareholders making Stock Elections received the full amount of the dividend in shares of Ladder’s Class A common stock plus cash in lieu of any fractional shares. On January 24, 2019, the Company paid an aggregate of $34.9 million in cash to its Class A shareholders, accrued for dividends payable on unvested restricted stock and unvested options with dividend equivalent rights of $0.5 million and issued 1,434,297 shares of its Class A common stock, equivalent to $23.9 million, in connection with the fourth quarter 2018 dividend totaling $0.570 per share. The total number of shares of Class A common stock distributed pursuant to the fourth quarter 2018 dividend was determined based on shareholder elections and the volume weighted average price of $16.67 per share of Class A common stock on the New York Stock Exchange for the three trading days after January 10, 2019, the date that election forms were due. The Company also issued 180,925 shares of its Class B common stock and each of Series REIT and Series TRS of LCFH issued 1,615,222 of their respective Series LP units corresponding to the aggregate number of Class A and Class B shares issued by the Company. The Company believes that the total value of its 2018 dividend was sufficient to fully distribute its 2018 taxable income. Changes in Accumulated Other Comprehensive Income The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2020, 2019 and 2018 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2019 $ 4,218 $ 475 $ 4,693 Other comprehensive income (loss) (9,950) (5,208) (15,158) Exchange of noncontrolling interest for common stock (6,952) 6,952 — Rebalancing of ownership percentage between Company and Operating Partnership 2,221 (2,221) — December 31, 2020 $ (10,463) $ (2) $ (10,465) Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2018 $ (4,649) $ (588) $ (5,237) Other comprehensive income (loss) 8,785 1,145 9,930 Exchange of noncontrolling interest for common stock 65 (65) — Rebalancing of ownership percentage between Company and Operating Partnership 17 (17) — December 31, 2019 $ 4,218 $ 475 $ 4,693 Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2017 $ (212) $ 116 $ (96) Other comprehensive income (loss) (4,211) (930) (5,141) Exchange of noncontrolling interest for common stock (167) 167 — Rebalancing of ownership percentage between Company and Operating Partnership (59) 59 — December 31, 2018 $ (4,649) $ (588) $ (5,237) |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | 12. NONCONTROLLING INTERESTS There are two main types of noncontrolling interest reflected in the Company’s consolidated financial statements (i) noncontrolling interest in the operating partnership and (ii) noncontrolling interest in consolidated joint ventures. Noncontrolling Interest in the Operating Partnership Pursuant to LCFH’s Third Amended and Restated LLLP Agreement, dated as of December 31, 2014 and as amended, and subject to the applicable minimum retained ownership requirements and certain other restrictions, including notice requirements, limited partners of LCFH prior to Ladder Capital Corp’s IPO who held an economic interest in LCFH and voting shares of Ladder Capital Corp Class B common stock (the “Continuing LCFH Limited Partners”) (or certain transferees thereof) were, subject to certain conditions, able to receive one share of the Company’s Class A common stock in exchange for (i) one share of the Company’s Class B common stock, (ii) one Series REIT LP Unit and (iii) either one Series TRS LP Unit or one TRS Share, subject to equitable adjustments for stock splits, stock dividends and reclassifications. However, such exchange for shares of Ladder Capital Corp Class A common stock did not affect the exchanging owners’ voting power since the votes represented by the canceled shares of Ladder Capital Corp Class B common stock were replaced with the votes represented by the shares of Class A common stock for which such Series Units, including TRS Shares as applicable, were exchanged. As of September 30, 2020, all shares of Class B common stock had been exchanged for shares of Class A common stock and the Company held a 100% interest in LCFH. The roll-forward of the Operating Partnership’s LP Units followed the Class B common stock of the Company as disclosed in the consolidated statements of changes in equity. As of December 31, 2020, all shares of Class B common stock have been exchanged for shares of Class A common stock, and the Company held a 100% interest in LCFH. Pursuant to ASC 810, Consolidation , on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary, changes in a parent’s ownership interest (and transactions with noncontrolling interest unitholders in the subsidiary), while the parent retains its controlling interest in its subsidiary, should be accounted for as equity transactions. The carrying amount of the noncontrolling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of Continuing LCFH Limited Partners exchanges which caused changes in ownership percentages between the Company’s Class A shareholders and the noncontrolling interests in the Operating Partnership that occurred during the year ended December 31, 2020, the Company has increased noncontrolling interests in the Operating Partnership and accumulated other comprehensive income and increased additional paid-in capital in the Company’s shareholders’ equity by $1.0 million as of December 31, 2020. Distributions to Noncontrolling Interest in the Operating Partnership Notwithstanding the foregoing, subject to any restrictions in applicable debt financing agreements and available liquidity as determined by the board of directors of each of Series REIT of LCFH and Series TRS of LCFH, each Series used commercially reasonable efforts to make quarterly distributions to each of its partners (including the Company) at least equal to such partner’s “Quarterly Estimated Tax Amount,” which was computed (as more fully described in LCFH’s Third Amended and Restated LLLP Agreement) for each partner as the product of (x) the U.S. federal taxable income (or alternative minimum taxable income, if higher) allocated by such Series to such partner in respect of the Series REIT LP Units and Series TRS LP Units held by such partner and (y) the highest marginal blended U.S. federal, state and local income tax rate (or alternative minimum taxable rate, as applicable) applicable to an individual residing in New York, NY, taking into account, for U.S. federal income tax purposes, the deductibility of state and local taxes; provided that Series TRS of LCFH took into account, in determining the amount of tax distributions to holders of Series TRS LP Units, the amount of any distributions each such holder received from Series REIT of LCFH in excess of tax distributions. In addition, to the extent the Company required an additional distribution from the Series of LCFH in excess of its quarterly tax distribution in order to pay its quarterly cash dividend, the Series of LCFH was required to make a corresponding distribution of cash to each of their partners (other than the Company) on a pro-rata basis. As of December 31, 2020, all shares of Class B common stock have been exchanged for shares of Class A common stock, and the Company held a 100% interest in LCFH. Due to the expiration of the partnership during the year, the above will no longer be applicable prospectively. Income and losses and comprehensive income were allocated among the partners in a manner to reflect as closely as possible the amount each partner would be distributed under the Third Amended and Restated LLLP Agreement of LCFH upon liquidation of the Operating Partnership’s assets. Noncontrolling Interest in Consolidated Joint Ventures As of December 31, 2020, the Company consolidates four ventures in which there are other noncontrolling investors, which own between 10.0% - 25.0% of such ventures. These ventures hold investments in a 40-building student housing portfolio in Isla Vista, CA with a book value of $81.7 million, 11 office buildings in Richmond, VA with a book value of $72.2 million, a single-tenant office building in Oakland County, MI with a book value of $9.2 million and an apartment complex in Miami, FL with a book value of $37.1 million. The Company makes distributions and allocates income from these ventures to the noncontrolling interests in accordance with the terms of the respective governing agreements. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 13. EARNINGS PER SHARE The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2020, 2019 and 2018 consist of the following: Year Ended December 31, ($ in thousands except share amounts) 2020 2019 2018 Basic Net income (loss) available for Class A common shareholders $ (14,445) $ 122,645 $ 180,015 Diluted Net income (loss) available for Class A common shareholders $ (14,445) $ 122,645 $ 180,015 Weighted average shares outstanding Basic 112,409,615 105,455,849 97,226,027 Diluted 112,409,615 106,399,783 97,652,065 The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2020, 2019 and 2018 consist of the following: Year Ended December 31, (In thousands except share and per share amounts) 2020(1) 2019(1) 2018(1) Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ (14,445) $ 122,645 $ 180,015 Denominator: Weighted average number of shares of Class A common stock outstanding 112,409,615 105,455,849 97,226,027 Basic net income (loss) per share of Class A common stock $ (0.13) $ 1.16 $ 1.85 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ (14,445) $ 122,645 $ 180,015 Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss)(2) — — — Additional corporate tax (expense) benefit(2) — — — Diluted net income (loss) attributable to Class A common shareholders (14,445) 122,645 $ 180,015 Denominator: Basic weighted average number of shares of Class A common stock outstanding 112,409,615 105,455,849 97,226,027 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders(3) — — — Incremental shares of unvested Class A restricted stock(3) — 943,934 426,038 Incremental shares of unvested stock options — — — Diluted weighted average number of shares of Class A common stock outstanding 112,409,615 106,399,783 97,652,065 Diluted net income (loss) per share of Class A common stock $ (0.13) $ 1.15 $ 1.84 (1) For the years ended December 31, 2020, 2019 and 2018, shares issuable relating to converted Class B common shareholders are excluded from the calculation of diluted EPS as the inclusion of such potential common shares in the calculation would be anti-dilutive. (2) The Company is using the as-if converted method for the Class B common shareholders while adjusting for additional corporate income tax expense (benefit) for the described net income (loss) add-back for periods prior to September 30, 2020. There are no Class B common stock outstanding as of December 31, 2020. (3) The Company is using the treasury stock method. |
STOCK BASED AND OTHER COMPENSAT
STOCK BASED AND OTHER COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
STOCK BASED AND OTHER COMPENSATION PLANS | 14. STOCK BASED AND OTHER COMPENSATION PLANS The following table summarizes the impact on the consolidated statement of operations of the various stock based and other compensation plans ($ in thousands): Year Ended December 31, 2020 2019 2018 Stock Based Compensation Expense $ 42,728 $ 21,777 $ 8,831 Phantom Equity Investment Plan (1,238) 1,341 — Stock Options Exercised 270 — — Ladder Capital Corp Deferred Compensation Plan — — 1,163 Bonus Expense 1,082 28,235 34,465 Total $ 42,842 $ 51,353 $ 44,459 Summary of Stock and Shares/Options Nonvested/Outstanding A summary of the grants is presented below: Year Ended December 31, 2020 2019 2018 Number Weighted Number Weighted Number Weighted Grants - Class A Common Stock 4,423,215 $ 12.84 1,569,694 $ 17.54 33,656 $ 14.86 Grants - Class A Common Stock dividends — — 11,113 16.61 — — Stock Options — — 12,073 — — — The table below presents the number of unvested shares and outstanding stock options at December 31, 2020 and changes during 2020 of the Class A Common stock and Stock Options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan: Restricted Stock Stock Options Nonvested/Outstanding at December 31, 2019 1,436,683 994,208 Granted 4,423,215 — Exercised — (83,845) Vested (3,031,109) — Forfeited (27,965) — Expired — (229,261) Nonvested/Outstanding at December 31, 2020 2,800,824 681,102 Exercisable at December 31, 2020 (1) 681,102 (1) The weighted-average exercise price of outstanding options, warrants and rights is $14.84 at December 31, 2020. At December 31, 2020 there was $13.3 million of total unrecognized compensation cost related to certain share-based compensation awards that is expected to be recognized over a period of up to 21.7 months, with a weighted-average remaining vesting period of 26 months. 2014 Omnibus Incentive Plan In connection with the IPO Transactions, the 2014 Ladder Capital Corp Omnibus Incentive Equity Plan (the “2014 Omnibus Incentive Plan”) was adopted by the board of directors on February 11, 2014, and provides certain members of management, employees and directors of the Company or its affiliates with additional incentives including grants of stock options, stock appreciation rights, restricted stock, other stock-based awards and other cash-based awards. 2018 Restricted Stock Awards On February 18, 2018, certain members of the board of directors each received annual restricted stock awards with a grant date fair value of $0.4 million, representing 25,370 shares of restricted Class A common stock, which vested in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense related to the time-based vesting criteria of the award was recognized on a straight-line basis over the one year vesting period. On April 23, 2018, a new employee of the Company received a restricted stock award with a grant date fair value of $0.1 million, representing 3,566 shares of restricted Class A common stock, which vested in three equal installments on each of the first two anniversaries of the date of grant and the employee’s termination date. Compensation expense was recognized on a straight-line basis over the requisite service period. On July 19, 2018, a new member of the board of directors received a restricted stock award with a grant date fair value of $0.1 million, representing 4,720 shares of restricted Class A common stock, which will vest in three equal installments on each of the first three anniversaries of the date of grant, subject to continued service on the board of directors. Compensation expense for restricted stock subject to time-based vesting criteria granted to the director will be expensed 1/3 each year, for three years on an annual basis following such grant. Annual Incentive Awards Granted in 2019 with Respect to 2018 Performance For 2018 performance, certain employees received stock-based incentive equity on February 18, 2019. Fair value for all restricted and unrestricted stock grants was calculated using the most recent closing stock price prior to the grant date (due to markets being closed on grant date). Compensation expense for unrestricted stock grants was expensed immediately. The Company elected to recognize the compensation expense related to the time-based vesting of the annual restricted stock awards for the entire award on a straight-line basis over the requisite service period for the entire award. Restricted stock subject to performance criteria is eligible to vest in three equal installments upon the compensation committee’s confirmation that the Company achieves a return on equity, based on distributable earnings divided by the Company’s average book value of equity, equal to or greater than 8% for such year (the “Performance Target”) for the years ended December 31, 2019, 2020 and 2021, respectively. If the Company misses the Performance Target during either the first or second calendar year but meets the Performance Target for a subsequent year during the three On February 18, 2019, in connection with 2018 compensation, annual stock awards were granted to management employees (each, a “Management Grantee”) with an aggregate value of $11.7 million which represented 666,288 shares of Class A common stock. The award to Mr. Harris, and 50% of the awards to Mr. Fox, Mr. Harney, and Mr. Perelman, were unrestricted. For Ms. McCormack, 50% of her award became fully vested on her executive retirement eligibility date, December 8, 2019. The other 50% of incentive equity awarded to Mr. Fox, Mr. Harney, Ms. McCormack, and Mr. Perelman is restricted stock subject to attainment of the Performance Target for the applicable years and also subject to the Performance Waiver and Catch-Up Provision, each described above. On February 18, 2019, in connection with 2018 compensation, annual stock awards were granted to certain non-management employees (each, a “Non-Management Grantee”) with an aggregate value of $14.9 million which represents 849,087 shares of mostly restricted Class A common stock. Fifty percent of most stock awards granted is subject to time-based vesting criteria, and the remaining 50% of each stock award is subject to attainment of the Performance Target for the applicable years and is also subject to the Performance Waiver and Catch-Up Provision, each described above. The time-vesting restricted stock granted to Non-Management Grantees will vest in three installments on February 18 of each of 2020, 2021 and 2022 subject to continued employment on the applicable vesting dates. Other 2019 Restricted Stock Awards On February 18, 2019, certain members of the board of directors each received annual restricted stock awards with a grant date fair value of $0.4 million, representing 25,626 shares of restricted Class A common stock, which vested in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense related to the time-based vesting criteria of the award was recognized on a straight-line basis over the one year vesting period. On January 24, 2019, Management Grantees received a restricted stock award with a grant date fair value of $11,328, representing 682 shares of restricted Class A common stock. These shares represent stock dividends paid on the number of shares subject to the 2016 options (had such shares been outstanding) and vested with the time-vesting 2016 options they are associated with, subject to the Retirement Eligibility Date of the respective member of management. Compensation expense was recognized on a straight-line basis over the requisite service period. An equitable adjustment was also made to outstanding options in the first quarter of 2019 for the Company’s stock dividend paid on January 24, 2019. Those additional options are reflected in the summary of grants table above. On June 4, 2019, a new member of the board of directors received a restricted stock award with a grant date fair value of $0.1 million, representing 4,568 shares of restricted Class A common stock, which will vest in three equal installments on each of the first three anniversaries of the date of grant, subject to continued service on the board of directors. Compensation expense for restricted stock subject to time-based vesting criteria granted to the director will be expensed 1/3 each year, for three years on an annual basis following such grant. On July 1, 2019, a new employee of the Company received a restricted stock award with a grant date fair value of $0.4 million, representing 24,125 shares of restricted Class A common stock. Fifty percent of this restricted stock award granted is subject to time-based vesting criteria, and the remaining 50% of this restricted stock award is subject to attainment of the Performance Target for the applicable years and is also subject to the Performance Waiver and Catch-Up Provision, each described above. The time-vesting restricted stock granted will vest in three installments on July 1 of each of 2020, 2021 and 2022 subject to continued employment on the applicable vesting dates. The performance-vesting restricted stock will vest in three equal installments on July 1 of each of 2020, 2021 and 2022 upon the Compensation Committee’s confirmation that the Company achieves the Performance Target for the years ended December 31, 2019, 2020 and 2021, respectively subject to the Performance Waiver. The Company has elected to recognize the compensation expense related to the time-based vesting criteria of these restricted stock award on a straight-line basis over the requisite service period. Annual Incentive Awards Granted in 2020 with Respect to 2019 Performance For 2019 performance, certain employees received stock-based incentive equity. Fair value for all restricted and unrestricted stock grants was calculated using the closing stock price on the grant date. Compensation expense for unrestricted stock grants was expensed immediately. The Company has elected to recognize the compensation expense related to the time-based vesting of the annual restricted stock awards for the entire award on a straight-line basis over the requisite service period for the entire award. Restricted stock subject to performance criteria is eligible to vest in three equal installments upon the compensation committee’s confirmation that the Company achieves the Performance Target for the years ended December 31, 2020, 2021 and 2022, respectively. Restricted stock subject to performance criteria is also subject to the Performance Waiver and the Catch-Up Provision, each described above. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. On February 18, 2020, in connection with 2019 compensation, annual stock awards were granted to Management Grantees, other than Ms. Porcella, with an aggregate fair value of $12.0 million million which represents 639,690 shares of Class A common stock. The grant to Ms. Porcella is subject to the same time-based and performance-based vesting described below for Non-Management Grantees and her shares are included in that total. The grant to Mr. Harris, and 50% of the grants to Mr. Fox, Ms. McCormack and Mr. Perelman, were unrestricted. The other 50% of incentive equity granted to Mr. Fox, Ms. McCormack and Mr. Perelman is restricted stock subject to attainment of the Performance Target for the applicable years and is also subject to the Performance Waiver and Catch-Up Provision, each described above. On February 18, 2020, in connection with 2019 compensation, annual stock awards were granted to Ms. Porcella and Non-Management Grantees with an aggregate value of $15.0 million which represents 802,611 shares of mostly restricted Class A common stock. Fifty percent of most stock awards is subject to time-based vesting criteria, and the remaining 50% of these stock awards is subject to attainment of the Performance Target for the applicable years and is also subject to the Performance Waiver and Catch-Up Provision, each described above. The time-vesting restricted stock will vest in three installments on February 18 of each of 2021, 2022 and 2023 subject to continued employment on the applicable vesting dates. Other 2020 Restricted Stock Awards On February 18, 2020, certain members of the board of directors each received annual restricted stock awards with a grant date fair value of $0.4 million, representing 24,036 shares of restricted Class A common stock, which will vest in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense related to the time-based vesting criteria of the award shall be recognized on a straight-line basis over the one year vesting period. On March 26, 2020, 5,803 shares of restricted Class A common stock were forfeited when a member resigned from the board of directors. Annual Incentive Awards Granted in 2020 with Respect to 2020 Performance For 2020 performance, certain employees received stock-based incentive equity in December 2020. Fair value for all restricted and unrestricted stock grants was calculated using the closing stock price on the grant date. Compensation expense for unrestricted stock grants was expensed immediately. The Company has elected to recognize the compensation expense related to the time-based vesting of the annual restricted stock awards for the entire award on a straight-line basis over the requisite service period for the entire award. Restricted stock subject to performance criteria is eligible to vest in three equal installments upon the compensation committee’s confirmation that the Company achieves the Performance Target for the years ended December 31, 2021, 2022 and 2023, respectively. Restricted stock subject to performance criteria is also subject to the Performance Waiver and the Catch-Up Provision, each described above. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. On December 17, 2020, in connection with 2020 compensation, annual stock awards were granted to Management Grantees, other than Ms. Porcella, with an aggregate fair value of $14.5 million, which represents 1,463,039 shares of Class A common stock. The grant to Ms. Porcella is subject to the same time-based and performance-based vesting described below for Non-Management Grantees and her shares are included in the total. The grant to Mr. Harris and approximately 2/3 of the grants to Mr. Fox, Ms. McCormack and Mr. Perelman were unrestricted. The other 1/3 of incentive equity granted to Mr. Fox, Ms. McCormack and Mr. Perelman is restricted stock subject to attainment of the Performance Target for the applicable years and is also subject to the Performance Waiver and Catch-Up Provision, each described above. On December 17, 2020, in connection with 2020 compensation, annual stock awards were granted to Ms. Porcella and Non-Management employees with an aggregate fair value of $14.8 million, which represents 1,493,839 shares of Class A common stock. Approximately 1/3 of the awards to Ms. Porcella and Non-Management Grantees employees were unrestricted, with another 1/3 of the awards subject to time-based vesting criteria, and the remaining 1/3 subject to attainment of the Performance Target for the applicable years. The 1/3 of awards subject to attainment of the Performance Target is also subject to the Performance Waiver and Catch-Up Provision, each described above. The time-vesting restricted stock will vest in three installments on February 18 of each of 2022, 2023 and 2024 subject to continued employment on the applicable vesting dates. Change in Control Upon a change in control (as defined in the respective award agreements), restricted stock awards to Mr. Fox, Ms. McCormack and Mr. Perelman will become fully vested if (1) such Management Grantee continues to be employed through the closing of the change in control or (2) after the signing of definitive documentation related to the change in control, but prior to its closing, such Management Grantee’s employment is terminated without cause or due to death or disability or the Management Grantee resigns for Good Reason, as defined in each Management Grantee’s employment agreement. The compensation committee retains the right, in its sole discretion, to provide for the accelerated vesting (in whole or in part) of the restricted stock awards granted. In the event Ms. Porcella or a Non-Management Grantee is terminated by the Company without cause within six months of certain changes in control, all unvested time shares shall vest on the termination date and all unvested performance shares shall remain outstanding and be eligible to vest (or be forfeited) in accordance with the performance conditions. Ladder Capital Corp Deferred Compensation Plan On July 3, 2014, the Company adopted a nonqualified deferred compensation plan, which was amended and restated on March 17, 2015 (the “2014 Deferred Compensation Plan”), in which certain eligible employees participate. On February 22, 2018, the board of directors froze the 2014 Deferred Compensation Plan. Pursuant to the 2014 Deferred Compensation Plan, participants elected, or in some cases non-management participants were required, to defer all or a portion of their annual cash performance-based bonuses into the 2014 Deferred Compensation Plan. Generally, if a participant’s total compensation was in excess of a certain threshold, a portion of a participant’s performance-based annual bonus was required to be deferred into the 2014 Deferred Compensation Plan. Otherwise, a portion of the participant’s annual bonus could have been deferred into the 2014 Deferred Compensation Plan at the election of the participant, so long as such elections were timely made in accordance with the terms and procedures of the 2014 Deferred Compensation Plan. In the event that a participant elected to (or was required to) defer a portion of his or her compensation pursuant to the 2014 Deferred Compensation Plan, such amount was not paid to the participant and was instead credited to such participant’s notional account under the 2014 Deferred Compensation Plan. Such amounts were then invested on a phantom basis in Class A common stock of the Company, or the phantom units, and a participant’s account is credited with any dividends or other distributions received by holders of Class A common stock of the Company, which are subject to the same vesting and payment conditions as the applicable contributions. Elective contributions were immediately vested upon contribution. Mandatory contributions are subject to one-third vesting over three years on a straight-line basis following the applicable year in which the related compensation was earned and mandatory contributions for compensation earned in 2016 and 2017 remain in the 2014 Deferred Compensation Plan, subject to vesting in 2019 and 2020, respectively. If a participant’s employment with the Company is terminated by the Company other than for cause and such termination is within six months following a change in control (each, as defined in the 2014 Deferred Compensation Plan), then the participant will fully vest in his or her unvested account balances. Furthermore, the unvested account balances will fully vest in the event of the participant’s death, disability, retirement (as defined in the 2014 Deferred Compensation Plan) or in the event of certain hostile takeovers of the board of directors of the Company. In the event that a participant’s employment is terminated by the Company other than for cause, the participant will vest in the portion of the participant’s account that would have vested had the participant remained employed through the end of the year in which such termination occurs, subject to, in such case or in the case of retirement, the participant’s timely execution of a general release of claims in favor of the Company. Unvested amounts are otherwise generally forfeited upon the participant’s resignation or termination of employment, and vested mandatory contributions are generally forfeited upon the participant’s termination for cause. Amounts deferred into the 2014 Deferred Compensation Plan are paid upon the earliest to occur of (1) a change in control, (2) within sixty days following the end of the participant’s employment with the Company, or (3) the date of payment of the annual bonus payments following December 31 of the third calendar year following the applicable year to which the underlying deferred annual compensation relates. Payment is made in cash equal to the fair market value of the number of phantom units credited to a participant’s account, provided that, if the participant’s termination was by the Company for cause or was a voluntary resignation other than on account of such participant’s retirement, the amount paid is based on the lowest fair market value of a share of Class A common stock during the forty-five day period following such termination of employment. The amount of the final cash payment may be more or less than the amount initially deferred into the 2014 Deferred Compensation Plan, depending upon the change in the value of the Class A common stock of the Company during such period. As of December 31, 2020, there are 165,735 phantom units outstanding in the 2014 Deferred Compensation Plan, of which zero are unvested, resulting in a liability of $1.6 million, which is included in accrued expenses on the consolidated balance sheets. As of December 31, 2019, there were 265,275 phantom units outstanding in the 2014 Deferred Compensation Plan, of which 52,861 were unvested, resulting in a liability of $4.9 million, which is included in accrued expenses on the consolidated balance sheets. Bonus Payments |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 15. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is based upon internal models, using market quotations, broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. The fair value of the mortgage loan receivables held for sale is based upon a securitization model utilizing market data from recent securitization spreads and pricing. Fair Value Summary Table The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2020 and 2019 are as follows ($ in thousands): December 31, 2020 Weighted Average Outstanding Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 1,015,520 $ 1,015,282 $ 1,003,301 Internal model, third-party inputs 1.56 % 2.01 CMBS interest-only(1) 1,498,181 (2) 21,567 22,213 Internal model, third-party inputs 3.53 % 2.19 GNMA interest-only(3) 75,350 (2) 868 1,001 Internal model, third-party inputs 5.06 % 3.59 Agency securities(1) 586 593 605 Internal model, third-party inputs 1.64 % 1.26 GNMA permanent securities(1) 30,254 30,340 31,199 Internal model, third-party inputs 3.49 % 1.98 Provision for current expected credit reserves N/A (20) (20) (5) N/A N/A Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loan receivables held for investment, net, at amortized cost 2,365,204 2,354,059 2,328,441 Discounted Cash Flow(4) 6.67 % 1.07 Provision for current expected credit reserves N/A (41,507) (41,507) (5) N/A N/A Mortgage loan receivables held for sale 30,478 30,518 32,082 Internal model, third-party inputs(6) 4.05 % 9.18 FHLB stock(7) 31,000 31,000 31,000 (7) 3.00 % N/A Nonhedge derivatives(1)(8) 65,600 N/A 299 Counterparty quotations N/A 0.25 Liabilities: Repurchase agreements - short-term 708,833 708,833 708,833 Discounted Cash Flow(9) 1.16 % 0.34 Repurchase agreements - long-term 112,004 112,004 112,004 Discounted Cash Flow(10) 9.47 % 2.21 Revolving credit facility 266,430 266,430 266,430 Discounted Cash Flow(9) 3.15 % 0.07 Mortgage loan financing 761,793 766,064 786,405 Discounted Cash Flow(10) 4.84 % 4.04 Secured financing facility 192,646 192,646 192,646 Discounted Cash Flow(9) 10.75 % 2.35 CLO debt 276,516 276,516 276,516 Discounted Cash Flow(10) 5.50 % 3.38 Borrowings from the FHLB 288,000 288,000 289,091 Discounted Cash Flow 1.12 % 2.76 Senior unsecured notes 1,612,299 1,599,371 1,607,930 Internal model, third-party inputs 4.90 % 3.89 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model. (5) Fair value is estimated to equal par value. (6) Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (7) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (8) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (9) Fair value for repurchase agreement liabilities - short term borrowings under the secured financing facility and borrowings under the revolving credit facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (10) For repurchase agreements - long term, mortgage loan financing, and CLO debt the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. December 31, 2019 Weighted Average Outstanding Amortized Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 1,640,597 $ 1,640,905 $ 1,644,322 Internal model, third-party inputs 3.08 % 2.41 CMBS interest-only(1) 1,559,160 (2) 28,553 29,146 Internal model, third-party inputs 3.04 % 2.53 GNMA interest-only(3) 109,783 (2) 1,982 1,851 Internal model, third-party inputs 4.59 % 2.77 Agency securities(1) 629 640 637 Internal model, third-party inputs 1.73 % 1.83 GNMA permanent securities(1) 31,461 31,681 32,369 Internal model, third-party inputs 3.17 % 1.93 Equity securities(3) N/A 12,848 12,980 Observable market prices N/A N/A Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loan receivables held for investment, net, at amortized cost 3,277,596 3,257,036 3,273,219 Discounted Cash Flow(4) 6.94 % 1.43 Provision for loan losses N/A (20,500) (20,500) (5) N/A N/A Mortgage loan receivables held for sale 122,748 122,325 124,989 Internal model, third-party inputs(6) 4.20 % 9.99 FHLB stock(7) 61,619 61,619 61,619 (7) 4.75 % N/A Nonhedge derivatives(1)(8) 340,200 N/A 693 Counterparty quotations N/A 0.25 Liabilities: Repurchase agreements - short-term 1,781,253 1,781,253 1,781,253 Discounted Cash Flow(9) 2.50 % 0.19 Repurchase agreements - long-term 34,681 34,681 34,681 Discounted Cash Flow(10) 2.81 % 1.41 Mortgage loan financing 807,854 812,606 838,766 Discounted Cash Flow(10) 4.91 % 5.65 Borrowings from the FHLB 1,073,500 1,073,500 1,080,354 Discounted Cash Flow 2.33 % 2.08 Senior unsecured notes 1,166,201 1,157,833 1,208,860 Internal model, third-party inputs 5.39 % 3.28 Nonhedge derivatives(1)(8) 69,571 N/A — Counterparty quotations N/A 0.36 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow. (5) Fair value is estimated to equal par value. (6) Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (7) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (8) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (9) Fair value for repurchase agreement liabilities is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (10) For repurchase agreements - long term and mortgage loan financing, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Financial Instruments Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Fair Value Level 1 Level 2 Level 3 Total Assets: CMBS(1) $ 1,003,998 $ — $ — $ 992,227 $ 992,227 CMBS interest-only(1) 1,487,616 (2) — — 21,538 21,538 GNMA interest-only(3) 75,350 (2) — — 1,001 1,001 Agency securities(1) 586 — — 605 605 GNMA permanent securities(1) 30,254 — — 31,199 31,199 Nonhedge derivatives(4) 65,600 — 299 — 299 $ — $ 299 $ 1,046,570 $ 1,046,869 Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivable held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries $ 2,365,204 $ — $ — $ 2,328,441 $ 2,328,441 Provision for current expected credit losses N/A — — (41,507) (41,507) Mortgage loan receivable held for sale 30,478 — — 32,082 32,082 CMBS(5) 11,523 — — 11,074 11,074 CMBS interest-only(5) 10,566 (2) — — 675 675 Provision for current expected credit losses N/A (20) (20) FHLB stock 31,000 — — 31,000 31,000 $ — $ — $ 2,361,745 $ 2,361,745 Liabilities: Repurchase agreements - short-term 708,833 $ — $ — $ 708,833 $ 708,833 Repurchase agreements - long-term 112,004 — — 112,004 112,004 Revolving credit facility 266,430 — — 266,430 266,430 Mortgage loan financing 761,793 — — 786,405 786,405 Secured financing facility 192,646 — — 192,646 192,646 CLO debt 276,516 — — 276,516 276,516 Borrowings from the FHLB 288,000 — — 289,091 289,091 Senior unsecured notes 1,612,299 — — 1,607,930 1,607,930 $ — $ — $ 4,239,855 $ 4,239,855 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (5) Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost. December 31, 2019 Financial Instruments Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Fair Value Level 1 Level 2 Level 3 Total Assets: CMBS(1) $ 1,628,476 $ — $ — $ 1,632,714 $ 1,632,714 CMBS interest-only(1) 1,548,061 (2) — — 28,342 28,342 GNMA interest-only(3) 109,783 (2) — — 1,851 1,851 Agency securities(1) 629 — — 637 637 GNMA permanent securities(1) 31,461 — — 32,369 32,369 Equity securities N/A 12,980 — — 12,980 Nonhedge derivatives(4) 340,200 — 693 — 693 $ 12,980 $ 693 $ 1,695,913 $ 1,709,586 Liabilities: Nonhedge derivatives(4) $ 69,571 $ — $ — $ — $ — Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivable held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries $ 3,277,597 $ — $ — $ 3,273,219 $ 3,273,219 Provision for loan losses N/A — — (20,500) (20,500) Mortgage loan receivables held for sale 122,748 — — 124,989 124,989 CMBS(5) 12,121 — — 11,608 11,608 CMBS interest-only(5) 11,099 (2) — — 804 804 FHLB stock 61,619 — — 61,619 61,619 $ — $ — $ 3,451,739 $ 3,451,739 Liabilities: Repurchase agreements - short-term 1,781,253 $ — $ — $ 1,781,253 $ 1,781,253 Repurchase agreements - long-term 34,681 — — 34,681 34,681 Mortgage loan financing 807,854 — — 838,766 838,766 Borrowings from the FHLB 1,073,500 — — 1,080,354 1,080,354 Senior unsecured notes 1,166,201 — — 1,208,860 1,208,860 $ — $ — $ 4,943,914 $ 4,943,914 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (5) Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost. The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the years ended December 31, 2020 and December 31, 2019 ($ in thousands): Year Ended December 31, Level 3 2020 2019 Balance at January 1, $ 1,695,913 $ 1,398,576 Transfer from level 2 — — Purchases 439,735 1,627,063 Sales (917,372) (850,513) Paydowns/maturities (135,343) (491,790) Amortization of premium/discount (8,073) (12,185) Unrealized gain/(loss) (14,896) 10,014 Realized gain/(loss) on sale(1) (13,396) 14,748 Balance at December 31, $ 1,046,568 $ 1,695,913 (1) Includes realized losses on securities recorded as other than temporary impairments. The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2020 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 992,226 Discounted cash flow Yield (4) — % 2.09 % 23.85 % Duration (years)(5) 0 2.68 5.82 CMBS interest-only(1) 21,537 (2) Discounted cash flow Yield (4) 1 % 2.51 % 9.94 % Duration (years)(5) 0.12 2.23 3.15 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only(3) 1,001 (2) Discounted cash flow Yield (4) — % 7.93 % 35.82 % Duration (years)(5) 0 2.80 6.79 Prepayment speed (CPJ)(5) 5.00 17.78 35.00 Agency securities(1) 605 Discounted cash flow Yield (4) — % 11.31 % 72 % Duration (years)(5) 0 1.23 1.44 GNMA permanent securities(1) 31,199 Discounted cash flow Yield (4) — % 2.99 % 3.47 % Duration (years)(5) 1.57 9.74 14.57 Total $ 1,046,568 (1) CMBS, CMBS interest-only securities, Agency securities, GNMA construction securities, GNMA permanent securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. (2) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (3) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. Sensitivity of the Fair Value to Changes in the Unobservable Inputs (4) Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement. (5) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question. December 31, 2019 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 1,632,714 Discounted cash flow Yield (3) — % 3.11 % 19.92 % Duration (years)(4) 0.00 1.63 6.87 CMBS interest-only(1) 28,342 (2) Discounted cash flow Yield (3) 1.57 % 3.93 % 7.62 % Duration (years)(4) 0.26 2.47 3.51 Prepayment speed (CPY)(4) 100.00 97.24 100.00 GNMA interest-only(3) 1,851 (2) Discounted cash flow Yield (4) (4.82) % 15.13 % 44.5 % Duration (years)(5) 0.85 2.90 13.69 Prepayment speed (CPJ)(5) 5.00 12.36 35.00 Agency securities(1) 637 Discounted cash flow Yield (4) — % 1.7 % 2.16 % Duration (years)(5) 0.00 2.30 2.92 GNMA permanent securities(1) 32,369 Discounted cash flow Yield (4) 56.56 % 166.79 % 410 % Duration (years)(5) 2.60 3.61 6.49 Total $ 1,695,913 (1) CMBS, CMBS interest-only securities, Agency securities, GNMA construction securities, GNMA permanent securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. (2) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (3) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. Sensitivity of the Fair Value to Changes in the Unobservable Inputs (4) Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement. (5) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question. Nonrecurring Fair Values The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may be impaired. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of assets value due to impairment. Refer to Note 3, Mortgage Loan Receivables and Note 5, Real Estate and Related Lease Intangibles, Net for disclosure of level 3 inputs. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 16. INCOME TAXES The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2015. As such, the Company’s income is generally not subject to U.S. federal, state and local corporate income taxes other than as described below. Certain of the Company’s subsidiaries have elected to be treated as TRSs. TRSs permit the Company to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Code, and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, the Company will continue to maintain its qualification as a REIT. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in TRSs. Year Ended December 31, 2020 2019 2018 Current expense (benefit) U.S. federal $ (8,087) $ (1,772) $ 7,099 State and local (1,796) (396) 7,068 Total current expense (benefit) (9,883) (2,168) 14,167 Deferred expense (benefit) U.S. federal 119 3,824 (5,115) State and local (25) 990 (2,409) Total deferred expense (benefit) 94 4,814 (7,524) Provision for income tax expense (benefit) $ (9,789) $ 2,646 $ 6,643 A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2020, 2019 and 2018 is as follows: Year Ended December 31, 2020 2019 2018 US statutory tax rate 21.00 % 21.00 % 21.00 % REIT income not subject to corporate income tax 65.98 % (21.89) % (18.86) % Increase due to state and local taxes 9.85 % (0.25) % 2.44 % (1) Change in valuation allowance 6.91 % 3.26 % (1.64) % Offshore non-taxable income (41.96) % (0.24) % — % UTP released (2.54) % (0.46) % — % Section 163 (j) interest expense limitation (7.12) % — % — % REIT Income Taxes (2.59) % — % — % Return to Provision (1.25) % — % — % Net operating loss carryback benefit 4.54 % — % — % Other (1.96) % 0.45 % (0.03) % Effective income tax rate 50.86 % 1.87 % 2.91 % (1) The increase in state taxes shown above is primarily related to additional tax expense of $3.3 million for the year ended December 31, 2018, pertaining to New York State tax audits, further discussed below. The differences between the Company’s statutory rate and effective tax rate are largely determined by the amount of income subject to tax by the Company’s TRS subsidiaries. The Company expects that its future effective tax rate will be determined in a similar manner. As of December 31, 2020 and 2019, the Company’s net deferred tax assets (liabilities) were $(2.0) million and $(2.1) million, respectively, and are included in other assets (liabilities) in the Company’s consolidated balance sheets. The Company believes it is more likely than not that the net deferred tax assets will be realized in the future. Realization of the net deferred tax assets (liabilities) is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. The Company has recorded deferred tax assets related to net operating losses in the taxable REIT subsidiaries that are expected to be fully utilized in future periods. The net operating loss subject to unlimited carryforward is $22.8 million as of December 31, 2020. The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): December 31, 2020 December 31, 2019 Deferred Tax Assets Basis difference in operating partnerships $ 6,222 $ 246 Net unrealized losses 986 1,440 Capital losses carryforward 5,664 6,717 Valuation allowance (5,664) (6,717) Interest expense limitation 1,370 846 Valuation Allowance (1,370) — Total Deferred Tax Assets $ 7,208 $ 2,532 December 31, 2020 December 31, 2019 Deferred Tax Liability Basis difference in operating partnerships $ 9,218 $ 4,671 Total Deferred Tax Liability $ 9,218 $ 4,671 As of December 31, 2020, the Company had $5.7 million of deferred tax assets relating to capital losses which it may only use to offset capital gains. As of December 31, 2019, the Company had $6.7 million of deferred tax assets relating to capital losses which it may only use to offset capital gains. These tax attributes will begin to expire if unused in 2021. As the realization of these assets are not more likely than not before their expiration, the Company has provided a full valuation allowance against these deferred tax assets. The Company’s tax returns are subject to audit by taxing authorities. Generally, as of December 31, 2020, the tax years 2017-2020 remain open to examination by the major taxing jurisdictions in which the Company is subject to taxes. The Company acquired certain corporate entities at the time of its IPO. The related acquisition agreements provided an indemnification to the Company by each transferor of any amounts due for any potential tax liabilities owed by these entities for tax years prior to their acquisition. In January 2019, a settlement was reached with New York State pertaining to an audit of these corporate entities for the years 2013-2015. As a result of the settlement, management recorded income tax expense in the amount of $3.3 million and a corresponding payable to the State of New York in 2018. Pursuant to the indemnification, management expected to recover $2.5 million of the $3.3 million from indemnity counterparties and, accordingly, recorded fee and other income in the amount of $2.5 million as well as a corresponding receivable from the indemnity counterparties. As of July 31, 2019, the Company collected all amounts owed by the counterparties related to the 2013-2015 audit. The IRS recently completed its audit of the 2014 tax year and did not recommend any changes to the Company’s tax return. The Company is currently under New York City audit for tax years 2012-2014. Several of the Company’s subsidiary entities are under New York State audit for tax years 2015-2018. The Company does not expect these audits to result in any material changes to the Company’s financial position. The Company does not expect tax expense to have an impact on either short or long-term liquidity or capital needs. As of December 31, 2020 and 2019, the Company’s unrecognized tax benefit is a liability for $0.7 million and $0.2 million, respectively, and is included in the accrued expenses in the Company’s consolidated balance sheets. This unrecognized tax benefit, if recognized, would have a favorable impact on our effective income tax rate in future periods. As of December 31, 2020, the Company has not recognized a significant amount of any interest or penalties related to uncertain tax positions. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months. Tax Receivable Agreement Upon consummation of the IPO, the Company entered into a Tax Receivable Agreement with the Continuing LCFH Limited Partners (the “TRA Members”). Under the Tax Receivable Agreement the Company generally was required to pay to the TRA Members that exchanged their interests in LCFH and Class B shares of the Company for Class A shares of the Company, 85% of the applicable cash savings, if any, in U.S. federal, state and local income tax that the Company realized (or was deemed to realize in certain circumstances) as a result of (i) the increase in tax basis in its proportionate share of LCFH’s assets that was attributable to the Company as a result of the exchanges and (ii) payments under the Tax Receivable Agreement, including any tax benefits related to imputed interest deemed to be paid by the Company as a result of such agreement. To determine the current amount of the payments due, the Company estimated the amount of the Tax Receivable Agreement payments to be made within twelve months of the balance sheet date. As of December 31, 2020 and 2019, pursuant to the Tax Receivable Agreement, the Company had a liability of $0.9 million and $1.6 million, respectively, included in other liabilities in the consolidated balance sheets for TRA Members. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 17. RELATED PARTY TRANSACTIONS Ladder Select Bond Fund On October 18, 2016, Ladder Capital Asset Management LLC (“LCAM”), a subsidiary of the Company and a registered investment adviser, launched the Ladder Select Bond Fund, a mutual fund (the “Fund”). In addition, on October 18, 2016, the Company made a $10.0 million investment in the Fund, which was included in other assets in the consolidated balance sheets. On June 22, 2020, the Fund was liquidated and LCAM deregistered with the SEC. The Company recognized a realized loss of $0.7 million upon liquidation of the Fund which is included in fee and other income on the consolidated statements of income for the year ended December 31, 2020. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 18. COMMITMENTS AND CONTINGENCIES Leases The Company adopted ASC Topic 842 on January 1, 2019. The primary impact of applying ASC Topic 842 was the initial recognition of a $3.5 million lease liability and a $3.3 million right of use asset (including previously accrued straight line rent) on the Company’s consolidated financial statements, for leases classified as operating leases under ASC Topic 840, primarily for the Company’s corporate headquarters and other identified leases. As of December 31, 2020, the Company had a $1.3 million lease liability and a $1.3 million right-of-use asset on its consolidated balance sheets found within other liabilities and other assets, respectively. Tenant reimbursements, which consist of real estate taxes and other municipal charges paid by us which were reimbursable by our tenants pursuant to the terms of triple-net lease agreements, were $5.5 million, $6.4 million and $9.7 million for the years ended December 31, 2020, 2019 and 2018, respectively, and are included in operating lease income on the Company’s consolidated statements of income. Investments in Unconsolidated Joint Ventures We have made investments in various unconsolidated joint ventures. See Note 6, Investment in and Advances to Unconsolidated Joint Ventures for further details of our unconsolidated investments. Our maximum exposure to loss from these investments is limited to the carrying value of our investments. Unfunded Loan Commitments |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 19. SEGMENT REPORTING The Company has determined that it has three reportable segments based on how the chief operating decision maker reviews and manages the business. These reportable segments include loans, securities, and real estate. The loans segment includes mortgage loan receivables held for investment (balance sheet loans) and mortgage loan receivables held for sale (conduit loans). The securities segment is composed of all of the Company’s activities related to commercial real estate securities, which include investments in CMBS, U.S. Agency Securities, corporate bonds and equity securities. The real estate segment includes net leased properties, office buildings, student housing portfolios, hotels, industrial buildings, a shopping center and condominium units. Corporate/other includes the Company’s investments in joint ventures, other asset management activities and operating expenses. The Company evaluates performance based on the following financial measures for each segment ($ in thousands): Year ended December 31, 2020 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 205,640 $ 32,904 $ 13 $ 1,293 239,849 Interest expense (48,084) (21,554) (39,396) (118,440) (227,474) Net interest income (expense) 157,556 11,349 (39,383) (117,148) 12,375 Provision for (release of) loan loss reserves (18,277) 2 — — (18,275) Net interest income (expense) after provision for (release of) loan reserves 139,279 11,351 (39,383) (117,148) (5,900) Operating lease income — — 100,248 — 100,248 Sale of loans, net (1,571) — — — (1,571) Realized gain (loss) on securities — (12,410) — — (12,410) Unrealized gain (loss) on equity securities — (132) — — (132) Unrealized gain (loss) on Agency interest-only securities — 263 — — 263 Realized gain on sale of real estate, net — — 32,102 — 32,102 Fee and other income 9,142 403 25 3,084 12,654 Net result from derivative transactions (11,264) (4,006) — — (15,270) Earnings (loss) from investment in unconsolidated joint ventures — — 1,821 — 1,821 Gain (loss) on extinguishment of debt — — — 22,250 22,250 Total other income (loss) (3,693) (15,882) 134,196 25,334 139,955 Salaries and employee benefits — — — (58,101) (58,101) Operating expenses(3) 3 — — (20,297) (20,294) Real estate operating expenses — — (28,584) (28,584) Fee expense (6,124) (236) (884) — (7,244) Depreciation and amortization — — (38,980) (99) (39,079) Total costs and expenses (6,121) (236) (68,448) (78,497) (153,302) Income tax (expense) benefit — — — 9,789 9,789 Segment profit (loss) $ 129,465 $ (4,767) $ 26,365 $ (160,522) $ (9,458) Total assets as of December 31, 2020 $ 2,343,070 $ 1,058,298 $ 1,031,557 $ 1,448,303 $ 5,881,229 Year ended December 31, 2019 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 270,239 $ 58,880 $ 32 $ 1,084 $ 330,235 Interest expense (50,293) (19,248) (37,226) (97,586) (204,353) Net interest income (expense) 219,946 39,632 (37,194) (96,502) 125,882 Provision for (release of) loan loss reserves (2,600) — — — (2,600) Net interest income (expense) after provision for (release of) loan reserves 217,346 39,632 (37,194) (96,502) 123,282 Operating lease income — — 106,366 — 106,366 Sale of loans, net 54,758 — — — 54,758 Realized gain (loss) on securities — 14,911 — — 14,911 Unrealized gain (loss) on equity securities — 1,737 — — 1,737 Unrealized gain (loss) on Agency interest-only securities — 84 — — 84 Realized gain on sale of real estate, net — — 1,392 — 1,392 Impairment of real estate — — (1,350) — (1,350) Fee and other income 19,188 1,592 8 3,615 24,403 Net result from derivative transactions (16,160) (13,851) — — (30,011) Earnings (loss) from investment in unconsolidated joint ventures — — 3,432 — 3,432 Gain (loss) on extinguishment of debt — — (1,070) — (1,070) Total other income (loss) 57,786 4,473 108,778 3,615 174,652 Salaries and employee benefits — — — (67,768) (67,768) Operating expenses(3) — — — (22,595) (22,595) Real estate operating expenses — — (23,323) — (23,323) Fee expense (4,602) (350) (1,138) — (6,090) Depreciation and amortization — — (38,412) (99) (38,511) Total costs and expenses (4,602) (350) (62,873) (90,462) (158,287) Income tax (expense) benefit — — — (2,646) (2,646) Segment profit (loss) $ 270,530 $ 43,755 $ 8,711 $ (185,995) $ 137,001 Total assets as of December 31, 2019 $ 3,358,861 $ 1,721,305 $ 1,096,514 $ 492,472 $ 6,669,152 Year ended December 31, 2018 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 310,149 $ 34,217 $ 24 $ 426 $ 344,816 Interest expense (62,474) (4,617) (34,739) (92,461) (194,291) Net interest income (expense) 247,675 29,600 (34,715) (92,035) 150,525 Provision for (release of) loan loss reserves (13,900) — — — (13,900) Net interest income (expense) after provision for (release of) loan reserves 233,775 29,600 (34,715) (92,035) 136,625 Operating lease income — — 106,177 — 106,177 Sale of loans, net 16,511 — — — 16,511 Realized gain (loss) on securities — (5,808) — — (5,808) Unrealized gain (loss) on equity securities — (1,605) — — (1,605) Unrealized gain (loss) on Agency interest-only securities — 555 — — 555 Realized gain on sale of real estate, net — — 95,881 — 95,881 Fee and other income 16,490 — 3,416 6,379 26,285 Net result from derivative transactions 10,467 5,459 — — 15,926 Earnings (loss) from investment in unconsolidated joint ventures — — 790 — 790 Gain (loss) on extinguishment of debt (69) — (4,323) — (4,392) Total other income (loss) 43,399 (1,399) 201,941 6,379 250,320 Salaries and employee benefits — — — (60,117) (60,117) Operating expenses(3) — — — (21,696) (21,696) Real estate operating expenses — — (29,799) (29,799) Fee expense (4,040) (398) (617) — (5,055) Depreciation and amortization — — (41,884) (75) (41,959) Total costs and expenses (4,040) (398) (72,300) (81,888) (158,626) Income tax (expense) benefit — — — (6,643) (6,643) Segment profit (loss) $ 273,134 $ 27,803 $ 94,926 $ (174,187) $ 221,676 Total assets as of December 31, 2018 $ 3,482,929 $ 1,410,126 $ 1,038,376 $ 341,441 $ 6,272,872 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $46.3 million and $48.4 million as of December 31, 2020 and 2019, respectively. (2) Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This segment also includes the Company’s investment in unconsolidated joint ventures and strategic investments that are not related to the other reportable segments above, including the Company’s investment in FHLB stock of $31.0 million and $61.6 million as of December 31, 2020 and 2019, respectively, and the Company’s senior unsecured notes of $1.6 billion and $1.2 billion as of December 31, 2020 and 2019, respectively. |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 20. QUARTERLY FINANCIAL DATA (UNAUDITED) The following table summarizes the consolidated quarterly financial information for the Company ($ in thousands except per share and dividend amounts): Q4 2020 Q3 2020 Q2 2020 Q1 2020 Interest income $ 50,543 $ 54,621 $ 62,096 $ 72,589 Net interest income after provision for (release of) loan reserves 4,359 735 (5,600) (5,393) Other income (loss) 27,235 52,810 30,909 29,002 Costs and expenses 47,889 32,149 31,052 42,211 Income (loss) before taxes (16,295) 21,396 (5,743) (18,602) Income tax expense (benefit) (4,712) 14 (550) (4,541) Net income (loss) (11,583) 21,382 (5,193) (14,061) Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (127) (4,149) 250 (1,519) Net (income) loss attributable to noncontrolling interest in operating partnership (4) (45) 754 (148) Net income (loss) attributable to Class A common shareholders $ (11,714) $ 17,188 $ (4,189) $ (15,728) Earnings (loss) per share: Basic $ (0.10) $ 0.15 $ (0.04) $ (0.15) Diluted $ (0.10) $ 0.14 $ (0.04) $ (0.15) Dividends per share of Class A common stock $ 0.200 $ 0.200 $ 0.200 $ 0.340 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Interest income $ 76,196 $ 82,251 $ 85,322 $ 86,466 Net interest income after provision for (release of) loan reserves 24,857 30,854 32,653 34,918 Other income (loss) 59,601 38,195 43,708 33,148 Costs and expenses 36,839 36,989 38,069 46,390 Income (loss) before taxes 47,619 32,060 38,291 21,677 Income tax expense (benefit) 2,169 1,112 2,219 (2,854) Net income (loss) 45,450 30,948 36,072 24,531 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 4 (64) 307 447 Net (income) loss attributable to noncontrolling interest in operating partnership (4,804) (3,308) (4,136) (2,802) Net income (loss) attributable to Class A common shareholders $ 40,650 $ 27,577 $ 32,242 $ 22,175 Earnings (loss) per share: Basic $ 0.38 $ 0.26 $ 0.31 $ 0.21 Diluted $ 0.37 $ 0.26 $ 0.30 $ 0.21 Dividends per share of Class A common stock $ 0.340 $ 0.340 $ 0.340 $ 0.340 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 21. SUBSEQUENT EVENTS On January 27, 2021, the Company redeemed in full the its 5.875% Senior Notes due 2021 (the “2021 Notes”) for $150.9 million. The 2021 Notes were redeemed at par, plus accrued and unpaid interest to the redemption date, pursuant to the optional redemption provisions of the indenture governing the 2021 Notes. The redemption of a portion of the 2021 Notes that were redeemed was subject to the condition that the Company’s subsidiary issuers of the 2021 Notes complete a notes offering of not less than $400 million. The issuers waived the condition prior to redeeming the 2021 Notes in full. On February 9, 2021, the Company announced the appointment of Paul J. Miceli as Chief Financial Officer, effective March 1, 2021. Mr. Miceli, Ladder’s Director of Finance, will succeed Marc Fox, who has announced his intention to leave the Company. Mr. Fox will remain at the Company through May 7, 2021, to ensure an orderly transition. |
Schedule III-Real Estate and Ac
Schedule III-Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III-Real Estate and Accumulated Depreciation | Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Real Estate: Retail Property in Newburgh, IN — 126 954 178 — 126 954 178 1,258 (6) 10/13/20 2020 45 years Retail Property in Little Falls, MN 870 199 783 249 — 199 783 249 1,231 (23) 03/10/20 2020 55 years Retail Property in Newburgh, IN 929 213 873 220 — 213 873 220 1,306 (25) 03/16/20 2020 45 years Retail Property in Isanti, MN 1,016 249 894 297 — 249 894 297 1,440 (24) 03/16/20 2020 55 years Retail Property in Waterloo, IA 875 130 896 214 — 130 896 214 1,240 (29) 01/30/20 2019 45 years Retail Property in Sioux City, IA 933 220 876 222 — 220 876 222 1,318 (29) 01/30/20 2019 45 years Retail Property in Wardsville, MO 984 257 919 202 — 257 919 202 1,378 (36) 11/22/19 2019 40 years Retail Property in Kincheloe, MI 892 58 939 229 — 58 939 229 1,226 (36) 11/22/19 2019 45 years Retail Property in Clinton, IN 1,041 269 954 204 — 269 954 204 1,427 (35) 11/22/19 2019 44 years Retail Property in Saginaw, MI 956 96 1,014 210 — 96 1,014 210 1,320 (44) 10/04/19 2019 45 years Retail Property in Rolla, MO 944 110 1,011 188 — 110 1,011 188 1,309 (44) 10/04/19 2019 40 years Retail Property in Sullivan, IL 1,178 340 981 257 — 340 981 257 1,578 (41) 09/13/19 2019 50 years Retail Property in Becker, MN 942 136 922 188 — 136 922 188 1,246 (38) 09/13/19 2019 55 years Retail Property in Adrian, MO 861 136 884 191 — 136 884 191 1,211 (39) 09/13/19 2019 45 years Retail Property in Chillicothe, IL 1,027 227 1,047 245 — 227 1,047 245 1,519 (46) 09/05/19 2019 50 years Retail Property in Poseyville, IN 871 160 947 194 — 160 947 194 1,301 (43) 08/13/19 2019 44 years Retail Property in Dexter, MO 880 141 890 177 — 141 890 177 1,208 (45) 07/09/19 2019 40 years Retail Property in Hubbard Lake, MI 921 40 1,017 203 — 40 1,017 203 1,260 (52) 07/09/19 2019 40 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Fayette, MO 1,092 107 1,168 219 — 107 1,168 219 1,494 (61) 06/26/19 2019 40 years Retail Property in Centralia, IL 949 200 913 193 — 200 913 193 1,306 (58) 04/25/19 2019 40 years Retail Property in Trenton, MO 892 396 628 202 — 396 628 202 1,226 (61) 02/26/19 2019 30 years Retail Property in Houghton Lake, MI 965 124 939 241 — 124 939 241 1,304 (64) 02/26/19 2018 40 years Retail Property in Pelican Rapids, MN 917 78 1,016 169 — 78 1,016 169 1,263 (90) 12/26/18 2018 30 years Retail Property in Carthage, MO 845 225 766 176 — 225 766 176 1,167 (58) 12/26/18 2018 40 years Retail Property in Bolivar, MO 894 186 876 182 — 186 876 182 1,244 (65) 12/26/18 2018 40 years Retail Property in Pinconning, MI 949 167 905 221 — 167 905 221 1,293 (61) 12/06/18 2018 45 years Retail Property in New Hampton, IA 1,014 177 1,111 187 — 177 1,111 187 1,475 (92) 11/30/18 2018 35 years Retail Property in Ogden, IA 857 107 931 153 — 107 931 153 1,191 (84) 10/03/18 2018 35 years Retail Property in Wonder Lake, IL 941 221 888 214 — 221 888 214 1,323 (95) 04/12/18 2017 39 years Retail Property in Moscow Mills, MO 990 161 945 203 — 161 945 203 1,309 (92) 04/12/18 2018 45 years Retail Property in Foley, MN 883 238 823 172 — 238 823 172 1,233 (96) 04/12/18 2018 35 years Retail Property in Kirbyville, MO 870 98 965 155 — 98 965 155 1,218 (92) 04/02/18 2018 40 years Retail Property in Gladwin, MI 883 88 951 203 — 88 951 203 1,242 (87) 04/02/18 2017 45 years Retail Property in Rockford, MN 887 187 850 207 — 187 850 207 1,244 (133) 12/08/17 2017 30 years Retail Property in Winterset, IA 936 272 830 200 — 272 830 200 1,302 (104) 12/08/17 2017 35 years Retail Property in Kawkawlin, MI 918 242 871 179 — 242 871 179 1,292 (123) 10/05/17 2017 30 years Retail Property in Aroma Park, IL 949 223 869 164 — 223 869 164 1,256 (104) 10/05/17 2017 35 years Retail Property in East Peoria, IL 1,018 233 998 161 — 233 998 161 1,392 (117) 10/05/17 2017 40 years Retail Property in Milford, IA 986 254 883 217 — 254 883 217 1,354 (111) 09/08/17 2017 40 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Jefferson City, MO 946 164 966 205 — 164 966 205 1,335 (123) 06/02/17 2016 40 years Retail Property in Denver, IA 900 198 840 191 — 198 840 191 1,229 (120) 05/31/17 2017 35 years Retail Property in Port O'Connor, TX 951 167 937 200 — 167 937 200 1,304 (134) 05/25/17 2017 35 years Retail Property in Wabasha, MN 967 237 912 214 — 237 912 214 1,363 (143) 05/25/17 2016 35 years Office in Jacksonville, FL 83,112 13,290 106,601 21,362 4,141 13,290 110,741 21,362 145,393 (16,798) 05/23/17 1989 36 years Retail Property in Shelbyville, IL 865 189 849 199 — 189 849 199 1,237 (116) 05/23/17 2016 40 years Retail Property in Jesup, IA 886 119 890 191 — 119 890 191 1,200 (127) 05/05/17 2017 35 years Retail Property in Hanna City, IL 867 174 925 132 — 174 925 132 1,231 (127) 04/11/17 2016 39 years Retail Property in Ridgedale, MO 994 250 928 187 — 250 928 187 1,365 (129) 03/09/17 2016 40 years Retail Property in Peoria, IL 906 209 933 133 — 209 933 133 1,275 (138) 02/06/17 2016 35 years Retail Property in Carmi, IL 1,102 286 916 239 — 286 916 239 1,441 (132) 02/03/17 2016 40 years Retail Property in Springfield, IL 1,003 391 784 227 — 393 789 224 1,406 (123) 11/16/16 2016 40 years Retail Property in Fayetteville, NC 4,892 1,379 3,121 2,472 — 1,379 3,121 2,471 6,971 (983) 11/15/16 2008 37 years Retail Property in Dryden Township, MI 913 178 893 201 — 178 899 202 1,279 (133) 10/26/16 2016 40 years Retail Property in Lamar, MO 903 164 903 171 — 164 903 171 1,238 (140) 07/22/16 2016 40 years Retail Property in Union, MO 946 267 867 207 — 267 867 207 1,341 (150) 07/01/16 2016 40 years Retail Property in Pawnee, IL 946 249 775 206 — 249 775 206 1,230 (137) 07/01/16 2016 40 years Retail Property in Linn, MO 861 89 920 183 — 89 920 183 1,192 (146) 06/30/16 2016 40 years Retail Property in Cape Girardeau, MO 1,027 453 702 217 — 453 702 217 1,372 (128) 06/30/16 2016 40 years Retail Property in Decatur-Pershing, IL 1,052 395 924 155 — 395 924 155 1,474 (146) 06/30/16 2016 40 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Rantoul, IL 925 100 1,023 178 — 100 1,023 178 1,301 (152) 06/21/16 2016 40 years Retail Property in Flora Vista, NM 1,002 272 864 198 — 272 864 198 1,334 (180) 06/06/16 2016 35 years Retail Property in Mountain Grove, MO 982 163 1,026 212 — 163 1,026 212 1,401 (168) 06/03/16 2016 40 years Retail Property in Decatur-Sunnyside, IL 951 182 954 139 — 182 954 139 1,275 (150) 06/03/16 2016 40 years Retail Property in Champaign, IL 1,017 365 915 149 — 365 915 149 1,429 (140) 06/03/16 2016 40 years Retail Property in San Antonio, TX 892 252 703 196 — 251 702 196 1,149 (143) 05/06/16 2015 35 years Retail Property in Borger, TX 788 68 800 181 — 68 800 181 1,049 (143) 05/06/16 2016 40 years Retail Property in Dimmitt, TX 1,057 86 1,077 236 — 85 1,074 236 1,395 (185) 04/26/16 2016 40 years Retail Property in St. Charles, MN 966 200 843 226 — 200 843 226 1,269 (183) 04/26/16 2016 30 years Retail Property in Philo, IL 929 160 889 189 — 160 889 189 1,238 (141) 04/26/16 2016 40 years Retail Property in Radford, VA 1,131 411 896 256 — 411 896 256 1,563 (209) 12/23/15 2015 40 years Retail Property in Rural Retreat, VA 1,028 328 811 260 — 328 811 260 1,399 (182) 12/23/15 2015 40 years Retail Property in Albion, PA 1,114 100 1,033 392 — 100 1,033 392 1,525 (307) 12/23/15 2015 50 years Retail Property in Mount Vernon, AL 935 187 876 174 — 187 876 174 1,237 (176) 12/23/15 2015 44 years Retail Property in Malone, NY 1,081 183 1,154 137 — 183 1,154 137 1,474 (203) 12/16/15 2015 39 years Retail Property in Mercedes, TX 833 257 874 132 — 257 874 132 1,263 (146) 12/16/15 2015 45 years Retail Property in Gordonville, MO 771 247 787 173 — 247 787 173 1,207 (148) 11/10/15 2015 40 years Retail Property in Rice, MN 817 200 859 184 — 200 859 184 1,243 (216) 10/28/15 2015 30 years Retail Property in Bixby, OK 7,955 2,609 7,776 1,765 — 2,609 7,776 1,765 12,150 (1,503) 10/27/15 2012 37 years Retail Property in Farmington, IL 896 96 1,161 150 — 96 1,161 150 1,407 (192) 10/23/15 2015 40 years Retail Property in Grove, OK 3,626 402 4,364 817 — 402 4,364 817 5,583 (886) 10/20/15 2012 37 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Jenks, OK 8,802 2,617 8,694 2,107 — 2,617 8,694 2,107 13,418 (1,783) 10/19/15 2009 38 years Retail Property in Bloomington, IL 817 173 984 138 — 173 984 138 1,295 (173) 10/14/15 2015 40 years Retail Property in Montrose, MN 779 149 876 169 — 149 876 169 1,194 (218) 10/14/15 2015 30 years Retail Property in Lincoln County , MO 739 149 800 188 — 149 800 188 1,137 (152) 10/14/15 2015 40 years Retail Property in Wilmington, IL 902 161 1,078 160 — 161 1,078 160 1,399 (188) 10/07/15 2015 40 years Retail Property in Danville, IL 739 158 870 132 — 158 870 132 1,160 (144) 10/07/15 2015 40 years Retail Property in Moultrie, GA 931 170 962 173 — 170 962 173 1,305 (234) 09/22/15 2014 44 years Retail Property in Rose Hill, NC 1,001 245 972 203 — 245 972 203 1,420 (226) 09/22/15 2014 44 years Retail Property in Rockingham, NC 822 73 922 163 — 73 922 163 1,158 (202) 09/22/15 2014 44 years Retail Property in Biscoe, NC 861 147 905 164 — 147 905 164 1,216 (206) 09/22/15 2014 44 years Retail Property in De Soto, IA 705 139 796 176 — 139 796 176 1,111 (164) 09/08/15 2015 35 years Retail Property in Kerrville, TX 768 186 849 200 — 186 849 200 1,235 (204) 08/28/15 2015 35 years Retail Property in Floresville, TX 814 268 828 216 — 268 828 216 1,312 (207) 08/28/15 2015 35 years Retail Property in Minot, ND 4,697 1,856 4,472 618 — 1,856 4,472 618 6,946 (812) 08/19/15 2012 38 years Retail Property in Lebanon, MI 820 359 724 178 — 359 724 178 1,261 (145) 08/14/15 2015 40 years Retail Property in Effingham County, IL 820 273 774 205 — 273 774 205 1,252 (168) 08/10/15 2015 40 years Retail Property in Ponce, Puerto Rico 6,520 1,365 6,662 1,318 — 1,365 6,662 1,318 9,345 (1,234) 08/03/15 2012 37 years Retail Property in Tremont, IL 787 164 860 168 — 164 860 168 1,192 (180) 06/25/15 2015 35 years Retail Property in Pleasanton, TX 863 311 850 216 — 311 850 216 1,377 (209) 06/24/15 2015 35 years Retail Property in Peoria, IL 852 180 934 179 — 180 934 179 1,293 (196) 06/24/15 2015 35 years Retail Property in Bridgeport, IL 819 192 874 175 — 192 874 175 1,241 (183) 06/24/15 2015 35 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Warren, MN 697 108 825 157 — 108 825 157 1,090 (209) 06/24/15 2015 30 years Retail Property in Canyon Lake, TX 905 291 932 220 — 291 932 220 1,443 (218) 06/18/15 2015 35 years Retail Property in Wheeler, TX 714 53 887 188 — 53 887 188 1,128 (207) 06/18/15 2015 35 years Retail Property in Aurora, MN 627 126 709 157 — 126 709 157 992 (148) 06/18/15 2015 40 years Retail Property in Red Oak, IA 779 190 839 179 — 190 839 179 1,208 (216) 05/07/15 2014 35 years Retail Property in Zapata, TX 747 62 998 145 — 62 998 145 1,205 (269) 05/07/15 2015 35 years Retail Property in St. Francis, MN 733 105 911 163 — 105 911 163 1,179 (263) 03/26/15 2014 35 years Retail Property in Yorktown, TX 785 97 1,005 199 — 97 1,005 199 1,301 (285) 03/25/15 2015 35 years Retail Property in Battle Lake, MN 720 136 875 157 — 136 875 157 1,168 (274) 03/25/15 2014 30 years Retail Property in Paynesville, MN 805 246 816 192 — 246 816 192 1,254 (228) 03/05/15 2015 40 years Retail Property in Wheaton, MO 645 73 800 97 — 73 800 97 970 (193) 03/05/15 2015 40 years Retail Property in Rotterdam, NY 8,949 2,530 7,924 2,165 — 2,530 7,924 2,165 12,619 (3,700) 03/03/15 1996 20 years Retail Property in Hilliard, OH 4,538 654 4,870 860 — 654 4,870 860 6,384 (1,056) 03/02/15 2007 41 years Retail Property in Niles, OH 3,687 437 4,084 680 — 437 4,084 680 5,201 (880) 03/02/15 2007 41 years Retail Property in Youngstown, OH 3,818 380 4,363 658 — 380 4,363 658 5,401 (961) 02/20/15 2005 40 years Retail Property in Kings Mountain, NC 18,503 1,368 19,533 3,266 4,850 1,368 24,383 3,266 29,017 (6,695) 01/29/15 1995 35 years Retail Property in Iberia, MO 888 130 1,033 165 — 130 1,033 165 1,328 (256) 01/23/15 2015 39 years Retail Property in Pine Island, MN 764 112 845 185 — 112 845 185 1,142 (247) 01/23/15 2014 40 years Retail Property in Isle, MN 718 120 787 171 — 120 787 171 1,078 (239) 01/23/15 2014 40 years Retail Property in Jacksonville, NC 5,636 1,863 5,749 1,020 — 1,863 5,749 1,020 8,632 (1,354) 01/22/15 2014 44 years Retail Property in Evansville, IN 6,377 1,788 6,348 864 — 1,788 6,348 864 9,000 (1,589) 11/26/14 2014 35 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Woodland Park, CO 2,787 668 2,681 620 — 668 2,681 620 3,969 (849) 11/14/14 2014 35 years Retail Property in Ankeny, IA 11,648 3,180 10,513 2,843 — 3,180 10,513 2,843 16,536 (2,919) 11/04/14 2013 39 years Retail Property in Springfield, MO 8,289 3,658 6,296 1,870 — 3,658 6,296 1,870 11,824 (1,907) 11/04/14 2011 37 years Retail Property in Cedar Rapids, IA 7,761 1,569 7,553 1,878 — 1,569 7,553 1,878 11,000 (2,461) 11/04/14 2012 30 years Retail Property in Fairfield, IA 7,549 1,132 7,779 1,800 — 1,132 7,779 1,800 10,711 (2,127) 11/04/14 2011 37 years Retail Property in Owatonna, MN 7,063 1,398 7,125 1,564 — 1,398 7,125 1,564 10,087 (2,037) 11/04/14 2010 36 years Retail Property in Muscatine, IA 5,065 1,060 6,636 1,307 — 1,060 6,636 1,307 9,003 (2,023) 11/04/14 2013 29 years Retail Property in Sheldon, IA 3,046 633 3,053 708 — 633 3,053 708 4,394 (870) 11/04/14 2011 37 years Retail Property in Memphis, TN 3,898 1,986 2,800 803 — 1,986 2,800 803 5,589 (1,692) 10/24/14 1962 15 years Retail Property in Bennett, CO 2,478 470 2,503 563 — 470 2,503 563 3,536 (816) 10/02/14 2014 34 years Retail Property in Conyers, GA 22,807 876 27,396 4,258 — 876 27,396 4,258 32,530 (6,350) 08/28/14 2014 45 years Retail Property in O'Fallon, IL 5,679 2,488 5,388 1,064 — 2,488 5,388 1,064 8,940 (3,251) 08/08/14 1984 15 years Retail Property in El Centro, CA 2,980 569 3,133 575 — 569 3,133 575 4,277 (784) 08/08/14 2014 50 years Retail Property in Durant, OK 3,243 594 3,900 498 — 594 3,900 498 4,992 (1,037) 01/28/13 2007 40 years Retail Property in Gallatin, TN 3,315 1,725 2,616 721 — 1,725 2,616 721 5,062 (928) 12/28/12 2007 40 years Retail Property in Mt. Airy, NC 2,944 729 3,353 621 — 729 3,353 621 4,703 (1,059) 12/27/12 2007 39 years Retail Property in Aiken, SC 3,877 1,588 3,480 858 — 1,588 3,480 858 5,926 (1,130) 12/21/12 2008 41 years Retail Property in Johnson City, TN 3,446 917 3,607 739 — 917 3,607 739 5,263 (1,139) 12/21/12 2007 40 years Retail Property in Palmview, TX 4,505 938 4,837 1,044 — 938 4,837 1,044 6,819 (1,304) 12/19/12 2012 44 years Retail Property in Ooltewah, TN 3,772 903 3,957 843 — 903 3,957 843 5,703 (1,219) 12/18/12 2008 41 years Retail Property in Abingdon, VA 3,029 682 3,733 666 — 682 3,733 666 5,081 (1,161) 12/18/12 2006 41 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Wichita, KS 4,720 1,187 4,850 1,163 — 1,187 4,850 1,163 7,200 (1,962) 12/14/12 2012 34 years Retail Property in North Dartmouth, MA 18,652 7,033 19,745 3,187 — 7,033 19,745 3,187 29,965 (10,120) 09/21/12 1989 20 years Retail Property in Vineland, NJ 13,724 1,482 17,742 3,282 — 1,482 17,742 3,282 22,506 (7,072) 09/21/12 2003 30 years Retail Property in Saratoga Springs, NY 12,331 748 13,936 5,538 — 748 13,936 5,538 20,222 (6,634) 09/21/12 1994 27 years Retail Property in Waldorf, MD 11,465 4,933 11,684 2,882 — 4,933 11,684 2,882 19,499 (5,649) 09/21/12 1999 25 years Retail Property in Mooresville, NC 10,758 2,615 12,462 2,566 — 2,615 12,462 2,566 17,643 (5,958) 09/21/12 2000 24 years Retail Property in Sennett, NY 4,653 1,147 4,480 1,848 — 1,147 4,480 1,848 7,475 (2,631) 09/21/12 1996 23 years Retail Property in DeLeon Springs, FL 807 239 782 221 — 239 782 221 1,242 (413) 08/13/12 2011 35 years Retail Property in Orange City, FL 798 229 853 235 — 229 853 235 1,317 (430) 05/23/12 2011 35 years Retail Property in Satsuma, FL 720 79 821 192 — 79 821 192 1,092 (414) 04/19/12 2011 35 years Retail Property in Greenwood, AR 3,365 1,038 3,415 694 — 1,038 3,415 694 5,147 (1,128) 04/12/12 2009 43 years Retail Property in Snellville, GA 5,291 1,293 5,724 983 — 1,293 5,724 983 8,000 (2,278) 04/04/12 2011 34 years Retail Property in Columbia, SC 5,146 2,148 4,629 1,023 — 2,148 4,629 1,023 7,800 (1,924) 04/04/12 2001 34 years Retail Property in Millbrook, AL 4,537 970 5,972 — — 970 5,972 — 6,942 (1,648) 03/28/12 2008 32 years Retail Property in Pittsfield, MA 11,030 1,801 11,556 1,344 — 1,801 11,556 1,344 14,701 (3,882) 02/17/12 2011 34 years Retail Property in Spartanburg, SC 3,369 828 2,567 772 — 828 2,567 772 4,167 (1,143) 01/14/11 2007 42 years Retail Property in Tupelo, MS 4,536 1,120 3,070 939 — 1,120 3,070 939 5,129 (1,313) 08/13/10 2007 47 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Lilburn, GA — 1,090 3,673 1,028 — 1,090 3,673 1,028 5,791 (1,516) 08/12/10 2007 47 years Retail Property in Douglasville, GA 4,740 1,717 2,705 987 — 1,717 2,705 987 5,409 (1,196) 08/12/10 2008 48 years Retail Property in Elkton, MD 4,405 963 3,049 860 — 963 3,049 860 4,872 (1,265) 07/27/10 2008 49 years Retail Property in Lexington, SC 4,129 1,644 2,219 869 — 1,644 2,219 869 4,732 (1,077) 06/28/10 2009 48 years Total Net Lease 515,740 115,078 550,290 117,112 8,991 115,078 559,287 117,109 791,474 (151,840) Hotel in San Diego, CA 33,248 7,469 34,781 — — 7,469 34,986 — 42,455 (2,718) 12/17/19 1970 23 years Apartments in Fort Worth and Arlington, TX — 3,910 19,536 460 — 3,910 19,814 460 24,184 (1,335) 12/03/19 2011 41 years Hotel in Omaha, NE — 2,963 15,237 — — 2,963 15,483 — 18,446 (1,450) 02/27/19 1969 35 years Apartments in Isla Vista, CA 69,669 36,274 47,694 1,118 948 36,274 48,812 1,118 86,204 (4,456) 05/01/18 2009 42 years Vacant Lot in Los Angeles, CA — 21,439 96 — — 21,439 96 — 21,535 (38) 03/26/20 2 years Office in Crum Lynne, PA 6,024 1,403 7,518 1,666 — 1,403 7,518 1,666 10,587 (991) 09/29/17 1999 35 years Apartment Building in Miami, FL 33,870 12,643 24,533 968 3,375 12,643 27,722 968 41,333 (4,198) 08/31/17 1987 35 years Office in Peoria, IL — 940 439 1,508 880 1,174 1,319 1,508 4,001 (733) 10/21/16 1926 15 years Office in Wayne, NJ 21,703 2,744 20,212 8,323 — 2,744 20,212 8,323 31,279 (5,650) 08/04/16 2009 45 years Shopping Center in Carmel, NY — 2,041 3,632 1,033 606 2,041 4,238 1,033 7,312 (1,550) 10/14/15 1985 20 years Office in Richmond, VA 67,778 14,632 87,629 17,658 10,447 12,227 82,483 15,064 109,774 (37,543) 06/07/13 1984 41 years Office in Oakland County, MI 18,032 1,147 7,707 9,932 8,871 1,146 16,572 9,929 27,647 (18,423) 02/01/13 1989 35 years Total Diversified 250,324 107,605 269,014 42,666 25,127 105,433 279,255 40,069 424,757 (79,085) Total Real Estate $ 766,064 $ 222,683 $ 819,304 $ 159,778 $ 34,118 $ 220,511 $ 838,542 $ 157,178 $ 1,216,231 (2) $ (230,925) (1) Gross carrying value amounts are charged off as cost of sales upon delivery of condo units. (2) The aggregate cost for U.S. federal income tax purposes is $0.9 billion at December 31, 2020. Reconciliation of Real Estate: The following table reconciles real estate from December 31, 2019 to December 31, 2020 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2019 $ 1,254,163 $ 1,213,965 $ 40,198 Improvements and additions 42,477 42,432 45 Acquisitions through foreclosures 729 729 — Dispositions (81,138) (79,042) (2,096) Balance at December 31, 2020 $ 1,216,231 $ 1,178,084 $ 38,147 The following table reconciles real estate from December 31, 2018 to December 31, 2019 $ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2018 $ 1,171,960 $ 1,126,443 $ 45,517 Improvements and additions 29,135 29,103 32 Acquisitions through foreclosures 84,356 84,356 — Dispositions (29,938) (24,587) (5,351) Impairments (1,350) (1,350) — Balance at December 31, 2019 $ 1,254,163 $ 1,213,965 $ 40,198 The following table reconciles real estate from December 31, 2017 to December 31, 2018 $ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2017 $ 1,193,104 $ 1,135,358 $ 57,746 Improvements and additions 131,294 130,969 325 Dispositions (152,438) (139,884) (12,554) Balance at December 31, 2018 $ 1,171,960 $ 1,126,443 $ 45,517 Reconciliation of Accumulated Depreciation and Amortization: The following table reconciles accumulated depreciation and amortization from December 31, 2019 to December 31, 2020 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2019 $ 206,082 $ 205,823 $ 259 Additions 39,346 39,330 16 Dispositions (14,503) (14,228) (275) Balance at December 31, 2020 $ 230,925 $ 230,925 $ — The following table reconciles accumulated depreciation and amortization from December 31, 2018 to December 31, 2019 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2018 $ 173,938 $ 173,107 $ 831 Additions 39,231 39,149 82 Dispositions (7,087) (6,433) (654) Balance at December 31, 2019 $ 206,082 $ 205,823 $ 259 The following table reconciles accumulated depreciation and amortization from December 31, 2017 to December 31, 2018 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2017 $ 161,063 $ 159,138 $ 1,925 Additions 42,532 42,246 286 Dispositions (29,657) (28,277) (1,380) Balance at December 31, 2018 $ 173,938 $ 173,107 $ 831 |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | Type of Loan Underlying Property Type Interest Rates (1) Effective Maturity Dates Periodic Payment Terms (2) Prior Liens Face amount of Mortgages Carrying Amount of Mortgages Principal Amount of Mortgages Subject to Delinquent Principal or Interest (3) First Mortgages individually >3% First Mortgage Office, Mixed 8.25% - 5.50% 2021-2022 IO $ — $ 166,339 $ 165,965 $ — First Mortgages individually <3% First Mortgage Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage and Condominium, Other 3.50% - 11.00% 2021 - 2030 — 2,107,778 2,097,302 190,934 Total First Mortgages $ — $ 2,274,117 $ 2,263,267 $ 190,934 Subordinated Mortgages individually <3% Subordinate Mortgage Hotel, Multi-family, Office and Retail 6.04% - 12.00% 2021 - 2027 853,175 121,565 121,310 5,850 Total Subordinated Mortgages $ 853,175 $ 121,565 $ 121,310 $ 5,850 Total Mortgages $ 853,175 $ 2,395,682 $ 2,384,577 $ 196,784 Allowance for Credit Losses N/A N/A $ (41,507) (4) N/A Total Mortgages after Allowance for Credit Losses $ 853,175 $ 2,395,682 $ 2,343,070 (5) $ 196,784 (1) Interest rates as of December 31, 2020. (2) IO = Interest only. P&I = Principal and interest. (3) Represents principal amount of loans on non-accrual status. The carrying value of loans on non-accrual status was $175.0 million as of December 31, 2020. Refer to Allowance for Credit Losses and Non-Accrual Status in Note 3, Mortgage Loan Receivables, to the consolidated financial statements for further disclosure. (4) Refer to Note 3, Mortgage Loan Receivables for further detail. (5) The aggregate cost for U.S. federal income tax purposes is $2.3 billion. Reconciliation of mortgage loans on real estate: The following tables reconcile mortgage loans on real estate from December 31, 2017 to December 31, 2020 ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Total Mortgage loan Balance December 31, 2019 $ 3,257,036 $ (20,500) $ 122,325 $ 3,358,861 Origination of mortgage loan receivables 353,661 — 212,845 566,506 Repayment of mortgage loan receivables (960,832) — (404) (961,236) Proceeds from sales of mortgage loan receivables (270,491) — (312,273) (582,764) Non-cash disposition of loan via foreclosure (31,249) — — (31,249) Realized gain on sale of mortgage loan receivables (9,596) — 8,025 (1,571) Accretion/amortization of discount, premium and other fees 15,530 — — 15,530 Release of asset-specific loan loss provision via foreclosure(1) — 2,500 — 2,500 Provision for current expected credit loss (implementation impact)(2) — (4,964) — (4,964) Provision for current expected credit loss (impact to earnings)(2) — (18,543) — (18,543) Balance December 31, 2020 $ 2,354,059 $ (41,507) $ 30,518 $ 2,343,070 (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. (2) During the year ended December 31, 2020, the initial impact of the implementation of the CECL accounting standard as of January 1, 2020 is recorded against retained earnings. Subsequent remeasurement, including the period to date change for the year ended December 31, 2020, is accounted for as provision for current expected credit loss in the consolidated statements of income. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Mortgage loans transferred but not considered sold Allowance for credit losses Mortgage loan receivables held Total Mortgage loan Balance December 31, 2018 $ 3,318,390 $ — $ (17,900) $ 182,439 $ 3,482,929 Origination of mortgage loan receivables 1,452,049 — — 946,178 2,398,227 Purchases of mortgage loan receivables — — — 9,934 9,934 Repayment of mortgage loan receivables (1,531,551) — — (795) (1,532,346) Proceeds from sales of mortgage loan receivables — (15,504) — (1,008,853) (1,024,357) Non-cash disposition of loan via foreclosure (45,529) — — — (45,529) Realized gain on sale of mortgage loan receivables — — — 54,758 54,758 Transfer between held for investment and held for sale 45,832 15,504 — (61,336) — Accretion/amortization of discount, premium and other fees 17,845 — — — 17,845 Provision for (release of) loan loss reserves — — (2,600) — (2,600) Balance December 31, 2019 $ 3,257,036 $ — $ (20,500) $ 122,325 $ 3,358,861 Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Total Mortgage loan Balance December 31, 2017 $ 3,282,462 $ (4,000) $ 230,180 $ 3,508,642 Origination of mortgage loan receivables 1,478,771 — 1,297,221 2,775,992 Purchases of mortgage loan receivables — — — — Repayment of mortgage loan receivables (1,518,066) — (14,242) (1,532,308) Proceeds from sales of mortgage loan receivables — — (1,291,828) (1,291,828) Realized gain on sale of mortgage loan receivables — — 16,511 16,511 Transfer between held for investment and held for sale 55,403 — (55,403) — Accretion/amortization of discount, premium and other fees 19,820 — — 19,820 Provision for (release of) loan loss reserves — (13,900) — (13,900) Balance December 31, 2018 $ 3,318,390 $ (17,900) $ 182,439 $ 3,482,929 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting and Principles of Consolidation | Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the Company’s accounts and those of its subsidiaries which are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. See Note 10, Consolidated Variable Interest Entities for further information on the Company’s consolidated variable interest entities. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of resulting changes are reflected in the consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying consolidated financial statements include, but are not limited to the following: • valuation of real estate securities; • valuation of mortgage loan receivables held for sale; • valuation of real estate; • allocation of purchase price for acquired real estate; • impairment, and useful lives, of real estate; • useful lives of intangible assets; • valuation of derivative instruments; • valuation of deferred tax asset (liability); • amounts payable pursuant to the Tax Receivable Agreement; • determination of effective yield for recognition of interest income; • adequacy of provision for loan losses including the valuation of underlying collateral for collateral-dependent loans; • determination of other than temporary impairment of real estate securities and investments in and advances to unconsolidated joint ventures; • certain estimates and assumptions used in the accrual of incentive compensation and calculation of the fair value of equity compensation issued to employees; • determination of the effective tax rate for income tax provision; and • certain estimates and assumptions used in the allocation of revenue and expenses for our segment reporting. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of December 31, 2020 and 2019. At December 31, 2020 and 2019, and at various times during the years, the balances exceeded the insured limits |
Restricted Cash | Restricted Cash Restricted cash includes accounts the Company maintains with brokers to facilitate financial derivative and repurchase agreement transactions in support of its loan and securities investments and risk management activities. Based on the value of the positions in these accounts and the associated margin requirements, the Company may be required to deposit additional cash into these broker accounts. The cash collateral held by broker is considered restricted cash. Restricted cash also includes tenant security deposits, deposits related to real estate sales and acquisitions and required escrow balances on credit facilities. |
Mortgage Loan Receivables Held for Investment | Mortgage Loan Receivables Held for Investment Loans for which the Company has the intention and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for credit losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the effective interest method, adjusted for actual prepayments. Upon the decision to sell such loans, the Company will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value on the consolidated balance sheets. |
Provision for Loan Losses | Provision for Loan Losses The Company uses a current expected credit loss model (“CECL”) for estimating the provision for loan losses on its loan portfolio. The CECL model requires the consideration of possible credit losses over the life of an instrument and includes a portfolio-based component and an asset-specific component. In compliance with the CECL reporting requirements, the Company supplemented its existing credit monitoring and management processes with additional processes to support the calculation of the CECL reserves. As part of that effort, the Company has engaged a third-party service provider to provide market data and a credit loss model. The credit loss model is a forward-looking, econometric, commercial real estate (“CRE”) loss forecasting tool. It is comprised of a probability of default (“PD”) model and a loss given default (“LGD”) model that, layered together with user’s loan-level data, selected forward-looking macroeconomic variables, and pool-level mean loss rates, produces life of loan expected losses (“EL”) at the loan and portfolio level. Where management has determined that the credit loss model does not fully capture certain external factors, including portfolio trends or loan-specific factors, a qualitative adjustment to the reserve, is recorded. The CECL model was implemented in 2020. Given prior period loss models were based on the incurred loss model, management notes that prior periods are not measured on a comparable basis. The asset-specific reserve component relates to reserves for losses on individually impaired loans. The Company evaluates each loan for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, less the estimated costs to sell, if recovery of the Company’s investment is expected solely from the collateral. The Company may use the direct capitalization rate valuation methodology or the sales comparison approach to estimate the fair value of the collateral for such loans and in certain cases will obtain external appraisals and take into account potential sale bids. Determining fair value of the collateral may take into account a number of assumptions including, but not limited to, cash flow projections, market capitalization rates, discount rates and data regarding recent comparable sales of similar properties. Such assumptions are generally based on current market conditions and are subject to economic and market uncertainties. The Company’s loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan at maturity, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic submarket in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management and underwriting personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data and ultimately presented to management for approval. A loan is also considered impaired if its terms are modified in a troubled debt restructuring (“TDR”). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans. Generally, when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and, in some cases, lookback features or equity interests to offset concessions granted should conditions impacting the loan improve. The Company’s determination of credit losses is impacted by TDRs whereby loans that have gone through TDRs are considered impaired and are assessed for specific reserves. Loans previously restructured under TDRs that subsequently default are reassessed to incorporate the Company’s current assumptions on expected cash flows and additional provision expense is recorded to the extent necessary. The Company designates non-accrual loans generally when (i) the principal or coupon interest components of loan payments become 90-days past due or (ii) in the opinion of the Company, it is doubtful the Company will be able to collect all amounts due according to the contractual terms of the loan. Interest income on non-accrual loans in which the Company reasonably expects a full recovery of the loan’s outstanding principal balance is recognized when received in cash. Otherwise, income recognition will be suspended and any cash received will be applied as a reduction to the amortized cost. A non-accrual loan is returned to accrual status at such time as the loan becomes contractually current and future principal and coupon interest are reasonably assured to be received in accordance with the contractual loan terms. A loan will be written off when management has determined it is no longer realizable and deemed non-recoverable. |
Mortgage Loan Receivables Held for Sale | Mortgage Loan Receivables Held for Sale Mortgage loan receivables held for sale are first mortgage loans that are secured by cash-flowing commercial real estate and are available for sale to securitizations. Mortgage loan receivables held for sale are recorded at lower of cost or market value on an individual basis. |
Real Estate Securities | Real Estate Securities The Company classifies its real estate securities investments on the date of acquisition of the investment. Real estate securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses on all securities, except for Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”) and equity securities, recorded as a component of other comprehensive income (loss) in shareholders’ equity. As more fully described in Note 4, certain securities which were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Act which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the consolidated statements of income in accordance with ASC 815. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the consolidated statements of income. The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. The Company accounts for the changes in the fair value of the unfunded portion of its GNMA Construction securities, which are included in real estate securities, available-for-sale, on the consolidated balance sheet, as available for sale securities. Unrealized losses on securities that, in the judgment of management, are other than temporary are charged against earnings as a loss in the consolidated statements of income. Equity securities are classified as available-for-sale. The Company has elected the fair market value option for accounting for these equity securities and changes in fair value are recorded in current period earnings. When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an other-than-temporary impairment in the value of the security. An impairment will be considered other-than-temporary based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) the Company does not expect to recover the security’s cost basis (i.e., a credit loss). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is other-than-temporary and will be recognized currently in earnings equal to the entire difference between fair value and amortized cost. If a credit loss exists, but the Company does not intend to, nor is it more likely than not that it will be required to sell before recovery, the impairment is other-than-temporary and will be separated into (i) the estimated amount relating to the credit loss, and (ii) the amount relating to all other factors. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss recognized in other comprehensive income. Estimating cash flows and determining whether there is other-than-temporary impairment require management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts. For cash flow statement purposes, receipts of interest from interest-only real estate securities are bifurcated between amortization of premium/(accretion) of discount and other fees on securities as part of cash flows from operations and basis recovery of Agency interest-only securities as part of cash flows from investing activities. The Company utilizes an internal model as its primary pricing source to develop its prices for its commercial mortgage-backed securities (“CMBS”) and other commercial real estate securities guaranteed by a U.S. governmental agency or by a government sponsored entity (together, “U.S. Agency Securities”). Different judgments and assumptions could result in materially different estimates of fair value. To confirm its own valuations, the Company requests prices for each of its CMBS and U.S. Agency Securities investments from three different sources, including third parties that provide pricing services and brokers, although since broker quotes for the same or similar securities in which Ladder has invested are non-binding, the Company does not consider them to be a primary source for valuation. The Company may also develop a price for a security based on its direct observations of market activity and other observations. Typically, at least two prices per security are obtained. |
Real Estate | Real Estate The Company generally acquires real estate assets or land and development assets through cash purchases and may also acquire such assets through foreclosure or deed-in-lieu of foreclosure in full or partial satisfaction of defaulted loans. Based on the Company’s strategic plan to realize the maximum value from the real estate acquired, properties are classified as Real estate, net or Real estate held for sale in the consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net, and when the Company intends to market these properties for sale in the near term, assets are classified as Real estate held for sale in the consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company records real estate acquired through foreclosure at fair value. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 55 years for buildings, four The Company classifies most of its investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense and impairments, as applicable and are included in Real estate, net in the consolidated balance sheets. Certain of the Company’s real estate is leased to others on a net lease basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance. These leases are for fixed terms of varying length and provide for annual rentals. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The cumulative excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable within other assets in the consolidated balance sheets. |
Allocation of Purchase Price for Acquired Real Estate | Allocation of Purchase Price for Acquired Real Estate |
Impairment of Property Held for Use | Impairment of Property Held for Use On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. |
Real Estate Held for Sale | Real Estate Held for Sale In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the consolidated statements of income. |
Sales of Real Estate | Sales of Real Estate Gains on sales of real estate after January 1, 2018 are recognized pursuant to the provisions included in ASC 606-20, Revenue from Contracts with Customers (“ASC 606-20”) or ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, the Company’s sales of residential condominiums would be governed by ASC 606-20 and the sales of rental properties under ASC 610-20. Gain on sales of real estate prior to January 1, 2018 are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales (“ASC 360-20”). The specific timing of a sale was measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, depending on the circumstances, the Company may not record a sale or may record a sale but may defer some or all of the gain recognition. If the criteria for full accrual are not met, the Company may account for the transaction by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria for the full accrual method are met. |
Investments in and Advances to Unconsolidated Joint Ventures | Investments in and Advances to Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as investments in unconsolidated joint ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. The Company classifies distributions received from its investments in unconsolidated joint ventures using the nature of the distribution approach. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in commercial real estate joint ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future. |
Capitalization of Interest | Capitalization of Interest Capitalization of costs begins when the activities necessary to get the development project ready for its intended use begins, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences, and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. We cease cost capitalization if activities necessary for the development of the property have been suspended. Capitalized costs are allocated to the specific components of a project that are benefited. Interest shall be capitalized for investments accounted for by the equity method while the investee has activities in progress necessary to commence its planned principal operations, provided that the investee’s activities include the use of funds to acquire qualifying assets for its operations. The investor’s investment in the investee, not the individual assets or projects of the investee, is the qualifying asset for purposes of interest capitalization. |
Valuation of Financial Instruments | Valuation of Financial Instruments Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize upon disposition of the financial instruments. Financial instruments with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of pricing observability and will therefore require a lesser degree of judgment to be utilized in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less, or no, pricing observability and will require a higher degree of judgment in measuring fair value. Pricing observability is generally affected by such items as the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction and overall market conditions. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts. |
Valuation Hierarchy | Valuation Hierarchy In accordance with the authoritative guidance on fair value measurements and disclosures under ASC 820, Fair Value Measurement, the methodologies used for valuing such instruments have been categorized into three broad levels as follows: Level 1 - Quoted prices in active markets for identical instruments. Level 2 - Valuations based principally on other observable market parameters, including: • Quoted prices in active markets for similar instruments, • Quoted prices in less active or inactive markets for identical or similar instruments, • Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and • Market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 - Valuations based significantly on unobservable inputs. • Valuations based on third-party indications (broker quotes, counterparty quotes or pricing services) which were, in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations, and • Valuations based on internal models with significant unobservable inputs. Pursuant to the authoritative guidance, these levels form a hierarchy. The Company follows this hierarchy for its financial instruments measured at fair value on a recurring basis. The classifications are based on the lowest level of input that is significant to the fair value measurement. It is the Company’s policy to determine when transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the reporting period. |
Tuebor/Federal Home Loan Bank Membership | Tuebor/Federal Home Loan Bank Membership Tuebor Captive Insurance Company LLC (“Tuebor”), was licensed in Michigan and approved to operate as a captive insurance company as well as being approved to become a member of the Federal Home Loan Bank (“FHLB”), with membership finalized with the purchase of stock, in the FHLB on July 11, 2012. That approval allowed Tuebor to purchase capital stock in the FHLB, the prerequisite to obtaining financing on eligible collateral. Refer to Note 7, Debt Obligations, Net. |
Debt Issuance Costs | Debt Issuance Costs The Company recognizes debt issuance costs related to its senior unsecured notes on its consolidated balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Unamortized debt issuance costs of $12.9 million and $8.4 million are included in senior unsecured notes as of December 31, 2020 and 2019, respectively. The Company defers debt issuance costs associated with lines of credit and presents them as an asset and subsequently amortizes the debt issuance costs ratably over the term of the revolving debt arrangement. The Company considers its committed loan master repurchase facilities, borrowings under credit agreement and revolving credit facility to be revolving debt arrangements. |
Derivative Instruments | Derivative Instruments In the normal course of business, the Company is exposed to the effect of interest rate changes and may undertake a strategy to limit these risks through the use of derivatives. To address exposure to interest rates, the Company uses derivatives primarily to economically hedge the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The Company may use a variety of derivative instruments that are considered conventional, or “plain vanilla” derivatives, including interest rate swaps, futures, caps, collars and floors, to manage interest rate risk. To determine the fair value of derivative instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. Standard market conventions and techniques such as discounted cash flow analysis, option-pricing models, and termination cost may be used to determine fair value. All such methods of measuring fair value for derivative instruments result in an estimate of fair value, and such value may never actually be realized. The Company recognizes all derivatives on the consolidated balance sheets at fair value. The Company does not generally designate derivatives as hedges to qualify for hedge accounting for financial reporting purposes and therefore any net payments under, or fluctuations in the fair value of, these derivatives have been recognized currently in net result from derivative transactions in the accompanying consolidated statements of income. The Company records derivative asset and liability positions on a gross basis with any collateral posted with or received from counterparties recorded separately on the Company’s consolidated balance sheets. |
Repurchase Agreements | Repurchase Agreements The Company finances certain of its mortgage loan receivables held for sale, a portion of its mortgage loan receivables held for investment and the majority of its real estate securities using repurchase agreements. Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a future date at a predetermined price, which represents the original sales price plus interest. The Company accounts for these repurchase agreements as financings under ASC 860-10-40. Under this standard, for these transactions to be treated as financings, they must be separate transactions and not linked. If the Company finances the purchase of its mortgage loan receivables held for sale, mortgage loan receivables held for investment and real estate securities with repurchase agreements with the same counterparty from which the securities are purchased and both transactions are entered into contemporaneously or in contemplation of each other, the transactions are presumed under GAAP to be part of the same arrangement, or a “Linked Transaction,” unless certain criteria are met. As of December 31, 2020 and 2019, none of the Company’s repurchase agreements are accounted for as linked transactions. |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under the Code effective January 1, 2015. The Company is subject to federal income taxation at corporate rates on its REIT taxable income; however, the Company is allowed a deduction for the amount of dividends paid to its stockholders, thereby subjecting the distributed net income of the Company to taxation at the stockholder level only. Any income associated with a TRS is fully taxable because a TRS is subject to federal and state income taxes as a domestic C corporation based upon its net income. The Company is also subject to U.S. federal income tax (and possibly state and local taxes) to the extent it recognizes any “built-in gains” that existed as of January 1, 2015, the effective date of Company’s election to be subject to tax as a REIT under the Code (the “REIT Election”) for the five year period following the REIT Election. The Company intends to continue to operate in a manner consistent with and to elect to be treated as a REIT for tax purposes. Prior to electing REIT status, a portion of the Company’s income was subject to U.S. federal, state and local corporate income taxes and taxed at the prevailing corporate tax rates in addition to being subject to the New York City Unincorporated Business Tax (“NYC UBT”). Prior to February 11, 2014, the Company’s predecessor had not been subject to U.S. federal income taxes as the predecessor entity is a Limited Liability Limited Partnership, but had been subject to the NYC UBT. As part of the Tax Cuts and Jobs Act, the federal income tax rate applicable to TRS activities has been reduced. The Company has adjusted its deferred tax positions at the TRSs to reflect the reduced tax rate as part of its 2017 tax provision. The Company accounts for income taxes in accordance with ASC Topic 740 - Income Taxes (“ASC 740”), which requires the recognition of tax benefits or expenses on the temporary differences between financial reporting and tax bases of assets and liabilities. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry-specific economic outlook. The realizability analysis is inherently subjective, and it requires the Company to forecast its business and general economic environment in future periods. The Company determines whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement which could result in the Company recording a tax liability that would reduce shareholders’ equity. The Company’s policy is to classify interest and penalties associated with underpayment of U.S. federal and state income taxes, if any, as a component of operating expense on its consolidated statements of income. For the years ended December 31, 2020 and 2019, the Company did not have material interest or penalties associated with the underpayment of any income taxes. The last three tax years remain open and subject to examination by tax jurisdictions. |
Interest Income | Interest Income Interest income is accrued based on the outstanding principal amount and contractual terms of the Company’s loans and securities. Discounts or premiums associated with the purchase of loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected recovery period of the investment. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections. The Company has historically collected, and expects to continue to collect, all contractual amounts due on its originated loans. As a result, the Company does not adjust the projected cash flows to reflect anticipated credit losses for these loans. If the performance of a credit deteriorated security is more favorable than forecasted, the Company will generally accrete more credit discount into interest income than initially or previously expected. These adjustments are made prospectively beginning in the period subsequent to the determination that a favorable change in performance is projected. Conversely, if the performance of a credit deteriorated security is less favorable than forecasted, an other-than-temporary impairment may be taken, and the amount of discount accreted into income will generally be less than previously expected |
Recognition of Operating Lease Income and Tenant Recoveries | Recognition of Operating Lease Income and Tenant Recoveries The Company adopted ASC Topic 842, Leases (“ASC Topic 842”) on January 1, 2019. The primary impact of applying ASC Topic 842 was the initial recognition of a $3.5 million lease liability and a $3.3 million right-of-use asset (including previously accrued straight line rent) on the Company’s consolidated financial statements, for leases classified as operating leases under ASC Topic 840, primarily for the Company’s corporate headquarters and other identified leases. There is no cumulative effect on retained earnings or other components of equity recognized as of January 1, 2019. Certain arrangements may contain both lease and non-lease components. The Company determines if an arrangement is, or contains, a lease at contract inception. Only the lease components of these contractual arrangements are subject to the provisions of ASC Topic 842. Any non-lease components are subject to other applicable accounting guidance. We elected, however, to adopt the optional practical expedient not to separate lease components from non-lease components for accounting purposes. This policy election has been adopted for each of the Company’s leased asset classes existing as of the effective date and subject to the transition provisions of ASC Topic 842, will be applied to all new or modified leases executed on or after January 1, 2019. For contractual arrangements executed in subsequent periods involving a new leased asset class, the Company will determine at contract inception whether it will apply the optional practical expedient to the new leased asset class. A lease is evaluated for classification as operating or finance leases at the commencement date of the lease. Right-of-use assets and corresponding liabilities are recognized on the Company’s consolidated balance sheet based on the present value of future lease payments relating to the use of the underlying asset during the lease term. Future lease payments include fixed lease payments as well as variable lease payments that depend upon an index or rate using the index or rate at the commencement date and probable amounts owed under residual value guarantees. The amount of future lease payments may be increased to include additional payments related to lease extension, termination, and/or purchase options when the Company has determined, at or subsequent to lease commencement, generally due to limited asset availability or operating commitments, it is reasonably certain of exercising such options. |
Transfers of Financial Assets | Transfers of Financial Assets For a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860, which, at the time of the transfer, require that the transferred assets qualify as recognized financial assets and the Company surrender control over the assets. Such surrender requires that the assets be isolated from the Company, even in bankruptcy or other receivership, the purchaser have the right to pledge or sell the assets transferred and the Company not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability. In November 2017, the SEC staff indicated that, despite transfer restrictions placed on qualified Third Party Purchasers by the risk retention rules of the Dodd-Frank Act, they would not take exception to a registrant treating transfers of financial instruments in a securitization as sales if the transfers otherwise met all the criteria for sale accounting. The Company believes treatment of such transfers as sales is consistent with the substance of such transactions and, accordingly, reflects such transfers as sales. We recognize gains on sale of loans net of any costs related to that sale. |
Fee and Other Income | Fee and Other Income Fee and other income is composed of income from dividend income on our investment in FHLB stock, as well as from origination fees, exit fees and other fees on the loans we originate and in which we invest. |
Fee Expense | Fee Expense Fee expense is composed primarily of fees related to financing arrangements, transaction related costs and financing arrangements and other investment related costs. |
Stock Based Compensation Plan | Stock Based Compensation Plan The Company accounts for its equity-based compensation awards using the fair value method, which requires an estimate of fair value of the award at the time of grant. The Company recognizes the compensation expense related to the time-based vesting criteria on a straight-line basis over the requisite service period. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. The Company made a policy election to account for forfeitures as they occur rather than on an estimated basis. |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13 In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement, (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, (“ASU 2018-13”). ASU 2018-13 eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The adoption of ASU 2018-13 had no material impact on the Company’s consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, (“ASU 2018-17”). ASU 2018-17 requires reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety for determining whether a decision-making fee is a variable interest. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. Entities are required to apply the amendments in ASU 2018-17 retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The adoption of ASU 2018-17 had no material impact on the Company’s consolidated financial statements. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, (“ASU 2019-04”). ASU 2019-04 clarifies and improves areas of guidance related to the recently issued standards on credit losses (ASU 2016-13), hedging (ASU 2017-12), and recognition and measurement of financial instruments (ASU 2016-01). The amendments generally have the same effective dates as their related standards. If already adopted, the amendments of ASU 2016-01 and ASU 2016-13 are effective for fiscal years beginning after December 15, 2019 and the amendments of ASU 2017-12 are effective as of the beginning of the Company’s next annual reporting period; early adoption is permitted. The Company previously adopted ASU 2016-01. The adoption of ASU 2019-04 had no material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments, (“ASU 2020-03”). ASU 2020-03 improves various financial instruments topics, including the CECL Standard. ASU 2020-03 includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments related to Issue 1, Issue 2, Issue 4 and Issue 5 were effective upon issuance of ASU 2020-03. The amendments related to Issue 3, Issue 6 and Issue 7 were effective for the Company beginning on January 1, 2020. The adoption of ASU 2020-03 had no material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective upon issuance of ASU 2020-04 for contract modifications and hedging relationships on a prospective basis. While the Company is currently assessing the impact of ASU 2020-04, the Company does not expect the adoption to have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements Pending Adoption In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 815), (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 also improves the consistent application of, and simplifies, GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of ASU 2019-12 to have a material impact on its consolidated financial statements. In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables–Nonrefundable Fees and Other Costs, (“ASU 2020-08”) . This ASU clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. All entities should apply ASU 2020-08 on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company is assessing ASU 2020-08 and its impact its accounting and disclosures. Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. |
MORTGAGE LOAN RECEIVABLES (Tabl
MORTGAGE LOAN RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule of mortgage loan receivables | Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 2,243,639 $ 2,232,749 6.50 % 1.00 Mezzanine loans 121,565 121,310 10.83 % 2.42 Total mortgage loans 2,365,204 2,354,059 6.65 % 1.07 Allowance for credit losses N/A (41,507) Total mortgage loan receivables held for investment, net, at amortized cost 2,365,204 2,312,552 Mortgage loan receivables held for sale: First mortgage loans 30,478 30,518 4.05 % 9.18 Total $ 2,395,682 $ 2,343,070 6.74 % 1.23 (1) Includes the impact from interest rate floors. December 31, 2020 LIBOR rates are used to calculate weighted average yield for floating rate loans. Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 3,147,275 $ 3,127,173 6.77 % 1.35 Mezzanine loans 130,322 129,863 10.97 % 3.26 Total mortgage loans 3,277,597 3,257,036 6.94 % 1.43 Allowance for credit losses N/A (20,500) Total mortgage loan receivables held for investment, net, at amortized cost 3,277,597 3,236,536 Mortgage loan receivables held for sale: First mortgage loans 122,748 122,325 4.20 % 9.99 Total $ 3,400,345 $ 3,358,861 6.88 % 1.75 (1) Includes the impact from interest rate floors. December 31, 2019 LIBOR rates are used to calculate weighted average yield for floating rate loans. |
Summary of mortgage loan receivables by loan type | For the years ended December 31, 2020 and 2019, the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2019 $ 3,257,036 $ (20,500) $ 122,325 Origination of mortgage loan receivables 353,661 — 212,845 Repayment of mortgage loan receivables (960,832) — (404) Proceeds from sales of mortgage loan receivables (270,491) — (312,273) Non-cash disposition of loans via foreclosure(1) (31,249) — — Sale of loans, net (9,596) — 8,025 Accretion/amortization of discount, premium and other fees 15,530 — — Release of asset-specific loan loss provision via foreclosure(1) — 2,500 — Provision for current expected credit loss (implementation impact)(2) — (4,964) — Provision for current expected credit loss, net (impact to earnings)(2) — (18,543) — Balance, December 31, 2020 $ 2,354,059 $ (41,507) $ 30,518 (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. (2) During the year ended December 31, 2020, the initial impact of the implementation of the CECL accounting standard as of January 1, 2020 is recorded against retained earnings. Subsequent remeasurement, including the period to date change for the year ended December 31, 2020, is accounted for as provision for current expected credit loss in the consolidated statements of income. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Mortgage loans transferred but not considered sold Allowance for credit losses Mortgage loan Balance, December 31, 2018 $ 3,318,390 $ — $ (17,900) $ 182,439 Origination of mortgage loan receivables 1,452,049 — — 946,178 Purchases of mortgage loan receivables — — — 9,934 Repayment of mortgage loan receivables (1,531,551) — — (795) Proceeds from sales of mortgage loan receivables(1) — (15,504) — (1,008,853) Non-cash disposition of loan via foreclosure(2) (45,529) — — — Sale of loans, net — — — 54,758 Transfer between held for investment and held for sale(1) 45,832 15,504 — (61,336) Accretion/amortization of discount, premium and other fees 17,845 — — — Provision for/(release of) loan loss reserves — — (2,600) — Balance, December 31, 2019 $ 3,257,036 $ — $ (20,500) $ 122,325 (1) We sell certain loans into securitizations; however, for a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860 under which the Company must surrender control over the transferred assets which must qualify as recognized financial assets at the time of transfer. The assets must be isolated from the Company, even in bankruptcy or other receivership, the purchaser must have the right to pledge or sell the assets transferred and the Company may not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability. During the three months ended March 31, 2019, the Company reclassified from mortgage loan receivables held for sale to mortgage loans transferred but not considered sold, at amortized cost, one loan with an outstanding face amount of $15.4 million, a book value of $15.5 million (fair value at the date of reclassification) and a remaining maturity of 9.8 years, which was sold to the WFCM 2019-C49 securitization trust. Subsequent to March 31, 2019, the controlling loan interest was sold to the UBS 2019-C16 securitization trust, and as a result, the loan previously sold during the three months ended March 31, 2019 was accounted for as a sale during the year ended December 31, 2019. (2) Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2017 $ 3,282,462 $ (4,000) $ 230,180 Origination of mortgage loan receivables 1,478,771 — 1,297,221 Repayment of mortgage loan receivables (1,518,066) — (14,242) Proceeds from sales of mortgage loan receivables — — (1,291,828) Sale of loans, net — — 16,511 Transfer between held for investment and held for sale 55,403 — (55,403) Accretion/amortization of discount, premium and other fees 19,820 — — Provision for (release of) loan loss reserves — (13,900) — Balance, December 31, 2018 $ 3,318,390 $ (17,900) $ 182,439 |
Schedule of provision for loan losses | Allowance for Credit Losses and Non-Accrual Status ($ in thousands) Year Ended December 31, 2020 2019 2018 Allowance for credit losses at beginning of period $ 20,500 $ 17,900 $ 4,000 Provision for current expected credit loss (implementation impact) 4,964 (5) — — Provision for current expected credit loss, net (impact to earnings) (3) 18,543 (4) 2,600 13,900 Foreclosure of loans subject to asset-specific reserve (2,500) — — Allowance for credit losses at end of period $ 41,507 $ 20,500 $ 17,900 December 31, 2020 December 31, 2019 Carrying value of loans on non-accrual status, net of asset-specific reserve $ 175,022 (1) $ 86,025 (2) (1) Represents two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $24.2 million, two loans with a combined carrying value of $27.1 million, one loan with a carrying value of $36.4 million, one loan with a carrying value of $13.0 million, one loan with a carrying value of $30.6 million, and one loan with a carrying value of $43.8 million which was foreclosed on in 2021 and is under contract for sale, as further discussed below. (2) Represents two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $24.2 million, one loan with a carrying value of $0.4 million and one loan with a carrying value of $61.5 million, as further discussed below. (3) The total provision includes asset specific reserves of $9.2 million, $2.0 million and $12.7 million as well as a general reserve component of $9.4 million, $0.6 million, and $1.2 million for the years ended 2020, 2019, and 2018 respectively. (4) Additional provisions for current expected credit losses that impact earnings for the year ended 2020 include releases of $0.3 million on unfunded commitments and $2.0 thousand on held-to-maturity securities. |
Schedule of individually impaired loans | The Company has concluded that none of its loans, other than the four loans discussed below, are individually impaired as of December 31, 2020. Loan Portfolio by Geographic Region, Property Type and Vintage ($ in thousands) Amortized Cost Geographic Region Northeast $ 707,485 Southwest 437,153 South 313,759 Midwest 462,602 West 316,620 Subtotal loans 2,237,619 Individually impaired loans(1) 116,440 Total loans $ 2,354,059 (1) Included in individually impaired loans are two loans, which were originated in 2016 simultaneously as part of a single transaction with a combined amortized cost of $26.9 million, collateralized by a mixed use property located in the Northeast region; one loan, which was originated in 2016 and subsequently restructured into two loans in 2018, with a combined amortized cost of $44.6 million, collateralized by a mixed use property located in the Northeast region; and one loan, originated in 2018, with an amortized cost of $45.0 million, collateralized by a hotel located in the South region. The above individually impaired loans’ amortized cost bases exclude asset-specific provisions totaling $21.4 million. Management’s method for monitoring credit is the performance of a loan. A loan is impaired or not impaired based on the expectation that all amounts contractually due under a loan will be collected when due. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing Ladder’s loan portfolio by collateral type. The following table summarizes the amortized cost of the loan portfolio by property type ($ in thousands). Amortized Cost Basis by Origination Year Property Type 2020 2019 2018 2017 2016 and Earlier Total Office $ — $ 196,610 $ 249,330 $ 83,673 $ 50,935 $ 580,548 Multifamily 65,537 260,254 44,665 24,406 — 394,862 Hospitality — 43,000 139,394 67,307 78,694 328,395 Other 31,217 131,434 77,484 — — 240,135 Mixed Use 106,537 101,704 — 13,268 — 221,509 Retail — 110,492 — — 65,734 176,226 Industrial 46,130 114,630 — — 6,461 167,221 Manufactured Housing 4,553 57,305 11,718 — 3,961 77,537 Self-Storage — 35,986 15,200 — — 51,186 Subtotal loans 253,974 1,051,415 537,791 188,654 205,785 2,237,619 Individually Impaired loans (1) — — 44,952 — 71,488 116,440 Total loans (2) $ 253,974 $ 1,051,415 $ 582,743 $ 188,654 $ 277,273 $ 2,354,059 (1) Included in individually impaired loans are two loans, which were originated in 2016 simultaneously as part of a single transaction with a combined amortized cost of $26.9 million, collateralized by a mixed use property located in the Northeast region, one loan, which was originated in 2016 and subsequently restructured into two loans in 2018, with a combined amortized cost of $44.6 million, collateralized by a mixed use property located in the Northeast region, and one loan, originated in 2018, with a amortized cost of $45.0 million, collateralized by a hotel located in the South region. The above individually impaired loans’ amortized cost basis excludes asset-specific provisions totaling $21.4 million. (2) Not included above is $14.5 million of accrued interest receivable on all loans at December 31, 2020. |
REAL ESTATE SECURITIES (Tables)
REAL ESTATE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of securities which are classified as available-for-sale | The following is a summary of the Company’s securities at December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses Carrying # of Rating (1) Coupon % Yield % Remaining CMBS(2) $ 1,015,520 $ 1,015,282 $ 1,382 $ (13,363) $ 1,003,301 (3) 90 AAA 1.56 % 1.56 % 2.01 CMBS interest-only(2)(4) 1,498,181 21,567 672 (26) 22,213 (5) 15 AAA 0.44 % 3.53 % 2.19 GNMA interest-only(4)(6) 75,350 868 232 (100) 1,000 11 AA+ 0.43 % 5.06 % 3.59 Agency securities(2) 586 593 12 — 605 2 AA+ 2.55 % 1.64 % 1.26 GNMA permanent securities(2) 30,254 30,340 859 — 31,199 5 AA+ 3.87 % 3.49 % 1.98 Total debt securities $ 2,619,891 $ 1,068,650 $ 3,157 $ (13,489) $ 1,058,318 123 0.91 % 1.66 % 2.01 Provision for current expected credit losses N/A — — (20) (20) Total real estate securities $ 2,619,891 $ 1,068,650 $ 3,157 $ (13,509) $ 1,058,298 123 (1) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the highest rating is used. Ratings provided were determined by third-party rating agencies as of a particular date, may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time. (2) CMBS, CMBS interest-only securities, Agency securities, GNMA permanent securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. (3) Includes $11.1 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, (the “Dodd-Frank Act”) and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (4) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (5) Includes $0.7 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (6) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income in accordance with ASC 815. December 31, 2019 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Gains Losses Carrying # of Rating (1) Coupon % Yield % Remaining CMBS(2) $ 1,640,597 $ 1,640,905 $ 4,337 $ (920) $ 1,644,322 (3) 125 AAA 3.06 % 3.08 % 2.41 CMBS interest-only(2)(4) 1,559,160 28,553 630 (37) 29,146 (5) 15 AAA 0.60 % 3.04 % 2.53 GNMA interest-only(4)(6) 109,783 1,982 123 (254) 1,851 11 AA+ 0.49 % 4.59 % 2.77 Agency securities(2) 629 640 1 (4) 637 2 AA+ 2.65 % 1.73 % 1.83 GNMA permanent securities(2) 31,461 31,681 688 — 32,369 6 AA+ 3.91 % 3.17 % 1.93 Total debt securities $ 3,341,630 $ 1,703,761 $ 5,779 $ (1,215) $ 1,708,325 159 1.84 % 3.06 % 2.39 Equity securities(7) N/A 12,848 292 (160) 12,980 2 N/A N/A N/A N/A Total real estate securities $ 3,341,630 $ 1,716,609 $ 6,071 $ (1,375) $ 1,721,305 161 (1) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the highest rating is used. Ratings provided were determined by third-party rating agencies as of a particular date, may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time. (2) CMBS, CMBS interest-only securities, Agency securities, GNMA permanent securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. (3) Includes $11.6 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (4) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (5) Includes $0.8 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (6) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income in accordance with ASC 815. (7) The Company has elected to account for equity securities at fair value with changes in fair value recorded in current period earnings. |
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows | The following is a breakdown of the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 230,977 $ 748,953 $ 23,371 $ — $ 1,003,301 CMBS interest-only 1,572 20,641 — — 22,213 GNMA interest-only 65 647 288 — 1,000 Agency securities — 605 — — 605 GNMA permanent securities 67 31,132 — — 31,199 Provision for current expected credit losses — — — — (20) Total debt securities $ 232,681 $ 801,978 $ 23,659 $ — $ 1,058,298 December 31, 2019 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 177,193 $ 1,389,392 $ 77,737 $ — $ 1,644,322 CMBS interest-only 1,439 27,707 — — 29,146 GNMA interest-only 91 1,504 256 — 1,851 Agency securities — 637 — — 637 GNMA permanent securities 416 31,953 — — 32,369 Total debt securities $ 179,139 $ 1,451,193 $ 77,993 $ — $ 1,708,325 |
REAL ESTATE AND RELATED LEASE_2
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Schedule of real estate properties by category | The following tables present additional detail related to our real estate portfolio, net, including foreclosed properties ($ in thousands): December 31, 2020 December 31, 2019 Land $ 220,511 $ 209,955 Building 838,542 883,005 In-place leases and other intangibles 157,176 161,203 Undepreciated Real estate and related lease intangibles 1,216,229 1,254,163 Less: Accumulated depreciation and amortization (230,925) (206,082) Real estate and related lease intangibles, net $ 985,304 $ 1,048,081 Below market lease intangibles, net (other liabilities) $ (36,952) $ (39,067) |
Schedule of depreciation and amortization expense recorded | The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Year Ended December 31, 2020 2019 2018 Depreciation expense(1) $ 32,383 $ 30,421 $ 31,537 Amortization expense 6,696 7,991 10,347 Total real estate depreciation and amortization expense $ 39,079 $ 38,412 $ 41,884 |
Schedule of lease intangible assets | The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands): December 31, 2020 December 31, 2019 Gross intangible assets(1) $ 157,176 $ 161,203 Accumulated amortization 66,014 62,773 Net intangible assets $ 91,162 $ 98,430 (1) Includes $4.2 million and $4.5 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of December 31, 2020 and 2019, respectively. The following table presents increases/reductions in operating lease income recorded by the Company ($ in thousands): Year Ended December 31, 2020 2019 2018 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (367) $ (819) $ (648) Increase in operating lease income for amortization of below market lease intangibles acquired 2,600 2,177 2,387 |
Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned | The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2020 ($ in thousands): Period Ending December 31, Adjustment to Operating Lease Income Amortization Expense 2021 $ 1,071 $ 5,509 2022 1,071 5,509 2023 1,071 5,509 2024 1,071 5,509 2025 1,071 5,509 Thereafter 27,426 59,449 Total $ 32,781 $ 86,994 |
Schedule of contractual future minimum rent under leases | The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at December 31, 2020 ($ in thousands): Period Ending December 31, Amount 2021 $ 79,393 2022 70,983 2023 64,425 2024 63,438 2025 62,138 Thereafter 471,409 Total $ 811,786 |
Schedule of real estate properties acquired | During the year ended December 31, 2020, the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) Aggregate purchases of net leased real estate $ 7,440 100.0% Real estate acquired via foreclosure March 2020 Diversified Los Angeles, CA 21,535 100.0% June 2020 Diversified Winston Salem, NC 3,900 100.0% December 2020 Diversified South Bend, IN 3,875 100.0% Total real estate acquired via foreclosure 29,310 Total real estate acquisitions $ 36,750 (1) Properties were consolidated as of acquisition date. The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the year ended December 31, 2020, all acquisitions were determined to be asset acquisitions. The purchase prices were allocated to the asset acquisitions during the year ended December 31, 2020, as follows ($ in thousands): Purchase Price Allocation Land $ 25,250 Building 10,473 Intangibles 1,379 Below Market Lease Intangibles (352) Total purchase price $ 36,750 The weighted average amortization period for intangible assets acquired during the year ended December 31, 2020 was 39.8 years. The Company recorded $0.4 million in revenues from its 2020 acquisitions for the year ended December 31, 2020, which is included in its consolidated statements of income. The Company recorded $(0.9) million in earnings (losses) from its 2020 acquisitions for the year ended December 31, 2020, which is included in its consolidated statements of income. During the year ended December 31, 2019, the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) Aggregate purchases of net leased real estate $ 20,441 100.0% Real estate acquired via foreclosure February 2019 Diversified Omaha, NE 18,200 100.0% December 2019 Diversified San Diego, CA 42,250 100.0% December 2019 Diversified Fort Worth and Arlington, TX 23,700 100.0% Total real estate acquired via foreclosure 84,150 Total real estate acquisitions $ 104,591 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the asset acquisitions during the year ended December 31, 2019, as follows ($ in thousands): Purchase Price Allocation Land $ 17,373 Building 84,725 Intangibles 3,802 Below Market Lease Intangibles (1,309) Total purchase price $ 104,591 |
Schedule of properties sold | The Company sold the following properties during the year ended December 31, 2020 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss)(1) Properties Units Sold Units Remaining Various Condominium Miami, FL $ 1,832 $ 1,821 $ 11 — 6 — March 2020 Diversified Richmond, VA 22,527 14,829 7,698 7 — — March 2020 Diversified Richmond, VA 6,932 4,109 2,823 1 — — August 2020 Net Lease Bellport, NY 19,434 15,012 4,422 1 — — September 2020 Diversified Lithia Springs, GA 39,491 23,187 16,304 1 — — September 2020 Diversified Winston Salem, NC 4,647 3,803 844 1 — — December 2020 Diversified South Bend, IN 3,875 3,875 — 1 — — Totals $ 98,738 $ 66,636 $ 32,102 (1) Realized gain (loss) on the sale of real estate, net on the consolidated statements of income also includes $32.1 million of realized gain (loss) on the disposal of fixed assets for the year ended December 31, 2020. The Company sold the following properties during the year ended December 31, 2019 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining November 2019 Condominium Las Vegas, NV $ 809 $ 415 $ 394 — 1 — Various Condominium Miami, FL 4,715 4,282 433 — 16 6 April 2019 Diversified Wayne, NJ 1,729 4,799 (3,070) 1 — — May 2019 Diversified Grand Rapids, MI 10,019 8,254 1,765 1 — — August 2019 Diversified Grand Rapids, MI 6,970 4,920 2,050 1 — — Totals $ 24,242 $ 22,670 $ 1,572 (1) Realized gain (loss) on the sale of real estate, net on the consolidated statements of income also includes $1.4 million of realized loss on the disposal of fixed assets for the year ended December 31, 2019. The Company sold the following properties during the year ended December 31, 2018 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Realized Gain Allocated to Third Party Investor Properties Units Sold Units Remaining Various Condominium Las Vegas, NV $ 8,763 $ 4,458 $ 4,305 $ — — 12 1 Various Condominium Miami, FL 7,851 6,716 1,135 — — 26 22 March 2018 Diversified El Monte, CA 71,807 52,610 19,197 6,999 1 — — March 2018 Diversified Richmond, VA 20,966 11,370 9,596 389 1 — — September 2018 Diversified St. Paul, MN 109,275 47,627 61,648 7,928 4 — — Totals $ 218,662 $ 122,781 $ 95,881 $ 15,316 |
INVESTMENT IN AND ADVANCES TO_2
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of the Company's investments in unconsolidated joint ventures, which the entity accounts for using the equity method | The following is a summary of the Company’s investments in and advances to unconsolidated joint ventures, which we account for using the equity method, as of December 31, 2020 and 2019 ($ in thousands): Entity December 31, 2020 December 31, 2019 Grace Lake JV, LLC $ 4,023 $ 3,047 24 Second Avenue Holdings LLC 42,230 45,386 Investment in unconsolidated joint ventures $ 46,253 $ 48,433 |
Summary of the Company's allocated earnings based on its ownership interests from investment in unconsolidated joint ventures | The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the years ended December 31, 2020 and 2019 ($ in thousands): Year Ended December 31, Entity 2020 2019 2018 Grace Lake JV, LLC $ 976 $ 1,047 1,658 24 Second Avenue Holdings LLC 845 2,385 (868) Earnings (loss) from investment in unconsolidated joint ventures $ 1,821 $ 3,432 $ 790 |
Summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests | The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2020 and 2019 ($ in thousands): December 31, 2020 December 31, 2019 Total assets $ 114,916 $ 118,727 Total liabilities 75,775 78,762 Partners’/members’ capital $ 39,141 $ 39,965 The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the years ended December 31, 2020, 2019 and 2018 ($ in thousands): Year Ended December 31, 2020 2019 2018 Total revenues $ 17,461 $ 7,630 $ 19,122 Total expenses 14,206 14,930 13,381 Net income (loss) $ 3,255 $ (7,300) $ 5,741 |
DEBT OBLIGATIONS, NET (Tables)
DEBT OBLIGATIONS, NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of debt obligations | The details of the Company’s debt obligations at December 31, 2020 and December 31, 2019 are as follows ($ in thousands): December 31, 2020 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2020(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility(2) $ 500,000 $ 112,004 $ 387,996 1.91% — 2.16% 12/19/2022 (3) (4) $ 180,416 $ 180,416 Committed Loan Repurchase Facility 250,000 — 250,000 —% — —% 2/26/2021 (5) (6) — — Committed Loan Repurchase Facility 300,000 90,197 209,803 1.91% — 2.91% 12/16/2021 (7) (8) 154,850 154,850 Committed Loan Repurchase Facility 300,000 11,312 288,688 2.19% — 2.19% 11/6/2022 (9) (4) 28,285 28,285 Committed Loan Repurchase Facility 100,000 26,183 73,817 2.28% — 2.28% 12/31/2022 (10) (4) 45,235 45,235 Committed Loan Repurchase Facility 100,000 15,672 84,328 2.66% — 3.5% 10/24/2021 (11) (12) 30,600 30,600 Total Committed Loan Repurchase Facilities 1,550,000 255,368 1,294,632 439,386 439,386 Committed Securities Repurchase Facility(2) 787,996 149,633 638,363 0.86% — 1.11% 12/23/2021 N/A (13) 226,008 226,008 Uncommitted Securities Repurchase Facility N/A (14) 415,836 N/A (14) 0.73% — 2.84% 1/2021-3/2021 N/A (13) 502,476 502,476 (15) Total Repurchase Facilities 1,950,000 820,837 1,544,999 1,167,870 1,167,870 Revolving Credit Facility 266,430 266,430 — 3.15% — 3.15% 2/11/2022 (16) N/A (17) N/A (17) N/A (17) Mortgage Loan Financing 766,064 766,064 — 3.75% — 6.16% 2021 - 2030(18) N/A (19) 909,406 1,133,703 (20) Secured Financing Facility 206,350 192,646 (21) — 10.75% — 10.75% 5/6/2023 N/A (22) 327,769 328,097 CLO Debt 279,156 276,516 (23) — 5.5% — 5.5% 5/16/2024 N/A (4) 362,600 362,600 Borrowings from the FHLB 1,500,000 288,000 1,212,000 0.41% — 2.74% 2021 - 2024 N/A (24) 388,400 392,212 (25) Senior Unsecured Notes 1,612,299 1,599,371 (26) — 4.25% — 5.88% 2021 - 2027 N/A N/A (27) N/A (27) N/A (27) Total Debt Obligations, Net $ 6,580,299 $ 4,209,864 $ 2,756,999 $ 3,156,045 $ 3,384,482 (1) December 2020 LIBOR rates are used to calculate interest rates for floating rate debt. (2) The combined committed amounts for the loan repurchase facility and the securities repurchase facility total $900.0 million, with maximum capacity on the loan repurchase facility of $500.0 million, and maximum capacity on the securities repurchase facility of $900.0 million less outstanding commitments on the loan repurchase facility. (3) Two additional 12-month periods at Company’s option. No new advances are permitted after the initial maturity date. (4) First mortgage commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans. (5) Three additional 12-month periods at Company’s option. (6) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (7) Two additional 364-day periods at Company’s option. (8) First mortgage and mezzanine commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans. (9) One additional 12-month extension period and two additional 6-month extension periods at Company’s option. (10) Two additional 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date. (11) The Company may extend periodically with lender’s consent. At no time can the maturity of the facility exceed 364 days from the date of determination. (12) First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein. (13) Commercial real estate securities. It does not include the real estate collateralizing such securities. (14) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (15) Includes $2.1 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (16) Three additional 12-month periods at Company’s option. (17) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries. (18) Anticipated repayment dates. (19) Certain of our real estate investments serve as collateral for our mortgage loan financing. (20) Using undepreciated carrying value of commercial real estate to approximate fair value. (21) Presented net of unamortized debt issuance costs of $7.2 million and an unamortized discount of $6.6 million related to the Purchase Right (described in detail under Secured Financing Facility below) at December 31, 2020. (22) First mortgage commercial real estate loans. Substitution of collateral and conversion of loan collateral to mortgage collateral are permitted with Lender’s approval. (23) Presented net of unamortized debt issuance costs of $2.6 million at December 31, 2020. (24) First mortgage commercial real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities. (25) Includes $9.4 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (26) Presented net of unamortized debt issuance costs of $12.9 million at December 31, 2020. (27) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. December 31, 2019 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2019(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 183,828 $ 416,172 3.24% — 3.74% 12/19/2022 (2) (3) $ 287,974 $ 288,210 Committed Loan Repurchase Facility 350,000 70,697 279,303 3.71% — 3.81% 5/24/2020 (4) (5) 101,590 103,868 Committed Loan Repurchase Facility 300,000 248,182 51,818 3.49% — 3.74% 12/19/2020 (6) (7) 382,778 382,778 Committed Loan Repurchase Facility 300,000 98,678 201,322 3.50% — 3.75% 11/6/2022 (8) (3) 175,000 175,270 Committed Loan Repurchase Facility 100,000 9,952 90,048 3.96% — 3.99% 1/3/2023 (9) (3) 75,628 75,813 Committed Loan Repurchase Facility 100,000 90,927 9,073 3.74% — 3.80% 12/24/2020 (10) (11) 126,311 126,311 Total Committed Loan Repurchase Facilities 1,750,000 702,264 1,047,736 1,149,281 1,152,250 Committed Securities Repurchase Facility 400,000 42,751 357,249 2.50% — 2.56% 12/23/2021 N/A (12) 52,691 52,691 Uncommitted Securities Repurchase Facility N/A (13) 1,070,919 N/A (13) 2.17% — 3.54% 1/2020 - 3/2020 N/A (12) 1,188,440 1,188,440 (14) Total Repurchase Facilities 2,150,000 1,815,934 1,404,985 2,390,412 2,393,381 Revolving Credit Facility 266,430 — 266,430 NA 2/11/2020 (15) N/A (16) N/A (16) N/A (16) Mortgage Loan Financing 812,606 812,606 — 3.75% — 6.75% 2020 - 2029(17) N/A (18) 988,857 1,192,106 (19) Borrowings from the FHLB 1,945,795 1,073,500 872,295 1.47% — 2.95% 2020 - 2024 N/A (20) 1,107,188 1,113,811 (21) Senior Unsecured Notes 1,166,201 1,157,833 (22) — 5.25% — 5.88% 2021 - 2025 N/A N/A (23) N/A (23) N/A (23) Total Debt Obligations $ 6,341,032 $ 4,859,873 $ 2,543,710 $ 4,486,457 $ 4,699,298 (1) December 31, 2019 LIBOR rates are used to calculate interest rates for floating rate debt. (2) Two additional 12-month periods at Company’s option. No new advances are permitted after the initial maturity date. (3) First mortgage commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans. (4) One additional 12-month period at Company’s option. (5) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (6) Three additional 364-day periods. (7) First mortgage and mezzanine commercial real estate loans and senior pari passu interests therein. It does not include the real estate collateralizing such loans. (8) One additional 12-month extension period and two additional 6-month extension periods at Company’s option. (9) Two additional 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date. (10) The Company may extend periodically with lender’s consent. At no time can the maturity of the facility exceed 364 days from the date of determination. (11) First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein. (12) Commercial real estate securities. It does not include the real estate collateralizing such securities. (13) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (14) Includes $2.2 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (15) Four additional 12-month periods at Company’s option. (16) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries. (17) Anticipated repayment dates. (18) Certain of our real estate investments serve as collateral for our mortgage loan financing. (19) Using undepreciated carrying value of commercial real estate to approximate fair value. (20) First mortgage commercial real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities. (21) Includes $9.9 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. Additionally includes $261.0 million of cash collateral. (22) Presented net of unamortized debt issuance costs of $8.4 million at December 31, 2019. (23) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. |
Schedule of contractual payments under all borrowings by maturity | The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by 2021 $ 1,219,750 2022 734,290 2023 351,800 2024 575,471 2025 468,876 Thereafter 884,678 Subtotal 4,234,865 Debt issuance costs included in senior unsecured notes (12,928) Debt issuance costs included in secured financing facility (7,154) Discount on secured financing facility related to Purchase Right (6,550) Debt issuance costs included in CLO debt (2,640) Debt issuance costs included in mortgage loan financing (280) Premiums included in mortgage loan financing(2) 4,551 Total $ 4,209,864 (1) Contractual payments under current maturities, some of which are subject to extensions. The maturities listed above for 2021 relate to debt obligations that are subject to existing Company controlled extension options for one or more additional one year periods or could be refinanced by other existing facilities as of December 31, 2020. |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of breakdown of the derivatives outstanding | The following is a breakdown of the derivatives outstanding as of December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month LIBOR $ 69,571 $ — $ — 0.35 Futures 5-year Swap 23,800 108 — 0.25 10-year Swap 41,800 191 — 0.25 Total futures 65,600 299 — Total derivatives $ 135,171 $ 299 $ — (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. December 31, 2019 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1Month LIBOR $ 69,571 $ — $ — 0.36 Futures 5-year Swap 46,000 158 — 0.25 10-year Swap 149,800 516 — 0.25 5-year U.S. Treasury Note 1,100 4 — 0.25 Total futures 196,900 678 — Credit Derivatives S&P 500 Put Options 143,300 15 — 0.05 Total credit derivatives 143,300 15 — Total derivatives $ 409,771 $ 693 $ — (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. |
Schedule of net realized gains/(losses) and unrealized appreciation/(depreciation) on derivatives | The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018 ($ in thousands): Year Ended December 31, 2020 Contract Type Unrealized Realized Net Result Futures $ (379) $ (15,113) $ (15,492) Credit Derivatives 111 111 222 Total $ (268) $ (15,002) $ (15,270) Year Ended December 31, 2019 Contract Type Unrealized Realized Net Result Futures $ 1,653 $ (31,469) $ (29,816) Credit Derivatives (111) (84) (195) Total $ 1,542 $ (31,553) $ (30,011) Year Ended December 31, 2018 Contract Type Unrealized Realized Net Result Futures $ (747) $ 16,176 $ 15,429 Swaps 1,403 (848) 555 Credit Derivatives 49 (107) (58) Total $ 705 $ 15,221 $ 15,926 |
OFFSETTING ASSETS AND LIABILI_2
OFFSETTING ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Offsetting [Abstract] | |
Schedule of offsetting of financial assets | As of December 31, 2020 Offsetting of Financial Assets and Derivative Assets ($ in thousands) Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 299 $ — $ 299 $ — $ — $ 299 Total $ 299 $ — $ 299 $ — $ — $ 299 (1) Included in restricted cash on consolidated balance sheets. As of December 31, 2019 Offsetting of Financial Assets and Derivative Assets ($ in thousands) Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 693 $ — $ 693 $ — $ — $ 693 Total $ 693 $ — $ 693 $ — $ — $ 693 (1) Included in restricted cash on consolidated balance sheets. |
Schedule of offsetting of financial liabilities | As of December 31, 2020 Offsetting of Financial Liabilities and Derivative Liabilities ($ in thousands) Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Repurchase agreements $ 820,837 $ — $ 820,837 $ 820,837 $ — $ — Total $ 820,837 $ — $ 820,837 $ 820,837 $ — $ — (1) Included in restricted cash on consolidated balance sheets. As of December 31, 2019 Offsetting of Financial Liabilities and Derivative Liabilities ($ in thousands) Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Repurchase agreements $ 1,815,934 $ — $ 1,815,934 $ 1,815,934 $ — $ — Total $ 1,815,934 $ — $ 1,815,934 $ 1,815,934 $ — $ — (1) Included in restricted cash on consolidated balance sheets. |
CONSOLIDATED VARIABLE INTERES_2
CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The Company consolidates one collateralized loan obligation (“CLO”) VIE with the following balance sheet ($ in thousands): December 31, 2020 Notes 3 & 7 Restricted cash $ 3,925 Mortgage loan receivables held for investment, net, at amortized cost 362,600 Accrued interest receivable 1,382 Other assets 69,649 Total assets $ 437,556 Debt obligations, net $ 276,516 Accrued expenses 682 Total liabilities 277,198 Net equity in VIEs (eliminated in consolidation) 160,358 Total equity 160,358 Total liabilities and equity $ 437,556 |
EQUITY STRUCTURE AND ACCOUNTS (
EQUITY STRUCTURE AND ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Common stock repurchase activity | The following table is a summary of the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2020, 2019 and 2018 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2019 $ 41,132 Additional authorizations — Repurchases paid 384,251 (3,030) Repurchases unsettled — Authorizations remaining as of December 31, 2020 $ 38,102 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2018 $ 41,769 Additional authorizations — Repurchases paid 40,065 (637) Repurchases unsettled — Authorizations remaining as of December 31, 2019 $ 41,132 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2017 $ 41,769 Additional authorizations — Repurchases paid — — Repurchases unsettled — Authorizations remaining as of December 31, 2018 $ 41,769 (1) Amount excludes commissions paid associated with share repurchases. |
Schedule of dividends declared and paid | The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2020, 2019 and 2018: Declaration Date Dividend per Share February 27, 2020 $ 0.340 May 28, 2020 0.200 August 31, 2020 0.200 December 15, 2020 0.200 Total $ 0.940 February 27, 2019 $ 0.340 May 30, 2019 0.340 August 22, 2019 0.340 November 26, 2019 0.340 Total $ 1.360 February 27, 2018 $ 0.315 May 30, 2018 0.325 September 5, 2018 0.325 November 1, 2018(1) 0.570 Total $ 1.535 |
Schedule of accumulated other comprehensive Income | The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2020, 2019 and 2018 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2019 $ 4,218 $ 475 $ 4,693 Other comprehensive income (loss) (9,950) (5,208) (15,158) Exchange of noncontrolling interest for common stock (6,952) 6,952 — Rebalancing of ownership percentage between Company and Operating Partnership 2,221 (2,221) — December 31, 2020 $ (10,463) $ (2) $ (10,465) Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2018 $ (4,649) $ (588) $ (5,237) Other comprehensive income (loss) 8,785 1,145 9,930 Exchange of noncontrolling interest for common stock 65 (65) — Rebalancing of ownership percentage between Company and Operating Partnership 17 (17) — December 31, 2019 $ 4,218 $ 475 $ 4,693 Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2017 $ (212) $ 116 $ (96) Other comprehensive income (loss) (4,211) (930) (5,141) Exchange of noncontrolling interest for common stock (167) 167 — Rebalancing of ownership percentage between Company and Operating Partnership (59) 59 — December 31, 2018 $ (4,649) $ (588) $ (5,237) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of the Company's net income and weighted average shares outstanding | The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2020, 2019 and 2018 consist of the following: Year Ended December 31, ($ in thousands except share amounts) 2020 2019 2018 Basic Net income (loss) available for Class A common shareholders $ (14,445) $ 122,645 $ 180,015 Diluted Net income (loss) available for Class A common shareholders $ (14,445) $ 122,645 $ 180,015 Weighted average shares outstanding Basic 112,409,615 105,455,849 97,226,027 Diluted 112,409,615 106,399,783 97,652,065 |
Schedule of calculation of basic and diluted net income per share amounts | The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2020, 2019 and 2018 consist of the following: Year Ended December 31, (In thousands except share and per share amounts) 2020(1) 2019(1) 2018(1) Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ (14,445) $ 122,645 $ 180,015 Denominator: Weighted average number of shares of Class A common stock outstanding 112,409,615 105,455,849 97,226,027 Basic net income (loss) per share of Class A common stock $ (0.13) $ 1.16 $ 1.85 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ (14,445) $ 122,645 $ 180,015 Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss)(2) — — — Additional corporate tax (expense) benefit(2) — — — Diluted net income (loss) attributable to Class A common shareholders (14,445) 122,645 $ 180,015 Denominator: Basic weighted average number of shares of Class A common stock outstanding 112,409,615 105,455,849 97,226,027 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders(3) — — — Incremental shares of unvested Class A restricted stock(3) — 943,934 426,038 Incremental shares of unvested stock options — — — Diluted weighted average number of shares of Class A common stock outstanding 112,409,615 106,399,783 97,652,065 Diluted net income (loss) per share of Class A common stock $ (0.13) $ 1.15 $ 1.84 (1) For the years ended December 31, 2020, 2019 and 2018, shares issuable relating to converted Class B common shareholders are excluded from the calculation of diluted EPS as the inclusion of such potential common shares in the calculation would be anti-dilutive. (2) The Company is using the as-if converted method for the Class B common shareholders while adjusting for additional corporate income tax expense (benefit) for the described net income (loss) add-back for periods prior to September 30, 2020. There are no Class B common stock outstanding as of December 31, 2020. (3) The Company is using the treasury stock method. |
STOCK BASED AND OTHER COMPENS_2
STOCK BASED AND OTHER COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock based compensation plans summary | The following table summarizes the impact on the consolidated statement of operations of the various stock based and other compensation plans ($ in thousands): Year Ended December 31, 2020 2019 2018 Stock Based Compensation Expense $ 42,728 $ 21,777 $ 8,831 Phantom Equity Investment Plan (1,238) 1,341 — Stock Options Exercised 270 — — Ladder Capital Corp Deferred Compensation Plan — — 1,163 Bonus Expense 1,082 28,235 34,465 Total $ 42,842 $ 51,353 $ 44,459 |
Summary of the grants | A summary of the grants is presented below: Year Ended December 31, 2020 2019 2018 Number Weighted Number Weighted Number Weighted Grants - Class A Common Stock 4,423,215 $ 12.84 1,569,694 $ 17.54 33,656 $ 14.86 Grants - Class A Common Stock dividends — — 11,113 16.61 — — Stock Options — — 12,073 — — — |
Schedule of nonvested shares activity | The table below presents the number of unvested shares and outstanding stock options at December 31, 2020 and changes during 2020 of the Class A Common stock and Stock Options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan: Restricted Stock Stock Options Nonvested/Outstanding at December 31, 2019 1,436,683 994,208 Granted 4,423,215 — Exercised — (83,845) Vested (3,031,109) — Forfeited (27,965) — Expired — (229,261) Nonvested/Outstanding at December 31, 2020 2,800,824 681,102 Exercisable at December 31, 2020 (1) 681,102 (1) The weighted-average exercise price of outstanding options, warrants and rights is $14.84 at December 31, 2020. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of fair value | The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2020 and 2019 are as follows ($ in thousands): December 31, 2020 Weighted Average Outstanding Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 1,015,520 $ 1,015,282 $ 1,003,301 Internal model, third-party inputs 1.56 % 2.01 CMBS interest-only(1) 1,498,181 (2) 21,567 22,213 Internal model, third-party inputs 3.53 % 2.19 GNMA interest-only(3) 75,350 (2) 868 1,001 Internal model, third-party inputs 5.06 % 3.59 Agency securities(1) 586 593 605 Internal model, third-party inputs 1.64 % 1.26 GNMA permanent securities(1) 30,254 30,340 31,199 Internal model, third-party inputs 3.49 % 1.98 Provision for current expected credit reserves N/A (20) (20) (5) N/A N/A Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loan receivables held for investment, net, at amortized cost 2,365,204 2,354,059 2,328,441 Discounted Cash Flow(4) 6.67 % 1.07 Provision for current expected credit reserves N/A (41,507) (41,507) (5) N/A N/A Mortgage loan receivables held for sale 30,478 30,518 32,082 Internal model, third-party inputs(6) 4.05 % 9.18 FHLB stock(7) 31,000 31,000 31,000 (7) 3.00 % N/A Nonhedge derivatives(1)(8) 65,600 N/A 299 Counterparty quotations N/A 0.25 Liabilities: Repurchase agreements - short-term 708,833 708,833 708,833 Discounted Cash Flow(9) 1.16 % 0.34 Repurchase agreements - long-term 112,004 112,004 112,004 Discounted Cash Flow(10) 9.47 % 2.21 Revolving credit facility 266,430 266,430 266,430 Discounted Cash Flow(9) 3.15 % 0.07 Mortgage loan financing 761,793 766,064 786,405 Discounted Cash Flow(10) 4.84 % 4.04 Secured financing facility 192,646 192,646 192,646 Discounted Cash Flow(9) 10.75 % 2.35 CLO debt 276,516 276,516 276,516 Discounted Cash Flow(10) 5.50 % 3.38 Borrowings from the FHLB 288,000 288,000 289,091 Discounted Cash Flow 1.12 % 2.76 Senior unsecured notes 1,612,299 1,599,371 1,607,930 Internal model, third-party inputs 4.90 % 3.89 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model. (5) Fair value is estimated to equal par value. (6) Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (7) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (8) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (9) Fair value for repurchase agreement liabilities - short term borrowings under the secured financing facility and borrowings under the revolving credit facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (10) For repurchase agreements - long term, mortgage loan financing, and CLO debt the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. December 31, 2019 Weighted Average Outstanding Amortized Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 1,640,597 $ 1,640,905 $ 1,644,322 Internal model, third-party inputs 3.08 % 2.41 CMBS interest-only(1) 1,559,160 (2) 28,553 29,146 Internal model, third-party inputs 3.04 % 2.53 GNMA interest-only(3) 109,783 (2) 1,982 1,851 Internal model, third-party inputs 4.59 % 2.77 Agency securities(1) 629 640 637 Internal model, third-party inputs 1.73 % 1.83 GNMA permanent securities(1) 31,461 31,681 32,369 Internal model, third-party inputs 3.17 % 1.93 Equity securities(3) N/A 12,848 12,980 Observable market prices N/A N/A Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loan receivables held for investment, net, at amortized cost 3,277,596 3,257,036 3,273,219 Discounted Cash Flow(4) 6.94 % 1.43 Provision for loan losses N/A (20,500) (20,500) (5) N/A N/A Mortgage loan receivables held for sale 122,748 122,325 124,989 Internal model, third-party inputs(6) 4.20 % 9.99 FHLB stock(7) 61,619 61,619 61,619 (7) 4.75 % N/A Nonhedge derivatives(1)(8) 340,200 N/A 693 Counterparty quotations N/A 0.25 Liabilities: Repurchase agreements - short-term 1,781,253 1,781,253 1,781,253 Discounted Cash Flow(9) 2.50 % 0.19 Repurchase agreements - long-term 34,681 34,681 34,681 Discounted Cash Flow(10) 2.81 % 1.41 Mortgage loan financing 807,854 812,606 838,766 Discounted Cash Flow(10) 4.91 % 5.65 Borrowings from the FHLB 1,073,500 1,073,500 1,080,354 Discounted Cash Flow 2.33 % 2.08 Senior unsecured notes 1,166,201 1,157,833 1,208,860 Internal model, third-party inputs 5.39 % 3.28 Nonhedge derivatives(1)(8) 69,571 N/A — Counterparty quotations N/A 0.36 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow. (5) Fair value is estimated to equal par value. (6) Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (7) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (8) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (9) Fair value for repurchase agreement liabilities is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (10) For repurchase agreements - long term and mortgage loan financing, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. |
Summary of financial assets and liabilities, both reported at fair value on a recurring basis or amortized cost/par | The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Financial Instruments Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Fair Value Level 1 Level 2 Level 3 Total Assets: CMBS(1) $ 1,003,998 $ — $ — $ 992,227 $ 992,227 CMBS interest-only(1) 1,487,616 (2) — — 21,538 21,538 GNMA interest-only(3) 75,350 (2) — — 1,001 1,001 Agency securities(1) 586 — — 605 605 GNMA permanent securities(1) 30,254 — — 31,199 31,199 Nonhedge derivatives(4) 65,600 — 299 — 299 $ — $ 299 $ 1,046,570 $ 1,046,869 Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivable held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries $ 2,365,204 $ — $ — $ 2,328,441 $ 2,328,441 Provision for current expected credit losses N/A — — (41,507) (41,507) Mortgage loan receivable held for sale 30,478 — — 32,082 32,082 CMBS(5) 11,523 — — 11,074 11,074 CMBS interest-only(5) 10,566 (2) — — 675 675 Provision for current expected credit losses N/A (20) (20) FHLB stock 31,000 — — 31,000 31,000 $ — $ — $ 2,361,745 $ 2,361,745 Liabilities: Repurchase agreements - short-term 708,833 $ — $ — $ 708,833 $ 708,833 Repurchase agreements - long-term 112,004 — — 112,004 112,004 Revolving credit facility 266,430 — — 266,430 266,430 Mortgage loan financing 761,793 — — 786,405 786,405 Secured financing facility 192,646 — — 192,646 192,646 CLO debt 276,516 — — 276,516 276,516 Borrowings from the FHLB 288,000 — — 289,091 289,091 Senior unsecured notes 1,612,299 — — 1,607,930 1,607,930 $ — $ — $ 4,239,855 $ 4,239,855 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (5) Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost. December 31, 2019 Financial Instruments Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Fair Value Level 1 Level 2 Level 3 Total Assets: CMBS(1) $ 1,628,476 $ — $ — $ 1,632,714 $ 1,632,714 CMBS interest-only(1) 1,548,061 (2) — — 28,342 28,342 GNMA interest-only(3) 109,783 (2) — — 1,851 1,851 Agency securities(1) 629 — — 637 637 GNMA permanent securities(1) 31,461 — — 32,369 32,369 Equity securities N/A 12,980 — — 12,980 Nonhedge derivatives(4) 340,200 — 693 — 693 $ 12,980 $ 693 $ 1,695,913 $ 1,709,586 Liabilities: Nonhedge derivatives(4) $ 69,571 $ — $ — $ — $ — Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivable held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries $ 3,277,597 $ — $ — $ 3,273,219 $ 3,273,219 Provision for loan losses N/A — — (20,500) (20,500) Mortgage loan receivables held for sale 122,748 — — 124,989 124,989 CMBS(5) 12,121 — — 11,608 11,608 CMBS interest-only(5) 11,099 (2) — — 804 804 FHLB stock 61,619 — — 61,619 61,619 $ — $ — $ 3,451,739 $ 3,451,739 Liabilities: Repurchase agreements - short-term 1,781,253 $ — $ — $ 1,781,253 $ 1,781,253 Repurchase agreements - long-term 34,681 — — 34,681 34,681 Mortgage loan financing 807,854 — — 838,766 838,766 Borrowings from the FHLB 1,073,500 — — 1,080,354 1,080,354 Senior unsecured notes 1,166,201 — — 1,208,860 1,208,860 $ — $ — $ 4,943,914 $ 4,943,914 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. |
Schedule of changes in Level 3 of financial instruments | The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the years ended December 31, 2020 and December 31, 2019 ($ in thousands): Year Ended December 31, Level 3 2020 2019 Balance at January 1, $ 1,695,913 $ 1,398,576 Transfer from level 2 — — Purchases 439,735 1,627,063 Sales (917,372) (850,513) Paydowns/maturities (135,343) (491,790) Amortization of premium/discount (8,073) (12,185) Unrealized gain/(loss) (14,896) 10,014 Realized gain/(loss) on sale(1) (13,396) 14,748 Balance at December 31, $ 1,046,568 $ 1,695,913 (1) Includes realized losses on securities recorded as other than temporary impairments. |
Schedule of quantitative information | The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2020 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 992,226 Discounted cash flow Yield (4) — % 2.09 % 23.85 % Duration (years)(5) 0 2.68 5.82 CMBS interest-only(1) 21,537 (2) Discounted cash flow Yield (4) 1 % 2.51 % 9.94 % Duration (years)(5) 0.12 2.23 3.15 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only(3) 1,001 (2) Discounted cash flow Yield (4) — % 7.93 % 35.82 % Duration (years)(5) 0 2.80 6.79 Prepayment speed (CPJ)(5) 5.00 17.78 35.00 Agency securities(1) 605 Discounted cash flow Yield (4) — % 11.31 % 72 % Duration (years)(5) 0 1.23 1.44 GNMA permanent securities(1) 31,199 Discounted cash flow Yield (4) — % 2.99 % 3.47 % Duration (years)(5) 1.57 9.74 14.57 Total $ 1,046,568 (1) CMBS, CMBS interest-only securities, Agency securities, GNMA construction securities, GNMA permanent securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. (2) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (3) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. Sensitivity of the Fair Value to Changes in the Unobservable Inputs (4) Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement. (5) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question. December 31, 2019 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 1,632,714 Discounted cash flow Yield (3) — % 3.11 % 19.92 % Duration (years)(4) 0.00 1.63 6.87 CMBS interest-only(1) 28,342 (2) Discounted cash flow Yield (3) 1.57 % 3.93 % 7.62 % Duration (years)(4) 0.26 2.47 3.51 Prepayment speed (CPY)(4) 100.00 97.24 100.00 GNMA interest-only(3) 1,851 (2) Discounted cash flow Yield (4) (4.82) % 15.13 % 44.5 % Duration (years)(5) 0.85 2.90 13.69 Prepayment speed (CPJ)(5) 5.00 12.36 35.00 Agency securities(1) 637 Discounted cash flow Yield (4) — % 1.7 % 2.16 % Duration (years)(5) 0.00 2.30 2.92 GNMA permanent securities(1) 32,369 Discounted cash flow Yield (4) 56.56 % 166.79 % 410 % Duration (years)(5) 2.60 3.61 6.49 Total $ 1,695,913 (1) CMBS, CMBS interest-only securities, Agency securities, GNMA construction securities, GNMA permanent securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. (2) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (3) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. Sensitivity of the Fair Value to Changes in the Unobservable Inputs (4) Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement. (5) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in TRSs. Year Ended December 31, 2020 2019 2018 Current expense (benefit) U.S. federal $ (8,087) $ (1,772) $ 7,099 State and local (1,796) (396) 7,068 Total current expense (benefit) (9,883) (2,168) 14,167 Deferred expense (benefit) U.S. federal 119 3,824 (5,115) State and local (25) 990 (2,409) Total deferred expense (benefit) 94 4,814 (7,524) Provision for income tax expense (benefit) $ (9,789) $ 2,646 $ 6,643 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2020, 2019 and 2018 is as follows: Year Ended December 31, 2020 2019 2018 US statutory tax rate 21.00 % 21.00 % 21.00 % REIT income not subject to corporate income tax 65.98 % (21.89) % (18.86) % Increase due to state and local taxes 9.85 % (0.25) % 2.44 % (1) Change in valuation allowance 6.91 % 3.26 % (1.64) % Offshore non-taxable income (41.96) % (0.24) % — % UTP released (2.54) % (0.46) % — % Section 163 (j) interest expense limitation (7.12) % — % — % REIT Income Taxes (2.59) % — % — % Return to Provision (1.25) % — % — % Net operating loss carryback benefit 4.54 % — % — % Other (1.96) % 0.45 % (0.03) % Effective income tax rate 50.86 % 1.87 % 2.91 % |
Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): December 31, 2020 December 31, 2019 Deferred Tax Assets Basis difference in operating partnerships $ 6,222 $ 246 Net unrealized losses 986 1,440 Capital losses carryforward 5,664 6,717 Valuation allowance (5,664) (6,717) Interest expense limitation 1,370 846 Valuation Allowance (1,370) — Total Deferred Tax Assets $ 7,208 $ 2,532 December 31, 2020 December 31, 2019 Deferred Tax Liability Basis difference in operating partnerships $ 9,218 $ 4,671 Total Deferred Tax Liability $ 9,218 $ 4,671 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Company's performance evaluation by segment | The Company evaluates performance based on the following financial measures for each segment ($ in thousands): Year ended December 31, 2020 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 205,640 $ 32,904 $ 13 $ 1,293 239,849 Interest expense (48,084) (21,554) (39,396) (118,440) (227,474) Net interest income (expense) 157,556 11,349 (39,383) (117,148) 12,375 Provision for (release of) loan loss reserves (18,277) 2 — — (18,275) Net interest income (expense) after provision for (release of) loan reserves 139,279 11,351 (39,383) (117,148) (5,900) Operating lease income — — 100,248 — 100,248 Sale of loans, net (1,571) — — — (1,571) Realized gain (loss) on securities — (12,410) — — (12,410) Unrealized gain (loss) on equity securities — (132) — — (132) Unrealized gain (loss) on Agency interest-only securities — 263 — — 263 Realized gain on sale of real estate, net — — 32,102 — 32,102 Fee and other income 9,142 403 25 3,084 12,654 Net result from derivative transactions (11,264) (4,006) — — (15,270) Earnings (loss) from investment in unconsolidated joint ventures — — 1,821 — 1,821 Gain (loss) on extinguishment of debt — — — 22,250 22,250 Total other income (loss) (3,693) (15,882) 134,196 25,334 139,955 Salaries and employee benefits — — — (58,101) (58,101) Operating expenses(3) 3 — — (20,297) (20,294) Real estate operating expenses — — (28,584) (28,584) Fee expense (6,124) (236) (884) — (7,244) Depreciation and amortization — — (38,980) (99) (39,079) Total costs and expenses (6,121) (236) (68,448) (78,497) (153,302) Income tax (expense) benefit — — — 9,789 9,789 Segment profit (loss) $ 129,465 $ (4,767) $ 26,365 $ (160,522) $ (9,458) Total assets as of December 31, 2020 $ 2,343,070 $ 1,058,298 $ 1,031,557 $ 1,448,303 $ 5,881,229 Year ended December 31, 2019 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 270,239 $ 58,880 $ 32 $ 1,084 $ 330,235 Interest expense (50,293) (19,248) (37,226) (97,586) (204,353) Net interest income (expense) 219,946 39,632 (37,194) (96,502) 125,882 Provision for (release of) loan loss reserves (2,600) — — — (2,600) Net interest income (expense) after provision for (release of) loan reserves 217,346 39,632 (37,194) (96,502) 123,282 Operating lease income — — 106,366 — 106,366 Sale of loans, net 54,758 — — — 54,758 Realized gain (loss) on securities — 14,911 — — 14,911 Unrealized gain (loss) on equity securities — 1,737 — — 1,737 Unrealized gain (loss) on Agency interest-only securities — 84 — — 84 Realized gain on sale of real estate, net — — 1,392 — 1,392 Impairment of real estate — — (1,350) — (1,350) Fee and other income 19,188 1,592 8 3,615 24,403 Net result from derivative transactions (16,160) (13,851) — — (30,011) Earnings (loss) from investment in unconsolidated joint ventures — — 3,432 — 3,432 Gain (loss) on extinguishment of debt — — (1,070) — (1,070) Total other income (loss) 57,786 4,473 108,778 3,615 174,652 Salaries and employee benefits — — — (67,768) (67,768) Operating expenses(3) — — — (22,595) (22,595) Real estate operating expenses — — (23,323) — (23,323) Fee expense (4,602) (350) (1,138) — (6,090) Depreciation and amortization — — (38,412) (99) (38,511) Total costs and expenses (4,602) (350) (62,873) (90,462) (158,287) Income tax (expense) benefit — — — (2,646) (2,646) Segment profit (loss) $ 270,530 $ 43,755 $ 8,711 $ (185,995) $ 137,001 Total assets as of December 31, 2019 $ 3,358,861 $ 1,721,305 $ 1,096,514 $ 492,472 $ 6,669,152 Year ended December 31, 2018 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 310,149 $ 34,217 $ 24 $ 426 $ 344,816 Interest expense (62,474) (4,617) (34,739) (92,461) (194,291) Net interest income (expense) 247,675 29,600 (34,715) (92,035) 150,525 Provision for (release of) loan loss reserves (13,900) — — — (13,900) Net interest income (expense) after provision for (release of) loan reserves 233,775 29,600 (34,715) (92,035) 136,625 Operating lease income — — 106,177 — 106,177 Sale of loans, net 16,511 — — — 16,511 Realized gain (loss) on securities — (5,808) — — (5,808) Unrealized gain (loss) on equity securities — (1,605) — — (1,605) Unrealized gain (loss) on Agency interest-only securities — 555 — — 555 Realized gain on sale of real estate, net — — 95,881 — 95,881 Fee and other income 16,490 — 3,416 6,379 26,285 Net result from derivative transactions 10,467 5,459 — — 15,926 Earnings (loss) from investment in unconsolidated joint ventures — — 790 — 790 Gain (loss) on extinguishment of debt (69) — (4,323) — (4,392) Total other income (loss) 43,399 (1,399) 201,941 6,379 250,320 Salaries and employee benefits — — — (60,117) (60,117) Operating expenses(3) — — — (21,696) (21,696) Real estate operating expenses — — (29,799) (29,799) Fee expense (4,040) (398) (617) — (5,055) Depreciation and amortization — — (41,884) (75) (41,959) Total costs and expenses (4,040) (398) (72,300) (81,888) (158,626) Income tax (expense) benefit — — — (6,643) (6,643) Segment profit (loss) $ 273,134 $ 27,803 $ 94,926 $ (174,187) $ 221,676 Total assets as of December 31, 2018 $ 3,482,929 $ 1,410,126 $ 1,038,376 $ 341,441 $ 6,272,872 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $46.3 million and $48.4 million as of December 31, 2020 and 2019, respectively. (2) Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This segment also includes the Company’s investment in unconsolidated joint ventures and strategic investments that are not related to the other reportable segments above, including the Company’s investment in FHLB stock of $31.0 million and $61.6 million as of December 31, 2020 and 2019, respectively, and the Company’s senior unsecured notes of $1.6 billion and $1.2 billion as of December 31, 2020 and 2019, respectively. |
QUARTERLY FINANCIAL INFORMATI_2
QUARTERLY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The following table summarizes the consolidated quarterly financial information for the Company ($ in thousands except per share and dividend amounts): Q4 2020 Q3 2020 Q2 2020 Q1 2020 Interest income $ 50,543 $ 54,621 $ 62,096 $ 72,589 Net interest income after provision for (release of) loan reserves 4,359 735 (5,600) (5,393) Other income (loss) 27,235 52,810 30,909 29,002 Costs and expenses 47,889 32,149 31,052 42,211 Income (loss) before taxes (16,295) 21,396 (5,743) (18,602) Income tax expense (benefit) (4,712) 14 (550) (4,541) Net income (loss) (11,583) 21,382 (5,193) (14,061) Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (127) (4,149) 250 (1,519) Net (income) loss attributable to noncontrolling interest in operating partnership (4) (45) 754 (148) Net income (loss) attributable to Class A common shareholders $ (11,714) $ 17,188 $ (4,189) $ (15,728) Earnings (loss) per share: Basic $ (0.10) $ 0.15 $ (0.04) $ (0.15) Diluted $ (0.10) $ 0.14 $ (0.04) $ (0.15) Dividends per share of Class A common stock $ 0.200 $ 0.200 $ 0.200 $ 0.340 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Interest income $ 76,196 $ 82,251 $ 85,322 $ 86,466 Net interest income after provision for (release of) loan reserves 24,857 30,854 32,653 34,918 Other income (loss) 59,601 38,195 43,708 33,148 Costs and expenses 36,839 36,989 38,069 46,390 Income (loss) before taxes 47,619 32,060 38,291 21,677 Income tax expense (benefit) 2,169 1,112 2,219 (2,854) Net income (loss) 45,450 30,948 36,072 24,531 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 4 (64) 307 447 Net (income) loss attributable to noncontrolling interest in operating partnership (4,804) (3,308) (4,136) (2,802) Net income (loss) attributable to Class A common shareholders $ 40,650 $ 27,577 $ 32,242 $ 22,175 Earnings (loss) per share: Basic $ 0.38 $ 0.26 $ 0.31 $ 0.21 Diluted $ 0.37 $ 0.26 $ 0.30 $ 0.21 Dividends per share of Class A common stock $ 0.340 $ 0.340 $ 0.340 $ 0.340 |
ORGANIZATION AND OPERATIONS (De
ORGANIZATION AND OPERATIONS (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
ORGANIZATION AND OPERATIONS | ||
Interest held in third parties | 89.80% | |
LCFH | ||
ORGANIZATION AND OPERATIONS | ||
Ownership interest in LCFH | 100.00% |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Thousands | Jan. 01, 2020USD ($)loans$ / shares | Jun. 30, 2020USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2017USD ($) |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Cash and cash equivalents | $ 1,254,432 | $ 58,171 | $ 67,878 | |||||
Percentage of Commercial Mortgage Backed Securities with Below AA Rating | 11.20% | |||||||
Operating lease liability | $ 1,300 | |||||||
Operating lease, right-of-use asset | $ 1,300 | |||||||
Increase (Decrease) in Tenant Real Estate Tax Recoveries on Net Lease Property | $ 1,100 | |||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||
General CECL Reserve | $ 11,600 | $ 41,507 | 20,500 | 17,900 | $ 4,000 | |||
Percentage of total loan portfolio | 0.36% | |||||||
Carrying value of held for investment loan portfolio | $ 3,200,000 | |||||||
Loans that previously had asset-specific reserves | loans | 3 | |||||||
Provision for current expected credit loss (implementation impact) | $ 5,800 | 18,543 | 2,600 | $ 13,900 | ||||
Book value of common stock (in usd per share) | $ / shares | $ 0.05 | |||||||
Senior Unsecured Notes | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Unamortized debt issuance costs | 12,928 | |||||||
Maturing on Various Date [Member] | Senior Unsecured Notes | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Unamortized debt issuance costs | $ 12,900 | $ 8,400 | ||||||
Maximum | Building | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Estimated useful life | 55 years | |||||||
Maximum | Building and Building Improvements [Member] | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Estimated useful life | 15 years | |||||||
Minimum | Building | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Estimated useful life | 20 years | |||||||
Minimum | Building and Building Improvements [Member] | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Estimated useful life | 4 years | |||||||
Accounting Standards Update 2016-02 | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Operating lease liability | $ 3,500 | |||||||
Operating lease, right-of-use asset | $ 3,300 | |||||||
Asset Specific Reserve, Company Loan | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
General CECL Reserve | $ 14,700 | |||||||
Carrying value of financing receivable | $ 39,800 | |||||||
COVID-19 Crisis | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Professional fees | $ 2,100 | |||||||
Severance costs | $ 200 |
MORTGAGE LOAN RECEIVABLES - Sch
MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Outstanding Face Amount | $ 2,395,682 | $ 3,400,345 | |||
Allowance for credit losses | (41,507) | (20,500) | $ (11,600) | $ (17,900) | $ (4,000) |
Carrying Value | $ 2,343,070 | $ 3,358,861 | |||
Weighted average yield | 6.74% | 6.88% | |||
Remaining Maturity | 1 year 2 months 23 days | 1 year 9 months | |||
First mortgage loans | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Outstanding Face Amount | $ 2,243,639 | $ 3,147,275 | |||
Carrying Value gross, consumer and commercial real estate | $ 2,232,749 | $ 3,127,173 | |||
Weighted average yield | 6.50% | 6.77% | |||
Remaining Maturity | 1 year | 1 year 4 months 6 days | |||
Mezzanine loans | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Outstanding Face Amount | $ 121,565 | $ 130,322 | |||
Carrying Value gross, consumer and commercial real estate | $ 121,310 | $ 129,863 | |||
Weighted average yield | 10.83% | 10.97% | |||
Remaining Maturity | 2 years 5 months 1 day | 3 years 3 months 3 days | |||
Total mortgage loans | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Outstanding Face Amount | $ 2,365,204 | $ 3,277,597 | |||
Carrying Value gross, consumer and commercial real estate | $ 2,354,059 | $ 3,257,036 | |||
Weighted average yield | 6.65% | 6.94% | |||
Remaining Maturity | 1 year 25 days | 1 year 5 months 4 days | |||
Total mortgage loan receivables held for investment, net, at amortized cost | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Outstanding Face Amount | $ 2,365,204 | $ 3,277,597 | |||
Allowance for credit losses | (41,507) | (20,500) | $ (17,900) | ||
Carrying Value | 2,312,552 | 3,236,536 | |||
Mortgage loan receivables held for sale, First Mortgage Loans | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Outstanding Face Amount | 30,478 | 122,748 | |||
Carrying Value | $ 30,518 | $ 122,325 | |||
Weighted average yield | 4.05% | 4.20% | |||
Remaining Maturity | 9 years 2 months 4 days | 9 years 11 months 26 days |
MORTGAGE LOAN RECEIVABLES - Add
MORTGAGE LOAN RECEIVABLES - Additional Information (Details) | Jan. 01, 2020USD ($)loans | Mar. 31, 2018USD ($)loans | Dec. 31, 2020USD ($)loans | Jun. 30, 2020 | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)security | Dec. 31, 2016USD ($)security | Mar. 31, 2020USD ($) | Oct. 17, 2018USD ($) | Dec. 31, 2017USD ($) |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost | $ 500,000 | $ 500,000 | $ 400,000 | ||||||||
General CECL Reserve | $ 11,600,000 | 41,507,000 | 41,507,000 | 20,500,000 | $ 17,900,000 | $ 4,000,000 | |||||
Percentage of total loan portfolio | 0.36% | ||||||||||
Carrying value of held for investment loan portfolio | $ 3,200,000,000 | ||||||||||
Loans that previously had asset-specific reserves | loans | 3 | ||||||||||
Provision for current expected credit loss (implementation impact) | $ 5,800,000 | 18,543,000 | 2,600,000 | 13,900,000 | |||||||
Individually impaired loans | 116,440,000 | 116,440,000 | |||||||||
Provision for (release of) loan loss reserves | 18,275,000 | 2,600,000 | 13,900,000 | ||||||||
Loans nonaccrual status, amount | 175,022,000 | $ 175,022,000 | 86,025,000 | ||||||||
Minimum | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Direct capitalization rate | 4.70% | 4.60% | |||||||||
Maximum | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Direct capitalization rate | 5.00% | 4.90% | |||||||||
Asset Specific Reserve, Company Loan | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
General CECL Reserve | 14,700,000 | ||||||||||
Carrying value of financing receivable | 39,800,000 | ||||||||||
Accounting Standards Update 2016-13 | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
General CECL Reserve | 42,100,000 | $ 42,100,000 | |||||||||
Carrying value of held for investment loan portfolio | $ 3,200,000,000 | ||||||||||
Loans that previously had asset-specific reserves | loan | 4 | ||||||||||
Additional CECL reserve recorded | $ 9,100,000 | ||||||||||
Asset-specific provision | 9,200,000 | ||||||||||
Accounting Standards Update 2016-13 | Asset Specific Reserve, Company Loan | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
General CECL Reserve | 21,400,000 | $ 21,400,000 | $ 7,500,000 | ||||||||
Number or loans in default | 3 | ||||||||||
Total mortgage loan receivables held for investment, net, at amortized cost | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Loans receivable with variable rates of interest | $ 1,900,000,000 | $ 1,900,000,000 | $ 2,500,000,000 | ||||||||
Loans receivable with variable rates of interest | 82.00% | 82.00% | 77.20% | ||||||||
Loans receivable with variable rates of interest, subject to interest rate floors | 100.00% | 100.00% | 100.00% | ||||||||
General CECL Reserve | $ 41,507,000 | $ 41,507,000 | $ 20,500,000 | $ 17,900,000 | |||||||
Number or loans in default | loan | 3 | ||||||||||
Loans nonaccrual status, amount | $ 45,000,000 | $ 45,000,000 | $ 45,000,000 | ||||||||
Loan secured by a hotel | loans | 1 | ||||||||||
Total mortgage loan receivables held for investment, net, at amortized cost | Two Company Loans | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Number or loans in default | 2 | 2 | 2 | ||||||||
Loans nonaccrual status, amount | $ 24,200,000 | $ 24,200,000 | $ 44,600,000 | $ 26,900,000 | |||||||
Total mortgage loan receivables held for investment, net, at amortized cost | One Company Loan | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
General CECL Reserve | 1,200,000 | $ 1,200,000 | |||||||||
Number or loans in default | 1 | 1 | 1 | 1 | |||||||
Loans nonaccrual status, amount | $ 5,900,000 | 36,400,000 | $ 36,400,000 | $ 45,000,000 | |||||||
Total mortgage loan receivables held for investment, net, at amortized cost | One Company Loan | Series A | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Loans nonaccrual status, amount | 35,000,000 | ||||||||||
Total mortgage loan receivables held for investment, net, at amortized cost | One Company Loan | Series B | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Loans nonaccrual status, amount | 400,000 | 400,000 | 10,000,000 | ||||||||
Total mortgage loan receivables held for investment, net, at amortized cost | Asset Specific Reserve, Company Loan | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
General CECL Reserve | $ 10,000,000 | ||||||||||
Loan reserve amount | $ 2,700,000 | ||||||||||
Terminal capitalization rate | 7.50% | ||||||||||
Discount rate | 8.60% | ||||||||||
Loans nonaccrual status, amount | 61,500,000 | $ 61,500,000 | |||||||||
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 2 | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Number or loans in default | loan | 2 | ||||||||||
Total mortgage loan receivables held for investment, net, at amortized cost | Three Of Company Loans | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Loans in default, carrying value | 79,900,000 | $ 79,900,000 | |||||||||
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 1 | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Number or loans in default | loan | 2 | ||||||||||
Loans nonaccrual status, amount | 27,100,000 | $ 27,100,000 | |||||||||
Mortgage loan receivables held for sale | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Loans receivable with fixed rates of interest | $ 30,500,000 | $ 30,500,000 | $ 122,700,000 | ||||||||
Percentage of loans receivable with fixed rates of interest | 100.00% | 100.00% | 100.00% | ||||||||
Loan on non-accrual status | |||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||
Loans nonaccrual status, amount | $ 0 | $ 0 |
MORTGAGE LOAN RECEIVABLES - Act
MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||||
Mortgage loans receivable, beginning balance | $ 3,358,861 | $ 3,482,929 | $ 3,358,861 | $ 3,482,929 | $ 3,508,642 | |
Origination of mortgage loan receivables | 566,506 | 2,398,227 | 2,775,992 | |||
Repayment of mortgage loan receivables | (961,236) | (1,532,346) | (1,532,308) | |||
Proceeds from sales of mortgage loan receivables | (582,764) | (1,024,357) | (1,291,828) | |||
Non-cash disposition of loans via foreclosure | (31,249) | (45,529) | ||||
Sale of loans, net | (1,571) | 54,758 | 16,511 | |||
Accretion/amortization of discount, premium and other fees | 15,530 | 17,845 | 19,820 | |||
Transfer between held for investment and held for sale | 0 | 0 | ||||
Mortgage loans receivable, ending balance | 2,343,070 | 3,358,861 | 3,482,929 | |||
Mortgage loans transferred but not considered sold, at amortized cost, outstanding face amount | 15,400 | |||||
Mortgage loans transferred but not considered sold, at amortized cost, book value | $ 15,500 | |||||
Mortgage loans transferred but not considered sold, at amortized cost, remaining maturity | 9 years 9 months 18 days | |||||
Allowance for credit losses | (11,600) | (41,507) | (20,500) | (17,900) | $ (4,000) | |
Provision for current expected credit losses | (18,275) | (2,600) | (13,900) | |||
Provision expense for current expected credit loss | (5,800) | (18,543) | (2,600) | (13,900) | ||
Total mortgage loans | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||||
Mortgage loans receivable, beginning balance | 3,257,036 | $ 3,318,390 | 3,257,036 | 3,318,390 | 3,282,462 | |
Origination of mortgage loan receivables | 353,661 | 1,452,049 | 1,478,771 | |||
Repayment of mortgage loan receivables | (960,832) | (1,531,551) | (1,518,066) | |||
Proceeds from sales of mortgage loan receivables | (270,491) | 0 | 0 | |||
Non-cash disposition of loans via foreclosure | (31,249) | (45,529) | ||||
Sale of loans, net | (9,596) | 0 | 0 | |||
Accretion/amortization of discount, premium and other fees | 15,530 | 17,845 | 19,820 | |||
Transfer between held for investment and held for sale | 45,832 | 55,403 | ||||
Mortgage loans receivable, ending balance | 2,354,059 | 3,257,036 | 3,318,390 | |||
Total mortgage loan receivables held for investment, net, at amortized cost | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||||
Mortgage loans receivable, beginning balance | 122,325 | 182,439 | 122,325 | 182,439 | 230,180 | |
Origination of mortgage loan receivables | 1,297,221 | |||||
Repayment of mortgage loan receivables | (14,242) | |||||
Proceeds from sales of mortgage loan receivables | (1,291,828) | |||||
Sale of loans, net | 16,511 | |||||
Accretion/amortization of discount, premium and other fees | 0 | |||||
Transfer between held for investment and held for sale | (55,403) | |||||
Mortgage loans receivable, ending balance | 122,325 | 182,439 | ||||
Allowance for credit losses | (41,507) | (20,500) | (17,900) | |||
Mortgage loan receivables held for sale | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||||
Mortgage loans receivable, beginning balance | 122,325 | $ 182,439 | 122,325 | 182,439 | ||
Origination of mortgage loan receivables | 212,845 | 946,178 | ||||
Repayment of mortgage loan receivables | (404) | (795) | ||||
Proceeds from sales of mortgage loan receivables | (312,273) | (1,008,853) | ||||
Non-cash disposition of loans via foreclosure | 0 | 0 | ||||
Sale of loans, net | 8,025 | 54,758 | ||||
Accretion/amortization of discount, premium and other fees | 0 | 0 | ||||
Transfer between held for investment and held for sale | (61,336) | |||||
Mortgage loans receivable, ending balance | 30,518 | 122,325 | $ 182,439 | |||
Mortgage loans transferred but not considered sold | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||||
Mortgage loans receivable, beginning balance | $ 0 | $ 0 | ||||
Proceeds from sales of mortgage loan receivables | (15,504) | |||||
Transfer between held for investment and held for sale | 15,504 | |||||
Mortgage loans receivable, ending balance | $ 0 |
MORTGAGE LOAN RECEIVABLES - Pro
MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details) $ in Thousands | Jan. 01, 2020USD ($) | Mar. 31, 2018USD ($)loans | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)security | Dec. 31, 2016USD ($)security | Oct. 17, 2018USD ($) |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Provision for loan losses at beginning of period | $ 20,500 | $ 20,500 | $ 17,900 | $ 4,000 | |||
Provision for current expected credit loss (implementation impact) | 5,800 | 18,543 | 2,600 | 13,900 | |||
Foreclosure of loans subject to asset-specific reserve | (2,500) | 0 | 0 | ||||
Provision for loan losses at end of period | 41,507 | 20,500 | 17,900 | ||||
Principal balance of loans on non-accrual status | 175,022 | 86,025 | |||||
Principal balance of loans on non-accrual status | 175,022 | 86,025 | |||||
Additional asset-specific reserve | 9,200 | 2,000 | 12,700 | ||||
General reserve | 9,400 | 600 | 1,200 | ||||
Provision for (release of) loan loss reserves | 18,275 | 2,600 | 13,900 | ||||
Held-to-maturity Securities | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Unfunded commitments of mortgage loan receivables held for investment | (800) | (300) | |||||
Provision for (release of) loan loss reserves | $ 22 | (2) | |||||
Cumulative Effect, Period Of Adoption, Adjusted Balance | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Provision for current expected credit loss (implementation impact) | 4,964 | $ 0 | 0 | ||||
Total mortgage loan receivables held for investment, net, at amortized cost | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Principal balance of loans on non-accrual status | $ 45,000 | $ 45,000 | |||||
Number or loans in default | loan | 3 | ||||||
Principal balance of loans on non-accrual status | $ 45,000 | 45,000 | |||||
Total mortgage loan receivables held for investment, net, at amortized cost | Two Company Loans | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Principal balance of loans on non-accrual status | $ 24,200 | $ 44,600 | $ 26,900 | ||||
Number or loans in default | 2 | 2 | 2 | ||||
Principal balance of loans on non-accrual status | $ 24,200 | $ 44,600 | $ 26,900 | ||||
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 1 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Principal balance of loans on non-accrual status | $ 27,100 | ||||||
Number or loans in default | loan | 2 | ||||||
Principal balance of loans on non-accrual status | $ 27,100 | ||||||
Total mortgage loan receivables held for investment, net, at amortized cost | One Company Loan | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Principal balance of loans on non-accrual status | $ 5,900 | $ 36,400 | $ 45,000 | ||||
Number or loans in default | 1 | 1 | 1 | 1 | |||
Principal balance of loans on non-accrual status | $ 5,900 | $ 36,400 | $ 45,000 | ||||
Total mortgage loan receivables held for investment, net, at amortized cost | One Company Loan | Series B | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Principal balance of loans on non-accrual status | 400 | 10,000 | |||||
Principal balance of loans on non-accrual status | 400 | $ 10,000 | |||||
Total mortgage loan receivables held for investment, net, at amortized cost | One Of Company Loans 1 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Principal balance of loans on non-accrual status | $ 13,000 | ||||||
Number or loans in default | loan | 1 | ||||||
Principal balance of loans on non-accrual status | $ 13,000 | ||||||
Total mortgage loan receivables held for investment, net, at amortized cost | One Of Company Loans 2 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Principal balance of loans on non-accrual status | $ 30,600 | ||||||
Number or loans in default | loan | 1 | ||||||
Principal balance of loans on non-accrual status | $ 30,600 | ||||||
Total mortgage loan receivables held for investment, net, at amortized cost | One Of Company Loans 3 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Principal balance of loans on non-accrual status | $ 43,800 | ||||||
Number or loans in default | loan | 1 | ||||||
Principal balance of loans on non-accrual status | $ 43,800 | ||||||
Total mortgage loan receivables held for investment, net, at amortized cost | Asset Specific Reserve, Company Loan | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Principal balance of loans on non-accrual status | 61,500 | ||||||
Principal balance of loans on non-accrual status | $ 61,500 | ||||||
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 2 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Number or loans in default | loan | 2 |
MORTGAGE LOAN RECEIVABLES - Ind
MORTGAGE LOAN RECEIVABLES - Individually Impaired Loans (Details) $ in Thousands | Mar. 31, 2018loans | Dec. 31, 2020USD ($)loan | Dec. 31, 2018security | Dec. 31, 2016security |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Subtotal loans, 2020 | $ 253,974 | |||
Subtotal loans, 2019 | 1,051,415 | |||
Subtotal loans, 2018 | 537,791 | |||
Subtotal loans, 2017 | 188,654 | |||
Subtotal loans, 2016 and Earlier | 205,785 | |||
Subtotal loans | 2,237,619 | |||
Individually impaired loans, 2020 | 0 | |||
Individually impaired loans, 2019 | 0 | |||
Individually impaired loans, 2018 | 44,952 | |||
Individually impaired loans, 2017 | 0 | |||
Individually impaired loans, 2016 and Earlier | 71,488 | |||
Individually impaired loans | 116,440 | |||
Total loans, 2020 | 253,974 | |||
Total loans, 2019 | 1,051,415 | |||
Total loans, 2018 | 582,743 | |||
Total loans, 2017 | 188,654 | |||
Total loans, 2016 and Earlier | 277,273 | |||
Total loans | $ 2,354,059 | |||
Total mortgage loan receivables held for investment, net, at amortized cost | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number or loans in default | loan | 3 | |||
One Company Loan | Total mortgage loan receivables held for investment, net, at amortized cost | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number or loans in default | 1 | 1 | 1 | 1 |
Two Company Loans | Total mortgage loan receivables held for investment, net, at amortized cost | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number or loans in default | 2 | 2 | 2 | |
All Of Company Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Accrued interest receivable | $ 14,500 | |||
Northeast | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 707,485 | |||
Southwest | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 437,153 | |||
South | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 313,759 | |||
Midwest | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 462,602 | |||
West | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total loans | 316,620 | |||
Office | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2020 | 0 | |||
2019 | 196,610 | |||
2018 | 249,330 | |||
2017 | 83,673 | |||
2016 and Earlier | 50,935 | |||
Total loans | 580,548 | |||
Multifamily | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2020 | 65,537 | |||
2019 | 260,254 | |||
2018 | 44,665 | |||
2017 | 24,406 | |||
2016 and Earlier | 0 | |||
Total loans | 394,862 | |||
Hospitality | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2020 | 0 | |||
2019 | 43,000 | |||
2018 | 139,394 | |||
2017 | 67,307 | |||
2016 and Earlier | 78,694 | |||
Total loans | 328,395 | |||
Other | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2020 | 31,217 | |||
2019 | 131,434 | |||
2018 | 77,484 | |||
2017 | 0 | |||
2016 and Earlier | 0 | |||
Total loans | 240,135 | |||
Mixed Use | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2020 | 106,537 | |||
2019 | 101,704 | |||
2018 | 0 | |||
2017 | 13,268 | |||
2016 and Earlier | 0 | |||
Total loans | 221,509 | |||
Retail | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2020 | 0 | |||
2019 | 110,492 | |||
2018 | 0 | |||
2017 | 0 | |||
2016 and Earlier | 65,734 | |||
Total loans | 176,226 | |||
Industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2020 | 46,130 | |||
2019 | 114,630 | |||
2018 | 0 | |||
2017 | 0 | |||
2016 and Earlier | 6,461 | |||
Total loans | 167,221 | |||
Manufactured Housing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2020 | 4,553 | |||
2019 | 57,305 | |||
2018 | 11,718 | |||
2017 | 0 | |||
2016 and Earlier | 3,961 | |||
Total loans | 77,537 | |||
Self-Storage | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
2020 | 0 | |||
2019 | 35,986 | |||
2018 | 15,200 | |||
2017 | 0 | |||
2016 and Earlier | 0 | |||
Total loans | $ 51,186 |
REAL ESTATE SECURITIES - Additi
REAL ESTATE SECURITIES - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Realized gain (loss) on equity securities | $ 1,100,000 | $ 200,000 | $ 100,000 |
Other than temporary impairment losses included in consolidated statements of income | $ 500,000 | $ 100,000 | $ 2,800,000 |
REAL ESTATE SECURITIES - Summar
REAL ESTATE SECURITIES - Summary of Securities (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)security | Dec. 31, 2019USD ($)security | Dec. 31, 2018USD ($) | ||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | $ 2,619,891 | $ 3,341,630 | ||
Amortized Cost Basis | 1,068,650 | 1,703,761 | ||
Gross Unrealized Gains | 3,157 | 5,779 | ||
Gross Unrealized Losses | (13,489) | (1,215) | ||
Carrying Value | $ 1,058,318 | $ 1,708,325 | ||
Number of Securities | security | 123 | 159 | ||
Weighted Average Coupon | 0.91% | 1.84% | ||
Weighted Average Yield | 1.66% | 3.06% | ||
Remaining Duration | 2 years 3 days | 2 years 4 months 20 days | ||
Provision for (release of) loan loss reserves | $ 18,275 | $ 2,600 | $ 13,900 | |
Number of equity securities | security | 2 | |||
Amortized Cost Basis | 1,068,650 | $ 1,716,609 | ||
Gross Unrealized Gains | 3,157 | 6,071 | ||
Total real estate securities, Gross Unrealized Losses | (13,509) | (1,375) | ||
Carrying Value | [1] | $ 1,058,298 | $ 1,721,305 | |
Total number of Securities | security | 123 | 161 | ||
CMBS | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | $ 1,015,520 | $ 1,640,597 | ||
Amortized Cost Basis | 1,015,282 | 1,640,905 | ||
Gross Unrealized Gains | 1,382 | 4,337 | ||
Gross Unrealized Losses | (13,363) | (920) | ||
Carrying Value | $ 1,003,301 | $ 1,644,322 | ||
Number of Securities | security | 90 | 125 | ||
Weighted Average Coupon | 1.56% | 3.06% | ||
Weighted Average Yield | 1.56% | 3.08% | ||
Remaining Duration | 2 years 3 days | 2 years 4 months 28 days | ||
Risk retention requirement, amount | $ 11,100 | $ 11,600 | ||
CMBS interest-only | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | 1,498,181 | 1,559,160 | ||
Amortized Cost Basis | 21,567 | 28,553 | ||
Gross Unrealized Gains | 672 | 630 | ||
Gross Unrealized Losses | (26) | (37) | ||
Carrying Value | $ 22,213 | $ 29,146 | ||
Number of Securities | security | 15 | 15 | ||
Weighted Average Coupon | 0.44% | 0.60% | ||
Weighted Average Yield | 3.53% | 3.04% | ||
Remaining Duration | 2 years 2 months 8 days | 2 years 6 months 10 days | ||
Risk retention requirement, amount | $ 700 | $ 800 | ||
GNMA interest-only | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | 75,350 | 109,783 | ||
Amortized Cost Basis | 868 | 1,982 | ||
Gross Unrealized Gains | 232 | 123 | ||
Gross Unrealized Losses | (100) | (254) | ||
Carrying Value | $ 1,000 | $ 1,851 | ||
Number of Securities | security | 11 | 11 | ||
Weighted Average Coupon | 0.43% | 0.49% | ||
Weighted Average Yield | 5.06% | 4.59% | ||
Remaining Duration | 3 years 7 months 2 days | 2 years 9 months 7 days | ||
Agency securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | $ 586 | $ 629 | ||
Amortized Cost Basis | 593 | 640 | ||
Gross Unrealized Gains | 12 | 1 | ||
Gross Unrealized Losses | 0 | (4) | ||
Carrying Value | $ 605 | $ 637 | ||
Number of Securities | security | 2 | 2 | ||
Weighted Average Coupon | 2.55% | 2.65% | ||
Weighted Average Yield | 1.64% | 1.73% | ||
Remaining Duration | 1 year 3 months 3 days | 1 year 9 months 29 days | ||
GNMA permanent securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | $ 30,254 | $ 31,461 | ||
Amortized Cost Basis | 30,340 | 31,681 | ||
Gross Unrealized Gains | 859 | 688 | ||
Gross Unrealized Losses | 0 | 0 | ||
Carrying Value | $ 31,199 | $ 32,369 | ||
Number of Securities | security | 5 | 6 | ||
Weighted Average Coupon | 3.87% | 3.91% | ||
Weighted Average Yield | 3.49% | 3.17% | ||
Remaining Duration | 1 year 11 months 23 days | 1 year 11 months 4 days | ||
Equity securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Provision for current expected credit losses | $ (20) | |||
Provision for (release of) loan loss reserves | $ (20) | |||
Amortized Cost Basis | $ 12,848 | |||
Gross Unrealized Gains | 292 | |||
Total debt securities, Gross Unrealized Losses | (160) | |||
Carrying Value | $ 12,980 | |||
[1] | Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10. |
REAL ESTATE SECURITIES - Securi
REAL ESTATE SECURITIES - Securities by Remaining Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||
Within 1 year | $ (232,681) | $ (179,139) | |
1-5 years | (801,978) | (1,451,193) | |
5-10 years | (23,659) | (77,993) | |
After 10 years | 0 | 0 | |
Total | (1,058,318) | (1,708,325) | |
Carrying Value | [1] | 1,058,298 | 1,721,305 |
CMBS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Within 1 year | (230,977) | (177,193) | |
1-5 years | (748,953) | (1,389,392) | |
5-10 years | (23,371) | (77,737) | |
After 10 years | 0 | 0 | |
Total | (1,003,301) | (1,644,322) | |
CMBS interest-only | |||
Debt Securities, Available-for-sale [Line Items] | |||
Within 1 year | (1,572) | (1,439) | |
1-5 years | (20,641) | (27,707) | |
5-10 years | 0 | 0 | |
After 10 years | 0 | 0 | |
Total | (22,213) | (29,146) | |
GNMA interest-only | |||
Debt Securities, Available-for-sale [Line Items] | |||
Within 1 year | (65) | (91) | |
1-5 years | (647) | (1,504) | |
5-10 years | (288) | (256) | |
After 10 years | 0 | 0 | |
Total | (1,000) | (1,851) | |
Agency securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Within 1 year | 0 | 0 | |
1-5 years | (605) | (637) | |
5-10 years | 0 | 0 | |
After 10 years | 0 | 0 | |
Total | (605) | (637) | |
GNMA permanent securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Within 1 year | (67) | (416) | |
1-5 years | (31,132) | (31,953) | |
5-10 years | 0 | 0 | |
After 10 years | 0 | 0 | |
Total | (31,199) | $ (32,369) | |
Provision for current expected credit losses | |||
Debt Securities, Available-for-sale [Line Items] | |||
Within 1 year | 0 | ||
1-5 years | 0 | ||
5-10 years | 0 | ||
After 10 years | 0 | ||
Total | $ (20) | ||
[1] | Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10. |
REAL ESTATE AND RELATED LEASE_3
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Real estate and related lease intangibles, net | |||
Less: Accumulated depreciation and amortization | $ (230,925) | $ (206,082) | |
Real estate and related lease intangibles, net | [1] | 985,304 | 1,048,081 |
Below market lease intangibles, net (other liabilities) | (36,952) | (39,067) | |
In-place leases and other intangibles | |||
Real estate and related lease intangibles, net | |||
Real estate | 157,176 | 161,203 | |
Undepreciated Real Estate and Related Lease Intangibles | |||
Real estate and related lease intangibles, net | |||
Real estate | 1,216,229 | 1,254,163 | |
Land | |||
Real estate and related lease intangibles, net | |||
Real estate | 220,511 | 209,955 | |
Building | |||
Real estate and related lease intangibles, net | |||
Real estate | $ 838,542 | $ 883,005 | |
[1] | Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10. |
REAL ESTATE AND RELATED LEASE_4
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Additional Information (Details) - USD ($) | Dec. 18, 2019 | May 01, 2019 | Feb. 06, 2019 | Jan. 10, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Feb. 28, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||||||||||
Foreclosed properties held in real estate | $ 89,500,000 | $ 106,800,000 | $ 89,500,000 | ||||||||
Proceeds from lease prepayments | $ 10,000,000 | ||||||||||
Mortgage loan and financing related to property sales | $ 6,600,000 | ||||||||||
Gain (loss) on extinguishment/defeasance of debt | $ (1,100,000) | 22,250,000 | (1,070,000) | $ (4,392,000) | |||||||
Impairment of real estate | $ 1,400,000 | 0 | 1,350,000 | 0 | |||||||
Operating lease income | $ 3,900,000 | 100,248,000 | 106,366,000 | 106,177,000 | |||||||
Loss on sale of real estate | 3,500,000 | ||||||||||
Depreciation and amortization | 400,000 | 39,079,000 | 38,511,000 | 41,959,000 | |||||||
Loss on sale of real estate | $ 20,000 | ||||||||||
Unbilled rent receivables | 900,000 | 500,000 | 900,000 | ||||||||
Unencumbered real estates | 59,200,000 | 75,900,000 | 59,200,000 | ||||||||
Real estate operating income | $ 5,600,000 | $ 2,600,000 | |||||||||
Weighted average amortization period for intangible assets acquired | 39 years 9 months 18 days | 34 years 2 months 12 days | |||||||||
Revenues from acquisitions | $ 400,000 | $ 600,000 | |||||||||
Net earnings (loss) | (900,000) | (2,300,000) | |||||||||
Provision for (release of) loan loss reserves | 18,275,000 | 2,600,000 | 13,900,000 | ||||||||
Real estate acquired through foreclosure, fair value | 84,150,000 | 29,310,000 | 84,150,000 | ||||||||
Gain resulting from foreclosure of loan | 98,000 | 2,250,000 | 0 | ||||||||
Realized loss on sale of real estate, net | $ 0 | 32,102,000 | 1,392,000 | $ 95,881,000 | |||||||
2020 Disposal Properties | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Realized loss on sale of real estate, net | 32,102,000 | ||||||||||
Los Angeles, California | Real Estate Acquired in Satisfaction of Debt | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Gain resulting from foreclosure of loan | (100,000) | ||||||||||
Omaha, NE | Real Estate Acquired in Satisfaction of Debt | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Gain resulting from foreclosure of loan | $ 0 | ||||||||||
South Bend, IN | Real Estate Acquired in Satisfaction of Debt | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Gain resulting from foreclosure of loan | 100,000 | ||||||||||
Winston Salem, North Carolina | Real Estate Acquired in Satisfaction of Debt | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Gain on sale of foreclosed property | 800,000 | ||||||||||
Fort Worth and Arlington, TX | Real Estate Acquired in Satisfaction of Debt | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Gain resulting from foreclosure of loan | 0 | ||||||||||
Diversified | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Real estate acquired through foreclosure, net basis | 3,800,000 | ||||||||||
Diversified | Los Angeles, California | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Real estate acquired through foreclosure, net basis | 21,600,000 | ||||||||||
Provision for (release of) loan loss reserves | 2,000,000 | ||||||||||
Real estate acquired through foreclosure, fair value | 21,535,000 | ||||||||||
Diversified | Omaha, NE | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Real estate acquired through foreclosure, net basis | 17,900,000 | ||||||||||
Real estate acquired through foreclosure, fair value | $ 18,200,000 | ||||||||||
Terminal capitalization rate | 8.75% | ||||||||||
Discount rate | 10.25% | ||||||||||
Diversified | South Bend, IN | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Real estate acquired through foreclosure, net basis | 4,100,000 | ||||||||||
Provision for (release of) loan loss reserves | 500,000 | ||||||||||
Real estate acquired through foreclosure, fair value | 3,875,000 | ||||||||||
Diversified | South Bend, IN | 2020 Disposal Properties | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Realized loss on sale of real estate, net | 0 | ||||||||||
Diversified | Winston Salem, North Carolina | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Real estate acquired through foreclosure, fair value | $ 3,900,000 | 3,900,000 | |||||||||
Terminal capitalization rate | 9.50% | ||||||||||
Discount rate | 13.50% | ||||||||||
Diversified | Winston Salem, North Carolina | 2020 Disposal Properties | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Realized loss on sale of real estate, net | 844,000 | ||||||||||
Diversified | San Diego, CA | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Real estate acquired through foreclosure, net basis | 40,000,000 | 40,000,000 | |||||||||
Real estate acquired through foreclosure, fair value | $ 42,300,000 | 42,300,000 | |||||||||
Terminal capitalization rate | 5.75% | 8.50% | |||||||||
Discount rate | 10.50% | ||||||||||
Diversified | San Diego, CA | Real Estate Acquired in Satisfaction of Debt | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Gain resulting from foreclosure of loan | $ 2,300,000 | ||||||||||
Mortgage loan receivable | 33,900,000 | ||||||||||
Diversified | San Diego, CA | First mortgage loans | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Mortgage loan receivable | 5,700,000 | ||||||||||
Diversified | Fort Worth and Arlington, TX | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Real estate acquired through foreclosure, net basis | $ 22,600,000 | ||||||||||
Terminal capitalization rate | 6.00% | ||||||||||
Assumed liabilities | $ (900,000) | $ (900,000) | |||||||||
Diversified | Fort Worth, TX | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Real estate acquired through foreclosure, fair value | $ 12,800,000 | ||||||||||
Diversified | Arlington, TX | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Real estate acquired through foreclosure, fair value | $ 10,900,000 | ||||||||||
Assets Leased to Others | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Property book value | 5,600,000 | ||||||||||
Accumulated depreciation and amortization | $ 2,700,000 |
REAL ESTATE AND RELATED LEASE_5
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Depreciation and Amortization Expense on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate [Abstract] | |||
Depreciation expense | $ 32,383 | $ 30,421 | $ 31,537 |
Amortization expense | 6,696 | 7,991 | 10,347 |
Total real estate depreciation and amortization expense | 39,079 | 38,412 | 41,884 |
Depreciation on corporate fixed assets | $ 99 | $ 99 | $ 75 |
REAL ESTATE AND RELATED LEASE_6
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unamortized Favorable Lease Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Gross intangible assets | $ 157,176 | $ 161,203 | |
Accumulated amortization | 66,014 | 62,773 | |
Net intangible assets | 91,162 | 98,430 | |
Unamortized favorable lease intangibles | 4,200 | 4,500 | |
Increase in operating lease income for amortization of below market lease intangibles acquired | 2,600 | 2,177 | $ 2,387 |
Above Market Leases | |||
Business Acquisition [Line Items] | |||
Reduction in operating lease income for amortization of above market lease intangibles acquired | $ (367) | $ (819) | $ (648) |
REAL ESTATE AND RELATED LEASE_7
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Net intangible assets | $ 91,162 | $ 98,430 |
Adjustment to Operating Lease Income | ||
Finite-Lived Intangible Assets [Line Items] | ||
2021 | 1,071 | |
2022 | 1,071 | |
2023 | 1,071 | |
2024 | 1,071 | |
2025 | 1,071 | |
Thereafter | 27,426 | |
Net intangible assets | 32,781 | |
Amortization Expense | ||
Finite-Lived Intangible Assets [Line Items] | ||
2021 | 5,509 | |
2022 | 5,509 | |
2023 | 5,509 | |
2024 | 5,509 | |
2025 | 5,509 | |
Thereafter | 59,449 | |
Net intangible assets | $ 86,994 |
REAL ESTATE AND RELATED LEASE_8
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Real Estate [Abstract] | |
2021 | $ 79,393 |
2022 | 70,983 |
2023 | 64,425 |
2024 | 63,438 |
2025 | 62,138 |
Thereafter | 471,409 |
Total | $ 811,786 |
REAL ESTATE AND RELATED LEASE_9
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | Feb. 28, 2019 | |
Business Acquisition [Line Items] | ||||
Purchase Price | $ 36,750 | $ 104,591 | ||
Real estate acquired through foreclosure | 29,310 | 84,150 | ||
Lease Real Estate | ||||
Business Acquisition [Line Items] | ||||
Purchase Price | $ 7,440 | $ 20,441 | ||
Ownership Interest | 100.00% | 100.00% | ||
Los Angeles, California | Diversified | ||||
Business Acquisition [Line Items] | ||||
Real estate acquired through foreclosure | $ 21,535 | |||
Ownership Interest | 100.00% | |||
Winston Salem, North Carolina | Diversified | ||||
Business Acquisition [Line Items] | ||||
Real estate acquired through foreclosure | $ 3,900 | $ 3,900 | ||
Ownership Interest | 100.00% | |||
South Bend, IN | Diversified | ||||
Business Acquisition [Line Items] | ||||
Real estate acquired through foreclosure | $ 3,875 | |||
Ownership Interest | 100.00% | |||
Omaha, NE | Diversified | ||||
Business Acquisition [Line Items] | ||||
Real estate acquired through foreclosure | $ 18,200 | |||
Ownership Interest | 100.00% | |||
San Diego, California | Diversified | ||||
Business Acquisition [Line Items] | ||||
Real estate acquired through foreclosure | $ 42,250 | |||
Ownership Interest | 100.00% | |||
Fort Worth And Arlington, Texas | Diversified | ||||
Business Acquisition [Line Items] | ||||
Real estate acquired through foreclosure | $ 23,700 | |||
Ownership Interest | 100.00% |
REAL ESTATE AND RELATED LEAS_10
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate [Abstract] | ||
Land | $ 25,250 | $ 17,373 |
Building | 10,473 | 84,725 |
Intangibles | 1,379 | 3,802 |
Below Market Lease Intangibles | (352) | (1,309) |
Purchase Price | $ 36,750 | $ 104,591 |
REAL ESTATE AND RELATED LEAS_11
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | ||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | $ 67,104,000 | $ 12,123,000 | $ 157,008,000 | ||
Net Book Value | [1] | 985,304,000 | 1,048,081,000 | ||
Realized gain (loss) on sale of real estate, net | $ 0 | 32,102,000 | 1,392,000 | 95,881,000 | |
2020 Disposal Properties | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | 98,738,000 | ||||
Net Book Value | 66,636,000 | ||||
Realized gain (loss) on sale of real estate, net | 32,102,000 | ||||
2020 Disposal Properties | Condominium | Miami, FL | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | 1,832,000 | ||||
Net Book Value | 1,821,000 | ||||
Realized gain (loss) on sale of real estate, net | $ 11,000 | ||||
Properties | property | 0 | ||||
Units Sold | property | 6 | ||||
Units Remaining | property | 0 | ||||
2020 Disposal Properties | Diversified | Richmond, VA | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | $ 22,527,000 | ||||
Net Book Value | 14,829,000 | ||||
Realized gain (loss) on sale of real estate, net | $ 7,698,000 | ||||
Properties | property | 7 | ||||
Units Sold | property | 0 | ||||
Units Remaining | property | 0 | ||||
2020 Disposal Properties | Diversified | Richmond, VA | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | $ 6,932,000 | ||||
Net Book Value | 4,109,000 | ||||
Realized gain (loss) on sale of real estate, net | $ 2,823,000 | ||||
Properties | property | 1 | ||||
Units Sold | property | 0 | ||||
Units Remaining | property | 0 | ||||
2020 Disposal Properties | Diversified | Lithia Springs, GA | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | $ 39,491,000 | ||||
Net Book Value | 23,187,000 | ||||
Realized gain (loss) on sale of real estate, net | $ 16,304,000 | ||||
Properties | property | 1 | ||||
Units Sold | property | 0 | ||||
Units Remaining | property | 0 | ||||
2020 Disposal Properties | Diversified | Winston Salem, North Carolina | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | $ 4,647,000 | ||||
Net Book Value | 3,803,000 | ||||
Realized gain (loss) on sale of real estate, net | $ 844,000 | ||||
Properties | property | 1 | ||||
Units Sold | property | 0 | ||||
Units Remaining | property | 0 | ||||
2020 Disposal Properties | Diversified | South Bend, IN | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | $ 3,875,000 | ||||
Net Book Value | 3,875,000 | ||||
Realized gain (loss) on sale of real estate, net | $ 0 | ||||
Properties | property | 1 | ||||
Units Sold | property | 0 | ||||
Units Remaining | property | 0 | ||||
2020 Disposal Properties | Net Lease | Bellport, NY | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | $ 19,434,000 | ||||
Net Book Value | 15,012,000 | ||||
Realized gain (loss) on sale of real estate, net | $ 4,422,000 | ||||
Properties | property | 1 | ||||
Units Sold | property | 0 | ||||
Units Remaining | property | 0 | ||||
2019 Disposal Properties | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | 24,242,000 | ||||
Net Book Value | 22,670,000 | ||||
Realized gain (loss) on sale of real estate, net | 1,572,000 | ||||
2019 Disposal Properties | Condominium | Miami, FL | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | 4,715,000 | ||||
Net Book Value | 4,282,000 | ||||
Realized gain (loss) on sale of real estate, net | $ 433,000 | ||||
Properties | property | 0 | ||||
Units Sold | property | 16 | ||||
Units Remaining | property | 6 | ||||
2019 Disposal Properties | Condominium | Las Vegas, NV | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | $ 809,000 | ||||
Net Book Value | 415,000 | ||||
Realized gain (loss) on sale of real estate, net | $ 394,000 | ||||
Properties | property | 0 | ||||
Units Sold | property | 1 | ||||
Units Remaining | property | 0 | ||||
2019 Disposal Properties | Diversified | Wayne, NJ | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | $ 1,729,000 | ||||
Net Book Value | 4,799,000 | ||||
Realized gain (loss) on sale of real estate, net | $ (3,070,000) | ||||
Properties | property | 1 | ||||
Units Sold | property | 0 | ||||
Units Remaining | property | 0 | ||||
2019 Disposal Properties | Diversified | Grand Rapids, Michigan | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | $ 10,019,000 | ||||
Net Book Value | 8,254,000 | ||||
Realized gain (loss) on sale of real estate, net | $ 1,765,000 | ||||
Properties | property | 1 | ||||
Units Sold | property | 0 | ||||
Units Remaining | property | 0 | ||||
2019 Disposal Properties | Diversified | Grand Rapids, Michigan 1 | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | $ 6,970,000 | ||||
Net Book Value | 4,920,000 | ||||
Realized gain (loss) on sale of real estate, net | $ 2,050,000 | ||||
Properties | property | 1 | ||||
Units Sold | property | 0 | ||||
Units Remaining | property | 0 | ||||
2018 Disposal Properties | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | 218,662,000 | ||||
Net Book Value | 122,781,000 | ||||
Realized gain (loss) on sale of real estate, net | 95,881,000 | ||||
Realized Gain Allocated to Third Party Investor | 15,316,000 | ||||
2018 Disposal Properties | Condominium | Miami, FL | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | 7,851,000 | ||||
Net Book Value | 6,716,000 | ||||
Realized gain (loss) on sale of real estate, net | 1,135,000 | ||||
Realized Gain Allocated to Third Party Investor | $ 0 | ||||
Properties | property | 0 | ||||
Units Sold | property | 26 | ||||
Units Remaining | property | 22 | ||||
2018 Disposal Properties | Condominium | Las Vegas, NV | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | $ 8,763,000 | ||||
Net Book Value | 4,458,000 | ||||
Realized gain (loss) on sale of real estate, net | 4,305,000 | ||||
Realized Gain Allocated to Third Party Investor | $ 0 | ||||
Properties | property | 0 | ||||
Units Sold | property | 12 | ||||
Units Remaining | property | 1 | ||||
2018 Disposal Properties | Diversified | Richmond, VA | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | $ 20,966,000 | ||||
Net Book Value | 11,370,000 | ||||
Realized gain (loss) on sale of real estate, net | 9,596,000 | ||||
Realized Gain Allocated to Third Party Investor | $ 389,000 | ||||
Properties | property | 1 | ||||
Units Sold | property | 0 | ||||
Units Remaining | property | 0 | ||||
2018 Disposal Properties | Diversified | El Monte, CA | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | $ 71,807,000 | ||||
Net Book Value | 52,610,000 | ||||
Realized gain (loss) on sale of real estate, net | 19,197,000 | ||||
Realized Gain Allocated to Third Party Investor | $ 6,999,000 | ||||
Properties | property | 1 | ||||
Units Sold | property | 0 | ||||
Units Remaining | property | 0 | ||||
2018 Disposal Properties | Diversified | St. Paul, MN | |||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | $ 109,275,000 | ||||
Net Book Value | 47,627,000 | ||||
Realized gain (loss) on sale of real estate, net | 61,648,000 | ||||
Realized Gain Allocated to Third Party Investor | $ 7,928,000 | ||||
Properties | property | 4 | ||||
Units Sold | property | 0 | ||||
Units Remaining | property | 0 | ||||
[1] | Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10. |
INVESTMENT IN AND ADVANCES TO_3
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES - Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Investment in unconsolidated joint ventures | [1] | $ 46,253 | $ 48,433 |
Grace Lake JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in unconsolidated joint ventures | 4,023 | 3,047 | |
24 Second Avenue Holdings LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in unconsolidated joint ventures | $ 42,230 | $ 45,386 | |
[1] | Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10. |
INVESTMENT IN AND ADVANCES TO_4
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES - Summary of Allocated Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Earnings (loss) from investment in unconsolidated joint ventures | $ 1,821 | $ 3,432 | $ 790 |
Grace Lake JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings (loss) from investment in unconsolidated joint ventures | 976 | 1,047 | 1,658 |
24 Second Avenue Holdings LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings (loss) from investment in unconsolidated joint ventures | $ 845 | $ 2,385 | $ (868) |
INVESTMENT IN AND ADVANCES TO_5
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2012 | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 22, 2013 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Distributions from operations of investment in unconsolidated joint ventures | $ 0 | $ 3,317,000 | $ 1,250,000 | |||
Grace Lake JV, LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of equity kicker received with right to convert upon capital event | 25.00% | |||||
Preferred return used to determine distribution of excess cash flow | 8.25% | |||||
Percentage of distribution of all excess cash flows and all disposition proceeds upon any sale entitled after consideration of preferred return and return of equity remaining in the property to operating partner | 25.00% | |||||
Distributions from operations of investment in unconsolidated joint ventures | $ 0 | 3,300,000 | 1,300,000 | |||
Grace Lake JV, LLC | Ladder Capital Financial Corporation | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of investment of operating partner | 81.00% | |||||
Grace Lake JV, LLC | LP Units | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest | 19.00% | |||||
Grace Lake JV, LLC | Limited liability company | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest | 19.00% | |||||
24 Second Avenue Holdings LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Income (expenses) from investment | $ 800,000 | 2,400,000 | (900,000) | |||
Interest costs capitalized | $ 100,000 | $ 1,500,000 | ||||
24 Second Avenue Holdings LLC | Apartment Building | Real Estate Property Sold | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of real estate properties, under contract | property | 20 | |||||
Real estate properties, under contract | $ 53,000,000 | |||||
24 Second Avenue Holdings LLC | Apartment Building | Real Estate Property Sold 1 | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of real estate properties, under contract | property | 1 | |||||
Real estate properties, under contract | $ 2,300,000 | |||||
24 Second Avenue Holdings LLC | Other | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of real estate properties | property | 1 | |||||
24 Second Avenue Holdings LLC | Mezzanine Loan | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Committed amount on credit agreement | $ 6,500,000 | |||||
24 Second Avenue Holdings LLC | Co-venturer | Construction Loan | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Common equity interest | 35,000,000 | |||||
Preferred equity position | 35,000,000 | |||||
Loan refinance | 50,400,000 | |||||
Committed amount on credit agreement | $ 48,100,000 | |||||
Remaining capital commitment to operating partner | $ 0 |
INVESTMENT IN AND ADVANCES TO_6
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES - Results from Operations of the Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Total assets | $ 5,881,229 | [1] | $ 6,669,152 | [1] | $ 5,881,229 | [1] | $ 6,669,152 | [1] | $ 6,272,872 | ||||||||
Total liabilities | [1] | 4,332,804 | 5,030,175 | 4,332,804 | 5,030,175 | ||||||||||||
Partners’/members’ capital | 1,548,425 | [1] | 1,638,977 | [1] | 1,548,425 | [1] | 1,638,977 | [1] | 1,643,635 | $ 1,488,146 | |||||||
Total expenses | 47,889 | $ 32,149 | $ 31,052 | $ 42,211 | 36,839 | $ 36,989 | $ 38,069 | $ 46,390 | 153,302 | 158,287 | 158,626 | ||||||
Net income (loss) | (11,583) | $ 21,382 | $ (5,193) | $ (14,061) | 45,450 | $ 30,948 | $ 36,072 | $ 24,531 | (9,458) | 137,001 | 221,676 | ||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | 24 Second Avenue Holdings LLC | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Total assets | 114,916 | 118,727 | 114,916 | 118,727 | |||||||||||||
Total liabilities | 75,775 | 78,762 | 75,775 | 78,762 | |||||||||||||
Partners’/members’ capital | $ 39,141 | $ 39,965 | 39,141 | 39,965 | |||||||||||||
Total revenues | 17,461 | 7,630 | 19,122 | ||||||||||||||
Total expenses | 14,206 | 14,930 | 13,381 | ||||||||||||||
Net income (loss) | $ 3,255 | $ (7,300) | $ 5,741 | ||||||||||||||
[1] | Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10. |
DEBT OBLIGATIONS, NET - Schedul
DEBT OBLIGATIONS, NET - Schedule of Company's Debt Obligations (Details) | 12 Months Ended | |||||
Dec. 31, 2020USD ($)Extension | Dec. 31, 2019USD ($)Extension | Feb. 26, 2020USD ($)Extension | Feb. 14, 2020USD ($) | Dec. 21, 2017USD ($) | Oct. 17, 2017USD ($) | |
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Debt Obligations Outstanding | $ 820,837,000 | $ 1,815,934,000 | ||||
Debt obligations | 4,209,864,000 | |||||
Carrying Amount of Collateral | 0 | 0 | ||||
Cash collateral | 261,000,000 | |||||
Committed Loan Repurchase Facility | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | 1,550,000,000 | 1,750,000,000 | ||||
Debt Obligations Outstanding | 255,368,000 | 702,264,000 | ||||
Committed but Unfunded | 1,294,632,000 | 1,047,736,000 | ||||
Carrying Amount of Collateral | 439,386,000 | 1,149,281,000 | ||||
Fair Value of Collateral | 439,386,000 | 1,152,250,000 | ||||
Committed Loan Repurchase Facility | Maturing on 19 December 2022 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | 500,000,000 | 600,000,000 | $ 500,000,000 | |||
Debt Obligations Outstanding | 112,004,000 | 183,828,000 | ||||
Committed but Unfunded | 387,996,000 | 416,172,000 | ||||
Carrying Amount of Collateral | 180,416,000 | 287,974,000 | ||||
Fair Value of Collateral | $ 180,416,000 | $ 288,210,000 | ||||
Number of extension maturity periods | Extension | 2 | 2 | ||||
Length of extension options | 12 months | 12 months | ||||
Committed Loan Repurchase Facility | Maturing On February 26 2021 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | $ 250,000,000 | |||||
Debt Obligations Outstanding | 0 | |||||
Committed but Unfunded | 250,000,000 | |||||
Carrying Amount of Collateral | 0 | |||||
Fair Value of Collateral | $ 0 | |||||
Number of extension maturity periods | Extension | 3 | |||||
Length of extension options | 12 months | |||||
Committed Loan Repurchase Facility | Maturing on 16 December 2021 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | $ 300,000,000 | |||||
Debt Obligations Outstanding | 90,197,000 | |||||
Committed but Unfunded | 209,803,000 | |||||
Carrying Amount of Collateral | 154,850,000 | |||||
Fair Value of Collateral | $ 154,850,000 | |||||
Number of extension maturity periods | Extension | 2 | |||||
Length of extension options | 364 days | |||||
Committed Loan Repurchase Facility | Maturing on 6 November 2022 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | $ 300,000,000 | $ 300,000,000 | ||||
Debt Obligations Outstanding | 11,312,000 | 98,678,000 | ||||
Committed but Unfunded | 288,688,000 | 201,322,000 | ||||
Carrying Amount of Collateral | 28,285,000 | 175,000,000 | ||||
Fair Value of Collateral | $ 28,285,000 | $ 175,270,000 | ||||
Number of extension maturity periods | Extension | 1 | 1 | ||||
Length of extension options | 12 months | 12 months | ||||
Number of additional extension maturity periods | Extension | 2 | 2 | ||||
Length of additional extension maturity periods | 6 months | 6 months | ||||
Committed Loan Repurchase Facility | Maturing On 31 December 2022 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | $ 100,000,000 | |||||
Debt Obligations Outstanding | 26,183,000 | |||||
Committed but Unfunded | 73,817,000 | |||||
Carrying Amount of Collateral | 45,235,000 | |||||
Fair Value of Collateral | $ 45,235,000 | |||||
Number of extension maturity periods | Extension | 2 | |||||
Length of extension options | 12 months | |||||
Committed Loan Repurchase Facility | Maturing On 24 October 2021 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | $ 100,000,000 | |||||
Debt Obligations Outstanding | 15,672,000 | |||||
Committed but Unfunded | 84,328,000 | |||||
Carrying Amount of Collateral | 30,600,000 | |||||
Fair Value of Collateral | $ 30,600,000 | |||||
Length of extension options | 364 days | |||||
Committed Loan Repurchase Facility | Maturing on 23 December 2021 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | $ 500,000,000 | |||||
Committed Loan Repurchase Facility | Maturing On 24 May 2020 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | 350,000,000 | |||||
Debt Obligations Outstanding | 70,697,000 | |||||
Committed but Unfunded | 279,303,000 | |||||
Carrying Amount of Collateral | 101,590,000 | |||||
Fair Value of Collateral | $ 103,868,000 | |||||
Number of extension maturity periods | Extension | 1 | |||||
Length of extension options | 12 months | |||||
Committed Loan Repurchase Facility | Maturing on 3 January 2023 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | $ 100,000,000 | |||||
Debt Obligations Outstanding | 9,952,000 | |||||
Committed but Unfunded | 90,048,000 | |||||
Carrying Amount of Collateral | 75,628,000 | |||||
Fair Value of Collateral | $ 75,813,000 | |||||
Number of extension maturity periods | Extension | 2 | |||||
Length of extension options | 12 months | |||||
Committed Loan Repurchase Facility | Maturing on 24 December 2020 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | $ 100,000,000 | |||||
Debt Obligations Outstanding | 90,927,000 | |||||
Committed but Unfunded | 9,073,000 | |||||
Carrying Amount of Collateral | 126,311,000 | |||||
Fair Value of Collateral | $ 126,311,000 | |||||
Length of extension options | 364 days | |||||
Committed Loan Repurchase Facility | Maturing on 19 December 2020 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | $ 300,000,000 | |||||
Debt Obligations Outstanding | 248,182,000 | |||||
Committed but Unfunded | 51,818,000 | |||||
Carrying Amount of Collateral | 382,778,000 | |||||
Fair Value of Collateral | $ 382,778,000 | |||||
Number of extension maturity periods | Extension | 3 | |||||
Length of extension options | 364 days | |||||
Committed Securities Repurchase Facility | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | $ 788,000,000 | |||||
Committed Securities Repurchase Facility | Maturing on 23 December 2021 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | 787,996,000 | $ 400,000,000 | ||||
Debt Obligations Outstanding | 149,633,000 | 42,751,000 | ||||
Committed but Unfunded | 638,363,000 | 357,249,000 | ||||
Carrying Amount of Collateral | 226,008,000 | 52,691,000 | ||||
Fair Value of Collateral | 226,008,000 | 52,691,000 | ||||
Uncommitted Securities Repurchase Facility | Various Date | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Debt Obligations Outstanding | 415,836,000 | 1,070,919,000 | ||||
Carrying Amount of Collateral | 502,476,000 | 1,188,440,000 | ||||
Fair Value of Collateral | 502,476,000 | 1,188,440,000 | ||||
Restricted securities held-to-maturity | 2,100,000 | 2,200,000 | ||||
Total Repurchase Facilities | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | 1,950,000,000 | 2,150,000,000 | ||||
Debt Obligations Outstanding | 820,837,000 | 1,815,934,000 | ||||
Committed but Unfunded | 1,544,999,000 | 1,404,985,000 | ||||
Carrying Amount of Collateral | 1,167,870,000 | 2,390,412,000 | ||||
Fair Value of Collateral | 1,167,870,000 | 2,393,381,000 | ||||
Revolving Credit Facility | Maturing on 11 February 2022 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | 266,430,000 | |||||
Debt Obligations Outstanding | 266,430,000 | |||||
Committed but Unfunded | $ 0 | |||||
Number of extension maturity periods | Extension | 3 | |||||
Length of extension options | 12 months | |||||
Revolving Credit Facility | Maturing 11 February 2020 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | 266,430,000 | |||||
Debt Obligations Outstanding | 0 | |||||
Committed but Unfunded | $ 266,430,000 | |||||
Number of extension maturity periods | Extension | 4 | |||||
Length of extension options | 12 months | |||||
Mortgage Loan Financing | Various Date | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | $ 766,064,000 | $ 812,606,000 | ||||
Debt Obligations Outstanding | 766,064,000 | 812,606,000 | ||||
Committed but Unfunded | 0 | 0 | ||||
Carrying Amount of Collateral | 909,406,000 | 988,857,000 | ||||
Fair Value of Collateral | 1,133,703,000 | 1,192,106,000 | ||||
Secured Financing Facility | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Unamortized debt issuance costs | 7,154,000 | |||||
Secured Financing Facility | Maturing On 6 May 2023 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | 206,350,000 | |||||
Debt Obligations Outstanding | 192,646,000 | |||||
Committed but Unfunded | 0 | |||||
Carrying Amount of Collateral | 327,769,000 | |||||
Fair Value of Collateral | 328,097,000 | |||||
Unamortized debt issuance costs | 7,200,000 | |||||
Unamortized debt discount | 6,600,000 | |||||
CLO Debt | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Unamortized debt issuance costs | 2,640,000 | |||||
CLO Debt | Various Date | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Carrying Amount of Collateral | $ 431,500,000 | $ 456,900,000 | ||||
Unamortized debt issuance costs | 2,600,000 | |||||
CLO Debt | Maturing On 16 May 2024 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | 279,156,000 | |||||
Debt Obligations Outstanding | 276,516,000 | |||||
Carrying Amount of Collateral | 362,600,000 | |||||
Fair Value of Collateral | 362,600,000 | |||||
Unamortized debt issuance costs | 2,600,000 | |||||
Borrowings from the FHLB | Various Date | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | 1,500,000,000 | 1,945,795,000 | ||||
Debt Obligations Outstanding | 288,000,000 | 1,073,500,000 | ||||
Committed but Unfunded | 1,212,000,000 | 872,295,000 | ||||
Carrying Amount of Collateral | 388,400,000 | 1,107,188,000 | ||||
Fair Value of Collateral | 392,212,000 | 1,113,811,000 | ||||
Restricted securities held-to-maturity | 9,400,000 | |||||
Senior Unsecured Notes | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Unamortized debt issuance costs | 12,928,000 | |||||
Senior Unsecured Notes | Various Date | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Debt issued | 1,612,299,000 | 1,166,201,000 | ||||
Senior Unsecured Notes | 1,599,371,000 | 1,157,833,000 | ||||
Committed but Unfunded | 0 | 0 | ||||
Restricted securities held-to-maturity | 9,900,000 | |||||
Unamortized debt issuance costs | 12,900,000 | 8,400,000 | ||||
Total Debt Obligations | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Debt issued | 6,580,299,000 | 6,341,032,000 | ||||
Debt obligations | 4,209,864,000 | 4,859,873,000 | ||||
Committed but Unfunded | 2,756,999,000 | 2,543,710,000 | ||||
Carrying Amount of Collateral | 3,156,045,000 | 4,486,457,000 | ||||
Fair Value of Collateral | 3,384,482,000 | $ 4,699,298,000 | ||||
Purchase Right | Maturing On 6 May 2023 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Unamortized debt issuance costs | $ 6,550,000 | |||||
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2022 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 1.91% | 3.24% | ||||
Minimum | Committed Loan Repurchase Facility | Maturing On February 26 2021 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | $ 250,000,000 | |||||
Interest rate | 0.00% | |||||
Number of extension maturity periods | Extension | 3 | |||||
Minimum | Committed Loan Repurchase Facility | Maturing on 16 December 2021 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 1.91% | |||||
Minimum | Committed Loan Repurchase Facility | Maturing on 6 November 2022 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 2.19% | 3.50% | ||||
Minimum | Committed Loan Repurchase Facility | Maturing On 31 December 2022 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 2.28% | |||||
Minimum | Committed Loan Repurchase Facility | Maturing On 24 October 2021 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 2.66% | |||||
Minimum | Committed Loan Repurchase Facility | Maturing On 24 May 2020 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 3.71% | |||||
Minimum | Committed Loan Repurchase Facility | Maturing on 3 January 2023 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 3.96% | |||||
Minimum | Committed Loan Repurchase Facility | Maturing on 24 December 2020 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 3.74% | |||||
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2020 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 3.49% | |||||
Minimum | Committed Securities Repurchase Facility | Maturing on 23 December 2021 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 0.86% | 2.50% | ||||
Minimum | Uncommitted Securities Repurchase Facility | Various Date | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 0.73% | 2.17% | ||||
Minimum | Revolving Credit Facility | Maturing on 11 February 2022 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 3.15% | |||||
Minimum | Mortgage Loan Financing | Various Date | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 3.75% | 3.75% | ||||
Minimum | Secured Financing Facility | Maturing On 6 May 2023 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 10.75% | |||||
Minimum | CLO Debt | Maturing On 16 May 2024 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 5.50% | |||||
Minimum | Borrowings from the FHLB | Various Date | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 41.00% | 1.47% | ||||
Minimum | Senior Unsecured Notes | Various Date | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 4.25% | 5.25% | ||||
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2022 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 2.16% | 3.74% | ||||
Maximum | Committed Loan Repurchase Facility | Maturing On February 26 2021 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | $ 350,000,000 | |||||
Interest rate | 0.00% | |||||
Maximum | Committed Loan Repurchase Facility | Maturing on 16 December 2021 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 2.91% | |||||
Maximum | Committed Loan Repurchase Facility | Maturing on 6 November 2022 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 2.19% | 3.75% | ||||
Maximum | Committed Loan Repurchase Facility | Maturing On 31 December 2022 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 2.28% | |||||
Maximum | Committed Loan Repurchase Facility | Maturing On 24 October 2021 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 3.50% | |||||
Maximum | Committed Loan Repurchase Facility | Maturing on 23 December 2021 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Committed Financing | $ 500,000,000 | |||||
Maximum | Committed Loan Repurchase Facility | Maturing On 24 May 2020 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 3.81% | |||||
Maximum | Committed Loan Repurchase Facility | Maturing on 3 January 2023 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 3.99% | |||||
Maximum | Committed Loan Repurchase Facility | Maturing on 24 December 2020 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 3.80% | |||||
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2020 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 3.74% | |||||
Maximum | Committed Securities Repurchase Facility | Maturing on 23 December 2021 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 1.11% | 2.56% | ||||
Maximum | Uncommitted Securities Repurchase Facility | Various Date | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 2.84% | 3.54% | ||||
Maximum | Revolving Credit Facility | Maturing on 11 February 2022 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 3.15% | |||||
Maximum | Mortgage Loan Financing | Various Date | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 6.16% | 6.75% | ||||
Maximum | Secured Financing Facility | Maturing On 6 May 2023 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 10.75% | |||||
Maximum | CLO Debt | Maturing On 16 May 2024 | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 5.50% | |||||
Maximum | Borrowings from the FHLB | Various Date | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 2.74% | 2.95% | ||||
Maximum | Senior Unsecured Notes | Various Date | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate | 5.88% | 5.88% |
DEBT OBLIGATIONS, NET - Committ
DEBT OBLIGATIONS, NET - Committed Loan and Securities Repurchase Facilities (Details) | 12 Months Ended | ||||
Dec. 31, 2020USD ($)counterpartyagreementExtension | Mar. 23, 2020USD ($) | Feb. 26, 2020USD ($)Extension | Feb. 14, 2020USD ($) | Dec. 31, 2019USD ($)Extension | |
Debt Instrument [Line Items] | |||||
Equity restricted as payment as a dividend | $ 871,400,000 | ||||
Debt Obligations Outstanding | $ 820,837,000 | $ 1,815,934,000 | |||
Committed Loan Repurchase Facility | |||||
Debt Instrument [Line Items] | |||||
Number of agreements | agreement | 6 | ||||
Committed amount on credit agreement | $ 1,600,000,000 | ||||
Committed Financing | 1,550,000,000 | 1,750,000,000 | |||
Debt Obligations Outstanding | 255,368,000 | 702,264,000 | |||
Committed Loan Repurchase Facility | Maturing on 19 December 2022 | |||||
Debt Instrument [Line Items] | |||||
Committed Financing | 500,000,000 | $ 500,000,000 | 600,000,000 | ||
Debt Obligations Outstanding | $ 112,004,000 | $ 183,828,000 | |||
Number of extension maturity periods | Extension | 2 | 2 | |||
Committed Loan Repurchase Facility | Maturing On February 26 2021 | |||||
Debt Instrument [Line Items] | |||||
Committed Financing | $ 250,000,000 | ||||
Debt Obligations Outstanding | $ 0 | ||||
Number of extension maturity periods | Extension | 3 | ||||
Committed Loan Repurchase Facility | Maturing On February 26 2021 | Minimum | |||||
Debt Instrument [Line Items] | |||||
Committed Financing | $ 250,000,000 | ||||
Number of extension maturity periods | Extension | 3 | ||||
Committed Loan Repurchase Facility | Maturing On February 26 2021 | Maximum | |||||
Debt Instrument [Line Items] | |||||
Committed Financing | $ 350,000,000 | ||||
Committed Loan Repurchase Facility | Maturing on 23 December 2021 | |||||
Debt Instrument [Line Items] | |||||
Committed amount on credit agreement | $ 900,000,000 | ||||
Committed Financing | $ 500,000,000 | ||||
Committed Loan Repurchase Facility | Maturing on 23 December 2021 | Maximum | |||||
Debt Instrument [Line Items] | |||||
Committed Financing | $ 500,000,000 | ||||
Committed Securities Repurchase Facility | |||||
Debt Instrument [Line Items] | |||||
Committed Financing | $ 788,000,000 | ||||
Committed Securities Repurchase Facility | Maturing on 23 December 2021 | |||||
Debt Instrument [Line Items] | |||||
Committed amount on credit agreement | $ 900,000,000 | ||||
Committed Financing | 787,996,000 | 400,000,000 | |||
Debt Obligations Outstanding | 149,633,000 | 42,751,000 | |||
Repurchase Agreements | |||||
Debt Instrument [Line Items] | |||||
Committed Financing | $ 1,950,000,000 | 2,150,000,000 | |||
Number of counterparties | counterparty | 8 | ||||
Debt Obligations Outstanding | $ 820,837,000 | $ 1,815,934,000 | |||
Repurchase Agreements | Deutshe Bank, J.P. Morgan and Wells Fargo | |||||
Debt Instrument [Line Items] | |||||
Number of counterparties | counterparty | 2 | ||||
Excess collateral over amounts borrowed under repurchase agreements | $ 77,400,000 | ||||
Ratio indebtedness over total equity | 5.00% | ||||
Haircut on repurchase agreements | 29.70% |
DEBT OBLIGATIONS, NET - Revolvi
DEBT OBLIGATIONS, NET - Revolving Credit Facility (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 25, 2019 |
Debt Instrument [Line Items] | |||
Debt Obligations Outstanding | $ 820,837 | $ 1,815,934 | |
Maturing February 11 2021 | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt Obligations Outstanding | 266,400 | ||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Committed amount on credit agreement | $ 266,400 | ||
Stated interest rate on debt instrument | 3.00% | 3.00% | |
Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Committed amount on credit agreement | $ 25,000 |
DEBT OBLIGATIONS, NET - Debt Is
DEBT OBLIGATIONS, NET - Debt Issuance Costs (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Credit Agreement and Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance expense | $ 5.8 | $ 8 |
DEBT OBLIGATIONS, NET - Uncommi
DEBT OBLIGATIONS, NET - Uncommitted Securities Repurchase Facilities (Details) - Uncommitted Securities Repurchase Facilities | 12 Months Ended |
Dec. 31, 2020 | |
Minimum | |
Debt Instrument [Line Items] | |
Advance rates | 75.00% |
Maximum | |
Debt Instrument [Line Items] | |
Advance rates | 95.00% |
DEBT OBLIGATIONS, NET - Mortgag
DEBT OBLIGATIONS, NET - Mortgage Loan Financing (Details) $ in Thousands | Feb. 06, 2019USD ($) | Dec. 31, 2020USD ($)agreement | Dec. 31, 2019USD ($)agreement | Dec. 31, 2018USD ($)agreement |
Debt Instrument [Line Items] | ||||
Amortization of premiums | $ 1,160 | $ 1,584 | $ 1,023 | |
Mortgage loan and financing related to property sales | $ 6,600 | |||
Gain (loss) on extinguishment/defeasance of debt | $ (1,100) | 22,250 | (1,070) | (4,392) |
Mortgage loan financing | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | 766,100 | 812,600 | ||
Net unamortized premiums | 4,600 | 5,500 | ||
Amortization of premiums | 1,200 | 1,600 | $ 1,000 | |
Pledged assets, real estate and lease intangibles, net | $ 909,400 | $ 988,900 | ||
Number of agreements | agreement | 10 | 22 | 12 | |
Minimum | Mortgage loan financing | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate on debt instrument | 3.75% | |||
Maximum | Mortgage loan financing | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate on debt instrument | 6.16% |
DEBT OBLIGATIONS, NET - Secured
DEBT OBLIGATIONS, NET - Secured Financing Facility (Details) - USD ($) | Apr. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||||
Issuance of purchase right | $ 8,425,000 | $ 0 | $ 0 | ||
Debt obligations, net | [1] | 4,209,864,000 | $ 4,859,873,000 | ||
Purchase Right | Maturing On 6 May 2023 | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | 6,550,000 | ||||
Secured Financing Facility | |||||
Debt Instrument [Line Items] | |||||
Debt obligations, net | 192,600,000 | ||||
Unamortized debt issuance costs | 7,154,000 | ||||
Secured Financing Facility | Maturing On 6 May 2023 | |||||
Debt Instrument [Line Items] | |||||
Issuance of purchase rights | 6,600,000 | ||||
Unamortized debt issuance costs | $ 7,200,000 | ||||
Class A Common Stock | |||||
Debt Instrument [Line Items] | |||||
Common stock, authorized (in shares) | 600,000,000 | 600,000,000 | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |||
Non-Recourse Notes | Koch Real Estate Investments, LLC | Minimum | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 0.75% | ||||
Non-Recourse Notes | Koch Real Estate Investments, LLC | Maximum | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt instrument | 10.00% | ||||
Non-Recourse Notes | Secured Debt | Koch Real Estate Investments, LLC | |||||
Debt Instrument [Line Items] | |||||
Committed amount on credit agreement | $ 206,400,000 | ||||
Minimum interest premium | 39,200,000 | ||||
Non-Recourse Notes | Secured Debt | Koch Real Estate Investments, LLC | Purchase Right | |||||
Debt Instrument [Line Items] | |||||
Issuance of purchase right | 200,900,000 | ||||
Debt proceeds allocated to the originally issued debt obligation | 192,500,000 | ||||
Issuance of purchase rights | $ 8,400,000 | ||||
Non-Recourse Notes | Secured Debt | Koch Real Estate Investments, LLC | Class A Common Stock | |||||
Debt Instrument [Line Items] | |||||
Common stock, authorized (in shares) | 4,000,000 | ||||
Common stock, par value (in dollars per share) | $ 8 | ||||
[1] | Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10. |
DEBT OBLIGATIONS, NET - Collate
DEBT OBLIGATIONS, NET - Collateralized Loan Obligation Debt (Details) - USD ($) $ in Thousands | Apr. 27, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 21, 2017 | Oct. 17, 2017 | |
Debt Instrument [Line Items] | ||||||
Debt obligations, net | [1] | $ 4,209,864 | $ 4,859,873 | |||
Loans financed | $ 481,300 | |||||
Advance rate | 64.50% | |||||
Subordinate and controlling interest | 35.50% | |||||
Gross amounts offset in the balance sheet | 0 | $ 0 | ||||
CLO Debt | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized debt issuance costs | 2,640 | |||||
Various Date | CLO Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt obligations, net | 276,500 | |||||
Unamortized debt issuance costs | $ 2,600 | |||||
Gross amounts offset in the balance sheet | $ 431,500 | $ 456,900 | ||||
Various Date | CLO Debt | Affiliated Entity | ||||||
Debt Instrument [Line Items] | ||||||
Ownership percentage | 25.00% | 18.50% | ||||
Non-Recourse Notes | CLO Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt obligations, net | $ 310,200 | |||||
[1] | Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10. |
DEBT OBLIGATIONS, NET - Borrowi
DEBT OBLIGATIONS, NET - Borrowings from the Federal Home Loan Bank (“FHLB”) (Details) - USD ($) $ in Thousands | Dec. 06, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2021 | Apr. 01, 2020 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||||||
Cash, cash equivalents and restricted cash | $ 1,284,284 | $ 355,746 | $ 98,450 | $ 182,683 | |||
Percent of FHLB advances to total debt obligations outstanding | 6.80% | ||||||
Tuebor Captive Insurance Company LLC | |||||||
Debt Instrument [Line Items] | |||||||
Amount restricted from transfer | $ 2,100,000 | ||||||
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | |||||||
Debt Instrument [Line Items] | |||||||
Maximum advance limit | $ 2,000,000 | $ 1,500,000 | |||||
Advance rates of total assets | 40.00% | ||||||
Advance rates of total equity | 150.00% | ||||||
FHLB borrowings outstanding | 288,000 | 1,100,000 | |||||
Additional committed term financing available from FHLB | $ 1,200,000 | $ 872,300 | |||||
Average term | 3 years 9 months | 4 years 9 months | |||||
Weighted average term | 2 years 9 months 3 days | 2 years 1 month 6 days | |||||
Weighted average interest rate | 1.12% | 2.33% | |||||
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | Commercial Mortgage Backed Securities and US Agency Securities | |||||||
Debt Instrument [Line Items] | |||||||
Collateral for debt instrument | $ 280,100 | $ 432,000 | |||||
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | First mortgage loan | |||||||
Debt Instrument [Line Items] | |||||||
Collateral for debt instrument | $ 108,300 | 675,200 | |||||
Cash, cash equivalents and restricted cash | $ 261,000 | ||||||
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate on debt instrument | 0.41% | 1.47% | |||||
Advance rates | 45.00% | 60.80% | |||||
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate on debt instrument | 2.74% | 2.95% | |||||
Advance rates | 95.70% | 100.00% | |||||
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Maximum advance limit | $ 750,000 |
DEBT OBLIGATIONS, NET - Senior
DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($) | Feb. 06, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 30, 2020 | Sep. 25, 2017 | Mar. 16, 2017 | Feb. 24, 2016 | Aug. 01, 2014 |
Debt Instrument [Line Items] | |||||||||
Gain (loss) on extinguishment/defeasance of debt | $ (1,100,000) | $ 22,250,000 | $ (1,070,000) | $ (4,392,000) | |||||
Amortization expense | 6,696,000 | 7,991,000 | $ 10,347,000 | ||||||
Senior Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Unamortized debt issuance costs | (12,928,000) | ||||||||
Various Date | Senior Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior Unsecured Notes | 1,599,371,000 | 1,157,833,000 | |||||||
Loan refinance | 1,612,299,000 | 1,166,201,000 | |||||||
Unamortized debt issuance costs | (12,900,000) | $ (8,400,000) | |||||||
Senior Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt retired | 139,100,000 | ||||||||
Gain (loss) on extinguishment/defeasance of debt | 19,000,000 | ||||||||
Amortization expense | 1,500,000 | ||||||||
Senior Notes Due 2027 | Senior Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan refinance | 651,800,000 | $ 750,000,000 | |||||||
Stated interest rate on debt instrument | 4.25% | ||||||||
Debt retired | 98,200,000 | ||||||||
Repurchase price | 83,900,000 | ||||||||
Gain (loss) on extinguishment/defeasance of debt | 12,900,000 | ||||||||
Unamortized debt issuance costs | 1,300,000 | ||||||||
Senior Notes Due 2025 | Senior Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan refinance | 348,000,000 | $ 400,000,000 | |||||||
Stated interest rate on debt instrument | 5.25% | ||||||||
Debt retired | 52,000,000 | ||||||||
Repurchase price | 45,100,000 | ||||||||
Gain (loss) on extinguishment/defeasance of debt | 6,400,000 | ||||||||
Unamortized debt issuance costs | 500,000 | ||||||||
Senior Notes Due 2022 | Senior Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan refinance | 465,900,000 | $ 500,000,000 | |||||||
Stated interest rate on debt instrument | 5.25% | ||||||||
Debt retired | 34,200,000 | ||||||||
Repurchase price | 33,200,000 | ||||||||
Gain (loss) on extinguishment/defeasance of debt | 700,000 | ||||||||
Unamortized debt issuance costs | 200,000 | ||||||||
Senior Notes Due 2021 | Senior Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior Unsecured Notes | 1,600,000,000 | ||||||||
Loan refinance | 146,700,000 | $ 300,000,000 | |||||||
Stated interest rate on debt instrument | 5.875% | ||||||||
Authorized repurchase amount | $ 100,000,000 | ||||||||
Debt retired | 119,500,000 | ||||||||
Repurchase price | 119,300,000 | ||||||||
Gain (loss) on extinguishment/defeasance of debt | 100,000 | ||||||||
Unamortized debt issuance costs | $ 200,000 |
DEBT OBLIGATIONS, NET - Sched_2
DEBT OBLIGATIONS, NET - Schedule of Maturities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2021 | $ 1,219,750 |
2022 | 734,290 |
2023 | 351,800 |
2024 | 575,471 |
2025 | 468,876 |
Thereafter | 884,678 |
Subtotal | 4,234,865 |
Premiums included in mortgage loan financing | 4,551 |
Debt obligations | 4,209,864 |
Senior Unsecured Notes | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Unamortized debt issuance costs | (12,928) |
Secured Financing Facility | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Unamortized debt issuance costs | (7,154) |
CLO Debt | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Unamortized debt issuance costs | (2,640) |
Mortgage Loan Financing | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Unamortized debt issuance costs | $ (280) |
Length of extension options | 1 year |
DEBT OBLIGATIONS, NET - Financi
DEBT OBLIGATIONS, NET - Financing Strategy in Current Market Conditions (Details) - USD ($) | Apr. 27, 2020 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Apr. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||||||||||
Amount paid down, FHLB Borrowings | $ 38,000,000 | $ 646,800,000 | $ 446,900,000 | |||||||
Debt obligations, net | [1] | 4,209,864,000 | 4,209,864,000 | $ 4,859,873,000 | ||||||
Loans financed | $ 481,300,000 | |||||||||
Advance rate | 64.50% | |||||||||
Cash, cash equivalents and restricted cash | 1,284,284,000 | $ 1,284,284,000 | $ 355,746,000 | $ 98,450,000 | $ 182,683,000 | |||||
Prepayment penalties | $ 6,500,000 | |||||||||
Senior Notes Due 2027 | Senior Unsecured Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount paid down | $ 257,700,000 | |||||||||
Non-Recourse Notes | CLO Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt obligations, net | $ 310,200,000 | |||||||||
Non-Recourse Notes | Secured Debt | Koch Real Estate Investments, LLC | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Non-mark to market financing facility | $ 206,400,000 | |||||||||
Maturing February 11 2021 | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Committed financing | $ 266,400,000 | |||||||||
[1] | Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10. |
DERIVATIVE INSTRUMENTS - Schedu
DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Derivative [Line Items] | |||
Notional | $ 135,171 | $ 409,771 | |
Fair value, asset | [1] | 299 | 693 |
Fair value, liability | 0 | 0 | |
1 Month LIBOR | |||
Derivative [Line Items] | |||
Notional | 69,571 | 69,571 | |
Fair value, asset | 0 | 0 | |
Fair value, liability | $ 0 | $ 0 | |
Remaining maturity | 4 months 6 days | 4 months 9 days | |
5-year Swap | |||
Derivative [Line Items] | |||
Notional | $ 23,800 | $ 46,000 | |
Fair value, asset | 108 | 158 | |
Fair value, liability | $ 0 | $ 0 | |
Remaining maturity | 3 months | 3 months | |
10-year Swap | |||
Derivative [Line Items] | |||
Notional | $ 41,800 | $ 149,800 | |
Fair value, asset | 191 | 516 | |
Fair value, liability | $ 0 | $ 0 | |
Remaining maturity | 3 months | 3 months | |
5-year U.S. Treasury Note | |||
Derivative [Line Items] | |||
Notional | $ 1,100 | ||
Fair value, asset | 4 | ||
Fair value, liability | $ 0 | ||
Remaining maturity | 3 months | ||
Futures | |||
Derivative [Line Items] | |||
Notional | $ 65,600 | $ 196,900 | |
Fair value, asset | 299 | 678 | |
Fair value, liability | $ 0 | 0 | |
S&P 500 Put Options | |||
Derivative [Line Items] | |||
Notional | 143,300 | ||
Fair value, asset | 15 | ||
Fair value, liability | $ 0 | ||
Remaining maturity | 18 days | ||
Credit Derivatives | |||
Derivative [Line Items] | |||
Notional | $ 143,300 | ||
Fair value, asset | 15 | ||
Fair value, liability | $ 0 | ||
[1] | Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10. |
DERIVATIVE INSTRUMENTS - Sche_2
DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Unrealized Gain/(Loss) | $ (268) | $ 1,542 | $ 705 |
Realized Gain/(Loss) | (15,002) | (31,553) | 15,221 |
Net Result from Derivative Transactions | (15,270) | (30,011) | 15,926 |
Futures | |||
Derivative [Line Items] | |||
Unrealized Gain/(Loss) | (379) | 1,653 | (747) |
Realized Gain/(Loss) | (15,113) | (31,469) | 16,176 |
Net Result from Derivative Transactions | (15,492) | (29,816) | 15,429 |
Credit Derivatives | |||
Derivative [Line Items] | |||
Unrealized Gain/(Loss) | 111 | (111) | 49 |
Realized Gain/(Loss) | 111 | (84) | (107) |
Net Result from Derivative Transactions | $ 222 | $ (195) | (58) |
Swaps | |||
Derivative [Line Items] | |||
Unrealized Gain/(Loss) | 1,403 | ||
Realized Gain/(Loss) | (848) | ||
Net Result from Derivative Transactions | $ 555 |
DERIVATIVE INSTRUMENTS - Additi
DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Cash margins held as collateral for derivatives by counterparties | $ 0.8 | $ 3.5 | $ 5 |
OFFSETTING ASSETS AND LIABILI_3
OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Offsetting of derivative assets | |||
Gross amounts of recognized assets | $ 299 | $ 693 | |
Gross amounts offset in the balance sheet | 0 | 0 | |
Net amounts of assets presented in the balance sheet | [1] | 299 | 693 |
Gross amounts not offset in the balance sheet | |||
Financial instruments | 0 | 0 | |
Cash collateral received/(posted) | 0 | 0 | |
Net amount | $ 299 | $ 693 | |
[1] | Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10. |
OFFSETTING ASSETS AND LIABILI_4
OFFSETTING ASSETS AND LIABILITIES - Offsetting Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Repurchase agreements | ||
Gross amounts of recognized liabilities | $ 820,837 | $ 1,815,934 |
Gross amounts offset in the balance sheet | 0 | 0 |
Net amounts of liabilities presented in the balance sheet | 820,837 | 1,815,934 |
Gross amounts not offset in the balance sheet | ||
Financial instruments collateral | 820,837 | 1,815,934 |
Cash collateral posted/(received)(1) | 0 | 0 |
Net amount | 0 | 0 |
Total | ||
Gross amounts of recognized liabilities | 820,837 | 1,815,934 |
Gross amounts offset in the balance sheet | 0 | 0 |
Net amounts of liabilities presented in the balance sheet | 820,837 | 1,815,934 |
Gross amounts not offset in the balance sheet | ||
Financial instruments collateral | 820,837 | 1,815,934 |
Cash collateral posted/(received)(1) | 0 | 0 |
Net amount | $ 0 | $ 0 |
CONSOLIDATED VARIABLE INTERES_3
CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Restricted cash | [1] | $ 29,852 | $ 297,575 | ||||
Accrued interest receivable | [1] | 16,088 | 21,066 | ||||
Other assets | [1] | 116,633 | 53,348 | ||||
Total assets | 5,881,229 | [1] | 6,669,152 | [1] | $ 6,272,872 | ||
Debt obligations, net | [1] | 4,209,864 | 4,859,873 | ||||
Accrued expenses | [1] | 43,876 | 72,397 | ||||
Total liabilities | [1] | 4,332,804 | 5,030,175 | ||||
Total equity | 1,548,425 | [1] | 1,638,977 | [1] | $ 1,643,635 | $ 1,488,146 | |
Total liabilities and equity | [1] | 5,881,229 | $ 6,669,152 | ||||
Variable Interest Entity, Primary Beneficiary | |||||||
Restricted cash | 3,925 | ||||||
Mortgage loan receivables held for investment, net, at amortized cost | 362,600 | ||||||
Accrued interest receivable | 1,382 | ||||||
Other assets | 69,649 | ||||||
Total assets | 437,556 | ||||||
Debt obligations, net | 276,516 | ||||||
Accrued expenses | 682 | ||||||
Total liabilities | 277,198 | ||||||
Net equity in VIEs (eliminated in consolidation) | 160,358 | ||||||
Total equity | 160,358 | ||||||
Total liabilities and equity | $ 437,556 | ||||||
[1] | Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10. |
EQUITY STRUCTURE AND ACCOUNTS -
EQUITY STRUCTURE AND ACCOUNTS - Additional Information (Details) | Dec. 15, 2020$ / shares | Aug. 31, 2020$ / shares | May 28, 2020$ / shares | Feb. 27, 2020$ / shares | Nov. 26, 2019$ / shares | Aug. 22, 2019$ / shares | May 30, 2019$ / shares | Feb. 27, 2019$ / shares | Jan. 24, 2019USD ($)$ / sharesshares | Nov. 01, 2018$ / shares | Oct. 30, 2018$ / shares | Sep. 05, 2018$ / shares | May 30, 2018$ / shares | Feb. 27, 2018$ / shares | Dec. 31, 2020USD ($)$ / shares | Sep. 30, 2020$ / shares | Jun. 30, 2020$ / shares | Mar. 31, 2020$ / shares | Dec. 31, 2019USD ($)$ / shares | Sep. 30, 2019$ / shares | Jun. 30, 2019$ / shares | Mar. 31, 2019$ / shares | Dec. 31, 2020USD ($)VoteClass_of_Stock$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) | Oct. 30, 2014USD ($) |
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Number of classes of common stock | Class_of_Stock | 2 | ||||||||||||||||||||||||||
Interest held in third parties | 89.80% | 89.80% | |||||||||||||||||||||||||
Aggregate cash paid accrued for dividends payable | $ | $ 107,729,000 | $ 145,910,000 | $ 129,561,000 | ||||||||||||||||||||||||
2014 Share Repurchase Authorization Program | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Remaining amount available for repurchase | $ | $ 38,100,000 | $ 38,100,000 | |||||||||||||||||||||||||
Percentage of aggregate common stock outstanding under Repurchase Program | 3.10% | 3.10% | |||||||||||||||||||||||||
Closing price (in dollars per share) | $ / shares | $ 9.78 | $ 9.78 | |||||||||||||||||||||||||
Series REIT LP Units | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Exchange of noncontrolling interest for common stock, units exchanged (in shares) | 12,158,933 | 1,139,411 | |||||||||||||||||||||||||
Series TRS LP Units | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Exchange of noncontrolling interest for common stock, units exchanged (in shares) | 12,158,933 | 1,139,411 | |||||||||||||||||||||||||
Class A Common Stock | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Number of votes per share | Vote | 1 | ||||||||||||||||||||||||||
Exchange of noncontrolling interest for common stock, units exchanged (in shares) | 12,158,933 | ||||||||||||||||||||||||||
Exchange of noncontrolling interest for common stock (in shares) | 1,139,411 | ||||||||||||||||||||||||||
Aggregate cash paid accrued for dividends payable | $ | $ 34,900,000 | ||||||||||||||||||||||||||
Dividend equivalent rights | $ | $ 500,000 | ||||||||||||||||||||||||||
Common stock issued (in shares) | 1,434,297 | ||||||||||||||||||||||||||
Common stock issued, dividend value | $ | $ 23,900,000 | ||||||||||||||||||||||||||
Dividends per share of Class A common stock (in dollars per share) | $ / shares | $ 0.200 | $ 0.200 | $ 0.200 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.570 | $ 0.570 | $ 0.570 | $ 0.325 | $ 0.325 | $ 0.315 | $ 0.200 | $ 0.200 | $ 0.200 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.940 | $ 1.360 | $ 1.535 | ||
Price per share of Class A common stock (in dollars per share) | $ / shares | $ 16.67 | ||||||||||||||||||||||||||
Class A Common Stock | 2014 Share Repurchase Authorization Program | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Additional authorizations | $ | $ 50,000,000 | ||||||||||||||||||||||||||
Remaining amount available for repurchase | $ | $ 38,102,000 | $ 41,132,000 | $ 38,102,000 | $ 41,132,000 | $ 41,769,000 | $ 41,769,000 | |||||||||||||||||||||
Class B Common Stock | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Number of votes per share | Vote | 1 | ||||||||||||||||||||||||||
Exchange of noncontrolling interest for common stock, units exchanged (in shares) | (12,158,933) | ||||||||||||||||||||||||||
Exchange of noncontrolling interest for common stock (in shares) | (1,139,411) | ||||||||||||||||||||||||||
Common stock issued (in shares) | 180,925 | ||||||||||||||||||||||||||
Series REIT LP Units | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Common stock issued (in shares) | 1,615,222 |
EQUITY STRUCTURE AND ACCOUNTS_2
EQUITY STRUCTURE AND ACCOUNTS - Schedule of Repurchase of Treasury Stock Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Treasury Stock [Roll Forward] | |||
Repurchases paid | $ (3,035) | $ (637) | |
2014 Share Repurchase Authorization Program | |||
Treasury Stock [Roll Forward] | |||
Remaining amount available for repurchase | $ 38,100 | ||
2014 Share Repurchase Authorization Program | Class A Common Stock | |||
Class of Stock [Line Items] | |||
Purchase of treasury stock (in shares) | 384,251 | 40,065 | 0 |
Treasury Stock [Roll Forward] | |||
Remaining amount available for repurchase | $ 41,132 | $ 41,769 | $ 41,769 |
Additional authorizations | 0 | 0 | 0 |
Repurchases paid | (3,030) | (637) | 0 |
Repurchases unsettled | 0 | 0 | 0 |
Remaining amount available for repurchase | $ 38,102 | $ 41,132 | $ 41,769 |
EQUITY STRUCTURE AND ACCOUNTS_3
EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares | Dec. 15, 2020 | Aug. 31, 2020 | May 28, 2020 | Feb. 27, 2020 | Nov. 26, 2019 | Aug. 22, 2019 | May 30, 2019 | Feb. 27, 2019 | Jan. 24, 2019 | Nov. 01, 2018 | Oct. 30, 2018 | Sep. 05, 2018 | May 30, 2018 | Feb. 27, 2018 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Class A Common Stock | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Dividends per share of Class A common stock (in dollars per share) | $ 0.200 | $ 0.200 | $ 0.200 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.570 | $ 0.570 | $ 0.570 | $ 0.325 | $ 0.325 | $ 0.315 | $ 0.200 | $ 0.200 | $ 0.200 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.940 | $ 1.360 | $ 1.535 |
EQUITY STRUCTURE AND ACCOUNTS_4
EQUITY STRUCTURE AND ACCOUNTS - Schedule of Dividends Declared and Paid (Details) - Class A Common Stock - $ / shares | Jan. 15, 2021 | Dec. 15, 2020 | Oct. 01, 2020 | Aug. 31, 2020 | Jul. 01, 2020 | May 28, 2020 | Apr. 01, 2020 | Feb. 27, 2020 | Jan. 03, 2020 | Nov. 26, 2019 | Oct. 01, 2019 | Aug. 22, 2019 | Jul. 01, 2019 | May 30, 2019 | Apr. 01, 2019 | Feb. 27, 2019 | Jan. 24, 2019 | Nov. 01, 2018 | Oct. 30, 2018 | Oct. 01, 2018 | Sep. 05, 2018 | Jul. 02, 2018 | May 30, 2018 | Apr. 02, 2018 | Feb. 27, 2018 | Jan. 03, 2018 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividends per share of Class A common stock (in dollars per share) | $ 0.200 | $ 0.200 | $ 0.200 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.570 | $ 0.570 | $ 0.570 | $ 0.325 | $ 0.325 | $ 0.315 | $ 0.200 | $ 0.200 | $ 0.200 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.940 | $ 1.360 | $ 1.535 | |||||||||||||
Tax Year 2020 | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.200 | $ 0.200 | $ 0.340 | 0.940 | ||||||||||||||||||||||||||||||||||
Ordinary Dividends (in dollars per share) | 0.135 | 0.135 | 0.230 | 0.500 | ||||||||||||||||||||||||||||||||||
Qualified Dividends (in dollars per share) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Capital Gain (in dollars per share) | 0.023 | 0.023 | 0.039 | 0.085 | ||||||||||||||||||||||||||||||||||
Unrecaptured 1250 Gain (in dollars per share) | 0.009 | 0.009 | 0.016 | 0.034 | ||||||||||||||||||||||||||||||||||
Return of Capital (in dollars per share) | $ 0.042 | $ 0.042 | $ 0.071 | $ 0.155 | ||||||||||||||||||||||||||||||||||
Tax Year 2020 | Subsequent Event | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.200 | |||||||||||||||||||||||||||||||||||||
Ordinary Dividends (in dollars per share) | 0 | |||||||||||||||||||||||||||||||||||||
Qualified Dividends (in dollars per share) | 0 | |||||||||||||||||||||||||||||||||||||
Capital Gain (in dollars per share) | 0 | |||||||||||||||||||||||||||||||||||||
Unrecaptured 1250 Gain (in dollars per share) | 0 | |||||||||||||||||||||||||||||||||||||
Return of Capital (in dollars per share) | 0 | |||||||||||||||||||||||||||||||||||||
Tax Year 2019 | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | 1.360 | |||||||||||||||||||||||||||||||||
Ordinary Dividends (in dollars per share) | 0.324 | 0.324 | 0.324 | 0.324 | 1.296 | |||||||||||||||||||||||||||||||||
Qualified Dividends (in dollars per share) | 0.054 | 0.054 | 0.054 | 0.054 | 0.216 | |||||||||||||||||||||||||||||||||
Capital Gain (in dollars per share) | 0.016 | 0.016 | 0.016 | 0.016 | 0.064 | |||||||||||||||||||||||||||||||||
Unrecaptured 1250 Gain (in dollars per share) | $ 0.005 | $ 0.005 | $ 0.005 | $ 0.005 | $ 0.020 | |||||||||||||||||||||||||||||||||
Tax Year 2019 | Subsequent Event | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.200 | |||||||||||||||||||||||||||||||||||||
Tax Year 2018 | ||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||
Dividend per share (in dollars per share) | 0.570 | $ 0.325 | $ 0.325 | $ 0.315 | $ 0.050 | 1.585 | $ 0.265 | |||||||||||||||||||||||||||||||
Ordinary Dividends (in dollars per share) | 0.432 | 0.246 | 0.246 | 0.239 | 0.038 | 1.201 | ||||||||||||||||||||||||||||||||
Qualified Dividends (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Capital Gain (in dollars per share) | 0.138 | 0.079 | 0.079 | 0.076 | 0.012 | 0.384 | ||||||||||||||||||||||||||||||||
Unrecaptured 1250 Gain (in dollars per share) | $ 0.015 | $ 0.009 | $ 0.009 | $ 0.009 | $ 0.001 | $ 0.043 | ||||||||||||||||||||||||||||||||
Dividends per share of Class A common stock (in dollars per share) | $ 0.315 |
EQUITY STRUCTURE AND ACCOUNTS_5
EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
AOCI Attributable to Parent [Roll Forward] | |||||
Beginning Balance | $ 1,638,977 | [1] | $ 1,643,635 | $ 1,488,146 | |
Other comprehensive income (loss) | (15,158) | 9,930 | (5,141) | ||
Exchange of noncontrolling interest for common stock | 0 | 0 | 0 | ||
Rebalancing of ownership percentage between Company and Operating Partnership | 0 | 0 | 0 | ||
Ending Balance | 1,548,425 | [1] | 1,638,977 | [1] | 1,643,635 |
Accumulated Other Comprehensive Income (Loss) | |||||
AOCI Attributable to Parent [Roll Forward] | |||||
Beginning Balance | 4,218 | (4,649) | (212) | ||
Other comprehensive income (loss) | (9,950) | 8,785 | (4,211) | ||
Exchange of noncontrolling interest for common stock | (6,952) | 65 | (167) | ||
Rebalancing of ownership percentage between Company and Operating Partnership | 2,221 | 17 | (59) | ||
Ending Balance | (10,463) | 4,218 | (4,649) | ||
Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests | |||||
AOCI Attributable to Parent [Roll Forward] | |||||
Beginning Balance | 475 | (588) | 116 | ||
Other comprehensive income (loss) | (5,208) | 1,145 | (930) | ||
Exchange of noncontrolling interest for common stock | 6,952 | (65) | 167 | ||
Rebalancing of ownership percentage between Company and Operating Partnership | (2,221) | (17) | 59 | ||
Ending Balance | (2) | 475 | (588) | ||
Total Accumulated Other Comprehensive Income (Loss) | |||||
AOCI Attributable to Parent [Roll Forward] | |||||
Beginning Balance | 4,693 | (5,237) | (96) | ||
Ending Balance | $ (10,465) | $ 4,693 | $ (5,237) | ||
[1] | Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10. |
NONCONTROLLING INTERESTS (Detai
NONCONTROLLING INTERESTS (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)Joint_Ventureproperty | |
Consolidated Joint Venture | |
Noncontrolling Interest [Line Items] | |
Number of consolidated joint ventures | Joint_Venture | 4 |
Consolidated Joint Venture | Isla Vista, CA | Student Housing | |
Noncontrolling Interest [Line Items] | |
Number of real estate properties | property | 40 |
Property book value | $ 81.7 |
Consolidated Joint Venture | Richmond, VA | Office Building | |
Noncontrolling Interest [Line Items] | |
Number of real estate properties | property | 11 |
Property book value | $ 72.2 |
Consolidated Joint Venture | Oakland County, MI | Office Building | |
Noncontrolling Interest [Line Items] | |
Property book value | 9.2 |
Consolidated Joint Venture | Miami, FL | Apartment Building | |
Noncontrolling Interest [Line Items] | |
Property book value | $ 37.1 |
Minimum | Consolidated Joint Venture | Consolidated Joint Ventures | |
Noncontrolling Interest [Line Items] | |
Noncontrolling interest ownership | 10.00% |
Maximum | Consolidated Joint Venture | Consolidated Joint Ventures | |
Noncontrolling Interest [Line Items] | |
Noncontrolling interest ownership | 25.00% |
Operating Partnership | |
Noncontrolling Interest [Line Items] | |
Decrease in noncontrolling interest in Operating Partnership | $ 1 |
EARNINGS PER SHARE - Net Income
EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted average shares outstanding: | |||||||||||
Basic (in shares) | 112,409,615 | 105,455,849 | 97,226,027 | ||||||||
Diluted (in shares) | 112,409,615 | 106,399,783 | 97,652,065 | ||||||||
Class A Common Stock | |||||||||||
Earnings Per Share | |||||||||||
Basic Net income (loss) available for Class A common shareholders | $ (11,714) | $ 17,188 | $ (4,189) | $ (15,728) | $ 40,650 | $ 27,577 | $ 32,242 | $ 22,175 | $ (14,445) | $ 122,645 | $ 180,015 |
Diluted Net income (loss) available for Class A common shareholders | $ (14,445) | $ 122,645 | $ 180,015 | ||||||||
Weighted average shares outstanding: | |||||||||||
Basic (in shares) | 112,409,615 | 105,455,849 | 97,226,027 | ||||||||
Diluted (in shares) | 112,409,615 | 106,399,783 | 97,652,065 |
EARNINGS PER SHARE - Schedule o
EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Denominator: | |||||||||||
Weighted average number of shares of Class A common stock outstanding (in shares) | 112,409,615 | 105,455,849 | 97,226,027 | ||||||||
Basic net income (loss) per share of Class A common stock (in dollars per share) | $ (0.10) | $ 0.15 | $ (0.04) | $ (0.15) | $ 0.38 | $ 0.26 | $ 0.31 | $ 0.21 | $ (0.13) | $ 1.16 | $ 1.85 |
Denominator: | |||||||||||
Weighted average number of shares of Class A common stock outstanding (in shares) | 112,409,615 | 105,455,849 | 97,226,027 | ||||||||
Diluted weighted average number of shares of Class A common stock outstanding (in shares) | 112,409,615 | 106,399,783 | 97,652,065 | ||||||||
Diluted net income (loss) per share of Class A common stock (in dollars per share) | $ (0.10) | $ 0.14 | $ (0.04) | $ (0.15) | $ 0.37 | $ 0.26 | $ 0.30 | $ 0.21 | $ (0.13) | $ 1.15 | $ 1.84 |
Class A Common Stock | |||||||||||
Numerator: | |||||||||||
Net income (loss) attributable to Class A common shareholders | $ (11,714) | $ 17,188 | $ (4,189) | $ (15,728) | $ 40,650 | $ 27,577 | $ 32,242 | $ 22,175 | $ (14,445) | $ 122,645 | $ 180,015 |
Denominator: | |||||||||||
Weighted average number of shares of Class A common stock outstanding (in shares) | 112,409,615 | 105,455,849 | 97,226,027 | ||||||||
Basic net income (loss) per share of Class A common stock (in dollars per share) | $ (0.13) | $ 1.16 | $ 1.85 | ||||||||
Numerator: | |||||||||||
Net income (loss) attributable to Class A common shareholders | $ (11,714) | $ 17,188 | $ (4,189) | $ (15,728) | $ 40,650 | $ 27,577 | $ 32,242 | $ 22,175 | $ (14,445) | $ 122,645 | $ 180,015 |
Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) | 0 | 0 | 0 | ||||||||
Additional corporate tax (expense) benefit | 0 | 0 | 0 | ||||||||
Diluted net income (loss) attributable to Class A common shareholders | $ (14,445) | $ 122,645 | $ 180,015 | ||||||||
Denominator: | |||||||||||
Weighted average number of shares of Class A common stock outstanding (in shares) | 112,409,615 | 105,455,849 | 97,226,027 | ||||||||
Shares issuable relating to converted Class B common shareholders (in shares) | 0 | 0 | 0 | ||||||||
Diluted weighted average number of shares of Class A common stock outstanding (in shares) | 112,409,615 | 106,399,783 | 97,652,065 | ||||||||
Diluted net income (loss) per share of Class A common stock (in dollars per share) | $ (0.13) | $ 1.15 | $ 1.84 | ||||||||
Class A Common Stock | Restricted Stock | |||||||||||
Denominator: | |||||||||||
Incremental shares of stock based compensation (in shares) | 0 | 943,934 | 426,038 | ||||||||
Class A Common Stock | Stock Options | |||||||||||
Denominator: | |||||||||||
Incremental shares of stock based compensation (in shares) | 0 | 0 | 0 |
STOCK BASED AND OTHER COMPENS_3
STOCK BASED AND OTHER COMPENSATION PLANS - Stock Based Compensation Plans Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized equity based compensation expense | $ 42,728 | $ 21,777 | $ 8,831 |
Stock Options Exercised | 270 | ||
Bonus Expense | 1,082 | 28,235 | 34,465 |
Total | 42,842 | 51,353 | 44,459 |
Phantom Equity Investment Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized equity based compensation expense | $ (1,238) | $ 1,341 | |
Ladder Capital Deferred Compensation Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized equity based compensation expense | $ 1,163 |
STOCK BASED AND OTHER COMPENS_4
STOCK BASED AND OTHER COMPENSATION PLANS - Summary of Grants (Details) - $ / shares | Jul. 19, 2018 | Apr. 23, 2018 | Feb. 18, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares/Options (in shares) | 4,423,215 | |||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Options (in shares) | 0 | 12,073 | ||||
Class A Common Stock | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares/Options (in shares) | 4,720 | 3,566 | 25,370 | 4,423,215 | 1,569,694 | 33,656 |
Weighted Average Fair Value Per Share (in dollars per share) | $ 12.84 | $ 17.54 | $ 14.86 | |||
Class A Common Stock | Dividend Declared | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares/Options (in shares) | 0 | 11,113 | ||||
Weighted Average Fair Value Per Share (in dollars per share) | $ 0 | $ 16.61 |
STOCK BASED AND OTHER COMPENS_5
STOCK BASED AND OTHER COMPENSATION PLANS - Nonvested Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||
Unrecognized compensation cost | $ 13.3 | |
Period of recognition for unrecognized compensation costs | 21 months 21 days | |
Remaining vesting period | 26 months | |
Restricted Stock | ||
Number of Shares Nonvested Other than Options [Roll Forward] | ||
Nonvested/Outstanding (in shares) | 1,436,683 | |
Granted (in shares) | 4,423,215 | |
Vested (in shares) | (3,031,109) | |
Forfeited (in shares) | (27,965) | |
Nonvested/Outstanding (in shares) | 2,800,824 | 1,436,683 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested/Outstanding (in shares) | 994,208 | |
Granted (in shares) | 0 | 12,073 |
Exercised (in shares) | (83,845) | |
Forfeited (in shares) | 0 | |
Expired (in shares) | (229,261) | |
Nonvested/Outstanding (in shares) | 681,102 | 994,208 |
Exercisable (in shares) | 681,102 | |
Stock Options, Warrants And Rights | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||
Weighted-average exercise price of outstanding options, warrants and rights | $ 14.84 |
STOCK BASED AND OTHER COMPENS_6
STOCK BASED AND OTHER COMPENSATION PLANS - Omnibus Incentive Plan (Details) $ / shares in Millions | Dec. 17, 2020USD ($)shares | Mar. 26, 2020shares | Feb. 18, 2020USD ($)installmentshares | Jul. 01, 2019USD ($)shares | Jun. 04, 2019USD ($)installmentshares | Feb. 18, 2019USD ($)$ / sharesshares | Jan. 24, 2019USD ($)shares | Jul. 19, 2018USD ($)installmentanniversaryshares | Apr. 23, 2018USD ($)installmentshares | Feb. 18, 2018USD ($)shares | Feb. 18, 2017 | Dec. 31, 2020USD ($)securityshares | Dec. 31, 2019shares | Dec. 31, 2018shares | May 27, 2020USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Period of recognition for unrecognized compensation costs | 21 months 21 days | ||||||||||||||
Aggregate value of awards granted | $ | $ 12,000,000 | $ 11,700,000 | |||||||||||||
Unrecognized compensation cost | $ | $ 13,300,000 | ||||||||||||||
Restricted Stock | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Granted (in shares) | 4,423,215 | ||||||||||||||
Forfeited (in shares) | 27,965 | ||||||||||||||
Restricted Stock | Class A Common Stock | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Grant date fair value | $ | $ 100,000 | $ 100,000 | $ 400,000 | ||||||||||||
Granted (in shares) | 4,720 | 3,566 | 25,370 | 4,423,215 | 1,569,694 | 33,656 | |||||||||
Number of anniversaries | 3 | 3 | |||||||||||||
Number of installments in which awards are vested | installment | 3 | 3 | 3 | ||||||||||||
Period of recognition for unrecognized compensation costs | 3 years | ||||||||||||||
Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Period 2 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Expected to vest (in shares) | 1,775 | ||||||||||||||
Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Period 3 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Expected to vest (in shares) | 1,775 | ||||||||||||||
Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Period 4 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Expected to vest (in shares) | 1,775 | ||||||||||||||
Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Period 5 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Expected to vest (in shares) | 1,775 | ||||||||||||||
Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Period 6 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Expected to vest (in shares) | 1,775 | ||||||||||||||
Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Period 7 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Expected to vest (in shares) | 1,775 | ||||||||||||||
Management Grantees | 2014 Omnibus Incentive Plan | Class A Common Stock | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of shares of unrestricted stock | 50.00% | ||||||||||||||
Management Grantees | Restricted Stock | Class A Common Stock | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Grant date fair value | $ | $ 11,328 | ||||||||||||||
Granted (in shares) | 4,568 | 682 | |||||||||||||
Aggregate value of awards granted | $ | $ 14,500,000 | ||||||||||||||
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Reversal of previous compensation expense | $ | $ (1,000,000) | ||||||||||||||
Number of employees eligible for performance share waiver | security | 46 | ||||||||||||||
Incremental compensation cost | $ | $ 100,000 | ||||||||||||||
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Performance Based Vesting | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Minimum performance target percentage | 8.00% | ||||||||||||||
Performance period | 3 years | ||||||||||||||
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Granted (in shares) | 1,463,039 | 639,690 | 666,288 | ||||||||||||
Vesting percentage | 50.00% | ||||||||||||||
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Performance Based Vesting | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting percentage | 50.00% | ||||||||||||||
Non-Management Grantee | Restricted Stock | Class A Common Stock | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Grant date fair value | $ | $ 400,000 | ||||||||||||||
Granted (in shares) | 1,493,839 | 802,611 | 24,125 | 849,087 | |||||||||||
Number of installments in which awards are vested | 3 | ||||||||||||||
Aggregate value of awards granted | $ | $ 14,800,000 | $ 15,000,000 | |||||||||||||
Vesting percentage | 50.00% | ||||||||||||||
Aggregate fair value of awards granted | $ / shares | $ 14.9 | ||||||||||||||
Board of Directors | Restricted Stock | Class A Common Stock | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Grant date fair value | $ | $ 400,000 | $ 100,000 | $ 400,000 | ||||||||||||
Granted (in shares) | 24,036 | 25,626 | |||||||||||||
Vesting period | 1 year | 1 year | 1 year | ||||||||||||
Number of anniversaries | 3 | ||||||||||||||
Forfeited (in shares) | 5,803 |
STOCK BASED AND OTHER COMPENS_7
STOCK BASED AND OTHER COMPENSATION PLANS - Deferred Compensation Plan (Details) $ in Millions | Dec. 17, 2020USD ($)shares | Feb. 18, 2020USD ($)installmentshares | Jul. 01, 2019shares | Jun. 04, 2019shares | Feb. 18, 2019USD ($)shares | Jan. 24, 2019shares | Jul. 19, 2018installmentshares | Apr. 23, 2018installmentshares | Feb. 18, 2018shares | Mar. 17, 2015 | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Aggregate value of awards granted | $ | $ 12 | $ 11.7 | |||||||||||
Restricted Stock | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Granted (in shares) | 4,423,215 | ||||||||||||
Class A Common Stock | Restricted Stock | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Granted (in shares) | 4,720 | 3,566 | 25,370 | 4,423,215 | 1,569,694 | 33,656 | |||||||
Number of installments in which awards are vested | installment | 3 | 3 | 3 | ||||||||||
Class A Common Stock | Non-Management Grantee | Restricted Stock | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Aggregate value of awards granted | $ | $ 14.8 | $ 15 | |||||||||||
Granted (in shares) | 1,493,839 | 802,611 | 24,125 | 849,087 | |||||||||
Number of installments in which awards are vested | 3 | ||||||||||||
Vesting percentage | 50.00% | ||||||||||||
Class A Common Stock | Management Grantees | Restricted Stock | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Aggregate value of awards granted | $ | $ 14.5 | ||||||||||||
Granted (in shares) | 4,568 | 682 | |||||||||||
Deferred Compensation Plan 2014 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Days following the end of the participant’s employment | 60 days | ||||||||||||
Units outstanding (in shares) | 165,735 | 265,275 | |||||||||||
Units unvested (in shares) | 0 | 52,861 | |||||||||||
Total employee's contribution, net of forfeitures and payouts related to terminations | $ | $ 1.6 | ||||||||||||
Deferred Compensation Plan 2014 | Class A Common Stock | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Mandatory contribution period | 3 years | ||||||||||||
Deferred Compensation Plan 2014, Phantom Units 2 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Total employee's contribution, net of forfeitures and payouts related to terminations | $ | $ 4.9 | ||||||||||||
2014 Omnibus Incentive Plan | Class A Common Stock | Management Grantees | Restricted Stock | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Granted (in shares) | 1,463,039 | 639,690 | 666,288 | ||||||||||
Vesting percentage | 50.00% |
STOCK BASED AND OTHER COMPENS_8
STOCK BASED AND OTHER COMPENSATION PLANS Bonus Payments (Details) - USD ($) $ in Thousands | Feb. 06, 2020 | Feb. 07, 2019 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 16, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Accrued bonuses | $ 55,200 | $ 61,400 | $ 36,800 | ||||
Equity based compensation | $ 27,000 | $ 26,600 | $ 29,400 | ||||
Bonus expense | $ 42,728 | $ 21,777 | $ 8,831 | ||||
Equity-based Compensation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Accrued bonuses | $ 35,700 | ||||||
Bonus Expense | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Bonus expense | $ 1,100 | $ 28,200 | $ 34,500 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Assets: | |||||
Fair Value | $ 2,361,745 | $ 3,451,739 | |||
Allowance for credit losses | (41,507) | (20,500) | $ (11,600) | $ (17,900) | $ (4,000) |
Liabilities: | |||||
Fair Value | $ 4,239,855 | $ 4,943,914 | |||
Total mortgage loan receivables held for investment, net, at amortized cost | |||||
Liabilities: | |||||
Period of short interest rate reset risk | 30 days | 30 days | |||
CLO debt | |||||
Liabilities: | |||||
Period of short interest rate reset risk | 30 days | 30 days | |||
Recurring | |||||
Assets: | |||||
Fair Value | $ 1,046,869 | $ 1,709,586 | |||
Recurring | CMBS | Internal Model Third Party Inputs Valuation Technique | |||||
Assets: | |||||
Outstanding Face Amount | 1,015,520 | 1,640,597 | |||
Amortized Cost Basis/Purchase Price | 1,015,282 | 1,640,905 | |||
Fair Value | $ 1,003,301 | $ 1,644,322 | |||
Liabilities: | |||||
Financial instruments, measurement input | 0.0156 | 0.0308 | |||
Weighted average remaining maturity/duration | 2 years 3 days | 2 years 4 months 28 days | |||
Recurring | CMBS interest-only | Internal Model Third Party Inputs Valuation Technique | |||||
Assets: | |||||
Outstanding Face Amount | $ 1,498,181 | $ 1,559,160 | |||
Amortized Cost Basis/Purchase Price | 21,567 | 28,553 | |||
Fair Value | $ 22,213 | $ 29,146 | |||
Liabilities: | |||||
Financial instruments, measurement input | 0.0353 | 0.0304 | |||
Weighted average remaining maturity/duration | 2 years 2 months 8 days | 2 years 6 months 10 days | |||
Recurring | GNMA interest-only | Internal Model Third Party Inputs Valuation Technique | |||||
Assets: | |||||
Outstanding Face Amount | $ 75,350 | $ 109,783 | |||
Amortized Cost Basis/Purchase Price | 868 | 1,982 | |||
Fair Value | $ 1,001 | $ 1,851 | |||
Liabilities: | |||||
Financial instruments, measurement input | 0.0506 | 0.0459 | |||
Weighted average remaining maturity/duration | 3 years 7 months 2 days | 2 years 9 months 7 days | |||
Recurring | Agency securities | Internal Model Third Party Inputs Valuation Technique | |||||
Assets: | |||||
Outstanding Face Amount | $ 586 | $ 629 | |||
Amortized Cost Basis/Purchase Price | 593 | 640 | |||
Fair Value | $ 605 | $ 637 | |||
Liabilities: | |||||
Financial instruments, measurement input | 0.0164 | 0.0173 | |||
Weighted average remaining maturity/duration | 1 year 3 months 3 days | 1 year 9 months 29 days | |||
Recurring | GNMA permanent securities | Internal Model Third Party Inputs Valuation Technique | |||||
Assets: | |||||
Outstanding Face Amount | $ 30,254 | $ 31,461 | |||
Amortized Cost Basis/Purchase Price | 30,340 | 31,681 | |||
Fair Value | $ 31,199 | $ 32,369 | |||
Liabilities: | |||||
Financial instruments, measurement input | 0.0349 | 0.0317 | |||
Weighted average remaining maturity/duration | 1 year 11 months 23 days | 1 year 11 months 4 days | |||
Recurring | Provisions For Loan Losses | |||||
Assets: | |||||
Allowance for credit losses | $ (20) | $ (20,500) | |||
Recurring | Provisions For Loan Losses | Internal Model Third Party Inputs Valuation Technique | |||||
Assets: | |||||
Allowance for credit losses | (20) | ||||
Recurring | Equity securities | Internal Model Third Party Inputs Valuation Technique | |||||
Assets: | |||||
Amortized Cost Basis/Purchase Price | 12,848 | ||||
Fair Value | 12,980 | ||||
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | |||||
Assets: | |||||
Allowance for credit losses | (41,507) | ||||
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow | |||||
Assets: | |||||
Outstanding Face Amount | 2,365,204 | 3,277,596 | |||
Amortized Cost Basis/Purchase Price | 2,354,059 | 3,257,036 | |||
Fair Value | 2,328,441 | $ 3,273,219 | |||
Allowance for credit losses | $ (41,507) | ||||
Liabilities: | |||||
Financial instruments, measurement input | 0.0667 | 0.0694 | |||
Weighted average remaining maturity/duration | 1 year 25 days | 1 year 5 months 4 days | |||
Recurring | Mortgage loan receivables held for sale | Internal Model Third Party Inputs Valuation Technique | |||||
Assets: | |||||
Outstanding Face Amount | $ 30,478 | $ 122,748 | |||
Amortized Cost Basis/Purchase Price | 30,518 | 122,325 | |||
Fair Value | $ 32,082 | $ 124,989 | |||
Liabilities: | |||||
Financial instruments, measurement input | 0.0405 | 0.0420 | |||
Weighted average remaining maturity/duration | 9 years 2 months 4 days | 9 years 11 months 26 days | |||
Recurring | FHLB stock | FHLB stock | |||||
Assets: | |||||
Outstanding Face Amount | $ 31,000 | $ 61,619 | |||
Amortized Cost Basis/Purchase Price | 31,000 | 61,619 | |||
Fair Value | $ 31,000 | $ 61,619 | |||
Liabilities: | |||||
Financial instruments, measurement input | 0.0300 | 0.0475 | |||
Recurring | Nonhedge derivatives | Counterparty Quotations Valuation Technique | |||||
Assets: | |||||
Nonhedge derivative assets | $ 65,600 | $ 340,200 | |||
Fair Value | $ 299 | $ 693 | |||
Liabilities: | |||||
Weighted average remaining maturity/duration | 3 months | 3 months | |||
Recurring | Repurchase agreements - short-term | Discounted Cash Flow | |||||
Liabilities: | |||||
Outstanding Face Amount | $ 708,833 | $ 1,781,253 | |||
Amortized Cost Basis/Purchase Price | 708,833 | 1,781,253 | |||
Fair Value | $ 708,833 | $ 1,781,253 | |||
Financial instruments, measurement input | 0.0116 | 0.0250 | |||
Weighted average remaining maturity/duration | 4 months 2 days | 2 months 8 days | |||
Recurring | Repurchase agreements - long-term | Discounted Cash Flow | |||||
Liabilities: | |||||
Outstanding Face Amount | $ 112,004 | $ 34,681 | |||
Amortized Cost Basis/Purchase Price | 112,004 | 34,681 | |||
Fair Value | $ 112,004 | $ 34,681 | |||
Financial instruments, measurement input | 0.0947 | 0.0281 | |||
Weighted average remaining maturity/duration | 2 years 2 months 15 days | 1 year 4 months 28 days | |||
Recurring | Revolving Credit Facility | Discounted Cash Flow | |||||
Liabilities: | |||||
Outstanding Face Amount | $ 266,430 | ||||
Amortized Cost Basis/Purchase Price | 266,430 | ||||
Fair Value | $ 266,430 | ||||
Financial instruments, measurement input | 0.0315 | ||||
Weighted average remaining maturity/duration | 25 days | ||||
Recurring | Mortgage loan financing | Discounted Cash Flow | |||||
Liabilities: | |||||
Outstanding Face Amount | $ 761,793 | $ 807,854 | |||
Amortized Cost Basis/Purchase Price | 766,064 | 812,606 | |||
Fair Value | $ 786,405 | $ 838,766 | |||
Financial instruments, measurement input | 0.0484 | 0.0491 | |||
Weighted average remaining maturity/duration | 4 years 14 days | 5 years 7 months 24 days | |||
Recurring | Secured Financing Facility | Discounted Cash Flow | |||||
Liabilities: | |||||
Outstanding Face Amount | $ 192,646 | ||||
Amortized Cost Basis/Purchase Price | 192,646 | ||||
Fair Value | $ 192,646 | ||||
Financial instruments, measurement input | 0.1075 | ||||
Weighted average remaining maturity/duration | 2 years 4 months 6 days | ||||
Recurring | CLO debt | Discounted Cash Flow | |||||
Liabilities: | |||||
Outstanding Face Amount | $ 276,516 | ||||
Amortized Cost Basis/Purchase Price | 276,516 | ||||
Fair Value | $ 276,516 | ||||
Financial instruments, measurement input | 0.0550 | ||||
Weighted average remaining maturity/duration | 3 years 4 months 17 days | ||||
Recurring | Borrowings from the FHLB | Discounted Cash Flow | |||||
Liabilities: | |||||
Outstanding Face Amount | $ 288,000 | $ 1,073,500 | |||
Amortized Cost Basis/Purchase Price | 288,000 | 1,073,500 | |||
Fair Value | $ 289,091 | $ 1,080,354 | |||
Financial instruments, measurement input | 0.0112 | 0.0233 | |||
Weighted average remaining maturity/duration | 2 years 9 months 3 days | 2 years 29 days | |||
Recurring | Senior unsecured notes | Broker Quotations Pricing Services Valuation Technique | |||||
Liabilities: | |||||
Outstanding Face Amount | $ 1,612,299 | $ 1,166,201 | |||
Amortized Cost Basis/Purchase Price | 1,599,371 | 1,157,833 | |||
Fair Value | $ 1,607,930 | $ 1,208,860 | |||
Financial instruments, measurement input | 0.0490 | 0.0539 | |||
Weighted average remaining maturity/duration | 3 years 10 months 20 days | 3 years 3 months 10 days | |||
Recurring | Nonhedge derivatives | Counterparty Quotations Valuation Technique | |||||
Liabilities: | |||||
Nonhedge derivative liabilities | $ 69,571 | ||||
Fair Value | $ 0 | ||||
Weighted average remaining maturity/duration | 4 months 9 days |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | |||||
Fair value of assets | $ 2,361,745 | $ 3,451,739 | |||
Provision for current expected credit losses | (41,507) | $ (11,600) | (20,500) | $ (17,900) | $ (4,000) |
Liabilities: | |||||
Fair value of liabilities | 4,239,855 | 4,943,914 | |||
Repurchase agreements - short-term | |||||
Liabilities: | |||||
Outstanding Face Amount | 708,833 | 1,781,253 | |||
Fair value of liabilities | 708,833 | 1,781,253 | |||
Repurchase agreements - long-term | |||||
Liabilities: | |||||
Outstanding Face Amount | 112,004 | 34,681 | |||
Fair value of liabilities | 112,004 | 34,681 | |||
Revolving Credit Facility | |||||
Liabilities: | |||||
Outstanding Face Amount | 266,430 | ||||
Fair value of liabilities | 266,430 | ||||
Mortgage loan financing | |||||
Liabilities: | |||||
Outstanding Face Amount | 761,793 | 807,854 | |||
Fair value of liabilities | 786,405 | 838,766 | |||
Secured Financing Facility | |||||
Liabilities: | |||||
Outstanding Face Amount | 192,646 | ||||
Fair value of liabilities | 192,646 | ||||
CLO debt | |||||
Liabilities: | |||||
Outstanding Face Amount | 276,516 | ||||
Fair value of liabilities | 276,516 | ||||
Borrowings from the FHLB | |||||
Liabilities: | |||||
Outstanding Face Amount | 288,000 | 1,073,500 | |||
Fair value of liabilities | 289,091 | 1,080,354 | |||
Senior unsecured notes | |||||
Liabilities: | |||||
Outstanding Face Amount | 1,612,299 | 1,166,201 | |||
Fair value of liabilities | 1,607,930 | 1,208,860 | |||
CMBS | |||||
Assets: | |||||
Outstanding Face Amount | 11,523 | 12,121 | |||
Fair value of assets | 11,074 | 11,608 | |||
CMBS interest-only | |||||
Assets: | |||||
Outstanding Face Amount | 10,566 | 11,099 | |||
Fair value of assets | 675 | 804 | |||
Provision for current expected credit losses | (20) | ||||
Total mortgage loan receivables held for investment, net, at amortized cost | |||||
Assets: | |||||
Outstanding Face Amount | 2,365,204 | 3,277,597 | |||
Fair value of assets | 2,328,441 | 3,273,219 | |||
Mortgage loan receivables held for sale | |||||
Assets: | |||||
Outstanding Face Amount | 30,478 | 122,748 | |||
Fair value of assets | 32,082 | 124,989 | |||
FHLB stock | |||||
Assets: | |||||
Outstanding Face Amount | 31,000 | 61,619 | |||
Fair value of assets | 31,000 | 61,619 | |||
Level 1 | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Provision for current expected credit losses | 0 | 0 | |||
Liabilities: | |||||
Fair value of liabilities | 0 | 0 | |||
Level 1 | Repurchase agreements - short-term | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | 0 | |||
Level 1 | Repurchase agreements - long-term | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | 0 | |||
Level 1 | Revolving Credit Facility | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | ||||
Level 1 | Mortgage loan financing | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | 0 | |||
Level 1 | Secured Financing Facility | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | ||||
Level 1 | CLO debt | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | ||||
Level 1 | Borrowings from the FHLB | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | 0 | |||
Level 1 | Senior unsecured notes | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | 0 | |||
Level 1 | CMBS | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Level 1 | CMBS interest-only | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Level 1 | Total mortgage loan receivables held for investment, net, at amortized cost | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Level 1 | Mortgage loan receivables held for sale | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Level 1 | FHLB stock | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Level 2 | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Provision for current expected credit losses | 0 | 0 | |||
Liabilities: | |||||
Fair value of liabilities | 0 | 0 | |||
Level 2 | Repurchase agreements - short-term | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | 0 | |||
Level 2 | Repurchase agreements - long-term | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | 0 | |||
Level 2 | Revolving Credit Facility | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | ||||
Level 2 | Mortgage loan financing | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | 0 | |||
Level 2 | Secured Financing Facility | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | ||||
Level 2 | CLO debt | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | ||||
Level 2 | Borrowings from the FHLB | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | 0 | |||
Level 2 | Senior unsecured notes | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | 0 | |||
Level 2 | CMBS | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Level 2 | CMBS interest-only | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Level 2 | Total mortgage loan receivables held for investment, net, at amortized cost | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Level 2 | Mortgage loan receivables held for sale | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Level 2 | FHLB stock | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Level 3 | |||||
Assets: | |||||
Fair value of assets | 2,361,745 | 3,451,739 | |||
Provision for current expected credit losses | (41,507) | (20,500) | |||
Liabilities: | |||||
Fair value of liabilities | 4,239,855 | 4,943,914 | |||
Level 3 | Repurchase agreements - short-term | |||||
Liabilities: | |||||
Fair value of liabilities | 708,833 | 1,781,253 | |||
Level 3 | Repurchase agreements - long-term | |||||
Liabilities: | |||||
Fair value of liabilities | 112,004 | 34,681 | |||
Level 3 | Revolving Credit Facility | |||||
Liabilities: | |||||
Fair value of liabilities | 266,430 | ||||
Level 3 | Mortgage loan financing | |||||
Liabilities: | |||||
Fair value of liabilities | 786,405 | 838,766 | |||
Level 3 | Secured Financing Facility | |||||
Liabilities: | |||||
Fair value of liabilities | 192,646 | ||||
Level 3 | CLO debt | |||||
Liabilities: | |||||
Fair value of liabilities | 276,516 | ||||
Level 3 | Borrowings from the FHLB | |||||
Liabilities: | |||||
Fair value of liabilities | 289,091 | 1,080,354 | |||
Level 3 | Senior unsecured notes | |||||
Liabilities: | |||||
Fair value of liabilities | 1,607,930 | 1,208,860 | |||
Level 3 | CMBS | |||||
Assets: | |||||
Fair value of assets | 11,074 | 11,608 | |||
Level 3 | CMBS interest-only | |||||
Assets: | |||||
Fair value of assets | 675 | 804 | |||
Provision for current expected credit losses | (20) | ||||
Level 3 | Total mortgage loan receivables held for investment, net, at amortized cost | |||||
Assets: | |||||
Fair value of assets | 2,328,441 | 3,273,219 | |||
Level 3 | Mortgage loan receivables held for sale | |||||
Assets: | |||||
Fair value of assets | 32,082 | 124,989 | |||
Level 3 | FHLB stock | |||||
Assets: | |||||
Fair value of assets | 31,000 | 61,619 | |||
Recurring | |||||
Assets: | |||||
Fair value of assets | 1,046,869 | 1,709,586 | |||
Recurring | Nonhedge derivatives | |||||
Liabilities: | |||||
Nonhedge derivative liabilities | 69,571 | ||||
Fair value of liabilities | 0 | ||||
Recurring | CMBS | |||||
Assets: | |||||
Outstanding Face Amount | 1,003,998 | 1,628,476 | |||
Fair value of assets | 992,227 | 1,632,714 | |||
Recurring | CMBS interest-only | |||||
Assets: | |||||
Outstanding Face Amount | 1,487,616 | 1,548,061 | |||
Fair value of assets | 21,538 | 28,342 | |||
Recurring | GNMA interest-only | |||||
Assets: | |||||
Outstanding Face Amount | 75,350 | 109,783 | |||
Fair value of assets | 1,001 | 1,851 | |||
Recurring | Agency securities | |||||
Assets: | |||||
Outstanding Face Amount | 586 | 629 | |||
Fair value of assets | 605 | 637 | |||
Recurring | GNMA permanent securities | |||||
Assets: | |||||
Outstanding Face Amount | 30,254 | 31,461 | |||
Fair value of assets | 31,199 | 32,369 | |||
Recurring | Equity securities | |||||
Assets: | |||||
Fair value of assets | 12,980 | ||||
Recurring | Nonhedge derivatives | |||||
Assets: | |||||
Fair value of assets | 299 | 693 | |||
Nonhedge derivative assets | 65,600 | 340,200 | |||
Recurring | Level 1 | |||||
Assets: | |||||
Fair value of assets | 0 | 12,980 | |||
Recurring | Level 1 | Nonhedge derivatives | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | ||||
Recurring | Level 1 | CMBS | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Recurring | Level 1 | CMBS interest-only | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Recurring | Level 1 | GNMA interest-only | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Recurring | Level 1 | Agency securities | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Recurring | Level 1 | GNMA permanent securities | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Recurring | Level 1 | Equity securities | |||||
Assets: | |||||
Fair value of assets | 12,980 | ||||
Recurring | Level 1 | Nonhedge derivatives | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Recurring | Level 2 | |||||
Assets: | |||||
Fair value of assets | 299 | 693 | |||
Recurring | Level 2 | Nonhedge derivatives | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | ||||
Recurring | Level 2 | CMBS | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Recurring | Level 2 | CMBS interest-only | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Recurring | Level 2 | GNMA interest-only | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Recurring | Level 2 | Agency securities | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Recurring | Level 2 | GNMA permanent securities | |||||
Assets: | |||||
Fair value of assets | 0 | 0 | |||
Recurring | Level 2 | Nonhedge derivatives | |||||
Assets: | |||||
Fair value of assets | 299 | 693 | |||
Recurring | Level 3 | |||||
Assets: | |||||
Fair value of assets | 1,046,570 | 1,695,913 | |||
Recurring | Level 3 | Nonhedge derivatives | |||||
Liabilities: | |||||
Fair value of liabilities | 0 | ||||
Recurring | Level 3 | CMBS | |||||
Assets: | |||||
Fair value of assets | 992,227 | 1,632,714 | |||
Recurring | Level 3 | CMBS interest-only | |||||
Assets: | |||||
Fair value of assets | 21,538 | 28,342 | |||
Recurring | Level 3 | GNMA interest-only | |||||
Assets: | |||||
Fair value of assets | 1,001 | 1,851 | |||
Recurring | Level 3 | Agency securities | |||||
Assets: | |||||
Fair value of assets | 605 | 637 | |||
Recurring | Level 3 | GNMA permanent securities | |||||
Assets: | |||||
Fair value of assets | 31,199 | 32,369 | |||
Recurring | Level 3 | Nonhedge derivatives | |||||
Assets: | |||||
Fair value of assets | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Changes in Level 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 1,695,913 | $ 1,398,576 |
Transfer from level 2 | 0 | 0 |
Purchases | 439,735 | 1,627,063 |
Sales | (917,372) | (850,513) |
Paydowns/maturities | (135,343) | (491,790) |
Amortization of premium/discount | (8,073) | (12,185) |
Unrealized gain/(loss) | (14,896) | 10,014 |
Realized gain/(loss) on sale | (13,396) | 14,748 |
Ending balance | $ 1,046,568 | $ 1,695,913 |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Carrying Value | $ 1,058,318 | $ 1,708,325 |
CMBS | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Carrying Value | 1,003,301 | 1,644,322 |
CMBS interest-only | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Carrying Value | 22,213 | 29,146 |
GNMA interest-only | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Carrying Value | 1,000 | 1,851 |
Agency securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Carrying Value | 605 | 637 |
GNMA permanent securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Carrying Value | $ 31,199 | $ 32,369 |
Level 3 | CMBS | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Duration | 0 years | 0 years |
Level 3 | CMBS | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Duration | 2 years 8 months 4 days | 1 year 7 months 17 days |
Level 3 | CMBS | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Duration | 5 years 9 months 25 days | 6 years 10 months 13 days |
Level 3 | CMBS interest-only | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Duration | 1 month 13 days | 3 months 3 days |
Level 3 | CMBS interest-only | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Duration | 2 years 2 months 23 days | 2 years 5 months 19 days |
Level 3 | CMBS interest-only | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Duration | 3 years 1 month 24 days | 3 years 6 months 3 days |
Level 3 | GNMA interest-only | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Duration | 0 years | 10 months 6 days |
Level 3 | GNMA interest-only | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Duration | 2 years 9 months 18 days | 2 years 10 months 24 days |
Level 3 | GNMA interest-only | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Duration | 6 years 9 months 14 days | 13 years 8 months 8 days |
Level 3 | Agency securities | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Duration | 0 years | 0 years |
Level 3 | Agency securities | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Duration | 1 year 2 months 23 days | 2 years 3 months 18 days |
Level 3 | Agency securities | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Duration | 1 year 5 months 8 days | 2 years 11 months 1 day |
Level 3 | GNMA permanent securities | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Duration | 1 year 6 months 25 days | 2 years 7 months 6 days |
Level 3 | GNMA permanent securities | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Duration | 9 years 8 months 26 days | 3 years 7 months 9 days |
Level 3 | GNMA permanent securities | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Duration | 14 years 6 months 25 days | 6 years 5 months 26 days |
Level 3 | Yield | CMBS | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0 | 0 |
Level 3 | Yield | CMBS | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0209 | 0.0311 |
Level 3 | Yield | CMBS | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.2385 | 0.1992 |
Level 3 | Yield | CMBS interest-only | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.01 | 0.0157 |
Level 3 | Yield | CMBS interest-only | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0251 | 0.0393 |
Level 3 | Yield | CMBS interest-only | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0994 | 0.0762 |
Level 3 | Yield | GNMA interest-only | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0 | (0.0482) |
Level 3 | Yield | GNMA interest-only | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0793 | 0.1513 |
Level 3 | Yield | GNMA interest-only | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.3582 | 0.445 |
Level 3 | Yield | Agency securities | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0 | 0 |
Level 3 | Yield | Agency securities | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.1131 | 0.017 |
Level 3 | Yield | Agency securities | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.72 | 0.0216 |
Level 3 | Yield | GNMA permanent securities | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0 | 0.5656 |
Level 3 | Yield | GNMA permanent securities | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0299 | 1.6679 |
Level 3 | Yield | GNMA permanent securities | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0347 | 4.10 |
Level 3 | Prepayment speed | CMBS interest-only | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 100 | 100 |
Level 3 | Prepayment speed | CMBS interest-only | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 100 | 97.24 |
Level 3 | Prepayment speed | CMBS interest-only | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 100 | 100 |
Level 3 | Prepayment speed | GNMA interest-only | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 5 | 5 |
Level 3 | Prepayment speed | GNMA interest-only | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 17.78 | 12.36 |
Level 3 | Prepayment speed | GNMA interest-only | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 35 | 35 |
Level 3 | Internal Model Third Party Inputs Valuation Technique | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Carrying Value | $ 1,046,568 | $ 1,695,913 |
Recurring | Internal Model Third Party Inputs Valuation Technique | CMBS | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0156 | 0.0308 |
Duration | 2 years 3 days | 2 years 4 months 28 days |
Recurring | Internal Model Third Party Inputs Valuation Technique | CMBS interest-only | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0353 | 0.0304 |
Duration | 2 years 2 months 8 days | 2 years 6 months 10 days |
Recurring | Internal Model Third Party Inputs Valuation Technique | GNMA interest-only | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0506 | 0.0459 |
Duration | 3 years 7 months 2 days | 2 years 9 months 7 days |
Recurring | Internal Model Third Party Inputs Valuation Technique | Agency securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0164 | 0.0173 |
Duration | 1 year 3 months 3 days | 1 year 9 months 29 days |
Recurring | Internal Model Third Party Inputs Valuation Technique | GNMA permanent securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0349 | 0.0317 |
Duration | 1 year 11 months 23 days | 1 year 11 months 4 days |
Recurring | Level 3 | Internal Model Third Party Inputs Valuation Technique | CMBS | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Carrying Value | $ 992,226 | $ 1,632,714 |
Recurring | Level 3 | Internal Model Third Party Inputs Valuation Technique | CMBS interest-only | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Carrying Value | 21,537 | 28,342 |
Recurring | Level 3 | Internal Model Third Party Inputs Valuation Technique | GNMA interest-only | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Carrying Value | 1,001 | 1,851 |
Recurring | Level 3 | Internal Model Third Party Inputs Valuation Technique | Agency securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Carrying Value | 605 | 637 |
Recurring | Level 3 | Internal Model Third Party Inputs Valuation Technique | GNMA permanent securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Carrying Value | $ 31,199 | $ 32,369 |
INCOME TAXES - Components of th
INCOME TAXES - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current expense (benefit) | |||||||||||
U.S. federal | $ (8,087) | $ (1,772) | $ 7,099 | ||||||||
State and local | (1,796) | (396) | 7,068 | ||||||||
Total current expense (benefit) | (9,883) | (2,168) | 14,167 | ||||||||
Deferred expense (benefit) | |||||||||||
U.S. federal | 119 | 3,824 | (5,115) | ||||||||
State and local | (25) | 990 | (2,409) | ||||||||
Total deferred expense (benefit) | 94 | 4,814 | (7,524) | ||||||||
Income tax expense (benefit) | $ (4,712) | $ 14 | $ (550) | $ (4,541) | $ 2,169 | $ 1,112 | $ 2,219 | $ (2,854) | $ (9,789) | $ 2,646 | $ 6,643 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | ||||
Deferred tax liabilities | $ (9,218) | $ (4,671) | ||
Deferred tax asset related to capital losses | 5,700 | 6,700 | ||
Income tax expense (benefit) | 3,300 | $ 3,300 | ||
Fees and other income | $ 2,500 | |||
Unlimited carryforwards | $ 22,800 | |||
Percentage of applicable cash saving in income tax distributable to specified unitholders | 85.00% | |||
Other assets | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax liabilities | $ (2,000) | (2,100) | ||
Amount Payable Pursuant to Tax Receivable Agreement | ||||
Income Tax Contingency [Line Items] | ||||
Amount payable pursuant to Tax Receivable Agreement | 900 | 1,600 | ||
Accrued Liabilities | ||||
Income Tax Contingency [Line Items] | ||||
Liability for unrecognized tax benefits for uncertain income tax positions | $ 700 | $ 200 |
INCOME TAXES - Tax Rate Reconci
INCOME TAXES - Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
US statutory tax rate | 21.00% | 21.00% | 21.00% |
REIT income not subject to corporate income tax | 65.98% | (21.89%) | (18.86%) |
Increase due to state and local taxes | 9.85% | (0.25%) | 2.44% |
Change in valuation allowance | 6.91% | 3.26% | (1.64%) |
Offshore non-taxable income | (41.96%) | (0.24%) | 0.00% |
UTP released | (2.54%) | (0.46%) | 0.00% |
Section 163 (j) interest expense limitation | (0.0712) | 0 | 0 |
REIT Income Taxes | (2.59%) | 0.00% | 0.00% |
Return to Provision | (1.25%) | 0.00% | 0.00% |
Net operating loss carryback benefit | 4.54% | 0.00% | 0.00% |
Other | (1.96%) | 0.45% | (0.03%) |
Effective income tax rate | 50.86% | 1.87% | 2.91% |
Income tax expense (benefit) | $ 3.3 | $ 3.3 |
INCOME TAXES - Components of De
INCOME TAXES - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Basis difference in operating partnerships | $ 6,222 | $ 246 |
Net unrealized losses | 986 | 1,440 |
Capital losses carryforward | 5,664 | 6,717 |
Valuation allowance | (5,664) | (6,717) |
Interest expense limitation | 1,370 | 846 |
Valuation Allowance | (1,370) | 0 |
Total Deferred Tax Assets | $ 7,208 | $ 2,532 |
INCOME TAXES - Components of _2
INCOME TAXES - Components of Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Basis difference in operating partnerships | $ 9,218 | $ 4,671 |
Total Deferred Tax Liability | $ 9,218 | $ 4,671 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Jun. 22, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 18, 2016 |
Related Party Transaction [Line Items] | |||||
Realized loss on investment | $ 1,100,000 | $ 200,000 | $ 100,000 | ||
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Investment in mutual fund | $ 10,000,000 | ||||
Realized loss on investment | $ (700,000) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Unfunded Loan Commitments | ||||
Operating lease liability | $ 1.3 | |||
Operating lease, right-of-use asset | 1.3 | |||
Tenant reimbursements | $ 5.5 | $ 6.4 | $ 9.7 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | |||
Provision for loan losses | ||||
Unfunded Loan Commitments | ||||
Unfunded commitments of mortgage loan receivables held for investment | $ 148.8 | $ 286.5 | ||
Unfunded commitments of mortgage loan receivables held for investment, additional funds | 63.00% | |||
Accounting Standards Update 2016-02 | ||||
Unfunded Loan Commitments | ||||
Operating lease liability | $ 3.5 | |||
Operating lease, right-of-use asset | $ 3.3 |
SEGMENT REPORTING - Additional
SEGMENT REPORTING - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
SEGMENT REPORTING - Schedule of
SEGMENT REPORTING - Schedule of Segments (Details) - USD ($) | May 01, 2019 | Feb. 06, 2019 | Jun. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Income Statement [Abstract] | |||||||||||||||||||
Interest income | $ 50,543,000 | $ 54,621,000 | $ 62,096,000 | $ 72,589,000 | $ 76,196,000 | $ 82,251,000 | $ 85,322,000 | $ 86,466,000 | $ 239,849,000 | $ 330,235,000 | $ 344,816,000 | ||||||||
Interest expense | (227,474,000) | (204,353,000) | (194,291,000) | ||||||||||||||||
Net interest income (expense) | 12,375,000 | 125,882,000 | 150,525,000 | ||||||||||||||||
(Provision) benefit for loan losses | (18,275,000) | (2,600,000) | (13,900,000) | ||||||||||||||||
Net interest income (expense) after provision for (release of) loan losses | 4,359,000 | 735,000 | (5,600,000) | (5,393,000) | 24,857,000 | 30,854,000 | 32,653,000 | 34,918,000 | (5,900,000) | 123,282,000 | 136,625,000 | ||||||||
Operating lease income | $ 3,900,000 | 100,248,000 | 106,366,000 | 106,177,000 | |||||||||||||||
Sale of loans, net | (1,571,000) | 54,758,000 | 16,511,000 | ||||||||||||||||
Realized gain (loss) on securities | (12,410,000) | 14,911,000 | (5,808,000) | ||||||||||||||||
Unrealized gain (loss) on equity securities | (132,000) | 1,737,000 | (1,605,000) | ||||||||||||||||
Unrealized gain (loss) on Agency interest-only securities | 263,000 | 84,000 | 555,000 | ||||||||||||||||
Realized gain (loss) on sale of real estate, net | $ 0 | 32,102,000 | 1,392,000 | 95,881,000 | |||||||||||||||
Impairment of real estate | 1,400,000 | 0 | 1,350,000 | 0 | |||||||||||||||
Fee and other income | 12,654,000 | 24,403,000 | 26,285,000 | ||||||||||||||||
Net result from derivative transactions | (15,270,000) | (30,011,000) | 15,926,000 | ||||||||||||||||
Earnings (loss) from investment in unconsolidated joint ventures | 1,821,000 | 3,432,000 | 790,000 | ||||||||||||||||
Gain (loss) on extinguishment/defeasance of debt | $ (1,100,000) | 22,250,000 | (1,070,000) | (4,392,000) | |||||||||||||||
Total other income (loss) | 139,955,000 | 174,652,000 | 250,320,000 | ||||||||||||||||
Salaries and employee benefits | (58,101,000) | (67,768,000) | (60,117,000) | ||||||||||||||||
Operating expenses | (20,294,000) | (22,595,000) | (21,696,000) | ||||||||||||||||
Real estate operating expenses | (28,584,000) | (23,323,000) | (29,799,000) | ||||||||||||||||
Fee expense | (7,244,000) | (6,090,000) | (5,055,000) | ||||||||||||||||
Depreciation and amortization | $ (400,000) | (39,079,000) | (38,511,000) | (41,959,000) | |||||||||||||||
Total costs and expenses | (47,889,000) | (32,149,000) | (31,052,000) | (42,211,000) | (36,839,000) | (36,989,000) | (38,069,000) | (46,390,000) | (153,302,000) | (158,287,000) | (158,626,000) | ||||||||
Income tax (expense) benefit | 4,712,000 | (14,000) | 550,000 | 4,541,000 | (2,169,000) | (1,112,000) | (2,219,000) | 2,854,000 | 9,789,000 | (2,646,000) | (6,643,000) | ||||||||
Net income (loss) | (11,583,000) | $ 21,382,000 | $ (5,193,000) | $ (14,061,000) | 45,450,000 | $ 30,948,000 | $ 36,072,000 | $ 24,531,000 | (9,458,000) | 137,001,000 | 221,676,000 | ||||||||
Total assets | 5,881,229,000 | [1] | 6,669,152,000 | [1] | 5,881,229,000 | [1] | 6,669,152,000 | [1] | 6,272,872,000 | ||||||||||
Investment in unconsolidated joint ventures | [1] | 46,253,000 | 48,433,000 | 46,253,000 | 48,433,000 | ||||||||||||||
Investment in FHLB stock | [1] | 31,000,000 | 61,619,000 | 31,000,000 | 61,619,000 | ||||||||||||||
Operating Segment | |||||||||||||||||||
Income Statement [Abstract] | |||||||||||||||||||
Investment in unconsolidated joint ventures | 46,300,000 | 48,400,000 | 46,300,000 | 48,400,000 | |||||||||||||||
Operating Segment | Loans | |||||||||||||||||||
Income Statement [Abstract] | |||||||||||||||||||
Interest income | 205,640,000 | 270,239,000 | 310,149,000 | ||||||||||||||||
Interest expense | (48,084,000) | (50,293,000) | (62,474,000) | ||||||||||||||||
Net interest income (expense) | 157,556,000 | 219,946,000 | 247,675,000 | ||||||||||||||||
(Provision) benefit for loan losses | (18,277,000) | (2,600,000) | (13,900,000) | ||||||||||||||||
Net interest income (expense) after provision for (release of) loan losses | 139,279,000 | 217,346,000 | 233,775,000 | ||||||||||||||||
Operating lease income | 0 | 0 | 0 | ||||||||||||||||
Sale of loans, net | (1,571,000) | 54,758,000 | 16,511,000 | ||||||||||||||||
Realized gain (loss) on securities | 0 | 0 | 0 | ||||||||||||||||
Unrealized gain (loss) on equity securities | 0 | 0 | 0 | ||||||||||||||||
Unrealized gain (loss) on Agency interest-only securities | 0 | 0 | 0 | ||||||||||||||||
Realized gain (loss) on sale of real estate, net | 0 | 0 | 0 | ||||||||||||||||
Impairment of real estate | 0 | ||||||||||||||||||
Fee and other income | 9,142,000 | 19,188,000 | 16,490,000 | ||||||||||||||||
Net result from derivative transactions | (11,264,000) | (16,160,000) | 10,467,000 | ||||||||||||||||
Earnings (loss) from investment in unconsolidated joint ventures | 0 | 0 | 0 | ||||||||||||||||
Gain (loss) on extinguishment/defeasance of debt | 0 | 0 | (69,000) | ||||||||||||||||
Total other income (loss) | (3,693,000) | 57,786,000 | 43,399,000 | ||||||||||||||||
Salaries and employee benefits | 0 | 0 | 0 | ||||||||||||||||
Operating expenses | 3,000 | 0 | 0 | ||||||||||||||||
Real estate operating expenses | 0 | 0 | 0 | ||||||||||||||||
Fee expense | (6,124,000) | (4,602,000) | (4,040,000) | ||||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||||||||||
Total costs and expenses | (6,121,000) | (4,602,000) | (4,040,000) | ||||||||||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||||||||||
Net income (loss) | 129,465,000 | 270,530,000 | 273,134,000 | ||||||||||||||||
Total assets | 2,343,070,000 | 3,358,861,000 | 2,343,070,000 | 3,358,861,000 | 3,482,929,000 | ||||||||||||||
Operating Segment | Securities | |||||||||||||||||||
Income Statement [Abstract] | |||||||||||||||||||
Interest income | 32,904,000 | 58,880,000 | 34,217,000 | ||||||||||||||||
Interest expense | (21,554,000) | (19,248,000) | (4,617,000) | ||||||||||||||||
Net interest income (expense) | 11,349,000 | 39,632,000 | 29,600,000 | ||||||||||||||||
(Provision) benefit for loan losses | 2,000 | 0 | 0 | ||||||||||||||||
Net interest income (expense) after provision for (release of) loan losses | 11,351,000 | 39,632,000 | 29,600,000 | ||||||||||||||||
Operating lease income | 0 | 0 | 0 | ||||||||||||||||
Sale of loans, net | 0 | 0 | 0 | ||||||||||||||||
Realized gain (loss) on securities | (12,410,000) | 14,911,000 | (5,808,000) | ||||||||||||||||
Unrealized gain (loss) on equity securities | (132,000) | 1,737,000 | (1,605,000) | ||||||||||||||||
Unrealized gain (loss) on Agency interest-only securities | 263,000 | 84,000 | 555,000 | ||||||||||||||||
Realized gain (loss) on sale of real estate, net | 0 | 0 | 0 | ||||||||||||||||
Impairment of real estate | 0 | ||||||||||||||||||
Fee and other income | 403,000 | 1,592,000 | 0 | ||||||||||||||||
Net result from derivative transactions | (4,006,000) | (13,851,000) | 5,459,000 | ||||||||||||||||
Earnings (loss) from investment in unconsolidated joint ventures | 0 | 0 | 0 | ||||||||||||||||
Gain (loss) on extinguishment/defeasance of debt | 0 | 0 | 0 | ||||||||||||||||
Total other income (loss) | (15,882,000) | 4,473,000 | (1,399,000) | ||||||||||||||||
Salaries and employee benefits | 0 | 0 | 0 | ||||||||||||||||
Operating expenses | 0 | 0 | 0 | ||||||||||||||||
Real estate operating expenses | 0 | 0 | 0 | ||||||||||||||||
Fee expense | (236,000) | (350,000) | (398,000) | ||||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||||||||||
Total costs and expenses | (236,000) | (350,000) | (398,000) | ||||||||||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||||||||||
Net income (loss) | (4,767,000) | 43,755,000 | 27,803,000 | ||||||||||||||||
Total assets | 1,058,298,000 | 1,721,305,000 | 1,058,298,000 | 1,721,305,000 | 1,410,126,000 | ||||||||||||||
Operating Segment | Real Estate | |||||||||||||||||||
Income Statement [Abstract] | |||||||||||||||||||
Interest income | 13,000 | 32,000 | 24,000 | ||||||||||||||||
Interest expense | (39,396,000) | (37,226,000) | (34,739,000) | ||||||||||||||||
Net interest income (expense) | (39,383,000) | (37,194,000) | (34,715,000) | ||||||||||||||||
(Provision) benefit for loan losses | 0 | 0 | 0 | ||||||||||||||||
Net interest income (expense) after provision for (release of) loan losses | (39,383,000) | (37,194,000) | (34,715,000) | ||||||||||||||||
Operating lease income | 100,248,000 | 106,366,000 | 106,177,000 | ||||||||||||||||
Sale of loans, net | 0 | 0 | 0 | ||||||||||||||||
Realized gain (loss) on securities | 0 | 0 | 0 | ||||||||||||||||
Unrealized gain (loss) on equity securities | 0 | 0 | 0 | ||||||||||||||||
Unrealized gain (loss) on Agency interest-only securities | 0 | 0 | 0 | ||||||||||||||||
Realized gain (loss) on sale of real estate, net | 32,102,000 | 1,392,000 | 95,881,000 | ||||||||||||||||
Impairment of real estate | 1,350,000 | ||||||||||||||||||
Fee and other income | 25,000 | 8,000 | 3,416,000 | ||||||||||||||||
Net result from derivative transactions | 0 | 0 | 0 | ||||||||||||||||
Earnings (loss) from investment in unconsolidated joint ventures | 1,821,000 | 3,432,000 | 790,000 | ||||||||||||||||
Gain (loss) on extinguishment/defeasance of debt | 0 | (1,070,000) | (4,323,000) | ||||||||||||||||
Total other income (loss) | 134,196,000 | 108,778,000 | 201,941,000 | ||||||||||||||||
Salaries and employee benefits | 0 | 0 | 0 | ||||||||||||||||
Operating expenses | 0 | 0 | 0 | ||||||||||||||||
Real estate operating expenses | (28,584,000) | (23,323,000) | (29,799,000) | ||||||||||||||||
Fee expense | (884,000) | (1,138,000) | (617,000) | ||||||||||||||||
Depreciation and amortization | (38,980,000) | (38,412,000) | (41,884,000) | ||||||||||||||||
Total costs and expenses | (68,448,000) | (62,873,000) | (72,300,000) | ||||||||||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||||||||||
Net income (loss) | 26,365,000 | 8,711,000 | 94,926,000 | ||||||||||||||||
Total assets | 1,031,557,000 | 1,096,514,000 | 1,031,557,000 | 1,096,514,000 | 1,038,376,000 | ||||||||||||||
Corporate/Other | |||||||||||||||||||
Income Statement [Abstract] | |||||||||||||||||||
Interest income | 1,293,000 | 1,084,000 | 426,000 | ||||||||||||||||
Interest expense | (118,440,000) | (97,586,000) | (92,461,000) | ||||||||||||||||
Net interest income (expense) | (117,148,000) | (96,502,000) | (92,035,000) | ||||||||||||||||
(Provision) benefit for loan losses | 0 | 0 | 0 | ||||||||||||||||
Net interest income (expense) after provision for (release of) loan losses | (117,148,000) | (96,502,000) | (92,035,000) | ||||||||||||||||
Operating lease income | 0 | 0 | 0 | ||||||||||||||||
Sale of loans, net | 0 | 0 | 0 | ||||||||||||||||
Realized gain (loss) on securities | 0 | 0 | 0 | ||||||||||||||||
Unrealized gain (loss) on equity securities | 0 | 0 | 0 | ||||||||||||||||
Unrealized gain (loss) on Agency interest-only securities | 0 | 0 | 0 | ||||||||||||||||
Realized gain (loss) on sale of real estate, net | 0 | 0 | 0 | ||||||||||||||||
Impairment of real estate | 0 | ||||||||||||||||||
Fee and other income | 3,084,000 | 3,615,000 | 6,379,000 | ||||||||||||||||
Net result from derivative transactions | 0 | 0 | 0 | ||||||||||||||||
Earnings (loss) from investment in unconsolidated joint ventures | 0 | 0 | 0 | ||||||||||||||||
Gain (loss) on extinguishment/defeasance of debt | 22,250,000 | 0 | 0 | ||||||||||||||||
Total other income (loss) | 25,334,000 | 3,615,000 | 6,379,000 | ||||||||||||||||
Salaries and employee benefits | (58,101,000) | (67,768,000) | (60,117,000) | ||||||||||||||||
Operating expenses | (20,297,000) | (22,595,000) | (21,696,000) | ||||||||||||||||
Real estate operating expenses | 0 | ||||||||||||||||||
Fee expense | 0 | 0 | 0 | ||||||||||||||||
Depreciation and amortization | (99,000) | (99,000) | (75,000) | ||||||||||||||||
Total costs and expenses | (78,497,000) | (90,462,000) | (81,888,000) | ||||||||||||||||
Income tax (expense) benefit | 9,789,000 | (2,646,000) | (6,643,000) | ||||||||||||||||
Net income (loss) | (160,522,000) | (185,995,000) | (174,187,000) | ||||||||||||||||
Total assets | 1,448,303,000 | 492,472,000 | 1,448,303,000 | 492,472,000 | $ 341,441,000 | ||||||||||||||
Investment in FHLB stock | 31,000,000 | 61,600,000 | 31,000,000 | 61,600,000 | |||||||||||||||
Corporate/Other | Senior Unsecured Notes | |||||||||||||||||||
Income Statement [Abstract] | |||||||||||||||||||
Senior notes | $ 1,600,000,000 | $ 1,200,000,000 | $ 1,600,000,000 | $ 1,200,000,000 | |||||||||||||||
[1] | Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10. |
QUARTERLY FINANCIAL INFORMATI_3
QUARTERLY FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 15, 2020 | Aug. 31, 2020 | May 28, 2020 | Feb. 27, 2020 | Nov. 26, 2019 | Aug. 22, 2019 | May 30, 2019 | Feb. 27, 2019 | Jan. 24, 2019 | Nov. 01, 2018 | Oct. 30, 2018 | Sep. 05, 2018 | May 30, 2018 | Feb. 27, 2018 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||||||||
Interest income | $ 50,543 | $ 54,621 | $ 62,096 | $ 72,589 | $ 76,196 | $ 82,251 | $ 85,322 | $ 86,466 | $ 239,849 | $ 330,235 | $ 344,816 | ||||||||||||||
Net interest income after provision for (release of) loan reserves | 4,359 | 735 | (5,600) | (5,393) | 24,857 | 30,854 | 32,653 | 34,918 | (5,900) | 123,282 | 136,625 | ||||||||||||||
Other income (loss) | 27,235 | 52,810 | 30,909 | 29,002 | 59,601 | 38,195 | 43,708 | 33,148 | |||||||||||||||||
Total expenses | 47,889 | 32,149 | 31,052 | 42,211 | 36,839 | 36,989 | 38,069 | 46,390 | 153,302 | 158,287 | 158,626 | ||||||||||||||
Income (loss) before taxes | (16,295) | 21,396 | (5,743) | (18,602) | 47,619 | 32,060 | 38,291 | 21,677 | (19,247) | 139,647 | 228,319 | ||||||||||||||
Income tax expense (benefit) | (4,712) | 14 | (550) | (4,541) | 2,169 | 1,112 | 2,219 | (2,854) | (9,789) | 2,646 | 6,643 | ||||||||||||||
Net income (loss) | (11,583) | 21,382 | (5,193) | (14,061) | 45,450 | 30,948 | 36,072 | 24,531 | (9,458) | 137,001 | 221,676 | ||||||||||||||
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures | (127) | (4,149) | 250 | (1,519) | 4 | (64) | 307 | 447 | (5,544) | 694 | (15,864) | ||||||||||||||
Net (income) loss attributable to noncontrolling interest in operating partnership | $ (4) | $ (45) | $ 754 | $ (148) | $ (4,804) | $ (3,308) | $ (4,136) | $ (2,802) | $ 557 | $ (15,050) | $ (25,797) | ||||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||||
Basic (in dollars per share) | $ (0.10) | $ 0.15 | $ (0.04) | $ (0.15) | $ 0.38 | $ 0.26 | $ 0.31 | $ 0.21 | $ (0.13) | $ 1.16 | $ 1.85 | ||||||||||||||
Diluted (in dollars per share) | $ (0.10) | $ 0.14 | $ (0.04) | $ (0.15) | $ 0.37 | $ 0.26 | $ 0.30 | $ 0.21 | $ (0.13) | $ 1.15 | $ 1.84 | ||||||||||||||
Class A Common Stock | |||||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||||||||
Net income (loss) attributable to Class A common shareholders | $ (11,714) | $ 17,188 | $ (4,189) | $ (15,728) | $ 40,650 | $ 27,577 | $ 32,242 | $ 22,175 | $ (14,445) | $ 122,645 | $ 180,015 | ||||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||||
Basic (in dollars per share) | $ (0.13) | $ 1.16 | $ 1.85 | ||||||||||||||||||||||
Diluted (in dollars per share) | (0.13) | 1.15 | 1.84 | ||||||||||||||||||||||
Dividends per share of Class A common stock (in dollars per share) | $ 0.200 | $ 0.200 | $ 0.200 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.570 | $ 0.570 | $ 0.570 | $ 0.325 | $ 0.325 | $ 0.315 | $ 0.200 | $ 0.200 | $ 0.200 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.340 | $ 0.940 | $ 1.360 | $ 1.535 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event | Jan. 27, 2021USD ($) |
Subsequent Event [Line Items] | |
Notes offering | $ 400,000,000 |
Senior Notes Due 2021 | Senior Notes | |
Subsequent Event [Line Items] | |
Stated interest rate on debt instrument | 5.875% |
Redemption of long-term debt | $ 150,900,000 |
Schedule III-Real Estate and _2
Schedule III-Real Estate and Accumulated Depreciation Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 766,064 | |||
Initial Cost to Company | ||||
Land | 222,683 | |||
Building | 819,304 | |||
Intangibles | 159,778 | |||
Costs Capitalized Subsequent to Acquisition | 34,118 | |||
Land | 220,511 | |||
Building | 838,542 | |||
Intangibles | 157,178 | |||
Total | 1,216,231 | $ 1,254,163 | $ 1,171,960 | $ 1,193,104 |
Accumulated Depreciation and Amortization | (230,925) | $ (206,082) | $ (173,938) | $ (161,063) |
Aggregate cost for U.S. Federal Income Tax Purposes | 900,000 | |||
Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 515,740 | |||
Initial Cost to Company | ||||
Land | 115,078 | |||
Building | 550,290 | |||
Intangibles | 117,112 | |||
Costs Capitalized Subsequent to Acquisition | 8,991 | |||
Land | 115,078 | |||
Building | 559,287 | |||
Intangibles | 117,109 | |||
Total | 791,474 | |||
Accumulated Depreciation and Amortization | (151,840) | |||
Diversified | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 250,324 | |||
Initial Cost to Company | ||||
Land | 107,605 | |||
Building | 269,014 | |||
Intangibles | 42,666 | |||
Costs Capitalized Subsequent to Acquisition | 25,127 | |||
Land | 105,433 | |||
Building | 279,255 | |||
Intangibles | 40,069 | |||
Total | 424,757 | |||
Accumulated Depreciation and Amortization | (79,085) | |||
Newburgh, IN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 126 | |||
Building | 954 | |||
Intangibles | 178 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 126 | |||
Building | 954 | |||
Intangibles | 178 | |||
Total | 1,258 | |||
Accumulated Depreciation and Amortization | $ (6) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Little Falls, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 870 | |||
Initial Cost to Company | ||||
Land | 199 | |||
Building | 783 | |||
Intangibles | 249 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 199 | |||
Building | 783 | |||
Intangibles | 249 | |||
Total | 1,231 | |||
Accumulated Depreciation and Amortization | $ (23) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 55 years | |||
Newburgh, IN 1 | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 929 | |||
Initial Cost to Company | ||||
Land | 213 | |||
Building | 873 | |||
Intangibles | 220 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 213 | |||
Building | 873 | |||
Intangibles | 220 | |||
Total | 1,306 | |||
Accumulated Depreciation and Amortization | $ (25) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Isanti, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,016 | |||
Initial Cost to Company | ||||
Land | 249 | |||
Building | 894 | |||
Intangibles | 297 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 249 | |||
Building | 894 | |||
Intangibles | 297 | |||
Total | 1,440 | |||
Accumulated Depreciation and Amortization | $ (24) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 55 years | |||
Waterloo, IA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 875 | |||
Initial Cost to Company | ||||
Land | 130 | |||
Building | 896 | |||
Intangibles | 214 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 130 | |||
Building | 896 | |||
Intangibles | 214 | |||
Total | 1,240 | |||
Accumulated Depreciation and Amortization | $ (29) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Sioux City, IA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 933 | |||
Initial Cost to Company | ||||
Land | 220 | |||
Building | 876 | |||
Intangibles | 222 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 220 | |||
Building | 876 | |||
Intangibles | 222 | |||
Total | 1,318 | |||
Accumulated Depreciation and Amortization | $ (29) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Wardsville, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 984 | |||
Initial Cost to Company | ||||
Land | 257 | |||
Building | 919 | |||
Intangibles | 202 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 257 | |||
Building | 919 | |||
Intangibles | 202 | |||
Total | 1,378 | |||
Accumulated Depreciation and Amortization | $ (36) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Kincheloe, MI | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 892 | |||
Initial Cost to Company | ||||
Land | 58 | |||
Building | 939 | |||
Intangibles | 229 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 58 | |||
Building | 939 | |||
Intangibles | 229 | |||
Total | 1,226 | |||
Accumulated Depreciation and Amortization | $ (36) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Clinton, IN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,041 | |||
Initial Cost to Company | ||||
Land | 269 | |||
Building | 954 | |||
Intangibles | 204 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 269 | |||
Building | 954 | |||
Intangibles | 204 | |||
Total | 1,427 | |||
Accumulated Depreciation and Amortization | $ (35) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
Saginaw, MI | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 956 | |||
Initial Cost to Company | ||||
Land | 96 | |||
Building | 1,014 | |||
Intangibles | 210 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 96 | |||
Building | 1,014 | |||
Intangibles | 210 | |||
Total | 1,320 | |||
Accumulated Depreciation and Amortization | $ (44) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Rolla, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 944 | |||
Initial Cost to Company | ||||
Land | 110 | |||
Building | 1,011 | |||
Intangibles | 188 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 110 | |||
Building | 1,011 | |||
Intangibles | 188 | |||
Total | 1,309 | |||
Accumulated Depreciation and Amortization | $ (44) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Sullivan, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,178 | |||
Initial Cost to Company | ||||
Land | 340 | |||
Building | 981 | |||
Intangibles | 257 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 340 | |||
Building | 981 | |||
Intangibles | 257 | |||
Total | 1,578 | |||
Accumulated Depreciation and Amortization | $ (41) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 50 years | |||
Becker, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 942 | |||
Initial Cost to Company | ||||
Land | 136 | |||
Building | 922 | |||
Intangibles | 188 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 136 | |||
Building | 922 | |||
Intangibles | 188 | |||
Total | 1,246 | |||
Accumulated Depreciation and Amortization | $ (38) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 55 years | |||
Adrian, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 861 | |||
Initial Cost to Company | ||||
Land | 136 | |||
Building | 884 | |||
Intangibles | 191 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 136 | |||
Building | 884 | |||
Intangibles | 191 | |||
Total | 1,211 | |||
Accumulated Depreciation and Amortization | $ (39) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Chilicothe, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,027 | |||
Initial Cost to Company | ||||
Land | 227 | |||
Building | 1,047 | |||
Intangibles | 245 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 227 | |||
Building | 1,047 | |||
Intangibles | 245 | |||
Total | 1,519 | |||
Accumulated Depreciation and Amortization | $ (46) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 50 years | |||
Poseyville, IN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 871 | |||
Initial Cost to Company | ||||
Land | 160 | |||
Building | 947 | |||
Intangibles | 194 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 160 | |||
Building | 947 | |||
Intangibles | 194 | |||
Total | 1,301 | |||
Accumulated Depreciation and Amortization | $ (43) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
Dexter, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 880 | |||
Initial Cost to Company | ||||
Land | 141 | |||
Building | 890 | |||
Intangibles | 177 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 141 | |||
Building | 890 | |||
Intangibles | 177 | |||
Total | 1,208 | |||
Accumulated Depreciation and Amortization | $ (45) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Hubbard Lake, MI | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 921 | |||
Initial Cost to Company | ||||
Land | 40 | |||
Building | 1,017 | |||
Intangibles | 203 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 40 | |||
Building | 1,017 | |||
Intangibles | 203 | |||
Total | 1,260 | |||
Accumulated Depreciation and Amortization | $ (52) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Fayette, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,092 | |||
Initial Cost to Company | ||||
Land | 107 | |||
Building | 1,168 | |||
Intangibles | 219 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 107 | |||
Building | 1,168 | |||
Intangibles | 219 | |||
Total | 1,494 | |||
Accumulated Depreciation and Amortization | $ (61) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Centralia, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 949 | |||
Initial Cost to Company | ||||
Land | 200 | |||
Building | 913 | |||
Intangibles | 193 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 200 | |||
Building | 913 | |||
Intangibles | 193 | |||
Total | 1,306 | |||
Accumulated Depreciation and Amortization | $ (58) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Trenton, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 892 | |||
Initial Cost to Company | ||||
Land | 396 | |||
Building | 628 | |||
Intangibles | 202 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 396 | |||
Building | 628 | |||
Intangibles | 202 | |||
Total | 1,226 | |||
Accumulated Depreciation and Amortization | $ (61) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Houghton Lake, MI | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 965 | |||
Initial Cost to Company | ||||
Land | 124 | |||
Building | 939 | |||
Intangibles | 241 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 124 | |||
Building | 939 | |||
Intangibles | 241 | |||
Total | 1,304 | |||
Accumulated Depreciation and Amortization | $ (64) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Pelican Rapids, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 917 | |||
Initial Cost to Company | ||||
Land | 78 | |||
Building | 1,016 | |||
Intangibles | 169 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 78 | |||
Building | 1,016 | |||
Intangibles | 169 | |||
Total | 1,263 | |||
Accumulated Depreciation and Amortization | $ (90) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Carthage, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 845 | |||
Initial Cost to Company | ||||
Land | 225 | |||
Building | 766 | |||
Intangibles | 176 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 225 | |||
Building | 766 | |||
Intangibles | 176 | |||
Total | 1,167 | |||
Accumulated Depreciation and Amortization | $ (58) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Bolivar, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 894 | |||
Initial Cost to Company | ||||
Land | 186 | |||
Building | 876 | |||
Intangibles | 182 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 186 | |||
Building | 876 | |||
Intangibles | 182 | |||
Total | 1,244 | |||
Accumulated Depreciation and Amortization | $ (65) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Pinconning, MI | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 949 | |||
Initial Cost to Company | ||||
Land | 167 | |||
Building | 905 | |||
Intangibles | 221 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 167 | |||
Building | 905 | |||
Intangibles | 221 | |||
Total | 1,293 | |||
Accumulated Depreciation and Amortization | $ (61) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
New Hampton, IA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,014 | |||
Initial Cost to Company | ||||
Land | 177 | |||
Building | 1,111 | |||
Intangibles | 187 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 177 | |||
Building | 1,111 | |||
Intangibles | 187 | |||
Total | 1,475 | |||
Accumulated Depreciation and Amortization | $ (92) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Ogden, IA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 857 | |||
Initial Cost to Company | ||||
Land | 107 | |||
Building | 931 | |||
Intangibles | 153 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 107 | |||
Building | 931 | |||
Intangibles | 153 | |||
Total | 1,191 | |||
Accumulated Depreciation and Amortization | $ (84) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Wonder Lake, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 941 | |||
Initial Cost to Company | ||||
Land | 221 | |||
Building | 888 | |||
Intangibles | 214 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 221 | |||
Building | 888 | |||
Intangibles | 214 | |||
Total | 1,323 | |||
Accumulated Depreciation and Amortization | $ (95) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | |||
Moscow Mills, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 990 | |||
Initial Cost to Company | ||||
Land | 161 | |||
Building | 945 | |||
Intangibles | 203 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 161 | |||
Building | 945 | |||
Intangibles | 203 | |||
Total | 1,309 | |||
Accumulated Depreciation and Amortization | $ (92) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Foley, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 883 | |||
Initial Cost to Company | ||||
Land | 238 | |||
Building | 823 | |||
Intangibles | 172 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 238 | |||
Building | 823 | |||
Intangibles | 172 | |||
Total | 1,233 | |||
Accumulated Depreciation and Amortization | $ (96) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Kirbyville, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 870 | |||
Initial Cost to Company | ||||
Land | 98 | |||
Building | 965 | |||
Intangibles | 155 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 98 | |||
Building | 965 | |||
Intangibles | 155 | |||
Total | 1,218 | |||
Accumulated Depreciation and Amortization | $ (92) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Gladwin, MI | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 883 | |||
Initial Cost to Company | ||||
Land | 88 | |||
Building | 951 | |||
Intangibles | 203 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 88 | |||
Building | 951 | |||
Intangibles | 203 | |||
Total | 1,242 | |||
Accumulated Depreciation and Amortization | $ (87) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Rockford, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 887 | |||
Initial Cost to Company | ||||
Land | 187 | |||
Building | 850 | |||
Intangibles | 207 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 187 | |||
Building | 850 | |||
Intangibles | 207 | |||
Total | 1,244 | |||
Accumulated Depreciation and Amortization | $ (133) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Winterset, IA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 936 | |||
Initial Cost to Company | ||||
Land | 272 | |||
Building | 830 | |||
Intangibles | 200 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 272 | |||
Building | 830 | |||
Intangibles | 200 | |||
Total | 1,302 | |||
Accumulated Depreciation and Amortization | $ (104) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Kawkawlin, MI | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 918 | |||
Initial Cost to Company | ||||
Land | 242 | |||
Building | 871 | |||
Intangibles | 179 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 242 | |||
Building | 871 | |||
Intangibles | 179 | |||
Total | 1,292 | |||
Accumulated Depreciation and Amortization | $ (123) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Aroma Park, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 949 | |||
Initial Cost to Company | ||||
Land | 223 | |||
Building | 869 | |||
Intangibles | 164 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 223 | |||
Building | 869 | |||
Intangibles | 164 | |||
Total | 1,256 | |||
Accumulated Depreciation and Amortization | $ (104) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
East Peoria, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,018 | |||
Initial Cost to Company | ||||
Land | 233 | |||
Building | 998 | |||
Intangibles | 161 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 233 | |||
Building | 998 | |||
Intangibles | 161 | |||
Total | 1,392 | |||
Accumulated Depreciation and Amortization | $ (117) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Milford, IA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 986 | |||
Initial Cost to Company | ||||
Land | 254 | |||
Building | 883 | |||
Intangibles | 217 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 254 | |||
Building | 883 | |||
Intangibles | 217 | |||
Total | 1,354 | |||
Accumulated Depreciation and Amortization | $ (111) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Jefferson City, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 946 | |||
Initial Cost to Company | ||||
Land | 164 | |||
Building | 966 | |||
Intangibles | 205 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 164 | |||
Building | 966 | |||
Intangibles | 205 | |||
Total | 1,335 | |||
Accumulated Depreciation and Amortization | $ (123) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Denver, IA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 900 | |||
Initial Cost to Company | ||||
Land | 198 | |||
Building | 840 | |||
Intangibles | 191 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 198 | |||
Building | 840 | |||
Intangibles | 191 | |||
Total | 1,229 | |||
Accumulated Depreciation and Amortization | $ (120) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Port O'Connor, TX | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 951 | |||
Initial Cost to Company | ||||
Land | 167 | |||
Building | 937 | |||
Intangibles | 200 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 167 | |||
Building | 937 | |||
Intangibles | 200 | |||
Total | 1,304 | |||
Accumulated Depreciation and Amortization | $ (134) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Wabasha, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 967 | |||
Initial Cost to Company | ||||
Land | 237 | |||
Building | 912 | |||
Intangibles | 214 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 237 | |||
Building | 912 | |||
Intangibles | 214 | |||
Total | 1,363 | |||
Accumulated Depreciation and Amortization | $ (143) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Jacksonville, FL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 83,112 | |||
Initial Cost to Company | ||||
Land | 13,290 | |||
Building | 106,601 | |||
Intangibles | 21,362 | |||
Costs Capitalized Subsequent to Acquisition | 4,141 | |||
Land | 13,290 | |||
Building | 110,741 | |||
Intangibles | 21,362 | |||
Total | 145,393 | |||
Accumulated Depreciation and Amortization | $ (16,798) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 36 years | |||
Shelbyville, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 865 | |||
Initial Cost to Company | ||||
Land | 189 | |||
Building | 849 | |||
Intangibles | 199 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 189 | |||
Building | 849 | |||
Intangibles | 199 | |||
Total | 1,237 | |||
Accumulated Depreciation and Amortization | $ (116) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Jessup, IA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 886 | |||
Initial Cost to Company | ||||
Land | 119 | |||
Building | 890 | |||
Intangibles | 191 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 119 | |||
Building | 890 | |||
Intangibles | 191 | |||
Total | 1,200 | |||
Accumulated Depreciation and Amortization | $ (127) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Hanna City, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 867 | |||
Initial Cost to Company | ||||
Land | 174 | |||
Building | 925 | |||
Intangibles | 132 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 174 | |||
Building | 925 | |||
Intangibles | 132 | |||
Total | 1,231 | |||
Accumulated Depreciation and Amortization | $ (127) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | |||
Ridgedale, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 994 | |||
Initial Cost to Company | ||||
Land | 250 | |||
Building | 928 | |||
Intangibles | 187 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 250 | |||
Building | 928 | |||
Intangibles | 187 | |||
Total | 1,365 | |||
Accumulated Depreciation and Amortization | $ (129) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Peoria, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 906 | |||
Initial Cost to Company | ||||
Land | 209 | |||
Building | 933 | |||
Intangibles | 133 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 209 | |||
Building | 933 | |||
Intangibles | 133 | |||
Total | 1,275 | |||
Accumulated Depreciation and Amortization | $ (138) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Carmi, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,102 | |||
Initial Cost to Company | ||||
Land | 286 | |||
Building | 916 | |||
Intangibles | 239 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 286 | |||
Building | 916 | |||
Intangibles | 239 | |||
Total | 1,441 | |||
Accumulated Depreciation and Amortization | $ (132) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Springfield, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,003 | |||
Initial Cost to Company | ||||
Land | 391 | |||
Building | 784 | |||
Intangibles | 227 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 393 | |||
Building | 789 | |||
Intangibles | 224 | |||
Total | 1,406 | |||
Accumulated Depreciation and Amortization | $ (123) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Fayetteville, NC | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,892 | |||
Initial Cost to Company | ||||
Land | 1,379 | |||
Building | 3,121 | |||
Intangibles | 2,472 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,379 | |||
Building | 3,121 | |||
Intangibles | 2,471 | |||
Total | 6,971 | |||
Accumulated Depreciation and Amortization | $ (983) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Dryden Township, MI | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 913 | |||
Initial Cost to Company | ||||
Land | 178 | |||
Building | 893 | |||
Intangibles | 201 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 178 | |||
Building | 899 | |||
Intangibles | 202 | |||
Total | 1,279 | |||
Accumulated Depreciation and Amortization | $ (133) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Lamar, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 903 | |||
Initial Cost to Company | ||||
Land | 164 | |||
Building | 903 | |||
Intangibles | 171 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 164 | |||
Building | 903 | |||
Intangibles | 171 | |||
Total | 1,238 | |||
Accumulated Depreciation and Amortization | $ (140) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Union, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 946 | |||
Initial Cost to Company | ||||
Land | 267 | |||
Building | 867 | |||
Intangibles | 207 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 267 | |||
Building | 867 | |||
Intangibles | 207 | |||
Total | 1,341 | |||
Accumulated Depreciation and Amortization | $ (150) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Pawnee, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 946 | |||
Initial Cost to Company | ||||
Land | 249 | |||
Building | 775 | |||
Intangibles | 206 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 249 | |||
Building | 775 | |||
Intangibles | 206 | |||
Total | 1,230 | |||
Accumulated Depreciation and Amortization | $ (137) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Linn, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 861 | |||
Initial Cost to Company | ||||
Land | 89 | |||
Building | 920 | |||
Intangibles | 183 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 89 | |||
Building | 920 | |||
Intangibles | 183 | |||
Total | 1,192 | |||
Accumulated Depreciation and Amortization | $ (146) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Cape Girardeau, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,027 | |||
Initial Cost to Company | ||||
Land | 453 | |||
Building | 702 | |||
Intangibles | 217 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 453 | |||
Building | 702 | |||
Intangibles | 217 | |||
Total | 1,372 | |||
Accumulated Depreciation and Amortization | $ (128) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Decatur-Pershing, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,052 | |||
Initial Cost to Company | ||||
Land | 395 | |||
Building | 924 | |||
Intangibles | 155 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 395 | |||
Building | 924 | |||
Intangibles | 155 | |||
Total | 1,474 | |||
Accumulated Depreciation and Amortization | $ (146) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Rantoul, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 925 | |||
Initial Cost to Company | ||||
Land | 100 | |||
Building | 1,023 | |||
Intangibles | 178 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 100 | |||
Building | 1,023 | |||
Intangibles | 178 | |||
Total | 1,301 | |||
Accumulated Depreciation and Amortization | $ (152) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Flora Vista, NM | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,002 | |||
Initial Cost to Company | ||||
Land | 272 | |||
Building | 864 | |||
Intangibles | 198 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 272 | |||
Building | 864 | |||
Intangibles | 198 | |||
Total | 1,334 | |||
Accumulated Depreciation and Amortization | $ (180) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Mountain Grove, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 982 | |||
Initial Cost to Company | ||||
Land | 163 | |||
Building | 1,026 | |||
Intangibles | 212 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 163 | |||
Building | 1,026 | |||
Intangibles | 212 | |||
Total | 1,401 | |||
Accumulated Depreciation and Amortization | $ (168) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Decatur-Sunnyside, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 951 | |||
Initial Cost to Company | ||||
Land | 182 | |||
Building | 954 | |||
Intangibles | 139 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 182 | |||
Building | 954 | |||
Intangibles | 139 | |||
Total | 1,275 | |||
Accumulated Depreciation and Amortization | $ (150) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Champaign, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,017 | |||
Initial Cost to Company | ||||
Land | 365 | |||
Building | 915 | |||
Intangibles | 149 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 365 | |||
Building | 915 | |||
Intangibles | 149 | |||
Total | 1,429 | |||
Accumulated Depreciation and Amortization | $ (140) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
San Antonio, TX | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 892 | |||
Initial Cost to Company | ||||
Land | 252 | |||
Building | 703 | |||
Intangibles | 196 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 251 | |||
Building | 702 | |||
Intangibles | 196 | |||
Total | 1,149 | |||
Accumulated Depreciation and Amortization | $ (143) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Borger, TX | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 788 | |||
Initial Cost to Company | ||||
Land | 68 | |||
Building | 800 | |||
Intangibles | 181 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 68 | |||
Building | 800 | |||
Intangibles | 181 | |||
Total | 1,049 | |||
Accumulated Depreciation and Amortization | $ (143) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Dimmitt, TX | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,057 | |||
Initial Cost to Company | ||||
Land | 86 | |||
Building | 1,077 | |||
Intangibles | 236 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 85 | |||
Building | 1,074 | |||
Intangibles | 236 | |||
Total | 1,395 | |||
Accumulated Depreciation and Amortization | $ (185) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
St. Charles, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 966 | |||
Initial Cost to Company | ||||
Land | 200 | |||
Building | 843 | |||
Intangibles | 226 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 200 | |||
Building | 843 | |||
Intangibles | 226 | |||
Total | 1,269 | |||
Accumulated Depreciation and Amortization | $ (183) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Philo, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 929 | |||
Initial Cost to Company | ||||
Land | 160 | |||
Building | 889 | |||
Intangibles | 189 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 160 | |||
Building | 889 | |||
Intangibles | 189 | |||
Total | 1,238 | |||
Accumulated Depreciation and Amortization | $ (141) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Radford, VA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,131 | |||
Initial Cost to Company | ||||
Land | 411 | |||
Building | 896 | |||
Intangibles | 256 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 411 | |||
Building | 896 | |||
Intangibles | 256 | |||
Total | 1,563 | |||
Accumulated Depreciation and Amortization | $ (209) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Rural Retreat, VA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,028 | |||
Initial Cost to Company | ||||
Land | 328 | |||
Building | 811 | |||
Intangibles | 260 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 328 | |||
Building | 811 | |||
Intangibles | 260 | |||
Total | 1,399 | |||
Accumulated Depreciation and Amortization | $ (182) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Albion, PA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,114 | |||
Initial Cost to Company | ||||
Land | 100 | |||
Building | 1,033 | |||
Intangibles | 392 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 100 | |||
Building | 1,033 | |||
Intangibles | 392 | |||
Total | 1,525 | |||
Accumulated Depreciation and Amortization | $ (307) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 50 years | |||
Mount Vernon, AL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 935 | |||
Initial Cost to Company | ||||
Land | 187 | |||
Building | 876 | |||
Intangibles | 174 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 187 | |||
Building | 876 | |||
Intangibles | 174 | |||
Total | 1,237 | |||
Accumulated Depreciation and Amortization | $ (176) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
Malone, NY | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,081 | |||
Initial Cost to Company | ||||
Land | 183 | |||
Building | 1,154 | |||
Intangibles | 137 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 183 | |||
Building | 1,154 | |||
Intangibles | 137 | |||
Total | 1,474 | |||
Accumulated Depreciation and Amortization | $ (203) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | |||
Mercedes, TX | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 833 | |||
Initial Cost to Company | ||||
Land | 257 | |||
Building | 874 | |||
Intangibles | 132 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 257 | |||
Building | 874 | |||
Intangibles | 132 | |||
Total | 1,263 | |||
Accumulated Depreciation and Amortization | $ (146) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Gordonville, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 771 | |||
Initial Cost to Company | ||||
Land | 247 | |||
Building | 787 | |||
Intangibles | 173 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 247 | |||
Building | 787 | |||
Intangibles | 173 | |||
Total | 1,207 | |||
Accumulated Depreciation and Amortization | $ (148) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Rice, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 817 | |||
Initial Cost to Company | ||||
Land | 200 | |||
Building | 859 | |||
Intangibles | 184 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 200 | |||
Building | 859 | |||
Intangibles | 184 | |||
Total | 1,243 | |||
Accumulated Depreciation and Amortization | $ (216) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Bixby, OK | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,955 | |||
Initial Cost to Company | ||||
Land | 2,609 | |||
Building | 7,776 | |||
Intangibles | 1,765 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 2,609 | |||
Building | 7,776 | |||
Intangibles | 1,765 | |||
Total | 12,150 | |||
Accumulated Depreciation and Amortization | $ (1,503) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Farmington, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 896 | |||
Initial Cost to Company | ||||
Land | 96 | |||
Building | 1,161 | |||
Intangibles | 150 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 96 | |||
Building | 1,161 | |||
Intangibles | 150 | |||
Total | 1,407 | |||
Accumulated Depreciation and Amortization | $ (192) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Grove, OK | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,626 | |||
Initial Cost to Company | ||||
Land | 402 | |||
Building | 4,364 | |||
Intangibles | 817 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 402 | |||
Building | 4,364 | |||
Intangibles | 817 | |||
Total | 5,583 | |||
Accumulated Depreciation and Amortization | $ (886) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Jenks, OK | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,802 | |||
Initial Cost to Company | ||||
Land | 2,617 | |||
Building | 8,694 | |||
Intangibles | 2,107 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 2,617 | |||
Building | 8,694 | |||
Intangibles | 2,107 | |||
Total | 13,418 | |||
Accumulated Depreciation and Amortization | $ (1,783) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Bloomington, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 817 | |||
Initial Cost to Company | ||||
Land | 173 | |||
Building | 984 | |||
Intangibles | 138 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 173 | |||
Building | 984 | |||
Intangibles | 138 | |||
Total | 1,295 | |||
Accumulated Depreciation and Amortization | $ (173) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Montrose, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 779 | |||
Initial Cost to Company | ||||
Land | 149 | |||
Building | 876 | |||
Intangibles | 169 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 149 | |||
Building | 876 | |||
Intangibles | 169 | |||
Total | 1,194 | |||
Accumulated Depreciation and Amortization | $ (218) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Lincoln County, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 739 | |||
Initial Cost to Company | ||||
Land | 149 | |||
Building | 800 | |||
Intangibles | 188 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 149 | |||
Building | 800 | |||
Intangibles | 188 | |||
Total | 1,137 | |||
Accumulated Depreciation and Amortization | $ (152) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Wilmington, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 902 | |||
Initial Cost to Company | ||||
Land | 161 | |||
Building | 1,078 | |||
Intangibles | 160 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 161 | |||
Building | 1,078 | |||
Intangibles | 160 | |||
Total | 1,399 | |||
Accumulated Depreciation and Amortization | $ (188) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Danville, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 739 | |||
Initial Cost to Company | ||||
Land | 158 | |||
Building | 870 | |||
Intangibles | 132 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 158 | |||
Building | 870 | |||
Intangibles | 132 | |||
Total | 1,160 | |||
Accumulated Depreciation and Amortization | $ (144) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Moultrie, GE | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 931 | |||
Initial Cost to Company | ||||
Land | 170 | |||
Building | 962 | |||
Intangibles | 173 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 170 | |||
Building | 962 | |||
Intangibles | 173 | |||
Total | 1,305 | |||
Accumulated Depreciation and Amortization | $ (234) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
Rose Hill, NC | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,001 | |||
Initial Cost to Company | ||||
Land | 245 | |||
Building | 972 | |||
Intangibles | 203 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 245 | |||
Building | 972 | |||
Intangibles | 203 | |||
Total | 1,420 | |||
Accumulated Depreciation and Amortization | $ (226) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
Rockingham, NC | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 822 | |||
Initial Cost to Company | ||||
Land | 73 | |||
Building | 922 | |||
Intangibles | 163 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 73 | |||
Building | 922 | |||
Intangibles | 163 | |||
Total | 1,158 | |||
Accumulated Depreciation and Amortization | $ (202) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
Biscoe, NC | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 861 | |||
Initial Cost to Company | ||||
Land | 147 | |||
Building | 905 | |||
Intangibles | 164 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 147 | |||
Building | 905 | |||
Intangibles | 164 | |||
Total | 1,216 | |||
Accumulated Depreciation and Amortization | $ (206) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
De Soto, IA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 705 | |||
Initial Cost to Company | ||||
Land | 139 | |||
Building | 796 | |||
Intangibles | 176 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 139 | |||
Building | 796 | |||
Intangibles | 176 | |||
Total | 1,111 | |||
Accumulated Depreciation and Amortization | $ (164) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Kerrville, TX | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 768 | |||
Initial Cost to Company | ||||
Land | 186 | |||
Building | 849 | |||
Intangibles | 200 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 186 | |||
Building | 849 | |||
Intangibles | 200 | |||
Total | 1,235 | |||
Accumulated Depreciation and Amortization | $ (204) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Floresville, TX | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 814 | |||
Initial Cost to Company | ||||
Land | 268 | |||
Building | 828 | |||
Intangibles | 216 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 268 | |||
Building | 828 | |||
Intangibles | 216 | |||
Total | 1,312 | |||
Accumulated Depreciation and Amortization | $ (207) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Minot, ND | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,697 | |||
Initial Cost to Company | ||||
Land | 1,856 | |||
Building | 4,472 | |||
Intangibles | 618 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,856 | |||
Building | 4,472 | |||
Intangibles | 618 | |||
Total | 6,946 | |||
Accumulated Depreciation and Amortization | $ (812) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Lebanon, MI | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 820 | |||
Initial Cost to Company | ||||
Land | 359 | |||
Building | 724 | |||
Intangibles | 178 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 359 | |||
Building | 724 | |||
Intangibles | 178 | |||
Total | 1,261 | |||
Accumulated Depreciation and Amortization | $ (145) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Effingham County, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 820 | |||
Initial Cost to Company | ||||
Land | 273 | |||
Building | 774 | |||
Intangibles | 205 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 273 | |||
Building | 774 | |||
Intangibles | 205 | |||
Total | 1,252 | |||
Accumulated Depreciation and Amortization | $ (168) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Ponce, Puerto Rico | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,520 | |||
Initial Cost to Company | ||||
Land | 1,365 | |||
Building | 6,662 | |||
Intangibles | 1,318 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,365 | |||
Building | 6,662 | |||
Intangibles | 1,318 | |||
Total | 9,345 | |||
Accumulated Depreciation and Amortization | $ (1,234) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Tremont, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 787 | |||
Initial Cost to Company | ||||
Land | 164 | |||
Building | 860 | |||
Intangibles | 168 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 164 | |||
Building | 860 | |||
Intangibles | 168 | |||
Total | 1,192 | |||
Accumulated Depreciation and Amortization | $ (180) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Pleasanton, TX | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 863 | |||
Initial Cost to Company | ||||
Land | 311 | |||
Building | 850 | |||
Intangibles | 216 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 311 | |||
Building | 850 | |||
Intangibles | 216 | |||
Total | 1,377 | |||
Accumulated Depreciation and Amortization | $ (209) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Peoria, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 852 | |||
Initial Cost to Company | ||||
Land | 180 | |||
Building | 934 | |||
Intangibles | 179 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 180 | |||
Building | 934 | |||
Intangibles | 179 | |||
Total | 1,293 | |||
Accumulated Depreciation and Amortization | $ (196) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Bridgeport, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 819 | |||
Initial Cost to Company | ||||
Land | 192 | |||
Building | 874 | |||
Intangibles | 175 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 192 | |||
Building | 874 | |||
Intangibles | 175 | |||
Total | 1,241 | |||
Accumulated Depreciation and Amortization | $ (183) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Warren, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 697 | |||
Initial Cost to Company | ||||
Land | 108 | |||
Building | 825 | |||
Intangibles | 157 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 108 | |||
Building | 825 | |||
Intangibles | 157 | |||
Total | 1,090 | |||
Accumulated Depreciation and Amortization | $ (209) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Canyon Lake, TX | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 905 | |||
Initial Cost to Company | ||||
Land | 291 | |||
Building | 932 | |||
Intangibles | 220 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 291 | |||
Building | 932 | |||
Intangibles | 220 | |||
Total | 1,443 | |||
Accumulated Depreciation and Amortization | $ (218) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Wheeler, TX | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 714 | |||
Initial Cost to Company | ||||
Land | 53 | |||
Building | 887 | |||
Intangibles | 188 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 53 | |||
Building | 887 | |||
Intangibles | 188 | |||
Total | 1,128 | |||
Accumulated Depreciation and Amortization | $ (207) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Aurora, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 627 | |||
Initial Cost to Company | ||||
Land | 126 | |||
Building | 709 | |||
Intangibles | 157 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 126 | |||
Building | 709 | |||
Intangibles | 157 | |||
Total | 992 | |||
Accumulated Depreciation and Amortization | $ (148) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Red Oak, IA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 779 | |||
Initial Cost to Company | ||||
Land | 190 | |||
Building | 839 | |||
Intangibles | 179 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 190 | |||
Building | 839 | |||
Intangibles | 179 | |||
Total | 1,208 | |||
Accumulated Depreciation and Amortization | $ (216) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Zapata, TX | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 747 | |||
Initial Cost to Company | ||||
Land | 62 | |||
Building | 998 | |||
Intangibles | 145 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 62 | |||
Building | 998 | |||
Intangibles | 145 | |||
Total | 1,205 | |||
Accumulated Depreciation and Amortization | $ (269) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
St. Francis, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 733 | |||
Initial Cost to Company | ||||
Land | 105 | |||
Building | 911 | |||
Intangibles | 163 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 105 | |||
Building | 911 | |||
Intangibles | 163 | |||
Total | 1,179 | |||
Accumulated Depreciation and Amortization | $ (263) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Yorktown, TX | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 785 | |||
Initial Cost to Company | ||||
Land | 97 | |||
Building | 1,005 | |||
Intangibles | 199 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 97 | |||
Building | 1,005 | |||
Intangibles | 199 | |||
Total | 1,301 | |||
Accumulated Depreciation and Amortization | $ (285) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Battle Lake, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 720 | |||
Initial Cost to Company | ||||
Land | 136 | |||
Building | 875 | |||
Intangibles | 157 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 136 | |||
Building | 875 | |||
Intangibles | 157 | |||
Total | 1,168 | |||
Accumulated Depreciation and Amortization | $ (274) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Paynesville, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 805 | |||
Initial Cost to Company | ||||
Land | 246 | |||
Building | 816 | |||
Intangibles | 192 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 246 | |||
Building | 816 | |||
Intangibles | 192 | |||
Total | 1,254 | |||
Accumulated Depreciation and Amortization | $ (228) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Wheaton, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 645 | |||
Initial Cost to Company | ||||
Land | 73 | |||
Building | 800 | |||
Intangibles | 97 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 73 | |||
Building | 800 | |||
Intangibles | 97 | |||
Total | 970 | |||
Accumulated Depreciation and Amortization | $ (193) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Rotterdam, NY | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,949 | |||
Initial Cost to Company | ||||
Land | 2,530 | |||
Building | 7,924 | |||
Intangibles | 2,165 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 2,530 | |||
Building | 7,924 | |||
Intangibles | 2,165 | |||
Total | 12,619 | |||
Accumulated Depreciation and Amortization | $ (3,700) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Hilliard, OH | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,538 | |||
Initial Cost to Company | ||||
Land | 654 | |||
Building | 4,870 | |||
Intangibles | 860 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 654 | |||
Building | 4,870 | |||
Intangibles | 860 | |||
Total | 6,384 | |||
Accumulated Depreciation and Amortization | $ (1,056) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 41 years | |||
Niles, OH | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,687 | |||
Initial Cost to Company | ||||
Land | 437 | |||
Building | 4,084 | |||
Intangibles | 680 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 437 | |||
Building | 4,084 | |||
Intangibles | 680 | |||
Total | 5,201 | |||
Accumulated Depreciation and Amortization | $ (880) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 41 years | |||
Youngstown, OH | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,818 | |||
Initial Cost to Company | ||||
Land | 380 | |||
Building | 4,363 | |||
Intangibles | 658 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 380 | |||
Building | 4,363 | |||
Intangibles | 658 | |||
Total | 5,401 | |||
Accumulated Depreciation and Amortization | $ (961) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Kings Mountain, NC | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 18,503 | |||
Initial Cost to Company | ||||
Land | 1,368 | |||
Building | 19,533 | |||
Intangibles | 3,266 | |||
Costs Capitalized Subsequent to Acquisition | 4,850 | |||
Land | 1,368 | |||
Building | 24,383 | |||
Intangibles | 3,266 | |||
Total | 29,017 | |||
Accumulated Depreciation and Amortization | $ (6,695) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Iberia, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 888 | |||
Initial Cost to Company | ||||
Land | 130 | |||
Building | 1,033 | |||
Intangibles | 165 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 130 | |||
Building | 1,033 | |||
Intangibles | 165 | |||
Total | 1,328 | |||
Accumulated Depreciation and Amortization | $ (256) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | |||
Pine Island, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 764 | |||
Initial Cost to Company | ||||
Land | 112 | |||
Building | 845 | |||
Intangibles | 185 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 112 | |||
Building | 845 | |||
Intangibles | 185 | |||
Total | 1,142 | |||
Accumulated Depreciation and Amortization | $ (247) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Isle, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 718 | |||
Initial Cost to Company | ||||
Land | 120 | |||
Building | 787 | |||
Intangibles | 171 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 120 | |||
Building | 787 | |||
Intangibles | 171 | |||
Total | 1,078 | |||
Accumulated Depreciation and Amortization | $ (239) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Jacksonville, NC | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,636 | |||
Initial Cost to Company | ||||
Land | 1,863 | |||
Building | 5,749 | |||
Intangibles | 1,020 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,863 | |||
Building | 5,749 | |||
Intangibles | 1,020 | |||
Total | 8,632 | |||
Accumulated Depreciation and Amortization | $ (1,354) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
Evansville, IN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,377 | |||
Initial Cost to Company | ||||
Land | 1,788 | |||
Building | 6,348 | |||
Intangibles | 864 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,788 | |||
Building | 6,348 | |||
Intangibles | 864 | |||
Total | 9,000 | |||
Accumulated Depreciation and Amortization | $ (1,589) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Woodland Park, CO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,787 | |||
Initial Cost to Company | ||||
Land | 668 | |||
Building | 2,681 | |||
Intangibles | 620 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 668 | |||
Building | 2,681 | |||
Intangibles | 620 | |||
Total | 3,969 | |||
Accumulated Depreciation and Amortization | $ (849) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Ankeny, IA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 11,648 | |||
Initial Cost to Company | ||||
Land | 3,180 | |||
Building | 10,513 | |||
Intangibles | 2,843 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 3,180 | |||
Building | 10,513 | |||
Intangibles | 2,843 | |||
Total | 16,536 | |||
Accumulated Depreciation and Amortization | $ (2,919) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | |||
Springfield, MO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,289 | |||
Initial Cost to Company | ||||
Land | 3,658 | |||
Building | 6,296 | |||
Intangibles | 1,870 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 3,658 | |||
Building | 6,296 | |||
Intangibles | 1,870 | |||
Total | 11,824 | |||
Accumulated Depreciation and Amortization | $ (1,907) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Cedar Rapids, IA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,761 | |||
Initial Cost to Company | ||||
Land | 1,569 | |||
Building | 7,553 | |||
Intangibles | 1,878 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,569 | |||
Building | 7,553 | |||
Intangibles | 1,878 | |||
Total | 11,000 | |||
Accumulated Depreciation and Amortization | $ (2,461) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Fairfield, IA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,549 | |||
Initial Cost to Company | ||||
Land | 1,132 | |||
Building | 7,779 | |||
Intangibles | 1,800 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,132 | |||
Building | 7,779 | |||
Intangibles | 1,800 | |||
Total | 10,711 | |||
Accumulated Depreciation and Amortization | $ (2,127) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Owatonna, MN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,063 | |||
Initial Cost to Company | ||||
Land | 1,398 | |||
Building | 7,125 | |||
Intangibles | 1,564 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,398 | |||
Building | 7,125 | |||
Intangibles | 1,564 | |||
Total | 10,087 | |||
Accumulated Depreciation and Amortization | $ (2,037) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 36 years | |||
Muscatine, IA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,065 | |||
Initial Cost to Company | ||||
Land | 1,060 | |||
Building | 6,636 | |||
Intangibles | 1,307 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,060 | |||
Building | 6,636 | |||
Intangibles | 1,307 | |||
Total | 9,003 | |||
Accumulated Depreciation and Amortization | $ (2,023) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Sheldon, IA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,046 | |||
Initial Cost to Company | ||||
Land | 633 | |||
Building | 3,053 | |||
Intangibles | 708 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 633 | |||
Building | 3,053 | |||
Intangibles | 708 | |||
Total | 4,394 | |||
Accumulated Depreciation and Amortization | $ (870) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Memphis, TN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,898 | |||
Initial Cost to Company | ||||
Land | 1,986 | |||
Building | 2,800 | |||
Intangibles | 803 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,986 | |||
Building | 2,800 | |||
Intangibles | 803 | |||
Total | 5,589 | |||
Accumulated Depreciation and Amortization | $ (1,692) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Bennett, CO | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,478 | |||
Initial Cost to Company | ||||
Land | 470 | |||
Building | 2,503 | |||
Intangibles | 563 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 470 | |||
Building | 2,503 | |||
Intangibles | 563 | |||
Total | 3,536 | |||
Accumulated Depreciation and Amortization | $ (816) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Conyers, GA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 22,807 | |||
Initial Cost to Company | ||||
Land | 876 | |||
Building | 27,396 | |||
Intangibles | 4,258 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 876 | |||
Building | 27,396 | |||
Intangibles | 4,258 | |||
Total | 32,530 | |||
Accumulated Depreciation and Amortization | $ (6,350) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
O'Fallon, IL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,679 | |||
Initial Cost to Company | ||||
Land | 2,488 | |||
Building | 5,388 | |||
Intangibles | 1,064 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 2,488 | |||
Building | 5,388 | |||
Intangibles | 1,064 | |||
Total | 8,940 | |||
Accumulated Depreciation and Amortization | $ (3,251) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
El Centro, CA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,980 | |||
Initial Cost to Company | ||||
Land | 569 | |||
Building | 3,133 | |||
Intangibles | 575 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 569 | |||
Building | 3,133 | |||
Intangibles | 575 | |||
Total | 4,277 | |||
Accumulated Depreciation and Amortization | $ (784) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 50 years | |||
Durant, OK | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,243 | |||
Initial Cost to Company | ||||
Land | 594 | |||
Building | 3,900 | |||
Intangibles | 498 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 594 | |||
Building | 3,900 | |||
Intangibles | 498 | |||
Total | 4,992 | |||
Accumulated Depreciation and Amortization | $ (1,037) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Gallatin, TN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,315 | |||
Initial Cost to Company | ||||
Land | 1,725 | |||
Building | 2,616 | |||
Intangibles | 721 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,725 | |||
Building | 2,616 | |||
Intangibles | 721 | |||
Total | 5,062 | |||
Accumulated Depreciation and Amortization | $ (928) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Mt. Airy, NC | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,944 | |||
Initial Cost to Company | ||||
Land | 729 | |||
Building | 3,353 | |||
Intangibles | 621 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 729 | |||
Building | 3,353 | |||
Intangibles | 621 | |||
Total | 4,703 | |||
Accumulated Depreciation and Amortization | $ (1,059) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | |||
Aiken, SC | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,877 | |||
Initial Cost to Company | ||||
Land | 1,588 | |||
Building | 3,480 | |||
Intangibles | 858 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,588 | |||
Building | 3,480 | |||
Intangibles | 858 | |||
Total | 5,926 | |||
Accumulated Depreciation and Amortization | $ (1,130) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 41 years | |||
Johnson City, TN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,446 | |||
Initial Cost to Company | ||||
Land | 917 | |||
Building | 3,607 | |||
Intangibles | 739 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 917 | |||
Building | 3,607 | |||
Intangibles | 739 | |||
Total | 5,263 | |||
Accumulated Depreciation and Amortization | $ (1,139) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Palmview, TX | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,505 | |||
Initial Cost to Company | ||||
Land | 938 | |||
Building | 4,837 | |||
Intangibles | 1,044 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 938 | |||
Building | 4,837 | |||
Intangibles | 1,044 | |||
Total | 6,819 | |||
Accumulated Depreciation and Amortization | $ (1,304) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
Ooltewah, TN | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,772 | |||
Initial Cost to Company | ||||
Land | 903 | |||
Building | 3,957 | |||
Intangibles | 843 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 903 | |||
Building | 3,957 | |||
Intangibles | 843 | |||
Total | 5,703 | |||
Accumulated Depreciation and Amortization | $ (1,219) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 41 years | |||
Abingdon, VA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,029 | |||
Initial Cost to Company | ||||
Land | 682 | |||
Building | 3,733 | |||
Intangibles | 666 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 682 | |||
Building | 3,733 | |||
Intangibles | 666 | |||
Total | 5,081 | |||
Accumulated Depreciation and Amortization | $ (1,161) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 41 years | |||
Wichita, KS | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,720 | |||
Initial Cost to Company | ||||
Land | 1,187 | |||
Building | 4,850 | |||
Intangibles | 1,163 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,187 | |||
Building | 4,850 | |||
Intangibles | 1,163 | |||
Total | 7,200 | |||
Accumulated Depreciation and Amortization | $ (1,962) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
North Dartsmouth, MA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 18,652 | |||
Initial Cost to Company | ||||
Land | 7,033 | |||
Building | 19,745 | |||
Intangibles | 3,187 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 7,033 | |||
Building | 19,745 | |||
Intangibles | 3,187 | |||
Total | 29,965 | |||
Accumulated Depreciation and Amortization | $ (10,120) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Vineland, NJ | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 13,724 | |||
Initial Cost to Company | ||||
Land | 1,482 | |||
Building | 17,742 | |||
Intangibles | 3,282 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,482 | |||
Building | 17,742 | |||
Intangibles | 3,282 | |||
Total | 22,506 | |||
Accumulated Depreciation and Amortization | $ (7,072) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Saratoga Springs, NY | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 12,331 | |||
Initial Cost to Company | ||||
Land | 748 | |||
Building | 13,936 | |||
Intangibles | 5,538 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 748 | |||
Building | 13,936 | |||
Intangibles | 5,538 | |||
Total | 20,222 | |||
Accumulated Depreciation and Amortization | $ (6,634) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Waldorf, MD | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 11,465 | |||
Initial Cost to Company | ||||
Land | 4,933 | |||
Building | 11,684 | |||
Intangibles | 2,882 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 4,933 | |||
Building | 11,684 | |||
Intangibles | 2,882 | |||
Total | 19,499 | |||
Accumulated Depreciation and Amortization | $ (5,649) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Mooresville, NC | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 10,758 | |||
Initial Cost to Company | ||||
Land | 2,615 | |||
Building | 12,462 | |||
Intangibles | 2,566 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 2,615 | |||
Building | 12,462 | |||
Intangibles | 2,566 | |||
Total | 17,643 | |||
Accumulated Depreciation and Amortization | $ (5,958) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Sennett, NY | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,653 | |||
Initial Cost to Company | ||||
Land | 1,147 | |||
Building | 4,480 | |||
Intangibles | 1,848 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,147 | |||
Building | 4,480 | |||
Intangibles | 1,848 | |||
Total | 7,475 | |||
Accumulated Depreciation and Amortization | $ (2,631) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
DeLeon Springs, FL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 807 | |||
Initial Cost to Company | ||||
Land | 239 | |||
Building | 782 | |||
Intangibles | 221 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 239 | |||
Building | 782 | |||
Intangibles | 221 | |||
Total | 1,242 | |||
Accumulated Depreciation and Amortization | $ (413) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Orange City, FL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 798 | |||
Initial Cost to Company | ||||
Land | 229 | |||
Building | 853 | |||
Intangibles | 235 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 229 | |||
Building | 853 | |||
Intangibles | 235 | |||
Total | 1,317 | |||
Accumulated Depreciation and Amortization | $ (430) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Satsuma, FL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 720 | |||
Initial Cost to Company | ||||
Land | 79 | |||
Building | 821 | |||
Intangibles | 192 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 79 | |||
Building | 821 | |||
Intangibles | 192 | |||
Total | 1,092 | |||
Accumulated Depreciation and Amortization | $ (414) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Greenwood, AR | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,365 | |||
Initial Cost to Company | ||||
Land | 1,038 | |||
Building | 3,415 | |||
Intangibles | 694 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,038 | |||
Building | 3,415 | |||
Intangibles | 694 | |||
Total | 5,147 | |||
Accumulated Depreciation and Amortization | $ (1,128) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 43 years | |||
Snellville, GA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,291 | |||
Initial Cost to Company | ||||
Land | 1,293 | |||
Building | 5,724 | |||
Intangibles | 983 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,293 | |||
Building | 5,724 | |||
Intangibles | 983 | |||
Total | 8,000 | |||
Accumulated Depreciation and Amortization | $ (2,278) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Columbia, SC | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,146 | |||
Initial Cost to Company | ||||
Land | 2,148 | |||
Building | 4,629 | |||
Intangibles | 1,023 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 2,148 | |||
Building | 4,629 | |||
Intangibles | 1,023 | |||
Total | 7,800 | |||
Accumulated Depreciation and Amortization | $ (1,924) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Millbrook, AL | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,537 | |||
Initial Cost to Company | ||||
Land | 970 | |||
Building | 5,972 | |||
Intangibles | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 970 | |||
Building | 5,972 | |||
Intangibles | 0 | |||
Total | 6,942 | |||
Accumulated Depreciation and Amortization | $ (1,648) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Pittsfield, MA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 11,030 | |||
Initial Cost to Company | ||||
Land | 1,801 | |||
Building | 11,556 | |||
Intangibles | 1,344 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,801 | |||
Building | 11,556 | |||
Intangibles | 1,344 | |||
Total | 14,701 | |||
Accumulated Depreciation and Amortization | $ (3,882) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Spartanburg, SC | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,369 | |||
Initial Cost to Company | ||||
Land | 828 | |||
Building | 2,567 | |||
Intangibles | 772 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 828 | |||
Building | 2,567 | |||
Intangibles | 772 | |||
Total | 4,167 | |||
Accumulated Depreciation and Amortization | $ (1,143) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 42 years | |||
Tupelo, MS | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,536 | |||
Initial Cost to Company | ||||
Land | 1,120 | |||
Building | 3,070 | |||
Intangibles | 939 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,120 | |||
Building | 3,070 | |||
Intangibles | 939 | |||
Total | 5,129 | |||
Accumulated Depreciation and Amortization | $ (1,313) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 47 years | |||
Lilburn, GA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,090 | |||
Building | 3,673 | |||
Intangibles | 1,028 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,090 | |||
Building | 3,673 | |||
Intangibles | 1,028 | |||
Total | 5,791 | |||
Accumulated Depreciation and Amortization | $ (1,516) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 47 years | |||
Douglasville, GA | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,740 | |||
Initial Cost to Company | ||||
Land | 1,717 | |||
Building | 2,705 | |||
Intangibles | 987 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,717 | |||
Building | 2,705 | |||
Intangibles | 987 | |||
Total | 5,409 | |||
Accumulated Depreciation and Amortization | $ (1,196) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 48 years | |||
Elkton, MD | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,405 | |||
Initial Cost to Company | ||||
Land | 963 | |||
Building | 3,049 | |||
Intangibles | 860 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 963 | |||
Building | 3,049 | |||
Intangibles | 860 | |||
Total | 4,872 | |||
Accumulated Depreciation and Amortization | $ (1,265) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 49 years | |||
Lexington, SC | Mixed Use | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,129 | |||
Initial Cost to Company | ||||
Land | 1,644 | |||
Building | 2,219 | |||
Intangibles | 869 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,644 | |||
Building | 2,219 | |||
Intangibles | 869 | |||
Total | 4,732 | |||
Accumulated Depreciation and Amortization | $ (1,077) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 48 years | |||
San Diego, CA | Diversified | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 33,248 | |||
Initial Cost to Company | ||||
Land | 7,469 | |||
Building | 34,781 | |||
Intangibles | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 7,469 | |||
Building | 34,986 | |||
Intangibles | 0 | |||
Total | 42,455 | |||
Accumulated Depreciation and Amortization | $ (2,718) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Fort Worth and Arlington, TX | Diversified | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,910 | |||
Building | 19,536 | |||
Intangibles | 460 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 3,910 | |||
Building | 19,814 | |||
Intangibles | 460 | |||
Total | 24,184 | |||
Accumulated Depreciation and Amortization | $ (1,335) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 41 years | |||
Omaha, NE | Diversified | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,963 | |||
Building | 15,237 | |||
Intangibles | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 2,963 | |||
Building | 15,483 | |||
Intangibles | 0 | |||
Total | 18,446 | |||
Accumulated Depreciation and Amortization | $ (1,450) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Isla Vista, CA | Diversified | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 69,669 | |||
Initial Cost to Company | ||||
Land | 36,274 | |||
Building | 47,694 | |||
Intangibles | 1,118 | |||
Costs Capitalized Subsequent to Acquisition | 948 | |||
Land | 36,274 | |||
Building | 48,812 | |||
Intangibles | 1,118 | |||
Total | 86,204 | |||
Accumulated Depreciation and Amortization | $ (4,456) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 42 years | |||
Crum Lynne, PA | Diversified | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,024 | |||
Initial Cost to Company | ||||
Land | 1,403 | |||
Building | 7,518 | |||
Intangibles | 1,666 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,403 | |||
Building | 7,518 | |||
Intangibles | 1,666 | |||
Total | 10,587 | |||
Accumulated Depreciation and Amortization | $ (991) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Miami, FL | Diversified | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 33,870 | |||
Initial Cost to Company | ||||
Land | 12,643 | |||
Building | 24,533 | |||
Intangibles | 968 | |||
Costs Capitalized Subsequent to Acquisition | 3,375 | |||
Land | 12,643 | |||
Building | 27,722 | |||
Intangibles | 968 | |||
Total | 41,333 | |||
Accumulated Depreciation and Amortization | $ (4,198) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Peoria, IL | Diversified | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 940 | |||
Building | 439 | |||
Intangibles | 1,508 | |||
Costs Capitalized Subsequent to Acquisition | 880 | |||
Land | 1,174 | |||
Building | 1,319 | |||
Intangibles | 1,508 | |||
Total | 4,001 | |||
Accumulated Depreciation and Amortization | $ (733) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Wayne, NJ | Diversified | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 21,703 | |||
Initial Cost to Company | ||||
Land | 2,744 | |||
Building | 20,212 | |||
Intangibles | 8,323 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 2,744 | |||
Building | 20,212 | |||
Intangibles | 8,323 | |||
Total | 31,279 | |||
Accumulated Depreciation and Amortization | $ (5,650) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Carmel, NY | Diversified | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,041 | |||
Building | 3,632 | |||
Intangibles | 1,033 | |||
Costs Capitalized Subsequent to Acquisition | 606 | |||
Land | 2,041 | |||
Building | 4,238 | |||
Intangibles | 1,033 | |||
Total | 7,312 | |||
Accumulated Depreciation and Amortization | $ (1,550) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Richmond, VA | Diversified | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 67,778 | |||
Initial Cost to Company | ||||
Land | 14,632 | |||
Building | 87,629 | |||
Intangibles | 17,658 | |||
Costs Capitalized Subsequent to Acquisition | 10,447 | |||
Land | 12,227 | |||
Building | 82,483 | |||
Intangibles | 15,064 | |||
Total | 109,774 | |||
Accumulated Depreciation and Amortization | $ (37,543) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 41 years | |||
Oakland County, MI | Diversified | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 18,032 | |||
Initial Cost to Company | ||||
Land | 1,147 | |||
Building | 7,707 | |||
Intangibles | 9,932 | |||
Costs Capitalized Subsequent to Acquisition | 8,871 | |||
Land | 1,146 | |||
Building | 16,572 | |||
Intangibles | 9,929 | |||
Total | 27,647 | |||
Accumulated Depreciation and Amortization | $ (18,423) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Miami, FL | Condominium | ||||
Initial Cost to Company | ||||
Total | ||||
Los Angeles, California | Diversified | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 21,439 | |||
Building | 96 | |||
Intangibles | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 21,439 | |||
Building | 96 | |||
Intangibles | 0 | |||
Total | 21,535 | |||
Accumulated Depreciation and Amortization | $ (38) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 2 years |
Schedule III-Real Estate and _3
Schedule III-Real Estate and Accumulated Depreciation Real Estate - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Beginning Balance | $ 1,254,163 | $ 1,171,960 | $ 1,193,104 |
Improvements and additions | 42,477 | 29,135 | 131,294 |
Acquisitions through foreclosures | 729 | 84,356 | |
Dispositions | (81,138) | (29,938) | (152,438) |
Impairments | (1,350) | ||
Ending Balance | 1,216,231 | 1,254,163 | 1,171,960 |
Commercial Real Estate | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Beginning Balance | 1,213,965 | 1,126,443 | 1,135,358 |
Improvements and additions | 42,432 | 29,103 | 130,969 |
Acquisitions through foreclosures | 729 | 84,356 | |
Dispositions | (79,042) | (24,587) | (139,884) |
Impairments | (1,350) | ||
Ending Balance | 1,178,084 | 1,213,965 | 1,126,443 |
Residential Real Estate | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Beginning Balance | 40,198 | 45,517 | 57,746 |
Improvements and additions | 45 | 32 | 325 |
Acquisitions through foreclosures | 0 | 0 | |
Dispositions | (2,096) | (5,351) | (12,554) |
Impairments | 0 | ||
Ending Balance | $ 38,147 | $ 40,198 | $ 45,517 |
Schedule III-Real Estate and _4
Schedule III-Real Estate and Accumulated Depreciation Real Estate - Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Beginning Balance | $ 206,082 | $ 173,938 | $ 161,063 |
Additions | 39,346 | 39,231 | 42,532 |
Dispositions | (14,503) | (7,087) | (29,657) |
Ending Balance | 230,925 | 206,082 | 173,938 |
Commercial Real Estate | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Beginning Balance | 205,823 | 173,107 | 159,138 |
Additions | 39,330 | 39,149 | 42,246 |
Dispositions | (14,228) | (6,433) | (28,277) |
Ending Balance | 230,925 | 205,823 | 173,107 |
Residential Real Estate | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Beginning Balance | 259 | 831 | 1,925 |
Additions | 16 | 82 | 286 |
Dispositions | (275) | (654) | (1,380) |
Ending Balance | $ 0 | $ 259 | $ 831 |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 17, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Interest Rates | 6.74% | 6.88% | ||||||
Prior Liens | $ 853,175 | |||||||
Face amount of Mortgages | 2,395,682 | |||||||
Carrying Amount of Mortgages | $ 3,358,861 | $ 3,482,929 | $ 3,508,642 | 2,343,070 | $ 3,358,861 | $ 3,482,929 | $ 3,508,642 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 196,784 | |||||||
Total carrying amount of mortgages | 2,384,577 | |||||||
Provision for loan losses | (41,507) | (20,500) | (17,900) | (4,000) | ||||
Principal balance of loans on non-accrual status | 175,022 | 86,025 | ||||||
Aggregate cost for U.S. federal tax income purposes | 2,300,000 | |||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||||||
Mortgage loans receivable, beginning balance | 3,358,861 | 3,482,929 | 3,508,642 | |||||
Allowance for loan losses, beginning balance | (20,500) | (17,900) | (4,000) | |||||
Origination of mortgage loan receivables | 566,506 | 2,398,227 | 2,775,992 | |||||
Purchases of mortgage loan receivables | 9,934 | 0 | ||||||
Repayment of mortgage loan receivables | (961,236) | (1,532,346) | (1,532,308) | |||||
Proceeds from sales of mortgage loan receivables | (582,764) | (1,024,357) | (1,291,828) | |||||
Non-cash disposition of loan via foreclosure | (31,249) | (45,529) | ||||||
Sale of loans, net | (1,571) | 54,758 | 16,511 | |||||
Transfer between held for investment and held for sale | 0 | 0 | ||||||
Accretion/amortization of discount, premium and other fees | 15,530 | 17,845 | 19,820 | |||||
Release of asset-specific loan loss provision via foreclosure | (2,500) | |||||||
Provision expense for current expected credit loss | (4,964) | |||||||
Provision expense for current expected credit loss (impact to earnings) | (18,543) | (2,600) | (13,900) | |||||
Mortgage loans receivable, ending balance | 2,343,070 | 3,358,861 | 3,482,929 | |||||
Allowance for loan losses, ending balance | $ (41,507) | $ (20,500) | (17,900) | |||||
Mortgage loans held by consolidated subsidiaries | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Interest Rates | 6.65% | 6.94% | ||||||
Carrying Amount of Mortgages | $ 3,257,036 | $ 3,318,390 | 3,318,390 | 2,354,059 | 3,257,036 | 3,318,390 | 3,282,462 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||||||
Mortgage loans receivable, beginning balance | 3,257,036 | 3,318,390 | 3,282,462 | |||||
Origination of mortgage loan receivables | 353,661 | 1,452,049 | 1,478,771 | |||||
Purchases of mortgage loan receivables | 0 | 0 | ||||||
Repayment of mortgage loan receivables | (960,832) | (1,531,551) | (1,518,066) | |||||
Proceeds from sales of mortgage loan receivables | (270,491) | 0 | 0 | |||||
Non-cash disposition of loan via foreclosure | (31,249) | (45,529) | ||||||
Sale of loans, net | (9,596) | 0 | 0 | |||||
Transfer between held for investment and held for sale | 45,832 | 55,403 | ||||||
Accretion/amortization of discount, premium and other fees | 15,530 | 17,845 | 19,820 | |||||
Mortgage loans receivable, ending balance | 2,354,059 | 3,257,036 | 3,318,390 | |||||
Total mortgage loan receivables held for investment, net, at amortized cost | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Carrying Amount of Mortgages | 122,325 | 182,439 | 182,439 | 122,325 | 182,439 | $ 230,180 | ||
Principal balance of loans on non-accrual status | 45,000 | $ 45,000 | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||||||
Mortgage loans receivable, beginning balance | 122,325 | 182,439 | 230,180 | |||||
Allowance for loan losses, beginning balance | (20,500) | (17,900) | ||||||
Origination of mortgage loan receivables | 1,297,221 | |||||||
Purchases of mortgage loan receivables | 0 | |||||||
Repayment of mortgage loan receivables | (14,242) | |||||||
Proceeds from sales of mortgage loan receivables | (1,291,828) | |||||||
Sale of loans, net | 16,511 | |||||||
Transfer between held for investment and held for sale | (55,403) | |||||||
Accretion/amortization of discount, premium and other fees | 0 | |||||||
Release of asset-specific loan loss provision via foreclosure | (2,500) | |||||||
Provision expense for current expected credit loss | (4,964) | |||||||
Provision expense for current expected credit loss (impact to earnings) | (18,543) | (2,600) | ||||||
Mortgage loans receivable, ending balance | 122,325 | 182,439 | ||||||
Allowance for loan losses, ending balance | $ (41,507) | $ (20,500) | (17,900) | |||||
Mortgage loan receivables held for sale | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Interest Rates | 4.05% | 4.20% | ||||||
Carrying Amount of Mortgages | $ 30,518 | $ 182,439 | 182,439 | 30,518 | $ 122,325 | $ 182,439 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||||||
Mortgage loans receivable, beginning balance | 122,325 | 182,439 | ||||||
Origination of mortgage loan receivables | 212,845 | 946,178 | ||||||
Repayment of mortgage loan receivables | (404) | (795) | ||||||
Proceeds from sales of mortgage loan receivables | (312,273) | (1,008,853) | ||||||
Non-cash disposition of loan via foreclosure | 0 | 0 | ||||||
Sale of loans, net | 8,025 | 54,758 | ||||||
Transfer between held for investment and held for sale | (61,336) | |||||||
Accretion/amortization of discount, premium and other fees | 0 | 0 | ||||||
Mortgage loans receivable, ending balance | 30,518 | $ 122,325 | $ 182,439 | |||||
First mortgage loan | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Prior Liens | 0 | |||||||
Face amount of Mortgages | 2,274,117 | |||||||
Carrying Amount of Mortgages | 2,263,267 | 2,263,267 | ||||||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 190,934 | |||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||||||
Mortgage loans receivable, ending balance | 2,263,267 | |||||||
Second Mortgage | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Prior Liens | 853,175 | |||||||
Face amount of Mortgages | 121,565 | |||||||
Carrying Amount of Mortgages | 121,310 | 121,310 | ||||||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 5,850 | |||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||||||
Mortgage loans receivable, ending balance | 121,310 | |||||||
Office | First Mortgages individually greater than 3% | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Prior Liens | 0 | |||||||
Face amount of Mortgages | 166,339 | |||||||
Carrying Amount of Mortgages | 165,965 | 165,965 | ||||||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 0 | |||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||||||
Mortgage loans receivable, ending balance | $ 165,965 | |||||||
Office | Minimum | First Mortgages individually greater than 3% | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Interest Rates | 5.50% | |||||||
Office | Maximum | First Mortgages individually greater than 3% | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Interest Rates | 8.25% | |||||||
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage and Condominium | First Mortgages individually less than 3% | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Prior Liens | 0 | |||||||
Face amount of Mortgages | 2,107,778 | |||||||
Carrying Amount of Mortgages | $ 2,097,302 | 2,097,302 | ||||||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 190,934 | |||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||||||
Mortgage loans receivable, ending balance | $ 2,097,302 | |||||||
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage and Condominium | Minimum | First Mortgages individually greater than 3% | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Interest Rates | 3.50% | |||||||
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage and Condominium | Maximum | First Mortgages individually greater than 3% | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Interest Rates | 11.00% | |||||||
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Other Commercial, Retail | Subordinated Mortgages individually less than 3% | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Prior Liens | 853,175 | |||||||
Face amount of Mortgages | 121,565 | |||||||
Carrying Amount of Mortgages | $ 121,310 | 121,310 | ||||||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 5,850 | |||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||||||
Mortgage loans receivable, ending balance | $ 121,310 | |||||||
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Other Commercial, Retail | Minimum | First Mortgages individually greater than 3% | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Interest Rates | 6.04% | |||||||
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Other Commercial, Retail | Maximum | First Mortgages individually greater than 3% | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Interest Rates | 12.00% |
Uncategorized Items - ladr-2020
Label | Element | Value |
Restricted Cash and Investments | us-gaap_RestrictedCashAndInvestments | $ 29,852,000 |
Restricted Cash and Investments | us-gaap_RestrictedCashAndInvestments | 297,575,000 |
Restricted Cash and Investments | us-gaap_RestrictedCashAndInvestments | $ 30,572,000 |