Ladder Capital (LADR) 10-K 14 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 04, 2022	Jun. 30, 2021
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
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			$ 1,306,845,154
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive proxy statement for the Company’s 2021 Annual Meeting of Stockholders have been incorporated by reference into Part III of this Report.
Entity Central Index Key	0001577670
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common Stock
Entity Common Stock, Shares Outstanding		128,018,978
Class B Common Stock
Entity Common Stock, Shares Outstanding		0

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	[1]	$ 548,744	$ 1,254,432
Restricted cash	[1]	72,802	29,852
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable	[1]	3,553,737	2,354,059
Allowance for credit losses	[1]	(31,752)	(41,507)
Mortgage loan receivables held for sale	[1]	0	30,518
Real estate securities	[1]	703,280	1,058,298
Real estate and related lease intangibles, net	[1]	865,694	985,304
Real estate held for sale	[1]	25,179	0
Investments in and advances to unconsolidated joint ventures	[1]	23,154	46,253
Derivative instruments	[1]	402	299
Accrued interest receivable	[1]	13,645	16,088
Other assets	[1]	76,367	147,633
Total assets	[1]	5,851,252	5,881,229
Liabilities
Debt obligations, net	[1]	4,219,703	4,209,864
Dividends payable	[1]	27,591	27,537
Accrued expenses	[1]	40,249	43,876
Other liabilities	[1]	50,090	51,527
Total liabilities	[1]	4,337,633	4,332,804
Commitments and contingencies (Note 18)	[1]	0	0
Equity
Additional paid-in capital	[1]	1,795,249	1,780,074
Treasury stock, 1,400,197 and 474,050 shares, at cost	[1]	(76,324)	(62,859)
Retained earnings (dividends in excess of earnings)	[1]	(207,802)	(163,717)
Accumulated other comprehensive income (loss)	[1]	(4,112)	(10,463)
Total shareholders’ equity	[1]	1,507,137	1,543,162
Noncontrolling interests in consolidated joint ventures	[1]	6,482	5,263
Total equity	[1]	1,513,619	1,548,425
Total liabilities and equity	[1]	5,851,252	5,881,229
Class A Common Stock
Equity
Common stock	[1]	$ 126	$ 127
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Treasury stock (in shares)	1,400,197	474,050
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	126,852,765
Common stock, outstanding (in shares)	125,452,568	126,378,715

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net interest income
Interest income	$ 176,099,000	$ 239,849,000	$ 330,235,000
Interest expense	182,949,000	227,474,000	204,353,000
Net interest income (expense)	(6,850,000)	12,375,000	125,882,000
Provision for (release of) loan loss reserves	(8,713,000)	18,275,000	2,600,000
Net interest income (expense) after provision for (release of) loan losses	1,863,000	(5,900,000)	123,282,000
Other income (loss)
Real estate operating income	101,564,000	100,248,000	106,366,000
Sale of loans, net	8,398,000	(1,571,000)	54,758,000
Realized gain (loss) on securities	1,594,000	(12,410,000)	14,911,000
Unrealized gain (loss) on equity securities	0	(132,000)	1,737,000
Unrealized gain (loss) on Agency interest-only securities	(91,000)	263,000	84,000
Realized gain (loss) on sale of real estate, net	55,766,000	32,102,000	1,392,000
Impairment of real estate	0	0	(1,350,000)
Fee and other income	11,190,000	12,654,000	24,403,000
Net result from derivative transactions	1,749,000	(15,270,000)	(30,011,000)
Earnings (loss) from investment in unconsolidated joint ventures	1,579,000	1,821,000	3,432,000
Gain (loss) on extinguishment of debt	0	22,250,000	(1,070,000)
Total other income (loss)	181,749,000	139,955,000	174,652,000
Costs and expenses
Compensation and employee benefits	38,347,000	58,101,000	67,768,000
Operating expenses	17,672,000	20,294,000	22,595,000
Real estate operating expenses	26,161,000	28,584,000	23,323,000
Fee expense	5,810,000	7,244,000	6,090,000
Depreciation and amortization	37,801,000	39,079,000	38,511,000
Total costs and expenses	125,791,000	153,302,000	158,287,000
Income (loss) before taxes	57,821,000	(19,247,000)	139,647,000
Income tax expense (benefit)	928,000	(9,789,000)	2,646,000
Net income (loss)	56,893,000	(9,458,000)	137,001,000
Net (income) loss attributable to noncontrolling interests in consolidated joint ventures	(371,000)	(5,544,000)	694,000
Net (income) loss attributable to noncontrolling interests in Operating Partnership	$ 0	$ 557,000	$ (15,050,000)
Earnings per share:
Basic (in dollars per share)	$ 0.46	$ (0.13)	$ 1.16
Diluted (in dollars per share)	$ 0.45	$ (0.13)	$ 1.15
Weighted average shares outstanding:
Basic (in shares)	123,763,843	112,409,615	105,455,849
Diluted (in shares)	124,563,051	112,409,615	106,399,783
Class A Common Stock
Costs and expenses
Net income (loss) attributable to Class A common shareholders	$ 56,522,000	$ (14,445,000)	$ 122,645,000
Earnings per share:
Basic (in dollars per share)	$ 0.46	$ (0.13)	$ 1.16
Diluted (in dollars per share)	$ 0.45	$ (0.13)	$ 1.15
Weighted average shares outstanding:
Basic (in shares)	123,763,843	112,409,615	105,455,849
Diluted (in shares)	124,563,051	112,409,615	106,399,783
Dividends per share of Class A common stock (in dollars per share)	$ 0.80	$ 0.94	$ 1.36

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income (loss)	$ 56,893	$ (9,458)	$ 137,001
Unrealized gain (loss) on securities, net of tax:
Unrealized gain (loss) on real estate securities, available for sale	8,005	(28,618)	24,678
Reclassification adjustment for (gain) loss included in net income (loss)	(1,654)	13,460	(14,748)
Total other comprehensive income (loss)	6,351	(15,158)	9,930
Comprehensive income (loss)	63,244	(24,616)	146,931
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures	(371)	(5,544)	694
Comprehensive income (loss) of combined Class A common shareholders and Operating Partnership unitholders	62,873	(30,160)	147,625
Comprehensive (income) loss attributable to noncontrolling interests in operating partnership	0	5,765	(16,195)
Class A Common Stock
Unrealized gain (loss) on securities, net of tax:
Comprehensive income (loss) attributable to Class A common shareholders	$ 62,873	$ (24,395)	$ 131,430

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Total		Cumulative Effect, Period of Adoption, Adjustment	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, 2018				103,941	13,118
Beginning 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
Grants of restricted stock				$ 1		(1)
Purchase of treasury stock (in shares)				(40)
Purchase of treasury stock	(637)						(637)
Re-issuance of treasury stock (in shares)				92
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)				(526)
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)
Dividends declared	(145,910)							(145,910)
Stock dividends (in shares)				1,434	181
Stock dividends				$ 1		23,822		(23,823)
Exchange of noncontrolling interest for common stock (in shares)				1,139	(1,139)
Exchange of noncontrolling interest for common stock	$ 405			$ 1	$ (1)	16,449				65	(16,109)
Accounting Standards Update [Extensible List]	Accounting Standards Update 2016-13
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
Ending Balance (in shares) at Dec. 31, 2019				107,509	12,160
Ending Balance at Dec. 31, 2019	1,638,977		$ (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
Issuance of common stock	32,000			$ 4		31,996
Issuance of Purchase Right	8,425					8,425
Purchase of treasury stock (in shares)				(384)
Purchase of treasury stock	(3,035)						(3,035)
Re-issuance of treasury stock (in shares)				4,423
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)
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)
Dividends declared	(107,729)							(107,729)
Exchange of noncontrolling interest for common stock (in shares)				12,159	(12,160)
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	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
Contributions	1,631											1,631
Distributions	(908)					(125)						(783)
Amortization of equity based compensation	15,300					15,300
Purchase of treasury stock (in shares)				(823)
Purchase of treasury stock	(9,008)			$ (1)			(9,007)
Re-issuance of treasury stock (in shares)				748
Re-issuance of treasury stock				$ 1			(1)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)				(440)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(4,457)						(4,457)
Forfeitures (in shares)				(410)
Forfeitures	(1)			$ (1)
Dividends declared	(100,607)							(100,607)
Net income (loss)	56,893							56,522				371
Other comprehensive income (loss)	6,351									6,351
Ending Balance (in shares) at Dec. 31, 2021				125,453
Ending Balance at Dec. 31, 2021	$ 1,513,619	[1]		$ 126		$ 1,795,249	$ (76,324)	$ (207,802)		$ (4,112)		$ 6,482
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 56,893,000		$ (9,458,000)		$ 137,001,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment of debt	0		(22,250,000)		1,070,000
Depreciation and amortization	37,801,000		39,079,000		38,511,000
Unrealized (gain) loss on derivative instruments	(42,000)		269,000		(1,542,000)
Unrealized (gain) loss on equity securities and investment in mutual fund	0		132,000		(1,737,000)
Unrealized (gain) loss on Agency interest-only securities	91,000		(263,000)		(84,000)
Provision for (release of) loan loss reserves	(8,713,000)		18,275,000		2,600,000
Impairment of real estate	0		0		1,350,000
Amortization of equity based compensation	15,300,000		42,728,000		21,777,000
Amortization of deferred financing costs included in interest expense	21,530,000		18,730,000		10,987,000
Amortization of premium on mortgage loan financing	(1,226,000)		(1,160,000)		(1,584,000)
Amortization of above- and below-market lease intangibles	(1,888,000)		(2,234,000)		(1,359,000)
(Accretion)/amortization of discount, premium and other fees on loans	(13,832,000)		(15,530,000)		(17,845,000)
(Accretion)/amortization of discount, premium and other fees on securities	236,000		526,000		217,000
Realized (gain) loss on sale of mortgage loan receivables held for sale	(8,398,000)		(8,026,000)		(54,758,000)
Realized (gain) loss on sale of mortgage loan receivables held for investment	0		9,596,000		0
Realized (gain) loss on disposition of loan via foreclosure	26,000		(98,000)		(2,250,000)
Realized (gain) loss on securities	(1,594,000)		13,136,000		(14,911,000)
Realized (gain) loss on sale of real estate, net	(55,766,000)		(32,102,000)		(1,392,000)
Realized gain on sale of derivative instruments	0		(108,000)		84,000
(Earnings) loss from investments in unconsolidated joint ventures in excess of distributions received	(1,462,000)		(1,821,000)		(3,432,000)
Insurance proceeds for remediation work due to property damage	2,092,000		0		0
Insurance proceeds used for remediation work due to property damage	(1,888,000)		0		0
Origination of mortgage loan receivables held for sale	(220,359,000)		(212,845,000)		(946,178,000)
Purchases of mortgage loan receivables held for sale	0		0		(9,934,000)
Repayment of mortgage loan receivables held for sale	183,000		404,000		667,000
Proceeds from sales of mortgage loan receivables held for sale	259,092,000		312,273,000		1,024,357,000
Distributions from operations of investment in unconsolidated joint ventures	0		0		3,317,000
Change in deferred tax asset (liability)	271,000		94,000		4,814,000
Changes in operating assets and liabilities:
Accrued interest receivable	649,000		4,895,000		5,556,000
Other assets	5,758,000		(8,778,000)		1,502,000
Accrued expenses and other liabilities	(5,015,000)		(33,363,000)		(13,192,000)
Net cash provided by (used in) operating activities	79,739,000		111,943,000		183,207,000
Cash flows from investing activities:
Origination of mortgage loan receivables held for investment	(2,309,888,000)		(353,662,000)		(1,452,049,000)
Purchases of mortgage loan receivables held for investment	(63,600,000)		0		0
Repayment of mortgage loan receivables held for investment	1,103,614,000		891,705,000		1,639,101,000
Proceeds from sale of mortgage loan receivables held for investment	46,557,000		270,491,000		0
Purchases of real estate securities	(247,022,000)		(440,612,000)		(1,645,640,000)
Repayment of real estate securities	164,494,000		146,158,000		491,880,000
Basis recovery of interest-only securities	6,589,000		7,611,000		12,086,000
Proceeds from sales of real estate securities	438,594,000		932,158,000		855,618,000
Purchases of real estate	(20,452,000)		(7,440,000)		(20,235,000)
Capital improvements of real estate	(4,873,000)		(6,103,000)		(7,592,000)
Proceeds from sale of real estate	190,870,000		67,104,000		12,123,000
Capital contributions and advances to investment in unconsolidated joint ventures	0		0		(56,337,000)
Capital distribution from investment in unconsolidated joint ventures	24,561,000		4,002,000		48,514,000
Capitalization of interest on investment in unconsolidated joint ventures	0		0		(142,000)
Purchase of FHLB stock	0		0		(3,704,000)
Proceeds from sale of FHLB stock	19,165,000		30,619,000		0
Purchase of derivative instruments	(69,000)		(196,000)		(310,000)
Sale of derivative instruments	0		430,000		100,000
Net cash provided by (used in) investing activities	(651,460,000)		1,542,265,000		(126,587,000)
Cash flows from financing activities:
Deferred financing costs paid	(3,221,000)		(18,021,000)		(6,910,000)
Proceeds from borrowings under debt obligations	4,519,064,000		10,021,156,000		14,402,852,000
Repayment of borrowings under debt obligations	(4,493,566,000)		(10,614,556,000)		(14,022,875,000)
Cash dividends paid to Class A common shareholders	(100,553,000)		(118,888,000)		(144,530,000)
Reissuance of treasury stock	(1,000)		0		0
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(4,457,000)		(17,126,000)		(9,247,000)
Purchase of treasury stock	(9,007,000)		(3,035,000)		(637,000)
Issuance of common stock	1,000		32,000,000		0
Issuance of Purchase Right	0		8,425,000		0
Net cash provided by (used in) financing activities	(91,017,000)		(725,670,000)		200,676,000
Net increase (decrease) in cash, cash equivalents and restricted cash	(662,738,000)		928,538,000		257,296,000
Cash, cash equivalents and restricted cash at beginning of period	1,284,284,000		355,746,000		98,450,000
Cash, cash equivalents and restricted cash at end of period	621,546,000		1,284,284,000		355,746,000
Supplemental information:
Cash paid for interest, net of amounts capitalized	173,128,000		202,939,000		195,061,000
Cash paid (received) for income taxes	(2,527,000)		2,197,000		885,000
Non-cash investing and financing activities:
Securities and derivatives purchased, not settled	18,000		0		0
Securities and derivatives sold, not settled	10,000		0		0
Repayment in transit of mortgage loans receivable held for investment (other assets)	26,636,000		69,649,000		0
Settlement of mortgage loan receivable held for investment by real estate, net	(81,129,000)		(28,903,000)		(44,183,000)
Transfer from mortgage loans receivable held for sale to mortgage loans receivable held for investment, net, at amortized cost	0		0		45,832,000
Real estate acquired in settlement of mortgage loan receivable held for investment, net	81,750,000		29,310,000		84,356,000
Transfer of real estate and related lease intangible, net into real estate held for sale	25,179,000	[1]	0	[1]	0
Net settlement of sale of real estate, subject to debt - real estate	(29,827,000)		(31,768,000)		(11,943,000)
Net settlement of sale of real estate, subject to debt - debt obligations	29,827,000		31,768,000		11,943,000
Exchange of noncontrolling interest for common stock	0		158,625,000		16,110,000
Mortgage loan assumed in foreclosure of real estate	0		0		(33,904,000)
Change in deferred tax asset related to exchanges of noncontrolling interest for common stock	0		223,000		394,000
Increase in amount payable pursuant to tax receivable agreement	0		0		(11,000)
Rebalancing of ownership percentage between Company and Operating Partnership	0		(978,000)		803,000
Dividends declared, not paid	27,591,000		27,537,000		38,696,000
Stock dividends	0		0		23,823,000
Cash and cash equivalents	548,744,000	[1]	1,254,432,000	[1]	58,171,000
Restricted cash	72,802,000		29,852,000		297,575,000
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	621,546,000		1,284,284,000		355,746,000
Reissuance of treasury stock	(1,000)		0		0
Consolidated Joint Venture
Cash flows from financing activities:
Capital distributed to noncontrolling interests	(783,000)		(9,787,000)		(1,213,000)
Capital contributed by noncontrolling interests in consolidated joint ventures	1,506,000		860,000		498,000
Operating Partnership
Cash flows from financing activities:
Capital distributed to noncontrolling interests	0		(6,698,000)		(17,262,000)
Equity Securities
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized (gain) loss on equity securities and investment in mutual fund	0		132,000		(1,737,000)
Mutual Fund
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized (gain) loss on equity securities and investment in mutual fund	$ 0		$ (158,000)		$ (405,000)
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS Ladder Capital Corp is 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” or the “Operating Partnership”), operates the Ladder Capital business through LCFH and its subsidiaries. As of December 31, 2021, 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. We continue to actively manage the liquidity and operations of the Company in light of the market conditions and the overall financial impact of COVID-19 across most industries in the United States. In view of the ongoing uncertainty related to the 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 ongoing COVID-19 pandemic on our business.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance generally accepted accounting principles 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 (“VIEs”) 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 and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. Refer to Note 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 GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of resulting changes are reflected in the consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying consolidated financial statements include, but are not limited to the following: • valuation of real estate securities; • valuation of mortgage loan receivables held for sale; • valuation of real estate; • allocation of purchase price for acquired real estate; • impairment, and useful lives, of real estate; • useful lives of intangible assets; • valuation of derivative instruments; • valuation of deferred tax asset (liability); • determination of effective yield for recognition of interest income; • adequacy of current expected credit losses (“CECL”) including the valuation of underlying collateral for collateral-dependent loans; • determination of 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, 2021 and December 31, 2020. At December 31, 2021 and December 31, 2020, 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 market such loans, the Company will evaluate if the loan meets held for sale criteria and then will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value on the consolidated balance sheets. Allowance for Credit Losses The allowance for loan losses reflects the Company’s estimate of loan losses inherent in its loan portfolio as of the balance sheet date. The allowance for loan losses includes a portfolio-based, current expected credit loss (“CECL”) component and an asset-specific component. In compliance with the CECL reporting requirements, the Company has supplemented the 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 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 the year ended 2019’s loss model was based on the incurred loss model, management notes that the 2019 period is 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 generally will 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. 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, assessed for specific impairment, and are not included in the Company’s assessment of the CECL reserve. Loans previously restructured under TDRs that subsequently default are reassessed to incorporate the Company’s current assumptions on expected cash flows and additional provision for loan loss 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 Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”) which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the consolidated statements of income. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the consolidated statements of income. The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. Unrealized losses on securities 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 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. 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 either classified as Real estate, net or Real estate held for sale in the consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net. If the Company intends to market these properties for sale in the near term, assets are evaluated against the held for sale criteria and then may be classified as real estate held for sale in the consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company records real estate acquired through foreclosure at fair value. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 55 years for buildings, four 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, 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 meet the criteria for held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the consolidated statements of income. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. Sales of Real Estate Gains on sales of real estate are recognized pursuant to the provisions included in ASC 606-20, Revenue from Contracts with Customers (“ASC 606-20”) or ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, the Company’s sales of residential condominiums would be governed by ASC 606-20 and the sales of rental properties under ASC 610-20. Investments in and Advances to Unconsolidated 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. In the event there is an outside basis portion of the Company’s joint ventures, it is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. The Company classifies distributions received from its investments in unconsolidated 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 impairme

MORTGAGE LOAN RECEIVABLES

MORTGAGE LOAN RECEIVABLES	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOAN RECEIVABLES	3. MORTGAGE LOAN RECEIVABLES December 31, 2021 ($ in thousands) Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 3,482,715 $ 3,454,654 5.50 % 1.8 Mezzanine loans 99,204 99,083 10.92 % 1.9 Total mortgage loans receivable 3,581,919 3,553,737 5.65 % 1.8 Allowance for credit losses N/A (31,752) Total mortgage loan receivables held for investment, net, at amortized cost 3,581,919 3,521,985 Total $ 3,581,919 $ 3,521,985 (3) 5.65 % 1.8 (1) Includes the impact from interest rate floors. December 31, 2021 LIBOR rates are used to calculate weighted average yield for floating rate loans. (2) Excludes non-accrual loans of $80.2 million. Refer to “Non-Accrual Status” below for further details. (3) Includes $26.0 million of deferred origination fees and other items as of December 31, 2021. As of December 31, 2021, $3.3 billion, or 91.5%, 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 $3.3 billion, 100% of these variable interest rate mortgage loan receivables were subject to interest rate floors. December 31, 2020 ($ 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 % 1.1 Mezzanine loans 121,565 121,310 10.83 % 2.7 Total mortgage loans receivable 2,365,204 2,354,059 6.65 % 1.2 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 % 9.2 Total $ 2,395,682 $ 2,343,070 (3) 6.74 % 1.3 (1) Includes the impact from interest rate floors. December 31, 2020 LIBOR rates are used to calculate weighted average yield for floating rate loans. (2) Excludes non-accrual loans of $175.0 million. Refer to “Non-Accrual Status” below for further details. (3) Includes $8.9 million of deferred origination fees and other items as of December 31, 2020. 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 rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2020, $30.5 million, or 100%, of the outstanding face amount of our mortgage loan receivables held for sale were at fixed interest rates. For the years ended December 31, 2021 and 2020, the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2020 $ 2,354,059 $ (41,507) $ 30,518 Origination of mortgage loan receivables 2,309,888 — 220,359 Purchases of mortgage loan receivables 63,600 — Repayment of mortgage loan receivables (1,059,796) — (183) Proceeds from sales of mortgage loan receivables (46,557) — (259,092) Non-cash disposition of loans via foreclosure(1) (81,289) — — Sale of loans, net — — 8,398 Accretion/amortization of discount, premium and other fees 13,832 — — Release of asset-specific loan loss provision via foreclosure(1) — 1,150 — Release of provision for current expected credit loss, net — 8,605 — Balance, December 31, 2021 $ 3,553,737 $ (31,752) $ — (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. 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 loan 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 (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 real estate acquired via foreclosure. (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 thereafter, including the period to date change for the year ended December 31, 2020, is accounted for as provision for (release of) loan losses 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 loan losses — — (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 $15.5 million (fair value at the date of reclassification) and a remaining maturity of 9.8 years, which was sold to the WFCM 2019-C49 securitization trust. Subsequent to March 31, 2019, the controlling loan interest was sold to the UBS 2019-C16 securitization trust, and as a result, the loan previously sold during the three months ended March 31, 2019 was accounted for as a sale during the year ended December 31, 2019. (2) Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure. Allowance for Credit Losses and Non-Accrual Status ($ in thousands) Year Ended December 31, Allowance for Credit Losses 2021 2020 2019 Allowance for credit losses at beginning of period $ 41,507 $ 20,500 $ 17,900 Provision for current expected credit loss (implementation impact)(1) — 4,964 — Provision for (release of) current expected credit loss, net (impact to earnings)(2) (8,605) 18,543 2,600 Foreclosure of loans subject to asset-specific reserve (1,150) (2,500) — Allowance for credit losses at end of period $ 31,752 $ 41,507 $ 20,500 (1) 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. (2) There was no asset specific reserves recorded in 2021. The total provision for 2020 and 2019 includes asset specific reserves of $9.2 million and $2.0 million respectively, as well as a general reserve component of $(8.6) million, $9.4 million, and $0.6 million for the years ended 2021, 2020, and 2019 respectively. Non-Accrual Status December 31, 2021 December 31, 2020 Carrying value of loans on non-accrual status, net of asset-specific reserve $ 80,229 (1) $ 175,022 (2) (1) Includes 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 $25.6 million and one loan with a carrying value of $30.5 million. (2) Includes 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 and sold in 2021. Current Expected Credit Loss (“CECL”) As of December 31, 2021, the Company has a $32.2 million allowance for current expected credit losses, of which $31.8 million pertains to mortgage loan receivables. This allowance includes threeloans that have an aggregate of $20.2 million of asset-specific reserves against a carrying value of $69.9 million as of December 31, 2021. The Company concluded that none of its loans, other than the three loans discussed in “Non-Accrual Status” below, are individually impaired as of December 31, 2021. The total change in reserve for provision for the year ended December 31, 2021 was a release of $8.7 million. The release represents a decline in the general reserve of loans held for investment of $8.6 million and the release on unfunded loan commitments of $0.1 million. The release during the year ended December 31, 2021 is primarily due to an improvement in macro economic assumptions. As of December 31, 2020, the Company had a $42.1 million allowance for current expected credit losses. This included four loans that had an aggregate of $21.4 million of asset-specific reserves against a carrying value of $116.4 million. The Company concluded that none of its loans, other than the four loans discussed below, were individually impaired as of December 31, 2020. 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. The total change in reserve for provision for the year ended December 31, 2020 was $18.3 million, which included $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. The movement in the reserve was primarily due to the update of the macro economic assumptions used. Loan Portfolio by Geographic Region, Property Type and Vintage (amortized cost $ in thousands) December 31, December 31, Geographic Region 2021 2020 South $ 937,125 $ 313,759 Northeast 1,080,652 707,485 Midwest 434,157 462,602 West 530,599 316,620 Southwest 501,272 437,153 Subtotal mortgage loans receivable 3,483,805 2,237,619 Individually impaired loans(1) 69,932 116,440 Total mortgage loans receivable $ 3,553,737 $ 2,354,059 (1) Refer to “Individually Impaired Loans” below for further detail. 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 the Company’s mortgage loan portfolio by collateral type. The following tables summarize the amortized cost of the mortgage loan portfolio by property type as of December 31, 2021 and December 31, 2020, respectively ($ in thousands): Amortized Cost Basis by Origination Year as of December 31, 2021 Collateral Type 2021 2020 2019 2018 2017 and Earlier Total Office $ 784,556 $ 29,636 $ 121,346 $ 59,073 $ 73,911 $ 1,068,522 Mixed Use 538,949 84,600 140,926 — — 764,475 Multifamily 697,089 3,131 47,322 — — 747,542 Hospitality 41,635 — 43,666 90,132 110,890 286,323 Retail 105,362 — 89,058 — 25,486 219,906 Industrial 41,203 — 108,469 — — 149,672 Manufactured Housing 117,265 — 26,404 — 3,941 147,610 Other 26,801 — 8,768 20,743 — 56,312 Self-Storage 43,443 — — — — 43,443 Subtotal mortgage loans receivable 2,396,303 117,367 585,959 169,948 214,228 3,483,805 Individually Impaired loans (1) — — — — 69,932 69,932 Total mortgage loans receivable (2) $ 2,396,303 $ 117,367 $ 585,959 $ 169,948 $ 284,160 $ 3,553,737 Amortized Cost Basis by Origination Year as of December 31, 2020 Collateral 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 mortgage loans receivable 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 mortgage loans receivable (3) $ 253,974 $ 1,051,415 $ 582,743 $ 188,654 $ 277,273 $ 2,354,059 (1) Refer to “ Individually Impaired Loans” below for further detail. (2) Not included above is $12.6 million of accrued interest receivable on all loans at December 31, 2021. (3) 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, 2021, two loans with an amortized cost basis of $26.9 million and a combined 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, 2021, the Company determined the loan was adequately provisioned based on the application of direct capitalization rates of 4.88% to 5.23%. 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, 2021, the amortized cost basis was $43.1 million, and after allowance for credit loss of the A-Note and the B-Note of $17.5 million, the carrying value of the combined mortgage loans was $25.6 million. As of December 31, 2021, the Company determined the loan was adequately provisioned based on the application of direct capitalization rates of 8.50% to 9.25%. 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. In February 2021, the Company foreclosed on the asset and closed on the sale of the asset. 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, 2021, one other loan was on non-accrual status, with a carrying value of $30.5 million. The Company put this loan on non-accrual status in the fourth quarter of 2020 and performed a review of the collateral for the loan. The review consisted of conversations with market participants familiar with the property locations as well as reviewing market data and comparable properties. There are no other loans on non-accrual status other than those discussed above in Individually Impaired Loans as of December 31, 2021.

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	12 Months Ended
	Dec. 31, 2021
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 credit subordination. Market conditions due to the COVID-19 pandemic and the resulting economic disruption have broadly impacted the commercial real estate sector, including real estate securities. We continue to actively monitor the impacts of COVID-19 on our securities portfolio. CMBS, CMBS interest-only securities, U.S. 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. GNMA and FHLMC 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, 2021 and December 31, 2020 ($ in thousands): December 31, 2021 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses Carrying # of Rating (1) Coupon % Yield % Remaining CMBS(2) $ 691,402 $ 691,026 $ 775 $ (5,508) $ 686,293 (3) 73 AAA 1.57 % 1.57 % 2.06 CMBS interest-only(2)(4) 1,302,551 15,268 617 — 15,885 (5) 13 AAA 0.45 % 5.67 % 1.88 GNMA interest-only(4)(6) 59,075 518 105 (64) 559 14 AA+ 0.38 % 4.97 % 3.64 Agency securities(2) 557 560 3 — 563 2 AA+ 2.47 % 1.58 % 0.69 Total debt securities $ 2,053,585 $ 707,372 $ 1,500 $ (5,572) $ 703,300 102 0.83 % 1.67 % 2.06 Allowance for current expected credit losses N/A — — (20) (20) Total real estate securities $ 2,053,585 $ 707,372 $ 1,500 $ (5,592) $ 703,280 102 December 31, 2020 Gross Unrealized Weighted Average Asset Type Outstanding Amortized 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 Allowance 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) As of December 31, 2021 and December 31, 2020, respectively, includes $9.9 million and $11.1 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) As of December 31, 2021 and December 31, 2020, respectively, includes $0.5 million and $0.7 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (6) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income in accordance with ASC 815. The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2021 and December 31, 2020 ($ in thousands): December 31, 2021 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 304,357 $ 354,670 $ 10,307 $ 16,958 $ 686,292 CMBS interest-only 1,018 14,868 — — 15,886 GNMA interest-only 102 278 179 — 559 Agency securities 503 60 — — 563 Allowance for current expected credit losses — — — — (20) Total real estate securities $ 305,980 $ 369,876 $ 10,486 $ 16,958 $ 703,280 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 Allowance for current expected credit losses — — — — (20) Total real estate securities $ 232,681 $ 801,978 $ 23,659 $ — $ 1,058,298 During the year ended December 31, 2021 the Company did not have any sales of equity securities. 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 which are included in realized gain (loss) on securities on the Company’s consolidated statements of income. During the years ended December 31, 2021, 2020 and 2019 the Company recorded other than temporary impairments of $0.1 million, $0.5 million and $0.1 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, 2021
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 ($ in thousands): December 31, 2021 December 31, 2020 Land $ 186,940 $ 220,511 Building 765,690 838,542 In-place leases and other intangibles 142,335 157,176 Undepreciated real estate and related lease intangibles 1,094,965 1,216,229 Less: Accumulated depreciation and amortization (229,271) (230,925) Real estate and related lease intangibles, net $ 865,694 $ 985,304 Below market lease intangibles, net (other liabilities)(1) $ (33,203) $ (36,952) (1) Below market lease intangibles, net is inclusive of $12.8 million and $12.0 million of accumulated amortization as of December 31, 2021 and 2020, respectively. Not included in the table above is $25.2 million of real estate held for sale as of December 31, 2021. This real estate is comprised of $0.9 million of land, $27.4 million of building, and $4.3 million of in-place leases and other intangibles to aggregate to $32.5 million of undepreciated real estate and lease intangibles. The property also includes $7.4 million of accumulated depreciation and amortization. The Company did not hold any real estate held for sale as of December 31, 2020. At December 31, 2021 and December 31, 2020, the Company held foreclosed properties included in real estate and related lease intangibles, net with a carrying value of $97.3 million and $106.8 million, respectively. The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Year Ended December 31, 2021 2020 2019 Depreciation expense(1) $ 30,659 $ 32,383 $ 30,421 Amortization expense 7,142 6,696 7,991 Total real estate depreciation and amortization expense $ 37,801 $ 39,079 $ 38,412 (1) Depreciation expense on the consolidated statements of income also includes $99 thousand, $99 thousand and $99 thousand of depreciation on corporate fixed assets for the years ended December 31, 2021, 2020 and 2019, respectively. The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands): December 31, 2021 December 31, 2020 Gross intangible assets(1) $ 146,593 $ 157,176 Accumulated amortization 67,500 66,014 Net intangible assets $ 79,093 $ 91,162 (1) Includes $3.8 million and $4.2 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of December 31, 2021 and December 31, 2020, respectively. The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands): Year Ended December 31, 2021 2020 2019 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (367) $ (367) $ (819) Increase in operating lease income for amortization of below market lease intangibles acquired 2,255 2,601 2,178 Total $ 1,888 $ 2,234 $ 1,359 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, 2021 ($ in thousands): Period Ending December 31, Adjustment to Operating Lease Income Amortization Expense 2022 $ 891 $ 6,820 2023 891 5,241 2024 891 5,241 2025 891 5,241 2026 891 5,241 Thereafter 24,948 46,012 Total $ 29,403 $ 73,796 Rent Receivables, Unencumbered Real Estate, Operating Lease Income and Impairment of Real Estate There were $0.4 million and $0.5 million of rent receivables included in other assets on the consolidated balance sheets as of December 31, 2021 and December 31, 2020, respectively. There was unencumbered real estate of $85.9 million and $75.9 million as of December 31, 2021 and December 31, 2020, respectively. During the years ended December 31, 2021, 2020 and 2019 the Company recorded $8.8 million, $5.6 million and $2.6 million respectively, of real estate operating income, which excludes rental income. 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 $20 thousand. Refer to Note 15, Fair Value of Financial Instruments for further detail. The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at December 31, 2021 ($ in thousands): Period Ending December 31, Amount 2022 $ 70,760 2023 61,388 2024 56,422 2025 55,110 2026 52,825 Thereafter 394,979 Total $ 691,484 Acquisitions During the year ended December 31, 2021, 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) Purchases of real estate August 2021 Apartments Stillwater, OK 20,452 80.0% Aggregate purchases of real estate $ 20,452 Real estate acquired via foreclosure February 2021 (2) Hotel Miami, FL $ 43,750 100.0% December 2021 (3) Hotel Schaumburg, IL 38,000 100.0% Total real estate acquired via foreclosure 81,750 Total real estate acquisitions $ 102,202 (1) Properties were consolidated as of acquisition date. (2) In February 2021, the Company acquired a hotel in Miami, FL via foreclosure, recognizing a $25.8 thousand loss, which is included in its consolidated statements of income. The property previously served as collateral for a mortgage loan receivable held for investment with a basis of $45.1 million, net of an asset-specific loan loss provision of $1.2 million recorded in the three months ended December 31, 2020. In February 2021, the foreclosed property was sold without any gain or loss. The Company recorded no revenues from its 2021 acquisitions for the year ended December 31, 2021. (3) In December 2021, the Company acquired a hotel in Schaumburg, IL via foreclosure. The property served as collateral for a mortgage loan receivable held for investment with a basis of $38.0 million. The Company obtained a third-party appraisal of the property. The $38.0 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 8.0% and a discount rate of 10.0%. There was no gain or loss resulting from the foreclosure of the loan. During the year ended December 31, 2020, the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Gain/(Loss) on Loan Foreclosure Ownership Interest (1) Aggregate purchases of net leased real estate $ 7,440 100.0% Real estate acquired via foreclosure March 2020 (2) Land Los Angeles, CA 21,535 — (2) 100.0% June 2020 (3) Hotel Winston-Salem, NC 3,900 — 100.0% December 2020 (4) Hotel 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. (2) 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 of 2021, the Company sold this property and recorded a $2.0 million loss on sale. Refer to “Sales” below. (3) 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. (4) 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 $0.1 million resulting from the foreclosure of the loan. In December 2020, the foreclosed property was sold without any gain or loss. The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the years ended December 31, 2021 and December 31, 2020, all acquisitions were determined to be asset acquisitions. Sales The Company sold the following properties during the year ended December 31, 2021 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties February 2021 Hotel Miami, FL $ 43,750 $ 43,750 $ — 1 June 2021 Net Lease North Dartmouth, MA 38,732 19,343 19,389 1 August 2021 Net Lease Pittsfield, MA 18,651 10,564 8,087 1 August 2021 Net Lease Ankeny, IA 19,021 13,341 5,680 1 August 2021 Apartments Arlington/Fort Worth, TX 26,496 22,498 3,998 2 November 2021 Net Lease Bessemer City, NC 33,447 21,333 12,114 1 December 2021 Land Los Angeles, CA 19,469 21,452 (1,983) 1 December 2021 Net Lease Snellville, GA 9,695 5,483 4,212 1 December 2021 Net Lease Columbia, SC 9,941 5,674 4,269 1 Totals $ 219,202 $ 163,438 $ 55,766 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) Properties Units Sold Units Remaining Various Condominium Miami, FL $ 1,832 $ 1,821 $ 11 — 6 — March 2020 Office Richmond, VA 22,527 14,829 7,698 7 — — March 2020 Office Richmond, VA 6,932 4,109 2,823 1 — — August 2020 Net Lease Bellport, NY 19,434 15,012 4,422 1 — — September 2020 Warehouse Lithia Springs, GA 39,491 23,187 16,304 1 — — September 2020 Hotel Winston Salem, NC 4,647 3,803 844 1 — — December 2020 Hotel South Bend, IN 3,875 3,875 — 1 — — Totals $ 98,738 $ 66,636 $ 32,102 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 Office Wayne, NJ 1,729 4,799 (3,070) 1 — — May 2019 Office Grand Rapids, MI 10,019 8,254 1,765 1 — — August 2019 Industrial 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.

INVESTMENT IN AND ADVANCES TO U

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES	12 Months Ended
	Dec. 31, 2021
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, 2021 and December 31, 2020 ($ in thousands): Entity December 31, 2021 December 31, 2020 Grace Lake JV, LLC $ 5,434 $ 4,023 24 Second Avenue Holdings LLC 17,720 42,230 Investment in unconsolidated joint ventures $ 23,154 $ 46,253 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, 2021 and 2020 ($ in thousands): Year Ended December 31, Entity 2021 2020 2019 Grace Lake JV, LLC $ 1,411 $ 976 1,047 24 Second Avenue Holdings LLC 168 845 2,385 Earnings (loss) from investment in unconsolidated joint ventures $ 1,579 $ 1,821 $ 3,432 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 holds its investment in Grace Lake LLC in a TRS. The Company’s investment in Grace Lake LLC is an unconsolidated joint venture, which is a variable interest entity (“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, 2021, and December 31, 2020, the Company received no distributions from its investment in Grace Lake LLC. 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. The Company holds its investment in 24 Second Avenue in a TRS. During the years ended December 31, 2021, 2020 and 2019, the Company recorded $0.2 million, $0.8 million and $2.4 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, the Company capitalized $0.1 million interest related to the cost of its investment in 24 Second Avenue using a weighted average interest rate, as 24 Second Avenue had activities in progress necessary to construct and ultimately sell condominium units. 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 commenced closing on the existing sales contracts during the three months 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, 2021, 24 Second Avenue sold 28 residential condominium units for $79.5 million in total gross sale proceeds and one residential condominium unit was under contract for sale for $2.5 million in gross sales proceeds with a 10% deposit down on the sales contract. As of December 31, 2021, the Company had no additional remaining capital commitment to 24 Second Avenue. The Company received $24.6 million and $4.0 million of distributions during the years ended December 31, 2021 and 2020, respectively. The Company’s non-controlling investment in 24 Second Avenue is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was deemed to be a VIE primarily based on (i) the fact that the total equity investment at risk (inclusive of the additional financing the Company provided through the first mortgage and mezzanine loans) is sufficient to permit the entities to finance activities without additional subordinated financial support provided by any parties, including equity holders; and (ii) the voting and economic rights are not disproportionate within the joint venture. The Company determined that it was not the primary beneficiary of this VIE because it does not have a controlling financial interest. Combined Summary Financial Information for Unconsolidated Joint Ventures The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2021 and December 31, 2020 ($ in thousands): December 31, 2021 December 31, 2020 Total assets $ 109,873 $ 114,916 Total liabilities 66,387 75,775 Partners’/members’ capital $ 43,486 $ 39,141 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, 2021, 2020, and 2019 ($ in thousands): Year Ended December 31, 2021 2020 2019 Total revenues $ 18,870 $ 17,461 $ 7,630 Total expenses 13,132 14,206 14,930 Net income (loss) $ 5,738 $ 3,255 $ (7,300)

DEBT OBLIGATIONS, NET

DEBT OBLIGATIONS, NET	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
DEBT OBLIGATIONS, NET	7. DEBT OBLIGATIONS, NET The details of the Company’s debt obligations at December 31, 2021 and December 31, 2020 are as follows ($ in thousands): December 31, 2021 Debt Obligations Committed / Carrying Value of Debt Obligations Committed but Unfunded Interest Rate at December 31, 2021(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility(2) $ 500,000 $ 37,207 $ 462,793 1.61% — 1.61% 12/19/2022 (3) (4) $ 82,966 $ 82,966 Committed Loan Repurchase Facility 100,000 45,290 54,710 2.06% — 2.81% 2/26/2022 (5) (6) 62,972 62,972 Committed Loan Repurchase Facility 300,000 75,837 224,163 1.86% — 2.86% 12/19/2022 (7) (8) 127,926 127,926 Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 4/30/2024 (9) (4) — — Committed Loan Repurchase Facility 100,000 26,183 73,817 2.23% — 2.23% 1/3/2023 (3) (4) 48,720 48,720 Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 10/21/2022 (10) (11) — — Total Committed Loan Repurchase Facilities 1,200,000 184,517 1,015,483 322,584 322,584 Committed Securities Repurchase Facility(2) 862,794 44,139 818,655 0.65% — 1.05% 5/27/2023 N/A (12) 50,522 50,522 Uncommitted Securities Repurchase Facility N/A (13) 215,921 N/A (13) 0.54% — 2.06% 1/2022 - 6/2022 N/A (12) 242,629 242,629 (14) Total Repurchase Facilities 1,600,000 444,577 1,371,344 615,735 615,735 Revolving Credit Facility 266,430 — 266,430 —% — —% 2/11/2022 (15) N/A (16) N/A (16) N/A (16) Mortgage Loan Financing 690,927 693,797 — 3.75% — 6.16% 2022 - 2031(17) N/A (18) 805,007 1,033,372 (19) Secured Financing Facility 136,444 132,447 (20) — 10.75% — 10.75% 5/6/2023 N/A (21) 244,399 244,553 CLO Debt 1,064,365 1,054,774 (22) — 1.66% — 1.75% 2024 - 2026(23) N/A (4) 1,299,116 1,299,116 Borrowings from the FHLB 263,000 263,000 — 0.36% — 2.74% 2022 - 2024 N/A (24) 301,792 301,792 (25) Senior Unsecured Notes 1,649,794 1,631,108 (26) — 4.25% — 5.25% 2025 - 2029 N/A N/A (27) N/A (27) N/A (27) Total Debt Obligations, Net $ 5,670,960 $ 4,219,703 $ 1,637,774 $ 3,266,049 $ 3,494,568 (1) LIBOR rates in effect as of December 31, 2021 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 12-month extension 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) Two 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) Three 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) 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 first mortgage commercial real estate loans collateralizing such securities. (13) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (14) 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. (15) Three 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) Presented net of unamortized debt issuance costs of $1.9 million and an unamortized discount of $2.1 million related to the Purchase Right (described in detail under Secured Financing Facility below) at December 31, 2021. (21) First mortgage commercial real estate loans. Substitution of collateral and conversion of loan collateral to mortgage collateral are permitted with lender’s approval. (22) Presented net of unamortized debt issuance costs of $9.6 million at December 31, 2021. (23) Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities. (24) Investment grade commercial real estate securities and cash. It does not include the first mortgage commercial real estate loans collateralizing such securities. (25) Includes $7.5 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 $18.7 million at December 31, 2021. (27) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. December 31, 2020 Debt Obligations Committed / Carrying Value of Debt Obligations 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% 1/3/2023 (10) (4) 45,235 45,235 Committed Loan Repurchase Facility 100,000 15,672 84,328 2.66% — 3.50% 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 761,793 766,064 — 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) — 5.50% — 5.50% 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 $ 6,576,028 $ 4,209,864 $ 2,756,999 $ 3,156,045 $ 3,384,482 (1) LIBOR rates in effect as of December 31, 2020 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 first mortgage commercial real estate loans 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. Committed Loan and Securities Repurchase Facilities The Company has entered into six committed master repurchase agreements, as outlined in the December 31, 2021 table above, totaling $1.2 billion of credit capacity in order to finance its lending activities. Assets pledged as collateral under these facilities are limited to whole mortgage loans or participation interests in mortgage loans collateralized by first liens on commercial properties and mezzanine debt. The Company also has a term master repurchase agreement with a major U.S. bank to finance CMBS totaling $862.8 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 was in compliance with all covenants as of December 31, 2021 and December 31, 2020. The Company has the option to extend some of the current facilities subject to a number of conditions, including satisfaction of certain notice requirements, the absence of an event of default, and the absence of a margin deficit, all as defined in the repurchase facility agreements. The lenders have sole discretion with respect to the inclusion of collateral in these facilities and the determination of the market value of the collateral on a daily basis, to be exercised on a good faith basis, and have the right in certain cases to require additional collateral, a full and/or partial repayment of the facilities (margin call), or a reduction in unused availability under the facilities, sufficient to rebalance the facilities if the estimated market value of the included collateral declines. On January 21, 2022, the Company entered into a committed loan repurchase facility with a major U.S. banking institution with total capacity of $100.0 million and an initial maturity date of January 22, 2024, with two 1-year extension periods. On November 2, 2021, the Company amended a committed loan repurchase facility with a major banking institution to, among other things, extend the final maturity date to October 21, 2022. On September 27, 2021, the Company amended a committed loan repurchase facility with a major U.S. banking institution to, among other things, extend the final maturity date to December 19, 2025. On May 25, 2021, the Company amended a committed loan repurchase facility with a major banking institution to, among other things, reduce the maximum facility amount from $250 million to $100 million. On May 19, 2021, the Company amended a committed loan repurchase facility with a major U.S. banking institution to, among other things, reduce the maximum facility amount from $300 million to $100 million and extend the initial term thereof from November 6, 2022 to April 30, 2024. Revolving Credit Facility The Company’s 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 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, 2021, interest on the Revolving Credit Facility is one-month LIBOR plus 3.00% per annum payable monthly in arrears. As of December 31, 2021, the Company had no outstanding borrowings on the Revolving Credit Facility but still maintains the ability to draw $266.4 million. 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. The Company 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, the Company 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 is dependent on, among other things, 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 of December 31, 2021 and December 31, 2020, the amount of unamortized costs relating to our master repurchase facilities and Revolving Credit Facility were $2.9 million and $5.8 million, respectively, and are included in other assets in the consolidated balance sheets. Uncommitted Securities Repurchase Facilities The Company has also entered into multiple uncommitted master repurchase agreements 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, which is primarily AAA-rated securities. Mortgage Loan Financing These non-recourse debt agreements provide for secured financing at rates ranging from 3.75% to 6.16%, with anticipated maturity dates between 2022-2031 as of December 31, 2021. These loans have carrying amounts of $693.8 million and $766.1 million, net of unamortized premiums of $3.2 million and $4.6 million as of December 31, 2021 and December 31, 2020, 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 $1.4 million, $1.2 million and $1.6 million of premium amortization, which decreased interest expense for the years ended December 31, 2021, 2020, and 2019 respectively. The mortgage loans are collateralized by real estate and related lease intangibles, net, of $805.0 million and $909.4 million as of December 31, 2021 and December 31, 2020, respectively. During the years ended December 31, 2021, 2020, and 2019, the company executed 1, 10 and 22 term debt agreements, respectively, to finance properties in its real estate portfolio. Secured Financing Facility On April 30, 2020, the Company entered into a strategic financing arrangement with a U.S. multinational corporation (the “Lender”), under which the Lender provided the Company with $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 matures 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 clause, of which approximately $5.3 million remains as of December 31, 2021. 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 was treated as a discount to the debt and amortized over the expected maturity of the Purchase Right to interest expense. Collateralized Loan Obligations (“CLO”) Debt On July 13, 2021, a consolidated subsidiary of the Company completed a privately-marketed CLO transaction, which generated $498.2 million of gross proceeds to Ladder, financing $607.5 million of loans (“Contributed July 2021 Loans”) at an 82% advance rate on a matched term, non-mark-to-market and non-recourse basis. A consolidated subsidiary of the Company retained an 18% subordinate and controlling interest in the CLO. The Company retained consent rights over major decisions with respect to the servicing of the Contributed July 2021 Loans, including the right to appoint and replace the special servicer under the CLO. The CLO is a VIE and the Company is the primary beneficiary and, therefore, consolidated the VIE - Refer to Note 10, Consolidated Variable Interest Entities. On December 2, 2021, a consolidated subsidiary of the Company completed a privately marketed CLO transaction, which generated $566.2 million of gross proceeds to Ladder, financing $729.4 million of loans (“Contributed December 2021 Loans”) at a maximum 77.6% advance rate on a matched term, non-mark-to-market and non-recourse basis. A consolidated subsidiary of the Company retained an 15.6% subordinate and controlling interest in the CLO. The Company also held two additional tranches as investments totaling 6.8% interest in the CLO. The Company retained consent rights over major decisions with respect to the servicing of the Contributed December 2021 Loans, including the right to appoint and replace the special servicer under the CLO. The CLO is a VIE and the Company is the primary beneficiary and, therefore, consolidated the VIE - Refer to Note 10, Consolidated Variable Interest Entities. As of December 31, 2021, the Company had $1.1 billion of matched term, non-mark-to-market and non-recourse CLO debt included in debt obligations on its consolidated balance sheets which includes unamortized debt issuance costs of $9.6 million. Borrowings from the Federal Home Loan Bank (“FHLB”) 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. As of 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 membership in the FHLB has been terminated, although outstanding advances may remain outstanding until their scheduled maturity dates. Funding for future advance paydowns is expected to be obtained from the natural amortization and/or sales of securities collateral, or from other financing sources. There is no assurance that the FHFA or the FHLB will not take actions that could adversely impact Tuebor’s existing advances. As of December 31, 2021, Tuebor had $263.0 million of borrowings outstanding, with terms of 0.69 years to 2.75 years (with a weighted average of 1.95 years), and interest rates of 0.36% to 2.74% (with a weighted average of 0.96%). As of December 31, 2021, collateral for the borrowings was comprised of $259.3 million of CMBS and U.S. Agency securities (with advance rates of 71.7% to 95.7%) and $42.5 million of cash. 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 $2.2 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, 2021. 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, 2021, the Company had $1.6 billion of unsecured corporate bonds outstanding. These unsecured financings were comprised of $348.0 million in aggregate principal amount of 5.25% senior notes due 2025 (the “2025 Notes”), $651.8 million in aggregate principal amount of 4.25% senior notes due 2027 (the “2027 Notes”) and $650.0 million in aggregate principal of 4.75% senior notes due 2029 (the “2029 Notes,” collectively with the 2025 Notes and the 2027 Notes, the “Notes”). On January 27, 2021, the Company redeemed in full 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 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 September 15, 2021, the Company redeemed in full its 5.25% Senior Notes due 2022 (the “2022 Notes”) for $478.1 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 2022 Notes. LCFH issued the Notes with Ladder Capital Finance Corporation (“LCFC”), as co-issuers on a joint and several basis. LCFC is a 100% owned finance subsidiary of LCFH with no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Notes. The Company and certain subsidiaries of LCFH currently guarantee the obligations under the Notes and the indenture. The Company was in compliance with all covenants of the Notes as of December 31, 2021 and 2020. Unamortized debt issuance costs of $18.7 million and $12.9 million are included in senior unsecured notes as of December 31, 2021 and December 31, 2020, respectively, in accordance with GAAP. 2025 Notes On September 25, 2017, LCFH issued $400.0 million in aggregate principal amount of 5.250% senior notes due October 1, 2025. The 2025 Notes require interest payments semi-annually in cash in arrears on April 1 and October 1 of each year, beginning on April 1, 2018. The 2025 Notes are unsecured and are subject to an unencumbered assets to unsecured debt covenant. The Company may redeem the 2025 Notes, in whole or in part, at any time, or from time to time, prior to their stated maturity upon not less than 15 nor more than 60 days’ notice, at a redemption price as specified in the indenture governing the 2025 Notes, plus accrued and unpaid interest, if any, to the redemption date. On May 2, 2018, the board of the directors authorized the Company to repurchase any or all of the 2025 Notes from time to time without further approval. During the year ended December 31, 2020, the Company retired $52.0 million of principal of the 2025 Notes for a repurchase price of $45.1 million, recognizing a $6.4 million net gain on extinguishment of debt after recognizing $(0.5) million of unamortized debt issuance costs associated with the retired debt. As of December 31, 2021, the remaining $348.0 million in aggregate principal amount of the 2025 Notes is due October 1, 2025. 2027 Notes On January 30, 2020, LCFH issued $750.0 million in aggregate principal amount of 4.25% senior notes due February 1, 2027. The 2027 Notes require interest payments semi-annually in cash in arrears on August 1 and February 1 of each year, beginning on August 1, 2020. The 2027 Notes are unsecured and are subject to an unencumbered assets to unsecured debt covenant. The Company may redeem the 2027 Notes, in whole, at any time, or from time to time, prior to their stated maturity. At any time on or after February 1, 2023, the Company may redeem the 2027 Notes in whole or in part, upon not less than 15 nor more than 60 days’ notice, at a redemption price defined in the indenture governing the 2027 Notes, plus accrued and unpaid interest, if any, to the redemption date. Net proceeds of the offering were used to repay secured indebtedness. On February 26, 2020, the board of the directors authorized the Company to repurchase any or all of the 2027 Notes from time to time without further approval. During the year ended December 31, 2020, the Company retired $98.2 million of principal of the 2027 Notes for a repurchase price of $83.9 million, recognizing a $12.9 million net gain on extinguishment of debt after recognizing $(1.3) million of unamortized debt issuance costs associated with the retired debt. As of December 31, 2021, the remaining $651.8 million in aggregate principal amount of the 2027 Notes is due February 1, 2027. 2029 Notes On June 23, 2021, LCFH issued $650.0 million in aggregate principal amount of 4.75% senior notes due June 15, 2029. The 2029 Notes require interest payments semi-annually in cash in arrears on June 15 and December 15 of each year, beginning December 15, 2021. The 2029 Notes are unsecured and are subject to an unencumbered asset to unsecured debt covenant. The Company may redeem the 2029 Notes, in whole, at any time, or from time to time, prior to their stated maturity. At any time on or after June 15, 2024, the Company may redeem the 2029 Notes in whole or in part, upon not less than 10 nor more than 60 days’ notice, at a redemption price defined in the indenture governing the 2029 Notes, plus accrued and unpaid interest, if any, to the redemption date. Net proceeds of the offering were used for general corporate purposes, including funding the Company’s pipeline of new loans, investments in its core business lines and repayment of indebtedness. On June 24, 2021, the board of the directors authorized the Company to repurchase any or all of the 2029 Notes from time to time without further approval. As of December 31, 2021, the remaining $650.0 million in aggregate principal amount of the 2029 Notes is due June 15, 2029. Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by 2022 $ 483,937 2023 281,702 2024 406,476 2025 478,704 Thereafter 1,533,922 Subtotal 3,184,741 Debt issuance costs included in senior unsecured notes (18,686) Debt issuance costs included in secured financing facility (1,911) Discount on secured financing facility related to Purchase Right (2,087) Debt issuance costs included in mortgage loan financing (280) Premiums included in mortgage loan financing(3) 3,151 Total (2) $ 3,164,928 (1) The allocation of repayments under our committed loan repurchase facilities and Secured Financing Facility is based on the earlier of (i) the maturity date of each agreement, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. (2) Total does not include $1.1 billion of consolidated CLO debt obligations and the related debt issuance costs of $9.6 million, as the satisfaction of these liabilities will be paid through cash flow from loan collateral including amortization and will not require cash outlays from us. (3) Represents deferred gains on intercompany loans, secured by our own real estate, sold into securitizations. These premiums are amortized as a reduction to interest expense. Financial Covenants The Company’s debt facilities are subject to covenants which require the Company to maintain a minimum level of total equity. Largely as a result of this restriction, approximately $871.4 million of the total equity is restricted from payment as a dividend by the Company at December 31, 2021. We were in compliance with all covenants described in the financial statements as of December 31, 2021. LIBOR Transition We continue to develop and implement plans for the discontinuation of LIBOR. Specifically, we: (i) have implemented fallback language for our bi-lateral committed repurchase facilities and revolving credit facility, including adjustments as applicable to maintain the anticipated economic terms of the existing contracts, (ii) continue to monitor the transition guidance provided by the ARRC, the International Swaps a

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
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, 2021 and December 31, 2020 ($ in thousands): December 31, 2021 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month LIBOR $ 84,621 $ 60 $ — 0.57 Futures 5-year Swap 6,500 76 — 0.25 10-year Swap 23,000 266 — 0.25 Total futures 29,500 342 — Total derivatives $ 114,121 $ 402 $ — (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. 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. 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, 2021, 2020, and 2019 ($ in thousands): Year Ended December 31, 2021 Contract Type Unrealized Realized Net Result Caps $ (8) $ — $ (8) Futures 42 1,715 1,757 Total $ 34 $ 1,715 $ 1,749 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) 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 International Swaps and Derivatives Association (“ISDA”) agreement provide for bilateral collateral pledging based on the counterparties’ market value. The counterparties have the right to re-pledge the collateral posted but have the obligation to return the pledged collateral, or substantially the same collateral, if agreed to by us, as the market value of the interest rate futures change. The Company is required to post initial margin and daily variation margin for our interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures. The Company’s counterparties held $0.5 million, $0.8 million, and $3.5 million of cash margin as collateral for derivatives as of December 31, 2021, 2020 and 2019 respectively, which is included in restricted cash in the consolidated balance sheets.

OFFSETTING ASSETS AND LIABILITI

OFFSETTING ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2021
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, 2021 and December 31, 2020. The Company’s accounting policy is to record derivative asset and liability positions on a gross basis; therefore, the following tables present the gross derivative asset and liability positions recorded on the balance sheets, while also disclosing the eligible amounts of financial instruments and cash collateral to the extent those amounts could offset the gross amount of derivative asset and liability positions. The actual amounts of collateral posted by or received from counterparties may be in excess of the amounts disclosed in the following tables as the following only disclose amounts eligible to be offset to the extent of the recorded gross derivative positions. The following table represents offsetting financial assets and derivative assets as of December 31, 2021 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 402 $ — $ 402 $ — $ (526) $ 402 Total $ 402 $ — $ 402 $ — $ (526) $ 402 The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2021 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Repurchase agreements $ 444,577 $ — $ 444,577 $ 444,577 $ 1,975 $ 442,603 Total $ 444,577 $ — $ 444,577 $ 444,577 $ 1,975 $ 442,603 (1) Included in restricted cash on consolidated balance sheets. The following table represents offsetting of financial assets and derivative assets as of December 31, 2020 ($ 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. The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2020 ($ 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.

CONSOLIDATED VARIABLE INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATED VARIABLE INTEREST ENTITIES	10. CONSOLIDATED VARIABLE INTEREST ENTITIES The Company consolidates on its balance sheet two CLOs that are considered VIEs as of December 31, 2021 and one CLO that was considered a VIE as of December 31, 2020 ($ in thousands): December 31, 2021 December 31, 2020 Notes 3 & 7 Restricted cash $ 369 $ 3,925 Mortgage loan receivables held for investment, net, at amortized cost 1,299,116 362,600 Accrued interest receivable 4,587 1,382 Other assets 26,636 69,649 Total assets $ 1,330,708 $ 437,556 Debt obligations, net $ 1,054,774 $ 276,516 Accrued expenses 1,218 682 Other liabilities 65 — Total liabilities 1,056,057 277,198 Net equity in VIEs (eliminated in consolidation) 274,651 160,358 Total equity 274,651 160,358 Total liabilities and equity $ 1,330,708 $ 437,556

EQUITY STRUCTURE AND ACCOUNTS

EQUITY STRUCTURE AND ACCOUNTS	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
EQUITY STRUCTURE AND ACCOUNTS	11. EQUITY STRUCTURE AND ACCOUNTS The Company has one outstanding class of common stock, Class A as of December 31, 2021 and 2020. Prior to September 30, 2020, the Company also had Class B common stock. The Class A and Class B common stock 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. We do not currently have any shares of Class B common stock outstanding. 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, 2021. As of December 31, 2021, the Company held a 100% interest in LCFH. 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. Stock Repurchases On August 4, 2021, the board of directors authorized the repurchase of $50.0 million of the Company’s Class A common stock from time to time without further approval. This authorization increased the remaining authorization per the October 30, 2014 authorization at the time from $35.0 million to $50.0 million. Stock repurchases by the Company are generally made for cash in open market transactions at prevailing market prices but may also be made in privately negotiated transactions or otherwise. The timing and amount of purchases are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. As of December 31, 2021, the Company has a remaining amount available for repurchase of $44.1 million, which represents 2.9% in the aggregate of its outstanding Class A common stock, based on the closing price of $11.99 per share on such date. The following table is a summary of the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2021 and 2020 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2020 $ 38,102 Additional authorizations(2) 15,027 Repurchases paid 822,928 (9,007) Repurchases unsettled — Authorizations remaining as of December 31, 2021 $ 44,122 (1) Amount excludes commissions paid associated with share repurchases. (2) On August 4, 2021, the Board authorized additional repurchases of up to $50.0 million in aggregate. 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. 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, 2021, 2020 and 2019: Declaration Date Dividend per Share March 15, 2021 $ 0.20 June 15, 2021 0.20 September 15, 2021 0.20 December 15, 2021 $ 0.20 Total $ 0.80 February 27, 2020 $ 0.34 May 28, 2020 0.20 August 31, 2020 0.20 December 31, 2020 $ 0.20 Total $ 0.94 February 27, 2019 $ 0.34 May 30, 2019 0.34 August 22, 2019 0.34 November 26, 2019 0.34 Total $ 1.36 The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2021, 2020 and 2019: Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital Section 199A Dividends December 31, 2020 January 15, 2021 (1) $ 0.200 $ 0.053 $ 0.001 $ 0.095 $ 0.039 $ 0.052 $ 0.053 March 31, 2021 April 15, 2021 $ 0.200 $ 0.053 $ 0.001 $ 0.095 $ 0.039 $ 0.052 $ 0.053 June 30, 2021 July 15, 2021 0.200 0.053 0.001 0.095 0.039 0.052 0.053 September 30, 2021 October 15, 2021 0.200 0.053 0.001 0.095 0.039 0.052 0.053 December 31, 2021 January 18, 2022 (2) — — — — — — — Total $ 0.800 $ 0.212 $ 0.004 $ 0.380 $ 0.156 $ 0.208 $ 0.212 (1) The fourth quarter dividend paid on January 15, 2021 was $0.200 and is considered a 2021 dividend for U.S. federal income tax purposes. (2) The fourth quarter dividend paid on January 18, 2022 was $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital Section 199A Dividends March 10, 2020 April 1, 2020 $ 0.340 $ 0.230 $ — $ 0.039 $ 0.016 $ 0.071 $ 0.230 June 10, 2020 July 1, 2020 0.200 0.135 — 0.023 0.009 0.042 0.135 September 10, 2020 October 1, 2020 0.200 0.135 — 0.023 0.009 0.042 0.135 December 31, 2020 January 15, 2021 (1) — — — — — — — Total $ 0.740 $ 0.500 $ — $ 0.085 $ 0.034 $ 0.155 $ 0.500 (1) The fourth quarter dividend paid on January 15, 2021 was $0.200 and 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. 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 $16.67 per share of Class A common stock on the New York Stock Exchange for the three trading days after January 10, 2019, the date that election forms were due. The Company also issued 180,925 shares of its Class B common stock and each of Series REIT and Series TRS of LCFH issued 1,615,222 of their respective Series LP units corresponding to the aggregate number of Class A and Class B shares issued by the Company. The Company believes that the total value of its 2018 dividend was sufficient to fully distribute its 2018 taxable income. Changes in Accumulated Other Comprehensive Income The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2021, 2020 and 2019 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2020 $ (10,463) $ (2) $ (10,465) Other comprehensive income (loss) 6,351 — 6,351 December 31, 2021 $ (4,112) $ (2) $ (4,114) 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

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2021
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 interests in consolidated joint ventures and (ii) noncontrolling interest in the operating partnership. Noncontrolling Interests in Consolidated Joint Ventures As of December 31, 2021, the Company consolidates five ventures and in each, there are different noncontrolling investors, which own between 10.0% - 25.0% of such ventures. These ventures hold investments in a 40-building student housing portfolio in Isla Vista, CA with a book value of $80.7 million, 11 office buildings in Richmond, VA with a book value of $70.3 million, a single-tenant office building in Oakland County, MI with a book value of $8.3 million, an apartment complex in Miami, FL with a book value of $37.5 million, and an apartment complex in Stillwater, OK with a book value of $19.0 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. Noncontrolling Interest in the Operating Partnership As more fully described in Note 1, certain of the predecessor equity owners held interests in the Operating Partnership as modified by the IPO Transactions. These interests were subsequently further modified by the REIT Structuring Transactions (also described in Note 1). These interests, along with the Class B common stock held by these investors, were exchangeable for Class A common stock of the Company. 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 September 30, 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. There were no changes in ownership interest for the twelve months ended December 31, 2021. 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 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019 consist of the following: Year Ended December 31, ($ in thousands except share amounts) 2021 2020 2019 Basic and Diluted Net income (loss) available for Class A common shareholders $ 56,522 $ (14,445) $ 122,645 Weighted average shares outstanding Basic 123,763,843 112,409,615 105,455,849 Diluted 124,563,051 112,409,615 106,399,783 The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2021, 2020 and 2019 consist of the following: Year Ended December 31, (In thousands except share and per share amounts) 2021 2020(1) 2019(1) Basic Net Income (Loss) Per Share of Class A Common Stock Numerator : Net income (loss) attributable to Class A common shareholders $ 56,522 $ (14,445) $ 122,645 Denominator : Weighted average number of shares of Class A common stock outstanding 123,763,843 112,409,615 105,455,849 Basic net income (loss) per share of Class A common stock $ 0.46 $ (0.13) $ 1.16 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 56,522 $ (14,445) $ 122,645 Diluted net income (loss) attributable to Class A common shareholders 56,522 (14,445) $ 122,645 Denominator: Basic weighted average number of shares of Class A common stock outstanding 123,763,843 112,409,615 105,455,849 Add - dilutive effect of: Incremental shares of unvested Class A restricted stock(2) 799,208 — 943,934 Diluted weighted average number of shares of Class A common stock outstanding 124,563,051 112,409,615 106,399,783 Diluted net income (loss) per share of Class A common stock $ 0.45 $ (0.13) $ 1.15 (1) For the years ended December 31, 2020 and 2019, 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. There were no Class B shares outstanding during the year ended December 31, 2021. (2) The Company is using the treasury stock method.

STOCK BASED AND OTHER COMPENSAT

STOCK BASED AND OTHER COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
STOCK BASED AND OTHER COMPENSATION PLANS	14. STOCK BASED AND OTHER COMPENSATION PLANS Summary of Stock and Shares Unvested/Outstanding The following table summarizes the impact on the consolidated statement of operations of the various stock based compensation plans and other compensation plans ($ in thousands): Year Ended December 31, 2021 2020 2019 Stock Based Compensation Expense $ 15,300 $ 42,728 $ 21,777 Phantom Equity Investment Plan 22 (1,238) 1,341 Stock Options Exercised — 270 — Total Stock Based Compensation Expense $ 15,322 $ 41,760 $ 23,118 A summary of the grants is presented below: Year Ended December 31, 2021 2020 2019 Number Weighted Number Weighted Number Weighted Grants - Class A Common Stock 747,713 $ 9.81 4,423,215 $ 12.84 1,569,694 $ 17.54 Grants - Class A Common Stock dividends — — — — 11,113 16.61 Stock Options — — — — 12,073 — The table below presents the number of unvested shares of Class A common stock and outstanding stock options at December 31, 2021 and changes during 2021 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, 2020 2,800,824 681,102 Granted 747,713 — Exercised — — Vested (992,667) — Forfeited (410,490) — Expired — (57,314) Nonvested/Outstanding at December 31, 2021 2,145,380 623,788 Exercisable at December 31, 2021 (1) 623,788 (1) The weighted-average exercise price of outstanding options, warrants and rights is $14.84 at December 31, 2021. At December 31, 2021 there was $11.1 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 24 months, with a weighted-average remaining vesting period of 20 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. 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 year performance period and the Company’s return on equity for such subsequent year and any years for which it missed its Performance Target equals or exceeds the compounded return on equity of 8% based on distributable earnings divided by the Company’s average book value of equity, the performance-vesting restricted stock which failed to vest because the Company previously missed its Performance Target will vest subject to continued employment on the applicable vesting date (the “Catch-Up Provision”). 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. In view of the adverse impacts of COVID-19 on the Company’s operations and investments and the resulting intensified corporate focus on defensive actions, including maintaining high levels of unrestricted cash liquidity and refinancing debt with more expensive non-mark-to-market funding sources, the Company no longer classified the 2020 Performance Target as probable as of May 27, 2020 and reversed $1.0 million of previous compensation expense relating to grants of restricted stock with a December 2020 performance hurdle as their last vesting date (not available to take advantage of the Catch-Up Provision). However, recognizing that Ladder’s employees took these actions that, while in the best interests of the Company and its shareholders, would not produce earnings consistent with the Performance Target in their deferred compensation arrangements, on May 27, 2020, the compensation committee of the board of directors used its discretion to waive the Performance Target for shares eligible to vest based on the Company’s performance in 2020 and 2021, subject to continued employment on the applicable vesting dates (the “Performance Waiver”). The Company recorded $0.1 million of incremental compensation cost during the year ended December 31, 2020 as a result of this modification. As of December 31, 2021, there were 39 Ladder employees and one consultant eligible for the 2021 Performance Waiver. 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 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. Annual Incentive Awards Granted in 2021 with respect to 2020 Performance On January 1, 2021, in connection with 2020 compensation, annual stock awards were granted to non-management employees (“Non-Management Grantees”) with an aggregate fair value of $7.0 million, which represents 711,653 shares of Class A common stock. Approximately one-third of the awards to Non-Management Grantees were unrestricted, with another one-third of the awards subject to time-based vesting criteria, and the remaining one-third subject to attainment of the Performance Target for the applicable years. The one-third of awards subject to attainment of the Performance Target is also subject to the Performance Waiver and Catch-Up Provision, each described below. 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. 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 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. 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. Other 2021 Restricted Stock Awards On February 18, 2021, certain members of the board of directors each received annual restricted stock awards with a grant date fair value of $0.4 million, representing 36,060 shares of restricted Class A common stock, which will vest in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense related to the time-based vesting criteria of the award shall be recognized on a straight-line basis over the one-year vesting period. Change in Control Upon a change in control (as defined in the respective award agreements), restricted stock awards to Mr. Miceli, Ms. McCormack 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 As of December 31, 2020, there were 165,735 phantom units outstanding in the 2014 Deferred Compensation Plan, all of which were vested, resulting in a liability of $1.6 million, which is included in accrued expenses on the consolidated balance sheets. As of March 31, 2021, the deferred compensation plan ended as the liability had been fully paid. Bonus Payments For 2021, total bonus compensation awarded in 2022 was $43.6 million of which $32.6 million consisted of equity based compensation. During the year ended December 31, 2021, the Company recorded $11.0 million of compensation expense related to cash bonuses that were paid in January 2022. For 2020, bonus compensation awarded was $36.8 million of which $35.7 million consisted of equity based compensation. Of the total, there was $29.4 million of equity based compensation granted in 2020. During the year ended December 31, 2021, the Company recorded $11.0 million of compensation expense related to cash bonuses that were paid in January 2022. For the year ended December 31, 2020, the Company recorded $1.1 million of bonus expense that was paid in the first quarter of 2021.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
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, 2021 and December 31, 2020 are as follows ($ in thousands): December 31, 2021 Weighted Average Principal Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 691,402 $ 691,026 $ 686,293 Internal model, third-party inputs 1.57 % 2.06 CMBS interest-only(1) 1,302,551 (2) 15,268 15,885 Internal model, third-party inputs 5.67 % 1.88 GNMA interest-only(3) 59,075 (2) 518 559 Internal model, third-party inputs 4.97 % 3.64 Agency securities(1) 557 560 563 Internal model, third-party inputs 1.58 % 0.69 Mortgage loan receivables held for investment, net, at amortized cost(4) 3,581,919 3,553,737 3,494,254 Discounted Cash Flow(5) 5.65 % 1.76 FHLB stock(6) 11,835 11,835 11,835 (6) 3.25 % N/A Nonhedge derivatives(1)(7) 114,121 402 402 Counterparty quotations N/A 0.30 Liabilities: Repurchase agreements - short-term 418,394 418,394 418,394 Discounted Cash Flow(8) 0.89 % 0.46 Repurchase agreements - long-term 26,183 26,183 26,183 Discounted Cash Flow(9) 2.21 % 1.01 Mortgage loan financing 690,927 693,797 709,695 Discounted Cash Flow 4.83 % 3.3 Secured financing facility 136,444 132,447 133,389 Discounted Cash Flow(8) 10.75 % 1.35 CLO debt 1,064,365 1,054,774 1,054,774 Discounted Cash Flow(9) 2.04 % 16.92 Borrowings from the FHLB 263,000 263,000 263,414 Discounted Cash Flow 0.91 % 1.95 Senior unsecured notes 1,649,794 1,631,108 1,677,039 Internal model, third-party inputs 4.66 % 5.74 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) Balance does not include impact of allowance for current expected credit losses of $31.8 million at December 31, 2021. (5) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model. (6) 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. (7) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (8) 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. (9) For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. December 31, 2020 Weighted Average Principal Amount Amortized 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 Mortgage loan receivables held for investment, net, at amortized cost(4) 2,365,204 2,354,059 2,328,441 Discounted Cash Flow(5) 6.67 % 1.07 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 4.84 % 4.04 Secured financing facility 206,350 192,646 192,646 Discounted Cash Flow(9) 10.75 % 2.35 CLO debt 279,156 276,516 276,516 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) Balance does not include impact of allowance for current expected credit losses of $41.5 million at December 31, 2020. (5) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model. (6) Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (7) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (8) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (9) Fair value for repurchase agreement liabilities - short term borrowings under the secured financing facility and borrowings under the revolving credit facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (10) For repurchase agreements - long term and CLO debt the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2021 and December 31, 2020 ($ in thousands): December 31, 2021 Financial Instruments Reported at Fair Value on Consolidated Statements of Financial Condition Principal Fair Value Level 1 Level 2 Level 3 Total Assets: CMBS(1) $ 681,076 $ — $ — $ 676,398 $ 676,398 CMBS interest-only(1) 1,293,181 (2) — — 15,344 15,344 GNMA interest-only(3) 59,075 (2) — — 559 559 Agency securities(1) 557 — — 563 563 Nonhedge derivatives(4) 114,121 — 402 — 402 $ — $ 402 $ 692,864 $ 693,266 Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial Condition Principal Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivable held for investment, net, at amortized cost: Mortgage loan receivables held for investment, net, at amortized cost(5) $ 3,581,920 $ — $ — $ 3,494,254 $ 3,494,254 CMBS(6) 10,326 — — 9,894 9,894 CMBS interest-only(6) 9,370 — — 541 541 FHLB stock 11,835 — — 11,835 11,835 $ — $ — $ 3,516,524 $ 3,516,524 Liabilities: Repurchase agreements - short-term 418,394 $ — $ — $ 418,394 $ 418,394 Repurchase agreements - long-term 26,183 — — 26,183 26,183 Mortgage loan financing 690,927 — — 709,695 709,695 Secured financing facility 136,444 — — 133,389 133,389 CLO debt 1,064,365 — — 1,054,774 1,054,774 Borrowings from the FHLB 263,000 — — 263,414 263,414 Senior unsecured notes 1,649,794 — — 1,677,039 1,677,039 $ — $ — $ 4,282,888 $ 4,282,888 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (5) Balance does not include impact of allowance for current expected credit losses of $31.8 million at December 31, 2021. (6) 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, 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 loan receivables held for investment, net, at amortized cost(5) $ 2,365,204 $ — $ — $ 2,328,441 $ 2,328,441 Mortgage loan receivables held for sale 30,478 — — 32,082 32,082 CMBS(6) 11,523 — — 11,074 11,074 CMBS interest-only(6) 10,566 (2) — — 675 675 FHLB stock 31,000 — — 31,000 31,000 $ — $ — $ 2,403,272 $ 2,403,272 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 206,350 — — 200,343 200,343 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 $ — $ — $ 4,247,552 $ 4,247,552 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (5) Balance does not include impact of allowance for current expected credit losses of $41.5 million at December 31, 2020. (6) Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost. The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the years ended December 31, 2021 and 2020 ($ in thousands): Year Ended December 31, Level 3 2021 2020 Balance at January 1, $ 1,046,570 $ 1,695,913 Transfer from level 2 — — Purchases 247,040 439,735 Sales (438,594) (917,372) Paydowns/maturities (163,297) (135,341) Amortization of premium/discount (6,708) (8,073) Unrealized gain/(loss) 6,259 (14,896) Realized gain/(loss) on sale(1) 1,594 (13,396) Balance at December 31, $ 692,864 $ 1,046,570 (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, 2021 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 676,398 Discounted cash flow Yield (4) 0.77 % 1.51 % 5.28 % Duration (years)(5) 0 1.93 8.39 CMBS interest-only(1) 15,344 (2) Discounted cash flow Yield (4) — % 5.7 % 9.34 % Duration (years)(5) 0.03 1.81 2.58 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only(3) 559 (2) Discounted cash flow Yield (4) — % 4.97 % 10.00 % Duration (years)(5) 0 2.72 5.56 Prepayment speed (CPJ)(5) 5 17.41 35.00 Agency securities(1) 563 Discounted cash flow Yield (4) 1.44 % 1.58 % 2.78 % Duration (years)(5) 0 0.42 0.47 Total $ 692,864 December 31, 2020 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 992,226 Discounted cash flow Yield (3) — % 2.09 % 23.85 % Duration (years)(4) 0.00 2.68 5.82 CMBS interest-only(1) 21,537 (2) Discounted cash flow Yield (3) 0.56 % 2.51 % 9.94 % Duration (years)(4) 0.12 2.23 3.15 Prepayment speed (CPY)(4) 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) 0.00 2.80 6.79 Prepayment speed (CPJ)(5) 5.00 17.78 35.00 Agency securities(1) 605 Discounted cash flow Yield (4) 0.44 % 11.31 % 72.00 % Duration (years)(5) 0.00 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. 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, 2021
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. Components of the provision for income taxes consist of the following ($ in thousands): Year Ended December 31, 2021 2020 2019 Current expense (benefit) U.S. federal $ (280) $ (8,087) $ (1,772) State and local 936 (1,796) (396) Total current expense (benefit) 656 (9,883) (2,168) Deferred expense (benefit) U.S. federal 311 119 3,824 State and local (39) (25) 990 Total deferred expense (benefit) 272 94 4,814 Provision for income tax expense (benefit) $ 928 $ (9,789) $ 2,646 A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2021, 2020 and 2019 is as follows: Year Ended December 31, 2021 2020 2019 US statutory tax rate 21.00 % 21.00 % 21.00 % REIT income not subject to corporate income tax (17.72) % 65.98 % (21.89) % Increase due to state and local taxes (0.46) % 9.85 % (0.25) % Change in valuation allowance (1.20) % 6.91 % 3.26 % Offshore non-taxable income (3.75) % (41.96) % (0.24) % Uncertain tax position released — % (2.54) % (0.46) % Section 163 (j) interest expense limitation 0.27 % (7.12) % — % REIT income taxes (0.31) % (2.59) % — % Return to provision 1.64 % (1.25) % — % Net operating loss carryback benefit — % 4.54 % — % Other 2.14 % (1.96) % 0.45 % Effective income tax rate 1.61 % 50.86 % 1.87 % 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, 2021 and 2020, the Company’s net deferred tax assets (liabilities) were $(2.3) million and $(2.0) million, respectively, and are included in other assets (liabilities) in the Company’s consolidated balance sheets. The Company believes it is more likely than not that the 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 $27.1 million as of December 31, 2021 The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): December 31, 2021 December 31, 2020 Deferred Tax Assets Net operating loss carryforward $ 6,766 $ 6,222 Net unrealized losses — 986 Capital losses carryforward 6,005 5,664 Valuation allowance (6,005) (5,664) Interest expense limitation 1,647 1,370 Valuation allowance (1,647) (1,370) Total Deferred Tax Assets $ 6,766 $ 7,208 = December 31, 2021 December 31, 2020 Deferred Tax Liability Basis difference in operating partnerships $ 9,048 $ 9,218 Total Deferred Tax Liability $ 9,048 $ 9,218 As of December 31, 2021, the Company had $6.0 million of deferred tax assets relating to capital losses which it may only use to offset capital gains. 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. These tax attributes will begin to expire if unused in 2022. 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, 2021, the tax years 2017-2021 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 2012-2013. 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, 2021 there was no unrecognized tax benefit. As of December 31, 2020 the Company’s unrecognized tax benefit is a liability for $0.7 million, 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, 2021, 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 is required to pay to the TRA Members that exchange 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 realizes (or is 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 is 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, 2021 the Company had no liability pursuant to the Tax Receivable Agreement. In 2020, the Company had a liability $0.9 million included in other liabilities in the consolidated balance sheets for TRA Members. Following the remaining partners’ exchange during the three months ended September 30, 2020, the Company elected to compute Early Termination Payments for each exchanging partner as provided under the terms of the Tax Receivable Agreement. All of the participants were notified of the payments to which they would be entitled, including those entitled to no payment. The Early Termination Payments totaling $0.9 million were executed during the first quarter of 2021.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	17. RELATED PARTY TRANSACTIONS The Company has no material related party relationships to disclose.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	18. COMMITMENTS AND CONTINGENCIES Leases As of December 31, 2021, the Company had a $1.0 million lease liability and a $1.1 million right-of-use asset on its consolidated balance sheets found within other liabilities other assets of real estate taxes and other municipal charges paid by us which were reimbursable by our tenants pursuant to the terms of the net lease agreements, were $5.0 million, $5.5 million, and $6.4 million for the years ended December 31, 2021, 2020, and 2019, 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. Refer to 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 As of December 31, 2021, the Company’s off-balance sheet arrangements consisted of $390.1 million of unfunded commitments on mortgage loan receivables held for investment to provide additional first mortgage loan financing over the next three years at rates to be determined at the time of funding, 52% of which additional funds relate to the occurrence of certain “good news” events, such as the owner concluding a lease agreement with a major tenant in the building or reaching some pre-determined net operating income. As of December 31, 2020, the Company’s off-balance sheet arrangements consisted of $148.8 million of unfunded commitments on mortgage loan receivables held for investment to provide additional first mortgage loan financing.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2021
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 makers review and manage 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 certain of 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, 2021 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 162,349 $ 13,101 $ 1 $ 648 $ 176,099 Interest expense (53,414) (2,403) (36,075) (91,057) (182,949) Net interest income (expense) 108,935 10,698 (36,074) (90,409) (6,850) (Provision for) release of loan loss reserves 8,713 — — 8,713 Net interest income (expense) after provision for (release of) loan reserves 117,648 10,698 (36,074) (90,409) 1,863 Real estate operating income — — 101,564 — 101,564 Sale of loans, net 8,398 — — — 8,398 Realized gain (loss) on securities — 1,594 — — 1,594 Unrealized gain (loss) on Agency interest-only securities — (91) — — (91) Realized gain on sale of real estate, net — — 55,766 — 55,766 Fee and other income 10,507 — 50 633 11,190 Net result from derivative transactions 507 1,250 (8) — 1,749 Earnings (loss) from investment in unconsolidated joint ventures 335 — 1,244 — 1,579 Total other income (loss) 19,747 2,753 158,616 633 181,749 Compensation and employee benefits — — — (38,347) (38,347) Operating expenses(3) 127 — — (17,799) (17,672) Real estate operating expenses — — (26,161) — (26,161) Fee expense (2,341) (217) (849) (2,403) (5,810) Depreciation and amortization — — (37,702) (99) (37,801) Total costs and expenses (2,214) (217) (64,712) (58,648) (125,791) Income tax (expense) benefit — — — (928) (928) Segment profit (loss) $ 135,181 $ 13,234 $ 57,830 $ (149,352) $ 56,893 Total assets as of December 31, 2021 $ 3,521,986 $ 703,280 $ 914,027 $ 711,959 $ 5,851,252 Year ended December 31, 2020 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 205,640 $ 32,904 $ 13 $ 1,292 $ 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) 12,374 (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) (5,901) Real estate operating 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 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 Compensation 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 $ (160,523) $ (9,459) Total assets as of December 31, 2020 $ 2,343,070 $ 1,058,298 $ 1,031,557 $ 1,448,304 $ 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 Real estate operating 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 Compensation 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 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $23.2 million, $46.3 million and $48.4 million as of December 31, 2021, 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 $11.8 million, $31.0 million, and $61.6 million as of December 31, 2021 and December 31, 2020, and December 31, 2019, respectively, and the Company’s senior unsecured notes of $1.6 billion, $1.6 billion, and $1.2 billion at December 31, 2021 and December 31, 2020 and December 31, 2019, respectively. (3) Includes $8.8 million, $11.6 million and $12.4 million of professional fees and $3.4 million, $3.2 million and $3.6 million of information technology expenses for the years ended December 31, 2021, 2020 and 2019, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	20. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the issuance date of the financial statements and determined that no additional disclosure is necessary.

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
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 $ 863 $ 126 $ 954 $ 178 $ — $ 126 $ 954 $ 178 $ 1,258 $ (37) 10/13/20 2020 45 years Retail Property in Newburgh, IN 924 213 873 220 — 213 873 220 1,306 (57) 03/16/20 2020 45 years Retail Property in Isanti, MN 1,011 249 894 297 — 249 894 297 1,440 (54) 03/16/20 2020 55 years Retail Property in Little Falls, MN 865 199 783 249 — 199 783 249 1,231 (50) 03/10/20 2020 55 years Retail Property in Waterloo, IA 871 130 896 214 — 130 896 214 1,240 (60) 01/30/20 2019 45 years Retail Property in Sioux City, IA 928 220 876 222 — 220 876 222 1,318 (61) 01/30/20 2019 45 years Retail Property in Wardsville, MO 983 257 919 202 — 257 919 202 1,378 (69) 11/22/19 2019 40 years Retail Property in Kincheloe, MI 890 58 939 229 — 58 939 229 1,226 (69) 11/22/19 2019 45 years Retail Property in Clinton, IN 1,040 269 954 204 — 269 954 204 1,427 (66) 11/22/19 2019 44 years Retail Property in Saginaw, MI 955 96 1,014 210 — 96 1,014 210 1,320 (80) 10/04/19 2019 45 years Retail Property in Rolla, MO 942 110 1,011 188 — 110 1,011 188 1,309 (80) 10/04/19 2019 40 years Retail Property in Sullivan, IL 1,177 340 981 257 — 340 981 257 1,578 (73) 09/13/19 2019 50 years Retail Property in Becker, MN 940 136 922 188 — 136 922 188 1,246 (67) 09/13/19 2019 55 years Retail Property in Adrian, MO 860 136 884 191 — 136 884 191 1,211 (70) 09/13/19 2019 45 years Retail Property in Chillicothe, IL 1,026 227 1,047 245 — 227 1,047 245 1,519 (80) 09/05/19 2019 50 years Retail Property in Poseyville, IN 870 160 947 194 — 160 947 194 1,301 (75) 08/13/19 2019 44 years Retail Property in Dexter, MO 878 141 890 177 — 141 890 177 1,208 (75) 07/09/19 2019 40 years Retail Property in Hubbard Lake, MI 918 40 1,017 203 — 40 1,017 203 1,260 (87) 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 1,089 107 1,168 219 — 107 1,168 219 1,494 (100) 06/26/19 2019 40 years Retail Property in Centralia, IL 947 200 913 193 — 200 913 193 1,306 (91) 04/25/19 2019 40 years Retail Property in Trenton, MO 890 396 628 202 — 396 628 202 1,226 (94) 02/26/19 2019 30 years Retail Property in Houghton Lake, MI 961 124 939 241 — 124 939 241 1,304 (99) 02/26/19 2018 40 years Retail Property in Pelican Rapids, MN 914 78 1,016 169 — 78 1,016 169 1,263 (134) 12/26/18 2018 30 years Retail Property in Carthage, MO 842 225 766 176 — 225 766 176 1,167 (87) 12/26/18 2018 40 years Retail Property in Bolivar, MO 891 186 876 182 — 186 876 182 1,244 (97) 12/26/18 2018 40 years Retail Property in Pinconning, MI 946 167 905 221 — 167 905 221 1,293 (91) 12/06/18 2018 45 years Retail Property in New Hampton, IA 1,011 177 1,111 187 — 177 1,111 187 1,475 (136) 11/30/18 2018 35 years Retail Property in Ogden, IA 856 107 931 153 — 107 931 153 1,191 (122) 10/03/18 2018 35 years Retail Property in Wonder Lake, IL 940 221 888 214 — 221 888 214 1,323 (129) 04/12/18 2017 39 years Retail Property in Moscow Mills, MO 988 161 945 203 — 161 945 203 1,309 (126) 04/12/18 2018 45 years Retail Property in Foley, MN 883 238 823 172 — 238 823 172 1,233 (132) 04/12/18 2018 35 years Retail Property in Kirbyville, MO 869 98 965 155 — 98 965 155 1,218 (126) 04/02/18 2018 40 years Retail Property in Gladwin, MI 883 88 951 203 — 88 951 203 1,242 (118) 04/02/18 2017 45 years Retail Property in Rockford, MN 888 187 850 207 — 187 850 207 1,244 (176) 12/08/17 2017 30 years Retail Property in Winterset, IA 937 272 830 200 — 272 830 200 1,302 (139) 12/08/17 2017 35 years Retail Property in Kawkawlin, MI 920 242 871 179 — 242 871 179 1,292 (162) 10/05/17 2017 30 years Retail Property in Aroma Park, IL 948 223 869 164 — 223 869 164 1,256 (136) 10/05/17 2017 35 years Retail Property in East Peoria, IL 1,018 233 998 161 — 233 998 161 1,392 (153) 10/05/17 2017 40 years Retail Property in Milford, IA 985 254 883 217 — 254 883 217 1,354 (145) 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 944 164 966 205 — 164 966 205 1,335 (158) 06/02/17 2016 40 years Retail Property in Denver, IA 898 198 840 191 — 198 840 191 1,229 (153) 05/31/17 2017 35 years Retail Property in Port O'Connor, TX 949 167 937 200 — 167 937 200 1,304 (171) 05/25/17 2017 35 years Retail Property in Wabasha, MN 964 237 912 214 — 237 912 214 1,363 (182) 05/25/17 2016 35 years Office in Jacksonville, FL 82,978 13,290 106,601 21,362 5,539 13,290 112,140 21,362 146,792 (21,734) 05/23/17 1989 36 years Retail Property in Shelbyville, IL 863 189 849 199 — 189 849 199 1,237 (148) 05/23/17 2016 40 years Retail Property in Jesup, IA 884 119 890 191 — 119 890 191 1,200 (162) 05/05/17 2017 35 years Retail Property in Hanna City, IL 865 174 925 132 — 174 925 132 1,231 (161) 04/11/17 2016 39 years Retail Property in Ridgedale, MO 991 250 928 187 — 250 928 187 1,365 (163) 03/09/17 2016 40 years Retail Property in Peoria, IL 903 209 933 133 — 209 933 133 1,275 (173) 02/06/17 2016 35 years Retail Property in Carmi, IL 1,099 286 916 239 — 286 916 239 1,441 (166) 02/03/17 2016 40 years Retail Property in Springfield, IL 1,001 391 784 227 — 393 789 224 1,406 (153) 11/16/16 2016 40 years Retail Property in Fayetteville, NC 4,878 1,379 3,121 2,472 — 1,379 3,121 2,471 6,971 (1,221) 11/15/16 2008 37 years Retail Property in Dryden Township, MI 910 178 893 201 — 178 899 202 1,279 (165) 10/26/16 2016 40 years Retail Property in Lamar, MO 900 164 903 171 — 164 903 171 1,238 (171) 07/22/16 2016 40 years Retail Property in Union, MO 944 267 867 207 — 267 867 207 1,341 (183) 07/01/16 2016 40 years Retail Property in Pawnee, IL 944 249 775 206 — 249 775 206 1,230 (167) 07/01/16 2016 40 years Retail Property in Linn, MO 858 89 920 183 — 89 920 183 1,192 (179) 06/30/16 2016 40 years Retail Property in Cape Girardeau, MO 1,029 453 702 217 — 453 702 217 1,372 (156) 06/30/16 2016 40 years Retail Property in Decatur-Pershing, IL 1,049 395 924 155 — 395 924 155 1,474 (178) 06/30/16 2016 40 years Retail Property in Rantoul, IL 922 100 1,023 178 — 100 1,023 178 1,301 (185) 06/21/16 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 Flora Vista, NM 1,000 272 864 198 — 272 864 198 1,334 (220) 06/06/16 2016 35 years Retail Property in Mountain Grove, MO 979 163 1,026 212 — 163 1,026 212 1,401 (205) 06/03/16 2016 40 years Retail Property in Decatur-Sunnyside, IL 952 182 954 139 — 182 954 139 1,275 (182) 06/03/16 2016 40 years Retail Property in Champaign, IL 1,015 365 915 149 — 365 915 149 1,429 (170) 06/03/16 2016 40 years Retail Property in San Antonio, TX 893 252 703 196 — 251 702 196 1,149 (174) 05/06/16 2015 35 years Retail Property in Borger, TX 789 68 800 181 — 68 800 181 1,049 (174) 05/06/16 2016 40 years Retail Property in Dimmitt, TX 1,060 86 1,077 236 — 85 1,074 236 1,395 (224) 04/26/16 2016 40 years Retail Property in St. Charles, MN 968 200 843 226 — 200 843 226 1,269 (223) 04/26/16 2016 30 years Retail Property in Philo, IL 931 160 889 189 — 160 889 189 1,238 (171) 04/26/16 2016 40 years Retail Property in Radford, VA 1,129 411 896 256 — 411 896 256 1,563 (251) 12/23/15 2015 40 years Retail Property in Rural Retreat, VA 1,023 328 811 260 — 328 811 260 1,399 (218) 12/23/15 2015 40 years Retail Property in Albion, PA 1,109 100 1,033 392 — 100 1,033 392 1,525 (369) 12/23/15 2015 50 years Retail Property in Mount Vernon, AL 930 187 876 174 — 187 876 174 1,237 (211) 12/23/15 2015 44 years Retail Property in Malone, NY 1,079 183 1,154 — — 183 1,154 — 1,337 (209) 12/16/15 2015 39 years Retail Property in Mercedes, TX 832 257 874 132 — 257 874 132 1,263 (174) 12/16/15 2015 45 years Retail Property in Gordonville, MO 771 247 787 173 — 247 787 173 1,207 (177) 11/10/15 2015 40 years Retail Property in Rice, MN 816 200 859 184 — 200 859 184 1,243 (257) 10/28/15 2015 30 years Retail Property in Bixby, OK 7,946 2,609 7,776 1,765 — 2,609 7,776 1,765 12,150 (1,793) 10/27/15 2012 37 years Retail Property in Farmington, IL 895 96 1,161 150 — 96 1,161 150 1,407 (229) 10/23/15 2015 40 years Retail Property in Grove, OK 3,621 402 4,364 817 — 402 4,364 817 5,583 (1,056) 10/20/15 2012 37 years Retail Property in Jenks, OK 8,791 2,617 8,694 2,107 — 2,617 8,694 2,107 13,418 (2,126) 10/19/15 2009 38 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 Bloomington, IL 816 173 984 138 — 173 984 138 1,295 (206) 10/14/15 2015 40 years Retail Property in Montrose, MN 777 149 876 169 — 149 876 169 1,194 (259) 10/14/15 2015 30 years Retail Property in Lincoln County , MO 738 149 800 188 — 149 800 188 1,137 (181) 10/14/15 2015 40 years Retail Property in Wilmington, IL 901 161 1,078 160 — 161 1,078 160 1,399 (224) 10/07/15 2015 40 years Retail Property in Danville, IL 738 158 870 132 — 158 870 132 1,160 (171) 10/07/15 2015 40 years Retail Property in Moultrie, GA 930 170 962 173 — 170 962 173 1,305 (278) 09/22/15 2014 44 years Retail Property in Rose Hill, NC 1,000 245 972 203 — 245 972 203 1,420 (269) 09/22/15 2014 44 years Retail Property in Rockingham, NC 821 73 922 163 — 73 922 163 1,158 (241) 09/22/15 2014 44 years Retail Property in Biscoe, NC 860 147 905 164 — 147 905 164 1,216 (245) 09/22/15 2014 44 years Retail Property in De Soto, IA 704 139 796 176 — 139 796 176 1,111 (194) 09/08/15 2015 35 years Retail Property in Kerrville, TX 768 186 849 200 — 186 849 200 1,235 (243) 08/28/15 2015 35 years Retail Property in Floresville, TX 814 268 828 216 — 268 828 216 1,312 (246) 08/28/15 2015 35 years Retail Property in Minot, ND 4,695 1,856 4,472 618 — 1,856 4,472 618 6,946 (963) 08/19/15 2012 38 years Retail Property in Lebanon, MI 820 359 724 178 — 359 724 178 1,261 (172) 08/14/15 2015 40 years Retail Property in Effingham County, IL 820 273 774 205 — 273 774 205 1,252 (200) 08/10/15 2015 40 years Retail Property in Ponce, Puerto Rico 6,518 1,365 6,662 1,318 — 1,365 6,662 1,318 9,345 (1,462) 08/03/15 2012 37 years Retail Property in Tremont, IL 785 164 860 168 — 164 860 168 1,192 (213) 06/25/15 2015 35 years Retail Property in Pleasanton, TX 861 311 850 216 — 311 850 216 1,377 (247) 06/24/15 2015 35 years Retail Property in Peoria, IL 851 180 934 179 — 180 934 179 1,293 (232) 06/24/15 2015 35 years Retail Property in Bridgeport, IL 818 192 874 175 — 192 874 175 1,241 (216) 06/24/15 2015 35 years Retail Property in Warren, MN 696 108 825 157 — 108 825 157 1,090 (247) 06/24/15 2015 30 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 Canyon Lake, TX 903 291 932 220 — 291 932 220 1,443 (258) 06/18/15 2015 35 years Retail Property in Wheeler, TX 713 53 887 188 — 53 887 188 1,128 (244) 06/18/15 2015 35 years Retail Property in Aurora, MN 626 126 709 157 — 126 709 157 992 (175) 06/18/15 2015 40 years Retail Property in Red Oak, IA 779 190 839 179 — 190 839 179 1,208 (255) 05/07/15 2014 35 years Retail Property in Zapata, TX 747 62 998 145 — 62 998 145 1,205 (317) 05/07/15 2015 35 years Retail Property in St. Francis, MN 734 105 911 163 — 105 911 163 1,179 (308) 03/26/15 2014 35 years Retail Property in Yorktown, TX 785 97 1,005 199 — 97 1,005 199 1,301 (334) 03/25/15 2015 35 years Retail Property in Battle Lake, MN 721 136 875 157 — 136 875 157 1,168 (322) 03/25/15 2014 30 years Retail Property in Paynesville, MN 805 246 816 192 — 246 816 192 1,254 (268) 03/05/15 2015 40 years Retail Property in Wheaton, MO 643 73 800 97 — 73 800 97 970 (227) 03/05/15 2015 40 years Retail Property in Rotterdam, NY 8,964 2,530 7,924 2,165 — 2,530 7,924 2,165 12,619 (4,335) 03/03/15 1996 20 years Retail Property in Hilliard, OH 4,524 654 4,870 860 — 654 4,870 860 6,384 (1,238) 03/02/15 2007 41 years Retail Property in Niles, OH 3,676 437 4,084 680 — 437 4,084 680 5,201 (1,031) 03/02/15 2007 41 years Retail Property in Youngstown, OH 3,811 380 4,363 658 — 380 4,363 658 5,401 (1,125) 02/20/15 2005 40 years Retail Property in Iberia, MO 885 130 1,033 165 — 130 1,033 165 1,328 (299) 01/23/15 2015 39 years Retail Property in Pine Island, MN 761 112 845 185 — 112 845 185 1,142 (289) 01/23/15 2014 40 years Retail Property in Isle, MN 716 120 787 171 — 120 787 171 1,078 (279) 01/23/15 2014 40 years Retail Property in Jacksonville, NC 5,619 1,863 5,749 1,020 — 1,863 5,749 1,020 8,632 (1,582) 01/22/15 2014 44 years Retail Property in Evansville, IN 6,357 1,788 6,348 864 — 1,788 6,348 864 9,000 (1,850) 11/26/14 2014 35 years Retail Property in Woodland Park, CO 2,781 668 2,681 620 — 668 2,681 620 3,969 (987) 11/14/14 2014 35 years Retail Property in Springfield, MO 8,263 3,658 6,296 1,870 — 3,658 6,296 1,870 11,824 (2,216) 11/04/14 2011 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 Cedar Rapids, IA 7,745 1,569 7,553 1,878 — 1,569 7,553 1,878 11,000 (2,860) 11/04/14 2012 30 years Retail Property in Fairfield, IA 7,533 1,132 7,779 1,800 — 1,132 7,779 1,800 10,711 (2,473) 11/04/14 2011 37 years Retail Property in Owatonna, MN 7,041 1,398 7,125 1,564 — 1,398 7,125 1,564 10,087 (2,368) 11/04/14 2010 36 years Retail Property in Muscatine, IA 5,050 1,060 6,636 1,307 — 1,060 6,636 1,307 9,003 (2,351) 11/04/14 2013 29 years Retail Property in Sheldon, IA 3,037 633 3,053 708 — 633 3,053 708 4,394 (1,012) 11/04/14 2011 37 years Retail Property in Memphis, TN 3,890 1,986 2,800 803 — 1,986 2,800 803 5,589 (1,930) 10/24/14 1962 15 years Retail Property in Bennett, CO 2,475 470 2,503 563 — 470 2,503 563 3,536 (947) 10/02/14 2014 34 years Retail Property in Conyers, GA 22,797 876 27,396 4,258 — 876 27,396 4,258 32,530 (7,351) 08/28/14 2014 45 years Retail Property in O'Fallon, IL 5,677 2,488 5,388 1,064 — 2,488 5,388 1,064 8,940 (3,719) 08/08/14 1984 15 years Retail Property in El Centro, CA 2,978 569 3,133 575 — 569 3,133 575 4,277 (907) 08/08/14 2014 50 years Retail Property in Durant, OK 3,246 594 3,900 498 — 594 3,900 498 4,992 (1,168) 01/28/13 2007 40 years Retail Property in Gallatin, TN 3,318 1,725 2,616 721 — 1,725 2,616 721 5,062 (1,044) 12/28/12 2007 40 years Retail Property in Mt. Airy, NC 2,947 729 3,353 621 — 729 3,353 621 4,703 (1,192) 12/27/12 2007 39 years Retail Property in Aiken, SC 3,881 1,588 3,480 858 — 1,588 3,480 858 5,926 (1,271) 12/21/12 2008 41 years Retail Property in Johnson City, TN 3,449 917 3,607 739 — 917 3,607 739 5,263 (1,281) 12/21/12 2007 40 years Retail Property in Palmview, TX 4,485 938 4,837 1,044 — 938 4,837 1,044 6,819 (1,467) 12/19/12 2012 44 years Retail Property in Ooltewah, TN 3,756 903 3,957 843 — 903 3,957 843 5,703 (1,370) 12/18/12 2008 41 years Retail Property in Abingdon, VA 3,016 682 3,733 666 — 682 3,733 666 5,081 (1,306) 12/18/12 2006 41 years Retail Property in Wichita, KS 4,700 1,187 4,850 1,163 — 1,187 4,850 1,163 7,200 (2,206) 12/14/12 2012 34 years Retail Property in Vineland, NJ 13,662 1,482 17,742 3,282 — 1,482 17,742 3,282 22,506 (7,927) 09/21/12 2003 30 years Retail Property in Saratoga Springs, NY 12,275 748 13,936 5,538 — 748 13,936 5,538 20,222 (7,443) 09/21/12 1994 27 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 Waldorf, MD 11,414 4,933 11,684 2,882 — 4,933 11,684 2,882 19,499 (6,328) 09/21/12 1999 25 years Retail Property in Mooresville, NC 10,710 2,615 12,462 2,566 — 2,615 12,462 2,566 17,643 (6,676) 09/21/12 2000 24 years Retail Property in Sennett, NY 4,697 1,147 4,480 1,848 — 1,147 4,480 1,848 7,475 (2,949) 09/21/12 1996 23 years Retail Property in DeLeon Springs, FL 803 239 782 221 — 239 782 221 1,242 (462) 08/13/12 2011 35 years Retail Property in Orange City, FL 798 229 853 235 — 229 853 235 1,317 (480) 05/23/12 2011 35 years Retail Property in Satsuma, FL 721 79 821 192 — 79 821 192 1,092 (462) 04/19/12 2011 35 years Retail Property in Greenwood, AR 3,351 1,038 3,415 694 — 1,038 3,415 694 5,147 (1,257) 04/12/12 2009 43 years Retail Property in Millbrook, AL 4,517 970 5,972 — — 970 5,972 — 6,942 (1,836) 03/28/12 2008 32 years Retail Property in Spartanburg, SC 3,355 828 2,567 772 — 828 2,567 772 4,167 (1,258) 01/14/11 2007 42 years Retail Property in Tupelo, MS 4,526 1,120 3,070 939 — 1,120 3,070 939 5,129 (1,439) 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 (1,662) 08/12/10 2007 47 years Retail Property in Douglasville, GA 4,730 1,717 2,705 987 — 1,717 2,705 987 5,409 (1,312) 08/12/10 2008 48 years Retail Property in Elkton, MD 4,387 963 3,049 860 — 963 3,049 860 4,872 (1,387) 07/27/10 2008 49 years Retail Property in Lexington, SC 4,119 1,644 2,219 869 — 1,644 2,219 869 4,732 (1,177) 06/28/10 2009 48 years Total Net Lease $ 445,479 $ 98,255 $ 478,590 $ 104,329 $ 5,539 $ 98,255 $ 484,136 $ 104,326 $ 686,717 $ (145,671) Hotel in Schaumburg, IL $ — $ 8,029 $ 29,971 $ — $ — $ 8,029 $ 29,971 $ — $ 38,000 $ (100) 12/17/21 1983 25 years Apartments in Stillwater, OK — 1,448 16,344 2,659 — 1,448 16,344 2,659 20,451 (1,447) 08/17/21 2000 30 years Hotel in San Diego, CA 32,530 7,469 34,781 — — 7,469 35,678 — 43,147 (5,445) 12/17/19 1970 23 years Hotel in Omaha, NE — 2,963 15,237 — — 2,963 15,483 — 18,446 (2,298) 02/27/19 1969 35 years Apartments in Isla Vista, CA 69,571 36,274 47,694 1,118 1,182 36,274 49,046 1,118 86,438 (5,782) 05/01/18 2009 42 years Office in Crum Lynne, PA 6,020 1,403 7,518 1,666 — 1,403 7,518 1,666 10,587 (1,295) 09/29/17 1999 35 years Apartment Building in Miami, FL 34,195 12,643 24,533 968 4,824 12,643 29,172 968 42,783 (5,239) 08/31/17 1987 35 years Office in Peoria, IL — 940 439 1,508 1,002 1,174 1,442 1,508 4,124 (944) 10/21/16 1926 15 years Office in Wayne, NJ 21,553 2,744 20,212 8,323 — 2,744 20,212 8,323 31,279 (6,932) 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 (1,807) 10/14/15 1985 20 years Office in Richmond, VA 66,512 14,632 87,629 17,658 11,054 12,227 83,090 15,064 110,381 (40,129) 06/07/13 1984 41 years Office in Oakland County, MI 17,934 1,147 7,707 9,932 9,056 1,145 16,757 9,928 27,830 (19,533) 02/01/13 1989 35 years Total Diversified $ 248,315 $ 91,733 $ 295,697 $ 44,865 $ 27,724 $ 89,560 $ 308,951 $ 42,267 $ 440,778 $ (90,951) Total Condominium — — — — — — — — — — Total Real Estate $ 693,794 $ 189,988 $ 774,287 $ 149,194 $ 33,263 $ 187,815 $ 793,087 $ 146,593 $ 1,127,495 (1) $ (236,622) (1) The aggregate cost for U.S. federal income tax purposes is $0.9 billion at December 31, 2021. Reconciliation of Real Estate: The following table reconciles real estate from December 31, 2020 to December 31, 2021 $ in thousands): Total Real Estate Balance at December 31, 2020 $ 1,216,229 Acquisitions 20,452 Acquisitions through foreclosures 81,750 Improvements 4,871 Dispositions and write-offs (195,807) Balance at December 31, 2021 $ 1,127,495 The following table reconciles real estate from December 31, 2019 to December 31, 2020 ($ in thousands): Total Real Estate Balance at December 31, 2019 $ 1,254,163 Acquisitions 7,793 Acquisitions through foreclosures 29,310 Improvements 6,101 Dispositions and write-offs (81,138) Balance at December 31, 2020 $ 1,216,229 The following table reconciles real estate from December 31, 2018 to December 31, 2019 $ in thousands): Total Real Estate Balance at December 31, 2018 $ 1,171,960 Acquisitions 21,544 Acquisitions through foreclosures 84,356 Improvements 7,591 Dispositions and write-offs (29,938) Impairments (1,350) Balance at December 31, 2019 $ 1,254,163 Reconciliation of Accumulated Depreciation and Amortization Expense: The following table reconciles accumulated depreciation and amortization from December 31, 2020 to December 31, 2021 ($ in thousands): Total Real Estate Balance at December 31, 2020 $ 230,925 Depreciation and amortization expense 38,069 Dispositions/write-offs (32,372) Balance at December 31, 2021 $ 236,622 The following table reconciles accumulated depreciation and amortization from December 31, 2019 to December 31, 2020 ($ in thousands): Total Real Estate Balance at December 31, 2019 $ 206,082 Depreciation and amortization expense 39,346 Dispositions/write-offs (14,503) Balance at December 31, 2020 $ 230,925 The following table reconciles accumulated depreciation and amortization from December 31, 2018 to December 31, 2019 ($ in thousands): Total Real Estate Balance at December 31, 2018 $ 173,938 Depreciation and amortization expense 39,231 Dispositions/write-offs (7,087) Balance at December 31, 2019 $ 206,082

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2021
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, Industrial 3.75% - 6.50% 2022 - 2024 IO $ — $ 542,185 $ 538,614 $ — First Mortgages individually <3% First Mortgage Mixed, Office, Multi-Family, Industrial, Hotel, Mobile Home Park, Self Storage, Retail, Land, Other 3.45% - 10.00% 2022 - 2027 IO, P&I — 2,940,530 2,916,040 100,429 Total First Mortgages — 3,482,715 3,454,654 100,429 Subordinated Mortgages individually <3% Subordinate Mortgage Retail, Hotel, Office, Mobile Home Park 6.04% - 12.00% 2022 - 2027 IO, P&I 833,281 99,204 99,083 — Total Subordinated Mortgages 833,281 99,204 99,083 — Total Mortgages 833,281 3,581,919 3,553,737 100,429 Allowance for credit losses N/A N/A (31,752) (4) N/A Total Mortgages after Allowance for Credit Losses $ 833,281 $ 3,581,919 $ 3,521,985 (5) $ 100,429 (1) Interest rates as of December 31, 2021. (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 $80.2 million as of December 31, 2021. 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 $3.6 billion. Reconciliation of mortgage loans on real estate: The following tables reconcile mortgage loans on real estate from December 31, 2018 to December 31, 2021 ($ 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, 2020 $ 2,354,059 $ (41,507) $ 30,518 $ 2,343,070 Origination of mortgage loan receivables 2,309,888 — 220,359 2,530,247 Purchases of mortgage loan receivables 63,600 — 63,600 Repayment of mortgage loan receivables (1,059,796) — (183) (1,059,979) Proceeds from sales of mortgage loan receivables (46,557) — (259,092) (305,649) Non-cash disposition of loan via foreclosure (81,289) — — (81,289) Realized gain on sale of mortgage loan receivables — — 8,398 8,398 Accretion/amortization of discount, premium and other fees 13,832 — — 13,832 Release of asset-specific loan loss provision via foreclosure(1) — 1,150 — 1,150 Release of provision for current expected credit loss, net — 8,605 — 8,605 Balance December 31, 2021 $ 3,553,737 $ (31,752) $ — $ 3,521,985 (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan receivables held 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 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 loan loss — — (2,600) — (2,600) Balance December 31, 2019 $ 3,257,036 $ — $ (20,500) $ 122,325 $ 3,358,861

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
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 generally accepted accounting principles 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 (“VIEs”) 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
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of resulting changes are reflected in the consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying consolidated financial statements include, but are not limited to the following: • valuation of real estate securities; • valuation of mortgage loan receivables held for sale; • valuation of real estate; • allocation of purchase price for acquired real estate; • impairment, and useful lives, of real estate; • useful lives of intangible assets; • valuation of derivative instruments; • valuation of deferred tax asset (liability); • determination of effective yield for recognition of interest income; • adequacy of current expected credit losses (“CECL”) including the valuation of underlying collateral for collateral-dependent loans; • determination of 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, 2021 and December 31, 2020. At December 31, 2021 and December 31, 2020, 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 market such loans, the Company will evaluate if the loan meets held for sale criteria and then will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value on the consolidated balance sheets.
Allowance for Credit Losses	Allowance for Credit Losses The allowance for loan losses reflects the Company’s estimate of loan losses inherent in its loan portfolio as of the balance sheet date. The allowance for loan losses includes a portfolio-based, current expected credit loss (“CECL”) component and an asset-specific component. In compliance with the CECL reporting requirements, the Company has supplemented the 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 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 the year ended 2019’s loss model was based on the incurred loss model, management notes that the 2019 period is 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 generally will 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. 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, assessed for specific impairment, and are not included in the Company’s assessment of the CECL reserve. Loans previously restructured under TDRs that subsequently default are reassessed to incorporate the Company’s current assumptions on expected cash flows and additional provision for loan loss 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 Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”) which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the consolidated statements of income. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the consolidated statements of income. The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. Unrealized losses on securities 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 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 either classified as Real estate, net or Real estate held for sale in the consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net. If the Company intends to market these properties for sale in the near term, assets are evaluated against the held for sale criteria and then may be classified as real estate held for sale in the consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company records real estate acquired through foreclosure at fair value. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 55 years for buildings, four 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 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, depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition.
Impairment of Property Held for Use	Impairment of Property Held for Use On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, 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 meet the criteria for held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the consolidated statements of income. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
Sales of Real Estate	Sales of Real Estate Gains on sales of real estate are recognized pursuant to the provisions included in ASC 606-20, Revenue from Contracts with Customers (“ASC 606-20”) or ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, the Company’s sales of residential condominiums would be governed by ASC 606-20 and the sales of rental properties under ASC 610-20.
Investments in and Advances to Unconsolidated 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. In the event there is an outside basis portion of the Company’s joint ventures, it is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. The Company classifies distributions received from its investments in unconsolidated 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.
Debt Issuance Costs And Debt Issued	Debt Issuance Costs The Company recognizes debt issuance costs related to its senior unsecured notes on its consolidated balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The Company defers debt issuance costs associated with lines of credit and presents them as an asset and subsequently amortizes the debt issuance costs ratably over the term of the revolving debt arrangement. The Company considers its committed loan master repurchase facilities, borrowings under credit agreement and revolving credit facility to be revolving debt arrangements. Debt Issued From time to time, a subsidiary of the Company will originate a loan (each, an “Intercompany Loan,” and collectively, “Intercompany Loans”) to another subsidiary of the Company to finance the purchase of real estate. The mortgage loan receivable and the related obligation do not appear in the Company’s consolidated balance sheets as they are eliminated upon consolidation. Once the Company issues (sells) an Intercompany Loan to a third-party securitization trust (for cash), the related mortgage note is held for the first time by a creditor external to the Company. The accounting for the securitization of an Intercompany Loan—a financial instrument that has never been recognized in our consolidated financial statements as an asset—is considered a financing transaction under ASC 470 - Debt , and ASC 835 - Interest . The periodic securitization of the Company’s mortgage loans involves both Intercompany Loans and mortgage loans made to third parties with the latter recognized as financial assets in the Company’s consolidated financial statements as part of an integrated transaction. The Company receives aggregate proceeds equal to the transaction’s all-in securitization value and sales price. In accordance with the guidance under ASC 835, when initially measuring the obligation arising from an Intercompany Loan’s securitization, the Company allocates the proceeds from each securitization transaction between the third-party loans and each Intercompany Loan so securitized on a relative fair value basis determined in accordance with the guidance in ASC 820, Fair Value Measurement. The difference between the amount allocated to each Intercompany Loan and the loan’s face
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
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code effective January 1, 2015. The Company is subject to federal income taxation at corporate rates on its REIT taxable income; however, the Company is allowed a deduction for the amount of dividends paid to its stockholders, thereby subjecting the distributed net income of the Company to taxation at the stockholder level only. Any income associated with a TRS is fully taxable because a TRS is subject to federal and state income taxes as a domestic C corporation based upon its taxable net income. The Company is also subject to U.S. federal income tax (and possibly state and local taxes) to the extent it recognizes any “built-in gains” that existed as of January 1, 2015, the effective date of Company’s election to be subject to tax as a REIT under the Code (the “REIT Election”) for the five year period following the REIT Election. The Company intends to continue to operate in a manner consistent with and to elect to be treated as a REIT for tax purposes. The Company accounts for income taxes in accordance with ASC Topic 740 - Income Taxes (“ASC 740”) , which requires the recognition of tax benefits or expenses on the temporary differences between financial reporting and tax bases of assets and liabilities. The Company determines whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement which could result in the Company recording a tax liability that would reduce shareholders’ equity. The Company’s policy is to classify interest and penalties associated with underpayment of U.S. federal and state income taxes, if any, as a component of operating expense on its consolidated statements of income. For the years ended December 31, 2021 and 2020, 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. The effective yield on securities is based on the projected cash flows from each security, which is estimated based on the Company’s observation of the then current information and events and will include assumptions related to interest rates, prepayment rates and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses (if applicable), and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on such securities. Actual maturities of the securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of scheduled principal, and repayments of principal. Therefore, actual maturities of the securities will generally be shorter than stated contractual maturities. For loans classified as held for investment and that the Company has not elected to record at fair value under ASC 825, origination fees and direct loan origination costs are recognized in interest income over the loan term as a yield adjustment using the effective interest method. For loans classified as held for sale and that the Company has not elected to record at fair value under ASC 825, origination fees and direct loan origination costs are deferred adjusting the basis of the loan and are realized as a portion of the gain/(loss) on sale of loans when sold. As of December 31, 2021 and 2020, the Company did not hold any loans for which the fair value option was elected. For our CMBS rated below AA, which represents 6% of the Company’s CMBS portfolio as of December 31, 2021, cash flows from a security are estimated by applying assumptions used to determine the fair value of such security and the excess of the future cash flows over the investment are recognized as interest income under the effective yield method. The Company will review and, if appropriate, make adjustments to, its cash flow projections at least quarterly and monitor these projections based on input and analysis received from external sources and its judgment about interest rates, prepayment rates, the timing and amount of credit losses and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in interest income recognized and amortization of any premium or discount on, or the carrying value of, such securities. For investments purchased with evidence of deterioration of credit quality for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, the Company will apply the provisions of ASC 310-30 - Loans and Debt Securities Acquired with Deteriorated Credit Quality.
Recognition of Operating Lease Income and Tenant Recoveries	Recognition of Operating Lease Income and Tenant Recoveries Certain arrangements may contain both lease and non-lease components. The Company determines if an arrangement is, or contains, a lease at contract inception. Only the lease components of these contractual arrangements are subject to the provisions of ASC 842. Any non-lease components are subject to other applicable accounting guidance. We elected, however, to adopt the optional practical expedient not to separate lease components from non-lease components for accounting purposes. This policy election has been adopted for each of the Company’s leased asset classes existing as of the effective date and subject to the transition provisions of ASC 842 - Leases , will be applied to all new or modified leases executed on or after January 1, 2019. For contractual arrangements executed in subsequent periods involving a new leased asset class, the Company will determine at contract inception whether it will apply the optional practical expedient to the new leased asset class. 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 underwriting fees, exit fees and other fees on the loans we originate and in which we invest.
Fee Expense	Fee Expense
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.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements 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”), and in January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848)- Scope (“ASU 2021-01”). Both ASU 2020-04 and ASU 2021-01 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 and ASU 2021-01 are effective upon issuance for contract modifications and hedging relationships on a prospective basis. While the Company is currently assessing the impact of ASU 2020-04 and ASU 2021-01, the Company does not expect the adoptions to have a material impact on the Company’s 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. 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 adoption of ASU 2020-08 did not have a material impact on the Company’s consolidated financial statements. In July 2021, the FASB issued ASU 2021-05—Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments (“ASU 2021-05”). The adoption of ASU 2021-05 is effective for fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact of ASU 2021-05 and does not expect this to have a material impact on the Company’s consolidated financial statements. In October 2020, the FASB issued ASU 2020-10, Codification Improvements, which updates various codification topics by clarifying or improving disclosure requirements to align with the SEC’s regulations. The adoption of ASU 2020-10 did not have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements Pending Adoption In May 2021, the FASB issued ASU 2021-04—Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted for all entities, including adoption in an interim period. The Company is currently evaluating the impact of the update on the Company’s consolidated financial statements. Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are 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, 2021
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 $ 3,482,715 $ 3,454,654 5.50 % 1.8 Mezzanine loans 99,204 99,083 10.92 % 1.9 Total mortgage loans receivable 3,581,919 3,553,737 5.65 % 1.8 Allowance for credit losses N/A (31,752) Total mortgage loan receivables held for investment, net, at amortized cost 3,581,919 3,521,985 Total $ 3,581,919 $ 3,521,985 (3) 5.65 % 1.8 (1) Includes the impact from interest rate floors. December 31, 2021 LIBOR rates are used to calculate weighted average yield for floating rate loans. (2) Excludes non-accrual loans of $80.2 million. Refer to “Non-Accrual Status” below for further details. (3) Includes $26.0 million of deferred origination fees and other items as of December 31, 2021. 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 % 1.1 Mezzanine loans 121,565 121,310 10.83 % 2.7 Total mortgage loans receivable 2,365,204 2,354,059 6.65 % 1.2 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 % 9.2 Total $ 2,395,682 $ 2,343,070 (3) 6.74 % 1.3 (1) Includes the impact from interest rate floors. December 31, 2020 LIBOR rates are used to calculate weighted average yield for floating rate loans. (2) Excludes non-accrual loans of $175.0 million. Refer to “Non-Accrual Status” below for further details. (3) Includes $8.9 million of deferred origination fees and other items as of December 31, 2020.
Summary of mortgage loan receivables by loan type	For the years ended December 31, 2021 and 2020, the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2020 $ 2,354,059 $ (41,507) $ 30,518 Origination of mortgage loan receivables 2,309,888 — 220,359 Purchases of mortgage loan receivables 63,600 — Repayment of mortgage loan receivables (1,059,796) — (183) Proceeds from sales of mortgage loan receivables (46,557) — (259,092) Non-cash disposition of loans via foreclosure(1) (81,289) — — Sale of loans, net — — 8,398 Accretion/amortization of discount, premium and other fees 13,832 — — Release of asset-specific loan loss provision via foreclosure(1) — 1,150 — Release of provision for current expected credit loss, net — 8,605 — Balance, December 31, 2021 $ 3,553,737 $ (31,752) $ — (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. 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 loan 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 (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 real estate acquired via foreclosure. (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 thereafter, including the period to date change for the year ended December 31, 2020, is accounted for as provision for (release of) loan losses 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 loan losses — — (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 $15.5 million (fair value at the date of reclassification) and a remaining maturity of 9.8 years, which was sold to the WFCM 2019-C49 securitization trust. Subsequent to March 31, 2019, the controlling loan interest was sold to the UBS 2019-C16 securitization trust, and as a result, the loan previously sold during the three months ended March 31, 2019 was accounted for as a sale during the year ended December 31, 2019. (2) Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure.
Schedule of provision for loan losses	Allowance for Credit Losses and Non-Accrual Status ($ in thousands) Year Ended December 31, Allowance for Credit Losses 2021 2020 2019 Allowance for credit losses at beginning of period $ 41,507 $ 20,500 $ 17,900 Provision for current expected credit loss (implementation impact)(1) — 4,964 — Provision for (release of) current expected credit loss, net (impact to earnings)(2) (8,605) 18,543 2,600 Foreclosure of loans subject to asset-specific reserve (1,150) (2,500) — Allowance for credit losses at end of period $ 31,752 $ 41,507 $ 20,500 (1) 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. (2) There was no asset specific reserves recorded in 2021. The total provision for 2020 and 2019 includes asset specific reserves of $9.2 million and $2.0 million respectively, as well as a general reserve component of $(8.6) million, $9.4 million, and $0.6 million for the years ended 2021, 2020, and 2019 respectively. Non-Accrual Status December 31, 2021 December 31, 2020 Carrying value of loans on non-accrual status, net of asset-specific reserve $ 80,229 (1) $ 175,022 (2) (1) Includes 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 $25.6 million and one loan with a carrying value of $30.5 million. (2) Includes 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 and sold in 2021.
Schedule of individually impaired loans	Loan Portfolio by Geographic Region, Property Type and Vintage (amortized cost $ in thousands) December 31, December 31, Geographic Region 2021 2020 South $ 937,125 $ 313,759 Northeast 1,080,652 707,485 Midwest 434,157 462,602 West 530,599 316,620 Southwest 501,272 437,153 Subtotal mortgage loans receivable 3,483,805 2,237,619 Individually impaired loans(1) 69,932 116,440 Total mortgage loans receivable $ 3,553,737 $ 2,354,059 (1) Refer to “Individually Impaired Loans” below for further detail. 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 the Company’s mortgage loan portfolio by collateral type. The following tables summarize the amortized cost of the mortgage loan portfolio by property type as of December 31, 2021 and December 31, 2020, respectively ($ in thousands): Amortized Cost Basis by Origination Year as of December 31, 2021 Collateral Type 2021 2020 2019 2018 2017 and Earlier Total Office $ 784,556 $ 29,636 $ 121,346 $ 59,073 $ 73,911 $ 1,068,522 Mixed Use 538,949 84,600 140,926 — — 764,475 Multifamily 697,089 3,131 47,322 — — 747,542 Hospitality 41,635 — 43,666 90,132 110,890 286,323 Retail 105,362 — 89,058 — 25,486 219,906 Industrial 41,203 — 108,469 — — 149,672 Manufactured Housing 117,265 — 26,404 — 3,941 147,610 Other 26,801 — 8,768 20,743 — 56,312 Self-Storage 43,443 — — — — 43,443 Subtotal mortgage loans receivable 2,396,303 117,367 585,959 169,948 214,228 3,483,805 Individually Impaired loans (1) — — — — 69,932 69,932 Total mortgage loans receivable (2) $ 2,396,303 $ 117,367 $ 585,959 $ 169,948 $ 284,160 $ 3,553,737 Amortized Cost Basis by Origination Year as of December 31, 2020 Collateral 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 mortgage loans receivable 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 mortgage loans receivable (3) $ 253,974 $ 1,051,415 $ 582,743 $ 188,654 $ 277,273 $ 2,354,059 (1) Refer to “ Individually Impaired Loans” below for further detail. (2) Not included above is $12.6 million of accrued interest receivable on all loans at December 31, 2021. (3) 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, 2021
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, 2021 and December 31, 2020 ($ in thousands): December 31, 2021 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses Carrying # of Rating (1) Coupon % Yield % Remaining CMBS(2) $ 691,402 $ 691,026 $ 775 $ (5,508) $ 686,293 (3) 73 AAA 1.57 % 1.57 % 2.06 CMBS interest-only(2)(4) 1,302,551 15,268 617 — 15,885 (5) 13 AAA 0.45 % 5.67 % 1.88 GNMA interest-only(4)(6) 59,075 518 105 (64) 559 14 AA+ 0.38 % 4.97 % 3.64 Agency securities(2) 557 560 3 — 563 2 AA+ 2.47 % 1.58 % 0.69 Total debt securities $ 2,053,585 $ 707,372 $ 1,500 $ (5,572) $ 703,300 102 0.83 % 1.67 % 2.06 Allowance for current expected credit losses N/A — — (20) (20) Total real estate securities $ 2,053,585 $ 707,372 $ 1,500 $ (5,592) $ 703,280 102 December 31, 2020 Gross Unrealized Weighted Average Asset Type Outstanding Amortized 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 Allowance 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) As of December 31, 2021 and December 31, 2020, respectively, includes $9.9 million and $11.1 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) As of December 31, 2021 and December 31, 2020, respectively, includes $0.5 million and $0.7 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (6) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows	The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2021 and December 31, 2020 ($ in thousands): December 31, 2021 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 304,357 $ 354,670 $ 10,307 $ 16,958 $ 686,292 CMBS interest-only 1,018 14,868 — — 15,886 GNMA interest-only 102 278 179 — 559 Agency securities 503 60 — — 563 Allowance for current expected credit losses — — — — (20) Total real estate securities $ 305,980 $ 369,876 $ 10,486 $ 16,958 $ 703,280 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 Allowance for current expected credit losses — — — — (20) Total real estate securities $ 232,681 $ 801,978 $ 23,659 $ — $ 1,058,298

REAL ESTATE AND RELATED LEASE_2

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of real estate properties by category	The following tables present additional detail related to our real estate portfolio, net ($ in thousands): December 31, 2021 December 31, 2020 Land $ 186,940 $ 220,511 Building 765,690 838,542 In-place leases and other intangibles 142,335 157,176 Undepreciated real estate and related lease intangibles 1,094,965 1,216,229 Less: Accumulated depreciation and amortization (229,271) (230,925) Real estate and related lease intangibles, net $ 865,694 $ 985,304 Below market lease intangibles, net (other liabilities)(1) $ (33,203) $ (36,952) (1) Below market lease intangibles, net is inclusive of $12.8 million and $12.0 million of accumulated amortization as of December 31, 2021 and 2020, respectively.
Schedule of depreciation and amortization expense recorded	The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Year Ended December 31, 2021 2020 2019 Depreciation expense(1) $ 30,659 $ 32,383 $ 30,421 Amortization expense 7,142 6,696 7,991 Total real estate depreciation and amortization expense $ 37,801 $ 39,079 $ 38,412
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, 2021 December 31, 2020 Gross intangible assets(1) $ 146,593 $ 157,176 Accumulated amortization 67,500 66,014 Net intangible assets $ 79,093 $ 91,162 (1) Includes $3.8 million and $4.2 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of December 31, 2021 and December 31, 2020, respectively. The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands): Year Ended December 31, 2021 2020 2019 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (367) $ (367) $ (819) Increase in operating lease income for amortization of below market lease intangibles acquired 2,255 2,601 2,178 Total $ 1,888 $ 2,234 $ 1,359
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, 2021 ($ in thousands): Period Ending December 31, Adjustment to Operating Lease Income Amortization Expense 2022 $ 891 $ 6,820 2023 891 5,241 2024 891 5,241 2025 891 5,241 2026 891 5,241 Thereafter 24,948 46,012 Total $ 29,403 $ 73,796
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, 2021 ($ in thousands): Period Ending December 31, Amount 2022 $ 70,760 2023 61,388 2024 56,422 2025 55,110 2026 52,825 Thereafter 394,979 Total $ 691,484
Schedule of real estate properties acquired	During the year ended December 31, 2021, 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) Purchases of real estate August 2021 Apartments Stillwater, OK 20,452 80.0% Aggregate purchases of real estate $ 20,452 Real estate acquired via foreclosure February 2021 (2) Hotel Miami, FL $ 43,750 100.0% December 2021 (3) Hotel Schaumburg, IL 38,000 100.0% Total real estate acquired via foreclosure 81,750 Total real estate acquisitions $ 102,202 (1) Properties were consolidated as of acquisition date. (2) In February 2021, the Company acquired a hotel in Miami, FL via foreclosure, recognizing a $25.8 thousand loss, which is included in its consolidated statements of income. The property previously served as collateral for a mortgage loan receivable held for investment with a basis of $45.1 million, net of an asset-specific loan loss provision of $1.2 million recorded in the three months ended December 31, 2020. In February 2021, the foreclosed property was sold without any gain or loss. The Company recorded no revenues from its 2021 acquisitions for the year ended December 31, 2021. (3) In December 2021, the Company acquired a hotel in Schaumburg, IL via foreclosure. The property served as collateral for a mortgage loan receivable held for investment with a basis of $38.0 million. The Company obtained a third-party appraisal of the property. The $38.0 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 8.0% and a discount rate of 10.0%. There was no gain or loss resulting from the foreclosure of the loan. During the year ended December 31, 2020, the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Gain/(Loss) on Loan Foreclosure Ownership Interest (1) Aggregate purchases of net leased real estate $ 7,440 100.0% Real estate acquired via foreclosure March 2020 (2) Land Los Angeles, CA 21,535 — (2) 100.0% June 2020 (3) Hotel Winston-Salem, NC 3,900 — 100.0% December 2020 (4) Hotel 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. (2) 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 of 2021, the Company sold this property and recorded a $2.0 million loss on sale. Refer to “Sales” below. (3) 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. (4) 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 $0.1 million resulting from the foreclosure of the loan. In December 2020, the foreclosed property was sold without any gain or loss.
Schedule of properties sold	The Company sold the following properties during the year ended December 31, 2021 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties February 2021 Hotel Miami, FL $ 43,750 $ 43,750 $ — 1 June 2021 Net Lease North Dartmouth, MA 38,732 19,343 19,389 1 August 2021 Net Lease Pittsfield, MA 18,651 10,564 8,087 1 August 2021 Net Lease Ankeny, IA 19,021 13,341 5,680 1 August 2021 Apartments Arlington/Fort Worth, TX 26,496 22,498 3,998 2 November 2021 Net Lease Bessemer City, NC 33,447 21,333 12,114 1 December 2021 Land Los Angeles, CA 19,469 21,452 (1,983) 1 December 2021 Net Lease Snellville, GA 9,695 5,483 4,212 1 December 2021 Net Lease Columbia, SC 9,941 5,674 4,269 1 Totals $ 219,202 $ 163,438 $ 55,766 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) Properties Units Sold Units Remaining Various Condominium Miami, FL $ 1,832 $ 1,821 $ 11 — 6 — March 2020 Office Richmond, VA 22,527 14,829 7,698 7 — — March 2020 Office Richmond, VA 6,932 4,109 2,823 1 — — August 2020 Net Lease Bellport, NY 19,434 15,012 4,422 1 — — September 2020 Warehouse Lithia Springs, GA 39,491 23,187 16,304 1 — — September 2020 Hotel Winston Salem, NC 4,647 3,803 844 1 — — December 2020 Hotel South Bend, IN 3,875 3,875 — 1 — — Totals $ 98,738 $ 66,636 $ 32,102 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 Office Wayne, NJ 1,729 4,799 (3,070) 1 — — May 2019 Office Grand Rapids, MI 10,019 8,254 1,765 1 — — August 2019 Industrial 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.

INVESTMENT IN AND ADVANCES TO_2

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and December 31, 2020 ($ in thousands): Entity December 31, 2021 December 31, 2020 Grace Lake JV, LLC $ 5,434 $ 4,023 24 Second Avenue Holdings LLC 17,720 42,230 Investment in unconsolidated joint ventures $ 23,154 $ 46,253
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, 2021 and 2020 ($ in thousands): Year Ended December 31, Entity 2021 2020 2019 Grace Lake JV, LLC $ 1,411 $ 976 1,047 24 Second Avenue Holdings LLC 168 845 2,385 Earnings (loss) from investment in unconsolidated joint ventures $ 1,579 $ 1,821 $ 3,432
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, 2021 and December 31, 2020 ($ in thousands): December 31, 2021 December 31, 2020 Total assets $ 109,873 $ 114,916 Total liabilities 66,387 75,775 Partners’/members’ capital $ 43,486 $ 39,141 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, 2021, 2020, and 2019 ($ in thousands): Year Ended December 31, 2021 2020 2019 Total revenues $ 18,870 $ 17,461 $ 7,630 Total expenses 13,132 14,206 14,930 Net income (loss) $ 5,738 $ 3,255 $ (7,300)

DEBT OBLIGATIONS, NET (Tables)

DEBT OBLIGATIONS, NET (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of debt obligations	The details of the Company’s debt obligations at December 31, 2021 and December 31, 2020 are as follows ($ in thousands): December 31, 2021 Debt Obligations Committed / Carrying Value of Debt Obligations Committed but Unfunded Interest Rate at December 31, 2021(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility(2) $ 500,000 $ 37,207 $ 462,793 1.61% — 1.61% 12/19/2022 (3) (4) $ 82,966 $ 82,966 Committed Loan Repurchase Facility 100,000 45,290 54,710 2.06% — 2.81% 2/26/2022 (5) (6) 62,972 62,972 Committed Loan Repurchase Facility 300,000 75,837 224,163 1.86% — 2.86% 12/19/2022 (7) (8) 127,926 127,926 Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 4/30/2024 (9) (4) — — Committed Loan Repurchase Facility 100,000 26,183 73,817 2.23% — 2.23% 1/3/2023 (3) (4) 48,720 48,720 Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 10/21/2022 (10) (11) — — Total Committed Loan Repurchase Facilities 1,200,000 184,517 1,015,483 322,584 322,584 Committed Securities Repurchase Facility(2) 862,794 44,139 818,655 0.65% — 1.05% 5/27/2023 N/A (12) 50,522 50,522 Uncommitted Securities Repurchase Facility N/A (13) 215,921 N/A (13) 0.54% — 2.06% 1/2022 - 6/2022 N/A (12) 242,629 242,629 (14) Total Repurchase Facilities 1,600,000 444,577 1,371,344 615,735 615,735 Revolving Credit Facility 266,430 — 266,430 —% — —% 2/11/2022 (15) N/A (16) N/A (16) N/A (16) Mortgage Loan Financing 690,927 693,797 — 3.75% — 6.16% 2022 - 2031(17) N/A (18) 805,007 1,033,372 (19) Secured Financing Facility 136,444 132,447 (20) — 10.75% — 10.75% 5/6/2023 N/A (21) 244,399 244,553 CLO Debt 1,064,365 1,054,774 (22) — 1.66% — 1.75% 2024 - 2026(23) N/A (4) 1,299,116 1,299,116 Borrowings from the FHLB 263,000 263,000 — 0.36% — 2.74% 2022 - 2024 N/A (24) 301,792 301,792 (25) Senior Unsecured Notes 1,649,794 1,631,108 (26) — 4.25% — 5.25% 2025 - 2029 N/A N/A (27) N/A (27) N/A (27) Total Debt Obligations, Net $ 5,670,960 $ 4,219,703 $ 1,637,774 $ 3,266,049 $ 3,494,568 (1) LIBOR rates in effect as of December 31, 2021 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 12-month extension 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) Two 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) Three 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) 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 first mortgage commercial real estate loans collateralizing such securities. (13) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (14) 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. (15) Three 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) Presented net of unamortized debt issuance costs of $1.9 million and an unamortized discount of $2.1 million related to the Purchase Right (described in detail under Secured Financing Facility below) at December 31, 2021. (21) First mortgage commercial real estate loans. Substitution of collateral and conversion of loan collateral to mortgage collateral are permitted with lender’s approval. (22) Presented net of unamortized debt issuance costs of $9.6 million at December 31, 2021. (23) Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities. (24) Investment grade commercial real estate securities and cash. It does not include the first mortgage commercial real estate loans collateralizing such securities. (25) Includes $7.5 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 $18.7 million at December 31, 2021. (27) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. December 31, 2020 Debt Obligations Committed / Carrying Value of Debt Obligations 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% 1/3/2023 (10) (4) 45,235 45,235 Committed Loan Repurchase Facility 100,000 15,672 84,328 2.66% — 3.50% 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 761,793 766,064 — 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) — 5.50% — 5.50% 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 $ 6,576,028 $ 4,209,864 $ 2,756,999 $ 3,156,045 $ 3,384,482 (1) LIBOR rates in effect as of December 31, 2020 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 first mortgage commercial real estate loans 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 $12.9 million at December 31, 2020. (27) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity	The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by 2022 $ 483,937 2023 281,702 2024 406,476 2025 478,704 Thereafter 1,533,922 Subtotal 3,184,741 Debt issuance costs included in senior unsecured notes (18,686) Debt issuance costs included in secured financing facility (1,911) Discount on secured financing facility related to Purchase Right (2,087) Debt issuance costs included in mortgage loan financing (280) Premiums included in mortgage loan financing(3) 3,151 Total (2) $ 3,164,928 (1) The allocation of repayments under our committed loan repurchase facilities and Secured Financing Facility is based on the earlier of (i) the maturity date of each agreement, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. (2) Total does not include $1.1 billion of consolidated CLO debt obligations and the related debt issuance costs of $9.6 million, as the satisfaction of these liabilities will be paid through cash flow from loan collateral including amortization and will not require cash outlays from us.

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and December 31, 2020 ($ in thousands): December 31, 2021 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month LIBOR $ 84,621 $ 60 $ — 0.57 Futures 5-year Swap 6,500 76 — 0.25 10-year Swap 23,000 266 — 0.25 Total futures 29,500 342 — Total derivatives $ 114,121 $ 402 $ — (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. 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.
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, 2021, 2020, and 2019 ($ in thousands): Year Ended December 31, 2021 Contract Type Unrealized Realized Net Result Caps $ (8) $ — $ (8) Futures 42 1,715 1,757 Total $ 34 $ 1,715 $ 1,749 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)

OFFSETTING ASSETS AND LIABILI_2

OFFSETTING ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Offsetting [Abstract]
Schedule of offsetting of financial assets	The following table represents offsetting financial assets and derivative assets as of December 31, 2021 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 402 $ — $ 402 $ — $ (526) $ 402 Total $ 402 $ — $ 402 $ — $ (526) $ 402 The following table represents offsetting of financial assets and derivative assets as of December 31, 2020 ($ 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.
Schedule of offsetting of financial liabilities	The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2021 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Repurchase agreements $ 444,577 $ — $ 444,577 $ 444,577 $ 1,975 $ 442,603 Total $ 444,577 $ — $ 444,577 $ 444,577 $ 1,975 $ 442,603 (1) Included in restricted cash on consolidated balance sheets. The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2020 ($ 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.

CONSOLIDATED VARIABLE INTERES_2

CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The Company consolidates on its balance sheet two CLOs that are considered VIEs as of December 31, 2021 and one CLO that was considered a VIE as of December 31, 2020 ($ in thousands): December 31, 2021 December 31, 2020 Notes 3 & 7 Restricted cash $ 369 $ 3,925 Mortgage loan receivables held for investment, net, at amortized cost 1,299,116 362,600 Accrued interest receivable 4,587 1,382 Other assets 26,636 69,649 Total assets $ 1,330,708 $ 437,556 Debt obligations, net $ 1,054,774 $ 276,516 Accrued expenses 1,218 682 Other liabilities 65 — Total liabilities 1,056,057 277,198 Net equity in VIEs (eliminated in consolidation) 274,651 160,358 Total equity 274,651 160,358 Total liabilities and equity $ 1,330,708 $ 437,556

EQUITY STRUCTURE AND ACCOUNTS (

EQUITY STRUCTURE AND ACCOUNTS (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2020 $ 38,102 Additional authorizations(2) 15,027 Repurchases paid 822,928 (9,007) Repurchases unsettled — Authorizations remaining as of December 31, 2021 $ 44,122 (1) Amount excludes commissions paid associated with share repurchases. (2) On August 4, 2021, the Board authorized additional repurchases of up to $50.0 million in aggregate. 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.
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, 2021, 2020 and 2019: Declaration Date Dividend per Share March 15, 2021 $ 0.20 June 15, 2021 0.20 September 15, 2021 0.20 December 15, 2021 $ 0.20 Total $ 0.80 February 27, 2020 $ 0.34 May 28, 2020 0.20 August 31, 2020 0.20 December 31, 2020 $ 0.20 Total $ 0.94 February 27, 2019 $ 0.34 May 30, 2019 0.34 August 22, 2019 0.34 November 26, 2019 0.34 Total $ 1.36 The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2021, 2020 and 2019: Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital Section 199A Dividends December 31, 2020 January 15, 2021 (1) $ 0.200 $ 0.053 $ 0.001 $ 0.095 $ 0.039 $ 0.052 $ 0.053 March 31, 2021 April 15, 2021 $ 0.200 $ 0.053 $ 0.001 $ 0.095 $ 0.039 $ 0.052 $ 0.053 June 30, 2021 July 15, 2021 0.200 0.053 0.001 0.095 0.039 0.052 0.053 September 30, 2021 October 15, 2021 0.200 0.053 0.001 0.095 0.039 0.052 0.053 December 31, 2021 January 18, 2022 (2) — — — — — — — Total $ 0.800 $ 0.212 $ 0.004 $ 0.380 $ 0.156 $ 0.208 $ 0.212 (1) The fourth quarter dividend paid on January 15, 2021 was $0.200 and is considered a 2021 dividend for U.S. federal income tax purposes. (2) The fourth quarter dividend paid on January 18, 2022 was $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital Section 199A Dividends March 10, 2020 April 1, 2020 $ 0.340 $ 0.230 $ — $ 0.039 $ 0.016 $ 0.071 $ 0.230 June 10, 2020 July 1, 2020 0.200 0.135 — 0.023 0.009 0.042 0.135 September 10, 2020 October 1, 2020 0.200 0.135 — 0.023 0.009 0.042 0.135 December 31, 2020 January 15, 2021 (1) — — — — — — — Total $ 0.740 $ 0.500 $ — $ 0.085 $ 0.034 $ 0.155 $ 0.500 (1) The fourth quarter dividend paid on January 15, 2021 was $0.200 and 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
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, 2021, 2020 and 2019 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2020 $ (10,463) $ (2) $ (10,465) Other comprehensive income (loss) 6,351 — 6,351 December 31, 2021 $ (4,112) $ (2) $ (4,114) 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

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019 consist of the following: Year Ended December 31, ($ in thousands except share amounts) 2021 2020 2019 Basic and Diluted Net income (loss) available for Class A common shareholders $ 56,522 $ (14,445) $ 122,645 Weighted average shares outstanding Basic 123,763,843 112,409,615 105,455,849 Diluted 124,563,051 112,409,615 106,399,783
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, 2021, 2020 and 2019 consist of the following: Year Ended December 31, (In thousands except share and per share amounts) 2021 2020(1) 2019(1) Basic Net Income (Loss) Per Share of Class A Common Stock Numerator : Net income (loss) attributable to Class A common shareholders $ 56,522 $ (14,445) $ 122,645 Denominator : Weighted average number of shares of Class A common stock outstanding 123,763,843 112,409,615 105,455,849 Basic net income (loss) per share of Class A common stock $ 0.46 $ (0.13) $ 1.16 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 56,522 $ (14,445) $ 122,645 Diluted net income (loss) attributable to Class A common shareholders 56,522 (14,445) $ 122,645 Denominator: Basic weighted average number of shares of Class A common stock outstanding 123,763,843 112,409,615 105,455,849 Add - dilutive effect of: Incremental shares of unvested Class A restricted stock(2) 799,208 — 943,934 Diluted weighted average number of shares of Class A common stock outstanding 124,563,051 112,409,615 106,399,783 Diluted net income (loss) per share of Class A common stock $ 0.45 $ (0.13) $ 1.15 (1) For the years ended December 31, 2020 and 2019, 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. There were no Class B shares outstanding during the year ended December 31, 2021. (2) 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, 2021
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 compensation plans and other compensation plans ($ in thousands): Year Ended December 31, 2021 2020 2019 Stock Based Compensation Expense $ 15,300 $ 42,728 $ 21,777 Phantom Equity Investment Plan 22 (1,238) 1,341 Stock Options Exercised — 270 — Total Stock Based Compensation Expense $ 15,322 $ 41,760 $ 23,118
Summary of the grants	A summary of the grants is presented below: Year Ended December 31, 2021 2020 2019 Number Weighted Number Weighted Number Weighted Grants - Class A Common Stock 747,713 $ 9.81 4,423,215 $ 12.84 1,569,694 $ 17.54 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 of Class A common stock and outstanding stock options at December 31, 2021 and changes during 2021 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, 2020 2,800,824 681,102 Granted 747,713 — Exercised — — Vested (992,667) — Forfeited (410,490) — Expired — (57,314) Nonvested/Outstanding at December 31, 2021 2,145,380 623,788 Exercisable at December 31, 2021 (1) 623,788 (1) The weighted-average exercise price of outstanding options, warrants and rights is $14.84 at December 31, 2021.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and December 31, 2020 are as follows ($ in thousands): December 31, 2021 Weighted Average Principal Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 691,402 $ 691,026 $ 686,293 Internal model, third-party inputs 1.57 % 2.06 CMBS interest-only(1) 1,302,551 (2) 15,268 15,885 Internal model, third-party inputs 5.67 % 1.88 GNMA interest-only(3) 59,075 (2) 518 559 Internal model, third-party inputs 4.97 % 3.64 Agency securities(1) 557 560 563 Internal model, third-party inputs 1.58 % 0.69 Mortgage loan receivables held for investment, net, at amortized cost(4) 3,581,919 3,553,737 3,494,254 Discounted Cash Flow(5) 5.65 % 1.76 FHLB stock(6) 11,835 11,835 11,835 (6) 3.25 % N/A Nonhedge derivatives(1)(7) 114,121 402 402 Counterparty quotations N/A 0.30 Liabilities: Repurchase agreements - short-term 418,394 418,394 418,394 Discounted Cash Flow(8) 0.89 % 0.46 Repurchase agreements - long-term 26,183 26,183 26,183 Discounted Cash Flow(9) 2.21 % 1.01 Mortgage loan financing 690,927 693,797 709,695 Discounted Cash Flow 4.83 % 3.3 Secured financing facility 136,444 132,447 133,389 Discounted Cash Flow(8) 10.75 % 1.35 CLO debt 1,064,365 1,054,774 1,054,774 Discounted Cash Flow(9) 2.04 % 16.92 Borrowings from the FHLB 263,000 263,000 263,414 Discounted Cash Flow 0.91 % 1.95 Senior unsecured notes 1,649,794 1,631,108 1,677,039 Internal model, third-party inputs 4.66 % 5.74 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) Balance does not include impact of allowance for current expected credit losses of $31.8 million at December 31, 2021. (5) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model. (6) 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. (7) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (8) 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. (9) For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. December 31, 2020 Weighted Average Principal Amount Amortized 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 Mortgage loan receivables held for investment, net, at amortized cost(4) 2,365,204 2,354,059 2,328,441 Discounted Cash Flow(5) 6.67 % 1.07 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 4.84 % 4.04 Secured financing facility 206,350 192,646 192,646 Discounted Cash Flow(9) 10.75 % 2.35 CLO debt 279,156 276,516 276,516 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) Balance does not include impact of allowance for current expected credit losses of $41.5 million at December 31, 2020. (5) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model. (6) Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (7) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (8) 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 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.
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, 2021 and December 31, 2020 ($ in thousands): December 31, 2021 Financial Instruments Reported at Fair Value on Consolidated Statements of Financial Condition Principal Fair Value Level 1 Level 2 Level 3 Total Assets: CMBS(1) $ 681,076 $ — $ — $ 676,398 $ 676,398 CMBS interest-only(1) 1,293,181 (2) — — 15,344 15,344 GNMA interest-only(3) 59,075 (2) — — 559 559 Agency securities(1) 557 — — 563 563 Nonhedge derivatives(4) 114,121 — 402 — 402 $ — $ 402 $ 692,864 $ 693,266 Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial Condition Principal Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivable held for investment, net, at amortized cost: Mortgage loan receivables held for investment, net, at amortized cost(5) $ 3,581,920 $ — $ — $ 3,494,254 $ 3,494,254 CMBS(6) 10,326 — — 9,894 9,894 CMBS interest-only(6) 9,370 — — 541 541 FHLB stock 11,835 — — 11,835 11,835 $ — $ — $ 3,516,524 $ 3,516,524 Liabilities: Repurchase agreements - short-term 418,394 $ — $ — $ 418,394 $ 418,394 Repurchase agreements - long-term 26,183 — — 26,183 26,183 Mortgage loan financing 690,927 — — 709,695 709,695 Secured financing facility 136,444 — — 133,389 133,389 CLO debt 1,064,365 — — 1,054,774 1,054,774 Borrowings from the FHLB 263,000 — — 263,414 263,414 Senior unsecured notes 1,649,794 — — 1,677,039 1,677,039 $ — $ — $ 4,282,888 $ 4,282,888 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (5) Balance does not include impact of allowance for current expected credit losses of $31.8 million at December 31, 2021. (6) 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, 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 loan receivables held for investment, net, at amortized cost(5) $ 2,365,204 $ — $ — $ 2,328,441 $ 2,328,441 Mortgage loan receivables held for sale 30,478 — — 32,082 32,082 CMBS(6) 11,523 — — 11,074 11,074 CMBS interest-only(6) 10,566 (2) — — 675 675 FHLB stock 31,000 — — 31,000 31,000 $ — $ — $ 2,403,272 $ 2,403,272 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 206,350 — — 200,343 200,343 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 $ — $ — $ 4,247,552 $ 4,247,552 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (5) Balance does not include impact of allowance for current expected credit losses of $41.5 million at December 31, 2020.
Schedule of changes in Level 3 of financial instruments	The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the years ended December 31, 2021 and 2020 ($ in thousands): Year Ended December 31, Level 3 2021 2020 Balance at January 1, $ 1,046,570 $ 1,695,913 Transfer from level 2 — — Purchases 247,040 439,735 Sales (438,594) (917,372) Paydowns/maturities (163,297) (135,341) Amortization of premium/discount (6,708) (8,073) Unrealized gain/(loss) 6,259 (14,896) Realized gain/(loss) on sale(1) 1,594 (13,396) Balance at December 31, $ 692,864 $ 1,046,570 (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, 2021 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 676,398 Discounted cash flow Yield (4) 0.77 % 1.51 % 5.28 % Duration (years)(5) 0 1.93 8.39 CMBS interest-only(1) 15,344 (2) Discounted cash flow Yield (4) — % 5.7 % 9.34 % Duration (years)(5) 0.03 1.81 2.58 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only(3) 559 (2) Discounted cash flow Yield (4) — % 4.97 % 10.00 % Duration (years)(5) 0 2.72 5.56 Prepayment speed (CPJ)(5) 5 17.41 35.00 Agency securities(1) 563 Discounted cash flow Yield (4) 1.44 % 1.58 % 2.78 % Duration (years)(5) 0 0.42 0.47 Total $ 692,864 December 31, 2020 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 992,226 Discounted cash flow Yield (3) — % 2.09 % 23.85 % Duration (years)(4) 0.00 2.68 5.82 CMBS interest-only(1) 21,537 (2) Discounted cash flow Yield (3) 0.56 % 2.51 % 9.94 % Duration (years)(4) 0.12 2.23 3.15 Prepayment speed (CPY)(4) 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) 0.00 2.80 6.79 Prepayment speed (CPJ)(5) 5.00 17.78 35.00 Agency securities(1) 605 Discounted cash flow Yield (4) 0.44 % 11.31 % 72.00 % Duration (years)(5) 0.00 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.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Components of the provision for income taxes consist of the following ($ in thousands): Year Ended December 31, 2021 2020 2019 Current expense (benefit) U.S. federal $ (280) $ (8,087) $ (1,772) State and local 936 (1,796) (396) Total current expense (benefit) 656 (9,883) (2,168) Deferred expense (benefit) U.S. federal 311 119 3,824 State and local (39) (25) 990 Total deferred expense (benefit) 272 94 4,814 Provision for income tax expense (benefit) $ 928 $ (9,789) $ 2,646
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, 2021, 2020 and 2019 is as follows: Year Ended December 31, 2021 2020 2019 US statutory tax rate 21.00 % 21.00 % 21.00 % REIT income not subject to corporate income tax (17.72) % 65.98 % (21.89) % Increase due to state and local taxes (0.46) % 9.85 % (0.25) % Change in valuation allowance (1.20) % 6.91 % 3.26 % Offshore non-taxable income (3.75) % (41.96) % (0.24) % Uncertain tax position released — % (2.54) % (0.46) % Section 163 (j) interest expense limitation 0.27 % (7.12) % — % REIT income taxes (0.31) % (2.59) % — % Return to provision 1.64 % (1.25) % — % Net operating loss carryback benefit — % 4.54 % — % Other 2.14 % (1.96) % 0.45 % Effective income tax rate 1.61 % 50.86 % 1.87 %
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, 2021 December 31, 2020 Deferred Tax Assets Net operating loss carryforward $ 6,766 $ 6,222 Net unrealized losses — 986 Capital losses carryforward 6,005 5,664 Valuation allowance (6,005) (5,664) Interest expense limitation 1,647 1,370 Valuation allowance (1,647) (1,370) Total Deferred Tax Assets $ 6,766 $ 7,208 = December 31, 2021 December 31, 2020 Deferred Tax Liability Basis difference in operating partnerships $ 9,048 $ 9,218 Total Deferred Tax Liability $ 9,048 $ 9,218

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 162,349 $ 13,101 $ 1 $ 648 $ 176,099 Interest expense (53,414) (2,403) (36,075) (91,057) (182,949) Net interest income (expense) 108,935 10,698 (36,074) (90,409) (6,850) (Provision for) release of loan loss reserves 8,713 — — 8,713 Net interest income (expense) after provision for (release of) loan reserves 117,648 10,698 (36,074) (90,409) 1,863 Real estate operating income — — 101,564 — 101,564 Sale of loans, net 8,398 — — — 8,398 Realized gain (loss) on securities — 1,594 — — 1,594 Unrealized gain (loss) on Agency interest-only securities — (91) — — (91) Realized gain on sale of real estate, net — — 55,766 — 55,766 Fee and other income 10,507 — 50 633 11,190 Net result from derivative transactions 507 1,250 (8) — 1,749 Earnings (loss) from investment in unconsolidated joint ventures 335 — 1,244 — 1,579 Total other income (loss) 19,747 2,753 158,616 633 181,749 Compensation and employee benefits — — — (38,347) (38,347) Operating expenses(3) 127 — — (17,799) (17,672) Real estate operating expenses — — (26,161) — (26,161) Fee expense (2,341) (217) (849) (2,403) (5,810) Depreciation and amortization — — (37,702) (99) (37,801) Total costs and expenses (2,214) (217) (64,712) (58,648) (125,791) Income tax (expense) benefit — — — (928) (928) Segment profit (loss) $ 135,181 $ 13,234 $ 57,830 $ (149,352) $ 56,893 Total assets as of December 31, 2021 $ 3,521,986 $ 703,280 $ 914,027 $ 711,959 $ 5,851,252 Year ended December 31, 2020 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 205,640 $ 32,904 $ 13 $ 1,292 $ 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) 12,374 (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) (5,901) Real estate operating 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 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 Compensation 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 $ (160,523) $ (9,459) Total assets as of December 31, 2020 $ 2,343,070 $ 1,058,298 $ 1,031,557 $ 1,448,304 $ 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 Real estate operating 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 Compensation 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 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $23.2 million, $46.3 million and $48.4 million as of December 31, 2021, 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 $11.8 million, $31.0 million, and $61.6 million as of December 31, 2021 and December 31, 2020, and December 31, 2019, respectively, and the Company’s senior unsecured notes of $1.6 billion, $1.6 billion, and $1.2 billion at December 31, 2021 and December 31, 2020 and December 31, 2019, respectively. (3) Includes $8.8 million, $11.6 million and $12.4 million of professional fees and $3.4 million, $3.2 million and $3.6 million of information technology expenses for the years ended December 31, 2021, 2020 and 2019, respectively.

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details)	Dec. 31, 2021	Dec. 31, 2020
LCFH
ORGANIZATION AND OPERATIONS
Ownership interest in LCFH	100.00%	100.00%

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	[1]	Dec. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
FHLB stock	$ 11.8	$ 31		$ 61.6
Percentage of Commercial Mortgage Backed Securities with Below AA Rating	6.00%
Maximum | Building
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life	55 years
Maximum | Building and Building Improvements
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life	15 years
Minimum | Building
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life	20 years
Minimum | Building and Building Improvements
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life	4 years
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

MORTGAGE LOAN RECEIVABLES - Sch

MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 3,581,919	$ 2,395,682
Allowance for credit losses	(31,752)	(41,507)	$ (11,600)
Carrying Value	$ 3,521,985	$ 2,343,070
Weighted average yield	5.65%	6.74%
Remaining Maturity	1 year 9 months 18 days	1 year 3 months 18 days
Principal balance of loans on non-accrual status	$ 80,229	$ 175,022
Deferred origination fees and other items	26,000	8,900
First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	3,482,715	2,243,639
Carrying Value gross, consumer and commercial real estate	$ 3,454,654	$ 2,232,749
Weighted average yield	5.50%	6.50%
Remaining Maturity	1 year 9 months 18 days	1 year 1 month 6 days
Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 99,204	$ 121,565
Carrying Value gross, consumer and commercial real estate	$ 99,083	$ 121,310
Weighted average yield	10.92%	10.83%
Remaining Maturity	1 year 10 months 24 days	2 years 8 months 12 days
Total mortgage loans receivable
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 3,581,919	$ 2,365,204
Carrying Value gross, consumer and commercial real estate	$ 3,553,737	$ 2,354,059
Weighted average yield	5.65%	6.65%
Remaining Maturity	1 year 9 months 18 days	1 year 2 months 12 days
Total mortgage loan receivables held for investment, net, at amortized cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 3,581,919	$ 2,365,204
Allowance for credit losses	(31,752)	(41,507)		$ (20,500)	$ (17,900)
Carrying Value	$ 3,521,985	2,312,552
Principal balance of loans on non-accrual status		45,000
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
Carrying Value		$ 30,518
Weighted average yield		4.05%
Remaining Maturity		9 years 2 months 12 days

MORTGAGE LOAN RECEIVABLES - Add

MORTGAGE LOAN RECEIVABLES - Additional Information (Details)		Jan. 01, 2020USD ($)loans	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)securityloansloan	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Allowance for current expected credit losses			$ 32,200,000			$ 32,200,000
General CECL Reserve		$ 11,600,000	31,752,000	$ 41,507,000		31,752,000	$ 41,507,000
Individually impaired loans			69,932,000	116,440,000		69,932,000	116,440,000
Provision for (release of) loan loss reserves				18,275,000		(8,713,000)	$ 18,275,000	$ 2,600,000
Decrease of reserve on unfunded commitments						(100,000)
Loans that previously had asset-specific reserves		3					4
Percentage of total loan portfolio		0.36%
Provision for current expected credit loss (implementation impact)(1)		$ 5,800,000				(8,605,000)	$ 18,543,000	2,600,000
Mortgage loans receivable	[1]		3,553,737,000	2,354,059,000		3,553,737,000	2,354,059,000
Loans nonaccrual status, amount			80,229,000	175,022,000		$ 80,229,000	175,022,000
Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Direct capitalization rate						4.88%			4.70%
Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Direct capitalization rate						5.23%			5.00%
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
Provision for (release of) loan loss reserves						$ (8,600,000)
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
Number or loans in default							3
Carrying value of held for investment loan portfolio		$ 3,200,000,000
Loans that previously had asset-specific reserves | loan						3
Additional CECL reserve recorded							$ 9,100,000
Asset-specific provision related to the loans							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			20,200,000	21,400,000		$ 20,200,000	$ 21,400,000
Number or loans in default						3	4
Accounting Standards Update 2016-13 | Two Of Company Loans 1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
General CECL Reserve					$ 7,500,000
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			$ 3,300,000,000	$ 1,900,000,000		$ 3,300,000,000	$ 1,900,000,000
Loans receivable with variable rates of interest			91.50%	82.00%		91.50%	82.00%
Loans receivable with variable rates of interest, subject to interest rate floors			100.00%	100.00%		100.00%	100.00%
General CECL Reserve			$ 31,752,000	$ 41,507,000		$ 31,752,000	$ 41,507,000	$ 20,500,000	$ 17,900,000
Number or loans in default | loan			2
Loans nonaccrual status, amount				45,000,000			$ 45,000,000
Secured loan | 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
Mortgage loans receivable			$ 26,900,000			$ 26,900,000
Loans nonaccrual status, amount			24,200,000	24,200,000		24,200,000	$ 24,200,000
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
Loans nonaccrual status, amount			12,000,000	36,400,000		12,000,000	$ 36,400,000		$ 5,900,000
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]
Loan reserve amount									$ 2,700,000
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			30,500,000			30,500,000
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]
General CECL Reserve			17,500,000			$ 17,500,000			$ 10,000,000
Number or loans in default						2	2
Mortgage loans receivable			43,100,000			$ 43,100,000
Loans nonaccrual status, amount			25,600,000	27,100,000		$ 25,600,000	$ 27,100,000		45,000,000
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 1 | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Direct capitalization rate					7.50%	8.50%
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 1 | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Direct capitalization rate					8.60%	9.25%
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 1 | 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 | Two Of Company Loans 1 | Series B
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans nonaccrual status, amount									$ 10,000,000
Total mortgage loan receivables held for investment, net, at amortized cost | One 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 | security							1
Loans nonaccrual status, amount				43,800,000			$ 43,800,000
Carrying value			36,400,000			$ 36,400,000
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
Percentage of loans receivable with fixed rates of interest				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
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

MORTGAGE LOAN RECEIVABLES - Act

MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2020	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, beginning balance		$ 3,482,929	$ 2,343,070	$ 3,358,861	$ 3,482,929
Origination of mortgage loan receivables			2,530,247	566,506	2,398,227
Purchases of mortgage loan receivables			63,600		9,934
Repayment of mortgage loan receivables			(1,059,979)	(961,236)	(1,532,346)
Proceeds from sales of mortgage loan receivables			(305,649)	(582,764)	(1,024,357)
Non-cash disposition of loans via foreclosure			(81,289)	(31,249)	(45,529)
Sale of loans, net	$ (1,571)		8,398	(1,571)	54,758
Transfer between held for investment and held for sale					0
Accretion/amortization of discount, premium and other fees			13,832	15,530	17,845
Mortgage loans receivable, ending balance	2,343,070		3,521,985	2,343,070	3,358,861
Allowance for credit losses	(41,507)		(31,752)	(41,507)		$ (11,600)
Release of asset-specific loan loss provision via foreclosure			1,150	2,500
Provision expense for current expected credit loss				(4,964)
Provision expense for current expected credit loss (impact to earnings)			8,605	(18,543)	(2,600)
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
Total mortgage loans receivable
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, beginning balance		$ 3,318,390	2,354,059	3,257,036	3,318,390
Origination of mortgage loan receivables					1,452,049
Purchases of mortgage loan receivables					0
Repayment of mortgage loan receivables					(1,531,551)
Proceeds from sales of mortgage loan receivables					0
Non-cash disposition of loans via foreclosure					(45,529)
Sale of loans, net					0
Transfer between held for investment and held for sale					45,832
Accretion/amortization of discount, premium and other fees					17,845
Mortgage loans receivable, ending balance	2,354,059		3,553,737	2,354,059	3,257,036
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		3,318,390	2,354,059	3,257,036	3,318,390
Origination of mortgage loan receivables			2,309,888	353,661	1,452,049
Purchases of mortgage loan receivables			63,600		0
Repayment of mortgage loan receivables			(1,059,796)	(960,832)	(1,531,551)
Proceeds from sales of mortgage loan receivables			(46,557)	(270,491)	0
Non-cash disposition of loans via foreclosure			(81,289)	(31,249)	(45,529)
Sale of loans, net			0	(9,596)	0
Transfer between held for investment and held for sale					45,832
Accretion/amortization of discount, premium and other fees			13,832	15,530	17,845
Mortgage loans receivable, ending balance	2,354,059		3,553,737	2,354,059	3,257,036
Allowance for credit losses	(41,507)		(31,752)	(41,507)	(20,500)		$ (17,900)
Release of asset-specific loan loss provision via foreclosure			1,150	2,500
Provision expense for current expected credit loss				(4,964)
Provision expense for current expected credit loss (impact to earnings)			8,605	(18,543)	(2,600)
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		$ 182,439	30,518	122,325	182,439
Origination of mortgage loan receivables			220,359	212,845	946,178
Purchases of mortgage loan receivables					9,934
Repayment of mortgage loan receivables			(183)	(404)	(795)
Proceeds from sales of mortgage loan receivables			(259,092)	(312,273)	(1,008,853)
Non-cash disposition of loans via foreclosure			0	0	0
Sale of loans, net			8,398	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	0
Mortgage loans receivable, ending balance	$ 30,518		$ 0	30,518	122,325
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
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 ($)	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)securityloan	Dec. 31, 2020USD ($)security	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)loan
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan losses at beginning of period	$ 20,500			$ 41,507	$ 20,500	$ 17,900
Provision for current expected credit loss (implementation impact)(1)	5,800			(8,605)	18,543	2,600
Foreclosure of loans subject to asset-specific reserve				(1,150)	(2,500)	0
Provision for loan losses at end of period		$ 31,752	$ 41,507	31,752	41,507	20,500	$ 17,900
Principal balance of loans on non-accrual status		$ 80,229	175,022	80,229	175,022
Provision for (release of) loan loss reserves			18,275	(8,713)	18,275	2,600
Additional asset-specific reserve				0	9,200	2,000
General reserve				(8,600)	9,400	600
Held-to-maturity Securities
Allowance for Loan and Lease Losses [Roll Forward]
Unfunded commitments of mortgage loan receivables held for investment	800
Provision for (release of) loan loss reserves	$ 22
Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for Loan and Lease Losses [Roll Forward]
Provision for current expected credit loss (implementation impact)(1)				0	4,964	$ 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		2
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	24,200	$ 24,200	$ 24,200
Number or loans in default				2	2
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		25,600	27,100	$ 25,600	$ 27,100		45,000
Number or loans in default				2	2
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		12,000	36,400	$ 12,000	$ 36,400		$ 5,900
Number or loans in default					1		1
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			43,800		$ 43,800
Number or loans in default | security					1
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		$ 30,500	30,600	$ 30,500	$ 30,600
Number or loans in default | security				1	1
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			$ 13,000		$ 13,000
Number or loans in default | security					1

MORTGAGE LOAN RECEIVABLES - Ind

MORTGAGE LOAN RECEIVABLES - Individually Impaired Loans (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	[1]	$ 3,553,737	$ 2,354,059
Subtotal loans, Year One		2,396,303	253,974
Subtotal loans, Year Two		117,367	1,051,415
Subtotal loans, Year Three		585,959	537,791
Subtotal loans, Year Four		169,948	188,654
Subtotal loans, Year 5 and Earlier		214,228	205,785
Subtotal mortgage loans receivable		3,483,805	2,237,619
Individually impaired loans, Year One		0	0
Individually impaired loans, Year Two		0	0
Individually impaired loans, Year Three		0	44,952
Individually impaired loans, Year Four		0	0
Individually impaired loans, Year Five and Earlier		69,932	71,488
Individually impaired loans		69,932	116,440
Total loans, Year One		2,396,303	253,974
Total loans, Year Two		117,367	1,051,415
Total loans, Year Three		585,959	582,743
Total loans, Year Four		169,948	188,654
Total loans, Year Five and Earlier		284,160	277,273
All Of Company Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Accrued interest receivable		12,600	14,500
Office
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		784,556	0
Year Two		29,636	196,610
Year Three		121,346	249,330
Year Four		59,073	83,673
Year Five and Earlier		73,911	50,935
Total loans		1,068,522	580,548
Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		538,949	106,537
Year Two		84,600	101,704
Year Three		140,926	0
Year Four		0	13,268
Year Five and Earlier		0	0
Total loans		764,475	221,509
Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		697,089	65,537
Year Two		3,131	260,254
Year Three		47,322	44,665
Year Four		0	24,406
Year Five and Earlier		0	0
Total loans		747,542	394,862
Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		41,635	0
Year Two		0	43,000
Year Three		43,666	139,394
Year Four		90,132	67,307
Year Five and Earlier		110,890	78,694
Total loans		286,323	328,395
Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		105,362	0
Year Two		0	110,492
Year Three		89,058	0
Year Four		0	0
Year Five and Earlier		25,486	65,734
Total loans		219,906	176,226
Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		41,203	46,130
Year Two		0	114,630
Year Three		108,469	0
Year Four		0	0
Year Five and Earlier		0	6,461
Total loans		149,672	167,221
Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		117,265	4,553
Year Two		0	57,305
Year Three		26,404	11,718
Year Four		0	0
Year Five and Earlier		3,941	3,961
Total loans		147,610	77,537
Other
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		26,801	31,217
Year Two		0	131,434
Year Three		8,768	77,484
Year Four		20,743	0
Year Five and Earlier		0	0
Total loans		56,312	240,135
Self-Storage
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		43,443	0
Year Two		0	35,986
Year Three		0	15,200
Year Four		0	0
Year Five and Earlier		0	0
Total loans		43,443	51,186
South
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		937,125	313,759
Northeast
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		1,080,652	707,485
Midwest
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		434,157	462,602
West
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		530,599	316,620
Southwest
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		$ 501,272	$ 437,153
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

REAL ESTATE SECURITIES - Summar

REAL ESTATE SECURITIES - Summary of Securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 2,053,585	$ 2,619,891
Amortized Cost Basis	707,372	1,068,650
Gross Unrealized Gains	1,500	3,157
Gross Unrealized Losses	(5,572)	(13,489)
Carrying value, before allowance for credit loss	$ 703,300	$ 1,058,318
Number of Securities | security	102	123
Weighted Average Coupon	0.83%	0.91%
Weighted Average Yield	1.67%	1.66%
Remaining Duration	2 years 21 days	2 years 3 days
Allowance for current expected credit losses	$ (20)	$ (20)
Total Amortized Cost Basis	707,372	1,068,650
Total Gross Unrealized Gains	1,500	3,157
Total real estate securities, Gross Unrealized Losses	(5,592)	(13,509)
Carrying Value	$ 703,280	$ 1,058,298
Total number of Securities | security	102	123
CMBS
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 691,402	$ 1,015,520
Amortized Cost Basis	691,026	1,015,282
Gross Unrealized Gains	775	1,382
Gross Unrealized Losses	(5,508)	(13,363)
Carrying value, before allowance for credit loss	$ 686,293	$ 1,003,301
Number of Securities | security	73	90
Weighted Average Coupon	1.57%	1.56%
Weighted Average Yield	1.57%	1.56%
Remaining Duration	2 years 21 days	2 years 3 days
Carrying Value	$ 686,292	$ 1,003,301
Risk retention requirement, amount	9,900	11,100
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	1,302,551	1,498,181
Amortized Cost Basis	15,268	21,567
Gross Unrealized Gains	617	672
Gross Unrealized Losses	0	(26)
Carrying value, before allowance for credit loss	$ 15,885	$ 22,213
Number of Securities | security	13	15
Weighted Average Coupon	0.45%	0.44%
Weighted Average Yield	5.67%	3.53%
Remaining Duration	1 year 10 months 17 days	2 years 2 months 8 days
Carrying Value	$ 15,886	$ 22,213
Risk retention requirement, amount	500	700
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	59,075	75,350
Amortized Cost Basis	518	868
Gross Unrealized Gains	105	232
Gross Unrealized Losses	(64)	(100)
Carrying value, before allowance for credit loss	$ 559	$ 1,000
Number of Securities | security	14	11
Weighted Average Coupon	0.38%	0.43%
Weighted Average Yield	4.97%	5.06%
Remaining Duration	3 years 7 months 20 days	3 years 7 months 2 days
Carrying Value	$ 559	$ 1,000
Agency securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	557	586
Amortized Cost Basis	560	593
Gross Unrealized Gains	3	12
Gross Unrealized Losses	0	0
Carrying value, before allowance for credit loss	$ 563	$ 605
Number of Securities | security	2	2
Weighted Average Coupon	2.47%	2.55%
Weighted Average Yield	1.58%	1.64%
Remaining Duration	8 months 8 days	1 year 3 months 3 days
Carrying Value	$ 563	$ 605
GNMA permanent securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		30,254
Amortized Cost Basis		30,340
Gross Unrealized Gains		859
Gross Unrealized Losses		0
Carrying value, before allowance for credit loss		$ 31,199
Number of Securities | security		5
Weighted Average Coupon		3.87%
Weighted Average Yield		3.49%
Remaining Duration		1 year 11 months 23 days
Carrying Value		$ 31,199

REAL ESTATE SECURITIES - Securi

REAL ESTATE SECURITIES - Securities by Remaining Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Within 1 year	$ 305,980	$ 232,681
1-5 years	369,876	801,978
5-10 years	10,486	23,659
After 10 years	16,958	0
Total	703,280	1,058,298
Allowance for current expected credit losses	(20)	(20)
CMBS
Debt Securities, Available-for-sale [Line Items]
Within 1 year	304,357	230,977
1-5 years	354,670	748,953
5-10 years	10,307	23,371
After 10 years	16,958	0
Total	686,292	1,003,301
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year	1,018	1,572
1-5 years	14,868	20,641
5-10 years	0	0
After 10 years	0	0
Total	15,886	22,213
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year	102	65
1-5 years	278	647
5-10 years	179	288
After 10 years	0	0
Total	559	1,000
Agency securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year	503	0
1-5 years	60	605
5-10 years	0	0
After 10 years	0	0
Total	$ 563	605
GNMA permanent securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year		67
1-5 years		31,132
5-10 years		0
After 10 years		0
Total		$ 31,199

REAL ESTATE SECURITIES - Additi

REAL ESTATE SECURITIES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Realized loss on investment	$ 0	$ 1.1	$ 0.2
Other than temporary impairment losses included in consolidated statements of income	$ 0.1	$ 0.5	$ 0.1

REAL ESTATE AND RELATED LEASE_3

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Real estate and related lease intangibles, net
Less: Accumulated depreciation and amortization		$ (229,271)	$ (230,925)
Real estate and related lease intangibles, net	[1]	865,694	985,304
Below market lease intangibles, net (other liabilities)(1)		(33,203)	(36,952)
Accumulated amortization of below market lease		(12,800)	(12,000)
Disposal Group, Held-for-sale, Not Discontinued Operations
Real estate and related lease intangibles, net
Real estate		32,500
Less: Accumulated depreciation and amortization		(7,400)
In-place leases and other intangibles
Real estate and related lease intangibles, net
Real estate		142,335	157,176
Undepreciated real estate and related lease intangibles
Real estate and related lease intangibles, net
Real estate		1,094,965	1,216,229
Land
Real estate and related lease intangibles, net
Real estate		186,940	220,511
Land | Disposal Group, Held-for-sale, Not Discontinued Operations
Real estate and related lease intangibles, net
Real estate		900
Building
Real estate and related lease intangibles, net
Real estate		765,690	$ 838,542
Building | Disposal Group, Held-for-sale, Not Discontinued Operations
Real estate and related lease intangibles, net
Real estate		$ 27,400
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

REAL ESTATE AND RELATED LEASE_4

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Additional Information (Details)	Jan. 01, 2020loans	May 01, 2019USD ($)	Feb. 06, 2019USD ($)	Jan. 10, 2019USD ($)	Feb. 28, 2021USD ($)	Dec. 31, 2020USD ($)		Mar. 31, 2019USD ($)	Dec. 31, 2021USD ($)loan		Dec. 31, 2020USD ($)loan		Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)
Business Acquisition [Line Items]
Real estate held for sale						$ 0	[1]		$ 25,179,000	[1]	$ 0	[1]	$ 0
Accumulated depreciation and amortization						(230,925,000)			(229,271,000)		(230,925,000)
Foreclosed properties held in real estate						106,800,000			97,300,000		106,800,000
Unbilled rent receivables						500,000			400,000		500,000
Unencumbered real estates						75,900,000			85,900,000		75,900,000
Real estate operating income									8,800,000		5,600,000		2,600,000
Impairment of real estate								$ 1,400,000	0		0		1,350,000
Proceeds from lease prepayments				$ 10,000,000
Mortgage loan and financing related to property sales			$ 6,600,000
Gain (loss) on extinguishment of debt			$ (1,100,000)			22,250,000			0		22,250,000		(1,070,000)
Real estate operating income		$ 3,900,000				100,248,000			101,564,000		100,248,000		106,366,000
Loss on sale of real estate		3,500,000
Depreciation and amortization		400,000				39,079,000			37,801,000		39,079,000		38,511,000
Loss on sale of real estate		$ 20,000
Realized (gain) loss on disposition of loan									(26,000)		98,000		2,250,000
Provision for (release of) loan loss reserves						18,275,000			(8,713,000)		$ 18,275,000		$ 2,600,000
Net earnings (loss)									0
Loans that previously had asset-specific reserves	3										4
Disposal Group, Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles									32,500,000
Accumulated depreciation and amortization									$ (7,400,000)
Accounting Standards Update 2016-13
Business Acquisition [Line Items]
Loans that previously had asset-specific reserves | loan									3
Wayne, NJ
Business Acquisition [Line Items]
Property book value								5,600,000
Accumulated depreciation and amortization								$ 2,700,000
Hotel
Business Acquisition [Line Items]
Real estate acquired through foreclosure, net basis														$ 3,800,000
Hotel | Miami, FL
Business Acquisition [Line Items]
Realized (gain) loss on disposition of loan					$ (25,800)
Real estate acquired through foreclosure, net basis					$ 45,100,000
Provision for (release of) loan loss reserves						1,200,000
Land
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles						220,511,000			$ 186,940,000		$ 220,511,000
Land | Disposal Group, Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles									900,000
Building
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles						$ 838,542,000			765,690,000		$ 838,542,000
Building | Disposal Group, Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles									27,400,000
In-place leases and other intangibles | Disposal Group, Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles									$ 4,300,000
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Depreciation expense	$ 30,659	$ 32,383	$ 30,421
Amortization expense	7,142	6,696	7,991
Total real estate depreciation and amortization expense	37,801	39,079	38,412
Depreciation on corporate fixed assets	$ 99	$ 99	$ 99

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Gross intangible assets	$ 146,593	$ 157,176
Accumulated amortization	67,500	66,014
Net intangible assets	79,093	91,162
Unamortized favorable lease intangibles	3,800	4,200
Increase in operating lease income for amortization of below market lease intangibles acquired	2,255	2,601	$ 2,178
Total	1,888	2,234	1,359
Above Market Leases
Business Acquisition [Line Items]
Reduction in operating lease income for amortization of above market lease intangibles acquired	$ (367)	$ (367)	$ (819)

REAL ESTATE AND RELATED LEASE_7

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Net intangible assets	$ 79,093	$ 91,162
Adjustment to Operating Lease Income
Finite-Lived Intangible Assets [Line Items]
2022	891
2023	891
2024	891
2025	891
2026	891
Thereafter	24,948
Net intangible assets	29,403
Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2022	6,820
2023	5,241
2024	5,241
2025	5,241
2026	5,241
Thereafter	46,012
Net intangible assets	$ 73,796

REAL ESTATE AND RELATED LEASE_8

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands	Dec. 31, 2021USD ($)
Real Estate [Abstract]
2022	$ 70,760
2023	61,388
2024	56,422
2025	55,110
2026	52,825
Thereafter	394,979
Total	$ 691,484

REAL ESTATE AND RELATED LEASE_9

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details) - USD ($)	1 Months Ended				3 Months Ended		12 Months Ended
	Dec. 31, 2021	Feb. 28, 2021	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 31, 2021
Business Acquisition [Line Items]
Purchase Price							$ 102,202,000	$ 36,750,000
Real estate acquired through foreclosure	$ 81,750,000				$ 29,310,000		81,750,000	29,310,000
Ownership Interest
Realized (gain) loss on disposition of loan							(26,000)	98,000	$ 2,250,000
Provision for (release of) loan loss reserves					18,275,000		(8,713,000)	18,275,000	2,600,000
Realized loss on sale of real estate, net				$ 0	$ 32,102,000		55,766,000	32,102,000	$ 1,392,000
Hotel
Business Acquisition [Line Items]
Real estate acquired through foreclosure, net basis				3,800,000
Net Leased Real Estate
Business Acquisition [Line Items]
Purchase Price								$ 7,440,000
Ownership Interest					100.00%			100.00%
Stillwater, OK
Business Acquisition [Line Items]
Purchase Price							20,452,000
Stillwater, OK | Apartment Building
Business Acquisition [Line Items]
Real estate acquired through foreclosure										$ 20,452,000
Ownership Interest										80.00%
Miami, FL | Hotel
Business Acquisition [Line Items]
Real estate acquired through foreclosure		$ 43,750,000
Ownership Interest		100.00%
Realized (gain) loss on disposition of loan		$ (25,800)
Real estate acquired through foreclosure, net basis		$ 45,100,000
Provision for (release of) loan loss reserves					$ 1,200,000
Schaumberg, IL | Hotel
Business Acquisition [Line Items]
Real estate acquired through foreclosure	$ 38,000,000						$ 38,000,000
Ownership Interest	100.00%						100.00%
Real estate acquired through foreclosure, net basis	$ 38,000,000						$ 38,000,000
Terminal capitalization rate	8.00%
Discount rate	10.00%
Schaumberg, IL | Hotel | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Realized (gain) loss on disposition of loan	$ 0
Los Angeles, California | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Realized (gain) loss on disposition of loan						$ (100,000)
Los Angeles, California | Land
Business Acquisition [Line Items]
Real estate acquired through foreclosure						$ 21,535,000
Ownership Interest						100.00%
Real estate acquired through foreclosure, net basis						$ 21,600,000
Provision for (release of) loan loss reserves						$ 2,000,000
Realized loss on sale of real estate, net	$ (2,000,000)
Winston Salem, North Carolina | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Gain on foreclosed property			$ 800,000
Winston Salem, North Carolina | Hotel
Business Acquisition [Line Items]
Real estate acquired through foreclosure				$ 3,900,000
Ownership Interest				100.00%
Terminal capitalization rate				9.50%
Discount rate				13.50%
South Bend, IN | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Realized (gain) loss on disposition of loan								$ 100,000
South Bend, IN | Hotel
Business Acquisition [Line Items]
Real estate acquired through foreclosure					$ 3,875,000			$ 3,875,000
Ownership Interest					100.00%			100.00%
Real estate acquired through foreclosure, net basis					$ 4,100,000			$ 4,100,000
Provision for (release of) loan loss reserves								$ 500,000

REAL ESTATE AND RELATED LEAS_10

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details)		1 Months Ended														3 Months Ended	12 Months Ended
		Dec. 31, 2021USD ($)property	Nov. 30, 2021USD ($)property	Aug. 31, 2021USD ($)property	Jun. 30, 2021USD ($)property	Feb. 28, 2021USD ($)property	Dec. 31, 2020USD ($)property	Sep. 30, 2020USD ($)property	Aug. 31, 2020USD ($)property	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)property	Nov. 30, 2019USD ($)property	Aug. 31, 2019USD ($)property	May 31, 2019USD ($)property	Apr. 30, 2019USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds																	$ 190,870,000	$ 67,104,000	$ 12,123,000
Net Book Value	[1]	$ 865,694,000					$ 985,304,000									$ 985,304,000	865,694,000	985,304,000
Realized gain (loss) on sale of real estate, net										$ 0						32,102,000	55,766,000	32,102,000	1,392,000
Land | Los Angeles, California
Disposal Groups, Including Discontinued Operations [Line Items]
Realized gain (loss) on sale of real estate, net		(2,000,000)
2021 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds		219,202,000
Net Book Value		163,438,000															163,438,000
Realized gain (loss) on sale of real estate, net		55,766,000
2021 Disposal Properties | Hotel | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds						$ 43,750,000
Net Book Value						43,750,000
Realized gain (loss) on sale of real estate, net						$ 0
Properties | property						1
2021 Disposal Properties | Net Lease | North Dartmouth, MA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds					$ 38,732,000
Net Book Value					19,343,000
Realized gain (loss) on sale of real estate, net					$ 19,389,000
Properties | property					1
2021 Disposal Properties | Net Lease | Pittsfield, MA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				$ 18,651,000
Net Book Value				10,564,000
Realized gain (loss) on sale of real estate, net				$ 8,087,000
Properties | property				1
2021 Disposal Properties | Net Lease | Ankeny, IA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				$ 19,021,000
Net Book Value				13,341,000
Realized gain (loss) on sale of real estate, net				$ 5,680,000
Properties | property				1
2021 Disposal Properties | Net Lease | Bessemer City, NC
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds			$ 33,447,000
Net Book Value			21,333,000
Realized gain (loss) on sale of real estate, net			$ 12,114,000
Properties | property			1
2021 Disposal Properties | Net Lease | Snellville, GA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds		9,695,000
Net Book Value		5,483,000															$ 5,483,000
Realized gain (loss) on sale of real estate, net		$ 4,212,000
Properties | property		1															1
2021 Disposal Properties | Net Lease | Colombia, SC
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds		$ 9,941,000
Net Book Value		5,674,000															$ 5,674,000
Realized gain (loss) on sale of real estate, net		$ 4,269,000
Properties | property		1															1
2021 Disposal Properties | Apartment Building | Fort Worth And Arlington, Texas
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				$ 26,496,000
Net Book Value				22,498,000
Realized gain (loss) on sale of real estate, net				$ 3,998,000
Properties | property				2
2021 Disposal Properties | Land | Los Angeles, California
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds		$ 19,469,000
Net Book Value		21,452,000															$ 21,452,000
Realized gain (loss) on sale of real estate, net		$ (1,983,000)
Properties | property		1															1
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 | Hotel | 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 | Hotel | South Bend, IN
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds							3,875,000
Net Book Value							3,875,000									$ 3,875,000		$ 3,875,000
Realized gain (loss) on sale of real estate, net							$ 0
Properties | property							1									1		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
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									$ 1,821,000		1,821,000
Realized gain (loss) on sale of real estate, net																		$ 11,000
Properties | property							0									0		0
Units Sold | property																		6
Units Remaining | property																		0
2020 Disposal Properties | Office | 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 | Office | 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 | Warehouse | 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
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 | Office | 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 | Office | 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 | Industrial | 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
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 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, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures	[1]	$ 23,154	$ 46,253
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures		5,434	4,023
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures		$ 17,720	$ 42,230
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 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	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ 1,821	$ 1,579	$ 1,821	$ 3,432
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures		1,411	976	1,047
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures		$ 168	$ 845	$ 2,385

INVESTMENT IN AND ADVANCES TO_5

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES - Additional Information (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2012	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)property	Mar. 22, 2013
Schedule of Equity Method Investments [Line Items]
Distributions from operations of investment in unconsolidated joint ventures			$ 0	$ 0	$ 3,317,000
Earnings (loss) from investment in unconsolidated joint ventures		$ 1,821,000	$ 1,579,000	1,821,000	3,432,000
Apartment Building | Real Estate Property Sold | 24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Number of real estate properties, under contract | property			28
Gross sale proceeds			$ 79,500,000
Real estate properties, under contract			$ 2,500,000
Real estate properties, under contract, deposit down			10.00%
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	0
Earnings (loss) from investment in unconsolidated joint ventures			$ 1,411,000	976,000	1,047,000
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]
Distributions from operations of investment in unconsolidated joint ventures			$ 24,600,000	4,000,000
Earnings (loss) from investment in unconsolidated joint ventures			168,000	$ 845,000	2,385,000
Capitalized interest expense					$ 100,000
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		Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Total assets		$ 5,881,229	[1]	$ 5,851,252	[1]	$ 5,881,229	[1]	$ 6,669,152
Total liabilities	[1]	4,332,804		4,337,633		4,332,804
Partners’/members’ capital		1,548,425	[1]	1,513,619	[1]	1,548,425	[1]	1,638,977	$ 1,643,635
Total expenses		153,302		125,791		153,302		158,287
Net income (loss)		(9,459)		56,893		(9,458)		137,001
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Total assets		114,916		109,873		114,916
Total liabilities		75,775		66,387		75,775
Partners’/members’ capital		$ 39,141		43,486		39,141
Total revenues				18,870		17,461		7,630
Total expenses				13,132		14,206		14,930
Net income (loss)				$ 5,738		$ 3,255		$ (7,300)
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

DEBT OBLIGATIONS, NET - Schedul

DEBT OBLIGATIONS, NET - Schedule of Company's Debt Obligations (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021USD ($)Extension	Dec. 31, 2020USD ($)Extension	May 25, 2021USD ($)	May 24, 2021USD ($)	May 19, 2021USD ($)	May 18, 2021USD ($)	Mar. 23, 2020USD ($)	Feb. 26, 2020USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value of Debt Obligations		$ 444,577,000	$ 820,837,000
Debt obligations		3,164,928,000
Carrying Amount of Collateral		0	0
Committed Loan Repurchase Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		1,200,000,000	1,550,000,000
Carrying Value of Debt Obligations		184,517,000	255,368,000
Committed but Unfunded		1,015,483,000	1,294,632,000
Carrying Amount of Collateral		322,584,000	439,386,000
Fair Value of Collateral		322,584,000	439,386,000
Committed Loan Repurchase Facility | Maturing on 19 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		500,000,000	500,000,000
Carrying Value of Debt Obligations		37,207,000	112,004,000
Committed but Unfunded		462,793,000	387,996,000
Carrying Amount of Collateral		82,966,000	180,416,000
Fair Value of Collateral		$ 82,966,000	$ 180,416,000
Number of extension maturity periods | Extension		2	2
Length of extension options		12 months	12 months
Committed amount on credit agreement		$ 900,000,000
Committed Loan Repurchase Facility | Maturing On February 26 2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount			$ 250,000,000
Carrying Value of Debt Obligations			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 February 26 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		100,000,000		$ 100,000,000	$ 250,000,000
Carrying Value of Debt Obligations		45,290,000
Committed but Unfunded		54,710,000
Carrying Amount of Collateral		62,972,000
Fair Value of Collateral		$ 62,972,000
Number of extension maturity periods | Extension		2
Length of extension options		12 months
Committed Loan Repurchase Facility | Maturing on 19 December 2022 - 1
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		$ 300,000,000
Carrying Value of Debt Obligations		75,837,000
Committed but Unfunded		224,163,000
Carrying Amount of Collateral		127,926,000
Fair Value of Collateral		$ 127,926,000
Number of extension maturity periods | Extension		3
Length of extension options		364 days
Committed Loan Repurchase Facility | Maturing on 16 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount			$ 300,000,000
Carrying Value of Debt Obligations			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 April 30 2024
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		$ 100,000,000				$ 100,000,000	$ 300,000,000
Carrying Value of Debt Obligations		0
Committed but Unfunded		100,000,000
Carrying Amount of Collateral		0
Fair Value of Collateral		$ 0
Number of extension maturity periods | Extension		1
Length of extension options		12 months
Number of additional extension maturity periods | Extension		2
Length of additional extension maturity periods		6 months
Committed Loan Repurchase Facility | Maturing on 6 November 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount			$ 300,000,000
Carrying Value of Debt Obligations			11,312,000
Committed but Unfunded			288,688,000
Carrying Amount of Collateral			28,285,000
Fair Value of Collateral			$ 28,285,000
Number of extension maturity periods | Extension			1
Length of extension options			12 months
Number of additional extension maturity periods | Extension			2
Length of additional extension maturity periods			6 months
Committed Loan Repurchase Facility | Maturing On 3 January 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		$ 100,000,000	$ 100,000,000
Carrying Value of Debt Obligations		26,183,000	26,183,000
Committed but Unfunded		73,817,000	73,817,000
Carrying Amount of Collateral		48,720,000	45,235,000
Fair Value of Collateral		48,720,000	$ 45,235,000
Number of extension maturity periods | Extension			2
Length of extension options			12 months
Committed Loan Repurchase Facility | Maturing On 21 October 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		100,000,000
Carrying Value of Debt Obligations		0
Committed but Unfunded		100,000,000
Carrying Amount of Collateral		0
Fair Value of Collateral		$ 0
Length of extension options		364 days
Committed Loan Repurchase Facility | Maturing On 24 October 2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount			$ 100,000,000
Carrying Value of Debt Obligations			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 amount on credit agreement			$ 900,000,000
Committed Securities Repurchase Facility | Maturing on 19 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on credit agreement								$ 900,000,000
Committed Securities Repurchase Facility | Maturing On 27 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		$ 862,794,000
Carrying Value of Debt Obligations		44,139,000
Committed but Unfunded		818,655,000
Carrying Amount of Collateral		50,522,000
Fair Value of Collateral		50,522,000
Committed Securities Repurchase Facility | Maturing on 23 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		862,800,000	787,996,000
Carrying Value of Debt Obligations			149,633,000
Committed but Unfunded			638,363,000
Carrying Amount of Collateral			226,008,000
Fair Value of Collateral			226,008,000
Committed amount on credit agreement			900,000,000
Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value of Debt Obligations		215,921,000	415,836,000
Carrying Amount of Collateral		242,629,000	502,476,000
Fair Value of Collateral		242,629,000	502,476,000
Restricted securities held-to-maturity		2,100,000	2,100,000
Total Repurchase Facilities
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		1,600,000,000	1,950,000,000
Carrying Value of Debt Obligations		444,577,000	820,837,000
Committed but Unfunded		1,371,344,000	1,544,999,000
Carrying Amount of Collateral		615,735,000	1,167,870,000
Fair Value of Collateral		615,735,000	1,167,870,000
Revolving Credit Facility | Maturing on 11 February 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		266,430,000	266,430,000
Carrying Value of Debt Obligations		0	266,430,000
Committed but Unfunded		$ 266,430,000	$ 0
Number of extension maturity periods | Extension		3	3
Length of extension options	12 months	12 months
Mortgage Loan Financing | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		$ 690,927,000	$ 761,793,000
Carrying Value of Debt Obligations		693,797,000	766,064,000
Committed but Unfunded		0	0
Carrying Amount of Collateral		805,007,000	909,406,000
Fair Value of Collateral		1,033,372,000	1,133,703,000
Secured financing facility
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs		1,911,000
Secured financing facility | Maturing On 6 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		136,444,000	206,350,000
Carrying Value of Debt Obligations		132,447,000	192,646,000
Committed but Unfunded		0	0
Carrying Amount of Collateral		244,399,000	327,769,000
Fair Value of Collateral		244,553,000	328,097,000
Unamortized debt issuance costs		1,900,000	7,200,000
Unamortized debt discount		2,100,000	6,600,000
CLO Debt
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		1,100,000,000
Unamortized debt issuance costs		9,600,000
CLO Debt | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		1,064,365,000
Carrying Value of Debt Obligations		1,054,774,000
Committed but Unfunded		0
Carrying Amount of Collateral		1,299,116,000
Fair Value of Collateral		1,299,116,000
Unamortized debt issuance costs		9,600,000
CLO Debt | Maturing On 16 May 2024
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount			279,156,000
Carrying Value of Debt Obligations			276,516,000
Committed but Unfunded			0
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 / Principal Amount		263,000,000	1,500,000,000
Carrying Value of Debt Obligations		263,000,000	288,000,000
Committed but Unfunded		0	1,212,000,000
Carrying Amount of Collateral		301,792,000	388,400,000
Fair Value of Collateral		301,792,000	392,212,000
Restricted securities held-to-maturity		7,500,000	9,400,000
Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs		18,686,000
Senior Unsecured Notes | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued		1,649,794,000	1,612,299,000
Senior Unsecured Notes		1,631,108,000	1,599,371,000
Committed but Unfunded		0	0
Unamortized debt issuance costs		18,700,000	12,900,000
Total Debt Obligations
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued		5,670,960,000	6,576,028,000
Debt obligations		4,219,703,000	4,209,864,000
Committed but Unfunded		1,637,774,000	2,756,999,000
Carrying Amount of Collateral		3,266,049,000	3,156,045,000
Fair Value of Collateral		3,494,568,000	$ 3,384,482,000
Purchase Right | Maturing On 6 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs		$ 2,087,000
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		1.61%	1.91%
Minimum | Committed Loan Repurchase Facility | Maturing On February 26 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			0.00%
Minimum | Committed Loan Repurchase Facility | Maturing On February 26 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		2.06%
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2022 - 1
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		1.86%
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 April 30 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0.00%
Minimum | Committed Loan Repurchase Facility | Maturing on 6 November 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			2.19%
Minimum | Committed Loan Repurchase Facility | Maturing On 3 January 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		2.23%	2.28%
Minimum | Committed Loan Repurchase Facility | Maturing On 21 October 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0.00%
Minimum | Committed Loan Repurchase Facility | Maturing On 24 October 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			2.66%
Minimum | Committed Securities Repurchase Facility | Maturing On 27 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0.65%
Minimum | Committed Securities Repurchase Facility | Maturing on 23 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			0.86%
Minimum | Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0.54%	0.73%
Minimum | Revolving Credit Facility | Maturing on 11 February 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0.00%	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%	10.75%
Minimum | CLO Debt | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		1.66%
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		36.00%	0.41%
Minimum | Senior Unsecured Notes | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.25%	4.25%
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount									$ 500,000,000
Interest rate		1.61%	2.16%
Maximum | Committed Loan Repurchase Facility | Maturing On February 26 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			0.00%
Maximum | Committed Loan Repurchase Facility | Maturing On February 26 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		2.81%
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2022 - 1
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		2.86%
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 April 30 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0.00%
Maximum | Committed Loan Repurchase Facility | Maturing on 6 November 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			2.19%
Maximum | Committed Loan Repurchase Facility | Maturing On 3 January 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		2.23%	2.28%
Maximum | Committed Loan Repurchase Facility | Maturing On 21 October 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0.00%
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 / Principal Amount									$ 500,000,000
Maximum | Committed Securities Repurchase Facility | Maturing On 27 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		1.05%
Maximum | Committed Securities Repurchase Facility | Maturing on 23 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			1.11%
Maximum | Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		2.06%	2.84%
Maximum | Revolving Credit Facility | Maturing on 11 February 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0.00%	3.15%
Maximum | Mortgage Loan Financing | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		6.16%	6.16%
Maximum | Secured financing facility | Maturing On 6 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		10.75%	10.75%
Maximum | CLO Debt | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		1.75%
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%	2.74%
Maximum | Senior Unsecured Notes | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		5.25%	5.88%

DEBT OBLIGATIONS, NET - Committ

DEBT OBLIGATIONS, NET - Committed Loan and Securities Repurchase Facilities (Details)	Jan. 21, 2022USD ($)extensionOption	Dec. 31, 2021USD ($)agreement	May 25, 2021USD ($)	May 24, 2021USD ($)	May 19, 2021USD ($)	May 18, 2021USD ($)	Dec. 31, 2020USD ($)
Committed Securities Repurchase Facility | Maturing on 23 December 2021
Debt Instrument [Line Items]
Consolidated CLO debt obligations		$ 862,800,000					$ 787,996,000
Committed Loan Repurchase Facility
Debt Instrument [Line Items]
Number of agreements | agreement		6
Consolidated CLO debt obligations		$ 1,200,000,000					$ 1,550,000,000
Committed Loan Repurchase Facility | Subsequent Event
Debt Instrument [Line Items]
Consolidated CLO debt obligations	$ 100,000,000
Consolidated CLO debt obligations, number of extensions | extensionOption	2
Consolidated CLO debt obligations, length of extension	1 year
Committed Loan Repurchase Facility | Maturing On February 26 2022
Debt Instrument [Line Items]
Consolidated CLO debt obligations		100,000,000	$ 100,000,000	$ 250,000,000
Committed Loan Repurchase Facility | Maturing on April 30 2024
Debt Instrument [Line Items]
Consolidated CLO debt obligations		$ 100,000,000			$ 100,000,000	$ 300,000,000

DEBT OBLIGATIONS, NET - Revolvi

DEBT OBLIGATIONS, NET - Revolving Credit Facility (Details)	Nov. 25, 2019option	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Number of additional options | option	2
Length of extension options	1 year
Carrying Value of Debt Obligations		$ 444,577,000	$ 820,837,000
Revolving credit facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Committed amount on credit agreement		266,400,000
Stated interest rate on debt instrument	3.00%
Letter of Credit
Debt Instrument [Line Items]
Committed amount on credit agreement		25,000,000
Revolving credit facility | Maturing on 11 February 2022
Debt Instrument [Line Items]
Carrying Value of Debt Obligations		0	266,430,000
Consolidated CLO debt obligations		$ 266,430,000	$ 266,430,000

DEBT OBLIGATIONS, NET - Debt Is

DEBT OBLIGATIONS, NET - Debt Issuance Costs (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Credit Agreement and Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance expense	$ 2.9	$ 5.8

DEBT OBLIGATIONS, NET - Uncommi

DEBT OBLIGATIONS, NET - Uncommitted Securities Repurchase Facilities (Details) - Uncommitted Securities Repurchase Facilities	12 Months Ended
	Dec. 31, 2021
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	12 Months Ended
	Dec. 31, 2021USD ($)agreement	Dec. 31, 2020USD ($)agreement	Dec. 31, 2019USD ($)agreement
Debt Instrument [Line Items]
Amortization of premiums	$ 1,226	$ 1,160	$ 1,584
Mortgage loan financing
Debt Instrument [Line Items]
Secured Debt	693,800	766,100
Net unamortized premiums	(3,200)	4,600
Amortization of premiums	1,400	1,200	$ 1,600
Pledged assets, real estate and lease intangibles, net	$ 805,000	$ 909,400
Number of agreements | agreement	1	10	22
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Carrying Value of Debt Obligations			$ 444,577,000	$ 820,837,000
Issuance of purchase right			0	8,425,000	$ 0
Debt obligations, net	[1]		4,219,703,000	4,209,864,000
Purchase Right | Maturing On 6 May 2023
Debt Instrument [Line Items]
Unamortized debt issuance costs			2,087,000
Secured financing facility
Debt Instrument [Line Items]
Debt obligations, net			132,400,000
Unamortized debt issuance costs			1,911,000
Secured financing facility | Maturing On 6 May 2023
Debt Instrument [Line Items]
Carrying Value of Debt Obligations			132,447,000	192,646,000
Issuance of purchase rights			2,100,000
Unamortized debt issuance costs			$ 1,900,000	$ 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			$ 5,300,000
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. Refer to Note 2 and Note 10.

DEBT OBLIGATIONS, NET - Collate

DEBT OBLIGATIONS, NET - Collateralized Loan Obligation Debt (Details) $ in Thousands		Dec. 02, 2021USD ($)security	Jul. 13, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Debt obligations, net	[1]			$ 4,219,703	$ 4,209,864
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt obligations, net				1,054,774	$ 276,516
Variable Interest Entity, Primary Beneficiary | Collateralized Loan Obligation
Debt Instrument [Line Items]
Subordinate and controlling interest		15.60%	18.00%
Number of additional tranches | security		2
Subordinate and controlling interest as investment		6.80%
CLO Debt
Debt Instrument [Line Items]
Unamortized debt issuance costs				9,600
Various Date | CLO Debt
Debt Instrument [Line Items]
Debt obligations, net				1,100,000
Unamortized debt issuance costs				$ 9,600
Non-Recourse Notes | CLO Debt
Debt Instrument [Line Items]
Debt obligations, net		$ 566,200	$ 498,200
Loans financed		$ 729,400	$ 607,500
Advance rate		77.60%	82.00%
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

DEBT OBLIGATIONS, NET - Borrowi

DEBT OBLIGATIONS, NET - Borrowings from the Federal Home Loan Bank (“FHLB”) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Cash, cash equivalents and restricted cash	$ 621,546	$ 1,284,284	$ 355,746	$ 98,450
Tuebor Captive Insurance Company LLC
Debt Instrument [Line Items]
Amount restricted from transfer	2,200,000
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC
Debt Instrument [Line Items]
FHLB borrowings outstanding	$ 263,000
Weighted average term	1 year 11 months 12 days
Weighted average interest rate	0.96%
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	$ 259,300
Cash, cash equivalents and restricted cash	$ 42,500
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | Minimum
Debt Instrument [Line Items]
Average term	8 months 8 days
Stated interest rate on debt instrument	0.36%
Advance rates	71.70%
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | Maximum
Debt Instrument [Line Items]
Average term	2 years 9 months
Stated interest rate on debt instrument	2.74%
Advance rates	95.70%

DEBT OBLIGATIONS, NET - Senior

DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($)	Sep. 15, 2021	Jan. 27, 2021	Feb. 06, 2019	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 23, 2021	Jan. 30, 2020	Sep. 25, 2017
Debt Instrument [Line Items]
Notes offering		$ 400,000,000
Gain (loss) on extinguishment of debt			$ (1,100,000)	$ 22,250,000	$ 0	$ 22,250,000	$ (1,070,000)
Senior Unsecured Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs					18,686,000
Various Date | Senior Unsecured Notes
Debt Instrument [Line Items]
Senior Unsecured Notes				1,599,371,000	1,631,108,000	1,599,371,000
Loan refinance				1,612,299,000	1,649,794,000	1,612,299,000
Unamortized debt issuance costs				12,900,000	18,700,000	12,900,000
Senior Notes Due 2025 | Senior Unsecured Notes
Debt Instrument [Line Items]
Senior Unsecured Notes					1,600,000,000
Loan refinance					348,000,000					$ 400,000,000
Stated interest rate on debt instrument										5.25%
Debt retired				52,000,000		52,000,000
Repurchase price				45,100,000		45,100,000
Gain (loss) on extinguishment of debt						6,400,000
Unamortized debt issuance costs						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		98,200,000
Repurchase price				$ 83,900,000		83,900,000
Gain (loss) on extinguishment of debt						12,900,000
Unamortized debt issuance costs						$ 1,300,000
Senior Notes Due 2029 | Senior Unsecured Notes
Debt Instrument [Line Items]
Loan refinance					$ 650,000,000			$ 650,000,000
Stated interest rate on debt instrument								4.75%
Senior Notes Due 2021 | Senior unsecured notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument		5.875%
Redemption of long-term debt		$ 150,900,000
Senior Notes Due 2022 | Senior Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	5.25%
Senior Notes Due 2022 | Senior unsecured notes
Debt Instrument [Line Items]
Redemption of long-term debt	$ 478,100,000

DEBT OBLIGATIONS, NET - Sched_2

DEBT OBLIGATIONS, NET - Schedule of Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Long-term Debt, Fiscal Year Maturity [Abstract]
2022	$ 483,937
2023	281,702
2024	406,476
2025	478,704
Thereafter	1,533,922
Subtotal	3,184,741
Premiums included in mortgage loan financing	3,151
Debt obligations	3,164,928
Senior Unsecured Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(18,686)
Secured financing facility
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(1,911)
Mortgage Loan Financing
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(280)
CLO Debt
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(9,600)
Consolidated CLO debt obligations	$ 1,100,000
CLO Debt | Maturing On 16 May 2024
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs		$ (2,600)
Consolidated CLO debt obligations		$ 279,156

DEBT OBLIGATIONS, NET - Financi

DEBT OBLIGATIONS, NET - Financial Covenants (Details) $ in Millions	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
Equity restricted as payment as a dividend	$ 871.4

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional		$ 114,121	$ 135,171
Fair value, asset	[1]	402	299
Fair value, liability		0	0
1 Month LIBOR
Derivative [Line Items]
Notional		84,621	69,571
Fair value, asset		60	0
Fair value, liability		$ 0	$ 0
Remaining maturity		6 months 25 days	4 months 6 days
5-year Swap
Derivative [Line Items]
Notional		$ 6,500	$ 23,800
Fair value, asset		76	108
Fair value, liability		$ 0	$ 0
Remaining maturity		3 months	3 months
10-year Swap
Derivative [Line Items]
Notional		$ 23,000	$ 41,800
Fair value, asset		266	191
Fair value, liability		$ 0	$ 0
Remaining maturity		3 months	3 months
Futures
Derivative [Line Items]
Notional		$ 29,500	$ 65,600
Fair value, asset		342	299
Fair value, liability		$ 0	$ 0
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

DERIVATIVE INSTRUMENTS - Sche_2

DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Unrealized Gain/(Loss)		$ 34	$ (268)	$ 1,542
Realized Gain/(Loss)		1,715	(15,002)	(31,553)
Net Result from Derivative Transactions	$ (15,270)	1,749	(15,270)	(30,011)
Caps
Derivative [Line Items]
Unrealized Gain/(Loss)		(8)
Realized Gain/(Loss)		0
Net Result from Derivative Transactions		(8)
Futures
Derivative [Line Items]
Unrealized Gain/(Loss)		42	(379)	1,653
Realized Gain/(Loss)		1,715	(15,113)	(31,469)
Net Result from Derivative Transactions		$ 1,757	(15,492)	(29,816)
Credit Derivatives
Derivative [Line Items]
Unrealized Gain/(Loss)			111	(111)
Realized Gain/(Loss)			111	(84)
Net Result from Derivative Transactions			$ 222	$ (195)

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash margins held as collateral for derivatives by counterparties	$ 0.5	$ 0.8	$ 3.5

OFFSETTING ASSETS AND LIABILI_3

OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Offsetting of derivative assets
Gross amounts of recognized assets		$ 402	$ 299
Gross amounts offset in the balance sheet		0	0
Derivative instruments	[1]	402	299
Gross amounts not offset in the balance sheet
Financial instruments		0	0
Cash collateral received/(posted)		(526)	0
Net amount		$ 402	$ 299
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

OFFSETTING ASSETS AND LIABILI_4

OFFSETTING ASSETS AND LIABILITIES - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Repurchase agreements
Gross amounts of recognized liabilities	$ 444,577	$ 820,837
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	444,577	820,837
Gross amounts not offset in the balance sheet
Financial instruments collateral	444,577	820,837
Cash collateral posted/(received)	1,975	0
Net amount	442,603	0
Total
Gross amounts of recognized liabilities	444,577	820,837
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	444,577	820,837
Gross amounts not offset in the balance sheet
Financial instruments collateral	444,577	820,837
Cash collateral posted/(received)	1,975	0
Net amount	$ 442,603	$ 0

CONSOLIDATED VARIABLE INTERES_3

CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) $ in Thousands		Dec. 31, 2021USD ($)security		Dec. 31, 2020USD ($)		Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of consolidated collateralized loan obligation variable interest entities | security		2
Restricted cash	[1]	$ 72,802		$ 29,852
Accrued interest receivable	[1]	13,645		16,088
Other assets	[1]	76,367		147,633
Total assets		5,851,252	[1]	5,881,229	[1]	$ 6,669,152
Debt obligations, net	[1]	4,219,703		4,209,864
Accrued expenses	[1]	40,249		43,876
Other liabilities	[1]	50,090		51,527
Total liabilities	[1]	4,337,633		4,332,804
Total equity		1,513,619	[1]	1,548,425	[1]	$ 1,638,977	$ 1,643,635
Total liabilities and equity	[1]	5,851,252		5,881,229
Variable Interest Entity, Primary Beneficiary
Restricted cash		369		3,925
Mortgage loan receivables held for investment, net, at amortized cost		1,299,116		362,600
Accrued interest receivable		4,587		1,382
Other assets		26,636		69,649
Total assets		1,330,708		437,556
Debt obligations, net		1,054,774		276,516
Accrued expenses		1,218		682
Other liabilities		65		0
Total liabilities		1,056,057		277,198
Net equity in VIEs (eliminated in consolidation)		274,651		160,358
Total equity		274,651		160,358
Total liabilities and equity		$ 1,330,708		$ 437,556
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

EQUITY STRUCTURE AND ACCOUNTS -

EQUITY STRUCTURE AND ACCOUNTS - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021USD ($)Vote$ / sharesshares	Dec. 31, 2020USD ($)shares	Aug. 04, 2021USD ($)	Aug. 03, 2021USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Series REIT LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock, units exchanged (in shares)		12,158,933
Series TRS LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock, units exchanged (in shares)		12,158,933
2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Remaining amount available for repurchase | $	$ 44,100,000
Percentage of aggregate common stock outstanding under Repurchase Program	2.90%
Closing price (in dollars per share) | $ / shares	$ 11.99
Class A Common Stock
Class of Stock [Line Items]
Number of votes per share | Vote	1
Shares received per exchange (in shares)	1
Common stock, outstanding (in shares)	125,452,568	126,378,715
Exchange of noncontrolling interest for common stock, units exchanged (in shares)		12,158,933
Class A Common Stock | 2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Additional authorizations | $			$ 50,000,000	$ 35,000,000
Remaining amount available for repurchase | $	$ 44,122,000	$ 38,102,000			$ 41,132,000	$ 41,769,000
Class B Common Stock
Class of Stock [Line Items]
Number of votes per share | Vote	1
Shares received per exchange (in shares)	1
Common stock, outstanding (in shares)	0
Exchange of noncontrolling interest for common stock, units exchanged (in shares)		12,158,933
Series REIT LP Units
Class of Stock [Line Items]
Shares received per exchange (in shares)	1
Series TRS LP Units
Class of Stock [Line Items]
Shares received per exchange (in shares)	1
Series TRS I LLC Units
Class of Stock [Line Items]
Shares received per exchange (in shares)	1
LCFH
Class of Stock [Line Items]
Ownership interest in LCFH	100.00%	100.00%

EQUITY STRUCTURE AND ACCOUNTS_2

EQUITY STRUCTURE AND ACCOUNTS - Schedule of Repurchase of Treasury Stock Activity (Details) - USD ($) $ in Thousands	Aug. 04, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Treasury Stock [Roll Forward]
Repurchases paid		$ (9,008)	$ (3,035)	$ (637)
2014 Share Repurchase Authorization Program
Treasury Stock [Roll Forward]
Remaining amount available for repurchase		$ 44,100
2014 Share Repurchase Authorization Program | Class A Common Stock
Class of Stock [Line Items]
Purchase of treasury stock (in shares)		822,928	384,251	40,065
Treasury Stock [Roll Forward]
Remaining amount available for repurchase		$ 38,102	$ 41,132	$ 41,769
Additional authorizations	$ 50,000	15,027	0	0
Repurchases paid		(9,007)	(3,030)	(637)
Repurchases unsettled		0	0	0
Remaining amount available for repurchase		$ 44,122	$ 38,102	$ 41,132

EQUITY STRUCTURE AND ACCOUNTS_3

EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares	Dec. 15, 2021	Sep. 15, 2021	Jun. 15, 2021	Mar. 15, 2021	Dec. 31, 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	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class A Common Stock
Class of Stock [Line Items]
Dividends per share of Class A common stock (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.34	$ 0.34	$ 0.34	$ 0.34	$ 0.34	$ 0.570	$ 0.80	$ 0.94	$ 1.36

EQUITY STRUCTURE AND ACCOUNTS_4

EQUITY STRUCTURE AND ACCOUNTS - Schedule of Dividends Declared and Paid (Details) - Class A Common Stock - $ / shares	Jan. 18, 2022	Oct. 15, 2021	Jul. 15, 2021	Apr. 15, 2021	Jan. 15, 2021	Oct. 01, 2020	Jul. 01, 2020	Apr. 01, 2020	Jan. 03, 2020	Oct. 01, 2019	Jul. 01, 2019	Apr. 01, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Dividend per share (in dollars per share)													$ 0.800	$ 0.740	$ 1.360
Ordinary Dividends (in dollars per share)													0.212	0.500	1.296
Qualified Dividends (in dollars per share)													0.004	0	0.216
Capital Gain (in dollars per share)													0.380	0.085	0.064
Unrecaptured 1250 Gain (in dollars per share)													0.156	0.034	$ 0.020
Return of Capital (in dollars per share)													0.208	0.155
Section 199A Dividends (in dollars per share)													$ 0.212	$ 0.500
Tax Year 2021
Class of Stock [Line Items]
Dividend per share (in dollars per share)		$ 0.200	$ 0.200	$ 0.200	$ 0.200				$ 0.340
Ordinary Dividends (in dollars per share)		0.053	0.053	0.053	0.053
Qualified Dividends (in dollars per share)		0.001	0.001	0.001	0.001
Capital Gain (in dollars per share)		0.095	0.095	0.095	0.095
Unrecaptured 1250 Gain (in dollars per share)		0.039	0.039	0.039	0.039
Return of Capital (in dollars per share)		0.052	0.052	0.052	0.052
Section 199A Dividends (in dollars per share)		$ 0.053	$ 0.053	$ 0.053	0.053
Tax Year 2021 | Subsequent Event
Class of Stock [Line Items]
Dividend per share (in dollars per share)	$ 0
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
Section 199A Dividends (in dollars per share)	0
Tax Year 2020
Class of Stock [Line Items]
Dividend per share (in dollars per share)					0	$ 0.200	$ 0.200	$ 0.340
Ordinary Dividends (in dollars per share)					0	0.135	0.135	0.230
Qualified Dividends (in dollars per share)					0	0	0	0
Capital Gain (in dollars per share)					0	0.023	0.023	0.039
Unrecaptured 1250 Gain (in dollars per share)					0	0.009	0.009	0.016
Return of Capital (in dollars per share)					0	0.042	0.042	0.071
Section 199A Dividends (in dollars per share)					$ 0	$ 0.135	$ 0.135	$ 0.230
Tax Year 2019
Class of Stock [Line Items]
Dividend per share (in dollars per share)									0.340	$ 0.340	$ 0.340	$ 0.340
Ordinary Dividends (in dollars per share)									0.324	0.324	0.324	0.324
Qualified Dividends (in dollars per share)									0.054	0.054	0.054	0.054
Capital Gain (in dollars per share)									0.016	0.016	0.016	0.016
Unrecaptured 1250 Gain (in dollars per share)									$ 0.005	$ 0.005	$ 0.005	$ 0.005
Tax Year 2022 | Subsequent Event
Class of Stock [Line Items]
Dividend per share (in dollars per share)	$ 0.200

EQUITY STRUCTURE AND ACCOUNTS_5

EQUITY STRUCTURE AND ACCOUNTS - Stock Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 15, 2021	Sep. 15, 2021	Jun. 15, 2021	Mar. 15, 2021	Dec. 31, 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	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Aggregate cash paid accrued for dividends payable														$ 100,607	$ 107,729	$ 145,910
Class A Common Stock
Class of Stock [Line Items]
Aggregate cash paid accrued for dividends payable													$ 34,900
Dividend equivalent rights													$ 500
Common stock issued (in shares)													1,434,297
Common stock issued, dividend value													$ 23,900
Dividends per share of Class A common stock (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.34	$ 0.34	$ 0.34	$ 0.34	$ 0.34	$ 0.570	$ 0.80	$ 0.94	$ 1.36
Price per share of Class A common stock (in dollars per share)													$ 16.67
Class B Common Stock
Class of Stock [Line Items]
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_6

EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	$ 1,548,425	[1]	$ 1,638,977		$ 1,643,635
Other comprehensive income (loss)	6,351		(15,158)		9,930
Exchange of noncontrolling interest for common stock			0		0
Rebalancing of ownership percentage between Company and Operating Partnership			0		0
Ending Balance	1,513,619	[1]	1,548,425	[1]	1,638,977
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	(10,463)		4,218		(4,649)
Other comprehensive income (loss)	6,351		(9,950)		8,785
Exchange of noncontrolling interest for common stock			(6,952)		65
Rebalancing of ownership percentage between Company and Operating Partnership			2,221		17
Ending Balance	(4,112)		(10,463)		4,218
Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	(2)		475		(588)
Other comprehensive income (loss)	0		(5,208)		1,145
Exchange of noncontrolling interest for common stock			6,952		(65)
Rebalancing of ownership percentage between Company and Operating Partnership			(2,221)		(17)
Ending Balance	(2)		(2)		475
Total Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	(10,465)		4,693		(5,237)
Ending Balance	$ (4,114)		$ (10,465)		$ 4,693
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) $ in Millions	Dec. 31, 2021USD ($)propertyJoint_Venture	Dec. 31, 2020
LCFH
Noncontrolling Interest [Line Items]
Ownership interest in LCFH	100.00%	100.00%
Consolidated Joint Venture
Noncontrolling Interest [Line Items]
Number of consolidated joint ventures | Joint_Venture	5
Consolidated Joint Venture | Isla Vista, CA | Student Housing
Noncontrolling Interest [Line Items]
Number of real estate properties | property	40
Property book value	$ 80.7
Consolidated Joint Venture | Richmond, VA | Office Building
Noncontrolling Interest [Line Items]
Number of real estate properties | property	11
Property book value	$ 70.3
Consolidated Joint Venture | Oakland County, MI | Office Building
Noncontrolling Interest [Line Items]
Property book value	8.3
Consolidated Joint Venture | Miami, FL | Apartment Building
Noncontrolling Interest [Line Items]
Property book value	37.5
Consolidated Joint Venture | Stillwater, OK | Apartment Building
Noncontrolling Interest [Line Items]
Property book value	$ 19
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%

EARNINGS PER SHARE - Net Income

EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted average shares outstanding:
Basic (in shares)	123,763,843	112,409,615	105,455,849
Diluted (in shares)	124,563,051	112,409,615	106,399,783
Class A Common Stock
Earnings Per Share
Basic and Diluted Net income (loss) available for Class A common shareholders	$ 56,522	$ (14,445)	$ 122,645
Diluted Net income (loss) available for Class A common shareholders	$ 56,522	$ (14,445)	$ 122,645
Weighted average shares outstanding:
Basic (in shares)	123,763,843	112,409,615	105,455,849
Diluted (in shares)	124,563,051	112,409,615	106,399,783

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	123,763,843	112,409,615	105,455,849
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0.46	$ (0.13)	$ 1.16
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	123,763,843	112,409,615	105,455,849
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	124,563,051	112,409,615	106,399,783
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ 0.45	$ (0.13)	$ 1.15
Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 56,522	$ (14,445)	$ 122,645
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	123,763,843	112,409,615	105,455,849
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0.46	$ (0.13)	$ 1.16
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 56,522	$ (14,445)	$ 122,645
Net income (loss) attributable to Class A common shareholders	$ 56,522	$ (14,445)	$ 122,645
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	123,763,843	112,409,615	105,455,849
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	124,563,051	112,409,615	106,399,783
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ 0.45	$ (0.13)	$ 1.15
Common stock, outstanding (in shares)	125,452,568	126,378,715
Class A Common Stock | Restricted Stock
Denominator:
Incremental shares of stock based compensation (in shares)	799,208	0	943,934
Class B Common Stock
Denominator:
Common stock, outstanding (in shares)	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, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Based Compensation Expense	$ 15,300	$ 42,728	$ 21,777
Recognized equity based compensation expense	15,322	41,760	23,118
Stock Options Exercised	0	270	0
Phantom Equity Investment Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ 22	$ (1,238)	$ 1,341

STOCK BASED AND OTHER COMPENS_4

STOCK BASED AND OTHER COMPENSATION PLANS - Summary of Grants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares (in shares)	747,713
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options (in shares)	0	0	12,073
Class A Common Stock | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares (in shares)	747,713	4,423,215	1,569,694
Weighted Average Fair Value Per Share (in dollars per share)	$ 9.81	$ 12.84	$ 17.54
Class A Common Stock | Dividend Declared
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares (in shares)	0	0	11,113
Weighted Average Fair Value Per Share (in dollars per share)	$ 0	$ 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, 2021	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	$ 11.1
Period of recognition for unrecognized compensation costs	24 months
Remaining vesting period	20 months
Restricted Stock
Number of Shares Nonvested Other than Options [Roll Forward]
Nonvested/Outstanding (in shares)	2,800,824
Granted (in shares)	747,713
Vested (in shares)	(992,667)
Forfeited (in shares)	(410,490)
Nonvested/Outstanding (in shares)	2,145,380	2,800,824
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Nonvested/Outstanding (in shares)	681,102
Granted (in shares)	0	0	12,073
Exercised (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	(57,314)
Nonvested/Outstanding (in shares)	623,788	681,102
Exercisable (in shares)	623,788
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)

Feb. 18, 2021USD ($)shares

Jan. 01, 2021USD ($)securityshares

Dec. 17, 2020USD ($)installmentshares

Mar. 26, 2020shares

Feb. 18, 2020USD ($)shares

Jul. 01, 2019USD ($)shares

Jun. 04, 2019USD ($)installmentshares

Feb. 18, 2019USD ($)shares

Jan. 24, 2019USD ($)shares

Dec. 31, 2020

Dec. 31, 2021USD ($)securityshares

Dec. 31, 2020USD ($)shares

Dec. 31, 2019shares

May 27, 2020USD ($)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Aggregate value of awards granted | $

$ 7,000,000

$ 12,000,000

$ 11,700,000

Period of recognition for unrecognized compensation costs

24 months

Unrecognized compensation cost | $

$ 11,100,000

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted (in shares) | shares

747,713

Forfeited (in shares) | shares

410,490

Restricted Stock | Class A Common Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted (in shares) | shares

747,713

4,423,215

1,569,694

Number of installments in which awards are vested | installment

3

Number of anniversaries | installment

3

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

66.67%

50.00%

50.00%

Management Grantees | Restricted Stock | Class A Common Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Aggregate value of awards granted | $

$ 14,500,000

Granted (in shares) | shares

4,568

682

Grant date fair value | $

$ 11,328

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)

Incremental compensation cost | $

$ 100,000

Number of employees eligible for performance share waiver | security

39

Number of consultants eligible for performance share waiver | security

1

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) | 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

33.33%

50.00%

50.00%

Non-Management Grantee | 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

33.33%

Non-Management Grantee | Restricted Stock | Class A Common Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Aggregate value of awards granted | $

$ 14,800,000

$ 15,000,000

$ 14,900,000

Granted (in shares) | shares

1,493,839

802,611

24,125

849,087

Vesting percentage

50.00%

Grant date fair value | $

$ 400,000

Number of installments in which awards are vested

3

3

3

Non-Management Grantee | Restricted Stock | Class A Common Stock | Time-Based Vesting

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of installments in which awards are vested

3

Non-Management Grantee | Restricted Stock | 2014 Omnibus Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of installments | security

3

Non-Management Grantee | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted (in shares) | shares

711,653

Non-Management Grantee | 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

33.33%

50.00%

Non-Management Grantee | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Time-Based Vesting

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.33%

50.00%

Board of Directors | Restricted Stock | Time-Based Vesting

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Compensation expense for restricted stock subject to time-based vesting criteria

33.33%

Board of Directors | Restricted Stock | Class A Common Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted (in shares) | shares

36,060

24,036

25,626

Grant date fair value | $

$ 400,000

$ 400,000

$ 100,000

$ 400,000

Vesting period

1 year

1 year

1 year

Number of anniversaries

3

Forfeited (in shares) | shares

5,803

STOCK BASED AND OTHER COMPENS_7

STOCK BASED AND OTHER COMPENSATION PLANS - Ladder Capital Corp Deferred Compensation Plan (Details) - Deferred Compensation Plan 2014 $ in Millions	Dec. 31, 2020USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares) | shares	165,735
Total employee's contribution, net of forfeitures and payouts related to terminations | $	$ 1.6

STOCK BASED AND OTHER COMPENS_8

STOCK BASED AND OTHER COMPENSATION PLANS - Bonus Payments (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 18, 2022	Dec. 16, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued bonuses						$ 36,800
Equity based compensation	$ 29,400
Bonus expense		$ 15,322	$ 41,760	$ 23,118
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued bonuses					$ 43,600
Bonus Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Bonus expense		$ 11,000	$ 1,100
Equity-based Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued bonuses						$ 35,700
Equity-based Compensation | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued bonuses					$ 32,600

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, 2021USD ($)	Dec. 31, 2020USD ($)	Jan. 01, 2020USD ($)
Assets:
Fair Value	$ 3,516,524	$ 2,403,272
Liabilities:
Fair Value	4,282,888	4,247,552
Allowance for credit losses	$ (31,752)	$ (41,507)	$ (11,600)
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	$ 693,266	$ 1,046,869
Recurring | CMBS | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	691,402	1,015,520
Amortized Cost Basis/Purchase Price	691,026	1,015,282
Fair Value	$ 686,293	$ 1,003,301
Liabilities:
Financial instruments, measurement input	0.0157	0.0156
Weighted average remaining maturity/duration	2 years 21 days	2 years 3 days
Recurring | CMBS interest-only | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 1,302,551	$ 1,498,181
Amortized Cost Basis/Purchase Price	15,268	21,567
Fair Value	$ 15,885	$ 22,213
Liabilities:
Financial instruments, measurement input	0.0567	0.0353
Weighted average remaining maturity/duration	1 year 10 months 17 days	2 years 2 months 8 days
Recurring | GNMA interest-only | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 59,075	$ 75,350
Amortized Cost Basis/Purchase Price	518	868
Fair Value	$ 559	$ 1,001
Liabilities:
Financial instruments, measurement input	0.0497	0.0506
Weighted average remaining maturity/duration	3 years 7 months 20 days	3 years 7 months 2 days
Recurring | Agency securities | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 557	$ 586
Amortized Cost Basis/Purchase Price	560	593
Fair Value	$ 563	$ 605
Liabilities:
Financial instruments, measurement input	0.0158	0.0164
Weighted average remaining maturity/duration	8 months 8 days	1 year 3 months 3 days
Recurring | GNMA permanent securities | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount		$ 30,254
Amortized Cost Basis/Purchase Price		30,340
Fair Value		$ 31,199
Liabilities:
Financial instruments, measurement input		0.0349
Weighted average remaining maturity/duration		1 year 11 months 23 days
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow
Assets:
Principal Amount	$ 3,581,919	$ 2,365,204
Amortized Cost Basis/Purchase Price	3,553,737	2,354,059
Fair Value	$ 3,494,254	$ 2,328,441
Liabilities:
Financial instruments, measurement input	0.0565	0.0667
Weighted average remaining maturity/duration	1 year 9 months 3 days	1 year 25 days
Allowance for credit losses	$ (31,800)	$ (41,500)
Recurring | Mortgage loan  receivables held for sale | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount		30,478
Amortized Cost Basis/Purchase Price		30,518
Fair Value		$ 32,082
Liabilities:
Financial instruments, measurement input		0.0405
Weighted average remaining maturity/duration		9 years 2 months 4 days
Recurring | FHLB stock | FHLB stock
Assets:
Principal Amount	11,835	$ 31,000
Amortized Cost Basis/Purchase Price	11,835	31,000
Fair Value	$ 11,835	$ 31,000
Liabilities:
Financial instruments, measurement input	0.0325	0.0300
Recurring | Nonhedge derivatives | Counterparty Quotations Valuation Technique
Assets:
Nonhedge derivative assets	$ 114,121	$ 65,600
Amortized Cost Basis/Purchase Price	402
Fair Value	$ 402	$ 299
Liabilities:
Weighted average remaining maturity/duration	3 months 18 days	3 months
Recurring | Repurchase agreements - short-term | Discounted Cash Flow
Liabilities:
Principal Amount	$ 418,394	$ 708,833
Amortized Cost Basis/Purchase Price	418,394	708,833
Fair Value	$ 418,394	$ 708,833
Financial instruments, measurement input	0.0089	0.0116
Weighted average remaining maturity/duration	5 months 15 days	4 months 2 days
Recurring | Repurchase agreements - long-term | Discounted Cash Flow
Liabilities:
Principal Amount	$ 26,183	$ 112,004
Amortized Cost Basis/Purchase Price	26,183	112,004
Fair Value	$ 26,183	$ 112,004
Financial instruments, measurement input	0.0221	0.0947
Weighted average remaining maturity/duration	1 year 3 days	2 years 2 months 15 days
Recurring | Revolving Credit Facility | Discounted Cash Flow
Liabilities:
Principal 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:
Principal Amount	$ 690,927	$ 761,793
Amortized Cost Basis/Purchase Price	693,797	766,064
Fair Value	$ 709,695	$ 786,405
Financial instruments, measurement input	0.0483	0.0484
Weighted average remaining maturity/duration	3 years 3 months 18 days	4 years 14 days
Recurring | Secured financing facility | Discounted Cash Flow
Liabilities:
Principal Amount	$ 136,444	$ 206,350
Amortized Cost Basis/Purchase Price	132,447	192,646
Fair Value	$ 133,389	$ 192,646
Financial instruments, measurement input	0.1075	0.1075
Weighted average remaining maturity/duration	1 year 4 months 6 days	2 years 4 months 6 days
Recurring | CLO debt | Discounted Cash Flow
Liabilities:
Principal Amount	$ 1,064,365	$ 279,156
Amortized Cost Basis/Purchase Price	1,054,774	276,516
Fair Value	$ 1,054,774	$ 276,516
Financial instruments, measurement input	0.0204	0.0550
Weighted average remaining maturity/duration	16 years 11 months 1 day	3 years 4 months 17 days
Recurring | Borrowings from the FHLB | Discounted Cash Flow
Liabilities:
Principal Amount	$ 263,000	$ 288,000
Amortized Cost Basis/Purchase Price	263,000	288,000
Fair Value	$ 263,414	$ 289,091
Financial instruments, measurement input	0.0091	0.0112
Weighted average remaining maturity/duration	1 year 11 months 12 days	2 years 9 months 3 days
Recurring | Senior unsecured notes | Internal Model Third Party Inputs Valuation Technique
Liabilities:
Principal Amount	$ 1,649,794	$ 1,612,299
Amortized Cost Basis/Purchase Price	1,631,108	1,599,371
Fair Value	$ 1,677,039	$ 1,607,930
Financial instruments, measurement input	0.0466	0.0490
Weighted average remaining maturity/duration	5 years 8 months 26 days	3 years 10 months 20 days

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Assets:
Fair value of assets	$ 3,516,524	$ 2,403,272
Allowance for current expected credit losses	(31,752)	(41,507)	$ (11,600)
Liabilities:
Fair value of liabilities	4,282,888	4,247,552
Repurchase agreements - short-term
Liabilities:
Outstanding Face Amount	418,394	708,833
Fair value of liabilities	418,394	708,833
Repurchase agreements - long-term
Liabilities:
Outstanding Face Amount	26,183	112,004
Fair value of liabilities	26,183	112,004
Revolving credit facility
Liabilities:
Outstanding Face Amount		266,430
Fair value of liabilities		266,430
Mortgage loan financing
Liabilities:
Outstanding Face Amount	690,927	761,793
Fair value of liabilities	709,695	786,405
Secured financing facility
Liabilities:
Outstanding Face Amount	136,444	206,350
Fair value of liabilities	133,389	200,343
CLO debt
Liabilities:
Outstanding Face Amount	1,064,365	276,516
Fair value of liabilities	1,054,774	276,516
Borrowings from the FHLB
Liabilities:
Outstanding Face Amount	263,000	288,000
Fair value of liabilities	263,414	289,091
Senior unsecured notes
Liabilities:
Outstanding Face Amount	1,649,794	1,612,299
Fair value of liabilities	1,677,039	1,607,930
CMBS
Assets:
Principal Amount	10,326	11,523
Fair value of assets	9,894	11,074
CMBS interest-only
Assets:
Principal Amount	9,370	10,566
Fair value of assets	541	675
Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Principal Amount	3,581,920	2,365,204
Fair value of assets	3,494,254	2,328,441
Mortgage loan  receivables held for sale
Assets:
Principal Amount		30,478
Fair value of assets		32,082
FHLB stock
Assets:
Principal Amount	11,835	31,000
Fair value of assets	11,835	31,000
Level 1
Assets:
Fair value of assets	0	0
Liabilities:
Fair value of liabilities	0	0
Level 1 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities	0	0
Level 1 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities	0	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	0
Level 1 | CLO debt
Liabilities:
Fair value of liabilities	0	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
Level 1 | FHLB stock
Assets:
Fair value of assets	0	0
Level 2
Assets:
Fair value of assets	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	0
Level 2 | CLO debt
Liabilities:
Fair value of liabilities	0	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
Level 2 | FHLB stock
Assets:
Fair value of assets	0	0
Level 3
Assets:
Fair value of assets	3,516,524	2,403,272
Liabilities:
Fair value of liabilities	4,282,888	4,247,552
Level 3 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities	418,394	708,833
Level 3 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities	26,183	112,004
Level 3 | Revolving credit facility
Liabilities:
Fair value of liabilities		266,430
Level 3 | Mortgage loan financing
Liabilities:
Fair value of liabilities	709,695	786,405
Level 3 | Secured financing facility
Liabilities:
Fair value of liabilities	133,389	200,343
Level 3 | CLO debt
Liabilities:
Fair value of liabilities	1,054,774	276,516
Level 3 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities	263,414	289,091
Level 3 | Senior unsecured notes
Liabilities:
Fair value of liabilities	1,677,039	1,607,930
Level 3 | CMBS
Assets:
Fair value of assets	9,894	11,074
Level 3 | CMBS interest-only
Assets:
Fair value of assets	541	675
Level 3 | Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets	3,494,254	2,328,441
Level 3 | Mortgage loan  receivables held for sale
Assets:
Fair value of assets		32,082
Level 3 | FHLB stock
Assets:
Fair value of assets	11,835	31,000
Recurring
Assets:
Fair value of assets	693,266	1,046,869
Recurring | CMBS
Assets:
Principal Amount	681,076	1,003,998
Fair value of assets	676,398	992,227
Recurring | CMBS interest-only
Assets:
Principal Amount	1,293,181	1,487,616
Fair value of assets	15,344	21,538
Recurring | GNMA interest-only
Assets:
Principal Amount	59,075	75,350
Fair value of assets	559	1,001
Recurring | Agency securities
Assets:
Principal Amount	557	586
Fair value of assets	563	605
Recurring | GNMA permanent securities
Assets:
Principal Amount		30,254
Fair value of assets		31,199
Recurring | Nonhedge derivatives
Assets:
Fair value of assets	402	299
Nonhedge derivative assets	114,121	65,600
Recurring | Level 1
Assets:
Fair value of assets	0	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
Recurring | Level 1 | Nonhedge derivatives
Assets:
Fair value of assets	0	0
Recurring | Level 2
Assets:
Fair value of assets	402	299
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
Recurring | Level 2 | Nonhedge derivatives
Assets:
Fair value of assets	402	299
Recurring | Level 3
Assets:
Fair value of assets	692,864	1,046,570
Recurring | Level 3 | CMBS
Assets:
Fair value of assets	676,398	992,227
Recurring | Level 3 | CMBS interest-only
Assets:
Fair value of assets	15,344	21,538
Recurring | Level 3 | GNMA interest-only
Assets:
Fair value of assets	559	1,001
Recurring | Level 3 | Agency securities
Assets:
Fair value of assets	563	605
Recurring | Level 3 | GNMA permanent securities
Assets:
Fair value of assets		31,199
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, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,046,570	$ 1,695,913
Transfer from level 2	0	0
Purchases	247,040	439,735
Sales	(438,594)	(917,372)
Paydowns/maturities	(163,297)	(135,341)
Amortization of premium/discount	(6,708)	(8,073)
Unrealized gain/(loss)	6,259	(14,896)
Realized gain/(loss) on sale	1,594	(13,396)
Ending balance	$ 692,864	$ 1,046,570

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 703,280	$ 1,058,298
CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	686,292	1,003,301
CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	15,886	22,213
GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	559	1,000
Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 563	605
GNMA permanent securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value		$ 31,199
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	1 year 11 months 4 days	2 years 8 months 4 days
Level 3 | CMBS | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	8 years 4 months 20 days	5 years 9 months 25 days
Level 3 | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	10 days	1 month 13 days
Level 3 | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	1 year 9 months 21 days	2 years 2 months 23 days
Level 3 | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	2 years 6 months 29 days	3 years 1 month 24 days
Level 3 | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	0 years	0 years
Level 3 | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	2 years 8 months 19 days	2 years 9 months 18 days
Level 3 | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	5 years 6 months 21 days	6 years 9 months 14 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	5 months 1 day	1 year 2 months 23 days
Level 3 | Agency securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	5 months 19 days	1 year 5 months 8 days
Level 3 | GNMA permanent securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration		1 year 6 months 25 days
Level 3 | GNMA permanent securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration		9 years 8 months 26 days
Level 3 | GNMA permanent securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration		14 years 6 months 25 days
Level 3 | Yield | CMBS | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0077	0
Level 3 | Yield | CMBS | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0151	0.0209
Level 3 | Yield | CMBS | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0528	0.2385
Level 3 | Yield | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0.0056
Level 3 | Yield | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.057	0.0251
Level 3 | Yield | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0934	0.0994
Level 3 | Yield | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0
Level 3 | Yield | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0497	0.0793
Level 3 | Yield | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1000	0.3582
Level 3 | Yield | Agency securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0144	0.0044
Level 3 | Yield | Agency securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0158	0.1131
Level 3 | Yield | Agency securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0278	0.7200
Level 3 | Yield | GNMA permanent securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		0
Level 3 | Yield | GNMA permanent securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		0.0299
Level 3 | Yield | GNMA permanent securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		0.0347
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	100
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	17.41	17.78
Level 3 | Prepayment speed | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	35	35
Level 3 | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 692,864	$ 1,046,568
Recurring | Level 3 | Discounted Cash Flow | CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	676,398	992,226
Recurring | Level 3 | Discounted Cash Flow | CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	15,344	21,537
Recurring | Level 3 | Discounted Cash Flow | GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	559	1,001
Recurring | Level 3 | Discounted Cash Flow | Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 563	605
Recurring | Level 3 | Discounted Cash Flow | GNMA permanent securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value		$ 31,199

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	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current expense (benefit)
U.S. federal		$ (280)	$ (8,087)	$ (1,772)
State and local		936	(1,796)	(396)
Total current expense (benefit)		656	(9,883)	(2,168)
Deferred expense (benefit)
U.S. federal		311	119	3,824
State and local		(39)	(25)	990
Total deferred expense (benefit)		272	94	4,814
Income tax expense (benefit)	$ (9,789)	$ 928	$ (9,789)	$ 2,646

INCOME TAXES - Tax Rate Reconci

INCOME TAXES - Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
US statutory tax rate	21.00%	21.00%	21.00%
REIT income not subject to corporate income tax	(17.72%)	65.98%	(21.89%)
Increase due to state and local taxes	(0.46%)	9.85%	(0.25%)
Change in valuation allowance	(1.20%)	6.91%	3.26%
Offshore non-taxable income	(3.75%)	(41.96%)	(0.24%)
Uncertain tax position released	0.00%	(2.54%)	(0.46%)
Section 163 (j) interest expense limitation	0.0027	(0.0712)	0
REIT income taxes	(0.31%)	(2.59%)	0.00%
Return to provision	1.64%	(1.25%)	0.00%
Net operating loss carryback benefit	0.00%	4.54%	0.00%
Other	2.14%	(1.96%)	0.45%
Effective income tax rate	1.61%	50.86%	1.87%

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Deferred tax liabilities		$ (9,048,000)	$ (9,218,000)
Unlimited carryforwards		27,100,000
Deferred tax asset related to capital losses		$ 6,000,000	5,700,000
Income tax expense (benefit)	$ 3,300,000
Fees and other income	$ 2,500,000
Percentage of applicable cash saving in income tax distributable to specified unitholders		85.00%
Other assets
Income Tax Contingency [Line Items]
Deferred tax liabilities		$ (2,300,000)	(2,000,000)
Accrued Liabilities
Income Tax Contingency [Line Items]
Liability for unrecognized tax benefits for uncertain income tax positions		0	700,000
Amount Payable Pursuant to Tax Receivable Agreement
Income Tax Contingency [Line Items]
Amount payable pursuant to Tax Receivable Agreement		$ 0	$ 900,000

INCOME TAXES - Components of De

INCOME TAXES - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net operating loss carryforward	$ 6,766	$ 6,222
Net unrealized losses	0	986
Capital losses carryforward	6,005	5,664
Valuation allowance	(6,005)	(5,664)
Interest expense limitation	1,647	1,370
Valuation Allowance	(1,647)	(1,370)
Total Deferred Tax Assets	$ 6,766	$ 7,208

INCOME TAXES - Components of _2

INCOME TAXES - Components of Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Basis difference in operating partnerships	$ 9,048	$ 9,218
Total Deferred Tax Liability	$ 9,048	$ 9,218

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unfunded Loan Commitments
Operating lease liability	$ 1
Operating lease, right-of-use asset	$ 1.1
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets
Tenant reimbursements	$ 5	$ 5.5	$ 6.4
Provision for loan losses
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	$ 390.1	$ 148.8
Length of additional mortgage loan financing	3 years
Unfunded commitments of mortgage loan receivables held for investment, additional funds	52.00%

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021segment
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		Mar. 31, 2019	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Income Statement [Abstract]
Interest income					$ 239,849,000			$ 176,099,000		$ 239,849,000		$ 330,235,000
Interest expense					(227,474,000)			(182,949,000)		(227,474,000)		(204,353,000)
Net interest income (expense)					12,374,000			(6,850,000)		12,375,000		125,882,000
(Provision) benefit for loan losses					(18,275,000)			8,713,000		(18,275,000)		(2,600,000)
Net interest income (expense) after provision for (release of) loan losses					(5,901,000)			1,863,000		(5,900,000)		123,282,000
Operating lease income		$ 3,900,000			100,248,000			101,564,000		100,248,000		106,366,000
Sale of loans, net					(1,571,000)			8,398,000		(1,571,000)		54,758,000
Realized gain (loss) on securities					(12,410,000)			1,594,000		(12,410,000)		14,911,000
Unrealized gain (loss) on equity securities								0		(132,000)		1,737,000
Unrealized gain (loss) on Agency interest-only securities					263,000			(91,000)		263,000		84,000
Realized gain (loss) on sale of real estate, net				$ 0	32,102,000			55,766,000		32,102,000		1,392,000
Impairment of real estate							$ (1,400,000)	0		0		(1,350,000)
Fee and other income					12,654,000			11,190,000		12,654,000		24,403,000
Net result from derivative transactions					(15,270,000)			1,749,000		(15,270,000)		(30,011,000)
Earnings (loss) from investment in unconsolidated joint ventures					1,821,000			1,579,000		1,821,000		3,432,000
Gain (loss) on extinguishment/defeasance of debt			$ (1,100,000)		22,250,000			0		22,250,000		(1,070,000)
Total other income (loss)					139,955,000			181,749,000		139,955,000		174,652,000
Compensation and employee benefits					(58,101,000)			(38,347,000)		(58,101,000)		(67,768,000)
Operating expenses					(20,294,000)			(17,672,000)		(20,294,000)		(22,595,000)
Real estate operating expenses					(28,584,000)			(26,161,000)		(28,584,000)		(23,323,000)
Fee expense					(7,244,000)			(5,810,000)		(7,244,000)		(6,090,000)
Depreciation and amortization		$ (400,000)			(39,079,000)			(37,801,000)		(39,079,000)		(38,511,000)
Total costs and expenses					(153,302,000)			(125,791,000)		(153,302,000)		(158,287,000)
Income tax (expense) benefit					9,789,000			(928,000)		9,789,000		(2,646,000)
Net income (loss)					(9,459,000)			56,893,000		(9,458,000)		137,001,000
Total assets					5,881,229,000	[1]		5,851,252,000	[1]	5,881,229,000	[1]	6,669,152,000
Investment in unconsolidated joint ventures	[1]				46,253,000			23,154,000		46,253,000
Investment in FHLB stock					31,000,000	[1]		11,800,000		31,000,000	[1]	61,600,000
Professional fees								8,800,000		11,600,000		12,400,000
Information technology expenses								3,400,000		3,200,000		3,600,000
Operating Segment
Income Statement [Abstract]
Investment in unconsolidated joint ventures					46,300,000			23,200,000		46,300,000		48,400,000
Operating Segment | Loans
Income Statement [Abstract]
Interest income					205,640,000			162,349,000				270,239,000
Interest expense					(48,084,000)			(53,414,000)				(50,293,000)
Net interest income (expense)					157,556,000			108,935,000				219,946,000
(Provision) benefit for loan losses					(18,277,000)			8,713,000				(2,600,000)
Net interest income (expense) after provision for (release of) loan losses					139,279,000			117,648,000				217,346,000
Operating lease income					0			0				0
Sale of loans, net					(1,571,000)			8,398,000				54,758,000
Realized gain (loss) on securities					0			0				0
Unrealized gain (loss) on equity securities												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			10,507,000				19,188,000
Net result from derivative transactions					(11,264,000)			507,000				(16,160,000)
Earnings (loss) from investment in unconsolidated joint ventures					0			335,000				0
Gain (loss) on extinguishment/defeasance of debt					0							0
Total other income (loss)					(3,693,000)			19,747,000				57,786,000
Compensation and employee benefits					0			0				0
Operating expenses					3,000			127,000				0
Real estate operating expenses					0			0				0
Fee expense					(6,124,000)			(2,341,000)				(4,602,000)
Depreciation and amortization					0			0				0
Total costs and expenses					(6,121,000)			(2,214,000)				(4,602,000)
Income tax (expense) benefit					0			0				0
Net income (loss)					129,465,000			135,181,000				270,530,000
Total assets					2,343,070,000			3,521,986,000		2,343,070,000		3,358,861,000
Operating Segment | Securities
Income Statement [Abstract]
Interest income					32,904,000			13,101,000				58,880,000
Interest expense					(21,554,000)			(2,403,000)				(19,248,000)
Net interest income (expense)					11,349,000			10,698,000				39,632,000
(Provision) benefit for loan losses					2,000							0
Net interest income (expense) after provision for (release of) loan losses					11,351,000			10,698,000				39,632,000
Operating lease income					0			0				0
Sale of loans, net					0			0				0
Realized gain (loss) on securities					(12,410,000)			1,594,000				14,911,000
Unrealized gain (loss) on equity securities												1,737,000
Unrealized gain (loss) on Agency interest-only securities					263,000			(91,000)				84,000
Realized gain (loss) on sale of real estate, net					0			0				0
Impairment of real estate												0
Fee and other income					403,000			0				1,592,000
Net result from derivative transactions					(4,006,000)			1,250,000				(13,851,000)
Earnings (loss) from investment in unconsolidated joint ventures					0			0				0
Gain (loss) on extinguishment/defeasance of debt					0							0
Total other income (loss)					(15,882,000)			2,753,000				4,473,000
Compensation and employee benefits					0			0				0
Operating expenses					0			0				0
Real estate operating expenses					0			0				0
Fee expense					(236,000)			(217,000)				(350,000)
Depreciation and amortization					0			0				0
Total costs and expenses					(236,000)			(217,000)				(350,000)
Income tax (expense) benefit					0			0				0
Net income (loss)					(4,767,000)			13,234,000				43,755,000
Total assets					1,058,298,000			703,280,000		1,058,298,000		1,721,305,000
Operating Segment | Real Estate
Income Statement [Abstract]
Interest income					13,000			1,000				32,000
Interest expense					(39,396,000)			(36,075,000)				(37,226,000)
Net interest income (expense)					(39,383,000)			(36,074,000)				(37,194,000)
(Provision) benefit for loan losses					0			0				0
Net interest income (expense) after provision for (release of) loan losses					(39,383,000)			(36,074,000)				(37,194,000)
Operating lease income					100,248,000			101,564,000				106,366,000
Sale of loans, net					0			0				0
Realized gain (loss) on securities					0			0				0
Unrealized gain (loss) on equity securities												0
Unrealized gain (loss) on Agency interest-only securities					0			0				0
Realized gain (loss) on sale of real estate, net					32,102,000			55,766,000				1,392,000
Impairment of real estate												(1,350,000)
Fee and other income					25,000			50,000				8,000
Net result from derivative transactions					0			(8,000)				0
Earnings (loss) from investment in unconsolidated joint ventures					1,821,000			1,244,000				3,432,000
Gain (loss) on extinguishment/defeasance of debt					0							(1,070,000)
Total other income (loss)					134,196,000			158,616,000				108,778,000
Compensation and employee benefits					0			0				0
Operating expenses					0			0				0
Real estate operating expenses					(28,584,000)			(26,161,000)				(23,323,000)
Fee expense					(884,000)			(849,000)				(1,138,000)
Depreciation and amortization					(38,980,000)			(37,702,000)				(38,412,000)
Total costs and expenses					(68,448,000)			(64,712,000)				(62,873,000)
Income tax (expense) benefit					0			0				0
Net income (loss)					26,365,000			57,830,000				8,711,000
Total assets					1,031,557,000			914,027,000		1,031,557,000		1,096,514,000
Corporate/Other
Income Statement [Abstract]
Interest income					1,292,000			648,000				1,084,000
Interest expense					(118,440,000)			(91,057,000)				(97,586,000)
Net interest income (expense)					(117,148,000)			(90,409,000)				(96,502,000)
(Provision) benefit for loan losses					0			0				0
Net interest income (expense) after provision for (release of) loan losses					(117,148,000)			(90,409,000)				(96,502,000)
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
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			633,000				3,615,000
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
Total other income (loss)					25,334,000			633,000				3,615,000
Compensation and employee benefits					(58,101,000)			(38,347,000)				(67,768,000)
Operating expenses					(20,297,000)			(17,799,000)				(22,595,000)
Real estate operating expenses					0			0				0
Fee expense					0			(2,403,000)				0
Depreciation and amortization					(99,000)			(99,000)				(99,000)
Total costs and expenses					(78,497,000)			(58,648,000)				(90,462,000)
Income tax (expense) benefit					9,789,000			(928,000)				(2,646,000)
Net income (loss)					(160,523,000)			(149,352,000)				(185,995,000)
Total assets					1,448,304,000			711,959,000		1,448,304,000		492,472,000
Corporate/Other | Senior Unsecured Notes
Income Statement [Abstract]
Senior notes					$ 1,600,000,000			$ 1,600,000,000		$ 1,600,000,000		$ 1,200,000,000
[1]	Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

Schedule III-Real Estate and _2

Schedule III-Real Estate and Accumulated Depreciation Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 693,794
Initial Cost to Company
Land	189,988
Building	774,287
Intangibles	149,194
Costs Capitalized Subsequent to Acquisition	33,263
Land	187,815
Building	793,087
Intangibles	146,593
Total	1,127,495	$ 1,216,229	$ 1,254,163	$ 1,171,960
Accumulated Depreciation and Amortization	(236,622)	$ (230,925)	$ (206,082)	$ (173,938)
Aggregate cost for U.S. Federal Income Tax Purposes	900,000
Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	445,479
Initial Cost to Company
Land	98,255
Building	478,590
Intangibles	104,329
Costs Capitalized Subsequent to Acquisition	5,539
Land	98,255
Building	484,136
Intangibles	104,326
Total	686,717
Accumulated Depreciation and Amortization	(145,671)
Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	248,315
Initial Cost to Company
Land	91,733
Building	295,697
Intangibles	44,865
Costs Capitalized Subsequent to Acquisition	27,724
Land	89,560
Building	308,951
Intangibles	42,267
Total	440,778
Accumulated Depreciation and Amortization	(90,951)
Newburgh, IN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	863
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	$ (37)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Newburgh, IN 1 | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 924
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	$ (57)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Isanti, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,011
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	$ (54)
Life on which Depreciation in Latest Statement of Income is Computed	55 years
Little Falls, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 865
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	$ (50)
Life on which Depreciation in Latest Statement of Income is Computed	55 years
Waterloo, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 871
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	$ (60)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Sioux City, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 928
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	$ (61)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Wardsville, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 983
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	$ (69)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Kincheloe, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 890
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	$ (69)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Clinton, IN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,040
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	$ (66)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Saginaw, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 955
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	$ (80)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Rolla, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 942
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	$ (80)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Sullivan, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,177
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	$ (73)
Life on which Depreciation in Latest Statement of Income is Computed	50 years
Becker, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 940
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	$ (67)
Life on which Depreciation in Latest Statement of Income is Computed	55 years
Adrian, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 860
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	$ (70)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Chilicothe, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,026
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	$ (80)
Life on which Depreciation in Latest Statement of Income is Computed	50 years
Poseyville, IN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 870
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	$ (75)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Dexter, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 878
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	$ (75)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hubbard Lake, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 918
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	$ (87)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Fayette, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,089
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	$ (100)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Centralia, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 947
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	$ (91)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Trenton, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 890
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	$ (94)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Houghton Lake, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 961
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	$ (99)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Pelican Rapids, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 914
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	$ (134)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Carthage, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 842
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	$ (87)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Bolivar, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 891
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	$ (97)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Pinconning, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 946
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	$ (91)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
New Hampton, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,011
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	$ (136)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Ogden, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 856
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	$ (122)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Wonder Lake, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 940
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	$ (129)
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Moscow Mills, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 988
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	$ (126)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Foley, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 883
Initial Cost to Company
Land	238
Building	823
Intangibles	172
Costs Capitalized Subsequent to Acquisition	0
Land	238
Building	823
Intangibles	172
Total	1,233
Accumulated Depreciation and Amortization	$ (132)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Kirbyville, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 869
Initial Cost to Company
Land	98
Building	965
Intangibles	155
Costs Capitalized Subsequent to Acquisition	0
Land	98
Building	965
Intangibles	155
Total	1,218
Accumulated Depreciation and Amortization	$ (126)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Gladwin, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 883
Initial Cost to Company
Land	88
Building	951
Intangibles	203
Costs Capitalized Subsequent to Acquisition	0
Land	88
Building	951
Intangibles	203
Total	1,242
Accumulated Depreciation and Amortization	$ (118)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Rockford, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 888
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	$ (176)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Winterset, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 937
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	$ (139)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Kawkawlin, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 920
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	$ (162)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Aroma Park, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 948
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	$ (136)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
East Peoria, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,018
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	$ (153)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Milford, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 985
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	$ (145)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Jefferson City, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 944
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	$ (158)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Denver, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 898
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	$ (153)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Port O'Connor, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 949
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	$ (171)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Wabasha, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 964
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	$ (182)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Jacksonville, FL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 82,978
Initial Cost to Company
Land	13,290
Building	106,601
Intangibles	21,362
Costs Capitalized Subsequent to Acquisition	5,539
Land	13,290
Building	112,140
Intangibles	21,362
Total	146,792
Accumulated Depreciation and Amortization	$ (21,734)
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Shelbyville, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 863
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	$ (148)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Jessup, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 884
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	$ (162)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Hanna City, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 865
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	$ (161)
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Ridgedale, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 991
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	$ (163)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Peoria, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 903
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	$ (173)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Carmi, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,099
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	$ (166)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Springfield, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,001
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	$ (153)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Fayetteville, NC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,878
Initial Cost to Company
Land	1,379
Building	3,121
Intangibles	2,472
Costs Capitalized Subsequent to Acquisition	0
Land	1,379
Building	3,121
Intangibles	2,471
Total	6,971
Accumulated Depreciation and Amortization	$ (1,221)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Dryden Township, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 910
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	$ (165)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Lamar, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 900
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	$ (171)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Union, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 944
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	$ (183)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Pawnee, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 944
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	$ (167)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Linn, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 858
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	$ (179)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Cape Girardeau, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,029
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	$ (156)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Decatur-Pershing, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,049
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	$ (178)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Rantoul, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 922
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	$ (185)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Flora Vista, NM | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,000
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	$ (220)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Mountain Grove, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 979
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	$ (205)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Decatur-Sunnyside, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 952
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	$ (182)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Champaign, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,015
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	$ (170)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
San Antonio, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 893
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	$ (174)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Borger, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 789
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	$ (174)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Dimmitt, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,060
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	$ (224)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
St. Charles, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 968
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	$ (223)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Philo, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 931
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	$ (171)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Radford, VA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,129
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	$ (251)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Rural Retreat, VA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,023
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	$ (218)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Albion, PA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,109
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	$ (369)
Life on which Depreciation in Latest Statement of Income is Computed	50 years
Mount Vernon, AL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 930
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	$ (211)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Malone, NY | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,079
Initial Cost to Company
Land	183
Building	1,154
Intangibles	0
Costs Capitalized Subsequent to Acquisition	0
Land	183
Building	1,154
Intangibles	0
Total	1,337
Accumulated Depreciation and Amortization	$ (209)
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Mercedes, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 832
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	$ (174)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Gordonville, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 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	$ (177)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Rice, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 816
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	$ (257)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Bixby, OK | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,946
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	$ (1,793)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Farmington, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 895
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	$ (229)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Grove, OK | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,621
Initial Cost to Company
Land	402
Building	4,364
Intangibles	817
Costs Capitalized Subsequent to Acquisition	0
Land	402
Building	4,364
Intangibles	817
Total	5,583
Accumulated Depreciation and Amortization	$ (1,056)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Jenks, OK | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,791
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	$ (2,126)
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Bloomington, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 816
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	$ (206)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Montrose, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 777
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	$ (259)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Lincoln County, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 738
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	$ (181)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Wilmington, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 901
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	$ (224)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Danville, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 738
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	$ (171)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Moultrie, GE | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 930
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	$ (278)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Rose Hill, NC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,000
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	$ (269)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Rockingham, NC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 821
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	$ (241)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Biscoe, NC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 860
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	$ (245)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
De Soto, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 704
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	$ (194)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Kerrville, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 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	$ (243)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Floresville, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 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	$ (246)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Minot, ND | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,695
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	$ (963)
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Lebanon, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 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	$ (172)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Effingham County, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 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	$ (200)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Ponce, Puerto Rico | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,518
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	$ (1,462)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Tremont, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 785
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	$ (213)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Pleasanton, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 861
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	$ (247)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Peoria, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 851
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	$ (232)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Bridgeport, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 818
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	$ (216)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Warren, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 696
Initial Cost to Company
Land	108
Building	825
Intangibles	157
Costs Capitalized Subsequent to Acquisition	0
Land	108
Building	825
Intangibles	157
Total	1,090
Accumulated Depreciation and Amortization	$ (247)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Canyon Lake, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 903
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	$ (258)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Wheeler, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 713
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	$ (244)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Aurora, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 626
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	$ (175)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Red Oak, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 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	$ (255)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Zapata, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 747
Initial Cost to Company
Land	62
Building	998
Intangibles	145
Costs Capitalized Subsequent to Acquisition	0
Land	62
Building	998
Intangibles	145
Total	1,205
Accumulated Depreciation and Amortization	$ (317)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
St. Francis, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 734
Initial Cost to Company
Land	105
Building	911
Intangibles	163
Costs Capitalized Subsequent to Acquisition	0
Land	105
Building	911
Intangibles	163
Total	1,179
Accumulated Depreciation and Amortization	$ (308)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Yorktown, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 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	$ (334)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Battle Lake, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 721
Initial Cost to Company
Land	136
Building	875
Intangibles	157
Costs Capitalized Subsequent to Acquisition	0
Land	136
Building	875
Intangibles	157
Total	1,168
Accumulated Depreciation and Amortization	$ (322)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Paynesville, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 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	$ (268)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Wheaton, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 643
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	$ (227)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Rotterdam, NY | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,964
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	$ (4,335)
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Hilliard, OH | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,524
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	$ (1,238)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Niles, OH | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,676
Initial Cost to Company
Land	437
Building	4,084
Intangibles	680
Costs Capitalized Subsequent to Acquisition	0
Land	437
Building	4,084
Intangibles	680
Total	5,201
Accumulated Depreciation and Amortization	$ (1,031)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Youngstown, OH | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,811
Initial Cost to Company
Land	380
Building	4,363
Intangibles	658
Costs Capitalized Subsequent to Acquisition	0
Land	380
Building	4,363
Intangibles	658
Total	5,401
Accumulated Depreciation and Amortization	$ (1,125)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Iberia, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 885
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	$ (299)
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Pine Island, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 761
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	$ (289)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Isle, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 716
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	$ (279)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Jacksonville, NC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,619
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	$ (1,582)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Evansville, IN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,357
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	$ (1,850)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Woodland Park, CO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,781
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	$ (987)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Springfield, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,263
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	$ (2,216)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Cedar Rapids, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,745
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	$ (2,860)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Fairfield, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,533
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	$ (2,473)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Owatonna, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,041
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	$ (2,368)
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Muscatine, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,050
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	$ (2,351)
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Sheldon, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,037
Initial Cost to Company
Land	633
Building	3,053
Intangibles	708
Costs Capitalized Subsequent to Acquisition	0
Land	633
Building	3,053
Intangibles	708
Total	4,394
Accumulated Depreciation and Amortization	$ (1,012)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Memphis, TN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,890
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	$ (1,930)
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Bennett, CO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,475
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	$ (947)
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Conyers, GA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 22,797
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	$ (7,351)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
O'Fallon, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,677
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	$ (3,719)
Life on which Depreciation in Latest Statement of Income is Computed	15 years
El Centro, CA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,978
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	$ (907)
Life on which Depreciation in Latest Statement of Income is Computed	50 years
Durant, OK | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,246
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	$ (1,168)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Gallatin, TN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,318
Initial Cost to Company
Land	1,725
Building	2,616
Intangibles	721
Costs Capitalized Subsequent to Acquisition	0
Land	1,725
Building	2,616
Intangibles	721
Total	5,062
Accumulated Depreciation and Amortization	$ (1,044)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Mt. Airy, NC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,947
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	$ (1,192)
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Aiken, SC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,881
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	$ (1,271)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Johnson City, TN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,449
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	$ (1,281)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Palmview, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,485
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	$ (1,467)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Ooltewah, TN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,756
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	$ (1,370)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Abingdon, VA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,016
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	$ (1,306)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Wichita, KS | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,700
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	$ (2,206)
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Vineland, NJ | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13,662
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	$ (7,927)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Saratoga Springs, NY | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,275
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	$ (7,443)
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Waldorf, MD | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,414
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	$ (6,328)
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Mooresville, NC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10,710
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	$ (6,676)
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Sennett, NY | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,697
Initial Cost to Company
Land	1,147
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	$ (2,949)
Life on which Depreciation in Latest Statement of Income is Computed	23 years
DeLeon Springs, FL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 803
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	$ (462)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Orange City, FL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 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	$ (480)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Satsuma, FL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 721
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	$ (462)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Greenwood, AR | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,351
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	$ (1,257)
Life on which Depreciation in Latest Statement of Income is Computed	43 years
Millbrook, AL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,517
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	$ (1,836)
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Spartanburg, SC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,355
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	$ (1,258)
Life on which Depreciation in Latest Statement of Income is Computed	42 years
Tupelo, MS | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,526
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	$ (1,439)
Life on which Depreciation in Latest Statement of Income is Computed	47 years
Lilburn, GA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,090
Building	3,673
Intangibles	1,028
Costs Capitalized Subsequent to Acquisition	0
Land	1,090
Building	3,673
Intangibles	1,028
Total	5,791
Accumulated Depreciation and Amortization	$ (1,662)
Life on which Depreciation in Latest Statement of Income is Computed	47 years
Douglasville, GA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,730
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	$ (1,312)
Life on which Depreciation in Latest Statement of Income is Computed	48 years
Elkton, MD | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,387
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	$ (1,387)
Life on which Depreciation in Latest Statement of Income is Computed	49 years
Lexington, SC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,119
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	$ (1,177)
Life on which Depreciation in Latest Statement of Income is Computed	48 years
Schaumburg, 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	8,029
Building	29,971
Intangibles	0
Costs Capitalized Subsequent to Acquisition	0
Land	8,029
Building	29,971
Intangibles	0
Total	38,000
Accumulated Depreciation and Amortization	$ (100)
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Stillwater, OK | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,448
Building	16,344
Intangibles	2,659
Costs Capitalized Subsequent to Acquisition	0
Land	1,448
Building	16,344
Intangibles	2,659
Total	20,451
Accumulated Depreciation and Amortization	$ (1,447)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
San Diego, CA | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 32,530
Initial Cost to Company
Land	7,469
Building	34,781
Intangibles	0
Costs Capitalized Subsequent to Acquisition	0
Land	7,469
Building	35,678
Intangibles	0
Total	43,147
Accumulated Depreciation and Amortization	$ (5,445)
Life on which Depreciation in Latest Statement of Income is Computed	23 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	$ (2,298)
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	$ 69,571
Initial Cost to Company
Land	36,274
Building	47,694
Intangibles	1,118
Costs Capitalized Subsequent to Acquisition	1,182
Land	36,274
Building	49,046
Intangibles	1,118
Total	86,438
Accumulated Depreciation and Amortization	$ (5,782)
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	$ 6,020
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	$ (1,295)
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	$ 34,195
Initial Cost to Company
Land	12,643
Building	24,533
Intangibles	968
Costs Capitalized Subsequent to Acquisition	4,824
Land	12,643
Building	29,172
Intangibles	968
Total	42,783
Accumulated Depreciation and Amortization	$ (5,239)
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	1,002
Land	1,174
Building	1,442
Intangibles	1,508
Total	4,124
Accumulated Depreciation and Amortization	$ (944)
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	$ 21,553
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	$ (6,932)
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	$ (1,807)
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	$ 66,512
Initial Cost to Company
Land	14,632
Building	87,629
Intangibles	17,658
Costs Capitalized Subsequent to Acquisition	11,054
Land	12,227
Building	83,090
Intangibles	15,064
Total	110,381
Accumulated Depreciation and Amortization	$ (40,129)
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	$ 17,934
Initial Cost to Company
Land	1,147
Building	7,707
Intangibles	9,932
Costs Capitalized Subsequent to Acquisition	9,056
Land	1,145
Building	16,757
Intangibles	9,928
Total	27,830
Accumulated Depreciation and Amortization	$ (19,533)
Life on which Depreciation in Latest Statement of Income is Computed	35 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, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning Balance	$ 1,216,229	$ 1,254,163	$ 1,171,960
Acquisitions	20,452	7,793	21,544
Acquisitions through foreclosures	81,750	29,310	84,356
Improvements	4,871	6,101	7,591
Dispositions and write-offs	(195,807)	(81,138)	(29,938)
Impairments			(1,350)
Ending Balance	$ 1,127,495	$ 1,216,229	$ 1,254,163

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, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning Balance	$ 230,925	$ 206,082	$ 173,938
Depreciation and amortization expense	38,069	39,346	39,231
Dispositions/write-offs	(32,372)	(14,503)	(7,087)
Ending Balance	$ 236,622	$ 230,925	$ 206,082

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates		5.65%	6.74%
Prior Liens		$ 833,281
Face amount of Mortgages		3,581,919
Carrying Amount of Mortgages	$ 2,343,070	3,521,985	$ 2,343,070	$ 3,358,861	$ 3,482,929
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		100,429
Total carrying amount of mortgages		3,553,737
Provision for loan losses	(41,507)	(31,752)	(41,507)	(20,500)	(17,900)
Principal balance of loans on non-accrual status	175,022	80,229	175,022
Aggregate cost for U.S. federal tax income purposes		3,600,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, beginning balance		2,343,070	3,358,861	3,482,929
Allowance for loan losses, beginning balance		(41,507)
Origination of mortgage loan receivables		2,530,247	566,506	2,398,227
Purchases of mortgage loan receivables		63,600		9,934
Repayment of mortgage loan receivables		(1,059,979)	(961,236)	(1,532,346)
Proceeds from sales of mortgage loan receivables		(305,649)	(582,764)	(1,024,357)
Non-cash disposition of loan via foreclosure		(81,289)	(31,249)	(45,529)
Sale of loans, net	(1,571)	8,398	(1,571)	54,758
Transfer between held for investment and held for sale				0
Accretion/amortization of discount, premium and other fees		13,832	15,530	17,845
Release of asset-specific loan loss provision via foreclosure		(1,150)	(2,500)
Provision expense for current expected credit loss			(4,964)
Provision expense for current expected credit loss (impact to earnings)		8,605	(18,543)	(2,600)
Mortgage loans receivable, ending balance	2,343,070	3,521,985	2,343,070	3,358,861
Allowance for loan losses, ending balance	(41,507)	(31,752)	(41,507)
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	2,354,059	3,553,737	2,354,059	3,257,036	3,318,390
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		2,354,059	3,257,036	3,318,390
Allowance for loan losses, beginning balance		(41,507)	(20,500)	(17,900)
Origination of mortgage loan receivables		2,309,888	353,661	1,452,049
Purchases of mortgage loan receivables		63,600		0
Repayment of mortgage loan receivables		(1,059,796)	(960,832)	(1,531,551)
Proceeds from sales of mortgage loan receivables		(46,557)	(270,491)	0
Non-cash disposition of loan via foreclosure		(81,289)	(31,249)	(45,529)
Sale of loans, net		0	(9,596)	0
Transfer between held for investment and held for sale				45,832
Accretion/amortization of discount, premium and other fees		13,832	15,530	17,845
Release of asset-specific loan loss provision via foreclosure		(1,150)	(2,500)
Provision expense for current expected credit loss			(4,964)
Provision expense for current expected credit loss (impact to earnings)		8,605	(18,543)	(2,600)
Mortgage loans receivable, ending balance	2,354,059	3,553,737	2,354,059	3,257,036
Allowance for loan losses, ending balance	(41,507)	(31,752)	(41,507)	(20,500)
Mortgage loans transferred but not considered sold
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Amount of Mortgages				0
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, beginning balance			$ 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 held for sale
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates			4.05%
Carrying Amount of Mortgages	30,518	0	$ 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		30,518	122,325	182,439
Origination of mortgage loan receivables		220,359	212,845	946,178
Purchases of mortgage loan receivables				9,934
Repayment of mortgage loan receivables		(183)	(404)	(795)
Proceeds from sales of mortgage loan receivables		(259,092)	(312,273)	(1,008,853)
Non-cash disposition of loan via foreclosure		0	0	0
Sale of loans, net		8,398	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	0
Mortgage loans receivable, ending balance	$ 30,518	0	$ 30,518	$ 122,325
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		3,482,715
Carrying Amount of Mortgages		3,454,654
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		100,429
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, ending balance		3,454,654
Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens		833,281
Face amount of Mortgages		99,204
Carrying Amount of Mortgages		99,083
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		99,083
Office, Industrial | 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		542,185
Carrying Amount of Mortgages		538,614
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		$ 538,614
Office, Industrial | 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		3.75%
Office, Industrial | 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		6.50%
Mixed, Office, Multi-Family, Industrial, Hotel, Mobile Home Park, Self Storage, Retail, Land, Other | 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		2,940,530
Carrying Amount of Mortgages		2,916,040
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		100,429
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, ending balance		$ 2,916,040
Mixed, Office, Multi-Family, Industrial, Hotel, Mobile Home Park, Self Storage, Retail, Land, Other | Minimum | First Mortgages individually less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates		3.45%
Mixed, Office, Multi-Family, Industrial, Hotel, Mobile Home Park, Self Storage, Retail, Land, Other | Maximum | First Mortgages individually less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates		10.00%
Retail, Hotel, Office, Mobile Home Park | Subordinated Mortgages individually less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens		$ 833,281
Face amount of Mortgages		99,204
Carrying Amount of Mortgages		99,083
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		$ 99,083
Retail, Hotel, Office, Mobile Home Park | Minimum | Subordinated Mortgages individually less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates		6.04%
Retail, Hotel, Office, Mobile Home Park | Maximum | Subordinated Mortgages individually less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates		12.00%