Ladder Capital (LADR) 10-Q 29 Jul 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 22, 2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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 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
Entity Shell Company	false
Entity Central Index Key	0001577670
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Entity Common Stock, Shares Outstanding		126,830,428
Class B Common Stock
Entity Common Stock, Shares Outstanding		0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	[1]	$ 217,361	$ 548,744
Restricted cash	[1]	65,570	72,802
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable	[1]	4,003,793	3,553,737
Allowance for credit losses	[1]	(16,960)	(31,752)
Mortgage loan receivables held for sale	[1]	35,850	0
Real estate securities	[1]	617,096	703,280
Real estate and related lease intangibles, net	[1]	788,310	865,694
Real estate held for sale	[1]	0	25,179
Investments in and advances to unconsolidated ventures	[1]	5,599	23,154
Derivative instruments	[1]	0	402
Accrued interest receivable	[1]	16,845	13,645
Other assets	[1]	109,545	76,367
Total assets	[1]	5,843,009	5,851,252
Liabilities
Debt obligations, net	[1]	4,206,057	4,219,703
Derivative instruments	[1]	281	0
Dividends payable	[1]	29,705	27,591
Accrued expenses	[1]	48,323	40,249
Other liabilities	[1]	48,934	50,090
Total liabilities	[1]	4,333,300	4,337,633
Commitments and contingencies (Note 18)	[1]	0	0
Equity
Additional paid-in capital	[1]	1,819,298	1,795,249
Treasury stock, 1,193,809 and 1,400,197 shares, at cost, respectively	[1]	(92,302)	(76,324)
Retained earnings (dividends in excess of earnings)	[1]	(206,922)	(207,802)
Accumulated other comprehensive income (loss)	[1]	(17,855)	(4,112)
Total shareholders’ equity	[1]	1,502,346	1,507,137
Noncontrolling interests in consolidated ventures	[1]	7,363	6,482
Total equity	[1]	1,509,709	1,513,619
Total liabilities and equity	[1]	5,843,009	5,851,252
Class A Common Stock
Equity
Common stock	[1]	$ 127	$ 126
[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	Jun. 30, 2022	Dec. 31, 2021
Treasury stock (in shares)	1,193,809	1,400,197
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)	128,027,478	126,852,765
Common stock, outstanding (in shares)	126,833,669	125,452,568

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net interest income
Interest income	$ 65,268	$ 37,577	$ 121,473	$ 76,865
Interest expense	42,705	45,226	89,741	91,199
Net interest income	22,563	(7,649)	31,732	(14,334)
Provision for (release of) loan loss reserves, net	(1,002)	(335)	(128)	(4,586)
Net interest income (expense) after provision for (release of) loan losses	23,565	(7,314)	31,860	(9,748)
Other income (loss)
Real estate operating income	28,646	26,558	54,999	50,718
Sale of loans, net	(1,930)	3,392	(2,879)	3,392
Realized gain (loss) on securities	12	15	(84)	594
Unrealized gain (loss) on equity securities	(30)	0	(16)	0
Unrealized gain (loss) on Agency interest-only securities	(19)	(48)	(16)	(68)
Realized gain (loss) on sale of real estate, net	28,554	19,389	57,708	19,389
Fee and other income	2,345	2,451	9,539	5,735
Net result from derivative transactions	2,679	(3,844)	5,814	927
Earnings (loss) from investment in unconsolidated ventures	356	237	790	673
Gain (loss) on extinguishment of debt	685	0	685	0
Total other income (loss)	61,298	48,150	126,540	81,360
Costs and expenses
Compensation and employee benefits	15,495	8,477	45,358	18,011
Operating expenses	4,651	4,216	10,159	8,457
Real estate operating expenses	9,867	6,345	18,859	12,555
Fee expense	1,486	2,195	3,474	3,793
Depreciation and amortization	7,558	9,464	16,900	19,000
Total costs and expenses	39,057	30,697	94,750	61,816
Income (loss) before taxes	45,806	10,139	63,650	9,796
Income tax expense (benefit)	2,594	(318)	1,284	(1,096)
Net income (loss)	43,212	10,457	62,366	10,892
Net (income) loss attributable to noncontrolling interests in consolidated ventures	$ (8,164)	$ (163)	$ (8,286)	$ (403)
Earnings per share:
Basic (in dollars per share)	$ 0.28	$ 0.08	$ 0.43	$ 0.08
Diluted (in dollars per share)	$ 0.28	$ 0.08	$ 0.43	$ 0.08
Weighted average shares outstanding:
Basic (in shares)	124,593,171	124,048,999	124,452,339	124,012,683
Diluted (in shares)	125,265,707	124,480,487	125,738,758	124,353,202
Class A Common Stock
Costs and expenses
Net income (loss) attributable to Class A common shareholders	$ 35,048	$ 10,294	$ 54,080	$ 10,489
Earnings per share:
Basic (in dollars per share)	$ 0.28	$ 0.08	$ 0.43	$ 0.08
Diluted (in dollars per share)	$ 0.28	$ 0.08	$ 0.43	$ 0.08
Weighted average shares outstanding:
Basic (in shares)	124,593,171	124,048,999	124,452,339	124,012,683
Diluted (in shares)	125,265,707	124,480,487	125,738,758	124,353,202

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net income (loss)	$ 43,212	$ 10,457	$ 62,366	$ 10,892
Unrealized gain (loss) on securities, net of tax:
Unrealized gain (loss) on real estate securities, available for sale	(7,065)	1,418	(13,803)	8,846
Reclassification adjustment for (gain) loss included in net income (loss)	(37)	(15)	60	(594)
Total other comprehensive income (loss)	(7,102)	1,403	(13,743)	8,252
Comprehensive income (loss)	36,110	11,860	48,623	19,144
Comprehensive (income) loss attributable to noncontrolling interest in consolidated ventures	(8,164)	(163)	(8,286)	(403)
Class A Common Stock
Unrealized gain (loss) on securities, net of tax:
Comprehensive income (loss) attributable to Class A common shareholders	$ 27,946	$ 11,697	$ 40,337	$ 18,741

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total		Class A Common Stock	Common Stock Class A Common Stock	Additional Paid- in-Capital	Treasury Stock	Retained Earnings (Dividends in Excess of Earnings)	Accumulated Other Comprehensive Income (Loss)	Consolidated Ventures	Noncontrolling Interest in Consolidated Joint Ventures
Beginning Balance (in shares) at Dec. 31, 2020				126,378,000
Beginning Balance at Dec. 31, 2020	$ 1,548,425			$ 127	$ 1,780,074	$ (62,859)	$ (163,717)	$ (10,463)	$ 5,263
Increase Decrease in Stockholders' Equity
Distributions	(285)								(285)
Amortization of equity based compensation	8,801				8,801
Purchase of treasury stock (in shares)				(120,000)
Purchase of treasury stock	(1,312)					(1,312)
Re-issuance of treasury stock (in shares)				748,000
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)				(437,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(4,421)					(4,421)
Forfeitures (in shares)				(327,000)
Dividends declared	(50,486)						(50,486)
Net income (loss)	10,892						10,489		403
Other comprehensive income (loss)	8,252							8,252
Ending Balance (in shares) at Jun. 30, 2021				126,242,000
Ending Balance at Jun. 30, 2021	1,519,865			$ 127	1,788,875	(68,593)	(203,714)	(2,211)	5,381
Beginning Balance (in shares) at Mar. 31, 2021				126,342,000
Beginning Balance at Mar. 31, 2021	1,530,839			$ 127	1,785,350	(67,495)	(188,763)	(3,614)	5,234
Increase Decrease in Stockholders' Equity
Distributions	(16)								(16)
Amortization of equity based compensation	3,525				3,525
Purchase of treasury stock (in shares)				(100,000)
Purchase of treasury stock	(1,098)					(1,098)
Dividends declared	(25,245)						(25,245)
Net income (loss)	10,457						10,294		163
Other comprehensive income (loss)	1,403							1,403
Ending Balance (in shares) at Jun. 30, 2021				126,242,000
Ending Balance at Jun. 30, 2021	1,519,865			$ 127	1,788,875	(68,593)	(203,714)	(2,211)	5,381
Beginning Balance (in shares) at Dec. 31, 2021			125,452,568	125,453,000
Beginning Balance at Dec. 31, 2021	1,513,619	[1]		$ 126	1,795,249	(76,324)	(207,802)	(4,112)	6,482
Increase Decrease in Stockholders' Equity
Contributions	186									$ 186
Distributions	(7,591)								(7,591)
Amortization of equity based compensation	24,049				24,049
Grants of restricted stock (in shares)				2,282,000
Grants of restricted stock	0			$ 2		(2)
Purchase of treasury stock (in shares)				(455,000)
Purchase of treasury stock	(4,655)					(4,655)
Re-issuance of treasury stock (in shares)				595,000
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)				(952,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(11,321)			$ (1)		(11,320)
Forfeitures (in shares)				(89,000)
Dividends declared	(53,200)						(53,200)
Net income (loss)	62,366						54,080		8,286
Other comprehensive income (loss)	(13,743)							(13,743)
Ending Balance (in shares) at Jun. 30, 2022			126,833,669	126,834,000
Ending Balance at Jun. 30, 2022	1,509,709	[1]		$ 127	1,819,298	(92,302)	(206,922)	(17,855)	7,363
Beginning Balance (in shares) at Mar. 31, 2022				127,223,000
Beginning Balance at Mar. 31, 2022	1,509,157			$ 127	1,815,661	(88,258)	(214,084)	(10,753)	6,464
Increase Decrease in Stockholders' Equity
Contributions	186									$ 186
Distributions	(7,451)								(7,451)
Amortization of equity based compensation	3,637				3,637
Grants of restricted stock (in shares)				34,000
Purchase of treasury stock (in shares)				(400,000)
Purchase of treasury stock	(4,044)					(4,044)
Forfeitures (in shares)				(23,000)
Dividends declared	(27,886)						(27,886)
Net income (loss)	43,212						35,048		8,164
Other comprehensive income (loss)	(7,102)							(7,102)
Ending Balance (in shares) at Jun. 30, 2022			126,833,669	126,834,000
Ending Balance at Jun. 30, 2022	$ 1,509,709	[1]		$ 127	$ 1,819,298	$ (92,302)	$ (206,922)	$ (17,855)	$ 7,363
[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 ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022		Jun. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 62,366		$ 10,892
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment of debt	(685)		0
Depreciation and amortization	16,900		19,000
Unrealized (gain) loss on derivative instruments	691		667
Unrealized (gain) loss on equity securities	16		0
Unrealized (gain) loss on Agency interest-only securities	16		68
Provision for (release of) loan loss reserves	(128)		(4,586)
Amortization of equity based compensation	24,049		8,801
Amortization of deferred financing costs included in interest expense	9,212		10,044
Amortization of premium/discount on mortgage loan financing included in interest expense	(500)		(662)
Amortization of above- and below-market lease intangibles	(881)		(963)
(Accretion)/amortization of discount, premium and other fees on loans	(10,253)		(5,707)
(Accretion)/amortization of discount, premium and other fees on securities	(176)		83
Realized (gain) loss on sale of mortgage loan receivables held for sale	2,879		(3,392)
Realized (gain) loss on disposition of loan via foreclosure	0		26
Realized (gain) loss on securities	84		(594)
Realized (gain) loss on sale of real estate, net	(57,708)		(19,389)
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received	(165)		(673)
Insurance proceeds for remediation work due to property damage	0		1,345
Insurance proceeds used for remediation work due to property damage	(329)		(628)
Origination of mortgage loan receivables held for sale	(61,318)		(76,404)
Repayment of mortgage loan receivables held for sale	68		80
Proceeds from sales of mortgage loan receivables held for sale	22,522		51,052
Change in deferred tax asset (liability)	1,725		(8)
Changes in operating assets and liabilities:
Accrued interest receivable	(3,200)		3,148
Other assets	1,855		(314)
Accrued expenses and other liabilities	6,907		(1,634)
Net cash provided by (used in) operating activities	13,947		(9,748)
Cash flows from investing activities:
Origination of mortgage loan receivables held for investment	(1,004,314)		(795,716)
Repayment of mortgage loan receivables held for investment	524,979		603,006
Proceeds from sale of mortgage loan receivables held for investment	0		46,557
Purchases of real estate securities	(45,223)		(101,358)
Repayment of real estate securities	102,194		106,253
Basis recovery of interest-only securities	2,586		3,678
Proceeds from sales of real estate securities	4,730		339,238
Capital improvements of real estate	(3,858)		(1,619)
Proceeds from sale of real estate	163,616		82,482
Capital distribution from investment in unconsolidated ventures	2,284		9,107
Proceeds from sale of FHLB stock	0		18,040
Property insurance proceeds	0		634
Net cash provided by (used in) investing activities	(253,006)		310,302
Cash flows from financing activities:
Deferred financing costs paid	(1,740)		(10,107)
Proceeds from borrowings under debt obligations	886,648		3,153,332
Repayment of borrowings under debt obligations	(909,999)		(3,385,290)
Cash dividends paid to Class A common shareholders	(51,086)		(51,068)
Capital contributed by noncontrolling interests in consolidated ventures	186		0
Capital distributed to noncontrolling interests in consolidated ventures	(7,591)		(285)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(11,321)		(4,421)
Purchase of treasury stock	(4,656)		(1,312)
Issuance of common stock	3		0
Net cash provided by (used in) financing activities	(99,556)		(299,151)
Net increase (decrease) in cash, cash equivalents and restricted cash	(338,615)		1,403
Cash, cash equivalents and restricted cash at beginning of period	621,546		1,284,284
Cash, cash equivalents and restricted cash at end of period	282,931		1,285,687
Non-cash investing and financing activities:
Securities and derivatives purchased, not settled	1		0
Securities and derivatives sold, not settled	10		10
Repayments in transit of real estate securities (other assets)	8,193		0
Repayment in transit of mortgage loans receivable held for investment (other assets)	51,773		414
Settlement of mortgage loan receivable held for investment by real estate, net	0		(43,129)
Real estate acquired in settlement of mortgage loan receivable held for investment, net	0		43,750
Real estate acquired in former unconsolidated venture agreement	15,436		0
Transfer of real estate, net into real estate held for sale	(55,412)		0
Dividends declared, not paid	29,705		26,955
Cash and cash equivalents	217,361	[1]	1,169,843
Restricted cash	65,570		115,844
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	282,931		1,285,687
Equity Securities
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized (gain) loss on equity securities	$ 16		$ 0
[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS Ladder Capital Corp (the “Company”) is an internally-managed real estate investment trust (“REIT”) that is a leader in commercial real estate finance. The Company originates and invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. The Company’s investment activities include: (i) the Company’s primary business of originating senior first mortgage fixed and floating rate loans collateralized by commercial real estate with flexible loan structures; (ii) owning and operating commercial real estate, including net leased commercial properties; and (iii) investing in investment grade securities secured by first mortgage loans on commercial real estate. 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 June 30, 2022, 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.”

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2022
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 with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021, which are included in the Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The consolidated financial statements include the Company’s accounts and those of its subsidiaries that are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. Refer to Note 10, Consolidated Variable Interest Entities, for further information on the Company’s consolidated variable interest entities. Provision for Loan Losses The Company uses a current expected credit loss model (“CECL”) for estimating the provision for loan losses on its loan portfolio. The CECL model requires the consideration of possible credit losses over the life of an instrument and includes a portfolio-based component and an asset-specific component. In compliance with the CECL reporting requirements, the Company supplemented its existing credit monitoring and management processes with additional processes to support the calculation of the CECL reserves. As part of that effort, the Company engages a third-party service provider to provide market data and a credit loss model. The credit loss model is a forward-looking, econometric, commercial real estate (“CRE”) loss forecasting tool. It is comprised of a probability of default (“PD”) model and a loss given default (“LGD”) model that, layered together with the Company’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 asset-specific reserve component relates to reserves for losses on individually impaired loans. The Company evaluates each loan for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, less the estimated costs to sell, if recovery of the Company’s investment is expected solely from the collateral. The Company may use the direct capitalization rate valuation methodology, the discounted cash flow methodology, or the sales comparison approach to estimate the fair value of the collateral for such loans and in certain cases will obtain external appraisals and take into account potential sale bids. Determining fair value of the collateral may take into account a number of assumptions including, but not limited to, cash flow projections, market capitalization rates, discount rates and data regarding recent comparable sales of similar properties. Such assumptions are generally based on current market conditions and are subject to economic and market uncertainties. The Company’s loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess: (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future; (ii) the ability of the borrower to refinance the loan at maturity; and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic submarket in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management and underwriting personnel, who utilize various data sources, including: (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates; (ii) site inspections; and (iii) current credit spreads and other market data and ultimately presented to management for approval. A loan is also considered impaired if its terms are modified in a troubled debt restructuring (“TDR”). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans. Generally, when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and, in some cases, lookback features or equity interests to offset concessions granted should conditions impacting the loan improve. The Company’s determination of credit losses is impacted by TDRs whereby loans that have gone through TDRs are considered impaired and are assessed for specific reserves. Loans previously restructured under TDRs that subsequently default are reassessed to incorporate the Company’s current assumptions on expected cash flows and additional provision expense is recorded to the extent necessary. The Company designates a loan as a non-accrual loan 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 basis. 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. Recent Accounting Pronouncements Pending Adoption In March 2022, the FASB issued ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, (“ASU 2022-02”). ASU 2022-02 eliminates the recognition and measurement guidance for troubled debt restructuring for creditors that have adopted ASC 326 and requires them to make enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. The standard is effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company does not expect the adoption to have a material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective upon issuance of ASU 2020-04 for contract modifications and hedging relationships on a prospective basis. While the Company is currently assessing the impact of ASU 2020-04, the Company does not expect the adoption to have a material impact on the Company’s consolidated financial statements. 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

MORTGAGE LOAN RECEIVABLES	6 Months Ended
	Jun. 30, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOAN RECEIVABLES	3. MORTGAGE LOAN RECEIVABLES June 30, 2022 ($ in thousands) Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 3,951,779 $ 3,923,127 5.97 % 1.5 Mezzanine loans 80,736 80,666 10.80 % 1.9 Total mortgage loans receivable 4,032,515 4,003,793 6.06 % 1.5 Allowance for credit losses N/A (16,960) Total mortgage loan receivables held for investment, net, at amortized cost 4,032,515 3,986,833 Mortgage loan receivables held for sale: First mortgage loans 37,950 35,850 4.91 % 8.8 Total $ 4,070,465 $ 4,022,683 (3) 6.05 % 1.6 (1) Includes the impact from interest rate floors. June 30, 2022 LIBOR and SOFR rates are used to calculate weighted average yield for floating rate loans. (2) Excludes non-accrual loans of $54.4 million. Refer to “Non-Accrual Status” below for further details. (3) Net of $26.7 million of deferred origination fees and other items as of June 30, 2022. As of June 30, 2022, $3.6 billion, or 89.5%, of the outstanding face amount of our mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates with $2.8 billion linked to LIBOR and $0.8 billion linked to SOFR. Of this $3.6 billion, 99.7% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of June 30, 2022, $38.0 million or 100%, of the outstanding face amount of our mortgage loan receivables held for sale were at fixed interest rates linked to SOFR. December 31, 2021 ($ 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) Net of $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 $3.3 billion, 100% of these variable rate mortgage loan receivables were subject to interest rate floors. For the six months ended June 30, 2022 and 2021, the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2021 $ 3,553,737 $ (31,752) $ — Origination of mortgage loan receivables 1,004,314 — 61,318 Repayment of mortgage loan receivables (550,116) — (67) Proceeds from sales of mortgage loan receivables — — (22,585) Sale of loans, net (1) — — (2,816) Accretion/amortization of discount, premium and other fees 10,253 — — Charge offs (14,395) 14,395 — Release (addition) of provision for current expected credit loss, net(2) — 397 — Balance, June 30, 2022 $ 4,003,793 $ (16,960) $ 35,850 (1) Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale. (2) Refer to “Allowance for Credit Losses” table below for further detail. 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 795,717 — 76,404 Repayment of mortgage loan receivables (532,878) — (80) Proceeds from sales of mortgage loan receivables (46,557) — (51,052) Non-cash disposition of loan via foreclosure(1) (45,000) — — Sale of loans, net — — 3,392 Accretion/amortization of discount, premium and other fees 5,707 — — Release of asset-specific loan loss provision via foreclosure(1) — 1,150 — Release (addition) of provision for current expected credit loss, net — 4,466 — Balance, June 30, 2021 $ 2,531,048 $ (35,891) $ 59,182 (1) 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) Three Months Ended June 30, Six Months Ended June 30, Allowance for Credit Losses 2022 2021 2022 2021 Allowance for credit losses at beginning of period $ 32,332 $ 36,241 $ 31,752 $ 41,507 Provision for (release of) current expected credit loss, net (1) 2,128 (350) 2,708 (4,466) Foreclosure of loans subject to asset-specific reserve — — — (1,150) Charge-offs (14,395) — (14,395) — Recoveries(2) (3,105) — (3,105) — Allowance for credit losses at end of period $ 16,960 $ 35,891 $ 16,960 $ 35,891 (1) There was no asset specific reserves recorded for the three and six months ended June 30, 2022 or 2021. (2) Recoveries are recognized within the consolidated statements of income through “Provision for (release of) loan loss reserves”. Non-Accrual Status June 30, 2022(1) December 31, 2021(2) Carrying value of loans on non-accrual status, net of asset-specific reserve $ 54,364 $ 80,229 (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 $23.9 million and one loan with a carrying value of $30.5 million as of June 30, 2022. (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 $25.6 million and one loan with a carrying value of $30.5 million. Current Expected Credit Loss (“CECL”) As of June 30, 2022, the Company has a $17.7 million allowance for current expected credit losses, of which $17.0 million pertains to mortgage loan receivables and $0.7 million relates to unfunded commitments. This allowance includes $2.7 million of asset-specific reserves relating to two loans with an amortized cost basis of $26.6 million as of June 30, 2022. The Company concluded that none of its other loans are individually impaired as of June 30, 2022. As of December 31, 2021, the Company had a $32.2 million allowance for current expected credit losses, of which $31.8 million pertained to mortgage loan receivables. This allowance included three loans that had 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 provision for loan loss reserves for the six months ended June 30, 2022 was a release of provision of $0.1 million. The release represents a $3.1 million recovery of provision offset by an increase in the general reserve of loans held for investment of $2.7 million and an increase related to unfunded loan commitments of $0.3 million. The increase in general reserve during the six months ended June 30, 2022 is primarily due to an overall increase in the size of our balance sheet first mortgage portfolio as a result of net originations during that time and adverse changes in macroeconomic scenarios. The total change in in provision for loan loss reserves for the six months ended June 30, 2021 was a release of $4.6 million. The release represented a decline in the general reserve of loans held for investment of $4.5 million and the release on unfunded loan commitments of $0.1 million. The release during the six months ended June 30, 2021 is primarily due to an improvement in macroeconomic assumptions. Loan Portfolio by Geographic Region, Collateral Type and Vintage (amortized cost $ in thousands) June 30, December 31, Geographic Region 2022 2021 South $ 1,095,960 $ 937,125 Northeast 1,156,440 1,080,652 Midwest 548,212 434,157 West 505,371 530,599 Southwest 671,244 501,272 Subtotal mortgage loans receivable 3,977,227 3,483,805 Individually impaired loans(1) 26,566 69,932 Total mortgage loans receivable $ 4,003,793 $ 3,553,737 (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 collateral type as of June 30, 2022 and December 31, 2021, respectively ($ in thousands): Amortized Cost Basis by Origination Year as of June 30, 2022 Collateral Type 2022 2021 2020 2019 2018 and Earlier Total Multifamily $ 541,243 $ 671,689 $ — $ 23,488 $ — $ 1,236,420 Office 76,514 697,427 29,650 67,684 155,322 1,026,597 Mixed Use 218,727 446,124 71,949 124,669 — 861,469 Industrial 36,120 95,890 — 110,310 — 242,320 Retail 58,233 105,990 — 41,307 9,291 214,821 Hospitality — 44,367 — 21,587 143,895 209,849 Manufactured Housing 10,408 81,778 — 26,466 — 118,652 Other 32,194 26,907 — 7,998 — 67,099 Self-Storage — — — — — — Subtotal mortgage loans receivable 973,439 2,170,172 101,599 423,509 308,508 3,977,227 Individually Impaired loans (1) — — — — 26,566 26,566 Total mortgage loans receivable (2) $ 973,439 $ 2,170,172 $ 101,599 $ 423,509 $ 335,074 $ 4,003,793 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 (3) $ 2,396,303 $ 117,367 $ 585,959 $ 169,948 $ 284,160 $ 3,553,737 (1) Refer to “ Individually Impaired Loans ” below for further detail. (2) Not included above is $15.6 million of accrued interest receivable on all loans at June 30, 2022. (3) Not included above is $12.6 million of accrued interest receivable on all loans at December 31, 2021. Individually Impaired Loans As of June 30, 2022, two loans with an amortized cost basis of $26.6 million and a combined carrying value of $23.9 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 a $2.7 million asset-specific provision for loss in 2018 on one of the loans, with a carrying value of $5.9 million. This asset-specific provision reduced 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 June 30, 2022, the Company determined the loan was adequately provisioned based on the application of a direct capitalization rate of 4.50%. These non-recurring fair values are considered Level 3 measurements in the fair value hierarchy. 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. During the three months ended March 31, 2020, management determined that the A-Note was also impaired. As a result, on March 31, 2020, the Company placed the A-Note on non-accrual status and recorded an asset-specific provision for loss on the A-Note of $7.5 million. On June 27, 2022, the Company received proceeds of $27.7 million, consisting of $27.0 million of principal and $0.7 million of interest, in satisfaction of both the A-Note and the B-Note, which was above the combined carrying value of $24.6 million. As a result, the Company recorded a $3.1 million release of provision. Other Loans on Non-Accrual Status As of June 30, 2022, a loan secured by a mixed-use property in the Northeast region was on non-accrual status, with an amortized cost basis and carrying value of $30.5 million. In the fourth quarter of 2020, the Company designated the loan as non-accrual and performed a review of the collateral for the loan. As a result of the review as of June 30, 2022, the Company determined that no asset specific impairment was necessary. 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 June 30, 2022. The Company continues to actively monitor the mortgage loans receivable portfolio for both the immediate and long term impact of current market conditions, including the inflationary environment, rising interest rates and the ongoing impact of the COVID-19 pandemic.

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	6 Months Ended
	Jun. 30, 2022
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. We continue to actively monitor the impacts of current market conditions on our securities portfolio. Commercial mortgage backed securities (“CMBS”), CMBS interest-only securities, U.S. Agency securities, Government National Mortgage Association (“GNMA”) construction securities, GNMA permanent securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. As of June 30, 2022, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. GNMA and Federal Home Loan Mortgage Corp (“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 June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 2022 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses Carrying # of Rating (1) Coupon % Yield % Remaining CMBS $ 621,862 $ 621,098 $ 4 $ (17,825) $ 603,277 (2) 73 AAA 2.75 % 2.82 % 1.23 CMBS interest-only(3) 1,171,151 (3) 12,785 122 (157) 12,750 (4) 12 AAA 0.41 % 5.04 % 1.67 GNMA interest-only(5) 51,952 (3) 372 60 (35) 397 14 AAA 0.34 % 5.02 % 3.41 Agency securities 45 46 — — 46 1 AAA 4.00 % 2.78 % 1.8 Total debt securities $ 1,845,010 $ 634,301 $ 186 $ (18,017) $ 616,470 (6) 100 1.20 % 2.87 % 1.24 Equity securities N/A 662 8 (24) 646 3 N/A N/A N/A N/A Allowance for current expected credit losses N/A — — (20) (20) Total real estate securities $ 1,845,010 $ 634,963 $ 194 $ (18,061) $ 617,096 103 December 31, 2021 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Gains Losses Carrying # of Rating (1) Coupon % Yield % Remaining CMBS $ 691,402 $ 691,026 $ 775 $ (5,508) $ 686,293 (2) 73 AAA 1.57 % 1.57 % 2.06 CMBS interest-only(3) 1,302,551 (3) 15,268 617 — 15,885 (4) 13 AAA 0.45 % 5.67 % 1.88 GNMA interest-only(5) 59,075 (3) 518 105 (64) 559 14 AA+ 0.38 % 4.97 % 3.64 Agency securities 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 (6) 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 (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. The ratings provided were determined by third-party rating agencies. The rates may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time. (2) As of June 30, 2022 and December 31, 2021, respectively, includes $9.3 million and $9.9 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd Frank Act”) and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (3) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (4) As of June 30, 2022 and December 31, 2021, respectively, includes $0.5 million and $0.5 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (5) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income. (6) The Company’s investments in debt securities represents an ownership interest in an unconsolidated VIE. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date. The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 2022 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 317,127 $ 284,934 $ — $ 1,217 $ 603,278 CMBS interest-only 1,459 11,292 — — 12,751 GNMA interest-only 243 14 139 — 396 Agency securities — 46 — — 46 Allowance for current expected credit losses — — — — (20) Total real estate securities $ 318,829 $ 296,286 $ 139 $ 1,217 $ 616,451 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

REAL ESTATE AND RELATED LEASE I

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	5. REAL ESTATE AND RELATED LEASE INTANGIBLES, NET The Company’s real estate assets were comprised of the following ($ in thousands): June 30, 2022 December 31, 2021 Land $ 174,851 $ 186,940 Building 714,190 765,690 In-place leases and other intangibles 130,385 142,335 Undepreciated real estate and related lease intangibles 1,019,426 1,094,965 Less: Accumulated depreciation and amortization (231,116) (229,271) Real estate and related lease intangibles, net $ 788,310 $ 865,694 Below market lease intangibles, net (other liabilities)(1) $ (31,785) $ (33,203) (1) Below market lease intangibles is net of $13.6 million and $12.8 million of accumulated amortization as of June 30, 2022 and December 31, 2021, respectively. As of December 31, 2021, the Company held $32.5 million of undepreciated real estate and lease intangibles held for sale, comprised of $0.9 million of land, $27.4 million of building, and $4.3 million of in-place leases and other intangibles. At June 30, 2022 and December 31, 2021, the Company held foreclosed properties included in real estate and related lease intangibles, net with a carrying value of $96.0 million and $97.3 million, respectively. The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Depreciation expense(1) $ 5,997 $ 7,825 $ 13,085 $ 15,815 Amortization expense 1,561 1,639 3,815 3,185 Total real estate depreciation and amortization expense $ 7,558 $ 9,464 $ 16,900 $ 19,000 (1) Depreciation expense on the consolidated statements of income also includes $8 thousand of depreciation on corporate fixed assets for the six months ended June 30, 2022 and $25 thousand and $50 thousand of depreciation on corporate fixed assets for the three and six months ended June 30, 2021, respectively. The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands): June 30, 2022 December 31, 2021 Gross intangible assets(1) $ 130,385 $ 146,593 Accumulated amortization 63,248 67,500 Net intangible assets $ 67,137 $ 79,093 (1) Includes $3.2 million and $3.8 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively. The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (76) $ (92) $ (153) $ (183) Increase in operating lease income for amortization of below market lease intangibles acquired 513 576 1,034 1,146 Total $ 437 $ 484 $ 881 $ 963 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 June 30, 2022 ($ in thousands): Period Ending December 31, Increase/(Decrease) to Operating Lease Income Amortization Expense 2022 (last 6 months) $ 453 $ 1,944 2023 906 3,889 2024 906 3,889 2025 906 3,889 2026 906 3,888 Thereafter 24,505 46,433 Total $ 28,582 $ 63,932 Rent Receivables, Unencumbered Real Estate, Operating Lease Income and Impairment of Real Estate There were $1.2 million and $0.4 million of rent receivables included in other assets on the consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively. There was unencumbered real estate of $82.2 million and $85.9 million as of June 30, 2022 and December 31, 2021, respectively. The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at June 30, 2022 ($ in thousands): Period Ending December 31, Amount 2022 (last 6 months) $ 30,493 2023 57,903 2024 56,161 2025 54,004 2026 50,527 Thereafter 250,130 Total $ 499,218 Acquisitions During the six months ended June 30, 2022, the Company acquired, via change in control, a previously held interest in a non-controlling equity investment in a mixed use property with one remaining residential condo unit and one remaining retail condo unit in New York, New York. The carrying value of the property at the time of change in control was $15.4 million, which was determined to be fair value. The fair value of the remaining condo unit was determined based on comparable sales in the building and the value of the remaining retail unit was valued utilizing a direct capitalization rate of 5.5%. The key inputs used to determine fair value were determined to be Level 3 inputs. During the six months ended June 30, 2021, the Company acquired the following properties ($ 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) Real estate acquired via foreclosure February 2021 (2) Hotel Miami, FL $43,750 — (2) 100.0% Total real estate acquired via foreclosure 43,750 $ — Total real estate acquisitions $ 43,750 (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 $1.2 million recorded in the three months ended December 31, 2020. In February 2021, the foreclosed property was sold without any gain or loss. The Company recorded no revenues from its 2021 acquisitions for the six months ended June 30, 2021. The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the three and six months ended June 30, 2022 and June 30, 2021, all acquisitions were determined to be asset acquisitions. Sales The Company sold the following properties during the six months ended June 30, 2022 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties March 2022 Office Ewing, NJ $ 38,694 $ 24,175 $ 14,519 1 March 2022 Warehouse Conyers, GA 40,752 26,116 14,636 1 June 2022 Apartments Stillwater, OK 23,314 18,032 5,283 1 June 2022 Apartments Miami, Fl 60,856 37,585 23,270 1 Totals (1) $ 163,616 $ 105,908 $ 57,708 (1) Includes $3.7 million of prepayment costs upon repayment of the mortgage financing in connection with the sales that is recorded within interest expense on the consolidated statement of income, such amount was correspondingly paid by the buyer and received by the Company as part of the sale and recorded in fee and other income on the consolidated statement of income. The Company sold the following properties during the six months ended June 30, 2021 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining February 2021 Hotel Miami, FL $ 43,750 $ 43,750 $ — 1 — — June 2021 Net Lease North Dartmouth, MA 38,732 19,343 19,389 1 — — Totals $ 82,482 $ 63,093 $ 19,389 We continue to actively monitor our real estate properties for both the immediate and long term impact of current market conditions, including the inflationary environment, rising interest rates and the ongoing impact of the COVID-19 pandemic.

INVESTMENT IN AND ADVANCES TO U

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES	6 Months Ended
	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES	6. INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES The following is a summary of the Company’s investments in and advances to unconsolidated ventures, which we account for using the equity method, as of June 30, 2022 and December 31, 2021 ($ in thousands): Entity June 30, 2022 December 31, 2021 Grace Lake JV, LLC $ 5,599 $ 5,434 24 Second Avenue Holdings LLC — 17,720 Investment in unconsolidated ventures $ 5,599 $ 23,154 The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated ventures for the three and six months ended June 30, 2022 and 2021 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, Entity 2022 2021 2022 2021 Grace Lake JV, LLC $ 356 $ 325 $ 790 $ 622 24 Second Avenue Holdings LLC — (88) — 51 Earnings (loss) from investment in unconsolidated ventures $ 356 $ 237 $ 790 $ 673 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 venture, which is a variable interest entity (“VIE”) for which the Company is not the primary beneficiary. This venture was deemed to be a VIE primarily based on the fact there are disproportionate voting and economic rights within the 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 six months ended June 30, 2022, the Company received a $0.6 million distribution from its investment in Grace Lake LLC. There were no distributions received during the six months ended June 30, 2021. 24 Second Avenue Holdings LLC In February 2022, the Company assumed all management and control over 24 Second Avenue Holdings LLC upon maturity of its preferred equity interest in the entity and therefore, reclassified its interest to real estate held for investment on the balance sheet at cost. At the time of the change in control, 24 Second Avenue Holdings LLC owned the two remaining units of the property, one remaining residential condo unit and the retail condo ground floor space. Refer to Note 5 - Real estate and related intangibles, net for further disclosure. Combined Summary Financial Information for Unconsolidated Ventures The following is a summary of the combined financial position of the unconsolidated ventures in which the Company had investment interests as of June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 2022(1) December 31, 2021 Total assets $ 69,075 $ 109,873 Total liabilities 57,389 66,387 Partners’/members’ capital $ 11,686 $ 43,486 (1) As of June 30, 2022, the balance represents only the Grace Lake JV, LLC interest. The following is a summary of the combined results from operations of the unconsolidated ventures for the period in which the Company had investment interests during the three and six months ended June 30, 2022 and 2021 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Total revenues $ 4,923 $ 4,543 $ 9,997 $ 9,057 Total expenses 3,498 3,242 6,835 6,565 Net income (loss) $ 1,425 $ 1,301 $ 3,162 $ 2,492

DEBT OBLIGATIONS, NET

DEBT OBLIGATIONS, NET	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
DEBT OBLIGATIONS, NET	7. DEBT OBLIGATIONS, NET The details of the Company’s debt obligations at June 30, 2022 and December 31, 2021 are as follows ($ in thousands): June 30, 2022 Debt Obligations Committed / Carrying Value of Debt Obligations Committed but Unfunded Interest Rate at June 30, 2022(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility(2) $ 500,000 $ 225,013 $ 274,987 2.82% — 3.08% 12/19/2022 (3) (4) $ 347,829 $ 347,829 Committed Loan Repurchase Facility 100,000 12,552 87,448 4.02% — 4.02% 2/26/2023 (5) (6) 19,968 19,968 Committed Loan Repurchase Facility 300,000 157,578 142,422 3.07% — 4.07% 12/19/2022 (7) (8) 243,587 243,587 Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 4/30/2024 (9) (4) — — Committed Loan Repurchase Facility 100,000 63,965 36,035 3.18% — 3.18% 1/3/2023 (3) (4) 101,073 101,073 Committed Loan Repurchase Facility 100,000 — 100,000 —% —% 1/22/2024 (10) (8) — — Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 10/21/2022 (11) (12) — — Total Committed Loan Repurchase Facilities 1,300,000 459,108 840,892 712,457 712,457 Committed Securities Repurchase Facility(2) 605,917 9,982 595,935 2.3% — 2.55% 5/27/2023 N/A (13) 12,202 12,202 Uncommitted Securities Repurchase Facility N/A (14) 179,233 N/A (14) 1.66% — 3.88% 7/2022 - 9/2022 N/A (13) 196,734 196,734 (15) Total Repurchase Facilities 1,700,000 648,323 1,230,910 921,393 921,393 Revolving Credit Facility 266,430 — 266,430 —% — —% 2/11/2023 (16) N/A (17) N/A (17) N/A (17) Mortgage Loan Financing 609,477 611,938 — 3.75% — 6.16% 2022 - 2031(18) N/A (19) 706,064 927,219 (20) CLO Debt 1,064,365 1,056,038 (21) — 2.52% — 4.97% 2024 - 2026(22) N/A (4) 1,280,967 1,280,967 Borrowings from the FHLB 263,000 263,000 — 1.50% — 2.74% 2022 - 2024 N/A (23) 298,223 298,223 (24) Senior Unsecured Notes 1,643,794 1,626,758 (25) — 4.25% — 5.25% 2025 - 2029 N/A N/A (26) N/A (26) N/A (26) Total Debt Obligations, Net $ 5,547,066 $ 4,206,057 $ 1,497,340 $ 3,206,647 $ 3,427,802 (1) LIBOR and Term SOFR rates in effect as of June 30, 2022 are used to calculate interest rates for floating rate debt, as applicable. (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) One additional 12-month period 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) Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period. (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 $2.0 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 $8.3 million at June 30, 2022. (22) Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities. (23) Investment grade commercial real estate securities and cash. It does not include the first mortgage commercial real estate loans collateralizing such securities. (24) Includes $7.0 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. (25) Presented net of unamortized debt issuance costs of $17.0 million at June 30, 2022. (26) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. 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. Committed Loan and Securities Repurchase Facilities The Company has entered into seven committed master repurchase agreements, as outlined in the June 30, 2022 table above, totaling $1.3 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 $900 million less approved commitments under that bank’s loan repurchase agreement. 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 June 30, 2022 and December 31, 2021. 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. 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 June 30, 2022, interest on the Revolving Credit Facility is one-month LIBOR plus 3.00% per annum payable monthly in arrears. As of June 30, 2022, 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 June 30, 2022 and December 31, 2021, the amounts of unamortized costs relating to our master repurchase facilities and Revolving Credit Facility were $2.7 million and $2.9 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 collateralized by real estate securities with several counterparties. 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%, and, as of June 30, 2022, have anticipated maturity dates between 2022-2031, with an average term of 2.9 years. These mortgage loans have carrying amounts of $611.9 million and $693.8 million, net of unamortized premiums of $2.7 million and $3.2 million as of June 30, 2022 and December 31, 2021, 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 $0.3 million and $0.7 million of premium amortization, which decreased interest expense for the six months ended June 30, 2022 and 2021, respectively. The mortgage loans are collateralized by real estate and related lease intangibles, net, of $706.1 million and $805.0 million as of June 30, 2022 and December 31, 2021, respectively. During the six months ended June 30, 2022 and June 30, 2021, the Company did not execute any term debt agreements 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, 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, which was fully paid as of June 30, 2022. 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. On May 12, 2022, the Company repaid the remaining borrowings outstanding and fully paid all remaining minimum interest payments. As of June 30, 2022, the Company no longer had any exposure to the Secured Financing Facility. 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 June 30, 2022, 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 $8.3 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 June 30, 2022, Tuebor had $263.0 million of borrowings outstanding, with terms of 0.2 years to 2.3 years (with a weighted average of 1.5 years), and interest rates of 1.50% to 2.74% (with a weighted average of 1.89%). As of June 30, 2022, collateral for the borrowings was comprised of $257.0 million of CMBS and U.S. Agency securities (with advance rates of 71.7% to 95.7%) and $41.2 million of restricted 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 $1.2 billion of Tuebor’s member’s capital was restricted from transfer via dividend to Tuebor’s parent without prior approval of state insurance regulators at June 30, 2022. 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 June 30, 2022, the Company had $1.6 billion of unsecured corporate bonds outstanding. These unsecured financings were comprised of $344.0 million in aggregate principal amount of 5.25% senior notes due 2025 (the “2025 Notes”), $650.8 million in aggregate principal amount of 4.25% senior notes due 2027 (the “2027 Notes”) and $649.0 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”). 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 June 30, 2022 and 2021. 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 six months ended June 30, 2022, the Company repurchased $4.0 million of the 2025 Notes and recognized a gain of $0.3 million on extinguishment of debt. As of June 30, 2022, the remaining $344.0 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 six months ended June 30, 2022, the Company repurchased $1.0 million of the 2027 Notes and recognized a gain of $0.2 million on extinguishment of debt. As of June 30, 2022, the remaining $650.8 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. During the six months ended June 30, 2022, the Company repurchased $1.0 million of the 2029 Notes and recognized a gain of $0.2 million on extinguishment of debt. As of June 30, 2022, the remaining $649.0 million in aggregate principal amount of the 2029 Notes is due June 15, 2029. Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by 2022 (last 6 months) $ 292,394 2023 229,523 2024 608,636 2025 522,006 2026 26,424 Thereafter 1,485,611 Subtotal 3,164,594 Debt issuance costs included in senior unsecured notes (17,037) Debt issuance costs included in mortgage loan financings (189) Premiums included in mortgage loan financings(2) 2,650 Total (3) $ 3,150,018 (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) 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. (3) Total does not include $1.1 billion of consolidated CLO debt obligations and the related debt issuance costs of $8.3 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. 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 June 30, 2022. The Company was in compliance with all covenants described in the financial statements as of June 30, 2022. LIBOR Transition Specifically, we have implemented or are in the process of implementing fallback language for our LIBOR-based bi-lateral committed repurchase facilities and revolving credit facility, including adjustments as applicable to maintain the anticipated economic terms of the existing contracts. As of June 30, 2022, 73.5% and 26.5% of our floating rate debt obligations bear interest indexed to LIBOR and Term SOFR, respectively. We continue to monitor the transition guidance provided by the ARRC, the International Swaps and Derivatives Association, Inc., the Financial Accounting Standards Board and other relevant regulators, agencies and industry working groups, and we continue to engage with clients, lenders, market participants and other industry leaders as the transition from LIBOR progresses.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 2022 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Futures 5-year Treasury-Note Futures $ 22,600 $ — $ 108 0.25 10-year Treasury-Note Futures 36,500 — 173 0.25 Total futures 59,100 — 281 Total derivatives $ 59,100 $ — $ 281 (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. 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. 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 income for the three and six months ended June 30, 2022 and 2021($ in thousands): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Contract Type Unrealized Realized Net Result Unrealized Realized Net Result Caps $ (6) $ 649 $ 643 $ (11) $ 648 $ 637 Futures (460) 2,496 2,036 (622) 5,799 5,177 Total $ (466) $ 3,145 $ 2,679 $ (633) $ 6,447 $ 5,814 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Contract Type Unrealized Realized Net Result Unrealized Realized Net Result Futures $ (669) $ (3,175) $ (3,844) $ (667) $ 1,594 $ 927 Total $ (669) $ (3,175) $ (3,844) $ (667) $ 1,594 $ 927 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 $1.3 million and $0.5 million of cash margin as collateral for derivatives as of June 30, 2022, and December 31, 2021, respectively, which is included in restricted cash in the consolidated balance sheets.

OFFSETTING ASSETS AND LIABILITI

OFFSETTING ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021. 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 of financial liabilities and derivative liabilities as of June 30, 2022 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 281 $ — $ 281 $ — $ 1,294 $ (1,013) Repurchase agreements 648,323 0 648,323 648,323 3,039 645,284 Total $ 648,604 $ — $ 648,604 $ 648,323 $ 4,333 $ 644,271 (1) Included in restricted cash on consolidated balance sheets. The following table represents offsetting of 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 (1) Included in restricted cash on consolidated balance sheets. 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.

CONSOLIDATED VARIABLE INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 2022 December 31, 2021 Restricted cash $ — $ 369 Mortgage loan receivables held for investment, net, at amortized cost 1,280,967 1,299,116 Accrued interest receivable 4,993 4,587 Other assets 49,208 26,636 Total assets $ 1,335,168 $ 1,330,708 Debt obligations, net $ 1,056,038 $ 1,054,774 Accrued expenses 1,386 1,218 Other liabilities 64 65 Total liabilities 1,057,488 1,056,057 Net equity in VIEs (eliminated in consolidation) 277,680 274,651 Total equity 277,680 274,651 Total liabilities and equity $ 1,335,168 $ 1,330,708 Refer to Note 7. Debt Obligations, Net - Collateralized Loan Obligations (“CLO”) Debt for further details.

EQUITY STRUCTURE AND ACCOUNTS

EQUITY STRUCTURE AND ACCOUNTS	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
EQUITY STRUCTURE AND ACCOUNTS	11. EQUITY STRUCTURE AND ACCOUNTS 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 June 30, 2022. As of June 30, 2022, the Company held a 100% 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 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 June 30, 2022, the Company has a remaining amount available for repurchase of $39.5 million, which represents 3.0% in the aggregate of its outstanding Class A common stock, based on the closing price of $10.54 per share on such date. The following table is a summary of the Company’s repurchase activity of its Class A common stock during the six months ended June 30, 2022 and 2021 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2021 $ 44,122 Repurchases paid 455,000 (4,655) Authorizations remaining as of June 30, 2022 $ 39,467 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2020 $ 38,102 Repurchases paid 120,000 (1,312) Authorizations remaining as of June 30, 2021 $ 36,790 (1) Amount excludes commissions paid associated with share repurchases. The following table presents dividends declared (on a per share basis) of Class A common stock for the six months ended June 30, 2022 and 2021: Declaration Date Dividend per Share March 15, 2022 $ 0.20 June 15, 2022 0.22 Total $ 0.42 March 15, 2021 $ 0.20 June 15, 2021 0.20 Total $ 0.40 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 six months ended June 30, 2022 and 2021 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2021 $ (4,112) $ (2) $ (4,114) Other comprehensive income (loss) (13,743) — (13,743) June 30, 2022 $ (17,855) $ (2) $ (17,857) 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) 8,252 — 8,252 June 30, 2021 $ (2,211) $ (2) $ (2,213)

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2022
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS Noncontrolling Interests in Consolidated Ventures As of June 30, 2022, the Company consolidates three 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 $80.2 million, 11 office buildings in Richmond, VA with a book value of $69.1 million, and a single-tenant office building in Oakland County, MI with a book value of $8.7 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. Sales During the six months ended June 30, 2022, the Company sold its apartment complex in Stillwater, OK, and its apartment complex in Miami, FL. Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further details.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	13. EARNINGS PER SHARE The Company’s net income (loss) and weighted average shares outstanding for the three and six months ended June 30, 2022 and 2021 consist of the following: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands except share amounts) 2022 2021 2022 2021 Basic and Diluted Net income (loss) available for Class A common shareholders $ 35,048 $ 10,294 $ 54,080 $ 10,489 Weighted average shares outstanding: Basic 124,593,171 124,048,999 124,452,339 124,012,683 Diluted 125,265,707 124,480,487 125,738,758 124,353,202 The calculation of basic and diluted net income (loss) per share amounts for the three and six months ended June 30, 2022 and 2021 consist of the following: Three Months Ended June 30, Six Months Ended June 30, (In thousands except share and per share amounts) 2022 2021 2022 2021 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator : Net income (loss) attributable to Class A common shareholders $ 35,048 $ 10,294 $ 54,080 $ 10,489 Denominator : Weighted average number of shares of Class A common stock outstanding 124,593,171 124,048,999 124,452,339 124,012,683 Basic net income (loss) per share of Class A common stock $ 0.28 $ 0.08 $ 0.43 $ 0.08 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 35,048 $ 10,294 $ 54,080 $ 10,489 Diluted net income (loss) attributable to Class A common shareholders 35,048 10,294 54,080 10,489 Denominator: Basic weighted average number of shares of Class A common stock outstanding 124,593,171 124,048,999 124,452,339 124,012,683 Add - dilutive effect of: Incremental shares of unvested Class A restricted stock(1) 672,536 431,488 1,286,419 340,519 Diluted weighted average number of shares of Class A common stock outstanding 125,265,707 124,480,487 125,738,758 124,353,202 Diluted net income (loss) per share of Class A common stock $ 0.28 $ 0.08 $ 0.43 $ 0.08 (1) The Company is using the treasury stock method.

STOCK BASED AND OTHER COMPENSAT

STOCK BASED AND OTHER COMPENSATION PLANS	6 Months Ended
	Jun. 30, 2022
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 statements of income of the various stock based compensation plans and other compensation plans ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Stock Based Compensation Expense $ 3,637 $ 3,524 $ 24,049 $ 8,801 Phantom Equity Investment Plan — — — 22 Total Stock Based Compensation Expense(1) $ 3,637 $ 3,524 $ 24,049 $ 8,823 (1) Variance between six months ended June 30, 2022 and June 30, 2021 is primarily due to timing of 2021 and 2022 employee stock and bonus compensation. The majority of the stock and bonus compensation for the 2020 compensation year was granted in December of 2020, and stock and bonus compensation for the 2021 compensation year was granted during the three months ended March 31, 2022. A summary of the grants is presented below: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Number Weighted Number Weighted Number Weighted Number Weighted Grants - Class A Common Stock 33,784 $ 11.10 — $ — 2,877,124 $ 11.88 747,713 $ 9.81 The table below presents the number of unvested shares of Class A common stock and outstanding stock options at June 30, 2022 and changes during 2022 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, 2021 2,145,380 623,788 Granted 2,877,124 — Vested (2,396,140) — Forfeited (88,972) — Expired — — Nonvested/Outstanding at June 30, 2022 2,537,392 623,788 Exercisable at June 30, 2022 (1) 623,788 (1) The weighted-average exercise price of outstanding options, warrants and rights is $14.84 at June 30, 2022. At June 30, 2022 there was $20.1 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 32 months, with a weighted-average remaining vesting period of 26.2 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 2022 with respect to 2021 Performance For 2021 performance, certain employees received stock-based incentive equity in January 2022. Fair value for all restricted and unrestricted stock grants was calculated using the average closing stock price for the five business days prior to the grant date. Restricted stock subject to time-based vesting criteria will vest in three installments on February 18 of each of 2023, 2024 and 2025, subject to continued employment on the applicable vesting dates. 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 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, 2022, 2023 and 2024, 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. The probability of meeting the performance outcome is assessed quarterly. On January 31, 2022, in connection with 2021 compensation, annual stock awards were granted to management employees (each, a “Management Grantee”), with an aggregate fair value of $18 million, which represents 1,517,627 shares of Class A common stock. The grant to Mr. Harris and approximately 2/3 of the grants to Ms. McCormack and Mr. Perelman were unrestricted. The other 1/3 of incentive equity granted to 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 Catch-Up Provision described above. The grants to Mr. Miceli and Ms. Porcella (a total of 210,662 shares with an aggregate fair value of $2.5 million) are subject to the same time-based and performance-based vesting described below for Non-Management Grantees. On January 31, 2022, in connection with 2021 compensation, annual stock awards were granted to certain non-management employees (“Non-Management Grantees”) with an aggregate fair value of $15.4 million, which represents 1,293,853 shares of Class A common stock. For the awards granted to Mr. Miceli, Ms. Porcella and certain Non-Management Grantees (a total of 1,254,085 shares), approximately 1/3 of the awards 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 Catch-Up Provision. For the awards granted to other Non-Management Grantees (a total of 250,430 shares), 1/2 of the awards is subject to time-based vesting criteria, and the remaining 1/2 is subject to attainment of the Performance Target for the applicable years. The 1/2 of awards subject to attainment of the Performance Target is also subject to the Catch-Up Provision. Other Inventive Awards Granted in 2022 On May 10, 2022, a new employee of the Company received a Restricted Stock Award with a grant date fair value of $0.4 million, representing 33,784 shares of restricted Class A common stock. Fifty percent of the Restricted Stock Award is subject to time-based vesting criteria, and the remaining 50% of the Restricted Stock Award is subject to attainment of the Performance Target for the applicable years. The time-vesting restricted stock will vest in three installments on February 18 of each of 2023, 2024 and 2025, subject to continued employment on the applicable vesting dates. The performance-vesting restricted stock will vest in three equal installments upon the Compensation Committee’s confirmation that the Company achieves the Performance Target for the years ended December 31, 2022, 2023 and 2024, respectively. The Catch-Up Provision applies to the performance vesting portion of this award, provided that a termination has not occurred. The Company has elected to recognize the compensation expense related to the time-based vesting criteria of these Restricted Stock Awards on a straight-line basis over the requisite service period. 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 Catch-Up Provision and the Performance Waiver, defined 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. The probability of meeting the performance outcome is assessed quarterly. 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 Performance Waiver was made in recognition of the actions taken by Ladder’s employees in response to COVID-19 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. Such actions included maintaining high levels of unrestricted cash liquidity and refinancing debt with more expensive non-mark-to-market funding sources. In the second quarter, the 2021 Performance Waiver applied to one Ladder employee. Other 2022 Restricted Stock Awards On February 18, 2022, certain members of the board of directors each received annual restricted stock awards with a grant date fair value of $0.4 million, representing 31,860 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. Bonus Payments 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 three months ended March 31, 2021, the Company paid $1.1 million compensation expense related to bonuses accrued for during the year ended December 31, 2020.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021 are as follows ($ in thousands): June 30, 2022 Weighted Average Principal Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 621,862 $ 621,098 $ 603,278 Internal model, third-party inputs 2.82 % 1.23 CMBS interest-only(1) 1,171,151 (2) 12,785 12,750 Internal model, third-party inputs 5.04 % 1.67 GNMA interest-only(3) 51,952 (2) 372 396 Internal model, third-party inputs 5.02 % 3.41 Agency securities(1) 45 46 46 Internal model, third-party inputs 2.78 % 1.8 Equity securities(3) N/A 662 646 Observable market prices N/A N/A Provision for current expected credit reserves N/A (20) (20) (5) N/A N/A Mortgage loan receivables held for investment, net, at amortized cost(4) 4,032,515 4,003,793 3,956,081 Discounted Cash Flow(5) 6.06 % 1.49 Mortgage loan receivables held for sale 37,950 35,850 36,121 Internal model, third-party inputs(6) 4.91 % 8.83 FHLB stock(7) 11,835 11,835 11,835 (7) 3.00 % N/A Liabilities: Repurchase agreements - short-term 648,323 648,323 648,323 Discounted Cash Flow(8) 1.99 % 0.37 Mortgage loan financing 609,477 611,938 624,444 Discounted Cash Flow 4.93 % 2.93 CLO debt 1,064,365 1,056,038 1,056,038 Discounted Cash Flow(9) 2.46 % 16.43 Borrowings from the FHLB 263,000 263,000 263,198 Discounted Cash Flow 1.17 % 1.46 Senior unsecured notes 1,643,794 1,626,757 1,345,816 Internal model, third-party inputs 4.66 % 5.25 Nonhedge derivatives(1)(10) 59,100 N/A 281 Counterparty quotations N/A 0.5 (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 $17.0 million at June 30, 2022. (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) 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. (10) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. 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 $31.8 million at December 31, 2021. (5) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model. (6) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (7) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (8) Fair value for repurchase agreement liabilities - short term borrowings under the Secured Financing Facility and borrowings under the Revolving Credit Facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (9) For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 2022 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) $ 612,120 $ — $ — $ 593,945 $ 593,945 CMBS interest-only(1) 1,162,364 (2) — — 12,270 12,270 GNMA interest-only(3) 51,952 (2) — — 396 396 Agency securities(1) 45 — — 46 46 Equity securities N/A 646 — — 646 $ 646 $ — $ 606,657 $ 607,303 Liabilities: Nonhedge derivatives(4) 59,100 281 — — 281 $ 281 $ — $ — $ 281 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) $ 4,032,515 $ — $ — $ 3,956,081 $ 3,956,081 Mortgage loan receivable held for sale(6) 37,950 — — 36,121 36,121 CMBS(7) 9,742 — — 9,333 9,333 CMBS interest-only(7) 8,787 — — 481 481 FHLB stock 11,835 — — 11,835 11,835 $ — $ — $ 4,013,851 $ 4,013,851 Liabilities: Repurchase agreements - short-term 648,323 $ — $ — $ 648,323 $ 648,323 Mortgage loan financing 609,477 — — 624,444 624,444 CLO debt 1,064,365 — — 1,056,038 1,056,038 Borrowings from the FHLB 263,000 — — 263,198 263,198 Senior unsecured notes 1,643,794 — — 1,345,816 1,345,816 $ — $ — $ 3,937,819 $ 3,937,819 (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 $17.0 million at June 30, 2022. (6) A lower of cost or market adjustment was recorded as of June 30, 2022. (7) 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, are classified as held-to-maturity and reported at amortized cost. 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 $31.8 million at December 31, 2021. (6) Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost. The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the six months ended June 30, 2022 and 2021 ($ in thousands): Six Months Ended June 30, Level 3 2022 2021 Balance at January 1, $ 692,864 $ 1,046,569 Transfer from level 2 — — Purchases 44,090 101,358 Sales (4,261) (339,238) Paydowns/maturities (109,804) (106,197) Amortization of premium/discount (2,371) (3,702) Unrealized gain/(loss) (13,759) 8,184 Realized gain/(loss) on sale (103) 595 Balance at June 30, $ 606,656 $ 707,569 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): June 30, 2022 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 593,945 Discounted cash flow Yield (4) — % 2.82 % 17.73 % Duration (years)(5) 0 1.23 11.45 CMBS interest-only(1) 12,270 (2) Discounted cash flow Yield (4) — % 5.04 % 15.96 % Duration (years)(5) 0 1.67 2.29 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only(3) 396 (2) Discounted cash flow Yield (4) — % 5.02 % 10.00 % Duration (years)(5) 0 3.41 8.48 Prepayment speed (CPJ)(5) 5 17.61 35 Agency securities(1) 46 Discounted cash flow Yield (4) 2.78 % 2.78 % 2.78 % Duration (years)(5) 1.8 1.8 1.8 Total $ 606,657 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 (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	6 Months Ended
	Jun. 30, 2022
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 (the “Code”), commencing with the taxable year ended December 31, 2015 (the REIT Election”). 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. Current income tax expense (benefit) was $0.5 million and $(0.4) million for the three and six months ended June 30, 2022 and $0.9 million and $(1.1) million for the three and six months ended June 30, 2021. As of June 30, 2022 and December 31, 2021, the Company’s net deferred tax assets (liabilities) were $(4.0) million and $(2.3) million, respectively, and are included in other assets (other liabilities) in the Company’s consolidated balance sheets. Deferred income tax expense (benefit) included within the provision for income taxes was $2.1 million and $(1.2) million for the three months ended June 30, 2022 and June 30, 2021, respectively. Deferred income tax expense (benefit) included within the provision for income taxes was $1.7 million and none for the six months ended June 30, 2022 and June 30, 2021, respectively. The Company’s net deferred tax liability is comprised of deferred tax assets and deferred tax liabilities. The Company believes it is more likely than not that the deferred tax assets (aside from the exception noted below) will be realized in the future. Realization of the deferred tax assets 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 deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. As of June 30, 2022, the Company had a deferred tax asset of $6.3 million 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 provided a full valuation allowance against this deferred tax asset. Additionally, as of June 30, 2022, the Company had $1.3 million of deferred tax asset related to Code Section 163(j) interest expense limitation. As the Company is uncertain if this asset will be realized in the future, the Company provided a full valuation allowance against this deferred tax asset. The Company’s tax returns are subject to audit by taxing authorities. Generally, as of June 30, 2022, the tax years 2018-2021 remain open to examination by the major taxing jurisdictions in which the Company is subject to taxes. 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. Under U.S. GAAP, a tax benefit related to an income tax position may be recognized when it is more likely than not that the position will be sustained upon examination by the tax authorities based on the technical merits of the position. 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2022
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	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	18. COMMITMENTS AND CONTINGENCIES Leases As of June 30, 2022, the Company had a $0.4 million lease liability and a $0.5 million right-of-use asset on its consolidated balance sheets recorded within other liabilities other assets Investments in Unconsolidated Ventures The Company has made investments in various unconsolidated ventures. Refer to Note 6, Investment in and Advances to Unconsolidated Ventures, for further details of our unconsolidated investments. The Company’s maximum exposure to loss from these investments is limited to the carrying value of our investments. Unfunded Loan Commitments As of June 30, 2022, the Company’s off-balance sheet arrangements consisted of $407.2 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, 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.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2022
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 ventures, other asset management activities and operating expenses. The Company evaluates performance based on the following financial measures for each segment ($ in thousands): Three months ended June 30, 2022 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 61,244 $ 3,880 $ 1 $ 143 $ 65,268 Interest expense (12,702) (650) (8,075) (21,278) (42,705) Net interest income (expense) 48,542 3,230 (8,074) (21,135) 22,563 (Provision for) release of loan loss reserves 1,002 — — — 1,002 Net interest income (expense) after provision for (release of) loan reserves 49,544 3,230 (8,074) (21,135) 23,565 Real estate operating income — — 28,646 — 28,646 Sale of loans, net (1,930) — — — (1,930) Realized gain (loss) on securities — 12 — — 12 Unrealized gain (loss) on equity securities — (30) — — (30) Unrealized gain (loss) on Agency interest-only securities — (19) — — (19) Realized gain on sale of real estate, net — — 28,554 — 28,554 Fee and other income 2,226 18 — 101 2,345 Net result from derivative transactions 1,587 449 643 — 2,679 Earnings (loss) from investment in unconsolidated ventures — — 356 — 356 Gain (loss) on extinguishment of debt — — — 685 685 Total other income (loss) 1,883 430 58,199 786 61,298 Compensation and employee benefits — — — (15,495) (15,495) Operating expenses 39 (50) — (4,640) (4,651) Real estate operating expenses — — (9,867) — (9,867) Fee expense 1 (50) (133) (1,304) (1,486) Depreciation and amortization — — (7,558) — (7,558) Total costs and expenses 40 (100) (17,558) (21,439) (39,057) Income tax (expense) benefit — — — (2,594) (2,594) Segment profit (loss) $ 51,467 $ 3,560 $ 32,567 $ (44,382) $ 43,212 Total assets as of June 30, 2022 $ 4,022,685 $ 617,096 $ 793,908 $ 409,320 $ 5,843,009 Three months ended June 30, 2021 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 34,253 $ 3,216 $ — $ 108 $ 37,577 Interest expense (13,681) (556) (9,944) (21,045) (45,226) Net interest income (expense) 20,572 2,660 (9,944) (20,937) (7,649) Provision for (release of) loan loss reserves 335 — — — 335 Net interest income (expense) after provision for (release of) loan reserves 20,907 2,660 (9,944) (20,937) (7,314) Real estate operating income — — 26,558 — 26,558 Sale of loans, net 3,392 — — — 3,392 Realized gain (loss) on securities — 15 — — 15 Unrealized gain (loss) on Agency interest-only securities — (48) — — (48) Realized gain on sale of real estate, net — 19,389 — 19,389 Impairment of real estate — — — — — Fee and other income 2,295 — 14 142 2,451 Net result from derivative transactions (2,792) (1,052) — — (3,844) Earnings (loss) from investment in unconsolidated ventures 78 — 159 — 237 Total other income (loss) 2,973 (1,085) 46,120 142 48,150 Salaries and employee benefits — — — (8,477) (8,477) Operating expenses 29 — — (4,245) (4,216) Real estate operating expenses — — (6,345) — (6,345) Fee expense (944) (61) (1,018) (172) (2,195) Depreciation and amortization — — (9,440) (24) (9,464) Total costs and expenses (915) (61) (16,803) (12,918) (30,697) Income tax (expense) benefit — — — 318 318 Segment profit (loss) $ 22,965 $ 1,514 $ 19,373 $ (33,395) $ 10,457 Total assets as of December 31, 2021 $ 3,521,986 $ 703,280 $ 914,027 $ 711,959 $ 5,851,252 Six months ended June 30, 2022 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 114,361 $ 6,945 $ 2 $ 165 $ 121,473 Interest expense (26,986) (1,102) (19,554) (42,099) (89,741) Net interest income (expense) 87,375 5,843 (19,552) (41,934) 31,732 (Provision for) release of loan loss reserves 128 — — — 128 Net interest income (expense) after provision for (release of) loan reserves 87,503 5,843 (19,552) (41,934) 31,860 Real estate operating income — — 54,999 — 54,999 Sale of loans, net (2,879) — — — (2,879) Realized gain (loss) on securities — (84) — — (84) Unrealized gain (loss) on equity securities — (16) — — (16) Unrealized gain (loss) on Agency interest-only securities — (16) — — (16) Realized gain on sale of real estate, net — — 57,708 — 57,708 Fee and other income 5,602 34 3,704 199 9,539 Net result from derivative transactions 3,925 1,252 637 — 5,814 Earnings (loss) from investment in unconsolidated ventures — — 790 — 790 Gain (loss) on extinguishment of debt — — — 685 685 Total other income (loss) 6,648 1,170 117,838 884 126,540 Compensation and employee benefits — — — (45,358) (45,358) Operating expenses 56 (50) — (10,165) (10,159) Real estate operating expenses — — (18,859) — (18,859) Fee expense (798) (98) (299) (2,279) (3,474) Depreciation and amortization — — (16,892) (8) (16,900) Total costs and expenses (742) (148) (36,050) (57,810) (94,750) Income tax (expense) benefit — — — (1,284) (1,284) Segment profit (loss) $ 93,409 $ 6,865 $ 62,236 $ (100,144) $ 62,366 Total assets as of June 30, 2022 $ 4,022,685 $ 617,096 $ 793,908 $ 409,320 $ 5,843,009 Six months ended June 30, 2021 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 70,145 $ 6,450 $ — $ 270 76,865 Interest expense (27,757) (1,388) (18,729) (43,325) (91,199) Net interest income (expense) 42,388 5,061 (18,729) (43,056) (14,334) Provision for (release of) loan loss reserves 4,586 — — — 4,586 Net interest income (expense) after provision for (release of) loan reserves 46,974 5,061 (18,729) (43,056) (9,748) Real estate operating income — — 50,718 — 50,718 Sale of loans, net 3,392 — — — 3,392 Realized gain (loss) on securities — 594 — — 594 Unrealized gain (loss) on Agency interest-only securities — (68) — — (68) Realized gain on sale of real estate, net — — 19,389 — 19,389 Fee and other income 5,264 — 47 424 5,735 Net result from derivative transactions 251 676 — — 927 Earnings (loss) from investment in unconsolidated ventures 218 — 455 — 673 Total other income (loss) 9,125 1,202 70,609 424 81,360 Salaries and employee benefits — — — (18,011) (18,011) Operating expenses 38 — — (8,495) (8,457) Real estate operating expenses — — (12,555) — (12,555) Fee expense (2,252) (111) (1,140) (290) (3,793) Depreciation and amortization — — (18,950) (50) (19,000) Total costs and expenses (2,214) (111) (32,645) (26,846) (61,816) Income tax (expense) benefit — — — 1,096 1,096 Segment profit (loss) $ 53,885 $ 6,152 $ 19,235 $ (68,382) $ 10,892 Total assets as of December 31, 2021 $ 3,521,986 $ 703,280 $ 914,027 $ 711,959 $ 5,851,252 (1) Includes the Company’s investment in unconsolidated ventures that held real estate of $5.6 million and $23.2 million as of June 30, 2022 and December 31, 2021, 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 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 as of June 30, 2022 and December 31, 2021, and the Company’s senior unsecured notes of $1.6 billion and $1.6 billion at June 30, 2022 and December 31, 2021, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	20. SUBSEQUENT EVENTS On July 27, 2022, the Company amended its Revolving Credit Facility to increase the maximum borrowing amount to $323.9 million, extend the maturity date to July 27, 2023 with four additional one-year extension options, and reduce the interest rate to the sum of one-month Term SOFR plus a fixed margin of 2.50%. The amendment also provides for reductions in the fixed margin upon the achievement of investment grade credit ratings.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting and Principles of Consolidation	Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021, which are included in the Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The consolidated financial statements include the Company’s accounts and those of its subsidiaries that are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated.
Provision for Loan Losses	Provision for Loan Losses The Company uses a current expected credit loss model (“CECL”) for estimating the provision for loan losses on its loan portfolio. The CECL model requires the consideration of possible credit losses over the life of an instrument and includes a portfolio-based component and an asset-specific component. In compliance with the CECL reporting requirements, the Company supplemented its existing credit monitoring and management processes with additional processes to support the calculation of the CECL reserves. As part of that effort, the Company engages a third-party service provider to provide market data and a credit loss model. The credit loss model is a forward-looking, econometric, commercial real estate (“CRE”) loss forecasting tool. It is comprised of a probability of default (“PD”) model and a loss given default (“LGD”) model that, layered together with the Company’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 asset-specific reserve component relates to reserves for losses on individually impaired loans. The Company evaluates each loan for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, less the estimated costs to sell, if recovery of the Company’s investment is expected solely from the collateral. The Company may use the direct capitalization rate valuation methodology, the discounted cash flow methodology, or the sales comparison approach to estimate the fair value of the collateral for such loans and in certain cases will obtain external appraisals and take into account potential sale bids. Determining fair value of the collateral may take into account a number of assumptions including, but not limited to, cash flow projections, market capitalization rates, discount rates and data regarding recent comparable sales of similar properties. Such assumptions are generally based on current market conditions and are subject to economic and market uncertainties. The Company’s loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess: (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future; (ii) the ability of the borrower to refinance the loan at maturity; and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic submarket in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management and underwriting personnel, who utilize various data sources, including: (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates; (ii) site inspections; and (iii) current credit spreads and other market data and ultimately presented to management for approval. A loan is also considered impaired if its terms are modified in a troubled debt restructuring (“TDR”). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans. Generally, when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and, in some cases, lookback features or equity interests to offset concessions granted should conditions impacting the loan improve. The Company’s determination of credit losses is impacted by TDRs whereby loans that have gone through TDRs are considered impaired and are assessed for specific reserves. Loans previously restructured under TDRs that subsequently default are reassessed to incorporate the Company’s current assumptions on expected cash flows and additional provision expense is recorded to the extent necessary. The Company designates a loan as a non-accrual loan 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 basis. 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.
Recently Adopted Accounting Pronouncements	Recent Accounting Pronouncements Pending Adoption In March 2022, the FASB issued ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, (“ASU 2022-02”). ASU 2022-02 eliminates the recognition and measurement guidance for troubled debt restructuring for creditors that have adopted ASC 326 and requires them to make enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. The standard is effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company does not expect the adoption to have a material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective upon issuance of ASU 2020-04 for contract modifications and hedging relationships on a prospective basis. While the Company is currently assessing the impact of ASU 2020-04, the Company does not expect the adoption to have a material impact on the Company’s consolidated financial statements. 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)	6 Months Ended
	Jun. 30, 2022
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 $ 3,951,779 $ 3,923,127 5.97 % 1.5 Mezzanine loans 80,736 80,666 10.80 % 1.9 Total mortgage loans receivable 4,032,515 4,003,793 6.06 % 1.5 Allowance for credit losses N/A (16,960) Total mortgage loan receivables held for investment, net, at amortized cost 4,032,515 3,986,833 Mortgage loan receivables held for sale: First mortgage loans 37,950 35,850 4.91 % 8.8 Total $ 4,070,465 $ 4,022,683 (3) 6.05 % 1.6 (1) Includes the impact from interest rate floors. June 30, 2022 LIBOR and SOFR rates are used to calculate weighted average yield for floating rate loans. (2) Excludes non-accrual loans of $54.4 million. Refer to “Non-Accrual Status” below for further details. (3) Net of $26.7 million of deferred origination fees and other items as of June 30, 2022. 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) Net of $26.0 million of deferred origination fees and other items as of December 31, 2021.
Summary of mortgage loan receivables by loan type	For the six months ended June 30, 2022 and 2021, the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2021 $ 3,553,737 $ (31,752) $ — Origination of mortgage loan receivables 1,004,314 — 61,318 Repayment of mortgage loan receivables (550,116) — (67) Proceeds from sales of mortgage loan receivables — — (22,585) Sale of loans, net (1) — — (2,816) Accretion/amortization of discount, premium and other fees 10,253 — — Charge offs (14,395) 14,395 — Release (addition) of provision for current expected credit loss, net(2) — 397 — Balance, June 30, 2022 $ 4,003,793 $ (16,960) $ 35,850 (1) Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale. (2) Refer to “Allowance for Credit Losses” table below for further detail. 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 795,717 — 76,404 Repayment of mortgage loan receivables (532,878) — (80) Proceeds from sales of mortgage loan receivables (46,557) — (51,052) Non-cash disposition of loan via foreclosure(1) (45,000) — — Sale of loans, net — — 3,392 Accretion/amortization of discount, premium and other fees 5,707 — — Release of asset-specific loan loss provision via foreclosure(1) — 1,150 — Release (addition) of provision for current expected credit loss, net — 4,466 — Balance, June 30, 2021 $ 2,531,048 $ (35,891) $ 59,182 (1) 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) Three Months Ended June 30, Six Months Ended June 30, Allowance for Credit Losses 2022 2021 2022 2021 Allowance for credit losses at beginning of period $ 32,332 $ 36,241 $ 31,752 $ 41,507 Provision for (release of) current expected credit loss, net (1) 2,128 (350) 2,708 (4,466) Foreclosure of loans subject to asset-specific reserve — — — (1,150) Charge-offs (14,395) — (14,395) — Recoveries(2) (3,105) — (3,105) — Allowance for credit losses at end of period $ 16,960 $ 35,891 $ 16,960 $ 35,891 (1) There was no asset specific reserves recorded for the three and six months ended June 30, 2022 or 2021. (2) Recoveries are recognized within the consolidated statements of income through “Provision for (release of) loan loss reserves”. Non-Accrual Status June 30, 2022(1) December 31, 2021(2) Carrying value of loans on non-accrual status, net of asset-specific reserve $ 54,364 $ 80,229 (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 $23.9 million and one loan with a carrying value of $30.5 million as of June 30, 2022. (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 $25.6 million and one loan with a carrying value of $30.5 million.
Schedule of individually impaired loans	Loan Portfolio by Geographic Region, Collateral Type and Vintage (amortized cost $ in thousands) June 30, December 31, Geographic Region 2022 2021 South $ 1,095,960 $ 937,125 Northeast 1,156,440 1,080,652 Midwest 548,212 434,157 West 505,371 530,599 Southwest 671,244 501,272 Subtotal mortgage loans receivable 3,977,227 3,483,805 Individually impaired loans(1) 26,566 69,932 Total mortgage loans receivable $ 4,003,793 $ 3,553,737 (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 collateral type as of June 30, 2022 and December 31, 2021, respectively ($ in thousands): Amortized Cost Basis by Origination Year as of June 30, 2022 Collateral Type 2022 2021 2020 2019 2018 and Earlier Total Multifamily $ 541,243 $ 671,689 $ — $ 23,488 $ — $ 1,236,420 Office 76,514 697,427 29,650 67,684 155,322 1,026,597 Mixed Use 218,727 446,124 71,949 124,669 — 861,469 Industrial 36,120 95,890 — 110,310 — 242,320 Retail 58,233 105,990 — 41,307 9,291 214,821 Hospitality — 44,367 — 21,587 143,895 209,849 Manufactured Housing 10,408 81,778 — 26,466 — 118,652 Other 32,194 26,907 — 7,998 — 67,099 Self-Storage — — — — — — Subtotal mortgage loans receivable 973,439 2,170,172 101,599 423,509 308,508 3,977,227 Individually Impaired loans (1) — — — — 26,566 26,566 Total mortgage loans receivable (2) $ 973,439 $ 2,170,172 $ 101,599 $ 423,509 $ 335,074 $ 4,003,793 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 (3) $ 2,396,303 $ 117,367 $ 585,959 $ 169,948 $ 284,160 $ 3,553,737 (1) Refer to “ Individually Impaired Loans ” below for further detail. (2) Not included above is $15.6 million of accrued interest receivable on all loans at June 30, 2022. (3) Not included above is $12.6 million of accrued interest receivable on all loans at December 31, 2021.

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 2022 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses Carrying # of Rating (1) Coupon % Yield % Remaining CMBS $ 621,862 $ 621,098 $ 4 $ (17,825) $ 603,277 (2) 73 AAA 2.75 % 2.82 % 1.23 CMBS interest-only(3) 1,171,151 (3) 12,785 122 (157) 12,750 (4) 12 AAA 0.41 % 5.04 % 1.67 GNMA interest-only(5) 51,952 (3) 372 60 (35) 397 14 AAA 0.34 % 5.02 % 3.41 Agency securities 45 46 — — 46 1 AAA 4.00 % 2.78 % 1.8 Total debt securities $ 1,845,010 $ 634,301 $ 186 $ (18,017) $ 616,470 (6) 100 1.20 % 2.87 % 1.24 Equity securities N/A 662 8 (24) 646 3 N/A N/A N/A N/A Allowance for current expected credit losses N/A — — (20) (20) Total real estate securities $ 1,845,010 $ 634,963 $ 194 $ (18,061) $ 617,096 103 December 31, 2021 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Gains Losses Carrying # of Rating (1) Coupon % Yield % Remaining CMBS $ 691,402 $ 691,026 $ 775 $ (5,508) $ 686,293 (2) 73 AAA 1.57 % 1.57 % 2.06 CMBS interest-only(3) 1,302,551 (3) 15,268 617 — 15,885 (4) 13 AAA 0.45 % 5.67 % 1.88 GNMA interest-only(5) 59,075 (3) 518 105 (64) 559 14 AA+ 0.38 % 4.97 % 3.64 Agency securities 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 (6) 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 (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. The ratings provided were determined by third-party rating agencies. The rates may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time. (2) As of June 30, 2022 and December 31, 2021, respectively, includes $9.3 million and $9.9 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd Frank Act”) and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (3) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (4) As of June 30, 2022 and December 31, 2021, respectively, includes $0.5 million and $0.5 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (5) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income. (6) The Company’s investments in debt securities represents an ownership interest in an unconsolidated VIE. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date.
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows	The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 2022 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 317,127 $ 284,934 $ — $ 1,217 $ 603,278 CMBS interest-only 1,459 11,292 — — 12,751 GNMA interest-only 243 14 139 — 396 Agency securities — 46 — — 46 Allowance for current expected credit losses — — — — (20) Total real estate securities $ 318,829 $ 296,286 $ 139 $ 1,217 $ 616,451 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

REAL ESTATE AND RELATED LEASE_2

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Schedule of real estate properties by category	The Company’s real estate assets were comprised of the following ($ in thousands): June 30, 2022 December 31, 2021 Land $ 174,851 $ 186,940 Building 714,190 765,690 In-place leases and other intangibles 130,385 142,335 Undepreciated real estate and related lease intangibles 1,019,426 1,094,965 Less: Accumulated depreciation and amortization (231,116) (229,271) Real estate and related lease intangibles, net $ 788,310 $ 865,694 Below market lease intangibles, net (other liabilities)(1) $ (31,785) $ (33,203) (1) Below market lease intangibles is net of $13.6 million and $12.8 million of accumulated amortization as of June 30, 2022 and December 31, 2021, respectively.
Schedule of depreciation and amortization expense recorded	The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Depreciation expense(1) $ 5,997 $ 7,825 $ 13,085 $ 15,815 Amortization expense 1,561 1,639 3,815 3,185 Total real estate depreciation and amortization expense $ 7,558 $ 9,464 $ 16,900 $ 19,000
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): June 30, 2022 December 31, 2021 Gross intangible assets(1) $ 130,385 $ 146,593 Accumulated amortization 63,248 67,500 Net intangible assets $ 67,137 $ 79,093 (1) Includes $3.2 million and $3.8 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively. The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (76) $ (92) $ (153) $ (183) Increase in operating lease income for amortization of below market lease intangibles acquired 513 576 1,034 1,146 Total $ 437 $ 484 $ 881 $ 963
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 June 30, 2022 ($ in thousands): Period Ending December 31, Increase/(Decrease) to Operating Lease Income Amortization Expense 2022 (last 6 months) $ 453 $ 1,944 2023 906 3,889 2024 906 3,889 2025 906 3,889 2026 906 3,888 Thereafter 24,505 46,433 Total $ 28,582 $ 63,932
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 June 30, 2022 ($ in thousands): Period Ending December 31, Amount 2022 (last 6 months) $ 30,493 2023 57,903 2024 56,161 2025 54,004 2026 50,527 Thereafter 250,130 Total $ 499,218
Schedule of real estate properties acquired	During the six months ended June 30, 2021, 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) Real estate acquired via foreclosure February 2021 (2) Hotel Miami, FL $43,750 — (2) 100.0% Total real estate acquired via foreclosure 43,750 $ — Total real estate acquisitions $ 43,750 (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 $1.2 million recorded in the three months ended December 31, 2020. In February 2021, the foreclosed property was sold without any gain or loss. The Company recorded no revenues from its 2021 acquisitions for the six months ended June 30, 2021.
Schedule of properties sold	The Company sold the following properties during the six months ended June 30, 2022 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties March 2022 Office Ewing, NJ $ 38,694 $ 24,175 $ 14,519 1 March 2022 Warehouse Conyers, GA 40,752 26,116 14,636 1 June 2022 Apartments Stillwater, OK 23,314 18,032 5,283 1 June 2022 Apartments Miami, Fl 60,856 37,585 23,270 1 Totals (1) $ 163,616 $ 105,908 $ 57,708 (1) Includes $3.7 million of prepayment costs upon repayment of the mortgage financing in connection with the sales that is recorded within interest expense on the consolidated statement of income, such amount was correspondingly paid by the buyer and received by the Company as part of the sale and recorded in fee and other income on the consolidated statement of income. The Company sold the following properties during the six months ended June 30, 2021 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining February 2021 Hotel Miami, FL $ 43,750 $ 43,750 $ — 1 — — June 2021 Net Lease North Dartmouth, MA 38,732 19,343 19,389 1 — — Totals $ 82,482 $ 63,093 $ 19,389

INVESTMENT IN AND ADVANCES TO_2

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES (Tables)	6 Months Ended
	Jun. 30, 2022
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 ventures, which we account for using the equity method, as of June 30, 2022 and December 31, 2021 ($ in thousands): Entity June 30, 2022 December 31, 2021 Grace Lake JV, LLC $ 5,599 $ 5,434 24 Second Avenue Holdings LLC — 17,720 Investment in unconsolidated ventures $ 5,599 $ 23,154
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 ventures for the three and six months ended June 30, 2022 and 2021 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, Entity 2022 2021 2022 2021 Grace Lake JV, LLC $ 356 $ 325 $ 790 $ 622 24 Second Avenue Holdings LLC — (88) — 51 Earnings (loss) from investment in unconsolidated ventures $ 356 $ 237 $ 790 $ 673
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 ventures in which the Company had investment interests as of June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 2022(1) December 31, 2021 Total assets $ 69,075 $ 109,873 Total liabilities 57,389 66,387 Partners’/members’ capital $ 11,686 $ 43,486 (1) As of June 30, 2022, the balance represents only the Grace Lake JV, LLC interest. The following is a summary of the combined results from operations of the unconsolidated ventures for the period in which the Company had investment interests during the three and six months ended June 30, 2022 and 2021 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Total revenues $ 4,923 $ 4,543 $ 9,997 $ 9,057 Total expenses 3,498 3,242 6,835 6,565 Net income (loss) $ 1,425 $ 1,301 $ 3,162 $ 2,492

DEBT OBLIGATIONS, NET (Tables)

DEBT OBLIGATIONS, NET (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of debt obligations	The details of the Company’s debt obligations at June 30, 2022 and December 31, 2021 are as follows ($ in thousands): June 30, 2022 Debt Obligations Committed / Carrying Value of Debt Obligations Committed but Unfunded Interest Rate at June 30, 2022(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility(2) $ 500,000 $ 225,013 $ 274,987 2.82% — 3.08% 12/19/2022 (3) (4) $ 347,829 $ 347,829 Committed Loan Repurchase Facility 100,000 12,552 87,448 4.02% — 4.02% 2/26/2023 (5) (6) 19,968 19,968 Committed Loan Repurchase Facility 300,000 157,578 142,422 3.07% — 4.07% 12/19/2022 (7) (8) 243,587 243,587 Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 4/30/2024 (9) (4) — — Committed Loan Repurchase Facility 100,000 63,965 36,035 3.18% — 3.18% 1/3/2023 (3) (4) 101,073 101,073 Committed Loan Repurchase Facility 100,000 — 100,000 —% —% 1/22/2024 (10) (8) — — Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 10/21/2022 (11) (12) — — Total Committed Loan Repurchase Facilities 1,300,000 459,108 840,892 712,457 712,457 Committed Securities Repurchase Facility(2) 605,917 9,982 595,935 2.3% — 2.55% 5/27/2023 N/A (13) 12,202 12,202 Uncommitted Securities Repurchase Facility N/A (14) 179,233 N/A (14) 1.66% — 3.88% 7/2022 - 9/2022 N/A (13) 196,734 196,734 (15) Total Repurchase Facilities 1,700,000 648,323 1,230,910 921,393 921,393 Revolving Credit Facility 266,430 — 266,430 —% — —% 2/11/2023 (16) N/A (17) N/A (17) N/A (17) Mortgage Loan Financing 609,477 611,938 — 3.75% — 6.16% 2022 - 2031(18) N/A (19) 706,064 927,219 (20) CLO Debt 1,064,365 1,056,038 (21) — 2.52% — 4.97% 2024 - 2026(22) N/A (4) 1,280,967 1,280,967 Borrowings from the FHLB 263,000 263,000 — 1.50% — 2.74% 2022 - 2024 N/A (23) 298,223 298,223 (24) Senior Unsecured Notes 1,643,794 1,626,758 (25) — 4.25% — 5.25% 2025 - 2029 N/A N/A (26) N/A (26) N/A (26) Total Debt Obligations, Net $ 5,547,066 $ 4,206,057 $ 1,497,340 $ 3,206,647 $ 3,427,802 (1) LIBOR and Term SOFR rates in effect as of June 30, 2022 are used to calculate interest rates for floating rate debt, as applicable. (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) One additional 12-month period 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) Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period. (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 $2.0 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 $8.3 million at June 30, 2022. (22) Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities. (23) Investment grade commercial real estate securities and cash. It does not include the first mortgage commercial real estate loans collateralizing such securities. (24) Includes $7.0 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. (25) Presented net of unamortized debt issuance costs of $17.0 million at June 30, 2022. (26) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. 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 $18.7 million at December 31, 2021. (27) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity	The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by 2022 (last 6 months) $ 292,394 2023 229,523 2024 608,636 2025 522,006 2026 26,424 Thereafter 1,485,611 Subtotal 3,164,594 Debt issuance costs included in senior unsecured notes (17,037) Debt issuance costs included in mortgage loan financings (189) Premiums included in mortgage loan financings(2) 2,650 Total (3) $ 3,150,018 (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) 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.

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 2022 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Futures 5-year Treasury-Note Futures $ 22,600 $ — $ 108 0.25 10-year Treasury-Note Futures 36,500 — 173 0.25 Total futures 59,100 — 281 Total derivatives $ 59,100 $ — $ 281 (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. 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.
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 income for the three and six months ended June 30, 2022 and 2021($ in thousands): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Contract Type Unrealized Realized Net Result Unrealized Realized Net Result Caps $ (6) $ 649 $ 643 $ (11) $ 648 $ 637 Futures (460) 2,496 2,036 (622) 5,799 5,177 Total $ (466) $ 3,145 $ 2,679 $ (633) $ 6,447 $ 5,814 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Contract Type Unrealized Realized Net Result Unrealized Realized Net Result Futures $ (669) $ (3,175) $ (3,844) $ (667) $ 1,594 $ 927 Total $ (669) $ (3,175) $ (3,844) $ (667) $ 1,594 $ 927

OFFSETTING ASSETS AND LIABILI_2

OFFSETTING ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2022
Offsetting [Abstract]
Schedule of offsetting of financial assets	The following table represents offsetting of 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 (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 June 30, 2022 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 281 $ — $ 281 $ — $ 1,294 $ (1,013) Repurchase agreements 648,323 0 648,323 648,323 3,039 645,284 Total $ 648,604 $ — $ 648,604 $ 648,323 $ 4,333 $ 644,271 (1) Included in restricted cash on consolidated balance sheets. 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.

CONSOLIDATED VARIABLE INTERES_2

CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 2022 December 31, 2021 Restricted cash $ — $ 369 Mortgage loan receivables held for investment, net, at amortized cost 1,280,967 1,299,116 Accrued interest receivable 4,993 4,587 Other assets 49,208 26,636 Total assets $ 1,335,168 $ 1,330,708 Debt obligations, net $ 1,056,038 $ 1,054,774 Accrued expenses 1,386 1,218 Other liabilities 64 65 Total liabilities 1,057,488 1,056,057 Net equity in VIEs (eliminated in consolidation) 277,680 274,651 Total equity 277,680 274,651 Total liabilities and equity $ 1,335,168 $ 1,330,708

EQUITY STRUCTURE AND ACCOUNTS (

EQUITY STRUCTURE AND ACCOUNTS (Tables)	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022 and 2021 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2021 $ 44,122 Repurchases paid 455,000 (4,655) Authorizations remaining as of June 30, 2022 $ 39,467 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2020 $ 38,102 Repurchases paid 120,000 (1,312) Authorizations remaining as of June 30, 2021 $ 36,790 (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 six months ended June 30, 2022 and 2021: Declaration Date Dividend per Share March 15, 2022 $ 0.20 June 15, 2022 0.22 Total $ 0.42 March 15, 2021 $ 0.20 June 15, 2021 0.20 Total $ 0.40
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 six months ended June 30, 2022 and 2021 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2021 $ (4,112) $ (2) $ (4,114) Other comprehensive income (loss) (13,743) — (13,743) June 30, 2022 $ (17,855) $ (2) $ (17,857) 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) 8,252 — 8,252 June 30, 2021 $ (2,211) $ (2) $ (2,213)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
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 three and six months ended June 30, 2022 and 2021 consist of the following: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands except share amounts) 2022 2021 2022 2021 Basic and Diluted Net income (loss) available for Class A common shareholders $ 35,048 $ 10,294 $ 54,080 $ 10,489 Weighted average shares outstanding: Basic 124,593,171 124,048,999 124,452,339 124,012,683 Diluted 125,265,707 124,480,487 125,738,758 124,353,202
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 three and six months ended June 30, 2022 and 2021 consist of the following: Three Months Ended June 30, Six Months Ended June 30, (In thousands except share and per share amounts) 2022 2021 2022 2021 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator : Net income (loss) attributable to Class A common shareholders $ 35,048 $ 10,294 $ 54,080 $ 10,489 Denominator : Weighted average number of shares of Class A common stock outstanding 124,593,171 124,048,999 124,452,339 124,012,683 Basic net income (loss) per share of Class A common stock $ 0.28 $ 0.08 $ 0.43 $ 0.08 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 35,048 $ 10,294 $ 54,080 $ 10,489 Diluted net income (loss) attributable to Class A common shareholders 35,048 10,294 54,080 10,489 Denominator: Basic weighted average number of shares of Class A common stock outstanding 124,593,171 124,048,999 124,452,339 124,012,683 Add - dilutive effect of: Incremental shares of unvested Class A restricted stock(1) 672,536 431,488 1,286,419 340,519 Diluted weighted average number of shares of Class A common stock outstanding 125,265,707 124,480,487 125,738,758 124,353,202 Diluted net income (loss) per share of Class A common stock $ 0.28 $ 0.08 $ 0.43 $ 0.08 (1) The Company is using the treasury stock method.

STOCK BASED AND OTHER COMPENS_2

STOCK BASED AND OTHER COMPENSATION PLANS (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock based compensation plans summary	The following table summarizes the impact on the consolidated statements of income of the various stock based compensation plans and other compensation plans ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Stock Based Compensation Expense $ 3,637 $ 3,524 $ 24,049 $ 8,801 Phantom Equity Investment Plan — — — 22 Total Stock Based Compensation Expense(1) $ 3,637 $ 3,524 $ 24,049 $ 8,823
Summary of the grants	A summary of the grants is presented below: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Number Weighted Number Weighted Number Weighted Number Weighted Grants - Class A Common Stock 33,784 $ 11.10 — $ — 2,877,124 $ 11.88 747,713 $ 9.81
Schedule of nonvested shares activity	The table below presents the number of unvested shares of Class A common stock and outstanding stock options at June 30, 2022 and changes during 2022 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, 2021 2,145,380 623,788 Granted 2,877,124 — Vested (2,396,140) — Forfeited (88,972) — Expired — — Nonvested/Outstanding at June 30, 2022 2,537,392 623,788 Exercisable at June 30, 2022 (1) 623,788 (1) The weighted-average exercise price of outstanding options, warrants and rights is $14.84 at June 30, 2022.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021 are as follows ($ in thousands): June 30, 2022 Weighted Average Principal Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 621,862 $ 621,098 $ 603,278 Internal model, third-party inputs 2.82 % 1.23 CMBS interest-only(1) 1,171,151 (2) 12,785 12,750 Internal model, third-party inputs 5.04 % 1.67 GNMA interest-only(3) 51,952 (2) 372 396 Internal model, third-party inputs 5.02 % 3.41 Agency securities(1) 45 46 46 Internal model, third-party inputs 2.78 % 1.8 Equity securities(3) N/A 662 646 Observable market prices N/A N/A Provision for current expected credit reserves N/A (20) (20) (5) N/A N/A Mortgage loan receivables held for investment, net, at amortized cost(4) 4,032,515 4,003,793 3,956,081 Discounted Cash Flow(5) 6.06 % 1.49 Mortgage loan receivables held for sale 37,950 35,850 36,121 Internal model, third-party inputs(6) 4.91 % 8.83 FHLB stock(7) 11,835 11,835 11,835 (7) 3.00 % N/A Liabilities: Repurchase agreements - short-term 648,323 648,323 648,323 Discounted Cash Flow(8) 1.99 % 0.37 Mortgage loan financing 609,477 611,938 624,444 Discounted Cash Flow 4.93 % 2.93 CLO debt 1,064,365 1,056,038 1,056,038 Discounted Cash Flow(9) 2.46 % 16.43 Borrowings from the FHLB 263,000 263,000 263,198 Discounted Cash Flow 1.17 % 1.46 Senior unsecured notes 1,643,794 1,626,757 1,345,816 Internal model, third-party inputs 4.66 % 5.25 Nonhedge derivatives(1)(10) 59,100 N/A 281 Counterparty quotations N/A 0.5 (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 $17.0 million at June 30, 2022. (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) 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. (10) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. 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 $31.8 million at December 31, 2021. (5) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model. (6) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (7) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (8) Fair value for repurchase agreement liabilities - short term borrowings under the Secured Financing Facility and borrowings under the Revolving Credit Facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (9) For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
Summary of financial assets and liabilities, both reported at fair value on a recurring basis or amortized cost/par	The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at June 30, 2022 and December 31, 2021 ($ in thousands): June 30, 2022 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) $ 612,120 $ — $ — $ 593,945 $ 593,945 CMBS interest-only(1) 1,162,364 (2) — — 12,270 12,270 GNMA interest-only(3) 51,952 (2) — — 396 396 Agency securities(1) 45 — — 46 46 Equity securities N/A 646 — — 646 $ 646 $ — $ 606,657 $ 607,303 Liabilities: Nonhedge derivatives(4) 59,100 281 — — 281 $ 281 $ — $ — $ 281 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) $ 4,032,515 $ — $ — $ 3,956,081 $ 3,956,081 Mortgage loan receivable held for sale(6) 37,950 — — 36,121 36,121 CMBS(7) 9,742 — — 9,333 9,333 CMBS interest-only(7) 8,787 — — 481 481 FHLB stock 11,835 — — 11,835 11,835 $ — $ — $ 4,013,851 $ 4,013,851 Liabilities: Repurchase agreements - short-term 648,323 $ — $ — $ 648,323 $ 648,323 Mortgage loan financing 609,477 — — 624,444 624,444 CLO debt 1,064,365 — — 1,056,038 1,056,038 Borrowings from the FHLB 263,000 — — 263,198 263,198 Senior unsecured notes 1,643,794 — — 1,345,816 1,345,816 $ — $ — $ 3,937,819 $ 3,937,819 (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 $17.0 million at June 30, 2022. (6) A lower of cost or market adjustment was recorded as of June 30, 2022. (7) 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, are classified as held-to-maturity and reported at amortized cost. 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 $31.8 million at December 31, 2021.
Schedule of changes in Level 3 of financial instruments	The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the six months ended June 30, 2022 and 2021 ($ in thousands): Six Months Ended June 30, Level 3 2022 2021 Balance at January 1, $ 692,864 $ 1,046,569 Transfer from level 2 — — Purchases 44,090 101,358 Sales (4,261) (339,238) Paydowns/maturities (109,804) (106,197) Amortization of premium/discount (2,371) (3,702) Unrealized gain/(loss) (13,759) 8,184 Realized gain/(loss) on sale (103) 595 Balance at June 30, $ 606,656 $ 707,569
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): June 30, 2022 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 593,945 Discounted cash flow Yield (4) — % 2.82 % 17.73 % Duration (years)(5) 0 1.23 11.45 CMBS interest-only(1) 12,270 (2) Discounted cash flow Yield (4) — % 5.04 % 15.96 % Duration (years)(5) 0 1.67 2.29 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only(3) 396 (2) Discounted cash flow Yield (4) — % 5.02 % 10.00 % Duration (years)(5) 0 3.41 8.48 Prepayment speed (CPJ)(5) 5 17.61 35 Agency securities(1) 46 Discounted cash flow Yield (4) 2.78 % 2.78 % 2.78 % Duration (years)(5) 1.8 1.8 1.8 Total $ 606,657 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 (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.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2022
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): Three months ended June 30, 2022 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 61,244 $ 3,880 $ 1 $ 143 $ 65,268 Interest expense (12,702) (650) (8,075) (21,278) (42,705) Net interest income (expense) 48,542 3,230 (8,074) (21,135) 22,563 (Provision for) release of loan loss reserves 1,002 — — — 1,002 Net interest income (expense) after provision for (release of) loan reserves 49,544 3,230 (8,074) (21,135) 23,565 Real estate operating income — — 28,646 — 28,646 Sale of loans, net (1,930) — — — (1,930) Realized gain (loss) on securities — 12 — — 12 Unrealized gain (loss) on equity securities — (30) — — (30) Unrealized gain (loss) on Agency interest-only securities — (19) — — (19) Realized gain on sale of real estate, net — — 28,554 — 28,554 Fee and other income 2,226 18 — 101 2,345 Net result from derivative transactions 1,587 449 643 — 2,679 Earnings (loss) from investment in unconsolidated ventures — — 356 — 356 Gain (loss) on extinguishment of debt — — — 685 685 Total other income (loss) 1,883 430 58,199 786 61,298 Compensation and employee benefits — — — (15,495) (15,495) Operating expenses 39 (50) — (4,640) (4,651) Real estate operating expenses — — (9,867) — (9,867) Fee expense 1 (50) (133) (1,304) (1,486) Depreciation and amortization — — (7,558) — (7,558) Total costs and expenses 40 (100) (17,558) (21,439) (39,057) Income tax (expense) benefit — — — (2,594) (2,594) Segment profit (loss) $ 51,467 $ 3,560 $ 32,567 $ (44,382) $ 43,212 Total assets as of June 30, 2022 $ 4,022,685 $ 617,096 $ 793,908 $ 409,320 $ 5,843,009 Three months ended June 30, 2021 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 34,253 $ 3,216 $ — $ 108 $ 37,577 Interest expense (13,681) (556) (9,944) (21,045) (45,226) Net interest income (expense) 20,572 2,660 (9,944) (20,937) (7,649) Provision for (release of) loan loss reserves 335 — — — 335 Net interest income (expense) after provision for (release of) loan reserves 20,907 2,660 (9,944) (20,937) (7,314) Real estate operating income — — 26,558 — 26,558 Sale of loans, net 3,392 — — — 3,392 Realized gain (loss) on securities — 15 — — 15 Unrealized gain (loss) on Agency interest-only securities — (48) — — (48) Realized gain on sale of real estate, net — 19,389 — 19,389 Impairment of real estate — — — — — Fee and other income 2,295 — 14 142 2,451 Net result from derivative transactions (2,792) (1,052) — — (3,844) Earnings (loss) from investment in unconsolidated ventures 78 — 159 — 237 Total other income (loss) 2,973 (1,085) 46,120 142 48,150 Salaries and employee benefits — — — (8,477) (8,477) Operating expenses 29 — — (4,245) (4,216) Real estate operating expenses — — (6,345) — (6,345) Fee expense (944) (61) (1,018) (172) (2,195) Depreciation and amortization — — (9,440) (24) (9,464) Total costs and expenses (915) (61) (16,803) (12,918) (30,697) Income tax (expense) benefit — — — 318 318 Segment profit (loss) $ 22,965 $ 1,514 $ 19,373 $ (33,395) $ 10,457 Total assets as of December 31, 2021 $ 3,521,986 $ 703,280 $ 914,027 $ 711,959 $ 5,851,252 Six months ended June 30, 2022 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 114,361 $ 6,945 $ 2 $ 165 $ 121,473 Interest expense (26,986) (1,102) (19,554) (42,099) (89,741) Net interest income (expense) 87,375 5,843 (19,552) (41,934) 31,732 (Provision for) release of loan loss reserves 128 — — — 128 Net interest income (expense) after provision for (release of) loan reserves 87,503 5,843 (19,552) (41,934) 31,860 Real estate operating income — — 54,999 — 54,999 Sale of loans, net (2,879) — — — (2,879) Realized gain (loss) on securities — (84) — — (84) Unrealized gain (loss) on equity securities — (16) — — (16) Unrealized gain (loss) on Agency interest-only securities — (16) — — (16) Realized gain on sale of real estate, net — — 57,708 — 57,708 Fee and other income 5,602 34 3,704 199 9,539 Net result from derivative transactions 3,925 1,252 637 — 5,814 Earnings (loss) from investment in unconsolidated ventures — — 790 — 790 Gain (loss) on extinguishment of debt — — — 685 685 Total other income (loss) 6,648 1,170 117,838 884 126,540 Compensation and employee benefits — — — (45,358) (45,358) Operating expenses 56 (50) — (10,165) (10,159) Real estate operating expenses — — (18,859) — (18,859) Fee expense (798) (98) (299) (2,279) (3,474) Depreciation and amortization — — (16,892) (8) (16,900) Total costs and expenses (742) (148) (36,050) (57,810) (94,750) Income tax (expense) benefit — — — (1,284) (1,284) Segment profit (loss) $ 93,409 $ 6,865 $ 62,236 $ (100,144) $ 62,366 Total assets as of June 30, 2022 $ 4,022,685 $ 617,096 $ 793,908 $ 409,320 $ 5,843,009 Six months ended June 30, 2021 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 70,145 $ 6,450 $ — $ 270 76,865 Interest expense (27,757) (1,388) (18,729) (43,325) (91,199) Net interest income (expense) 42,388 5,061 (18,729) (43,056) (14,334) Provision for (release of) loan loss reserves 4,586 — — — 4,586 Net interest income (expense) after provision for (release of) loan reserves 46,974 5,061 (18,729) (43,056) (9,748) Real estate operating income — — 50,718 — 50,718 Sale of loans, net 3,392 — — — 3,392 Realized gain (loss) on securities — 594 — — 594 Unrealized gain (loss) on Agency interest-only securities — (68) — — (68) Realized gain on sale of real estate, net — — 19,389 — 19,389 Fee and other income 5,264 — 47 424 5,735 Net result from derivative transactions 251 676 — — 927 Earnings (loss) from investment in unconsolidated ventures 218 — 455 — 673 Total other income (loss) 9,125 1,202 70,609 424 81,360 Salaries and employee benefits — — — (18,011) (18,011) Operating expenses 38 — — (8,495) (8,457) Real estate operating expenses — — (12,555) — (12,555) Fee expense (2,252) (111) (1,140) (290) (3,793) Depreciation and amortization — — (18,950) (50) (19,000) Total costs and expenses (2,214) (111) (32,645) (26,846) (61,816) Income tax (expense) benefit — — — 1,096 1,096 Segment profit (loss) $ 53,885 $ 6,152 $ 19,235 $ (68,382) $ 10,892 Total assets as of December 31, 2021 $ 3,521,986 $ 703,280 $ 914,027 $ 711,959 $ 5,851,252 (1) Includes the Company’s investment in unconsolidated ventures that held real estate of $5.6 million and $23.2 million as of June 30, 2022 and December 31, 2021, 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 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 as of June 30, 2022 and December 31, 2021, and the Company’s senior unsecured notes of $1.6 billion and $1.6 billion at June 30, 2022 and December 31, 2021, respectively.

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details)	Jun. 30, 2022
LCFH
ORGANIZATION AND OPERATIONS
Ownership interest in LCFH	100%

MORTGAGE LOAN RECEIVABLES - Sch

MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 4,070,465	$ 3,581,919
Allowance for credit losses	(16,960)	(31,752)	$ (32,332)	$ (35,891)	$ (36,241)	$ (41,507)
Carrying Value	$ 4,022,683	$ 3,521,985
Weighted average yield	6.05%	5.65%
Remaining Maturity	1 year 7 months 6 days	1 year 9 months 18 days
Principal balance of loans on non-accrual status	$ 54,364	$ 80,229
Deferred origination fees and other items	26,700	26,000
First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	3,951,779	3,482,715
Carrying Value gross, consumer and commercial real estate	$ 3,923,127	$ 3,454,654
Weighted average yield	5.97%	5.50%
Remaining Maturity	1 year 6 months	1 year 9 months 18 days
Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 80,736	$ 99,204
Carrying Value gross, consumer and commercial real estate	$ 80,666	$ 99,083
Weighted average yield	10.80%	10.92%
Remaining Maturity	1 year 10 months 24 days	1 year 10 months 24 days
Total mortgage loans receivable
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 4,032,515	$ 3,581,919
Carrying Value gross, consumer and commercial real estate	$ 4,003,793	$ 3,553,737
Weighted average yield	6.06%	5.65%
Remaining Maturity	1 year 6 months	1 year 9 months 18 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	$ 4,032,515	$ 3,581,919
Allowance for credit losses	(16,960)	(31,752)		$ (35,891)		$ (41,507)
Carrying Value	3,986,833	$ 3,521,985
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	37,950
Carrying Value	$ 35,850
Weighted average yield	4.91%
Remaining Maturity	8 years 9 months 18 days

MORTGAGE LOAN RECEIVABLES - Add

MORTGAGE LOAN RECEIVABLES - Additional Information (Details)			3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 27, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) loan	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) loan	Dec. 31, 2018 USD ($) loan	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount			$ 4,070,465,000		$ 4,070,465,000		$ 3,581,919,000
Allowance for current expected credit losses			17,700,000		17,700,000
General CECL Reserve			16,960,000	$ 35,891,000	16,960,000	$ 35,891,000	31,752,000		$ 32,332,000	$ 36,241,000	$ 41,507,000
Increase in reserve of unfunded commitments			700,000		700,000
Allowance for current expected credit losses							32,200,000
Individually impaired loans			26,566,000		26,566,000		69,932,000
Provision for (release of) loan loss reserves, net			(1,002,000)	(335,000)	(128,000)	(4,586,000)
Recoveries			(3,105,000)	0	(3,105,000)	0
Increase (decrease) of reserve on unfunded commitments					300,000	(100,000)
Mortgage loans receivable	[1]		4,003,793,000		4,003,793,000		3,553,737,000
Loans nonaccrual status, amount			54,364,000		$ 54,364,000		80,229,000
Direct capitalization rate					4.50%
Principal balance of loans on non-accrual status			54,364,000		$ 54,364,000		$ 80,229,000
Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Direct capitalization rate								4.70%
Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Direct capitalization rate								5%
Asset Specific Reserve, Company Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
General CECL Reserve			2,700,000		$ 2,700,000
Number or loans in default | loan					2
Provision for (release of) loan loss reserves, net						4,500,000
Provision for (release of) loan loss reserves, net					$ 2,700,000
Accounting Standards Update 2016-13
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans that previously had asset-specific reserves | loan							3
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
Number or loans in default							3
Total mortgage loan receivables held for investment, net, at amortized cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans receivable with variable rates of interest			$ 3,600,000,000		$ 3,600,000,000		$ 3,300,000,000
Loans receivable with variable rates of interest			89.50%		89.50%		91.50%
Loans receivable with variable rates of interest, subject to interest rate floors			99.70%		99.70%		100%
Outstanding Face Amount			$ 4,032,515,000		$ 4,032,515,000		$ 3,581,919,000
General CECL Reserve			16,960,000	$ 35,891,000	16,960,000	35,891,000	$ 31,752,000				$ 41,507,000
Provision for (release of) loan loss reserves, net					(397,000)	$ (4,466,000)
Total mortgage loan receivables held for investment, net, at amortized cost | London Interbank Offered Rate (LIBOR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans receivable with variable rates of interest			2,800,000,000		2,800,000,000
Total mortgage loan receivables held for investment, net, at amortized cost | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans receivable with variable rates of interest			800,000,000		$ 800,000,000
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 | loan					2		2
Mortgage loans receivable			26,600,000		$ 26,600,000
Loans nonaccrual status, amount			23,900,000		23,900,000		$ 24,200,000
Principal balance of loans on non-accrual status			23,900,000		23,900,000		$ 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]
Number or loans in default | loan								1
Loans nonaccrual status, amount								$ 5,900,000
Principal balance of loans on non-accrual status								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								$ 10,000,000
Number or loans in default | loan							2
Provision for (release of) loan loss reserves, net		$ (3,100,000)
Loans nonaccrual status, amount		24,600,000					$ 25,600,000	45,000,000
Principal balance of loans on non-accrual status		24,600,000					$ 25,600,000	45,000,000
Proceeds in satisfaction of A and B notes		27,700,000
Proceeds in satisfaction of A and B notes, principal amount		27,000,000
Proceeds in satisfaction of A and B notes, interest amount		$ 700,000
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
Principal balance of loans on non-accrual status								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
Principal balance of loans on non-accrual status								$ 10,000,000
Total mortgage loan receivables held for investment, net, at amortized cost | 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
Mortgage loan  receivables held for sale
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount			$ 37,950,000		$ 37,950,000
Percentage of loans receivable with fixed rates of interest			100%		100%
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
Principal balance of loans on non-accrual status			$ 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Mortgage loan receivables held for investment, net, at amortized cost:
Sale of loans, net	$ (1,930)	$ 3,392	$ (2,879)	$ 3,392
Allowance for credit losses
Beginning balance, Allowance for credit losses	(32,332)	(36,241)	(31,752)	(41,507)
Charge-offs	14,395	0	14,395	0
Release (addition) of provision for current expected credit loss, net	1,002	335	128	4,586
Ending balance, Allowance for credit losses	(16,960)	(35,891)	(16,960)	(35,891)
Total mortgage loans receivable
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, ending balance	4,003,793	2,531,048	4,003,793	2,531,048
Total mortgage loan receivables held for investment, net, at amortized cost
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, beginning balance			3,553,737	2,354,059
Origination of mortgage loan receivables			1,004,314	795,717
Repayment of mortgage loan receivables			(550,116)	(532,878)
Proceeds from sales of mortgage loan receivables			0	(46,557)
Non-cash disposition of loans via foreclosure				(45,000)
Sale of loans, net			0	0
Accretion/amortization of discount, premium and other fees			10,253	5,707
Charge offs			(14,395)
Mortgage loans receivable, ending balance
Allowance for credit losses
Beginning balance, Allowance for credit losses			(31,752)	(41,507)
Charge-offs			14,395
Release of asset-specific loan loss provision via foreclosure				1,150
Release (addition) of provision for current expected credit loss, net			397	4,466
Ending balance, Allowance for credit losses	(16,960)	(35,891)	(16,960)	(35,891)
Mortgage loan  receivables held for sale
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, beginning balance			0	30,518
Origination of mortgage loan receivables			61,318	76,404
Repayment of mortgage loan receivables			(67)	(80)
Proceeds from sales of mortgage loan receivables			(22,585)	(51,052)
Non-cash disposition of loans via foreclosure				0
Sale of loans, net			(2,816)	3,392
Accretion/amortization of discount, premium and other fees			0	0
Charge offs			0
Mortgage loans receivable, ending balance	$ 35,850	$ 59,182	$ 35,850	$ 59,182

MORTGAGE LOAN RECEIVABLES - Pro

MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) loan security	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) loan security	Dec. 31, 2018 USD ($)	Jun. 27, 2022 USD ($)
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses at beginning of period	$ 32,332	$ 36,241	$ 31,752	$ 41,507	$ 41,507
Provision for (release of) current expected credit loss, net	2,128	(350)	2,708	(4,466)
Foreclosure of loans subject to asset-specific reserve	0	0	0	(1,150)
Charge-offs	(14,395)	0	(14,395)	0
Recoveries	(3,105)	0	(3,105)	0
Allowance for credit losses at end of period	16,960	35,891	16,960	35,891	31,752
Principal balance of loans on non-accrual status	54,364		54,364		80,229
Asset Specific Reserve, Company Loan
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses at end of period	2,700		2,700
Additional asset-specific reserve	0	0	$ 0	0
Number or loans in default | loan			2
Total mortgage loan receivables held for investment, net, at amortized cost
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses at beginning of period			$ 31,752	41,507	41,507
Charge-offs			(14,395)
Allowance for credit losses at end of period	16,960	$ 35,891	16,960	$ 35,891	31,752
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	23,900		$ 23,900		$ 24,200
Number or loans in default | loan			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]
Allowance for credit losses at end of period						$ 10,000
Principal balance of loans on non-accrual status					$ 25,600	$ 45,000	$ 24,600
Number or loans in default | loan					2
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		$ 30,500		$ 30,500
Number or loans in default | security			1		1

MORTGAGE LOAN RECEIVABLES - Ind

MORTGAGE LOAN RECEIVABLES - Individually Impaired Loans (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	[1]	$ 4,003,793	$ 3,553,737
Subtotal loans, Year One		973,439	2,396,303
Subtotal loans, Year Two		2,170,172	117,367
Subtotal loans, Year Three		101,599	585,959
Subtotal loans, Year Four		423,509	169,948
Subtotal loans, Year 5 and Earlier		308,508	214,228
Subtotal mortgage loans receivable		3,977,227	3,483,805
Individually impaired loans, Year One		0	0
Individually impaired loans, Year Two		0	0
Individually impaired loans, Year Three		0	0
Individually impaired loans, Year Four		0	0
Individually impaired loans, Year Five and Earlier		26,566	69,932
Individually impaired loans		26,566	69,932
Total loans, Year One		973,439	2,396,303
Total loans, Year Two		2,170,172	117,367
Total loans, Year Three		101,599	585,959
Total loans, Year Four		423,509	169,948
Total loans, Year Five and Earlier		335,074	284,160
Accrued interest receivable		15,600	12,600
Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		541,243	697,089
Year Two		671,689	3,131
Year Three		0	47,322
Year Four		23,488	0
Year Five and Earlier		0	0
Total loans		1,236,420	747,542
Office
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		76,514	784,556
Year Two		697,427	29,636
Year Three		29,650	121,346
Year Four		67,684	59,073
Year Five and Earlier		155,322	73,911
Total loans		1,026,597	1,068,522
Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		218,727	538,949
Year Two		446,124	84,600
Year Three		71,949	140,926
Year Four		124,669	0
Year Five and Earlier		0	0
Total loans		861,469	764,475
Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		36,120	41,203
Year Two		95,890	0
Year Three		0	108,469
Year Four		110,310	0
Year Five and Earlier		0	0
Total loans		242,320	149,672
Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		58,233	105,362
Year Two		105,990	0
Year Three		0	89,058
Year Four		41,307	0
Year Five and Earlier		9,291	25,486
Total loans		214,821	219,906
Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0	41,635
Year Two		44,367	0
Year Three		0	43,666
Year Four		21,587	90,132
Year Five and Earlier		143,895	110,890
Total loans		209,849	286,323
Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		10,408	117,265
Year Two		81,778	0
Year Three		0	26,404
Year Four		26,466	0
Year Five and Earlier		0	3,941
Total loans		118,652	147,610
Other
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		32,194	26,801
Year Two		26,907	0
Year Three		0	8,768
Year Four		7,998	20,743
Year Five and Earlier		0	0
Total loans		67,099	56,312
Self-Storage
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0	43,443
Year Two		0	0
Year Three		0	0
Year Four		0	0
Year Five and Earlier		0	0
Total loans		0	43,443
South
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		1,095,960	937,125
Northeast
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		1,156,440	1,080,652
Midwest
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		548,212	434,157
West
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		505,371	530,599
Southwest
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		$ 671,244	$ 501,272
[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	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 1,845,010	$ 2,053,585
Amortized Cost Basis	634,301	707,372
Gross Unrealized Gains	186	1,500
Gross Unrealized Losses	(18,017)	(5,572)
Carrying value, before allowance for credit loss	$ 616,470	$ 703,300
Number of Securities | security	100	102
Weighted Average Coupon	1.20%	0.83%
Weighted Average Yield	2.87%	1.67%
Remaining Duration	1 year 2 months 26 days	2 years 21 days
Amortized Cost Basis	$ 662
Gross Unrealized Gains	8
Gross Unrealized Losses	(24)
Carrying Value	$ 646
Number of equity securities | security	3
Allowance for current expected credit losses	$ (20)	$ (20)
Total Amortized Cost Basis	634,963	707,372
Total Gross Unrealized Gains	194	1,500
Total real estate securities, Gross Unrealized Losses	(18,061)	$ (5,592)
Carrying Value	$ 617,096
Total number of Securities | security	103	102
CMBS
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 621,862	$ 691,402
Amortized Cost Basis	621,098	691,026
Gross Unrealized Gains	4	775
Gross Unrealized Losses	(17,825)	(5,508)
Carrying value, before allowance for credit loss	$ 603,277	$ 686,293
Number of Securities | security	73	73
Weighted Average Coupon	2.75%	1.57%
Weighted Average Yield	2.82%	1.57%
Remaining Duration	1 year 2 months 23 days	2 years 21 days
Risk retention requirement, amount	$ 9,300	$ 9,900
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	1,171,151	1,302,551
Amortized Cost Basis	12,785	15,268
Gross Unrealized Gains	122	617
Gross Unrealized Losses	(157)	0
Carrying value, before allowance for credit loss	$ 12,750	$ 15,885
Number of Securities | security	12	13
Weighted Average Coupon	0.41%	0.45%
Weighted Average Yield	5.04%	5.67%
Remaining Duration	1 year 8 months 1 day	1 year 10 months 17 days
Risk retention requirement, amount	$ 500	$ 500
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	51,952	59,075
Amortized Cost Basis	372	518
Gross Unrealized Gains	60	105
Gross Unrealized Losses	(35)	(64)
Carrying value, before allowance for credit loss	$ 397	$ 559
Number of Securities | security	14	14
Weighted Average Coupon	0.34%	0.38%
Weighted Average Yield	5.02%	4.97%
Remaining Duration	3 years 4 months 28 days	3 years 7 months 20 days
Agency securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 45	$ 557
Amortized Cost Basis	46	560
Gross Unrealized Gains	0	3
Gross Unrealized Losses	0	0
Carrying value, before allowance for credit loss	$ 46	$ 563
Number of Securities | security	1	2
Weighted Average Coupon	4%	2.47%
Weighted Average Yield	2.78%	1.58%
Remaining Duration	1 year 9 months 18 days	8 months 8 days

REAL ESTATE SECURITIES - Securi

REAL ESTATE SECURITIES - Securities by Remaining Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Within 1 year	$ 318,829	$ 305,980
1-5 years	296,286	369,876
5-10 years	139	10,486
After 10 years	1,217	16,958
Total	616,451	703,280
Allowance for current expected credit losses	(20)	(20)
CMBS
Debt Securities, Available-for-sale [Line Items]
Within 1 year	317,127	304,357
1-5 years	284,934	354,670
5-10 years	0	10,307
After 10 years	1,217	16,958
Total	603,278	686,292
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year	1,459	1,018
1-5 years	11,292	14,868
5-10 years	0	0
After 10 years	0	0
Total	12,751	15,886
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year	243	102
1-5 years	14	278
5-10 years	139	179
After 10 years	0	0
Total	396	559
Agency securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year	0	503
1-5 years	46	60
5-10 years	0	0
After 10 years	0	0
Total	$ 46	$ 563

REAL ESTATE SECURITIES - Additi

REAL ESTATE SECURITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Sale of equity securities	$ 426	$ 0	$ 470	$ 0

REAL ESTATE AND RELATED LEASE_3

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Real estate and related lease intangibles, net
Less: Accumulated depreciation and amortization		$ (231,116)	$ (229,271)
Real estate and related lease intangibles, net	[1]	788,310	865,694
Below market lease intangibles, net (other liabilities)(1)		(31,785)	(33,203)
Accumulated amortization of below market lease		13,600	12,800
In-place leases and other intangibles
Real estate and related lease intangibles, net
Real estate		130,385	142,335
Undepreciated real estate and related lease intangibles
Real estate and related lease intangibles, net
Real estate		1,019,426	1,094,965
Land
Real estate and related lease intangibles, net
Real estate		174,851	186,940
Building
Real estate and related lease intangibles, net
Real estate		$ 714,190	$ 765,690
[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) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Accumulated depreciation and amortization	$ 231,116	$ 229,271
Foreclosed properties held in real estate	96,000	97,300
Unbilled rent receivables	1,200	400
Unencumbered real estates	82,200	85,900
Disposal Group, Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles		32,500
Land
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles	174,851	186,940
Land | Disposal Group, Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles		900
Building
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles	$ 714,190	765,690
Building | Disposal Group, Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles		27,400
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

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	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Real Estate [Abstract]
Depreciation expense	$ 5,997	$ 7,825	$ 13,085	$ 15,815
Amortization expense	1,561	1,639	3,815	3,185
Total real estate depreciation and amortization expense	$ 7,558	9,464	16,900	19,000
Depreciation on corporate fixed assets		$ 25	$ 8	$ 50

REAL ESTATE AND RELATED LEASE_6

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unamortized Favorable Lease Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Gross intangible assets	$ 130,385		$ 130,385		$ 146,593
Accumulated amortization	63,248		63,248		67,500
Net intangible assets	67,137		67,137		79,093
Unamortized favorable lease intangibles	3,200		3,200		$ 3,800
Increase in operating lease income for amortization of below market lease intangibles acquired	513	$ 576	1,034	$ 1,146
Total	437	484	881	963
Above Market Leases
Business Acquisition [Line Items]
Reduction in operating lease income for amortization of above market lease intangibles acquired	$ (76)	$ (92)	$ (153)	$ (183)

REAL ESTATE AND RELATED LEASE_7

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Net intangible assets	$ 67,137	$ 79,093
Increase/(Decrease) to Operating Lease Income
Finite-Lived Intangible Assets [Line Items]
2022 (last 6 months)	453
2023	906
2024	906
2025	906
2026	906
Thereafter	24,505
Net intangible assets	28,582
Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2022 (last 6 months)	1,944
2023	3,889
2024	3,889
2025	3,889
2026	3,888
Thereafter	46,433
Net intangible assets	$ 63,932

REAL ESTATE AND RELATED LEASE_8

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Real Estate [Abstract]
2022 (last 6 months)	$ 30,493
2023	57,903
2024	56,161
2025	54,004
2026	50,527
Thereafter	250,130
Total	$ 499,218

REAL ESTATE AND RELATED LEASE_9

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details)	1 Months Ended	3 Months Ended			6 Months Ended
	Feb. 28, 2021 USD ($)	Jun. 30, 2022 USD ($) security	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2022 USD ($) security	Jun. 30, 2021 USD ($)
Business Acquisition [Line Items]
Real estate acquired through foreclosure			$ 43,750,000			$ 43,750,000
Gain/(Loss) on Loan Foreclosure						0
Purchase Price						43,750,000
Realized (gain) loss on disposition of loan					$ 0	(26,000)
Provision for (release of) loan loss reserves, net		$ (1,002,000)	$ (335,000)		(128,000)	(4,586,000)
Net earnings (loss)						$ 0
New York, NY | Condos
Business Acquisition [Line Items]
Real estate acquired through foreclosure		$ 15,400,000			$ 15,400,000
New York, NY | Condos | Measurement Input, Cap Rate
Business Acquisition [Line Items]
Measurement input		0.055			0.055
New York, NY | Condos, Residential
Business Acquisition [Line Items]
Type of real estate unit acquired via foreclosure | security		1			1
New York, NY | Condos, Retail
Business Acquisition [Line Items]
Type of real estate unit acquired via foreclosure | security		1			1
Miami, FL | Hotel
Business Acquisition [Line Items]
Real estate acquired through foreclosure	$ 43,750,000
Gain/(Loss) on Loan Foreclosure	$ 0
Ownership Interest	100%
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, net				$ 1,200,000

REAL ESTATE AND RELATED LEAS_10

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details) $ in Thousands		1 Months Ended				3 Months Ended		6 Months Ended
		Jun. 30, 2022 USD ($) property	Mar. 31, 2022 USD ($) property	Jun. 30, 2021 USD ($) property	Feb. 28, 2021 USD ($) property	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($) property	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($) property	Dec. 31, 2021 USD ($)
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds								$ 163,616	$ 82,482
Net Book Value	[1]	$ 788,310				$ 788,310		788,310		$ 865,694
Realized gain (loss) on sale of real estate, net						28,554	$ 19,389	57,708	19,389
2022 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds								163,616
Net Book Value		105,908				105,908		105,908
Realized gain (loss) on sale of real estate, net								57,708
Defeasance cost								3,700
2022 Disposal Properties | Office | Ewing, NJ
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds			$ 38,694
Net Book Value			24,175
Realized gain (loss) on sale of real estate, net			$ 14,519
Properties | property			1
2022 Disposal Properties | Warehouse | Conyers, GA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds			$ 40,752
Net Book Value			26,116
Realized gain (loss) on sale of real estate, net			$ 14,636
Properties | property			1
2022 Disposal Properties | Apartments | Stillwater, OK
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds		23,314
Net Book Value		18,032				$ 18,032		$ 18,032
Realized gain (loss) on sale of real estate, net		$ 5,283
Properties | property		1				1		1
2022 Disposal Properties | Apartments | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds		$ 60,856
Net Book Value		37,585				$ 37,585		$ 37,585
Realized gain (loss) on sale of real estate, net		$ 23,270
Properties | property		1				1		1
2021 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds									82,482
Net Book Value				$ 63,093			63,093		63,093
Realized gain (loss) on sale of real estate, net									19,389
2021 Disposal Properties | Office | North Dartmouth, MA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				38,732
Net Book Value				19,343			$ 19,343		$ 19,343
Realized gain (loss) on sale of real estate, net				$ 19,389
Properties | property				1			1		1
Units Sold | property				0
Units Remaining | property				0
2021 Disposal Properties | Hotel | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds					$ 43,750
Net Book Value					43,750
Realized gain (loss) on sale of real estate, net					$ 0
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 VENTURES - Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated ventures	[1]	$ 5,599	$ 23,154
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated ventures		5,599	5,434
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated ventures		$ 0	$ 17,720
[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 VENTURES - Summary of Allocated Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated ventures	$ 356	$ 237	$ 790	$ 673
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated ventures	356	325	790	622
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated ventures	$ 0	$ (88)	$ 0	$ 51

INVESTMENT IN AND ADVANCES TO_5

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES - Additional Information (Details) - Grace Lake JV, LLC - USD ($)	1 Months Ended	6 Months Ended
	Apr. 30, 2012	Jun. 30, 2022	Jun. 30, 2021	Mar. 22, 2013
Schedule of Equity Method Investments [Line Items]
Percentage of equity kicker received with right to convert upon capital event	25%
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%
Distributions from operations of investment in unconsolidated joint ventures		$ 600,000	$ 0
Ladder Capital Financial Corporation
Schedule of Equity Method Investments [Line Items]
Percentage of investment of operating partner		81%
LP Units
Schedule of Equity Method Investments [Line Items]
Ownership interest				19%
Limited liability company
Schedule of Equity Method Investments [Line Items]
Ownership interest		19%

INVESTMENT IN AND ADVANCES TO_6

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES - Results from Operations of the Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2022		Jun. 30, 2021	Jun. 30, 2022		Jun. 30, 2021	Mar. 31, 2022	Dec. 31, 2021		Mar. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total assets	[1]	$ 5,843,009			$ 5,843,009				$ 5,851,252
Total liabilities	[1]	4,333,300			4,333,300				4,337,633
Partners’/members’ capital		1,509,709	[1]	$ 1,519,865	1,509,709	[1]	$ 1,519,865	$ 1,509,157	1,513,619	[1]	$ 1,530,839	$ 1,548,425
Total expenses		39,057		30,697	94,750		61,816
Net income (loss)		43,212		10,457	62,366		10,892
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Total assets		69,075			69,075				109,873
Total liabilities		57,389			57,389				66,387
Partners’/members’ capital		11,686			11,686				$ 43,486
Total revenues		4,923		4,543	9,997		9,057
Total expenses		3,498		3,242	6,835		6,565
Net income (loss)		$ 1,425		$ 1,301	$ 3,162		$ 2,492
[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)	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) Extension	Dec. 31, 2021 USD ($) Extension	Mar. 23, 2020 USD ($)	Feb. 26, 2020 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value of Debt Obligations	$ 648,323,000	$ 444,577,000
Debt obligations	3,150,018,000
Carrying Amount of Collateral	0	0
Committed Loan Repurchase Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	1,300,000,000	1,200,000,000
Carrying Value of Debt Obligations	459,108,000	184,517,000
Committed but Unfunded	840,892,000	1,015,483,000
Carrying Amount of Collateral	712,457,000	322,584,000
Fair Value of Collateral	712,457,000	322,584,000
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	225,013,000	37,207,000
Committed but Unfunded	274,987,000	462,793,000
Carrying Amount of Collateral	347,829,000	82,966,000
Fair Value of Collateral	$ 347,829,000	$ 82,966,000
Number of extension maturity periods | Extension	2	2
Length of extension options	12 months	12 months
Committed amount on credit agreement	$ 900,000,000	$ 900,000,000
Committed Loan Repurchase Facility | Maturing On February 26 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	100,000,000
Carrying Value of Debt Obligations	12,552,000
Committed but Unfunded	87,448,000
Carrying Amount of Collateral	19,968,000
Fair Value of Collateral	$ 19,968,000
Number of extension maturity periods | Extension	1	2
Length of extension options	12 months	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
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
Committed Loan Repurchase Facility | Maturing on 19 December 2022 - 1
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	$ 300,000,000	300,000,000
Carrying Value of Debt Obligations	157,578,000	75,837,000
Committed but Unfunded	142,422,000	224,163,000
Carrying Amount of Collateral	243,587,000	127,926,000
Fair Value of Collateral	$ 243,587,000	$ 127,926,000
Number of extension maturity periods | Extension	3	3
Length of extension options	364 days	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
Carrying Value of Debt Obligations	0	0
Committed but Unfunded	100,000,000	100,000,000
Carrying Amount of Collateral	0	0
Fair Value of Collateral	$ 0	$ 0
Number of extension maturity periods | Extension	1	1
Length of extension options	12 months	12 months
Number of additional extension maturity periods | Extension	2	2
Length of additional extension maturity periods	6 months	6 months
Committed Loan Repurchase Facility | Maturing On 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	63,965,000	26,183,000
Committed but Unfunded	36,035,000	73,817,000
Carrying Amount of Collateral	101,073,000	48,720,000
Fair Value of Collateral	101,073,000	48,720,000
Committed Loan Repurchase Facility | Maturing On 22 January 2024
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
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	100,000,000
Carrying Value of Debt Obligations	0	0
Committed but Unfunded	100,000,000	100,000,000
Carrying Amount of Collateral	0	0
Fair Value of Collateral	$ 0	$ 0
Length of extension options	364 days	364 days
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	$ 605,917,000	$ 862,794,000
Carrying Value of Debt Obligations	9,982,000	44,139,000
Committed but Unfunded	595,935,000	818,655,000
Carrying Amount of Collateral	12,202,000	50,522,000
Fair Value of Collateral	12,202,000	50,522,000
Committed Securities Repurchase Facility | Maturing on 23 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	900,000,000
Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value of Debt Obligations	179,233,000	215,921,000
Carrying Amount of Collateral	196,734,000	242,629,000
Fair Value of Collateral	196,734,000	242,629,000
Restricted securities held-to-maturity	2,000,000	2,100,000
Total Repurchase Facilities
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	1,700,000,000	1,600,000,000
Carrying Value of Debt Obligations	648,323,000	444,577,000
Committed but Unfunded	1,230,910,000	1,371,344,000
Carrying Amount of Collateral	921,393,000	615,735,000
Fair Value of Collateral	921,393,000	$ 615,735,000
Revolving Credit Facility | Maturing on 11 February 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	266,430,000
Carrying Value of Debt Obligations	0
Committed but Unfunded	$ 266,430,000
Number of extension maturity periods | Extension	3	3
Length of extension options	12 months	12 months
Revolving Credit Facility | Maturing on 11 February 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		$ 266,430,000
Carrying Value of Debt Obligations		0
Committed but Unfunded		266,430,000
Mortgage Loan Financing | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	$ 609,477,000	690,927,000
Carrying Value of Debt Obligations	611,938,000	693,797,000
Committed but Unfunded	0	0
Carrying Amount of Collateral	706,064,000	805,007,000
Fair Value of Collateral	927,219,000	1,033,372,000
Secured financing facility | Maturing On 6 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		136,444,000
Carrying Value of Debt Obligations		132,447,000
Committed but Unfunded		0
Carrying Amount of Collateral		244,399,000
Fair Value of Collateral		244,553,000
Unamortized debt issuance costs		1,900,000
Unamortized debt discount		2,100,000
CLO Debt
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	1,100,000,000
Unamortized debt issuance costs	8,300,000
CLO Debt | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	1,064,365,000	1,064,365,000
Carrying Value of Debt Obligations	1,056,038,000	1,054,774,000
Committed but Unfunded	0	0
Carrying Amount of Collateral	1,280,967,000	1,299,116,000
Fair Value of Collateral	1,280,967,000	1,299,116,000
Unamortized debt issuance costs	8,300,000	9,600,000
Borrowings from the FHLB | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	263,000,000	263,000,000
Carrying Value of Debt Obligations	263,000,000	263,000,000
Committed but Unfunded	0	0
Carrying Amount of Collateral	298,223,000	301,792,000
Fair Value of Collateral	298,223,000	301,792,000
Restricted securities held-to-maturity	7,000,000	7,500,000
Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	17,037,000
Senior Unsecured Notes | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued	1,643,794,000	1,649,794,000
Senior Unsecured Notes	1,626,758,000	1,631,108,000
Committed but Unfunded	0	0
Unamortized debt issuance costs	17,000,000	18,700,000
Total Debt Obligations
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued	5,547,066,000	5,670,960,000
Debt obligations	4,206,057,000	4,219,703,000
Committed but Unfunded	1,497,340,000	1,637,774,000
Carrying Amount of Collateral	3,206,647,000	3,266,049,000
Fair Value of Collateral	$ 3,427,802,000	$ 3,494,568,000
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.82%	1.61%
Minimum | Committed Loan Repurchase Facility | Maturing On February 26 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	4.02%
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	3.07%	1.86%
Minimum | Committed Loan Repurchase Facility | Maturing on April 30 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%	0%
Minimum | Committed Loan Repurchase Facility | Maturing On 3 January 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	3.18%	2.23%
Minimum | Committed Loan Repurchase Facility | Maturing On 22 January 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%
Minimum | Committed Loan Repurchase Facility | Maturing On 21 October 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%	0%
Minimum | Committed Securities Repurchase Facility | Maturing On 27 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.30%	0.65%
Minimum | Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	1.66%	0.54%
Minimum | Revolving Credit Facility | Maturing on 11 February 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%
Minimum | Revolving Credit Facility | Maturing on 11 February 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0%
Minimum | Mortgage Loan Financing | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	3.75%	3.75%
Minimum | Secured financing facility | Maturing On 6 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		10.75%
Minimum | CLO Debt | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.52%	1.66%
Minimum | Borrowings from the FHLB | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	150%	36%
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	3.08%	1.61%
Maximum | Committed Loan Repurchase Facility | Maturing On February 26 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	4.02%
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	4.07%	2.86%
Maximum | Committed Loan Repurchase Facility | Maturing on April 30 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%	0%
Maximum | Committed Loan Repurchase Facility | Maturing On 3 January 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	3.18%	2.23%
Maximum | Committed Loan Repurchase Facility | Maturing On 22 January 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%
Maximum | Committed Loan Repurchase Facility | Maturing On 21 October 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%	0%
Maximum | Committed Securities Repurchase Facility | Maturing On 27 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.55%	1.05%
Maximum | Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	3.88%	2.06%
Maximum | Revolving Credit Facility | Maturing on 11 February 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%
Maximum | Revolving Credit Facility | Maturing on 11 February 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0%
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%
Maximum | CLO Debt | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	4.97%	1.75%
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%	5.25%

DEBT OBLIGATIONS, NET - Committ

DEBT OBLIGATIONS, NET - Committed Loan and Securities Repurchase Facilities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) agreement	Dec. 31, 2021 USD ($)
Committed Securities Repurchase Facility | Maturing on 23 December 2021
Debt Instrument [Line Items]
Consolidated CLO debt obligations	$ 900
Committed Loan Repurchase Facility
Debt Instrument [Line Items]
Number of agreements | agreement	7
Consolidated CLO debt obligations	$ 1,300	$ 1,200

DEBT OBLIGATIONS, NET - Revolvi

DEBT OBLIGATIONS, NET - Revolving Credit Facility (Details)	Nov. 25, 2019 option	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Number of additional options | option	2
Length of extension options	1 year
Carrying Value of Debt Obligations		$ 648,323,000	$ 444,577,000
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%
Letter of Credit
Debt Instrument [Line Items]
Committed amount on credit agreement		25,000,000
Revolving credit facility | Maturing on 11 February 2023
Debt Instrument [Line Items]
Carrying Value of Debt Obligations		0
Consolidated CLO debt obligations		$ 266,430,000

DEBT OBLIGATIONS, NET - Debt Is

DEBT OBLIGATIONS, NET - Debt Issuance Costs (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Credit Agreement and Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance expense	$ 2.7	$ 2.9

DEBT OBLIGATIONS, NET - Uncommi

DEBT OBLIGATIONS, NET - Uncommitted Securities Repurchase Facilities (Details) - Uncommitted Securities Repurchase Facilities	6 Months Ended
	Jun. 30, 2022
Minimum
Debt Instrument [Line Items]
Advance rates	75%
Maximum
Debt Instrument [Line Items]
Advance rates	95%

DEBT OBLIGATIONS, NET - Mortgag

DEBT OBLIGATIONS, NET - Mortgage Loan Financing (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Amortization of premium/discount on mortgage loan financing included in interest expense	$ (500)	$ (662)
Mortgage loan financing
Debt Instrument [Line Items]
Weighted average term	2 years 10 months 24 days
Secured Debt	$ 611,900		$ 693,800
Net unamortized premiums	2,700		3,200
Amortization of premium/discount on mortgage loan financing included in interest expense	(300)	$ (700)
Pledged assets, real estate and lease intangibles, net	$ 706,100		$ 805,000
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	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt obligations, net	[1]		$ 4,206,057,000	$ 4,219,703,000
Secured financing facility | Maturing On 6 May 2023
Debt Instrument [Line Items]
Unamortized debt issuance costs				$ 1,900,000
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%
Non-Recourse Notes | Secured Debt | Koch Real Estate Investments, LLC
Debt Instrument [Line Items]
Committed amount on credit agreement		$ 206,400,000
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, 2021 USD ($) security	Jul. 13, 2021 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Debt obligations, net	[1]			$ 4,206,057	$ 4,219,703
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt obligations, net				1,056,038	1,054,774
Variable Interest Entity, Primary Beneficiary | Collateralized Loan Obligation
Debt Instrument [Line Items]
Subordinate and controlling interest		15.60%	18%
Number of additional tranches | security		2
Subordinate and controlling interest as investment		6.80%
CLO Debt
Debt Instrument [Line Items]
Unamortized debt issuance costs				8,300
Various Date | CLO Debt
Debt Instrument [Line Items]
Debt obligations, net				1,100,000
Unamortized debt issuance costs				$ 8,300	$ 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%
[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	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Cash, cash equivalents and restricted cash	$ 282,931	$ 621,546	$ 1,285,687	$ 1,284,284
Tuebor Captive Insurance Company LLC
Debt Instrument [Line Items]
Amount restricted from transfer	1,200,000
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC
Debt Instrument [Line Items]
FHLB borrowings outstanding	$ 263,000
Weighted average term	1 year 6 months
Weighted average interest rate	1.89%
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	$ 257,000
Cash, cash equivalents and restricted cash	$ 41,200
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | Minimum
Debt Instrument [Line Items]
Average term	2 months 12 days
Stated interest rate on debt instrument	1.50%
Advance rates	71.70%
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | Maximum
Debt Instrument [Line Items]
Average term	2 years 3 months 18 days
Stated interest rate on debt instrument	2.74%
Advance rates	95.70%

DEBT OBLIGATIONS, NET - Senior

DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Jun. 23, 2021	Jan. 30, 2020	Sep. 25, 2017
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt	$ 685,000	$ 0	$ 685,000	$ 0
Senior Unsecured Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs	17,037,000		17,037,000
Various Date | Senior Unsecured Notes
Debt Instrument [Line Items]
Senior Unsecured Notes	1,626,758,000		1,626,758,000		$ 1,631,108,000
Loan refinance	1,643,794,000		1,643,794,000		1,649,794,000
Unamortized debt issuance costs	17,000,000		17,000,000		$ 18,700,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Senior Unsecured Notes	1,600,000,000		1,600,000,000
Senior Notes Due 2025 | Senior Unsecured Notes
Debt Instrument [Line Items]
Loan refinance	344,000,000		344,000,000					$ 400,000,000
Stated interest rate on debt instrument								5.25%
Notes repurchased	4,000,000		4,000,000
Gain (loss) on extinguishment of debt			300,000
Senior Notes Due 2027 | Senior Unsecured Notes
Debt Instrument [Line Items]
Loan refinance	650,800,000		650,800,000				$ 750,000,000
Stated interest rate on debt instrument							4.25%
Notes repurchased	1,000,000		1,000,000
Gain (loss) on extinguishment of debt			200,000
Senior Notes Due 2029 | Senior Unsecured Notes
Debt Instrument [Line Items]
Loan refinance	649,000,000		649,000,000			$ 650,000,000
Stated interest rate on debt instrument						4.75%
Notes repurchased	$ 1,000,000		1,000,000
Gain (loss) on extinguishment of debt			$ 200,000

DEBT OBLIGATIONS, NET - Sched_2

DEBT OBLIGATIONS, NET - Schedule of Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Long-term Debt, Fiscal Year Maturity [Abstract]
2022 (last 6 months)	$ 292,394
2023	229,523
2024	608,636
2025	522,006
2026	26,424
Thereafter	1,485,611
Subtotal	3,164,594
Premiums included in mortgage loan financing	2,650
Debt obligations	3,150,018
Senior Unsecured Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(17,037)
Secured financing facility | Maturing On 6 May 2023
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs		$ (1,900)
Consolidated CLO debt obligations		$ 136,444
Mortgage Loan Financing
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(189)
CLO Debt
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(8,300)
Consolidated CLO debt obligations	$ 1,100,000

DEBT OBLIGATIONS, NET - Financi

DEBT OBLIGATIONS, NET - Financial Covenants (Details) $ in Millions	Jun. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Equity restricted as payment as a dividend	$ 871.4

DEBT OBLIGATIONS, NET - LIBOR T

DEBT OBLIGATIONS, NET - LIBOR Transition (Details)	Jun. 30, 2022
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Percentage of debt with variable rate	73.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Percentage of debt with variable rate	26.50%

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional		$ 59,100	$ 114,121
Fair value, asset	[1]	0	402
Fair value, liability	[1]	281	0
5-year Treasury-Note Futures
Derivative [Line Items]
Notional		22,600	6,500
Fair value, asset		0	76
Fair value, liability		$ 108	$ 0
Remaining maturity		3 months	3 months
10-year Treasury-Note Futures
Derivative [Line Items]
Notional		$ 36,500	$ 23,000
Fair value, asset		0	266
Fair value, liability		$ 173	$ 0
Remaining maturity		3 months	3 months
Futures
Derivative [Line Items]
Notional		$ 59,100	$ 29,500
Fair value, asset		0	342
Fair value, liability		$ 281	0
1 Month LIBOR
Derivative [Line Items]
Notional			84,621
Fair value, asset			60
Fair value, liability			$ 0
Remaining maturity			6 months 25 days
[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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative [Line Items]
Unrealized Gain/(Loss)	$ (466)	$ (669)	$ (633)	$ (667)
Realized Gain/(Loss)	3,145	(3,175)	6,447	1,594
Net Result from Derivative Transactions	2,679	(3,844)	5,814	927
Caps
Derivative [Line Items]
Unrealized Gain/(Loss)	(6)		(11)
Realized Gain/(Loss)	649		648
Net Result from Derivative Transactions	643		637
Futures
Derivative [Line Items]
Unrealized Gain/(Loss)	(460)	(669)	(622)	(667)
Realized Gain/(Loss)	2,496	(3,175)	5,799	1,594
Net Result from Derivative Transactions	$ 2,036	$ (3,844)	$ 5,177	$ 927

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash margins held as collateral for derivatives by counterparties	$ 1.3	$ 0.5

OFFSETTING ASSETS AND LIABILI_3

OFFSETTING ASSETS AND LIABILITIES - Offsetting Liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Derivatives
Gross amounts of recognized liabilities		$ 281
Gross amounts offset in the balance sheet		0
Derivative instruments	[1]	281	$ 0
Financial instruments collateral		0
Cash collateral posted/(received)		1,294
Net amount		(1,013)
Repurchase agreements
Gross amounts of recognized liabilities		648,323	444,577
Gross amounts offset in the balance sheet		0	0
Net amounts of liabilities presented in the balance sheet		648,323	444,577
Gross amounts not offset in the balance sheet
Financial instruments collateral		648,323	444,577
Cash collateral posted/(received)		3,039	1,975
Net amount		645,284	442,603
Total
Gross amounts of recognized liabilities		648,604	444,577
Gross amounts offset in the balance sheet		0	0
Net amounts of liabilities presented in the balance sheet		648,604	444,577
Gross amounts not offset in the balance sheet
Financial instruments collateral		648,323	444,577
Cash collateral posted/(received)		4,333	1,975
Net amount		$ 644,271	$ 442,603
[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 Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Offsetting of derivative assets
Gross amounts of recognized assets			$ 402
Gross amounts offset in the balance sheet			0
Derivative instruments	[1]	$ 0	402
Gross amounts not offset in the balance sheet
Financial instruments			0
Cash collateral received/(posted)			(526)
Net amount			$ 402
[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

CONSOLIDATED VARIABLE INTERES_3

CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) $ in Thousands		Jun. 30, 2022 USD ($) security		Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) security		Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of consolidated collateralized loan obligation variable interest entities | security		2			2
Restricted cash	[1]	$ 65,570			$ 72,802
Accrued interest receivable	[1]	16,845			13,645
Other assets	[1]	109,545			76,367
Total assets	[1]	5,843,009			5,851,252
Debt obligations, net	[1]	4,206,057			4,219,703
Accrued expenses	[1]	48,323			40,249
Other liabilities	[1]	48,934			50,090
Total liabilities	[1]	4,333,300			4,337,633
Total equity		1,509,709	[1]	$ 1,509,157	1,513,619	[1]	$ 1,519,865	$ 1,530,839	$ 1,548,425
Total liabilities and equity	[1]	5,843,009			5,851,252
Variable Interest Entity, Primary Beneficiary
Restricted cash		0			369
Mortgage loan receivables held for investment, net, at amortized cost		1,280,967			1,299,116
Accrued interest receivable		4,993			4,587
Other assets		49,208			26,636
Total assets		1,335,168			1,330,708
Debt obligations, net		1,056,038			1,054,774
Accrued expenses		1,386			1,218
Other liabilities		64			65
Total liabilities		1,057,488			1,056,057
Net equity in VIEs (eliminated in consolidation)		277,680			274,651
Total equity		277,680			274,651
Total liabilities and equity		$ 1,335,168			$ 1,330,708
[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) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Aug. 04, 2021	Aug. 03, 2021	Jun. 30, 2021	Dec. 31, 2020
2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Remaining amount available for repurchase	$ 39,500
Percentage of aggregate common stock outstanding under Repurchase Program	3%
Closing price (in dollars per share)	$ 10.54
Class A Common Stock
Class of Stock [Line Items]
Shares received per exchange (in shares)	1
Common stock, outstanding (in shares)	126,833,669	125,452,568
Class A Common Stock | 2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Additional authorizations			$ 50,000	$ 35,000
Remaining amount available for repurchase	$ 39,467	$ 44,122			$ 36,790	$ 38,102
Class B Common Stock
Class of Stock [Line Items]
Shares received per exchange (in shares)	1
Common stock, outstanding (in shares)	0
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%

EQUITY STRUCTURE AND ACCOUNTS_2

EQUITY STRUCTURE AND ACCOUNTS - Schedule of Repurchase of Treasury Stock Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Treasury Stock [Roll Forward]
Repurchases paid	$ (4,044)	$ (1,098)	$ (4,655)	$ (1,312)
2014 Share Repurchase Authorization Program
Treasury Stock [Roll Forward]
Remaining amount available for repurchase	39,500		$ 39,500
2014 Share Repurchase Authorization Program | Class A Common Stock
Class of Stock [Line Items]
Purchase of treasury stock (in shares)			455,000	120,000
Treasury Stock [Roll Forward]
Remaining amount available for repurchase			$ 44,122	$ 38,102
Repurchases paid			(4,655)	(1,312)
Remaining amount available for repurchase	$ 39,467	$ 36,790	$ 39,467	$ 36,790

EQUITY STRUCTURE AND ACCOUNTS_3

EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares					6 Months Ended
	Jun. 15, 2022	Mar. 15, 2022	Jun. 15, 2021	Mar. 15, 2021	Jun. 30, 2022	Jun. 30, 2021
Class A Common Stock
Class of Stock [Line Items]
Dividends per share of Class A common stock (in dollars per share)	$ 0.22	$ 0.20	$ 0.20	$ 0.20	$ 0.42	$ 0.40

EQUITY STRUCTURE AND ACCOUNTS_4

EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022		Jun. 30, 2021	Jun. 30, 2022		Jun. 30, 2021
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	$ 1,509,157		$ 1,530,839	$ 1,513,619	[1]	$ 1,548,425
Other comprehensive income (loss)	(7,102)		1,403	(13,743)		8,252
Ending Balance	1,509,709	[1]	1,519,865	1,509,709	[1]	1,519,865
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	(10,753)		(3,614)	(4,112)		(10,463)
Other comprehensive income (loss)	(7,102)		1,403	(13,743)		8,252
Ending Balance	(17,855)		(2,211)	(17,855)		(2,211)
Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests
AOCI Attributable to Parent [Roll Forward]
Beginning Balance				(2)		(2)
Other comprehensive income (loss)				0		0
Ending Balance	(2)		(2)	(2)		(2)
Total Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance				(4,114)		(10,465)
Ending Balance	$ (17,857)		$ (2,213)	$ (17,857)		$ (2,213)
[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - Consolidated Venture $ in Millions	Jun. 30, 2022 USD ($) property Joint_Venture
Noncontrolling Interest [Line Items]
Number of consolidated ventures | Joint_Venture	3
Isla Vista, CA | Student Housing
Noncontrolling Interest [Line Items]
Number of real estate properties | property	40
Property book value	$ 80.2
Richmond, VA | Office Building
Noncontrolling Interest [Line Items]
Number of real estate properties | property	11
Property book value	$ 69.1
Oakland County, MI | Office Building
Noncontrolling Interest [Line Items]
Property book value	$ 8.7
Minimum | Consolidated Ventures
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership	10%
Maximum | Consolidated Ventures
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership	25%

EARNINGS PER SHARE - Net Income

EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Weighted average shares outstanding:
Basic (in shares)	124,593,171	124,048,999	124,452,339	124,012,683
Diluted (in shares)	125,265,707	124,480,487	125,738,758	124,353,202
Class A Common Stock
Earnings Per Share
Basic Net income (loss) available for Class A common shareholders	$ 35,048	$ 10,294	$ 54,080	$ 10,489
Diluted Net income (loss) available for Class A common shareholders	$ 35,048	$ 10,294	$ 54,080	$ 10,489
Weighted average shares outstanding:
Basic (in shares)	124,593,171	124,048,999	124,452,339	124,012,683
Diluted (in shares)	125,265,707	124,480,487	125,738,758	124,353,202

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	124,593,171	124,048,999	124,452,339	124,012,683
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0.28	$ 0.08	$ 0.43	$ 0.08
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	124,593,171	124,048,999	124,452,339	124,012,683
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	125,265,707	124,480,487	125,738,758	124,353,202
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ 0.28	$ 0.08	$ 0.43	$ 0.08
Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 35,048	$ 10,294	$ 54,080	$ 10,489
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	124,593,171	124,048,999	124,452,339	124,012,683
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0.28	$ 0.08	$ 0.43	$ 0.08
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 35,048	$ 10,294	$ 54,080	$ 10,489
Net income (loss) attributable to Class A common shareholders	$ 35,048	$ 10,294	$ 54,080	$ 10,489
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	124,593,171	124,048,999	124,452,339	124,012,683
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	125,265,707	124,480,487	125,738,758	124,353,202
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ 0.28	$ 0.08	$ 0.43	$ 0.08
Class A Common Stock | Restricted Stock
Denominator:
Incremental shares of stock based compensation (in shares)	672,536	431,488	1,286,419	340,519

STOCK BASED AND OTHER COMPENS_3

STOCK BASED AND OTHER COMPENSATION PLANS - Stock Based Compensation Plans Summary (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Based Compensation Expense	$ 3,637	$ 3,524	$ 24,049	$ 8,801
Recognized equity based compensation expense	3,637	3,524	24,049	8,823
Phantom Equity Investment Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ 0	$ 0	$ 0	$ 22

STOCK BASED AND OTHER COMPENS_4

STOCK BASED AND OTHER COMPENSATION PLANS - Summary of Grants (Details) - Restricted Stock - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares (in shares)			2,877,124
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares (in shares)	33,784	0	2,877,124	747,713
Weighted Average Fair Value Per Share (in dollars per share)	$ 11.10	$ 0	$ 11.88	$ 9.81

STOCK BASED AND OTHER COMPENS_5

STOCK BASED AND OTHER COMPENSATION PLANS - Nonvested Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Unrecognized compensation cost	$ 20.1
Period of recognition for unrecognized compensation costs	32 months
Remaining vesting period	26 months 6 days
Restricted Stock
Number of Shares Nonvested Other than Options [Roll Forward]
Nonvested/Outstanding (in shares)	2,145,380
Granted (in shares)	2,877,124
Vested (in shares)	(2,396,140)
Forfeited (in shares)	(88,972)
Nonvested/Outstanding (in shares)	2,537,392
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Nonvested/Outstanding (in shares)	623,788
Granted (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	0
Nonvested/Outstanding (in shares)	623,788
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) $ in Millions					1 Months Ended	3 Months Ended		6 Months Ended
	May 10, 2022 USD ($) installment shares	Feb. 18, 2022 USD ($) shares	Jan. 31, 2022 USD ($) shares	Jan. 01, 2021 USD ($) security shares	Jan. 31, 2022	Jun. 30, 2022 USD ($) employee shares	Jun. 30, 2021 shares	Jun. 30, 2022 USD ($) employee shares	Jun. 30, 2021 shares	Jan. 01, 2022 security
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate value of awards granted | $			$ 18	$ 7
Period of recognition for unrecognized compensation costs								32 months
Unrecognized compensation cost | $						$ 20.1		$ 20.1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)								2,877,124
Forfeited (in shares)								88,972
Restricted Stock | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)						33,784	0	2,877,124	747,713
Non-Management Grantee | Mr. Miceli, Ms. Porcella and certain Non-Management Grantees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,254,085
Number of shares of unrestricted stock			33.33%
Non-Management Grantee | Other Non-ManagementGrantees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			250,430
Non-Management Grantee | Time-Based Vesting | Mr. Miceli, Ms. Porcella and certain Non-Management Grantees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.33%
Non-Management Grantee | Time-Based Vesting | Other Non-ManagementGrantees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50%
Non-Management Grantee | Performance Based Vesting | Mr. Miceli, Ms. Porcella and certain Non-Management Grantees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.33%
Non-Management Grantee | Performance Based Vesting | Other Non-ManagementGrantees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50%
Non-Management Grantee | Performance Based Vesting and Catch-up Provision | Mr. Miceli, Ms. Porcella and certain Non-Management Grantees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.33%
Non-Management Grantee | Performance Based Vesting and Catch-up Provision | Other Non-ManagementGrantees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50%
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 | $			$ 15.4
Granted (in shares)			1,293,853
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						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)				711,653
Board of Directors | Restricted Stock | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		31,860
Grant date fair value | $		$ 0.4
Vesting period		1 year
Management Grantees | 2014 Omnibus Incentive Plan | Class A Common Stock | Ms. McCormack and Mr. Perelman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of unrestricted stock			66.67%
Management Grantees | Restricted Stock | Class A Common Stock | Time and Performance Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate value of awards granted | $			$ 2.5
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employees eligible for performance share waiver | employee						1		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%
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,517,627
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Performance Based Vesting | Ms. McCormack and Mr. Perelman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.33%
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Time and Performance Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			210,662
Employee | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	33,784
Grant date fair value | $	$ 0.4
Employee | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Time-Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of installments | installment	3
Vesting percentage	50%
Employee | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Performance Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of installments	3
Vesting percentage	50%

STOCK BASED AND OTHER COMPENS_7

STOCK BASED AND OTHER COMPENSATION PLANS - Bonus Payments (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Bonus expense	$ 3,637	$ 3,524		$ 24,049	$ 8,823
Bonus Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Bonus expense			$ 1,100			$ 11,000

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Assets:
Fair Value	$ 4,013,851	$ 3,516,524
Allowance for credit losses	(16,960)	(31,752)	$ (32,332)	$ (35,891)	$ (36,241)	$ (41,507)
Liabilities:
Fair Value	$ 3,937,819	$ 4,282,888
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	$ 607,303	$ 693,266
Liabilities:
Fair Value	281
Recurring | CMBS | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	621,862	691,402
Amortized Cost Basis/Purchase Price	621,098	691,026
Fair Value	$ 603,278	$ 686,293
Liabilities:
Financial instruments, measurement input	0.0282	0.0157
Weighted average remaining maturity/duration	1 year 2 months 23 days	2 years 21 days
Recurring | CMBS interest-only | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 1,171,151	$ 1,302,551
Amortized Cost Basis/Purchase Price	12,785	15,268
Fair Value	$ 12,750	$ 15,885
Liabilities:
Financial instruments, measurement input	0.0504	0.0567
Weighted average remaining maturity/duration	1 year 8 months 1 day	1 year 10 months 17 days
Recurring | GNMA interest-only | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 51,952	$ 59,075
Amortized Cost Basis/Purchase Price	372	518
Fair Value	$ 396	$ 559
Liabilities:
Financial instruments, measurement input	0.0502	0.0497
Weighted average remaining maturity/duration	3 years 4 months 28 days	3 years 7 months 20 days
Recurring | Agency securities | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 45	$ 557
Amortized Cost Basis/Purchase Price	46	560
Fair Value	$ 46	$ 563
Liabilities:
Financial instruments, measurement input	0.0278	0.0158
Weighted average remaining maturity/duration	1 year 9 months 18 days	8 months 8 days
Recurring | Equity Securities
Assets:
Amortized Cost Basis/Purchase Price	$ 662
Fair Value	646
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow
Assets:
Principal Amount	4,032,515	$ 3,581,919
Amortized Cost Basis/Purchase Price	4,003,793	3,553,737
Fair Value	3,956,081	3,494,254
Allowance for credit losses	$ (17,000)	$ (31,800)
Liabilities:
Financial instruments, measurement input	0.0606	0.0565
Weighted average remaining maturity/duration	1 year 5 months 26 days	1 year 9 months 3 days
Recurring | Mortgage loan  receivables held for sale | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 37,950
Amortized Cost Basis/Purchase Price	35,850
Fair Value	$ 36,121
Liabilities:
Financial instruments, measurement input	0.0491
Weighted average remaining maturity/duration	8 years 9 months 29 days
Recurring | FHLB stock | FHLB stock
Assets:
Principal Amount	$ 11,835	$ 11,835
Amortized Cost Basis/Purchase Price	11,835	11,835
Fair Value	$ 11,835	$ 11,835
Liabilities:
Financial instruments, measurement input	0.0300	0.0325
Recurring | Nonhedge derivatives | Counterparty Quotations Valuation Technique
Assets:
Nonhedge derivative assets		$ 114,121
Amortized Cost Basis/Purchase Price		402
Fair Value		$ 402
Liabilities:
Weighted average remaining maturity/duration		3 months 18 days
Recurring | Repurchase agreements - short-term | Discounted Cash Flow
Liabilities:
Principal Amount	$ 648,323	$ 418,394
Amortized Cost Basis/Purchase Price	648,323	418,394
Fair Value	$ 648,323	$ 418,394
Financial instruments, measurement input	0.0199	0.0089
Weighted average remaining maturity/duration	4 months 13 days	5 months 15 days
Recurring | Repurchase agreements - long-term | Discounted Cash Flow
Liabilities:
Principal Amount		$ 26,183
Amortized Cost Basis/Purchase Price		26,183
Fair Value		$ 26,183
Financial instruments, measurement input		0.0221
Weighted average remaining maturity/duration		1 year 3 days
Recurring | Mortgage loan financing | Discounted Cash Flow
Liabilities:
Principal Amount	$ 609,477	$ 690,927
Amortized Cost Basis/Purchase Price	611,938	693,797
Fair Value	$ 624,444	$ 709,695
Financial instruments, measurement input	0.0493	0.0483
Weighted average remaining maturity/duration	2 years 11 months 4 days	3 years 3 months 18 days
Recurring | Secured financing facility | Discounted Cash Flow
Liabilities:
Principal Amount		$ 136,444
Amortized Cost Basis/Purchase Price		132,447
Fair Value		$ 133,389
Financial instruments, measurement input		0.1075
Weighted average remaining maturity/duration		1 year 4 months 6 days
Recurring | CLO debt | Discounted Cash Flow
Liabilities:
Principal Amount	$ 1,064,365	$ 1,064,365
Amortized Cost Basis/Purchase Price	1,056,038	1,054,774
Fair Value	$ 1,056,038	$ 1,054,774
Financial instruments, measurement input	0.0246	0.0204
Weighted average remaining maturity/duration	16 years 5 months 4 days	16 years 11 months 1 day
Recurring | Borrowings from the FHLB | Discounted Cash Flow
Liabilities:
Principal Amount	$ 263,000	$ 263,000
Amortized Cost Basis/Purchase Price	263,000	263,000
Fair Value	$ 263,198	$ 263,414
Financial instruments, measurement input	0.0117	0.0091
Weighted average remaining maturity/duration	1 year 5 months 15 days	1 year 11 months 12 days
Recurring | Senior unsecured notes | Internal Model Third Party Inputs Valuation Technique
Liabilities:
Principal Amount	$ 1,643,794	$ 1,649,794
Amortized Cost Basis/Purchase Price	1,626,757	1,631,108
Fair Value	$ 1,345,816	$ 1,677,039
Financial instruments, measurement input	0.0466	0.0466
Weighted average remaining maturity/duration	5 years 3 months	5 years 8 months 26 days
Recurring | Provision for current expected credit reserves/losses
Assets:
Allowance for credit losses	$ (20)
Recurring | Nonhedge derivatives | Counterparty Quotations Valuation Technique
Liabilities:
Fair Value	281
Nonhedge derivatives	$ 59,100
Weighted average remaining maturity/duration	6 months

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Fair value of assets	$ 4,013,851	$ 3,516,524
Liabilities:
Fair value of liabilities	3,937,819	4,282,888
Repurchase agreements - short-term
Liabilities:
Principal Amount	648,323	418,394
Fair value of liabilities	648,323	418,394
Mortgage loan financing
Liabilities:
Principal Amount	609,477	690,927
Fair value of liabilities	624,444	709,695
CLO debt
Liabilities:
Principal Amount	1,064,365	1,064,365
Fair value of liabilities	1,056,038	1,054,774
Borrowings from the FHLB
Liabilities:
Principal Amount	263,000	263,000
Fair value of liabilities	263,198	263,414
Senior unsecured notes
Liabilities:
Principal Amount	1,643,794	1,649,794
Fair value of liabilities	1,345,816	1,677,039
Repurchase agreements - long-term
Liabilities:
Principal Amount		26,183
Fair value of liabilities		26,183
Secured financing facility
Liabilities:
Principal Amount		136,444
Fair value of liabilities		133,389
CMBS
Assets:
Principal Amount	9,742	10,326
Fair value of assets	9,333	9,894
CMBS interest-only
Assets:
Principal Amount	8,787	9,370
Fair value of assets	481	541
Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Principal Amount	4,032,515	3,581,920
Fair value of assets	3,956,081	3,494,254
FHLB stock
Assets:
Principal Amount	11,835	11,835
Fair value of assets	11,835	11,835
Mortgage loan  receivables held for sale
Assets:
Principal Amount	37,950
Fair value of assets	36,121
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 | Mortgage loan financing
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 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities		0
Level 1 | Secured financing facility
Liabilities:
Fair value of liabilities		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 | FHLB stock
Assets:
Fair value of assets	0	0
Level 1 | Mortgage loan  receivables held for sale
Assets:
Fair value of assets	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 | Mortgage loan financing
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 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities		0
Level 2 | Secured financing facility
Liabilities:
Fair value of liabilities		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 | FHLB stock
Assets:
Fair value of assets	0	0
Level 2 | Mortgage loan  receivables held for sale
Assets:
Fair value of assets	0
Level 3
Assets:
Fair value of assets	4,013,851	3,516,524
Liabilities:
Fair value of liabilities	3,937,819	4,282,888
Level 3 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities	648,323	418,394
Level 3 | Mortgage loan financing
Liabilities:
Fair value of liabilities	624,444	709,695
Level 3 | CLO debt
Liabilities:
Fair value of liabilities	1,056,038	1,054,774
Level 3 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities	263,198	263,414
Level 3 | Senior unsecured notes
Liabilities:
Fair value of liabilities	1,345,816	1,677,039
Level 3 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities		26,183
Level 3 | Secured financing facility
Liabilities:
Fair value of liabilities		133,389
Level 3 | CMBS
Assets:
Fair value of assets	9,333	9,894
Level 3 | CMBS interest-only
Assets:
Fair value of assets	481	541
Level 3 | Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets	3,956,081	3,494,254
Level 3 | FHLB stock
Assets:
Fair value of assets	11,835	11,835
Level 3 | Mortgage loan  receivables held for sale
Assets:
Fair value of assets	36,121
Recurring
Assets:
Fair value of assets	607,303	693,266
Liabilities:
Fair value of liabilities	281
Recurring | Nonhedge derivatives
Liabilities:
Principal Amount	59,100
Fair value of liabilities	281
Recurring | CMBS
Assets:
Principal Amount	612,120	681,076
Fair value of assets	593,945	676,398
Recurring | CMBS interest-only
Assets:
Principal Amount	1,162,364	1,293,181
Fair value of assets	12,270	15,344
Recurring | GNMA interest-only
Assets:
Principal Amount	51,952	59,075
Fair value of assets	396	559
Recurring | Agency securities
Assets:
Principal Amount	45	557
Fair value of assets	46	563
Recurring | Equity Securities
Assets:
Fair value of assets	646
Recurring | Nonhedge derivatives
Assets:
Fair value of assets		402
Nonhedge derivative assets		114,121
Recurring | Level 1
Assets:
Fair value of assets	646	0
Liabilities:
Fair value of liabilities	281
Recurring | Level 1 | Nonhedge derivatives
Liabilities:
Fair value of liabilities	281
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 | Equity Securities
Assets:
Fair value of assets	646
Recurring | Level 1 | Nonhedge derivatives
Assets:
Fair value of assets		0
Recurring | Level 2
Assets:
Fair value of assets	0	402
Liabilities:
Fair value of liabilities	0
Recurring | Level 2 | Nonhedge derivatives
Liabilities:
Fair value of liabilities	0
Recurring | Level 2 | CMBS
Assets:
Fair value of assets	0	0
Recurring | Level 2 | CMBS interest-only
Assets:
Fair value of assets	0	0
Recurring | Level 2 | GNMA interest-only
Assets:
Fair value of assets	0	0
Recurring | Level 2 | Agency securities
Assets:
Fair value of assets	0	0
Recurring | Level 2 | Equity Securities
Assets:
Fair value of assets	0
Recurring | Level 2 | Nonhedge derivatives
Assets:
Fair value of assets		402
Recurring | Level 3
Assets:
Fair value of assets	606,657	692,864
Liabilities:
Fair value of liabilities	0
Recurring | Level 3 | Nonhedge derivatives
Liabilities:
Fair value of liabilities	0
Recurring | Level 3 | CMBS
Assets:
Fair value of assets	593,945	676,398
Recurring | Level 3 | CMBS interest-only
Assets:
Fair value of assets	12,270	15,344
Recurring | Level 3 | GNMA interest-only
Assets:
Fair value of assets	396	559
Recurring | Level 3 | Agency securities
Assets:
Fair value of assets	46	563
Recurring | Level 3 | Equity Securities
Assets:
Fair value of assets	$ 0
Recurring | Level 3 | Nonhedge derivatives
Assets:
Fair value of assets		$ 0

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Changes in Level 3 (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 692,864	$ 1,046,569
Transfer from level 2	0	0
Purchases	44,090	101,358
Sales	(4,261)	(339,238)
Paydowns/maturities	(109,804)	(106,197)
Amortization of premium/discount	(2,371)	(3,702)
Unrealized gain/(loss)	(13,759)	8,184
Realized gain/(loss) on sale	(103)	595
Ending balance	$ 606,656	$ 707,569

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 616,451	$ 703,280
CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	603,278	686,292
CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	12,751	15,886
GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	396	559
Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	46	563
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 606,657	$ 692,864
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	0 years	0 years
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	1 year 2 months 23 days	1 year 11 months 4 days
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	11 years 5 months 12 days	8 years 4 months 20 days
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	0 years	10 days
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	1 year 8 months 1 day	1 year 9 months 21 days
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	2 years 3 months 14 days	2 years 6 months 29 days
Level 3 | Valuation Technique, Discounted Cash Flow | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	0 years	0 years
Level 3 | Valuation Technique, Discounted Cash Flow | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	3 years 4 months 28 days	2 years 8 months 19 days
Level 3 | Valuation Technique, Discounted Cash Flow | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	8 years 5 months 23 days	5 years 6 months 21 days
Level 3 | Valuation Technique, Discounted Cash Flow | Agency securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	1 year 9 months 18 days	0 years
Level 3 | Valuation Technique, Discounted Cash Flow | Agency securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	1 year 9 months 18 days	5 months 1 day
Level 3 | Valuation Technique, Discounted Cash Flow | Agency securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	1 year 9 months 18 days	5 months 19 days
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0.0077
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0282	0.0151
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1773	0.0528
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0504	0.057
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1596	0.0934
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0502	0.0497
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1000	0.1000
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0278	0.0144
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0278	0.0158
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0278	0.0278
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	100	100
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	100	100
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	100	100
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	5	5
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	17.61	17.41
Level 3 | Valuation Technique, Discounted Cash Flow | Prepayment speed | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	35	35
Recurring | Level 3 | CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 593,945	$ 676,398
Recurring | Level 3 | CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	12,270	15,344
Recurring | Level 3 | GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	396	559
Recurring | Level 3 | Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 46	$ 563

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Tax Contingency [Line Items]
Income tax expense (benefit)	$ 0.5	$ 0.9	$ (0.4)	$ (1.1)
Deferred income tax expense (benefit)	2.1	$ (1.2)	1.7	$ 0
Deferred tax asset related to capital losses	6.3		6.3
Deferred tax assets related to interest expense limitation	1.3		1.3
Other assets
Income Tax Contingency [Line Items]
Deferred tax liabilities	$ (4)		$ (4)		$ (2.3)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Unfunded Loan Commitments
Operating lease liability	$ 0.4		$ 0.4
Operating lease, right-of-use asset	$ 0.5		$ 0.5
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities		Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets		Other assets
Tenant reimbursements	$ (0.9)	$ (1.1)	$ (2.5)	$ (2.3)
Provision for loan losses
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	$ 407.2		$ 407.2		$ 390.1
Length of additional mortgage loan financing			3 years
Unfunded commitments of mortgage loan receivables held for investment, additional funds			52%

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	3

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Segments (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Statement [Abstract]
Interest income		$ 65,268	$ 37,577	$ 121,473	$ 76,865
Interest expense		(42,705)	(45,226)	(89,741)	(91,199)
Net interest income		22,563	(7,649)	31,732	(14,334)
(Provision for) release of loan loss reserves		1,002	335	128	4,586
Net interest income (expense) after provision for (release of) loan losses		23,565	(7,314)	31,860	(9,748)
Real estate operating income		28,646	26,558	54,999	50,718
Tenant recoveries		900	1,100	2,500	2,300
Sale of loans, net		(1,930)	3,392	(2,879)	3,392
Realized gain (loss) on securities		12	15	(84)	594
Unrealized gain (loss) on equity securities		(30)	0	(16)	0
Unrealized gain (loss) on Agency interest-only securities		(19)	(48)	(16)	(68)
Realized gain (loss) on sale of real estate, net		28,554	19,389	57,708	19,389
Impairment of real estate			0
Fee and other income		2,345	2,451	9,539	5,735
Net result from derivative transactions		2,679	(3,844)	5,814	927
Earnings (loss) from investment in unconsolidated ventures		356	237	790	673
Gain (loss) on extinguishment of debt		685	0	685	0
Total other income (loss)		61,298	48,150	126,540	81,360
Compensation and employee benefits		(15,495)	(8,477)	(45,358)	(18,011)
Operating expenses		(4,651)	(4,216)	(10,159)	(8,457)
Real estate operating expenses		(9,867)	(6,345)	(18,859)	(12,555)
Fee expense		(1,486)	(2,195)	(3,474)	(3,793)
Depreciation and amortization		(7,558)	(9,464)	(16,900)	(19,000)
Total costs and expenses		(39,057)	(30,697)	(94,750)	(61,816)
Income tax (expense) benefit		(2,594)	318	(1,284)	1,096
Net income (loss)		43,212	10,457	62,366	10,892
Total assets	[1]	5,843,009		5,843,009		$ 5,851,252
Investment in unconsolidated ventures	[1]	5,599		5,599		23,154
Investment in FHLB stock		11,800		11,800		11,800
Operating Segment
Income Statement [Abstract]
Investment in unconsolidated ventures		5,600		5,600		23,200
Operating Segment | Loans
Income Statement [Abstract]
Interest income		61,244	34,253	114,361	70,145
Interest expense		(12,702)	(13,681)	(26,986)	(27,757)
Net interest income		48,542	20,572	87,375	42,388
(Provision for) release of loan loss reserves		1,002	335	128	4,586
Net interest income (expense) after provision for (release of) loan losses		49,544	20,907	87,503	46,974
Real estate operating income		0	0	0	0
Sale of loans, net		(1,930)	3,392	(2,879)	3,392
Realized gain (loss) on securities		0	0	0	0
Unrealized gain (loss) on equity securities		0		0
Unrealized gain (loss) on Agency interest-only securities		0	0	0	0
Realized gain (loss) on sale of real estate, net		0	0	0	0
Impairment of real estate			0
Fee and other income		2,226	2,295	5,602	5,264
Net result from derivative transactions		1,587	(2,792)	3,925	251
Earnings (loss) from investment in unconsolidated ventures		0	78	0	218
Gain (loss) on extinguishment of debt		0		0
Total other income (loss)		1,883	2,973	6,648	9,125
Compensation and employee benefits		0	0	0	0
Operating expenses		39	29	56	38
Real estate operating expenses		0	0	0	0
Fee expense		1	(944)	(798)	(2,252)
Depreciation and amortization		0	0	0	0
Total costs and expenses		40	(915)	(742)	(2,214)
Income tax (expense) benefit		0	0	0	0
Net income (loss)		51,467	22,965	93,409	53,885
Total assets		4,022,685		4,022,685		3,521,986
Operating Segment | Securities
Income Statement [Abstract]
Interest income		3,880	3,216	6,945	6,450
Interest expense		(650)	(556)	(1,102)	(1,388)
Net interest income		3,230	2,660	5,843	5,061
(Provision for) release of loan loss reserves		0	0	0	0
Net interest income (expense) after provision for (release of) loan losses		3,230	2,660	5,843	5,061
Real estate operating income		0	0	0	0
Sale of loans, net		0	0	0	0
Realized gain (loss) on securities		12	15	(84)	594
Unrealized gain (loss) on equity securities		(30)		(16)
Unrealized gain (loss) on Agency interest-only securities		(19)	(48)	(16)	(68)
Realized gain (loss) on sale of real estate, net		0		0	0
Impairment of real estate			0
Fee and other income		18	0	34	0
Net result from derivative transactions		449	(1,052)	1,252	676
Earnings (loss) from investment in unconsolidated ventures		0	0	0	0
Gain (loss) on extinguishment of debt		0		0
Total other income (loss)		430	(1,085)	1,170	1,202
Compensation and employee benefits		0	0	0	0
Operating expenses		(50)	0	(50)	0
Real estate operating expenses		0	0	0	0
Fee expense		(50)	(61)	(98)	(111)
Depreciation and amortization		0	0	0	0
Total costs and expenses		(100)	(61)	(148)	(111)
Income tax (expense) benefit		0	0	0	0
Net income (loss)		3,560	1,514	6,865	6,152
Total assets		617,096		617,096		703,280
Operating Segment | Real Estate
Income Statement [Abstract]
Interest income		1	0	2	0
Interest expense		(8,075)	(9,944)	(19,554)	(18,729)
Net interest income		(8,074)	(9,944)	(19,552)	(18,729)
(Provision for) release of loan loss reserves		0	0	0	0
Net interest income (expense) after provision for (release of) loan losses		(8,074)	(9,944)	(19,552)	(18,729)
Real estate operating income		28,646	26,558	54,999	50,718
Sale of loans, net		0	0	0	0
Realized gain (loss) on securities		0	0	0	0
Unrealized gain (loss) on equity securities		0		0
Unrealized gain (loss) on Agency interest-only securities		0	0	0	0
Realized gain (loss) on sale of real estate, net		28,554	19,389	57,708	19,389
Impairment of real estate			0
Fee and other income		0	14	3,704	47
Net result from derivative transactions		643	0	637	0
Earnings (loss) from investment in unconsolidated ventures		356	159	790	455
Gain (loss) on extinguishment of debt		0		0
Total other income (loss)		58,199	46,120	117,838	70,609
Compensation and employee benefits		0	0	0	0
Operating expenses		0	0	0	0
Real estate operating expenses		(9,867)	(6,345)	(18,859)	(12,555)
Fee expense		(133)	(1,018)	(299)	(1,140)
Depreciation and amortization		(7,558)	(9,440)	(16,892)	(18,950)
Total costs and expenses		(17,558)	(16,803)	(36,050)	(32,645)
Income tax (expense) benefit		0	0	0	0
Net income (loss)		32,567	19,373	62,236	19,235
Total assets		793,908		793,908		914,027
Corporate/Other
Income Statement [Abstract]
Interest income		143	108	165	270
Interest expense		(21,278)	(21,045)	(42,099)	(43,325)
Net interest income		(21,135)	(20,937)	(41,934)	(43,056)
(Provision for) release of loan loss reserves		0	0	0	0
Net interest income (expense) after provision for (release of) loan losses		(21,135)	(20,937)	(41,934)	(43,056)
Real estate operating income		0	0	0	0
Sale of loans, net		0	0	0	0
Realized gain (loss) on securities		0	0	0	0
Unrealized gain (loss) on equity securities		0		0
Unrealized gain (loss) on Agency interest-only securities		0	0	0	0
Realized gain (loss) on sale of real estate, net		0	0	0	0
Impairment of real estate			0
Fee and other income		101	142	199	424
Net result from derivative transactions		0	0	0	0
Earnings (loss) from investment in unconsolidated ventures		0	0	0	0
Gain (loss) on extinguishment of debt		685		685
Total other income (loss)		786	142	884	424
Compensation and employee benefits		(15,495)	(8,477)	(45,358)	(18,011)
Operating expenses		(4,640)	(4,245)	(10,165)	(8,495)
Real estate operating expenses		0	0	0	0
Fee expense		(1,304)	(172)	(2,279)	(290)
Depreciation and amortization		0	(24)	(8)	(50)
Total costs and expenses		(21,439)	(12,918)	(57,810)	(26,846)
Income tax (expense) benefit		(2,594)	318	(1,284)	1,096
Net income (loss)		(44,382)	$ (33,395)	(100,144)	$ (68,382)
Total assets		409,320		409,320		711,959
Corporate/Other | Senior Unsecured Notes
Income Statement [Abstract]
Senior notes		$ 1,600,000		$ 1,600,000		$ 1,600,000
[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands	Jul. 27, 2022 USD ($) Extension	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 04, 2021 USD ($)	Aug. 03, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
2014 Share Repurchase Authorization Program
Subsequent Event [Line Items]
Remaining amount available for repurchase		$ 39,500
2014 Share Repurchase Authorization Program | Class A Common Stock
Subsequent Event [Line Items]
Additional authorizations				$ 50,000	$ 35,000
Remaining amount available for repurchase		$ 39,467	$ 44,122			$ 36,790	$ 38,102
Subsequent Event | 2014 Share Repurchase Authorization Program | Class A Common Stock
Subsequent Event [Line Items]
Additional authorizations	$ 50,000
Remaining amount available for repurchase	50,000
Revolving credit facility | Line of Credit | Subsequent Event
Subsequent Event [Line Items]
Committed amount on credit agreement	$ 323,900
Revolving credit facility | Line of Credit | Subsequent Event | Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Stated interest rate on debt instrument	2.50%
Revolving credit facility | Line of Credit | Subsequent Event | Maturing 27 July 2023 | Committed Loan Repurchase Facility
Subsequent Event [Line Items]
Number of additional extension maturity periods | Extension	4
Length of additional extension maturity periods	1 year