Ladder Capital (LADR) 10-K 13 Feb 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2022	Jan. 27, 2023	Jun. 30, 2022
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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	320 Park Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	715-3170
Title of 12(b) Security	Class A common stock, $0.001 par value
Trading Symbol	LADR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,191,382,492
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive proxy statement for the Company’s 2022 Annual Meeting of Stockholders have been incorporated by reference into Part III of this Report.
Entity Central Index Key	0001577670
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common Stock
Entity Common Stock, Shares Outstanding		126,502,049
Class B Common Stock
Entity Common Stock, Shares Outstanding		0

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Audit Information [Abstract]
Auditor Firm ID	238	42	42
Auditor Name	Ernst & Young LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Location	New York, New York	New York, New York	New York, New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	[1]	$ 609,078	$ 548,744
Restricted cash	[1]	50,524	72,802
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable	[1]	3,885,746	3,553,737
Allowance for credit losses	[1]	(20,755)	(31,752)
Mortgage loan receivables held for sale	[1]	27,391	0
Securities	[1]	587,519	703,280
Real estate and related lease intangibles, net	[1]	700,136	865,694
Real estate held for sale	[1]	0	25,179
Investments in and advances to unconsolidated ventures	[1]	6,219	23,154
Derivative instruments	[1]	2,038	402
Accrued interest receivable	[1]	24,938	13,645
Other assets	[1]	78,339	76,367
Total assets	[1]	5,951,173	5,851,252
Liabilities
Debt obligations, net	[1]	4,245,697	4,219,703
Dividends payable	[1]	32,000	27,591
Accrued expenses	[1]	68,227	40,249
Other liabilities	[1]	71,688	50,090
Total liabilities	[1]	4,417,612	4,337,633
Commitments and contingencies	[1]	0	0
Equity
Additional paid-in capital	[1]	1,826,833	1,795,249
Treasury stock, 1,525,429 and 1,400,197 shares, at cost	[1]	(95,600)	(76,324)
Retained earnings (dividends in excess of earnings)	[1]	(177,005)	(207,802)
Accumulated other comprehensive income (loss)	[1]	(21,009)	(4,112)
Total shareholders’ equity	[1]	1,533,346	1,507,137
Noncontrolling interests in consolidated ventures	[1]	215	6,482
Total equity	[1]	1,533,561	1,513,619
Total liabilities and equity	[1]	5,951,173	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	Dec. 31, 2022	Dec. 31, 2021
Treasury stock (in shares)	1,525,429	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)	126,502,049	125,452,568

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net interest income
Interest income	$ 293,520,000	$ 176,099,000	$ 239,849,000
Interest expense	195,602,000	182,949,000	227,474,000
Net interest income (expense)	97,918,000	(6,850,000)	12,375,000
Provision for (release of) loan loss reserves, net	3,711,000	(8,713,000)	18,275,000
Net interest income (expense) after provision for (release of) loan losses	94,207,000	1,863,000	(5,900,000)
Other income (loss)
Real estate operating income	108,269,000	101,564,000	100,248,000
Sale of loans, net	(2,511,000)	8,398,000	(1,571,000)
Realized gain (loss) on securities	(73,000)	1,594,000	(12,410,000)
Unrealized gain (loss) on equity securities	(41,000)	0	(132,000)
Unrealized gain (loss) on Agency interest-only securities	(45,000)	(91,000)	263,000
Realized gain (loss) on sale of real estate, net	115,998,000	55,766,000	32,102,000
Fee and other income	15,020,000	11,190,000	12,654,000
Net result from derivative transactions	12,360,000	1,749,000	(15,270,000)
Earnings (loss) from investment in unconsolidated ventures	1,410,000	1,579,000	1,821,000
Gain (loss) on extinguishment of debt	685,000	0	22,250,000
Total other income (loss)	251,072,000	181,749,000	139,955,000
Costs and expenses
Compensation and employee benefits	75,836,000	38,347,000	58,101,000
Operating expenses	20,716,000	17,672,000	20,294,000
Real estate operating expenses	38,605,000	26,161,000	28,584,000
Fee expense	7,235,000	5,810,000	7,244,000
Depreciation and amortization	32,673,000	37,801,000	39,079,000
Total costs and expenses	175,065,000	125,791,000	153,302,000
Income (loss) before taxes	170,214,000	57,821,000	(19,247,000)
Income tax expense (benefit)	4,909,000	928,000	(9,789,000)
Net income (loss)	165,305,000	56,893,000	(9,458,000)
Net (income) loss attributable to noncontrolling interests in consolidated ventures	(23,088,000)	(371,000)	(5,544,000)
Net (income) loss attributable to noncontrolling interests in Operating Partnership	$ 0	$ 0	$ 557,000
Earnings per share:
Basic (in dollars per share)	$ 1.14	$ 0.46	$ (0.13)
Diluted (in dollars per share)	$ 1.13	$ 0.45	$ (0.13)
Weighted average shares outstanding:
Basic (in shares)	124,301,421	123,763,843	112,409,615
Diluted (in shares)	125,823,671	124,563,051	112,409,615
Class A Common Stock
Costs and expenses
Net income (loss) attributable to Class A common shareholders	$ 142,217,000	$ 56,522,000	$ (14,445,000)
Earnings per share:
Basic (in dollars per share)	$ 1.14	$ 0.46	$ (0.13)
Diluted (in dollars per share)	$ 1.13	$ 0.45	$ (0.13)
Weighted average shares outstanding:
Basic (in shares)	124,301,421		112,409,615
Diluted (in shares)	125,823,671	124,563,051	112,409,615

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income (loss)	$ 165,305	$ 56,893	$ (9,458)
Unrealized gain (loss) on securities, net of tax:
Unrealized gain (loss) on real estate securities, available for sale	(16,957)	8,005	(28,618)
Reclassification adjustment for (gain) loss included in net income (loss)	60	(1,654)	13,460
Total other comprehensive income (loss)	(16,897)	6,351	(15,158)
Comprehensive income (loss)	148,408	63,244	(24,616)
Comprehensive (income) loss attributable to noncontrolling interest in consolidated ventures	(23,088)	(371)	(5,544)
Comprehensive income (loss) of combined Class A common shareholders and Operating Partnership unitholders	125,320	62,873	(30,160)
Comprehensive (income) loss attributable to noncontrolling interests in operating partnership	0	0	5,765
Class A Common Stock
Unrealized gain (loss) on securities, net of tax:
Comprehensive income (loss) attributable to Class A common shareholders	$ 125,320	$ 62,873	$ (24,395)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total		Cumulative Effect, Period of Adoption, Adjustment	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid- in-Capital	Treasury Stock	Retained Earnings (Dividends in Excess of Earnings)	Retained Earnings (Dividends in Excess of Earnings) Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Consolidated Ventures	Operating Partnership	Consolidated Joint Ventures
Beginning Balance (in shares) at Dec. 31, 2019						107,509,000	12,160,000
Beginning Balance at Dec. 31, 2019	$ 1,638,977		$ (5,797)			$ 108	$ 12	$ 1,532,384	$ (42,699)	$ (35,746)	$ (5,797)	$ 4,218		$ 172,054	$ 8,646
Increase Decrease in Stockholders' Equity
Contributions	860														860
Distributions	(16,485)													(6,698)	(9,787)
Amortization of equity based compensation	42,728							42,728
Issuance of common stock (in shares)						4,000,000
Issuance of common stock	32,000					$ 4		31,996
Issuance of Purchase Right	8,425							8,425
Purchase of treasury stock (in shares)						(384,000)
Purchase of treasury stock	(3,035)								(3,035)
Re-issuance of treasury stock (in shares)						4,423,000
Re-issuance of treasury stock						$ 4		(4)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)						(1,301,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(17,126)					$ (1)			(17,125)
Forfeitures (in shares)						(28,000)
Dividends declared	(107,729)									(107,729)
Exchange of noncontrolling interest for common stock (in shares)						(12,159,000)	(12,160,000)
Exchange of noncontrolling interest for common stock	223					$ 12	$ (12)	165,788				(6,952)		(158,613)
Net income (loss)	(9,458)									(14,445)				(557)	5,544
Other comprehensive income (loss)	(15,158)											(9,950)		(5,208)
Rebalancing of ownership percentage between Company and Operating Partnership								(1,243)				2,221		(978)
Ending Balance (in shares) at Dec. 31, 2020						126,378,000	0
Ending Balance at Dec. 31, 2020	1,548,425					$ 127	$ 0	1,780,074	(62,859)	(163,717)		(10,463)	$ 5,263	$ 0	$ 5,263
Increase Decrease in Stockholders' Equity
Contributions	1,631												1,631
Distributions	(908)							(125)					(783)
Amortization of equity based compensation	15,300							15,300
Purchase of treasury stock (in shares)						(823,000)
Purchase of treasury stock	(9,008)					$ 1			(9,007)
Re-issuance of treasury stock (in shares)						748,000
Re-issuance of treasury stock	0					$ 1			(1)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)						(440,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(4,457)					$ 0			(4,457)
Forfeitures (in shares)						(410,000)
Forfeitures	(1)					$ (1)
Dividends declared	(100,607)									(100,607)
Net income (loss)	56,893									56,522			371
Other comprehensive income (loss)	6,351											6,351
Ending Balance (in shares) at Dec. 31, 2021				125,452,568	0	125,453,000
Ending 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	(29,541)												(29,541)
Amortization of equity based compensation	31,584							31,584
Grants of restricted stock (in shares)						2,289,000
Grants of restricted stock	0					$ 2			(2)
Purchase of treasury stock (in shares)						(785,000)
Purchase of treasury stock	(7,919)					$ 1			(7,918)
Re-issuance of treasury stock (in shares)						596,000
Re-issuance of treasury stock	0					$ 1			(1)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)						(955,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(11,356)					$ (1)			(11,355)
Forfeitures (in shares)						(96,000)
Dividends declared	(111,420)									(111,420)
Net income (loss)	165,305									142,217			23,088
Other comprehensive income (loss)	(16,897)											(16,897)
Ending Balance (in shares) at Dec. 31, 2022				126,502,049	0	126,502,000
Ending Balance at Dec. 31, 2022	$ 1,533,561	[1]				$ 127		$ 1,826,833	$ (95,600)	$ (177,005)		$ (21,009)	$ 215
[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 165,305,000		$ 56,893,000		$ (9,458,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment of debt	(685,000)		0		(22,250,000)
Depreciation and amortization	32,673,000		37,801,000		39,079,000
Unrealized (gain) loss on derivative instruments	(645,000)		(42,000)		269,000
Unrealized (gain) loss on equity securities	41,000		0		132,000
Unrealized (gain) loss on Agency interest-only securities	45,000		91,000		(263,000)
Provision for (release of) loan loss reserves	3,711,000		(8,713,000)		18,275,000
Amortization of equity based compensation	31,584,000		15,300,000		42,728,000
Amortization of deferred financing costs included in interest expense	15,565,000		21,530,000		18,730,000
Amortization of premium/discount on mortgage loan financing included in interest expense	(731,000)		(1,226,000)		(1,160,000)
Amortization of above- and below-market lease intangibles	(1,763,000)		(1,888,000)		(2,234,000)
(Accretion)/amortization of discount, premium and other fees on loans	(20,759,000)		(13,832,000)		(15,530,000)
(Accretion)/amortization of discount, premium and other fees on securities	(827,000)		236,000		526,000
Realized (gain) loss on sale of mortgage loan receivables held for sale	2,511,000		(8,398,000)		(8,026,000)
Realized (gain) loss on sale of mortgage loan receivables held for investment	0		0		9,596,000
Realized (gain) loss on disposition of loan via foreclosure	0		26,000		(98,000)
Realized (gain) loss on securities	73,000		(1,594,000)		13,136,000
Realized (gain) loss on sale of real estate, net	(115,998,000)		(55,766,000)		(32,102,000)
Realized gain on sale of derivative instruments	(64,000)		0		(108,000)
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received	(785,000)		(1,462,000)		(1,821,000)
Insurance proceeds for remediation work due to property damage	0		2,092,000		0
Insurance proceeds used for remediation work due to property damage	(27,000)		(1,888,000)		0
Origination of mortgage loan receivables held for sale	(61,318,000)		(220,359,000)		(212,845,000)
Repayment of mortgage loan receivables held for sale	68,000		183,000		404,000
Proceeds from sales of mortgage loan receivables held for sale	29,151,000		259,092,000		312,273,000
Change in deferred tax asset (liability)	(505,000)		271,000		94,000
Changes in operating assets and liabilities:
Accrued interest receivable	(11,294,000)		649,000		4,895,000
Other assets	4,425,000		5,758,000		(8,778,000)
Accrued expenses and other liabilities	36,959,000		(5,015,000)		(33,363,000)
Net cash provided by (used in) operating activities	106,710,000		79,739,000		111,943,000
Cash flows from investing activities:
Origination of mortgage loan receivables held for investment	(1,234,765,000)		(2,309,888,000)		(353,662,000)
Purchases of mortgage loan receivables held for investment	0		(63,600,000)		0
Repayment of mortgage loan receivables held for investment	909,766,000		1,103,614,000		891,705,000
Proceeds from sale of mortgage loan receivables held for investment	0		46,557,000		270,491,000
Purchases of real estate securities	(96,173,000)		(247,022,000)		(440,612,000)
Repayment of real estate securities	184,838,000		164,494,000		146,158,000
Basis recovery of interest-only securities	4,960,000		6,589,000		7,611,000
Proceeds from sales of real estate securities	5,780,000		438,594,000		932,158,000
Purchases of real estate	0		(20,452,000)		(7,440,000)
Capital improvements of real estate	(6,949,000)		(4,873,000)		(6,103,000)
Proceeds from sale of real estate	310,527,000		190,870,000		67,104,000
Capital distribution from investment in unconsolidated ventures	2,284,000		24,561,000		4,002,000
Proceeds from sale of FHLB stock	2,250,000		19,165,000		30,619,000
Purchase of derivative instruments	(1,097,000)		(69,000)		(196,000)
Sale of derivative instruments	169,000		0		430,000
Net cash provided by (used in) investing activities	81,590,000		(651,460,000)		1,542,265,000
Cash flows from financing activities:
Deferred financing costs paid	(8,311,000)		(3,221,000)		(18,021,000)
Proceeds from borrowings under debt obligations	2,426,666,000		4,519,064,000		10,021,156,000
Repayment of borrowings under debt obligations	(2,412,961,000)		(4,493,566,000)		(10,614,556,000)
Cash dividends paid to Class A common shareholders	(107,011,000)		(100,553,000)		(118,888,000)
Reissuance of treasury stock	0		(1,000)		0
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(11,356,000)		(4,457,000)		(17,126,000)
Purchase of treasury stock	(7,916,000)		(9,007,000)		(3,035,000)
Issuance of common stock	0		1,000		32,000,000
Issuance of Purchase Right	0		0		8,425,000
Net cash provided by (used in) financing activities	(150,244,000)		(91,017,000)		(725,670,000)
Net increase (decrease) in cash, cash equivalents and restricted cash	38,056,000		(662,738,000)		928,538,000
Cash, cash equivalents and restricted cash at beginning of period	621,546,000		1,284,284,000		355,746,000
Cash, cash equivalents and restricted cash at end of period	659,602,000		621,546,000		1,284,284,000
Supplemental information:
Cash paid for interest, net of amounts capitalized	177,977,000		173,128,000		202,939,000
Cash paid (received) for income taxes	(1,169,000)		(2,527,000)		2,197,000
Non-cash investing and financing activities:
Securities and derivatives purchased, not settled	2,953,000		18,000		0
Securities and derivatives sold, not settled	10,000		10,000		0
Repayment in transit of mortgage loans receivable held for investment (other assets)	18,928,000		26,636,000		69,649,000
Settlement of mortgage loan receivable held for investment by real estate, net	0		(81,129,000)		(28,903,000)
Real estate acquired in settlement of mortgage loan receivable held for investment, net	9,386,000		81,750,000		29,310,000
Net settlement of sale of real estate, subject to debt - real estate	0		(29,827,000)		(31,768,000)
Net settlement of sale of real estate, subject to debt - debt obligations	0		29,827,000		31,768,000
Real estate acquired in former unconsolidated venture agreement	15,436,000		0		0
Transfer of real estate, net into real estate held for sale	0				0
Transfer of real estate, net into real estate held for sale			25,179,000
Exchange of noncontrolling interest for common stock	0		0		158,625,000
Change in deferred tax asset related to exchanges of noncontrolling interest for common stock	0		0		223,000
Rebalancing of ownership percentage between Company and Operating Partnership	0		0		(978,000)
Dividends declared, not paid	32,000,000		27,591,000		27,537,000
Cash and cash equivalents	609,078,000	[1]	548,744,000	[1]	1,254,432,000
Restricted cash	50,524,000		72,802,000		29,852,000
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	659,602,000		621,546,000		1,284,284,000
Consolidated Joint Venture
Cash flows from financing activities:
Capital distributed to noncontrolling interests in consolidated ventures	(29,541,000)		(783,000)		(9,787,000)
Capital contributed by noncontrolling interests in consolidated ventures	186,000		1,506,000		860,000
Operating Partnership
Cash flows from financing activities:
Capital distributed to noncontrolling interests in consolidated ventures	0		0		(6,698,000)
Equity Securities
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized (gain) loss on equity securities	41,000		0		132,000
Mutual Fund
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized (gain) loss on equity securities	$ 0		$ 0		$ (158,000)
[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	12 Months Ended
	Dec. 31, 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 December 31, 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	12 Months Ended
	Dec. 31, 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 generally accepted accounting principles in the United States (“GAAP”). The consolidated financial statements include the Company’s accounts and those of its subsidiaries which are majority-owned and/or controlled by the Company and variable interest entities (“VIEs”) for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. Refer to Note 10, Consolidated Variable Interest Entities for further information on the Company’s consolidated variable interest entities. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of resulting changes are reflected in the consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying consolidated financial statements include, but are not limited to the following: • valuation of real estate securities; • valuation of mortgage loan receivables held for sale; • valuation of real estate; • allocation of purchase price for acquired real estate, including real estate acquired via foreclosure; • impairment, and useful lives, of real estate; • useful lives of intangible assets; • valuation of derivative instruments; • valuation of deferred tax asset (liability); • determination of effective yield for recognition of interest income; • adequacy of current expected credit losses (“CECL”) including the valuation of underlying collateral for collateral-dependent loans; • determination of impairment of real estate securities and investments in and advances to unconsolidated ventures; • certain estimates and assumptions used in the accrual of incentive compensation and calculation of the fair value of equity compensation issued to employees; • determination of the effective tax rate for income tax provision; and • certain estimates and assumptions used in the allocation of revenue and expenses for our segment reporting. Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of December 31, 2022 and December 31, 2021. At December 31, 2022 and December 31, 2021, and at various times during the years, the balances exceeded the insured limits. Restricted Cash Restricted cash includes accounts the Company maintains with brokers to facilitate financial derivative and repurchase agreement transactions in support of its loan and securities investments and risk management activities. Based on the value of the positions in these accounts and the associated margin requirements, the Company may be required to deposit additional cash into these broker accounts. The cash collateral held by broker is considered restricted cash. Restricted cash also includes tenant security deposits, deposits related to real estate sales and acquisitions and required escrow balances on credit facilities. Mortgage Loan Receivables Held for Investment Loans for which the Company has the intention and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for credit losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the effective interest method, adjusted for actual prepayments. Upon the decision to market such loans, the Company will evaluate if the loan meets held for sale criteria and then will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value on the consolidated balance sheets. 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, fair value of collateral, net operating income of collateral, 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. In addition, interest receivable on loans is not included in the Company’s CECL calculations as the Company performs timely write off of aged accounts receivable. The Company has made a policy election to to write off aged receivables through interest income as opposed to through the CECL provision on its statements of income. 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, assessed for specific impairment, and are not included in the Company’s assessment of the CECL reserve. Loans previously restructured under TDRs that subsequently default are reassessed to incorporate the Company’s current assumptions on expected cash flows and additional provision for loan loss is recorded to the extent necessary. The Company designates 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 principal and coupon interest 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 principal and coupon interest is no longer realizable and deemed non-recoverable. Mortgage Loan Receivables Held for Sale Mortgage loan receivables held for sale are first mortgage loans that are secured by cash-flowing commercial real estate and are available for sale to securitizations. Mortgage loan receivables held for sale are recorded at lower of cost or market value on an individual basis. Securities The Company classifies its securities investments on the date of acquisition of the investment. Securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses on all securities, except for Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”) and equity securities, recorded as a component of other comprehensive income (loss) in shareholders’ equity. As more fully described in Note 4, certain securities that were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“Dodd-Frank Act”) which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the consolidated statements of income. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the consolidated statements of income. The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. Unrealized losses on securities are evaluated by management to determine if the decline in fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors, any impairment that is not credit-related is recognized in other comprehensive income, whereas any credit-related loss is recognized currently in earnings in the consolidated statements of income. The Company has elected the fair value option for accounting for equity securities and changes in fair value are recorded in current period earnings. When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an impairment in the value of the security. An impairment will be considered based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) the Company does not expect to recover the security’s cost basis (i.e., a credit loss exists). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the cost basis of the security will be written down to fair value, and the related impairment will be recognized currently in earnings. If a credit loss exists, but the Company does not intend to, nor is it more likely than not that it will be required to sell before recovery, the impairment will be separated into (i) the estimated amount relating to the credit loss, and (ii) the amount relating to all other factors. The amount of the impairment relating to credit losses will be recognized as an allowance for credit losses, which is a contra-asset and a reduction in earnings, with the remainder of the loss recognized in other comprehensive income. Estimating cash flows and determining whether there is impairment requires management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts. For cash flow statement purposes, receipts of interest from interest-only real estate securities are bifurcated between amortization of premium/ (accretion) of discount and other fees on securities as part of cash flows from operations and basis recovery of Agency interest only securities as part of cash flows from investing activities. The Company utilizes an internal model as its primary pricing source to develop its prices for its CMBS and other commercial real estate securities guaranteed by a U.S. governmental agency or by a government sponsored entity (together, “U.S. Agency securities”). Different judgments and assumptions could result in materially different estimates of fair value. To confirm its own valuations, the Company requests prices for each of its CMBS and U.S. Agency securities investments from three different sources, including third parties that provide pricing services and brokers, although since broker quotes for the same or similar securities in which Ladder has invested are non-binding, the Company does not consider them to be a primary source for valuation. The Company may also develop a price for a security based on its direct observations of market activity and other observations. Typically, at least two prices per security are obtained. Prior to using a third-party pricing service for valuation, the Company develops an understanding of the valuation methodologies used by such pricing services through discussions with their representatives and review of their valuation methodologies used for different types of securities. The Company understands that the pricing services develop estimates of fair value for CMBS and U.S. Agency securities using various techniques, including discussion with their internal trading desks, proprietary models and matrix pricing approaches. The Company does not have access to, and is therefore not able to review in detail, the inputs used by the pricing services in developing their estimates of fair value. However, on at least a monthly basis as part of our closing process, the Company evaluates the fair value information provided by the pricing services by comparing this information for reasonableness against its direct observations of market activity for similar securities and anecdotal information obtained from market participants that, in its assessment, is relevant to the determination of fair value. This process may result in the Company “challenging” the estimate of fair value for a security if it is unable to reconcile the estimate provided by the pricing service with its assessment of fair value for the security. Accordingly, in following this approach, the Company’s objective is to ensure that the information used by pricing services in their determination of fair value of securities is reasonable and appropriate. Real Estate The Company generally acquires real estate assets or land and development assets through cash purchases and may also acquire such assets through foreclosure or deed-in-lieu of foreclosure in full or partial satisfaction of defaulted loans. Based on the Company’s strategic plan to realize the maximum value from the real estate acquired, properties are either classified as Real estate, net or Real estate held for sale in the consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net. If the Company intends to market these properties for sale in the near term, assets are evaluated against the held for sale criteria and then may be classified as real estate held for sale in the consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company records real estate acquired through foreclosure at fair value. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 55 years for buildings, four The Company classifies most of its investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense and impairments, as applicable and are included in Real estate, net in the consolidated balance sheets. Allocation of Purchase Price for Acquired Real Estate Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases; (ii) in-place leases; and (iii) assumed mortgages. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods. These methods may include discounted cash flow models, for which assumptions including cash flow projections, discount and capitalization rates, or market comparable transactions, which require management judgment in determining the appropriateness of recent comparable sales of similar properties, or the ground lease approach for land valuation, which requires management judgement in determining comparable ground leases to forecast the economic ground rent and apply capitalization rate to the forecast economic ground rent to estimate land value. The Company may also utilize estimates of replacement costs net of depreciation. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Other intangible assets acquired include amounts for in-place lease values. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases but in no event do the amortization periods for intangible assets exceed the depreciable lives of the buildings. If a tenant terminates its lease, the unamortized portion of the in-place lease value intangibles are charged to expense. The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 15, depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition. Impairment of Property Held for Use On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, historical, current and projected operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. Real Estate Held for Sale In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets meet the criteria for held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the consolidated statements of income. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. Sales of Real Estate Gains on sales of real estate are recognized pursuant to the provisions included in ASC 606-20, Revenue from Contracts with Customers (“ASC 606-20”) or ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, the Company’s sales of residential condominiums would be governed by ASC 606-20 and the sales of rental properties under ASC 610-20. Investments in and Advances to Unconsolidated Ventures The Company accounts for its investments in unconsolidated ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as investments in unconsolidated ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. In the event there is an outside basis portion of the Company’s ventures, it is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. The Company classifies distributions received from its investments in unconsolidated ventures using the nature of the distribution approach. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in commercial real estate ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future. Capitalization of Interest Capitalization of costs begins when the activities necessary to get the development project ready for its intended use begins, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences, and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. We cease cost capitalization if activities necessary for the development of the property have been suspended. Capitalized costs are allocated to the specific components of a project that are benefited. Interest shall be capitalized for investments accounted for by the equity method while the investee has activities in progress necessary to commence its planned principal operations, provided that the investee’s activities include the use of funds to acquire qualifying assets for its operations. The in

MORTGAGE LOAN RECEIVABLES

MORTGAGE LOAN RECEIVABLES	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOAN RECEIVABLES	3. MORTGAGE LOAN RECEIVABLES December 31, 2022 ($ in thousands) Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 3,841,315 $ 3,819,860 8.83 % 1.3 Mezzanine loans 65,950 65,886 10.62 % 1.6 Total mortgage loans receivable 3,907,265 3,885,746 8.85 % 1.3 Allowance for credit losses N/A (20,755) Total mortgage loan receivables held for investment, net, at amortized cost 3,907,265 3,864,991 Mortgage loan receivables held for sale: First mortgage loans 31,350 27,391 4.57 % 9.19 Total $ 3,938,615 $ 3,892,382 (4) 8.82 % 1.3 (1) Includes the impact from interest rate floors. December 31, 2022 LIBOR and SOFR rates are used to calculate weighted average yield for floating rate loans. (2) Excludes non-accrual loans of $53.8 million. Refer to “Non-Accrual Status” below for further details. (3) Includes the impact of one loan with a principal balance of $51.5 million which was extended through 2026 in January 2023. (4) Net of $21.5 million of deferred origination fees and other items as of December 31, 2022. As of December 31, 2022, $3.4 billion, or 87.2%, of the outstanding face amount of our mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates with $2.3 billion linked to LIBOR and $1.1 billion linked to SOFR. Of this $3.4 billion, 99.2% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2022, $31.4 million, or 100%, of the outstanding face amount of our mortgage loan receivables held for sale were at fixed interest rates linked to SOFR. December 31, 2021 ($ 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 $3.3 billion, 100% of these variable rate mortgage loan receivables were subject to interest rate floors. For the years ended December 31, 2022, 2021, and 2020, the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2021 $ 3,553,737 $ (31,752) $ — Origination of mortgage loan receivables 1,234,765 — 61,318 Repayment of mortgage loan receivables (901,082) — (68) Proceeds from sales of mortgage loan receivables — — (29,151) Non-cash disposition of loans via foreclosure(1) (10,235) — — Sale of loans, net (2) 2,197 — (4,708) Accretion/amortization of discount, premium and other fees 20,759 — — Charge offs (14,395) 14,395 — Release (addition) of provision for current expected credit loss, net (3) — (3,398) — Balance, December 31, 2022 $ 3,885,746 $ (20,755) $ 27,391 (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. (2) Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale. (3) 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 2,309,888 — 220,359 Purchases of mortgage loan receivables 63,600 — — Repayment of mortgage loan receivables (1,059,796) — (183) Proceeds from sales of mortgage loan receivables (46,557) — (259,092) Non-cash disposition of loan via foreclosure(1) (81,289) — — Sale of loans, net — — 8,398 Accretion/amortization of discount, premium and other fees 13,832 — — Release of asset-specific loan loss provision via foreclosure(1) — 1,150 — Release (addition) of provision for current expected credit loss, net — 8,605 — Balance, December 31, 2021 $ 3,553,737 $ (31,752) $ — (1) Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2019 $ 3,257,036 $ (20,500) $ 122,325 Origination of mortgage loan receivables 353,661 — 212,845 Repayment of mortgage loan receivables (960,832) — (404) Proceeds from sales of mortgage loan receivables (270,491) — (312,273) Non-cash disposition of loan via foreclosure(1) (31,249) — — Sale of loans, net (9,596) — 8,025 Accretion/amortization of discount, premium and other fees 15,530 — — Release of asset-specific loan loss provision via foreclosure(1) — 2,500 — Provision for current expected credit loss (implementation impact)(2) — (4,964) — Provision for current expected credit loss (impact to earnings)(2) — (18,543) — Balance, December 31, 2020 $ 2,354,059 $ (41,507) $ 30,518 (1) Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure. (2) During the year ended December 31, 2020, the initial impact of the implementation of the CECL accounting standard as of January 1, 2020 is recorded against retained earnings. Subsequent remeasurement thereafter, including the period to date change for the year ended December 31, 2020, is accounted for as provision for (release of) loan losses in the consolidated statements of income. Allowance for Credit Losses and Non-Accrual Status ($ in thousands) Year Ended December 31, Allowance for Credit Losses 2022 2021 2020 Allowance for credit losses at beginning of period $ 31,752 $ 41,507 $ 20,500 Provision for current expected credit loss (implementation impact)(1) — — 4,964 Provision for (release of) current expected credit loss, net (2) 6,503 (8,605) 18,543 Foreclosure of loans subject to asset-specific reserve — (1,150) (2,500) Charge-offs (14,395) — — Recoveries(3) (3,105) — — Allowance for credit losses at end of period $ 20,755 $ 31,752 $ 41,507 (1) Additional provisions for current expected credit losses related to implementation of $0.8 million and $22.0 thousand related to unfunded commitments and held-to-maturity securities, respectively, were recorded on January 1, 2020 at implementation of CECL. (2) There were no asset specific reserves recorded for the year ended December 31, 2022 or 2021. For the year ended December 31, 2020, there was $9.2 million of asset specific reserves. (3) Recoveries are recognized within the consolidated statements of income through “Provision for (release of) loan loss reserves”. Non-Accrual Status December 31, 2022(1) December 31, 2021(2) Carrying value of loans on non-accrual status, net of asset-specific reserve $ 53,809 $ 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 $23.3 million and one loan with a carrying value of $30.5 million as of December 31, 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 December 31, 2022, the Company has a $21.5 million allowance for current expected credit losses, of which $20.8 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 $26.0 million as of December 31, 2022. The Company concluded that none of its other loans are individually impaired as of December 31, 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 and $0.4 million related to unfunded commitments. 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 total change in provision for loan loss reserves for the year ended December 31, 2022 was an increase of the provision of $3.7 million. The net increase represents an increase in the general reserve of loans held for investment of $6.5 million and an increase related to unfunded loan commitments of $0.3 million partially offset by a $3.1 million recovery of provision. The increase in provision associated with the general reserve during the year December 31, 2022 is primarily due to adverse changes in macroeconomic scenarios and an overall increase in the size of our balance sheet first mortgage portfolio as a result of net originations during that time. The total change in provision for loan loss reserves for the year ended December 31, 2021 was a release of $8.7 million. The release represented a decline in the general reserve of loans held for investment of $8.6 million and the release on unfunded loan commitments of $0.1 million. The release during the year ended December 31, 2021 was primarily due to an improvement in macroeconomic assumptions. On January 1, 2020, the Company recorded a CECL reserve of $11.6 million, which equated to 0.36% of $3.2 billion carrying value of its held for investment loan portfolio. This reserve excluded three loans that previously had an aggregate of $14.7 million of asset-specific reserves and a carrying value of $39.8 million as of January 1, 2020. Upon adoption, the aggregated CECL Reserve reduced total shareholder’s equity by $5.8 million. The total change in reserve for provision for the year ended December 31, 2020 was $18.3 million, which included $9.1 million in the general reserve on both the loans held for investment and the related unfunded commitments and $9.2 million in asset-specific provision related to three loans. The movement in the reserve was primarily due to the update of the macro economic assumptions used. Loan Portfolio by Geographic Region, Collateral Type and Vintage (amortized cost $ in thousands) December 31, December 31, Geographic Region 2022 2021 South $ 850,904 $ 937,125 Northeast 868,199 1,080,652 Midwest 623,599 434,157 West 634,935 530,599 Southwest 882,097 501,272 Subtotal mortgage loans receivable 3,859,734 3,483,805 Individually impaired loans(1) 26,012 69,932 Total mortgage loans receivable $ 3,885,746 $ 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. 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 December 31, 2022 and December 31, 2021, respectively ($ in thousands): Amortized Cost Basis by Origination Year as of December 31, 2022 Collateral Type 2022 2021 2020 2019 2018 and Earlier Total Multifamily $ 702,125 $ 722,862 $ — $ — $ — $ 1,424,987 Office 78,754 676,431 29,650 58,684 136,512 980,031 Mixed Use 201,777 351,291 26,500 120,300 — 699,868 Industrial 37,616 96,486 — 115,545 — 249,647 Retail 60,089 107,305 — 12,953 9,126 189,473 Hospitality — 45,416 — 13,843 78,364 137,623 Manufactured Housing 32,515 82,618 — 2,921 — 118,054 Other 32,353 19,898 — 7,800 — 60,051 Self-Storage — — — — — — Subtotal mortgage loans receivable 1,145,229 2,102,307 56,150 332,046 224,002 3,859,734 Individually Impaired loans (1) — — — — 26,012 26,012 Total mortgage loans receivable (2) $ 1,145,229 $ 2,102,307 $ 56,150 $ 332,046 $ 250,014 $ 3,885,746 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 $23.2 million of accrued interest receivable (3) Not included above is $12.6 million of accrued interest receivable on all loans at December 31, 2021. Individually Impaired Loans As of December 31, 2022, two loans with an amortized cost basis of $26.0 million and a combined carrying value of $23.3 million were impaired and on non-accrual status. 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 in reserve of provision. Other Loans on Non-Accrual Status As of December 31, 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 December 31, 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 December 31, 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.

SECURITIES

SECURITIES	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
SECURITIES	4. 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, corporate bonds and U.S. Treasury securities 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 December 31, 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. Government National Mortgage Association (“GNMA”), Federal Home Loan Mortgage Corp (“FHLMC”) and equity securities are recorded at fair value with changes in fair value recorded in current period earnings. The following is a summary of the Company’s securities at December 31, 2022 and December 31, 2021 ($ in thousands): December 31, 2022 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses (7) Carrying # of Rating (1) Coupon % Yield % Remaining CMBS $ 562,839 $ 562,246 $ — $ (20,913) $ 541,333 (2) 71 AAA 5.22 % 5.32 % 1.06 CMBS interest-only(3) 1,026,195 (3) 10,498 121 (176) 10,443 (4) 10 AAA 0.41 % 3.65 % 1.45 GNMA interest-only(5) 45,369 (3) 285 17 (21) 281 14 AAA 0.31 % 4.23 % 3.30 Agency securities 36 36 — (1) 35 1 AAA 4.00 % 2.70 % 1.54 U.S. Treasury securities 36,000 35,374 6 (52) 35,328 10 N/A N/A 4.17 % 0.60 Total debt securities 1,670,439 608,439 144 (21,163) 587,420 (6) 106 2.06 % 5.29 % 1.07 Equity securities N/A 160 — (41) 119 1 N/A N/A N/A N/A Allowance for current expected credit losses N/A — — (20) (20) Total securities $ 1,670,439 $ 608,599 $ 144 $ (21,224) $ 587,519 107 December 31, 2021 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Gains Losses (7) 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 December 31, 2022 and December 31, 2021, respectively, includes $9.0 million and $9.9 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. (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 December 31, 2022 and December 31, 2021, respectively, includes $0.4 million and $0.5 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (5) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income. (6) The Company’s investments in debt securities represents an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date. (7) Based on the Company’s analysis, including review of interest rate changes and current levels of subordination, among other factors, the unrealized loss positions are determined to be due to market factors other than credit. The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2022 and December 31, 2021 ($ in thousands): December 31, 2022 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 346,272 $ 195,061 $ — $ — $ 541,333 CMBS interest-only 937 9,506 — — 10,443 GNMA interest-only 40 111 130 — 281 Agency securities — 35 — — 35 U.S. Treasury securities 32,451 2,877 — — 35,328 Allowance for current expected credit losses — — — — (20) Total securities (1) $ 379,700 $ 207,590 $ 130 $ — $ 587,400 (1) Excluded from the table above are $0.1 million of equity securities. 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 securities $ 305,980 $ 369,876 $ 10,486 $ 16,958 $ 703,280

REAL ESTATE AND RELATED LEASE I

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	12 Months Ended
	Dec. 31, 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): December 31, 2022 December 31, 2021 Land $ 158,802 $ 186,940 Building 625,655 765,690 In-place leases and other intangibles 114,687 142,335 Undepreciated real estate and related lease intangibles 899,144 1,094,965 Less: Accumulated depreciation and amortization (199,008) (229,271) Real estate and related lease intangibles, net(2) $ 700,136 $ 865,694 Below market lease intangibles, net (other liabilities)(1) $ (30,892) $ (33,203) (1) Below market lease intangibles is net of $13.6 million and $12.8 million of accumulated amortization as of December 31, 2022 and December 31, 2021, respectively. (2) There was unencumbered real estate of $140.3 million and $85.9 million as of December 31, 2022 and December 31, 2021, respectively. As of December 31, 2021, the Company held $32.6 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 December 31, 2022 and December 31, 2021, the Company held foreclosed properties included in real estate and related lease intangibles, net with a carrying value of $103.1 million and $97.3 million, respectively. The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Year Ended December 31, 2022 2021 2020 Depreciation expense(1) $ 25,770 $ 30,659 $ 32,383 Amortization expense 6,903 7,142 6,696 Total real estate depreciation and amortization expense $ 32,673 $ 37,801 $ 39,079 (1) Depreciation expense on the consolidated statements of income also includes $41 thousand of depreciation on corporate fixed assets for the year ended December 31, 2022 and $99 thousand of depreciation on corporate fixed assets for the years ended December 31, 2021 and December 31, 2020. The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands): December 31, 2022 December 31, 2021 Gross intangible assets(1) $ 114,689 $ 146,593 Accumulated amortization 49,725 67,500 Net intangible assets $ 64,964 $ 79,093 (1) Includes $2.8 million and $3.8 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of December 31, 2022 and December 31, 2021, respectively. The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands): Year Ended December 31, 2022 2021 2020 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (305) $ (367) $ (367) Increase in operating lease income for amortization of below market lease intangibles acquired 2,068 2,255 2,601 Total $ 1,763 $ 1,888 $ 2,234 The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2022 ($ in thousands): Period Ending December 31, Increase/(Decrease) to Operating Lease Income Amortization Expense 2023 $ 973 $ 4,531 2024 973 4,531 2025 973 4,391 2026 976 3,740 2027 976 3,554 Thereafter 23,177 41,372 Total $ 28,048 $ 62,119 Rent Receivables There were $1.3 million, $0.4 million of rent receivables included in other assets on the consolidated balance sheets as of December 31, 2022 and December 31, 2021, respectively. Operating Lease Income & Tenant Reimbursements The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at December 31, 2022 ($ in thousands): Period Ending December 31, Amount 2023 $ 55,354 2024 50,095 2025 49,871 2026 48,402 2027 45,251 Thereafter 196,797 Total $ 445,770 Tenant reimbursements, which consist of real estate taxes and other municipal charges paid by the Company, which were reimbursable by our tenants pursuant to the terms of the lease agreements, were $5.2 million, $5.0 million, and $5.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. Tenant reimbursements are included in operating lease income on the Company’s consolidated statements of income. Acquisitions Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) February 2022 (2) Apartments New York, NY $15,436 100.0% November 2022 (3) Office Houston, TX 9,386 100.0% Total real estate acquisitions $ 24,822 (1) Properties were consolidated as of acquisition date. (2) In February 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. (3) In November 2022, the Company acquired an office property in Houston, TX via foreclosure. The property served as collateral for a mortgage loan receivable held for investment with a basis of $10.3 million. In connection with the foreclosure, the Company received $0.9 million of cash. The Company obtained a third-party appraisal of the property. The $9.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 9.5% and a discount rate of 10.5%. There was no gain or loss resulting from the foreclosure of the loan. During the year ended December 31, 2021, the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) February 2021 (2) Hotel Miami, FL $43,750 100.0% August 2021 Apartments Stillwater, OK 20,452 80.0% December 2021 (3) Hotel Schaumburg, IL 38,000 100.0% Total real estate acquisitions $ 102,202 (1) Properties were consolidated as of acquisition date. (2) In February 2021, the Company acquired a hotel in Miami, FL via foreclosure, recognizing a $25.8 thousand loss, which is included in its consolidated statements of income. The property previously served as collateral for a mortgage loan receivable held for investment with a basis of $45.1 million, net of an asset-specific loan loss provision of $1.2 million recorded in the three months ended December 31, 2020. In February 2021, the foreclosed property was sold without any gain or loss. The Company recorded no revenues from its 2021 acquisitions for the year ended December 31, 2021. (3) In December 2021, the Company acquired a hotel in Schaumburg, IL via foreclosure. The property served as collateral for a mortgage loan receivable held for investment with a basis of $38.0 million. The Company obtained a third-party appraisal of the property. The $38.0 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 8.0% and a discount rate of 10.0%. There was no gain or loss resulting from the foreclosure of the loan. During the year ended December 31, 2020, the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) Aggregate purchases of net leased real estate $ 7,440 100.0% Real estate acquired via foreclosure March 2020 (2) Land Los Angeles, CA 21,535 100.0% June 2020 (3) Hotel Winston-Salem, NC 3,900 100.0% December 2020 (4) Hotel South Bend, IN 3,875 100.0% Total real estate acquired via foreclosure 29,310 Total real estate acquisitions $ 36,750 (1) Properties were consolidated as of acquisition date. (2) In March 2020, the Company acquired a development property in Los Angeles, CA, via foreclosure. This property previously served as collateral for a mortgage loan receivable held for investment with a basis of $21.6 million, net of an asset-specific loan loss provision of $2.0 million. The Company obtained a third-party appraisal of the property. Substantially all of the fair value was attributed to land. The $21.5 million fair value was determined using the sales comparison approach to value. Using this approach, the appraiser developed an opinion of the fee simple value of the underlying land by comparing the property to similar, recently sold properties in the surrounding or competing area. The Company recorded a $0.1 million loss resulting from the foreclosure of the loan. In December of 2021, the Company sold this property and recorded a $2.0 million loss on sale. Refer to “Sales” below. (3) In June 2020, the Company acquired a hotel in Winston-Salem, NC via foreclosure. This property previously served as collateral for a mortgage loan receivable held for investment with a net basis of $3.8 million. The Company obtained a third-party appraisal of the property. The $3.9 million fair value was determined using the ground lease approach and the income approach to value. The appraiser utilized a terminal capitalization rate of 9.50% and a discount rate of 13.50%. There was no gain or loss resulting from the foreclosure of the loan. In September 2020, the foreclosed property was sold for a gain of $0.8 million. (4) In December 2020, the Company acquired a hotel in South Bend, IN, via foreclosure. The property previously served as collateral for a mortgage loan receivable held for investment with a basis of $4.1 million, net of an asset-specific loan loss provision of $0.5 million. The Company recorded a gain of $0.1 million resulting from the foreclosure of the loan. In December 2020, the foreclosed property was sold without any gain or loss. The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the years ended December 31, 2022, December 31, 2021 and December 31, 2020, all acquisitions were determined to be asset acquisitions. Sales The Company sold the following properties during the year ended December 31, 2022 ($ 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 September 2022 Retail Wichita, KS 9,503 5,110 4,393 1 December 2022 Apartments New York, NY (1) 7,935 7,402 533 1 December 2022 Retail Sennett, NY 10,599 4,245 6,354 1 December 2022 Office Richmond, VA 118,872 71,862 47,010 1 Totals (2) $ 310,525 $ 194,527 $ 115,998 (1) One unit was sold, and one unit remains. (2) Excludes $4.4 million of prepayment costs upon repayment of mortgage financings in connection with certain sales that is recorded within interest expense on the consolidated statement of income, such amount was correspondingly paid by the buyer and received by the Company as part of the sale and recorded in fee and other income on the consolidated statement of income. The Company sold the following properties during the year ended December 31, 2021 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties February 2021 Hotel Miami, FL $ 43,750 $ 43,750 $ — 1 June 2021 Net Lease North Dartmouth, MA 38,732 19,343 19,389 1 August 2021 Net Lease Pittsfield, MA 18,651 10,564 8,087 1 August 2021 Net Lease Ankeny, IA 19,021 13,341 5,680 1 August 2021 Apartments Arlington/Fort Worth, TX 26,496 22,498 3,998 2 November 2021 Net Lease Bessemer City, NC 33,447 21,333 12,114 1 December 2021 Land Los Angeles, CA 19,469 21,452 (1,983) 1 December 2021 Net Lease Snellville, GA 9,695 5,483 4,212 1 December 2021 Net Lease Columbia, SC 9,941 5,674 4,269 1 Totals $ 219,202 $ 163,438 $ 55,766 The Company sold the following properties during the year ended December 31, 2020 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Various Condominium Miami, FL $ 1,832 $ 1,821 $ 11 — 6 March 2020 Office Richmond, VA 22,527 14,829 7,698 7 — March 2020 Office Richmond, VA 6,932 4,109 2,823 1 — August 2020 Net Lease Bellport, NY 19,434 15,012 4,422 1 — September 2020 Warehouse Lithia Springs, GA 39,491 23,187 16,304 1 — September 2020 Hotel Winston Salem, NC 4,647 3,803 844 1 — December 2020 Hotel South Bend, IN 3,875 3,875 — 1 — Totals $ 98,738 $ 66,636 $ 32,102 The Company continues 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	12 Months Ended
	Dec. 31, 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 December 31, 2022 and December 31, 2021 ($ in thousands): Entity December 31, 2022 December 31, 2021 Grace Lake JV, LLC $ 6,219 $ 5,434 24 Second Avenue Holdings LLC — 17,720 Investment in unconsolidated ventures $ 6,219 $ 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 years ended December 31, 2022 and 2021 ($ in thousands): Year Ended December 31, Entity 2022 2021 2020 Grace Lake JV, LLC $ 1,410 $ 1,411 976 24 Second Avenue Holdings LLC — 168 845 Earnings (loss) from investment in unconsolidated ventures $ 1,410 $ 1,579 $ 1,821 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”). The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has a passive investment and no control of this entity and therefore does not have controlling financial interests in this VIE. The Company’s maximum exposure to loss is limited to its investment in the VIE. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. During the year ended December 31, 2022, the Company received a $0.6 million distribution from its investment in Grace Lake LLC. There were no distributions received during the year ended December 31, 2021. 24 Second Avenue Holdings LLC In February 2022, the Company assumed all management and control over 24 Second Avenue Holdings LLC upon maturity of its preferred equity interest in the entity and therefore, reclassified its interest to real estate held for investment on the balance sheet at cost. At the time of the change in control, 24 Second Avenue Holdings LLC owned the two remaining units of the property, one remaining residential condo unit and the retail condo ground floor space. Refer to Note 5 - Real estate and related intangibles, net for further disclosure. Combined Summary Financial Information for Unconsolidated Ventures The following is a summary of the combined financial position of the unconsolidated ventures in which the Company had investment interests as of December 31, 2022 and December 31, 2021 ($ in thousands): December 31, 2022(1) December 31, 2021 Total assets $ 69,879 $ 109,873 Total liabilities 55,916 66,387 Partners’/members’ capital $ 13,963 $ 43,486 (1) As of December 31, 2022, the balance represents only the Grace Lake 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 years ended December 31, 2022 and 2021 ($ in thousands): Year Ended December 31, 2022 2021 2020 Total revenues $ 19,194 $ 18,870 $ 17,461 Total expenses 13,555 13,132 14,206 Net income (loss) $ 5,639 $ 5,738 $ 3,255

DEBT OBLIGATIONS, NET

DEBT OBLIGATIONS, NET	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
DEBT OBLIGATIONS, NET	7. DEBT OBLIGATIONS, NET The details of the Company’s debt obligations at December 31, 2022 and December 31, 2021 are as follows ($ in thousands): December 31, 2022 Debt Obligations Committed / Carrying Value of Debt Obligations Committed but Unfunded Interest Rate at December 31, 2022(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 500,000 $ 318,983 $ 181,017 6.07% — 6.57% 9/27/2025 (2) (3) $ 428,477 $ 429,276 Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 2/26/2023 (4) (5) — — Committed Loan Repurchase Facility 300,000 157,558 142,442 6.19% — 7.07% 12/19/2023 (6) (7) 244,102 244,102 Committed Loan Repurchase Facility 100,000 47,415 52,585 6.00% — 6.00% 4/30/2024 (8) (3) 63,307 63,307 Committed Loan Repurchase Facility 100,000 77,959 22,041 5.74% — 6.24% 1/3/2023 (2) (3) 103,393 103,393 Committed Loan Repurchase Facility 100,000 — 100,000 —% —% 1/22/2024 (9) (7) — — Committed Loan Repurchase Facility 100,000 14,979 85,021 7.07% — 7.07% 7/14/2023 (10) (11) 21,206 21,206 Total Committed Loan Repurchase Facilities 1,300,000 616,894 683,106 860,485 861,284 Committed Securities Repurchase Facility 100,000 8,640 91,360 5.04% — 5.29% 5/27/2023 N/A (12) 10,023 10,023 Uncommitted Securities Repurchase Facility N/A (13) 222,328 N/A (13) 4.73% — 6% 3/2/2023 N/A (12) 247,351 247,351 (14) Total Repurchase Facilities 1,400,000 847,862 774,466 1,117,859 1,118,658 Revolving Credit Facility 323,850 — 323,850 —% — —% 7/27/2023 (15) N/A (16) N/A (16) N/A (16) Mortgage Loan Financing 497,454 497,991 — 4.25% — 8.03% 2023 - 2031(17) N/A (18) 559,885 710,977 (19) CLO Debt 1,064,365 1,058,462 (20) — 5.52% — 7.97% 2024 - 2026(21) N/A (3) 1,308,654 1,308,654 Borrowings from the FHLB 213,000 213,000 — 2.74% — 4.70% 2023 - 2024 N/A (22) 248,806 248,806 (23) Senior Unsecured Notes 1,643,794 1,628,382 (24) — 4.25% — 5.25% 2025 - 2029 N/A N/A (25) N/A (25) N/A (25) Total Debt Obligations, Net $ 5,142,463 $ 4,245,697 $ 1,098,316 $ 3,235,204 $ 3,387,095 (1) LIBOR and Term SOFR rates in effect as of December 31, 2022 are used to calculate interest rates for floating rate debt, as applicable. (2) Two 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date. (3) First mortgage commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans. (4) One additional 12-month period at Company’s option. (5) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (6) Two additional 364-day periods at Company’s option. (7) 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. (8) Three additional 12-month extension periods at Company’s option. (9) Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period. (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 $2.0 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. (15) Four additional 12-month periods at Company’s option. (16) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries. (17) Anticipated repayment dates. (18) Certain of our real estate investments serve as collateral for our mortgage loan financing. (19) Using undepreciated carrying value of commercial real estate to approximate fair value. (20) Presented net of unamortized debt issuance costs of $5.9 million at December 31, 2022. (21) Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities. (22) Investment grade commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities. (23) Includes $6.6 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. (24) Presented net of unamortized debt issuance costs of $15.4 million at December 31, 2022. (25) 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 December 31, 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 $100 million. The Company’s repurchase facilities include covenants covering net worth requirements, minimum liquidity levels, maximum leverage ratios, and minimum fixed charge coverage ratios. The Company was in compliance with all covenants as of December 31, 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. As of December 31, 2022, the Company had total debt obligations of $847.9 million outstanding pursuant to repurchase agreements with seven counterparties. As of December 31, 2022, two counterparties, JP Morgan and Wells Fargo, held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $76.7 million, or 5% of our total equity. As of December 31, 2022, the weighted average haircut, or the percent of collateral value in excess of the loan amount, under our repurchase agreements was 24%. There have been no significant fluctuations in haircuts across asset classes on our repurchase facilities. Revolving Credit Facility The Company’s Revolving Credit Facility provides for an aggregate maximum borrowing amount of $323.9 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 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. As of December 31, 2022, the Company had no outstanding borrowings on the Revolving Credit Facility, but still maintains the ability to draw $323.9 million. The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries. The Revolving Credit Facility is secured by a pledge of the shares of (or other ownership or equity interests in) certain subsidiaries to the extent the pledge is not restricted under existing regulations, law or contractual obligations. The Company is subject to customary affirmative covenants and negative covenants, including limitations on the incurrence of additional debt, liens, restricted payments, sales of assets and affiliate transactions. In addition, the Company is required to comply with financial covenants relating to minimum net worth, maximum leverage, minimum liquidity, and minimum fixed charge coverage, consistent with our other credit facilities. The Company’s ability to borrow is dependent on, among other things, compliance with the financial covenants. The Revolving Credit Facility contains customary events of default, including non-payment of principal or interest, fees or other amounts, failure to perform or observe covenants, cross-default to other indebtedness, the rendering of judgments against the Company or certain of our subsidiaries to pay certain amounts of money and certain events of bankruptcy or insolvency. Debt Issuance Costs As of December 31, 2022 and December 31, 2021, the amounts of unamortized costs relating to our master repurchase facilities and Revolving Credit Facility were $5.0 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 4.25% to 8.03%, and, as of December 31, 2022, have anticipated maturity dates between 2023-2031, with an average term of 3.8 years. These mortgage loans have carrying amounts of $498.0 million and $693.8 million, net of unamortized premiums of $2.4 million and $3.2 million as of December 31, 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 $0.7 million, $1.4 million and $1.2 million of premium amortization, which decreased interest expense for the years ended December 31, 2022, 2021, and 2020, respectively. The mortgage loans are collateralized by real estate and related lease intangibles, net, of $559.9 million and $805.0 million as of December 31, 2022 and December 31, 2021, respectively. During each of the the years ended December 31, 2022 and December 31, 2021, the Company executed one term debt agreement to finance properties in its real estate portfolio. 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 CLO 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 CLO 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 CLO 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 CLO Loans, including the right to appoint and replace the special servicer under the CLO. The CLO is a VIE and the Company is the primary beneficiary and, therefore, consolidated the VIE - Refer to Note 10, Consolidated Variable Interest Entities. As of December 31, 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 $5.9 million. Borrowings from the Federal Home Loan Bank (“FHLB”) On July 11, 2012, Tuebor, a consolidated subsidiary of the Company, became a member of the FHLB and subsequently drew its first secured funding advances from the FHLB. As of February 19, 2021, pursuant to a final rule adopted by the Federal Housing Finance Agency (the “FHFA”) regarding the eligibility of captive insurance companies, Tuebor’s membership in the FHLB has been terminated, although outstanding advances may remain outstanding until their scheduled maturity dates. Funding for future advance paydowns is expected to be obtained from the natural amortization and/or sales of securities collateral, or from other financing sources. There is no assurance that the FHFA or the FHLB will not take actions that could adversely impact Tuebor’s existing advances. As of December 31, 2022, Tuebor had $213.0 million of borrowings outstanding, with terms of 0.6 years to 1.75 years (with a weighted average of 1.25 years), and interest rates of 2.74% to 4.70% (with a weighted average of 4.52%). As of December 31, 2022, collateral for the borrowings was comprised of $248.8 million of CMBS and U.S. Agency securities (with advance rates of 71.7% to 95.7%, respectively). 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 $818.9 million of Tuebor’s member’s capital was restricted from transfer via dividend to Tuebor’s parent without prior approval of state insurance regulators at December 31, 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 December 31, 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 December 31, 2022 and 2021. The Notes require interest payments semi-annually in cash in arrears, are unsecured, and are subject to an unencumbered assets to unsecured debt covenant. The Company may redeem the Notes prior to their stated maturity, in whole or in part, at any time or from time to time, with required notice and at a redemption price as specified in each respective indenture governing the Notes, plus accrued and unpaid interest, if any, to the redemption date. The board of the directors has authorized the Company to repurchase any or all of the Notes from time to time without further approval. During the year ended December 31, 2022, the Company repurchased $4.0 million of the 2025 Notes and recognized a gain of $0.3 million on extinguishment of debt, $1.0 million of the 2027 Notes and recognized a gain of $0.2 million on extinguishment of debt, and $1.0 million of the 2029 Notes and recognized a gain of $0.2 million on extinguishment of debt. 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 was secured on a first lien basis on a portfolio of certain of the Company’s loans and matured 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 was non-recourse, subject to limited exceptions, and did not contain mark-to-market provisions. Additionally, the Senior Financing Facility provided the Company optionality to modify or restructure loans or forbear in exercising remedies, which maximized 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. As of December 31, 2021, the Company had $132.4 million of borrowings outstanding under the secured financing facility included in debt obligations on its consolidated balance sheets, net of unamortized debt issuance costs of $1.9 million and a $2.1 million unamortized discount related to the Purchase Right. Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by 2023 $ 326,607 2024 610,070 2025 612,006 2026 89,161 2027 845,394 Thereafter 718,872 Subtotal 3,202,110 Debt issuance costs included in senior unsecured notes (15,412) Debt issuance costs included in mortgage loan financings (1,883) Premiums included in mortgage loan financings(2) 2,420 Total (3) $ 3,187,235 (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 $5.9 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 December 31, 2022. The Company was in compliance with all covenants described in the financial statements as of December 31, 2022. LIBOR Transition The Company has implemented 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 December 31, 2022, 59.3% and 40.7% of our floating rate debt obligations bear interest indexed to LIBOR and Term SOFR, respectively. The Company continues 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	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	8. DERIVATIVE INSTRUMENTS The Company primarily uses derivative instruments to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following is a breakdown of the derivatives outstanding as of December 31, 2022 and December 31, 2021 ($ in thousands): December 31, 2022 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month Term SOFR $ 90,000 $ 1,804 $ — 1.68 Futures 5-year Treasury-Note Futures 44,200 $ 51 $ — 0.25 10-year Treasury-Note Futures 61,400 71 — 0.25 Total futures 105,600 122 — Options Options 9,100 112 — 0.20 Total derivatives $ 204,700 $ 2,038 $ — (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 years ended December 31, 2022, 2021, and 2020 ($ in thousands): Year Ended December 31, 2022 Contract Type Unrealized Realized Net Result Caps $ 984 $ 648 $ 1,632 Futures (219) 11,078 10,859 Options (131) — (131) Total $ 634 $ 11,726 $ 12,360 Year Ended December 31, 2021 Contract Type Unrealized Realized Net Result Caps $ (8) $ — $ (8) Futures 42 1,715 1,757 Total $ 34 $ 1,715 $ 1,749 Year Ended December 31, 2020 Contract Type Unrealized Realized Net Result Futures $ (379) $ (15,113) $ (15,492) Credit Derivatives 111 111 222 Total $ (268) $ (15,002) $ (15,270) 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 $2.5 million, $0.5 million, and $0.8 million of cash margin as collateral for derivatives as of December 31, 2022, December 31, 2021 and December 31, 2020, respectively, which is included in restricted cash in the consolidated balance sheets.

OFFSETTING ASSETS AND LIABILITI

OFFSETTING ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 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 December 31, 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 assets and derivative assets as of December 31, 2022 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 2,038 $ — $ 2,038 $ — $ (2,505) $ (467) Total $ 2,038 $ — $ 2,038 $ — $ (2,505) $ (467) (1) Included in restricted cash on consolidated balance sheets. The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2022 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Repurchase agreements $ 847,863 $ — $ 847,863 $ 847,863 $ 19,128 $ 828,735 Total $ 847,863 $ — $ 847,863 $ 847,863 $ 19,128 $ 828,735 (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	12 Months Ended
	Dec. 31, 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 December 31, 2022 and December 31, 2021 ($ in thousands): December 31, 2022 December 31, 2021 Restricted cash $ 4,902 $ 369 Mortgage loan receivables held for investment, net, at amortized cost 1,308,654 1,299,116 Accrued interest receivable 8,313 4,587 Other assets 17,505 26,636 Total assets $ 1,339,374 $ 1,330,708 Debt obligations, net $ 1,058,462 $ 1,054,774 Accrued expenses 3,029 1,218 Other liabilities 65 65 Total liabilities 1,061,556 1,056,057 Net equity in VIEs (eliminated in consolidation) 277,818 274,651 Total equity 277,818 274,651 Total liabilities and equity $ 1,339,374 $ 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	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
EQUITY STRUCTURE AND ACCOUNTS	11. EQUITY STRUCTURE AND ACCOUNTS The Company has one outstanding class of common stock, Class A as of December 31, 2022, 2021 and 2020. Prior to September 30, 2020, the Company also had Class B common stock. The Class A and Class B common stock are described as follows: Class A Common Stock Voting Rights Holders of shares of Class A common stock are entitled to one vote per share on all matters on which stockholders generally are entitled to vote. The holders of Class A common stock do not have cumulative voting rights in the election of directors. Dividend Rights Subject to the rights of the holders of any preferred stock that may be outstanding and any contractual or statutory restrictions, holders of Class A common stock are entitled to receive equally and ratably, share for share, dividends as may be declared by the board of directors out of funds legally available to pay dividends. Dividends upon Class A common stock may be declared by the board of directors at any regular or special meeting and may be paid in cash, in property, or in shares of capital stock. Liquidation Rights Upon liquidation, dissolution, distribution of assets or other winding up, the holders of Class A common stock are entitled to receive ratably the assets available for distribution to the shareholders after payment of liabilities and the liquidation preference of any outstanding shares of preferred stock. Other Matters The shares of Class A common stock have no preemptive or conversion rights and are not subject to further calls or assessment by the Company. There are no redemption or sinking fund provisions applicable to the Class A common stock. All outstanding shares of our Class A common stock are fully paid and non-assessable. Class B Common Stock Voting Rights Holders of shares of Class B common stock are entitled to one vote for each share on all matters on which stockholders generally are entitled to vote. Holders of shares of our Class B common stock vote together with holders of our Class A common stock on all such matters. Our stockholders do not have cumulative voting rights in the election of directors. We do not currently have any shares of Class B common stock outstanding. No Dividend or Liquidation Rights Holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of Ladder Capital Corp. Exchange for Class A Common Stock We are a holding company and have no material assets other than our direct and indirect ownership of Series REIT limited partnership units (“Series REIT LP Units”) and Series TRS limited partnership units (“Series TRS LP Units,” and, collectively with Series REIT LP Units, “Series Units”) of LCFH. Series TRS LP Units are exchangeable for the same number of limited liability company interests of LC TRS I LLC (“LC TRS I Shares”), which is a limited liability company that is a TRS as well as a general partner of Series TRS. Pursuant to the Third Amended and Restated LLLP Agreement of LCFH, the Continuing LCFH Limited Partners may from time to time, subject to certain conditions, receive one share of the Company’s Class A common stock in exchange for (i) one share of the Company’s Class B common stock, (ii) one Series REIT LP Unit and (iii) either one Series TRS LP Unit or one TRS I LLC Share, subject to equitable adjustments for stock splits, stock dividends and reclassifications. During the year ended December 31, 2020, 12,158,933 Series REIT LP Units and 12,158,933 Series TRS LP Units were collectively exchanged for 12,158,933 shares of Class A common stock and 12,158,933 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. As of December 31, 2022, 2021 and 2020, the Company held a 100.0% interest in LCFH. Stock Repurchases On July 27, 2022, 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 outstanding authorization per the August 4, 2021 authorization from $39.5 million to $50.0 million. Stock repurchases by the Company are generally made for cash in open market transactions at prevailing market prices but may also be made in privately negotiated transactions or otherwise. The timing and amount of purchases are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. As of December 31, 2022, the Company has a remaining amount available for repurchase of $46.7 million, which represents 3.7% in the aggregate of its outstanding Class A common stock, based on the closing price of $10.04 per share on such date. The following tables summarize of the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2022, 2021, and 2020 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2021 $ 44,122 Additional authorizations(2) 10,534 Repurchases paid 783,599 (7,919) Authorizations remaining as of December 31, 2022 $ 46,737 (1) Amount excludes commissions paid associated with share repurchases. (2) On July 27, 2022 the Board authorized repurchases up to $50.0 million in aggregate. Shares Amount(1) Authorizations remaining as of December 31, 2020 $ 38,102 Additional authorizations(2) 15,027 Repurchases paid 822,928 (9,007) Authorizations remaining as of December 31, 2021 $ 44,122 (1) Amount excludes commissions paid associated with share repurchases. (2) On August 4, 2021, the Board authorized additional repurchases of up to $50.0 million in aggregate. Shares Amount(1) Authorizations remaining as of December 31, 2019 $ 41,132 Additional authorizations — Repurchases paid 384,251 (3,030) Repurchases unsettled — Authorizations remaining as of December 31, 2020 $ 38,102 (1) Amount excludes commissions paid associated with share repurchases. Dividends In order for the Company to maintain its qualification as a REIT under the Code, it must annually distribute at least 90% of its taxable income. The Company has paid and in the future intends to declare regular quarterly distributions to its shareholders in order to continue to qualify as a REIT. Consistent with IRS guidance, the Company may, subject to a cash/stock election by its shareholders, pay a portion of its dividends in stock, to provide for meaningful capital retention; however, the REIT distribution requirements limit its ability to retain earnings and thereby replenish or increase capital for operations. The timing and amount of future distributions is based on a number of factors, including, among other things, the Company’s future operations and earnings, capital requirements and surplus, general financial condition and contractual restrictions. All dividend declarations are subject to the approval of the Company’s board of directors. Generally, the Company expects its distributions to be taxable as ordinary dividends to its shareholders, whether paid in cash or a combination of cash and common stock, and not as a tax-free return of capital or a capital gain (although for taxable years beginning after December 31, 2017 and before January 1, 2026, generally stockholders that are individuals, trusts or estates may deduct 20% of the aggregate amount of ordinary dividends distributed by us, subject to certain limitations). The Company believes that its significant capital resources and access to financing will provide the financial flexibility at levels sufficient to meet current and anticipated capital requirements, including funding new investment opportunities, paying distributions to its shareholders and servicing our debt obligations. The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2022, 2021 and 2020: Declaration Date Dividend per Share March 15, 2022 $ 0.20 June 15, 2022 0.22 September 15, 2022 0.23 December 15, 2022 0.23 Total $ 0.88 March 15, 2021 $ 0.20 June 15, 2021 0.20 September 15, 2021 0.20 December 15, 2021 0.20 Total $ 0.80 February 27, 2020 $ 0.34 May 28, 2020 0.20 August 31, 2020 0.20 December 31, 2020 0.20 Total $ 0.94 The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2022, 2021, and 2020: Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital Section 199A Dividends December 31, 2021 January 18, 2022 (1) $ 0.200 $ 0.034 $ — $ 0.166 $ 0.051 $ — $ 0.034 March 31, 2022 April 15, 2022 0.200 0.034 — 0.166 0.051 — 0.034 June 30, 2022 July 15, 2022 0.220 0.038 — 0.182 0.056 — 0.038 September 30, 2022 October 17, 2022 0.230 0.039 — 0.191 0.059 — 0.039 December 31, 2022 January 17, 2023 0.230 0.039 — 0.191 0.059 — 0.039 Total $ 1.080 $ 0.184 $ — $ 0.896 $ 0.276 $ — $ 0.184 (1) The fourth quarter dividend paid on January 18, 2022 was $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital Section 199A Dividends December 31, 2020 January 15, 2021 (1) $ 0.200 $ 0.053 $ 0.001 $ 0.095 $ 0.039 $ 0.052 $ 0.053 March 31, 2021 April 15, 2021 $ 0.200 $ 0.053 $ 0.001 $ 0.095 $ 0.039 $ 0.052 $ 0.053 June 30, 2021 July 15, 2021 0.200 0.053 0.001 0.095 0.039 0.052 0.053 September 30, 2021 October 15, 2021 0.200 0.053 0.001 0.095 0.039 0.052 0.053 December 31, 2021 January 18, 2022 (2) — — — — — — — Total $ 0.800 $ 0.212 $ 0.004 $ 0.380 $ 0.156 $ 0.208 $ 0.212 (1) The fourth quarter dividend paid on January 15, 2021 was $0.200 and is considered a 2021 dividend for U.S. federal income tax purposes. (2) The fourth quarter dividend paid on January 18, 2022 was $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital Section 199A Dividends March 10, 2020 April 1, 2020 $ 0.340 $ 0.230 $ — $ 0.039 $ 0.016 $ 0.071 $ 0.230 June 10, 2020 July 1, 2020 0.200 0.135 — 0.023 0.009 0.042 0.135 September 10, 2020 October 1, 2020 0.200 0.135 — 0.023 0.009 0.042 0.135 December 31, 2020 January 15, 2021 (1) — — — — — — — Total $ 0.740 $ 0.500 $ — $ 0.085 $ 0.034 $ 0.155 $ 0.500 (1) The fourth quarter dividend paid on January 15, 2021 was $0.200 and is considered a 2021 dividend for U.S. federal income tax purposes. Changes in Accumulated Other Comprehensive Income (Loss) The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2022, 2021, and 2020 ($ 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) (16,897) — (16,897) December 31, 2022 $ (21,009) $ (2) $ (21,011) Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2020 $ (10,463) $ (2) $ (10,465) Other comprehensive income (loss) 6,351 — 6,351 December 31, 2021 $ (4,112) $ (2) $ (4,114) Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2019 $ 4,218 $ 475 $ 4,693 Other comprehensive income (loss) (9,950) (5,208) (15,158) Exchange of noncontrolling interest for common stock (6,952) 6,952 — Rebalancing of ownership percentage between Company and Operating Partnership 2,221 (2,221) — December 31, 2020 $ (10,463) $ (2) $ (10,465)

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS Noncontrolling Interests in Consolidated Ventures As of December 31, 2022, the Company consolidates two 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 $79.9 million, and a single-tenant office building in Oakland County, MI with a book value of $8.9 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 year ended December 31, 2022, the Company sold its interests in an apartment complex in Stillwater, OK, an apartment complex in Miami, FL, and office buildings in Richmond, VA. Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further details. Noncontrolling Interest in the Operating Partnership As more fully described in Note 1, certain of the predecessor equity owners held interests in the Operating Partnership as modified by the IPO Transactions. These interests were subsequently further modified by the REIT Structuring Transactions (also described in Note 1). These interests, along with the Class B common stock held by these investors, were exchangeable for Class A common stock of the Company. The roll-forward of the Operating Partnership’s LP Units followed the Class B common stock of the Company as disclosed in the consolidated statements of changes in equity. As of September 30, 2020, all shares of Class B common stock have been exchanged for shares of Class A common stock, and the Company held a 100% interest in LCFH. Pursuant to ASC 810, Consolidation , on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary, changes in a parent’s ownership interest (and transactions with noncontrolling interest unitholders in the subsidiary), while the parent retains its controlling interest in its subsidiary, should be accounted for as equity transactions. The carrying amount of the noncontrolling interest will be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. There were no changes in ownership interest for the twelve months ended December 31, 2022. Distributions to Noncontrolling Interest in the Operating Partnership Notwithstanding the foregoing, subject to any restrictions in applicable debt financing agreements and available liquidity as determined by the board of directors of each of Series REIT of LCFH and Series TRS of LCFH, each Series used commercially reasonable efforts to make quarterly distributions to each of its partners (including the Company) at least equal to such partner’s “Quarterly Estimated Tax Amount,” which was computed (as more fully described in LCFH’s Third Amended and Restated LLLP Agreement) for each partner as the product of (x) the U.S. federal taxable income (or alternative minimum taxable income, if higher) allocated by such Series to such partner in respect of the Series REIT LP Units and Series TRS LP Units held by such partner and (y) the highest marginal blended U.S. federal, state and local income tax rate (or alternative minimum taxable rate, as applicable) applicable to an individual residing in New York, NY, taking into account, for U.S. federal income tax purposes, the deductibility of state and local taxes; provided that Series TRS of LCFH took into account, in determining the amount of tax distributions to holders of Series TRS LP Units, the amount of any distributions each such holder received from Series REIT of LCFH in excess of tax distributions. In addition, to the extent the Company required an additional distribution from the Series of LCFH in excess of its quarterly tax distribution in order to pay its quarterly cash dividend, the Series of LCFH was required to make a corresponding distribution of cash to each of their partners (other than the Company) on a pro-rata basis. As of December 31, 2020, all shares of Class B common stock have been exchanged for shares of Class A common stock, and the Company held a 100% interest in LCFH. Due to the expiration of the partnership the above will no longer be applicable prospectively. Income and losses and comprehensive income were allocated among the partners in a manner to reflect as closely as possible the amount each partner would be distributed under the Third Amended and Restated LLLP Agreement of LCFH upon liquidation of the Operating Partnership’s assets.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 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 years ended December 31, 2022, 2021, and 2020 consist of the following: Year Ended December 31, ($ in thousands except share amounts) 2022 2021 2020 Basic and Diluted Net income (loss) available for Class A common shareholders $ 142,217 $ 56,522 $ (14,445) Weighted average shares outstanding: Basic 124,301,421 123,763,843 112,409,615 Diluted 125,823,671 124,563,051 112,409,615 The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2022, 2021, and 2020 consist of the following: Year Ended December 31, (In thousands except share and per share amounts) (1) 2022 2021 2020(2) Basic Net Income (Loss) Per Share of Class A Common Stock Numerator : Net income (loss) attributable to Class A common shareholders $ 142,217 $ 56,522 $ (14,445) Denominator : Weighted average number of shares of Class A common stock outstanding 124,301,421 123,763,843 112,409,615 Basic net income (loss) per share of Class A common stock $ 1.14 $ 0.46 $ (0.13) Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 142,217 $ 56,522 $ (14,445) Diluted net income (loss) attributable to Class A common shareholders 142,217 56,522 (14,445) Denominator: Basic weighted average number of shares of Class A common stock outstanding 124,301,421 123,763,843 112,409,615 Add - dilutive effect of: Incremental shares of unvested Class A restricted stock(1) 1,522,250 799,208 — Diluted weighted average number of shares of Class A common stock outstanding 125,823,671 124,563,051 112,409,615 Diluted net income (loss) per share of Class A common stock $ 1.13 $ 0.45 $ (0.13) (1) The Company is using the treasury stock method. (2) For the year ended December 31, 2020, shares issuable relating to converted Class B common shareholders are excluded from the calculation of diluted EPS as the inclusion of such potential common shares in the calculation would be anti-dilutive. There were no Class B shares outstanding during the years ended December 31, 2022 and December 31, 2021.

STOCK BASED AND OTHER COMPENSAT

STOCK BASED AND OTHER COMPENSATION PLANS	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2022 2021 2020 Stock Based Compensation Expense $ 31,584 $ 15,300 $ 42,728 Phantom Equity Investment Plan — 22 (1,238) Stock Options Exercised — — 270 Total Stock Based Compensation Expense(1) $ 31,584 $ 15,322 $ 41,760 (1) Variance between twelve months ended December 31, 2022, December 31, 2021, December 31, 2020 is primarily due to timing of 2020, 2021 and 2022 employee stock and bonus compensation. A summary of the grants is presented below: Year Ended December 31, 2022 2021 2020 Number Weighted Number Weighted Number Weighted Grants - Class A Common Stock 2,884,303 $ 11.87 747,713 $ 9.81 4,423,215 $ 12.84 The table below presents the number of unvested shares of Class A common stock and outstanding stock options at December 31, 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 Weighted Average Grant Date Fair Value Stock Options Nonvested/Outstanding at December 31, 2021 2,145,380 $ 12.76 623,788 Granted 2,884,303 11.87 — Vested (2,404,181) 11.89 — Forfeited (95,931) 11.61 — Nonvested/Outstanding at December 31, 2022 2,529,571 $ 12.62 623,788 Exercisable at December 31, 2022 (1) 623,788 (1) The weighted-average exercise price of outstanding options, warrants and rights is $14.84 at December 31, 2022. At December 31, 2022 there was $12.4 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 33 months, with a weighted-average remaining vesting period of 21.7 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. For the grants to Mr. Miceli and Ms. Porcella (a total of 210,662 shares with an aggregate fair value of $2.5 million), 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. 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. Of these awards, 264,704 shares were unrestricted, 497,169 shares are subject to time-based vesting criteria, and the remaining 531,980 shares are subject to attainment of the Performance Target for the applicable years. Approximately 2/3 of all the shares subject to attainment of the Performance Target, are also subject to the Catch-Up Provision. Other Incentive 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. Other 2022 Restricted Stock Awards On February 18, 2022, certain members of the board of directors 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. 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 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 2021 Restricted Stock Awards On February 18, 2021, certain members of the board of directors each received annual restricted stock awards with a grant date fair value of $0.4 million, representing 36,060 shares of restricted Class A common stock, which will vest in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense related to the time-based vesting criteria of the award shall be recognized on a straight-line basis over the one-year vesting period. Change in Control Upon a change in control (as defined in the respective award agreements), restricted stock awards to Mr. Miceli, Ms. McCormack, Mr. Perelman, and one Non-Management Grantee will become fully vested if (1) such 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 Grantee’s employment is terminated without cause or due to death or disability or the Grantee resigns for Good Reason, as defined in each 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, except for the one mentioned above, 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

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 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 December 31, 2022 and December 31, 2021 are as follows ($ in thousands): December 31, 2022 Weighted Average Principal Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 562,839 $ 562,246 $ 541,333 Internal model, third-party inputs 5.32 % 1.06 CMBS interest-only(1) 1,026,195 (2) 10,498 10,443 Internal model, third-party inputs 3.65 % 1.45 GNMA interest-only(3) 45,369 (2) 285 281 Internal model, third-party inputs 4.23 % 3.3 Agency securities(1) 36 36 35 Internal model, third-party inputs 2.70 % 1.54 U.S. Treasury securities(1) 36,000 35,328 35,328 Internal model, third-party inputs 4.17 % 0.6 Equity securities(3) N/A 160 118 Observable market prices N/A N/A Mortgage loan receivables held for investment, net, at amortized cost(4) 3,907,295 3,885,746 3,875,708 Discounted Cash Flow(5) 8.85 % 1.26 Mortgage loan receivables held for sale 31,350 27,391 27,391 Internal model, third-party inputs(6) 4.57 % 9.19 FHLB stock(7) 9,585 9,585 9,585 (7) 4.75 % N/A Nonhedge derivatives(1)(10) 204,700 2,038 2,038 Counterparty quotations N/A 1.52 Liabilities: Repurchase agreements - short-term 481,465 481,465 481,465 Cost plus Accrued Interest (8) 4.04 % 0.37 Repurchase agreements - long-term 366,398 366,398 366,398 Discounted Cash Flow(9) 4.06 % 2.56 Mortgage loan financing 497,454 497,991 477,101 Discounted Cash Flow 5.51 % 3.36 CLO debt 1,064,365 1,058,462 1,058,462 Discounted Cash Flow(9) 6.35 % 15.92 Borrowings from the FHLB 213,000 213,000 213,055 Discounted Cash Flow 1.61 % 1.25 Senior unsecured notes 1,643,794 1,628,382 1,397,977 Internal model, third-party inputs 4.66 % 4.75 (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 $20.8 million at December 31, 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) For repurchase agreements - short term, the value approximates the cost plus accrued interest. (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 $31.8 million at December 31, 2021. (5) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model. (6) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (7) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (8) Fair value for repurchase agreement liabilities - short term borrowings under the Secured Financing Facility and borrowings under the Revolving Credit Facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (9) For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2022 and December 31, 2021 ($ in thousands): December 31, 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) $ 553,424 $ — $ — $ 532,304 $ 532,304 CMBS interest-only(1) 1,017,735 (2) — — 10,026 10,026 GNMA interest-only(3) 45,369 (2) — — 281 281 Agency securities(1) 36 — — 35 35 U.S. Treasury securities 36,000 35,328 — — 35,328 Equity securities N/A 118 — — 118 Nonhedge derivatives(4) 204,700 — 2,038 — 2,038 $ 35,446 $ 2,038 $ 542,646 $ 580,130 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) $ 3,907,295 $ — $ — $ 3,875,708 $ 3,875,708 Mortgage loan receivable held for sale(6) 31,350 — — 27,391 27,391 CMBS(7) 9,415 — — 9,030 9,030 CMBS interest-only(7) 8,460 — — 417 417 FHLB stock 9,585 — — 9,585 9,585 $ — $ — $ 3,922,131 $ 3,922,131 Liabilities: Repurchase agreements - short-term $ 481,465 $ — $ — $ 481,465 $ 481,465 Repurchase agreements - long-term 366,398 — — 366,398 366,398 Mortgage loan financing 497,454 — — 477,101 477,101 CLO debt 1,064,365 — — 1,058,462 1,058,462 Borrowings from the FHLB 213,000 — — 213,055 213,055 Senior unsecured notes 1,643,794 — — 1,397,977 1,397,977 $ — $ — $ 3,994,458 $ 3,994,458 (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 $20.8 million at December 31, 2022. (6) A lower of cost or market adjustment was recorded as of December 31, 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 $31.8 million at December 31, 2021. (6) Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost. The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the years ended December 31, 2022 and 2021 ($ in thousands): Year Ended December 31, Level 3 2022 2021 Balance at January 1, $ 692,864 $ 1,046,570 Transfer from level 2 — — Purchases 59,333 247,040 Sales (4,261) (438,594) Paydowns/maturities (183,929) (163,297) Amortization of premium/discount (4,354) (6,708) Unrealized gain/(loss) (16,901) 6,259 Realized gain/(loss) on sale (106) 1,594 Balance at December 31, $ 542,646 $ 692,864 The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2022 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 532,304 Discounted cash flow Yield (4) 2.89 % 5.29 % 17.47 % CMBS interest-only(1) 10,026 (2) Discounted cash flow Yield (4) 1.39 % 3.72 % 19.66 % GNMA interest-only(3) 281 (2) Discounted cash flow Yield (4) 1.28 % 5.50 % 10.00 % Agency securities(1) 35 Discounted cash flow Yield (4) 2.70 % 2.70 % 2.7 % Total $ 542,646 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 permanent securities, U.S. Treasury securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. (2) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (3) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. Sensitivity of the Fair Value to Changes in the Unobservable Inputs (4) Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement. (5) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question. Nonrecurring Fair Values The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may be impaired. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of assets value due to impairment. Refer to Note 3, Mortgage Loan Receivables and Note 5, Real Estate and Related Lease Intangibles, Net for disclosure of level 3 inputs.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 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, commencing with the taxable year ended December 31, 2015. As such, the Company’s income is generally not subject to U.S. federal, state and local corporate income taxes other than as described below. Certain of the Company’s subsidiaries have elected to be treated as TRSs. TRSs permit the Company to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Code, and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, the Company will continue to maintain its qualification as a REIT. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in TRSs. Components of the provision for income taxes consist of the following ($ in thousands): Year Ended December 31, 2022 2021 2020 Current expense (benefit) U.S. federal $ 1,823 $ (280) $ (8,087) State and local 3,591 936 (1,796) Total current expense (benefit) 5,414 656 (9,883) Deferred expense (benefit) U.S. federal (445) 311 119 State and local (60) (39) (25) Total deferred expense (benefit) (505) 272 94 Provision for income tax expense (benefit) $ 4,909 $ 928 $ (9,789) A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2022, 2021 and 2020 is as follows: Year Ended December 31, 2022 2021 2020 US statutory tax rate 21.00 % 21.00 % 21.00 % REIT income not subject to corporate income tax (18.09) % (17.72) % 65.98 % Increase due to state and local taxes 0.59 % (0.46) % 9.85 % Change in valuation allowance (1.17) % (1.20) % 6.91 % Offshore non-taxable income (1.35) % (3.75) % (41.96) % Uncertain tax position recorded (released) 1.45 % — % (2.54) % Section 163 (j) interest expense limitation 0.08 % 0.27 % (7.12) % REIT income taxes 0.28 % (0.31) % (2.59) % Return to provision (0.64) % 1.64 % (1.25) % Net operating loss carryback benefit — % — % 4.54 % Other 0.74 % 2.14 % (1.96) % Effective income tax rate 2.89 % 1.61 % 50.86 % The differences between the Company’s statutory rate and effective tax rate are largely determined by the amount of income subject to tax by the Company’s TRS subsidiaries. The Company expects that its future effective tax rate will be determined in a similar manner. As of December 31, 2022 and 2021, the Company’s net deferred tax assets (liabilities) were $(1.8) million and $(2.3) million, respectively, and are included in other assets (liabilities) in the Company’s consolidated balance sheets. The Company believes that, other than the specific deferred tax assets described below, it is more likely than not that the net deferred tax assets will be realized in the future. Realization of the net deferred tax assets (liabilities) is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. The Company has recorded deferred tax assets related to net operating losses in the taxable REIT subsidiaries that are expected to be fully utilized in future periods. The net operating loss subject to unlimited carryforward is $11.8 million as of December 31, 2022. The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): December 31, 2022 December 31, 2021 Deferred Tax Assets Net operating loss carryforward $ 3,493 $ 6,766 Net unrealized losses 641 — Capital losses carryforward 4,356 6,005 Valuation allowance (4,356) (6,005) Interest expense limitation 1,385 1,647 Valuation allowance (1,385) (1,647) Total Deferred Tax Assets $ 4,134 $ 6,766 December 31, 2022 December 31, 2021 Deferred Tax Liability Basis difference in operating partnerships $ 5,911 $ 9,048 Total Deferred Tax Liability $ 5,911 $ 9,048 As of December 31, 2022, the Company had $4.4 million of deferred tax assets relating to capital losses which it may only use to offset capital gains. As of December 31, 2021, the Company had $6.0 million of deferred tax assets relating to capital losses which it may only use to offset capital gains. These tax attributes will begin to expire if unused in 2024. As the realization of these assets are not more likely than not before their expiration, the Company has provided a full valuation allowance against these deferred tax assets. The Company’s tax returns are subject to audit by taxing authorities. Generally, as of December 31, 2022, the tax years 2018-2022 remain open to examination by the major taxing jurisdictions in which the Company is subject to taxes. The IRS recently completed its audit of the 2014 tax year and did not recommend any changes to the Company’s tax return. The Company is currently under New York City audit for tax years 2012-2013. The Company does not expect these audits to result in any material changes to the Company’s financial position. The Company does not expect tax expense to have an impact on either short or long-term liquidity or capital needs. As of December 31, 2022, there was an unrecognized tax benefit of $2.4 million, which is included in the accrued expenses in the Company’s consolidated balance sheets. As of December 31, 2021, the Company’s did not have any unrecognized tax benefit . This unrecognized tax benefit, if recognized, would have a favorable impact on our effective income tax rate in future periods. As of December 31, 2022, the Company has not recognized a significant amount of any interest or penalties related to uncertain tax positions. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months. Tax Receivable Agreement Upon consummation of the IPO, the Company entered into a Tax Receivable Agreement with the Continuing LCFH Limited Partners (the “TRA Members”). Under the Tax Receivable Agreement the Company generally is required to pay to the TRA Members that exchange their interests in LCFH and Class B shares of the Company for Class A shares of the Company, 85% of the applicable cash savings, if any, in U.S. federal, state and local income tax that the Company realizes (or is deemed to realize in certain circumstances) as a result of (i) the increase in tax basis in its proportionate share of LCFH’s assets that is attributable to the Company as a result of the exchanges and (ii) payments under the Tax Receivable Agreement, including any tax benefits related to imputed interest deemed to be paid by the Company as a result of such agreement. To determine the current amount of the payments due, the Company estimated the amount of the Tax Receivable Agreement payments to be made within twelve months of the balance sheet date. As of December 31, 2022 the Company had no liability pursuant to the Tax Receivable Agreement. In 2021, the Company had no liability pursuant to the Tax Receivable Agreement. Following the remaining partners’ exchange during the three months ended September 30, 2020, the Company elected to compute Early Termination Payments for each exchanging partner as provided under the terms of the Tax Receivable Agreement. All of the participants were notified of the payments to which they would be entitled, including those entitled to no payment. The Early Termination Payments totaling $0.9 million were executed during the first quarter of 2021.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	18. COMMITMENTS AND CONTINGENCIES Leases As of December 31, 2022, the Company had a $16.0 million lease liability and a $15.8 million right-of-use asset on its consolidated balance sheets recorded within other liabilities other assets Future minimum lease obligations under non-cancelable operating leases, as of December 31, 2022 are as follows ($ in thousands): 2023 $ 788 2024 2,171 2025 2,207 2026 2,219 2027 2,232 Thereafter 13,344 Total undiscounted cash flows 22,961 Present value discount (1) (6,996) Lease liabilities $ 15,965 (1) Lease liabilities were discounted at the Company's weighted average incremental borrowing rate for similar collateral which is estimated to be 6.62%, and the remaining lease term is 10.6 years. 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 December 31, 2022, the Company’s off-balance sheet arrangements consisted of $321.8 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	12 Months Ended
	Dec. 31, 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 securities, which include investments in CMBS, U.S. Agency securities, corporate bonds, equity securities and U.S. Treasury 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): Year ended December 31, 2022 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 269,629 $ 20,659 $ 6 $ 3,226 $ 293,520 Interest expense (68,158) (4,620) (36,683) (86,141) (195,602) Net interest income (expense) 201,471 16,039 (36,677) (82,915) 97,918 (Provision for) release of loan loss reserves (3,711) — — — (3,711) Net interest income (expense) after provision for (release of) loan reserves 197,760 16,039 (36,677) (82,915) 94,207 Real estate operating income — — 108,269 — 108,269 Sale of loans, net (2,511) — — — (2,511) Realized gain (loss) on securities — (73) — — (73) Unrealized gain (loss) on equity securities — (41) — — (41) Unrealized gain (loss) on Agency interest-only securities — (45) — — (45) Realized gain on sale of real estate, net — — 115,998 — 115,998 Fee and other income 10,149 55 4,355 461 15,020 Net result from derivative transactions 6,755 3,972 1,633 — 12,360 Earnings (loss) from investment in unconsolidated ventures — — 1,410 — 1,410 Gain (loss) on extinguishment of debt — — — 685 685 Total other income (loss) 14,393 3,868 231,665 1,146 251,072 Compensation and employee benefits — — — (75,836) (75,836) Operating expenses — — — (20,716) (20,716) Real estate operating expenses — — (38,605) — (38,605) Fee expense (2,325) (277) (954) (3,679) (7,235) Depreciation and amortization — — (32,632) (41) (32,673) Total costs and expenses (2,325) (277) (72,191) (100,272) (175,065) Income tax (expense) benefit — — — (4,909) (4,909) Segment profit (loss) $ 209,828 $ 19,630 $ 122,797 $ (186,950) $ 165,305 Total assets as of December 31, 2022 $ 3,892,382 $ 587,519 $ 706,355 $ 764,917 $ 5,951,173 Year ended December 31, 2021 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 162,349 $ 13,101 $ 1 $ 648 $ 176,099 Interest expense (53,414) (2,403) (36,075) (91,057) (182,949) Net interest income (expense) 108,935 10,698 (36,074) (90,409) (6,850) (Provision for) release of loan loss reserves 8,713 — — 8,713 Net interest income (expense) after provision for (release of) loan reserves 117,648 10,698 (36,074) (90,409) 1,863 Real estate operating income — — 101,564 — 101,564 Sale of loans, net 8,398 — — — 8,398 Realized gain (loss) on securities — 1,594 — — 1,594 Unrealized gain (loss) on Agency interest-only securities — (91) — — (91) Realized gain on sale of real estate, net — — 55,766 — 55,766 Fee and other income 10,507 — 50 633 11,190 Net result from derivative transactions 507 1,250 (8) — 1,749 Earnings (loss) from investment in unconsolidated ventures 335 — 1,244 — 1,579 Total other income (loss) 19,747 2,753 158,616 633 181,749 Compensation and employee benefits — — — (38,347) (38,347) Operating expenses(3) 127 — — (17,799) (17,672) Real estate operating expenses — — (26,161) — (26,161) Fee expense (2,341) (217) (849) (2,403) (5,810) Depreciation and amortization — — (37,702) (99) (37,801) Total costs and expenses (2,214) (217) (64,712) (58,648) (125,791) Income tax (expense) benefit — — — (928) (928) Segment profit (loss) $ 135,181 $ 13,234 $ 57,830 $ (149,352) $ 56,893 Total assets as of December 31, 2021 $ 3,521,986 $ 703,280 $ 914,027 $ 711,959 $ 5,851,252 Year ended December 31, 2020 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 205,640 $ 32,904 $ 13 $ 1,292 $ 239,849 Interest expense (48,084) (21,554) (39,396) (118,440) (227,474) Net interest income (expense) 157,556 11,349 (39,383) (117,148) 12,375 (Provision for) release of loan loss reserves (18,277) 2 — — (18,275) Net interest income (expense) after provision for (release of) loan reserves 139,279 11,351 (39,383) (117,148) (5,900) Real estate operating income — — 100,248 — 100,248 Sale of loans, net (1,571) — — — (1,571) Realized gain (loss) on securities — (12,410) — — (12,410) Unrealized gain (loss) on equity securities — (132) — — (132) Unrealized gain (loss) on Agency interest-only securities — 263 — — 263 Realized gain on sale of real estate, net — — 32,102 — 32,102 Fee and other income 9,142 403 25 3,084 12,654 Net result from derivative transactions (11,264) (4,006) — — (15,270) Earnings (loss) from investment in unconsolidated ventures — — 1,821 — 1,821 Gain (loss) on extinguishment of debt — — — 22,250 22,250 Total other income (loss) (3,693) (15,882) 134,196 25,334 139,955 Compensation and employee benefits — — — (58,101) (58,101) Operating expenses(3) 3 — — (20,297) (20,294) Real estate operating expenses — — (28,584) — (28,584) Fee expense (6,124) (236) (884) — (7,244) Depreciation and amortization — — (38,980) (99) (39,079) Total costs and expenses (6,121) (236) (68,448) (78,497) (153,302) Income tax (expense) benefit — — — 9,789 9,789 Segment profit (loss) $ 129,465 $ (4,767) $ 26,365 $ (160,523) $ (9,458) Total assets as of December 31, 2020 $ 2,343,070 $ 1,058,298 $ 1,031,557 $ 1,448,304 $ 5,881,229 (1) Includes the Company’s investment in unconsolidated ventures that held real estate of $6.2 million, $23.2 million and $46.3 million as of December 31, 2022, 2021 and 2020, 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 $9.6 million as of December 31, 2022, $11.8 million as of December 31, 2021 and $31.0 million as of December 31, 2020 and the Company’s senior unsecured notes of $1.6 billion and $1.6 billion at December 31, 2022 and December 31, 2021, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	20. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the issuance date of the financial statements and determined that no additional disclosure is necessary.

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III-Real Estate and Accumulated Depreciation	Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Real Estate: Retail Property in Newburgh, IN $ 861 $ 126 $ 954 $ 178 $ — $ 126 $ 954 $ 178 $ 1,258 $ (68) 10/13/20 2020 45 years Retail Property in Newburgh, IN 919 213 873 220 — 213 873 220 1,306 (89) 03/16/20 2020 45 years Retail Property in Isanti, MN 1,006 249 894 297 — 249 894 297 1,440 (84) 03/16/20 2020 55 years Retail Property in Little Falls, MN 861 199 783 249 — 199 783 249 1,231 (78) 03/10/20 2020 55 years Retail Property in Waterloo, IA 866 130 896 214 — 130 896 214 1,240 (91) 01/30/20 2019 45 years Retail Property in Sioux City, IA 924 220 876 222 — 220 876 222 1,318 (93) 01/30/20 2019 45 years Retail Property in Wardsville, MO 982 257 919 202 — 257 919 202 1,378 (102) 11/22/19 2019 40 years Retail Property in Kincheloe, MI 888 58 939 229 — 58 939 229 1,226 (102) 11/22/19 2019 45 years Retail Property in Clinton, IN 1,038 269 954 204 — 269 954 204 1,427 (97) 11/22/19 2019 44 years Retail Property in Saginaw, MI 954 96 1,014 210 — 96 1,014 210 1,320 (115) 10/04/19 2019 45 years Retail Property in Rolla, MO 940 110 1,011 188 — 110 1,011 188 1,309 (116) 10/04/19 2019 40 years Retail Property in Sullivan, IL 1,176 340 981 257 — 340 981 257 1,578 (105) 09/13/19 2019 50 years Retail Property in Becker, MN 938 136 922 188 — 136 922 188 1,246 (96) 09/13/19 2019 55 years Retail Property in Adrian, MO 859 136 884 191 — 136 884 191 1,211 (100) 09/13/19 2019 45 years Retail Property in Chillicothe, IL 1,026 227 1,047 245 — 227 1,047 245 1,519 (115) 09/05/19 2019 50 years Retail Property in Poseyville, IN 869 160 947 194 — 160 947 194 1,301 (107) 08/13/19 2019 44 years Retail Property in Dexter, MO 876 141 890 177 — 141 890 177 1,208 (105) 07/09/19 2019 40 years Retail Property in Hubbard Lake, MI 916 40 1,017 203 — 40 1,017 203 1,260 (122) 07/09/19 2019 40 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Fayette, MO 1,087 107 1,168 219 — 107 1,168 219 1,494 (140) 06/26/19 2019 40 years Retail Property in Centralia, IL 945 200 913 193 — 200 913 193 1,306 (125) 04/25/19 2019 40 years Retail Property in Trenton, MO 888 396 628 202 — 396 628 202 1,226 (127) 02/26/19 2019 30 years Retail Property in Houghton Lake, MI 957 124 939 241 — 124 939 241 1,304 (133) 02/26/19 2018 40 years Retail Property in Pelican Rapids, MN 911 78 1,016 169 — 78 1,016 169 1,263 (178) 12/26/18 2018 30 years Retail Property in Carthage, MO 840 225 766 176 — 225 766 176 1,167 (117) 12/26/18 2018 40 years Retail Property in Bolivar, MO 889 186 876 182 — 186 876 182 1,244 (129) 12/26/18 2018 40 years Retail Property in Pinconning, MI 944 167 905 221 — 167 905 221 1,293 (121) 12/06/18 2018 45 years Retail Property in New Hampton, IA 1,009 177 1,111 187 — 177 1,111 187 1,475 (180) 11/30/18 2018 35 years Retail Property in Ogden, IA 856 107 931 153 — 107 931 153 1,191 (160) 10/03/18 2018 35 years Retail Property in Wonder Lake, IL 938 221 888 214 — 221 888 214 1,323 (164) 04/12/18 2017 39 years Retail Property in Moscow Mills, MO 987 161 945 203 — 161 945 203 1,309 (159) 04/12/18 2018 45 years Retail Property in Foley, MN 883 238 823 172 — 238 823 172 1,233 (167) 04/12/18 2018 35 years Retail Property in Kirbyville, MO 869 98 965 155 — 98 965 155 1,218 (160) 04/02/18 2018 40 years Retail Property in Gladwin, MI 883 88 951 203 — 88 951 203 1,242 (150) 04/02/18 2017 45 years Retail Property in Rockford, MN 890 187 850 207 — 187 850 207 1,244 (219) 12/08/17 2017 30 years Retail Property in Winterset, IA 938 272 830 200 — 272 830 200 1,302 (173) 12/08/17 2017 35 years Retail Property in Kawkawlin, MI 921 242 871 179 — 242 871 179 1,292 (200) 10/05/17 2017 30 years Retail Property in Aroma Park, IL 948 223 869 164 — 223 869 164 1,256 (168) 10/05/17 2017 35 years Retail Property in East Peoria, IL 1,017 233 998 161 — 233 998 161 1,392 (189) 10/05/17 2017 40 years Retail Property in Milford, IA 984 254 883 217 — 254 883 217 1,354 (178) 09/08/17 2017 40 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Jefferson City, MO 941 164 966 205 — 164 966 205 1,335 (192) 06/02/17 2016 40 years Retail Property in Denver, IA 896 198 840 191 — 198 840 191 1,229 (187) 05/31/17 2017 35 years Retail Property in Port O'Connor, TX 946 167 937 200 — 167 937 200 1,304 (209) 05/25/17 2017 35 years Retail Property in Wabasha, MN 961 237 912 214 — 237 912 214 1,363 (222) 05/25/17 2016 35 years Office in Jacksonville, FL 82,843 13,290 106,601 21,362 8,024 13,290 114,625 21,362 149,277 (26,863) 05/23/17 1989 36 years Retail Property in Shelbyville, IL 860 189 849 199 — 189 849 199 1,237 (180) 05/23/17 2016 40 years Retail Property in Jesup, IA 881 119 890 191 — 119 890 191 1,200 (197) 05/05/17 2017 35 years Retail Property in Hanna City, IL 862 174 925 132 — 174 925 132 1,231 (195) 04/11/17 2016 39 years Retail Property in Ridgedale, MO 989 250 928 187 — 250 928 187 1,365 (197) 03/09/17 2016 40 years Retail Property in Peoria, IL 901 209 933 133 — 209 933 133 1,275 (208) 02/06/17 2016 35 years Retail Property in Carmi, IL 1,096 286 916 239 — 286 916 239 1,441 (200) 02/03/17 2016 40 years Retail Property in Springfield, IL 998 391 784 227 — 393 789 224 1,406 (183) 11/16/16 2016 40 years Retail Property in Fayetteville, NC 4,865 1,379 3,121 2,472 — 1,379 3,121 2,471 6,971 (1,459) 11/15/16 2008 37 years Retail Property in Dryden Township, MI 908 178 893 201 — 178 899 202 1,279 (197) 10/26/16 2016 40 years Retail Property in Lamar, MO 898 164 903 171 — 164 903 171 1,238 (203) 07/22/16 2016 40 years Retail Property in Union, MO 941 267 867 207 — 267 867 207 1,341 (217) 07/01/16 2016 40 years Retail Property in Pawnee, IL 941 249 775 206 — 249 775 206 1,230 (197) 07/01/16 2016 40 years Retail Property in Linn, MO 856 89 920 183 — 89 920 183 1,192 (211) 06/30/16 2016 40 years Retail Property in Cape Girardeau, MO 1,032 453 702 217 — 453 702 217 1,372 (185) 06/30/16 2016 40 years Retail Property in Decatur-Pershing, IL 1,046 395 924 155 — 395 924 155 1,474 (211) 06/30/16 2016 40 years Retail Property in Rantoul, IL 920 100 1,023 178 — 100 1,023 178 1,301 (219) 06/21/16 2016 40 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Flora Vista, NM 997 272 864 198 — 272 864 198 1,334 (259) 06/06/16 2016 35 years Retail Property in Mountain Grove, MO 977 163 1,026 212 — 163 1,026 212 1,401 (242) 06/03/16 2016 40 years Retail Property in Decatur-Sunnyside, IL 954 182 954 139 — 182 954 139 1,275 (215) 06/03/16 2016 40 years Retail Property in Champaign, IL 1,012 365 915 149 — 365 915 149 1,429 (201) 06/03/16 2016 40 years Retail Property in San Antonio, TX 895 252 703 196 — 251 702 196 1,149 (205) 05/06/16 2015 35 years Retail Property in Borger, TX 790 68 800 181 — 68 800 181 1,049 (204) 05/06/16 2016 40 years Retail Property in Dimmitt, TX 1,063 86 1,077 236 — 85 1,074 236 1,395 (264) 04/26/16 2016 40 years Retail Property in St. Charles, MN 969 200 843 226 — 200 843 226 1,269 (262) 04/26/16 2016 30 years Retail Property in Philo, IL 932 160 889 189 — 160 889 189 1,238 (201) 04/26/16 2016 40 years Retail Property in Radford, VA 1,126 411 896 256 — 411 896 256 1,563 (292) 12/23/15 2015 40 years Retail Property in Rural Retreat, VA 1,017 328 811 260 — 328 811 260 1,399 (254) 12/23/15 2015 40 years Retail Property in Albion, PA 1,103 100 1,033 392 — 100 1,033 392 1,525 (430) 12/23/15 2015 50 years Retail Property in Mount Vernon, AL 925 187 876 174 — 187 876 174 1,237 (245) 12/23/15 2015 44 years Retail Property in Malone, NY 1,077 183 1,154 — 166 183 1,320 — 1,503 (262) 12/16/15 2015 39 years Retail Property in Mercedes, TX 830 257 874 132 — 257 874 132 1,263 (203) 12/16/15 2015 45 years Retail Property in Gordonville, MO 770 247 787 173 — 247 787 173 1,207 (206) 11/10/15 2015 40 years Retail Property in Rice, MN 815 200 859 184 — 200 859 184 1,243 (299) 10/28/15 2015 30 years Retail Property in Bixby, OK 7,937 2,609 7,776 1,765 — 2,609 7,776 1,765 12,150 (2,084) 10/27/15 2012 37 years Retail Property in Farmington, IL 893 96 1,161 150 — 96 1,161 150 1,407 (266) 10/23/15 2015 40 years Retail Property in Grove, OK 3,617 402 4,364 817 — 402 4,364 817 5,583 (1,226) 10/20/15 2012 37 years Retail Property in Jenks, OK 8,780 2,617 8,694 2,107 — 2,617 8,694 2,107 13,418 (2,469) 10/19/15 2009 38 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Bloomington, IL 815 173 984 138 — 173 984 138 1,295 (239) 10/14/15 2015 40 years Retail Property in Montrose, MN 774 149 876 169 — 149 876 169 1,194 (301) 10/14/15 2015 30 years Retail Property in Lincoln County , MO 737 149 800 188 — 149 800 188 1,137 (210) 10/14/15 2015 40 years Retail Property in Wilmington, IL 900 161 1,078 160 — 161 1,078 160 1,399 (260) 10/07/15 2015 40 years Retail Property in Danville, IL 737 158 870 132 — 158 870 132 1,160 (199) 10/07/15 2015 40 years Retail Property in Moultrie, GA 930 170 962 173 — 170 962 173 1,305 (322) 09/22/15 2014 44 years Retail Property in Rose Hill, NC 1,000 245 972 203 — 245 972 203 1,420 (312) 09/22/15 2014 44 years Retail Property in Rockingham, NC 821 73 922 163 — 73 922 163 1,158 (279) 09/22/15 2014 44 years Retail Property in Biscoe, NC 859 147 905 164 — 147 905 164 1,216 (284) 09/22/15 2014 44 years Retail Property in De Soto, IA 704 139 796 176 — 139 796 176 1,111 (225) 09/08/15 2015 35 years Retail Property in Kerrville, TX 768 186 849 200 — 186 849 200 1,235 (281) 08/28/15 2015 35 years Retail Property in Floresville, TX 814 268 828 216 — 268 828 216 1,312 (285) 08/28/15 2015 35 years Retail Property in Minot, ND 4,694 1,856 4,472 618 — 1,856 4,472 618 6,946 (1,115) 08/19/15 2012 38 years Retail Property in Lebanon, MI 820 359 724 178 — 359 724 178 1,261 (199) 08/14/15 2015 40 years Retail Property in Effingham County, IL 820 273 774 205 — 273 774 205 1,252 (231) 08/10/15 2015 40 years Retail Property in Ponce, Puerto Rico 6,516 1,365 6,662 1,318 — 1,365 6,662 1,318 9,345 (1,690) 08/03/15 2012 37 years Retail Property in Tremont, IL 784 164 860 168 — 164 860 168 1,192 (246) 06/25/15 2015 35 years Retail Property in Pleasanton, TX 859 311 850 216 — 311 850 216 1,377 (285) 06/24/15 2015 35 years Retail Property in Peoria, IL 849 180 934 179 — 180 934 179 1,293 (267) 06/24/15 2015 35 years Retail Property in Bridgeport, IL 816 192 874 175 — 192 874 175 1,241 (249) 06/24/15 2015 35 years Retail Property in Warren, MN 696 108 825 157 — 108 825 157 1,090 (285) 06/24/15 2015 30 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Canyon Lake, TX 901 291 932 220 — 291 932 220 1,443 (297) 06/18/15 2015 35 years Retail Property in Wheeler, TX 712 53 887 188 — 53 887 188 1,128 (282) 06/18/15 2015 35 years Retail Property in Aurora, MN 625 126 709 157 — 126 709 157 992 (202) 06/18/15 2015 40 years Retail Property in Red Oak, IA 779 190 839 179 — 190 839 179 1,208 (293) 05/07/15 2014 35 years Retail Property in Zapata, TX 747 62 998 145 — 62 998 145 1,205 (364) 05/07/15 2015 35 years Retail Property in St. Francis, MN 734 105 911 163 — 105 911 163 1,179 (354) 03/26/15 2014 35 years Retail Property in Yorktown, TX 786 97 1,005 199 — 97 1,005 199 1,301 (383) 03/25/15 2015 35 years Retail Property in Battle Lake, MN 721 136 875 157 — 136 875 157 1,168 (369) 03/25/15 2014 30 years Retail Property in Paynesville, MN 805 246 816 192 — 246 816 192 1,254 (307) 03/05/15 2015 40 years Retail Property in Wheaton, MO 641 73 800 97 — 73 800 97 970 (260) 03/05/15 2015 40 years Retail Property in Rotterdam, NY 8,978 2,530 7,924 2,165 — 2,530 7,924 2,165 12,619 (4,970) 03/03/15 1996 20 years Retail Property in Hilliard, OH 4,510 654 4,870 860 — 654 4,870 860 6,384 (1,419) 03/02/15 2007 41 years Retail Property in Niles, OH 3,664 437 4,084 680 — 437 4,084 680 5,201 (1,181) 03/02/15 2007 41 years Retail Property in Youngstown, OH 3,804 380 4,363 658 — 380 4,363 658 5,401 (1,289) 02/20/15 2005 40 years Retail Property in Iberia, MO 883 130 1,033 165 — 130 1,033 165 1,328 (343) 01/23/15 2015 39 years Retail Property in Pine Island, MN 759 112 845 185 — 112 845 185 1,142 (330) 01/23/15 2014 40 years Retail Property in Isle, MN 714 120 787 171 — 120 787 171 1,078 (319) 01/23/15 2014 40 years Retail Property in Jacksonville, NC 5,601 1,863 5,749 1,020 — 1,863 5,749 1,020 8,632 (1,810) 01/22/15 2014 44 years Retail Property in Evansville, IN 6,338 1,788 6,348 864 — 1,788 6,348 864 9,000 (2,111) 11/26/14 2014 35 years Retail Property in Woodland Park, CO 2,776 668 2,681 620 — 668 2,681 620 3,969 (1,126) 11/14/14 2014 35 years Retail Property in Springfield, MO 8,237 3,658 6,296 1,870 — 3,658 6,296 1,870 11,824 (2,526) 11/04/14 2011 37 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Cedar Rapids, IA 7,729 1,569 7,553 1,878 — 1,569 7,553 1,878 11,000 (3,260) 11/04/14 2012 30 years Retail Property in Fairfield, IA 7,518 1,132 7,779 1,800 — 1,132 7,779 1,800 10,711 (2,818) 11/04/14 2011 37 years Retail Property in Owatonna, MN 7,019 1,398 7,125 1,564 — 1,398 7,125 1,564 10,087 (2,699) 11/04/14 2010 36 years Retail Property in Muscatine, IA 5,034 1,060 6,636 1,307 — 1,060 6,636 1,307 9,003 (2,680) 11/04/14 2013 29 years Retail Property in Sheldon, IA 3,027 633 3,053 708 — 633 3,053 708 4,394 (1,153) 11/04/14 2011 37 years Retail Property in Memphis, TN 3,882 1,986 2,800 803 — 1,986 2,800 803 5,589 (2,168) 10/24/14 1962 15 years Retail Property in Bennett, CO 2,471 470 2,503 563 — 470 2,503 563 3,536 (1,077) 10/02/14 2014 34 years Retail Property in O'Fallon, IL 5,674 2,488 5,388 1,064 — 2,488 5,388 1,064 8,940 (4,099) 08/08/14 1984 15 years Retail Property in El Centro, CA 2,977 569 3,133 575 — 569 3,133 575 4,277 (1,030) 08/08/14 2014 50 years Retail Property in Durant, OK 3,250 594 3,900 498 — 594 3,900 498 4,992 (1,299) 01/28/13 2007 40 years Retail Property in Gallatin, TN 3,322 1,725 2,616 721 — 1,725 2,616 721 5,062 (1,159) 12/28/12 2007 40 years Retail Property in Mt. Airy, NC 2,950 729 3,353 621 — 729 3,353 621 4,703 (1,307) 12/27/12 2007 39 years Retail Property in Aiken, SC 3,885 1,588 3,480 858 — 1,588 3,480 858 5,926 (1,411) 12/21/12 2008 41 years Retail Property in Johnson City, TN 3,453 917 3,607 739 — 917 3,607 739 5,263 (1,422) 12/21/12 2007 40 years Retail Property in Palmview, TX 4,466 938 4,837 1,044 — 938 4,837 1,044 6,819 (1,629) 12/19/12 2012 44 years Retail Property in Ooltewah, TN 3,740 903 3,957 843 — 903 3,957 841 5,701 (1,517) 12/18/12 2008 41 years Retail Property in Abingdon, VA 3,003 682 3,733 666 — 682 3,733 666 5,081 (1,450) 12/18/12 2006 41 years Retail Property in Vineland, NJ — 1,482 17,742 3,282 — 1,482 17,742 3,282 22,506 (8,781) 09/21/12 2003 30 years Retail Property in Saratoga Springs, NY — 748 13,936 5,538 — 748 13,936 5,538 20,222 (8,251) 09/21/12 1994 27 years Retail Property in Waldorf, MD — 4,933 11,684 2,882 — 4,933 11,684 2,882 19,499 (6,978) 09/21/12 1999 25 years Retail Property in Mooresville, NC — 2,615 12,462 2,566 — 2,615 12,462 2,566 17,643 (7,395) 09/21/12 2000 24 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in DeLeon Springs, FL — 239 782 221 — 239 782 221 1,242 (512) 08/13/12 2011 35 years Retail Property in Orange City, FL — 229 853 235 — 229 853 235 1,317 (530) 05/23/12 2011 35 years Retail Property in Satsuma, FL — 79 821 192 — 79 821 192 1,092 (510) 04/19/12 2011 35 years Retail Property in Greenwood, AR — 1,038 3,415 694 — 1,038 3,415 694 5,147 (1,387) 04/12/12 2009 43 years Retail Property in Millbrook, AL — 970 5,972 — — 970 5,972 — 6,942 (2,024) 03/28/12 2008 32 years Retail Property in Spartanburg, SC 3,341 828 2,567 772 — 828 2,567 772 4,167 (1,372) 01/14/11 2007 42 years Retail Property in Tupelo, MS 4,516 1,120 3,070 939 — 1,120 3,070 939 5,129 (1,560) 08/13/10 2007 47 years Retail Property in Lilburn, GA — 1,090 3,673 1,028 — 1,090 3,673 1,028 5,791 (1,802) 08/12/10 2007 47 years Retail Property in Douglasville, GA 4,719 1,717 2,705 987 — 1,717 2,705 987 5,409 (1,427) 08/12/10 2008 48 years Retail Property in Elkton, MD 4,369 963 3,049 860 — 963 3,049 860 4,872 (1,508) 07/27/10 2008 49 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Lexington, SC 4,110 1,644 2,219 869 — 1,644 2,219 869 4,732 (1,282) 06/28/10 2009 48 years Total Net Lease $ 354,426 $ 95,045 $ 441,864 $ 97,060 $ 8,190 $ 95,045 $ 450,061 $ 97,055 $ 642,161 $ (153,339) Hotel in Schaumburg, IL $ — $ 8,029 $ 29,971 $ — $ 569 $ 8,029 $ 30,541 $ — $ 38,570 $ (2,886) 12/17/21 1983 25 years Office in Houston, TX — 826 6,322 2,380 — 826 6,323 2,380 9,529 (261) 11/01/22 1983 28 years Hotel in San Diego, CA 31,752 7,469 34,781 — 1,622 7,469 36,403 — 43,872 (7,038) 12/17/19 1970 23 years Hotel in Omaha, NE — 2,963 15,237 — 1,100 2,963 16,337 — 19,300 (3,192) 02/27/19 1969 35 years Apartments in Isla Vista, CA 88,117 36,274 47,694 1,118 1,703 36,274 49,397 1,118 86,789 (7,118) 05/01/18 2009 42 years Office in Crum Lynne, PA 6,017 1,403 7,518 1,666 — 1,403 7,518 1,666 10,587 (1,599) 09/29/17 1999 35 years Retail in New York, NY — 2,434 5,482 — — 2,434 5,482 — 7,916 (174) 02/11/22 2019 28 years Office in Peoria, IL — 940 439 1,508 1,020 1,174 1,460 1,508 4,142 (1,171) 10/21/16 1926 15 years Shopping Center in Carmel, NY — 2,041 3,632 1,033 — 2,041 4,238 1,033 7,312 (2,063) 10/14/15 1985 20 years Office in Oakland County, MI 17,674 1,147 7,707 9,932 10,195 1,144 17,895 9,927 28,966 (20,167) 02/01/13 1989 35 years $ 143,560 $ 63,526 $ 158,783 $ 17,637 $ 16,209 $ 63,757 $ 175,594 $ 17,632 $ 256,983 $ (45,669) Total Real Estate $ 497,986 $ 158,571 $ 600,647 $ 114,697 $ 24,399 $ 158,802 $ 625,655 $ 114,687 $ 899,144 (1) $ (199,008) (1) The aggregate cost for U.S. federal income tax purposes is $0.8 billion at December 31, 2022. Reconciliation of Real Estate: The following table reconciles real estate from December 31, 2021 to December 31, 2022 $ in thousands): Total Real Estate Balance at December 31, 2021 $ 1,127,495 Acquisitions — Acquisitions through foreclosures 24,965 Improvements 6,949 Dispositions and write-offs (260,265) Balance at December 31, 2022 $ 899,144 The following table reconciles real estate from December 31, 2020 to December 31, 2021 $ in thousands): Total Real Estate Balance at December 31, 2020 $ 1,216,229 Acquisitions 20,452 Acquisitions through foreclosures 81,750 Improvements 4,871 Dispositions and write-offs (195,807) Balance at December 31, 2021 $ 1,127,495 The following table reconciles real estate from December 31, 2019 to December 31, 2020 ($ in thousands): Total Real Estate Balance at December 31, 2019 $ 1,254,163 Acquisitions 7,793 Acquisitions through foreclosures 29,310 Improvements 6,101 Dispositions and write-offs (81,138) Balance at December 31, 2020 $ 1,216,229 Reconciliation of Accumulated Depreciation and Amortization Expense: The following table reconciles accumulated depreciation and amortization from December 31, 2021 to December 31, 2022 ($ in thousands): Total Real Estate Balance at December 31, 2021 $ 236,622 Depreciation and amortization expense 32,937 Dispositions/write-offs (70,551) Balance at December 31, 2022 $ 199,008 The following table reconciles accumulated depreciation and amortization from December 31, 2020 to December 31, 2021 ($ in thousands): Total Real Estate Balance at December 31, 2020 $ 230,925 Depreciation and amortization expense 38,069 Dispositions/write-offs (32,372) Balance at December 31, 2021 $ 236,622 The following table reconciles accumulated depreciation and amortization from December 31, 2019 to December 31, 2020 ($ in thousands): Total Real Estate Balance at December 31, 2019 $ 206,082 Depreciation and amortization expense 39,346 Dispositions/write-offs (14,503) Balance at December 31, 2020 $ 230,925

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Type of Loan Underlying Property Type Interest Rates (1) Effective Maturity Dates Periodic Payment Terms (2) Prior Liens Face amount of Mortgages Carrying Amount of Mortgages Principal Amount of Mortgages Subject to Delinquent Principal or Interest (3) First Mortgages individually >3% First Mortgage Office, Mixed 7.75% - 8.30% 2023 - 2024 IO $ — $ 373,468 $ 371,489 $ — First Mortgages individually <3% First Mortgage Mixed, Office, Multi-Family, Industrial, Hotel, Mobile Home Park, Retail, Land 4.25% - 13.40% 2023 - 2032 IO, P&I — 3,499,228 3,475,762 56,509 Total First Mortgages — 3,872,696 3,847,251 56,509 Subordinated Mortgages individually <3% Subordinate Mortgage Multi-Family, Hotel, Office 9.00% - 12.00% 2023 - 2027 IO 564,472 65,950 65,886 — Total Subordinated Mortgages 564,472 65,950 65,886 — Total Mortgages 564,472 3,938,646 3,913,137 56,509 Allowance for credit losses N/A N/A (20,755) (4) N/A Total Mortgages after Allowance for Credit Losses $ 564,472 $ 3,938,646 $ 3,892,382 (5)(6) $ 56,509 (1) Interest rates as of December 31, 2022. (2) IO = Interest only. P&I = Principal and interest. (3) Represents principal amount of loans on non-accrual status. The carrying value of loans on non-accrual status was $53.8 million as of December 31, 2022. Refer to Allowance for Credit Losses and Non-Accrual Status in Note 3, Mortgage Loan Receivables, to the consolidated financial statements for further disclosure. (4) Refer to Note 3, Mortgage Loan Receivables for further detail. (5) The aggregate cost for U.S. federal income tax purposes is $3.8 billion. (6) Includes $27.4 million of mortgage loans held for sale as of December 31, 2022. Reconciliation of mortgage loans on real estate: The following tables reconcile mortgage loans on real estate from December 31, 2019 to December 31, 2022 ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Total Mortgage loan Balance December 31, 2021 $ 3,553,737 $ (31,752) $ — $ 3,521,985 Origination of mortgage loan receivables 1,234,765 — 61,318 1,296,083 Purchases of mortgage loan receivables — — — — Repayment of mortgage loan receivables (901,082) — (68) (901,150) Proceeds from sales of mortgage loan receivables — — (29,151) (29,151) Non-cash disposition of loan via foreclosure (10,235) — — (10,235) Realized gain on sale of mortgage loan receivables 2,197 — (4,708) (2,511) Accretion/amortization of discount, premium and other fees 20,759 — — 20,759 Charge offs (14,395) 14,395 — — Release of provision for current expected credit loss, net — (3,398) — (3,398) Balance December 31, 2022 $ 3,885,746 $ (20,755) $ 27,391 $ 3,892,382 (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan receivables held Total Mortgage loan Balance December 31, 2020 $ 2,354,059 $ (41,507) $ 30,518 $ 2,343,070 Origination of mortgage loan receivables 2,309,888 — 220,359 2,530,247 Repayment of mortgage loan receivables (1,059,796) — (183) (1,059,979) Proceeds from sales of mortgage loan receivables (46,557) — (259,092) (305,649) Non-cash disposition of loan via foreclosure (81,289) — — (81,289) Realized gain on sale of mortgage loan receivables — — 8,398 8,398 Accretion/amortization of discount, premium and other fees 13,832 — — 13,832 Release of asset-specific loan loss provision via foreclosure(1) — 1,150 — 1,150 Release of provision for current expected credit loss, net — 8,605 — 8,605 Balance December 31, 2021 $ 3,553,737 $ (31,752) $ — $ 3,521,985 (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan receivables held Total Mortgage loan Balance December 31, 2019 $ 3,257,036 $ (20,500) $ 122,325 $ 3,358,861 Origination of mortgage loan receivables 353,661 — 212,845 566,506 Repayment of mortgage loan receivables (960,832) — (404) (961,236) Proceeds from sales of mortgage loan receivables (270,491) — (312,273) (582,764) Non-cash disposition of loan via foreclosure (31,249) — — (31,249) Realized gain on sale of mortgage loan receivables (9,596) — 8,025 (1,571) Accretion/amortization of discount, premium and other fees 15,530 — — 15,530 Release of asset-specific loan loss provision via foreclosure(1) — 2,500 — 2,500 Provision for current expected credit loss (implementation impact)(2) — (4,964) — (4,964) Provision for current expected credit loss (impact to earnings)(2) — (18,543) — (18,543) Balance December 31, 2020 $ 2,354,059 $ (41,507) $ 30,518 $ 2,343,070 (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. (2) During the year ended December 31, 2020, the initial impact of the implementation of the CECL accounting standard as of January 1, 2020 is recorded against retained earnings. Subsequent remeasurement, including the period to date change for the year ended December 31, 2020, is accounted for as provision for current expected credit loss in the consolidated statements of income.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 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 generally accepted accounting principles in the United States (“GAAP”). The consolidated financial statements include the Company’s accounts and those of its subsidiaries which are majority-owned and/or controlled by the Company and variable interest entities (“VIEs”) for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of resulting changes are reflected in the consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying consolidated financial statements include, but are not limited to the following: • valuation of real estate securities; • valuation of mortgage loan receivables held for sale; • valuation of real estate; • allocation of purchase price for acquired real estate, including real estate acquired via foreclosure; • impairment, and useful lives, of real estate; • useful lives of intangible assets; • valuation of derivative instruments; • valuation of deferred tax asset (liability); • determination of effective yield for recognition of interest income; • adequacy of current expected credit losses (“CECL”) including the valuation of underlying collateral for collateral-dependent loans; • determination of impairment of real estate securities and investments in and advances to unconsolidated ventures; • certain estimates and assumptions used in the accrual of incentive compensation and calculation of the fair value of equity compensation issued to employees; • determination of the effective tax rate for income tax provision; and • certain estimates and assumptions used in the allocation of revenue and expenses for our segment reporting.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of December 31, 2022 and December 31, 2021. At December 31, 2022 and December 31, 2021, and at various times during the years, the balances exceeded the insured limits.
Restricted Cash	Restricted Cash Restricted cash includes accounts the Company maintains with brokers to facilitate financial derivative and repurchase agreement transactions in support of its loan and securities investments and risk management activities. Based on the value of the positions in these accounts and the associated margin requirements, the Company may be required to deposit additional cash into these broker accounts. The cash collateral held by broker is considered restricted cash. Restricted cash also includes tenant security deposits, deposits related to real estate sales and acquisitions and required escrow balances on credit facilities.
Mortgage Loan Receivables Held for Investment	Mortgage Loan Receivables Held for Investment Loans for which the Company has the intention and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for credit losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the effective interest method, adjusted for actual prepayments. Upon the decision to market such loans, the Company will evaluate if the loan meets held for sale criteria and then will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value on the consolidated balance sheets.
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, fair value of collateral, net operating income of collateral, 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. In addition, interest receivable on loans is not included in the Company’s CECL calculations as the Company performs timely write off of aged accounts receivable. The Company has made a policy election to to write off aged receivables through interest income as opposed to through the CECL provision on its statements of income. 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, assessed for specific impairment, and are not included in the Company’s assessment of the CECL reserve. Loans previously restructured under TDRs that subsequently default are reassessed to incorporate the Company’s current assumptions on expected cash flows and additional provision for loan loss is recorded to the extent necessary. The Company designates 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 principal and coupon interest 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 principal and coupon interest is no longer realizable and deemed non-recoverable.
Mortgage Loan Receivables Held for Sale	Mortgage Loan Receivables Held for Sale Mortgage loan receivables held for sale are first mortgage loans that are secured by cash-flowing commercial real estate and are available for sale to securitizations. Mortgage loan receivables held for sale are recorded at lower of cost or market value on an individual basis.
Securities	Securities The Company classifies its securities investments on the date of acquisition of the investment. Securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses on all securities, except for Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”) and equity securities, recorded as a component of other comprehensive income (loss) in shareholders’ equity. As more fully described in Note 4, certain securities that were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“Dodd-Frank Act”) which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the consolidated statements of income. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the consolidated statements of income. The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. Unrealized losses on securities are evaluated by management to determine if the decline in fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors, any impairment that is not credit-related is recognized in other comprehensive income, whereas any credit-related loss is recognized currently in earnings in the consolidated statements of income. The Company has elected the fair value option for accounting for equity securities and changes in fair value are recorded in current period earnings. When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an impairment in the value of the security. An impairment will be considered based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) the Company does not expect to recover the security’s cost basis (i.e., a credit loss exists). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the cost basis of the security will be written down to fair value, and the related impairment will be recognized currently in earnings. If a credit loss exists, but the Company does not intend to, nor is it more likely than not that it will be required to sell before recovery, the impairment will be separated into (i) the estimated amount relating to the credit loss, and (ii) the amount relating to all other factors. The amount of the impairment relating to credit losses will be recognized as an allowance for credit losses, which is a contra-asset and a reduction in earnings, with the remainder of the loss recognized in other comprehensive income. Estimating cash flows and determining whether there is impairment requires management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts. For cash flow statement purposes, receipts of interest from interest-only real estate securities are bifurcated between amortization of premium/ (accretion) of discount and other fees on securities as part of cash flows from operations and basis recovery of Agency interest only securities as part of cash flows from investing activities. The Company utilizes an internal model as its primary pricing source to develop its prices for its CMBS and other commercial real estate securities guaranteed by a U.S. governmental agency or by a government sponsored entity (together, “U.S. Agency securities”). Different judgments and assumptions could result in materially different estimates of fair value. To confirm its own valuations, the Company requests prices for each of its CMBS and U.S. Agency securities investments from three different sources, including third parties that provide pricing services and brokers, although since broker quotes for the same or similar securities in which Ladder has invested are non-binding, the Company does not consider them to be a primary source for valuation. The Company may also develop a price for a security based on its direct observations of market activity and other observations. Typically, at least two prices per security are obtained. Prior to using a third-party pricing service for valuation, the Company develops an understanding of the valuation methodologies used by such pricing services through discussions with their representatives and review of their valuation methodologies used for different types of securities. The Company understands that the pricing services develop estimates of fair value for CMBS and U.S. Agency securities using various techniques, including discussion with their internal trading desks, proprietary models and matrix pricing approaches. The Company does not have access to, and is therefore not able to review in detail, the inputs used by the pricing services in developing their estimates of fair value. However, on at least a monthly basis as part of our closing process, the Company evaluates the fair value information provided by the pricing services by comparing this information for reasonableness against its direct observations of market activity for similar securities and anecdotal information obtained from market participants that, in its assessment, is relevant to the determination of fair value. This process may result in the Company “challenging” the estimate of fair value for a security if it is unable to reconcile the estimate provided by the pricing service with its assessment of fair value for the security. Accordingly, in following this approach, the Company’s objective is to ensure that the information used by pricing services in their determination of fair value of securities is reasonable and appropriate.
Real Estate	Real Estate The Company generally acquires real estate assets or land and development assets through cash purchases and may also acquire such assets through foreclosure or deed-in-lieu of foreclosure in full or partial satisfaction of defaulted loans. Based on the Company’s strategic plan to realize the maximum value from the real estate acquired, properties are either classified as Real estate, net or Real estate held for sale in the consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net. If the Company intends to market these properties for sale in the near term, assets are evaluated against the held for sale criteria and then may be classified as real estate held for sale in the consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company records real estate acquired through foreclosure at fair value. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 55 years for buildings, four The Company classifies most of its investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense and impairments, as applicable and are included in Real estate, net in the consolidated balance sheets.
Allocation of Purchase Price for Acquired Real Estate	Allocation of Purchase Price for Acquired Real Estate Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases; (ii) in-place leases; and (iii) assumed mortgages. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods. These methods may include discounted cash flow models, for which assumptions including cash flow projections, discount and capitalization rates, or market comparable transactions, which require management judgment in determining the appropriateness of recent comparable sales of similar properties, or the ground lease approach for land valuation, which requires management judgement in determining comparable ground leases to forecast the economic ground rent and apply capitalization rate to the forecast economic ground rent to estimate land value. The Company may also utilize estimates of replacement costs net of depreciation. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Other intangible assets acquired include amounts for in-place lease values. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases but in no event do the amortization periods for intangible assets exceed the depreciable lives of the buildings. If a tenant terminates its lease, the unamortized portion of the in-place lease value intangibles are charged to expense. The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 15, depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition.
Impairment of Property Held for Use	Impairment of Property Held for Use On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, historical, current and projected operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future.
Real Estate Held for Sale	Real Estate Held for Sale In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets meet the criteria for held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the consolidated statements of income. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
Sales of Real Estate	Sales of Real Estate Gains on sales of real estate are recognized pursuant to the provisions included in ASC 606-20, Revenue from Contracts with Customers (“ASC 606-20”) or ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, the Company’s sales of residential condominiums would be governed by ASC 606-20 and the sales of rental properties under ASC 610-20.
Investments in and Advances to Unconsolidated Ventures	Investments in and Advances to Unconsolidated Ventures The Company accounts for its investments in unconsolidated ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as investments in unconsolidated ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. In the event there is an outside basis portion of the Company’s ventures, it is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. The Company classifies distributions received from its investments in unconsolidated ventures using the nature of the distribution approach.
Capitalization of Interest	Capitalization of Interest Capitalization of costs begins when the activities necessary to get the development project ready for its intended use begins, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences, and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. We cease cost capitalization if activities necessary for the development of the property have been suspended. Capitalized costs are allocated to the specific components of a project that are benefited. Interest shall be capitalized for investments accounted for by the equity method while the investee has activities in progress necessary to commence its planned principal operations, provided that the investee’s activities include the use of funds to acquire qualifying assets for its operations. The investor’s investment in the investee, not the individual assets or projects of the investee, is the qualifying asset for purposes of interest capitalization.
Commitments and Contingencies	Commitments and Contingencies The Company, as lessee, records right-of-use lease assets in other assets and lease liabilities in other liabilities on its consolidated balance sheets. A lease is evaluated for classification as an operating or finance lease at the commencement date of the lease. Right-of-use assets initially equal the lease liability. The lease liability equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company's incremental borrowing rate for similar collateral if the rate implicit in the lease is not readily determinable. Future lease payments include fixed lease payments as well as variable lease payments that depend upon an index or rate using the index or rate at the commencement date and probable amounts owed under residual value guarantees. The amount of future lease payments may be increased to include additional payments related to lease extension when the Company has determined, at or subsequent to lease commencement that it is reasonably certain of exercising such options. The Company recognizes a single lease cost for operating leases in operating expenses in the consolidated statements of income, calculated so that the cost of the lease is allocated generally on a straight-line basis over the term of the lease, and classifies all cash payments within operating activities in the consolidated statements of cash flows.
Valuation of Financial Instruments	Valuation of Financial Instruments Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize upon disposition of the financial instruments. Financial instruments with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of pricing observability and will therefore require a lesser degree of judgment to be utilized in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less, or no, pricing observability and will require a higher degree of judgment in measuring fair value. Pricing observability is generally affected by such items as the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction and overall market conditions. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts.
Valuation Hierarchy	Valuation Hierarchy In accordance with the authoritative guidance on fair value measurements and disclosures under ASC 820 - Fair Value Measurement , the methodologies used for valuing such instruments have been categorized into three broad levels as follows: Level 1 - Quoted prices in active markets for identical instruments. Level 2 - Valuations based principally on other observable market parameters, including: • Quoted prices in active markets for similar instruments, • Quoted prices in less active or inactive markets for identical or similar instruments, • Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and • Market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 - Valuations based significantly on unobservable inputs. • Valuations based on third-party indications (broker quotes, counterparty quotes or pricing services), which were in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations, and • Valuations based on internal models with significant unobservable inputs. Pursuant to the authoritative guidance, these levels form a hierarchy. The Company follows this hierarchy for its financial instruments measured at fair value on a recurring basis. The classifications are based on the lowest level of input that is significant to the fair value measurement. It is the Company’s policy to determine when transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the reporting period.
Tuebor/Federal Home Loan Bank Membership	Tuebor/Federal Home Loan Bank Membership Tuebor Captive Insurance Company LLC (“Tuebor”), was licensed in Michigan and approved to operate as a captive insurance company as well as being approved to become a member of the Federal Home Loan Bank (“FHLB”), with membership finalized with the purchase of stock, in the FHLB on July 11, 2012. That approval allowed Tuebor to purchase capital stock in the FHLB, the prerequisite to obtaining financing on eligible collateral.
Debt Issuance Costs/Debt Issued	Debt Issuance Costs The Company recognizes debt issuance costs related to its senior unsecured notes on its consolidated balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The Company defers debt issuance costs associated with lines of credit and presents them as an asset and subsequently amortizes the debt issuance costs ratably over the term of the revolving debt arrangement. The Company considers its committed loan master repurchase facilities, borrowings under credit agreement and revolving credit facility to be revolving debt arrangements. Debt Issued From time to time, a subsidiary of the Company will originate a loan (each, an “Intercompany Loan,” and collectively, “Intercompany Loans”) to another subsidiary of the Company to finance the purchase of real estate. The mortgage loan receivable and the related obligation do not appear in the Company’s consolidated balance sheets as they are eliminated upon consolidation. Once the Company issues (sells) an Intercompany Loan to a third-party securitization trust (for cash), the related mortgage note is held for the first time by a creditor external to the Company. The accounting for the securitization of an Intercompany Loan—a financial instrument that has never been recognized in our consolidated financial statements as an asset—is considered a financing transaction under ASC 470 - Debt , and ASC 835 - Interest . The periodic securitization of the Company’s mortgage loans involves both Intercompany Loans and mortgage loans made to third parties with the latter recognized as financial assets in the Company’s consolidated financial statements as part of an integrated transaction. The Company receives aggregate proceeds equal to the transaction’s all-in securitization value and sales
Derivative Instruments	Derivative Instruments In the normal course of business, the Company is exposed to the effect of interest rate changes and may undertake a strategy to limit these risks through the use of derivatives. To address exposure to interest rates, the Company uses derivatives primarily to economically hedge the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The Company may use a variety of derivative instruments that are considered conventional, or “plain vanilla” derivatives, including interest rate swaps, futures, caps, collars and floors, to manage interest rate risk. To determine the fair value of derivative instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. Standard market conventions and techniques such as discounted cash flow analysis, option-pricing models, and termination cost may be used to determine fair value. All such methods of measuring fair value for derivative instruments result in an estimate of fair value, and such value may never actually be realized. The Company recognizes all derivatives on the consolidated balance sheets at fair value. The Company does not generally designate derivatives as hedges to qualify for hedge accounting for financial reporting purposes and therefore any net payments under, or fluctuations in the fair value of, these derivatives have been recognized currently in net result from derivative transactions in the accompanying consolidated statements of income. The Company records derivative asset and liability positions on a gross basis with any collateral posted with or received from counterparties recorded separately on the Company’s consolidated balance sheets.
Repurchase Agreements	Repurchase Agreements
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code effective January 1, 2015. The Company is subject to federal income taxation at corporate rates on its REIT taxable income; however, the Company is allowed a deduction for the amount of dividends paid to its stockholders, thereby subjecting the distributed net income of the Company to taxation at the stockholder level only. Any income associated with a TRS is fully taxable because a TRS is subject to federal and state income taxes as a domestic C corporation based upon its taxable net income. The Company is also subject to U.S. federal income tax (and possibly state and local taxes) to the extent it recognizes any “built-in gains” that existed as of January 1, 2015, the effective date of Company’s election to be subject to tax as a REIT under the Code (the “REIT Election”) for the five-year period following the REIT Election. The Company intends to continue to operate in a manner consistent with and to elect to be treated as a REIT for tax purposes. The Company accounts for income taxes in accordance with ASC Topic 740 - Income Taxes (“ASC 740”) , which requires the recognition of tax benefits or expenses on the temporary differences between financial reporting and tax bases of assets and liabilities. The Company determines whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement which could result in the Company recording a tax liability that would reduce shareholders’ equity. The Company’s policy is to classify interest and penalties associated with underpayment of U.S. federal and state income taxes, if any, as a component of income tax expense (benefit) on its consolidated statements of income. For the years ended December 31, 2022, 2021 and 2020, the Company did not have material interest or penalties associated with the underpayment of any income taxes. The last three tax years remain open and subject to examination by tax jurisdictions.
Interest Income	Interest Income Interest income is accrued based on the outstanding principal amount and contractual terms of the Company’s loans and securities. Discounts or premiums associated with the purchase of loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected recovery period of the investment. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections. The Company has historically collected, and expects to continue to collect, all contractual amounts due on its originated loans. As a result, the Company does not adjust the projected cash flows to reflect anticipated credit losses for these loans. If the performance of a credit deteriorated security is more favorable than forecasted, the Company will generally accrete more credit discount into interest income than initially or previously expected. These adjustments are made prospectively beginning in the period subsequent to the determination that a favorable change in performance is projected. Conversely, if the performance of a credit deteriorated security is less favorable than forecasted, an impairment may be taken, and the amount of discount accreted into income will generally be less than previously expected. The Company applies the provisions of ASC 310-20 for our high credit quality securities rated AA or above. The effective yield on securities is based on the projected cash flows from each security, which is estimated based on the Company’s observation of the then current information and events and will include assumptions related to interest rates, prepayment rates and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses (if applicable), and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a retrospective change in the yield/interest income recognized on such securities. Actual maturities of the securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of scheduled principal, and repayments of principal. Therefore, actual maturities of the securities will generally be shorter than stated contractual maturities. For loans classified as held for investment and that the Company has not elected to record at fair value under ASC 825, origination fees and direct loan origination costs are recognized in interest income over the loan term as a yield adjustment using the effective interest method. For loans classified as held for sale and that the Company has not elected to record at fair value under ASC 825, origination fees and direct loan origination costs are deferred adjusting the basis of the loan and are realized as a portion of the gain/(loss) on sale of loans when sold. As of December 31, 2022 and 2021, the Company did not hold any loans for which the fair value option was elected. The Company applies the provisions in ASC 325-40 for our securities rated below AA, cash flows from a security are estimated by applying assumptions used to determine the fair value of such security and the excess of the future cash flows over the investment are recognized as interest income under the effective yield method. The Company will review and, if appropriate, make adjustments to, its cash flow projections at least quarterly and monitor these projections based on input and analysis received from external sources and its judgment about interest rates, prepayment rates, the timing and amount of credit losses and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in interest income recognized and amortization of any premium or discount on, or the carrying value of, such securities. For investments purchased that either meet the definition of a purchased financial asset with credit deterioration (“PCD”) or where there is significant difference between contractual cash flows and expected cash flows, the Company applies the PCD guidance in ASC 326-30. ASC 326-30 requires an initial estimate of expected credit losses to be recognized through an adjustment to the amortized cost basis of the financial asset (i.e., a balance sheet gross up) with no impact to earnings. As of the date of acquisition, the amount of expected credit losses is added to the purchase price of the security to establish the initial amortized cost basis. Any difference between the amortized cost basis (purchase price plus the initial allowance for credit losses) and the par amount of the security is considered to be a non-credit discount/premium and will be accreted/amortized into interest income using the interest method.
Recognition of Operating Lease Income and Tenant Recoveries	Recognition of Operating Lease Income and Tenant Recoveries Certain arrangements may contain both lease and non-lease components. The Company determines if an arrangement is, or contains, a lease at contract inception. Only the lease components of these contractual arrangements are subject to the provisions of ASC 842. Any non-lease components are subject to other applicable accounting guidance. We elected, however, to adopt the optional practical expedient not to separate lease components from non-lease components for accounting purposes. This policy election has been adopted for each of the Company’s leased asset classes existing as of the effective date and subject to the transition provisions of ASC 842 - Leases, will be applied to all new or modified leases executed on or after January 1, 2019. For contractual arrangements executed in subsequent periods involving a new leased asset class, the Company will determine at contract inception whether it will apply the optional practical expedient to the new leased asset class. Certain of the Company’s real estate is leased to others on a net lease basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance. These leases are for fixed terms of varying length and provide for annual rentals. Rental income from operating leases is recognized in real estate operating income on a straight-line basis, generally from the later of the date the lessee takes possession of the space or the space is ready for its intended use. If the Company acquires a facility subject to an existing operating lease, the Company will recognize operating lease income on the straight-line method beginning on the date of acquisition over the term of the respective leases. The amount of future lease payments may be increased to include additional payments related to lease extension options when the Company has determined the extension options are reasonably certain to be exercised. The cumulative excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable within other assets in the consolidated balance sheets. Tenant reimbursements, which consist of real estate taxes and other municipal charges paid by the Company, which were reimbursable by our tenants pursuant to the terms of the lease agreements, are recognized as revenue in the period during which the applicable expenses are incurred. Tenant reimbursements are included in real estate operating income on the Company’s consolidated statements of income. The Company moves to cash basis for operating lease income recognition in the period in which collectability of all lease payments is no longer considered probable. At such time, any operating lease receivable or unbilled rent receivable balance will be written off. If and when lease payments that were previously not considered probable of collection become probable, the Company will move back to the straight-line method of income recognition and record an adjustment to operating lease income in that period as if the lease was always on the straight-line method of income recognition.
Transfers of Financial Assets	Transfers of Financial Assets For a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860, which, at the time of the transfer, require that the transferred assets qualify as recognized financial assets and the Company surrender control over the assets. Such surrender requires that the assets be isolated from the Company, even in bankruptcy or other receivership, the purchaser have the right to pledge or sell the assets transferred and the Company not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability. In November 2017, the SEC staff indicated that, despite transfer restrictions placed on qualified Third Party Purchasers by the risk retention rules of the Dodd-Frank Act, they would not take exception to a registrant treating transfers of financial instruments in a securitization as sales if the transfers otherwise met all the criteria for sale accounting. The Company believes treatment of such transfers as sales is consistent with the substance of such transactions and, accordingly, reflects such transfers as sales. We recognize gains on sale of loans net of any costs related to that sale.
Fee and Other Income	Fee and Other Income Fee and other income is composed of income from dividend income on our investment in FHLB stock, as well as from underwriting fees, exit fees and other fees on the loans we originate and in which we invest.
Fee Expense	Fee Expense
Stock Based Compensation Plan	Stock Based Compensation Plan The Company accounts for its equity-based compensation awards using the fair value method, which requires an estimate of fair value of the award at the time of grant. The Company recognizes the compensation expense related to the time-based vesting criteria on a straight-line basis over the requisite service period. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. The Company made a policy election to account for forfeitures as they occur rather than on an estimated basis.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , (“ASU 2020-04”), and in January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848)- Scope (“ASU 2021-01”). Both ASU 2020-04 and ASU 2021-01 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 and ASU 2021-01 are effective upon issuance for contract modifications and hedging relationships on a prospective basis. The adoption of ASU 2020-04 and ASU 2021-01 did not have a material impact on the Company’s consolidated financial statements. In October 2020, the FASB issued ASU 2020-10, Codification Improvements, which updates various codification topics by clarifying or improving disclosure requirements to align with the SEC’s regulations. The adoption of ASU 2020-10 did not have a material impact on the Company’s consolidated financial statements. In May 2021, the FASB issued ASU 2021-04—Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The adoption of ASU 2021-04 did not have a material impact on the Company’s consolidated financial statements. In July 2021, the FASB issued ASU 2021-05—Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments (“ASU 2021-05”). The adoption of ASU 2021-05 is effective for fiscal years beginning after December 15, 2021. There was no material impact to the Company as a result of the adoption of ASU 2021-05. 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 accounting guidance for troubled debt restructurings and requires disclosure of current-period gross write-offs by year of loan origination. Additionally, ASU 2022-02 updates the accounting for credit losses under ASC 326 and adds enhanced disclosures with respect to loan refinancing and restructuring in the form of principal forgiveness, interest rate concessions, other-than-insignificant payment delays, or term extensions when the borrower is experiencing financial difficulties. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, and early adoption is permitted. The amendments should be applied prospectively, however for the recognition and measurement of troubled debt restructurings, the entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of the update on the Company’s consolidated financial statements. Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.

MORTGAGE LOAN RECEIVABLES (Tabl

MORTGAGE LOAN RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 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 $ 3,841,315 $ 3,819,860 8.83 % 1.3 Mezzanine loans 65,950 65,886 10.62 % 1.6 Total mortgage loans receivable 3,907,265 3,885,746 8.85 % 1.3 Allowance for credit losses N/A (20,755) Total mortgage loan receivables held for investment, net, at amortized cost 3,907,265 3,864,991 Mortgage loan receivables held for sale: First mortgage loans 31,350 27,391 4.57 % 9.19 Total $ 3,938,615 $ 3,892,382 (4) 8.82 % 1.3 (1) Includes the impact from interest rate floors. December 31, 2022 LIBOR and SOFR rates are used to calculate weighted average yield for floating rate loans. (2) Excludes non-accrual loans of $53.8 million. Refer to “Non-Accrual Status” below for further details. (3) Includes the impact of one loan with a principal balance of $51.5 million which was extended through 2026 in January 2023. (4) Net of $21.5 million of deferred origination fees and other items as of December 31, 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 $26.0 million of deferred origination fees and other items as of December 31, 2021.
Summary of mortgage loan receivables by loan type	For the years ended December 31, 2022, 2021, and 2020, the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2021 $ 3,553,737 $ (31,752) $ — Origination of mortgage loan receivables 1,234,765 — 61,318 Repayment of mortgage loan receivables (901,082) — (68) Proceeds from sales of mortgage loan receivables — — (29,151) Non-cash disposition of loans via foreclosure(1) (10,235) — — Sale of loans, net (2) 2,197 — (4,708) Accretion/amortization of discount, premium and other fees 20,759 — — Charge offs (14,395) 14,395 — Release (addition) of provision for current expected credit loss, net (3) — (3,398) — Balance, December 31, 2022 $ 3,885,746 $ (20,755) $ 27,391 (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. (2) Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale. (3) 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 2,309,888 — 220,359 Purchases of mortgage loan receivables 63,600 — — Repayment of mortgage loan receivables (1,059,796) — (183) Proceeds from sales of mortgage loan receivables (46,557) — (259,092) Non-cash disposition of loan via foreclosure(1) (81,289) — — Sale of loans, net — — 8,398 Accretion/amortization of discount, premium and other fees 13,832 — — Release of asset-specific loan loss provision via foreclosure(1) — 1,150 — Release (addition) of provision for current expected credit loss, net — 8,605 — Balance, December 31, 2021 $ 3,553,737 $ (31,752) $ — (1) Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2019 $ 3,257,036 $ (20,500) $ 122,325 Origination of mortgage loan receivables 353,661 — 212,845 Repayment of mortgage loan receivables (960,832) — (404) Proceeds from sales of mortgage loan receivables (270,491) — (312,273) Non-cash disposition of loan via foreclosure(1) (31,249) — — Sale of loans, net (9,596) — 8,025 Accretion/amortization of discount, premium and other fees 15,530 — — Release of asset-specific loan loss provision via foreclosure(1) — 2,500 — Provision for current expected credit loss (implementation impact)(2) — (4,964) — Provision for current expected credit loss (impact to earnings)(2) — (18,543) — Balance, December 31, 2020 $ 2,354,059 $ (41,507) $ 30,518 (1) Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure. (2) During the year ended December 31, 2020, the initial impact of the implementation of the CECL accounting standard as of January 1, 2020 is recorded against retained earnings. Subsequent remeasurement thereafter, including the period to date change for the year ended December 31, 2020, is accounted for as provision for (release of) loan losses in the consolidated statements of income.
Schedule of provision for loan losses	Allowance for Credit Losses and Non-Accrual Status ($ in thousands) Year Ended December 31, Allowance for Credit Losses 2022 2021 2020 Allowance for credit losses at beginning of period $ 31,752 $ 41,507 $ 20,500 Provision for current expected credit loss (implementation impact)(1) — — 4,964 Provision for (release of) current expected credit loss, net (2) 6,503 (8,605) 18,543 Foreclosure of loans subject to asset-specific reserve — (1,150) (2,500) Charge-offs (14,395) — — Recoveries(3) (3,105) — — Allowance for credit losses at end of period $ 20,755 $ 31,752 $ 41,507 (1) Additional provisions for current expected credit losses related to implementation of $0.8 million and $22.0 thousand related to unfunded commitments and held-to-maturity securities, respectively, were recorded on January 1, 2020 at implementation of CECL. (2) There were no asset specific reserves recorded for the year ended December 31, 2022 or 2021. For the year ended December 31, 2020, there was $9.2 million of asset specific reserves. (3) Recoveries are recognized within the consolidated statements of income through “Provision for (release of) loan loss reserves”. Non-Accrual Status December 31, 2022(1) December 31, 2021(2) Carrying value of loans on non-accrual status, net of asset-specific reserve $ 53,809 $ 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 $23.3 million and one loan with a carrying value of $30.5 million as of December 31, 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) December 31, December 31, Geographic Region 2022 2021 South $ 850,904 $ 937,125 Northeast 868,199 1,080,652 Midwest 623,599 434,157 West 634,935 530,599 Southwest 882,097 501,272 Subtotal mortgage loans receivable 3,859,734 3,483,805 Individually impaired loans(1) 26,012 69,932 Total mortgage loans receivable $ 3,885,746 $ 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. 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 December 31, 2022 and December 31, 2021, respectively ($ in thousands): Amortized Cost Basis by Origination Year as of December 31, 2022 Collateral Type 2022 2021 2020 2019 2018 and Earlier Total Multifamily $ 702,125 $ 722,862 $ — $ — $ — $ 1,424,987 Office 78,754 676,431 29,650 58,684 136,512 980,031 Mixed Use 201,777 351,291 26,500 120,300 — 699,868 Industrial 37,616 96,486 — 115,545 — 249,647 Retail 60,089 107,305 — 12,953 9,126 189,473 Hospitality — 45,416 — 13,843 78,364 137,623 Manufactured Housing 32,515 82,618 — 2,921 — 118,054 Other 32,353 19,898 — 7,800 — 60,051 Self-Storage — — — — — — Subtotal mortgage loans receivable 1,145,229 2,102,307 56,150 332,046 224,002 3,859,734 Individually Impaired loans (1) — — — — 26,012 26,012 Total mortgage loans receivable (2) $ 1,145,229 $ 2,102,307 $ 56,150 $ 332,046 $ 250,014 $ 3,885,746 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 $23.2 million of accrued interest receivable (3) Not included above is $12.6 million of accrued interest receivable on all loans at December 31, 2021.

SECURITIES (Tables)

SECURITIES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2022 and December 31, 2021 ($ in thousands): December 31, 2022 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses (7) Carrying # of Rating (1) Coupon % Yield % Remaining CMBS $ 562,839 $ 562,246 $ — $ (20,913) $ 541,333 (2) 71 AAA 5.22 % 5.32 % 1.06 CMBS interest-only(3) 1,026,195 (3) 10,498 121 (176) 10,443 (4) 10 AAA 0.41 % 3.65 % 1.45 GNMA interest-only(5) 45,369 (3) 285 17 (21) 281 14 AAA 0.31 % 4.23 % 3.30 Agency securities 36 36 — (1) 35 1 AAA 4.00 % 2.70 % 1.54 U.S. Treasury securities 36,000 35,374 6 (52) 35,328 10 N/A N/A 4.17 % 0.60 Total debt securities 1,670,439 608,439 144 (21,163) 587,420 (6) 106 2.06 % 5.29 % 1.07 Equity securities N/A 160 — (41) 119 1 N/A N/A N/A N/A Allowance for current expected credit losses N/A — — (20) (20) Total securities $ 1,670,439 $ 608,599 $ 144 $ (21,224) $ 587,519 107 December 31, 2021 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Gains Losses (7) 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 December 31, 2022 and December 31, 2021, respectively, includes $9.0 million and $9.9 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. (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 December 31, 2022 and December 31, 2021, respectively, includes $0.4 million and $0.5 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (5) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income. (6) The Company’s investments in debt securities represents an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date.
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows	The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2022 and December 31, 2021 ($ in thousands): December 31, 2022 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 346,272 $ 195,061 $ — $ — $ 541,333 CMBS interest-only 937 9,506 — — 10,443 GNMA interest-only 40 111 130 — 281 Agency securities — 35 — — 35 U.S. Treasury securities 32,451 2,877 — — 35,328 Allowance for current expected credit losses — — — — (20) Total securities (1) $ 379,700 $ 207,590 $ 130 $ — $ 587,400 (1) Excluded from the table above are $0.1 million of equity securities. 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 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)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule of real estate properties by category	The Company’s real estate assets were comprised of the following ($ in thousands): December 31, 2022 December 31, 2021 Land $ 158,802 $ 186,940 Building 625,655 765,690 In-place leases and other intangibles 114,687 142,335 Undepreciated real estate and related lease intangibles 899,144 1,094,965 Less: Accumulated depreciation and amortization (199,008) (229,271) Real estate and related lease intangibles, net(2) $ 700,136 $ 865,694 Below market lease intangibles, net (other liabilities)(1) $ (30,892) $ (33,203) (1) Below market lease intangibles is net of $13.6 million and $12.8 million of accumulated amortization as of December 31, 2022 and December 31, 2021, respectively.
Schedule of depreciation and amortization expense recorded	The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Year Ended December 31, 2022 2021 2020 Depreciation expense(1) $ 25,770 $ 30,659 $ 32,383 Amortization expense 6,903 7,142 6,696 Total real estate depreciation and amortization expense $ 32,673 $ 37,801 $ 39,079
Schedule of lease intangible assets	The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands): December 31, 2022 December 31, 2021 Gross intangible assets(1) $ 114,689 $ 146,593 Accumulated amortization 49,725 67,500 Net intangible assets $ 64,964 $ 79,093 (1) Includes $2.8 million and $3.8 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of December 31, 2022 and December 31, 2021, respectively. The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands): Year Ended December 31, 2022 2021 2020 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (305) $ (367) $ (367) Increase in operating lease income for amortization of below market lease intangibles acquired 2,068 2,255 2,601 Total $ 1,763 $ 1,888 $ 2,234
Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned	The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2022 ($ in thousands): Period Ending December 31, Increase/(Decrease) to Operating Lease Income Amortization Expense 2023 $ 973 $ 4,531 2024 973 4,531 2025 973 4,391 2026 976 3,740 2027 976 3,554 Thereafter 23,177 41,372 Total $ 28,048 $ 62,119
Schedule of contractual future minimum rent under leases	The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at December 31, 2022 ($ in thousands): Period Ending December 31, Amount 2023 $ 55,354 2024 50,095 2025 49,871 2026 48,402 2027 45,251 Thereafter 196,797 Total $ 445,770
Schedule of real estate properties acquired	Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) February 2022 (2) Apartments New York, NY $15,436 100.0% November 2022 (3) Office Houston, TX 9,386 100.0% Total real estate acquisitions $ 24,822 (1) Properties were consolidated as of acquisition date. (2) In February 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. (3) In November 2022, the Company acquired an office property in Houston, TX via foreclosure. The property served as collateral for a mortgage loan receivable held for investment with a basis of $10.3 million. In connection with the foreclosure, the Company received $0.9 million of cash. The Company obtained a third-party appraisal of the property. The $9.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 9.5% and a discount rate of 10.5%. There was no gain or loss resulting from the foreclosure of the loan. During the year ended December 31, 2021, the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) February 2021 (2) Hotel Miami, FL $43,750 100.0% August 2021 Apartments Stillwater, OK 20,452 80.0% December 2021 (3) Hotel Schaumburg, IL 38,000 100.0% Total real estate acquisitions $ 102,202 (1) Properties were consolidated as of acquisition date. (2) In February 2021, the Company acquired a hotel in Miami, FL via foreclosure, recognizing a $25.8 thousand loss, which is included in its consolidated statements of income. The property previously served as collateral for a mortgage loan receivable held for investment with a basis of $45.1 million, net of an asset-specific loan loss provision of $1.2 million recorded in the three months ended December 31, 2020. In February 2021, the foreclosed property was sold without any gain or loss. The Company recorded no revenues from its 2021 acquisitions for the year ended December 31, 2021. (3) In December 2021, the Company acquired a hotel in Schaumburg, IL via foreclosure. The property served as collateral for a mortgage loan receivable held for investment with a basis of $38.0 million. The Company obtained a third-party appraisal of the property. The $38.0 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 8.0% and a discount rate of 10.0%. There was no gain or loss resulting from the foreclosure of the loan. During the year ended December 31, 2020, the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) Aggregate purchases of net leased real estate $ 7,440 100.0% Real estate acquired via foreclosure March 2020 (2) Land Los Angeles, CA 21,535 100.0% June 2020 (3) Hotel Winston-Salem, NC 3,900 100.0% December 2020 (4) Hotel South Bend, IN 3,875 100.0% Total real estate acquired via foreclosure 29,310 Total real estate acquisitions $ 36,750 (1) Properties were consolidated as of acquisition date. (2) In March 2020, the Company acquired a development property in Los Angeles, CA, via foreclosure. This property previously served as collateral for a mortgage loan receivable held for investment with a basis of $21.6 million, net of an asset-specific loan loss provision of $2.0 million. The Company obtained a third-party appraisal of the property. Substantially all of the fair value was attributed to land. The $21.5 million fair value was determined using the sales comparison approach to value. Using this approach, the appraiser developed an opinion of the fee simple value of the underlying land by comparing the property to similar, recently sold properties in the surrounding or competing area. The Company recorded a $0.1 million loss resulting from the foreclosure of the loan. In December of 2021, the Company sold this property and recorded a $2.0 million loss on sale. Refer to “Sales” below. (3) In June 2020, the Company acquired a hotel in Winston-Salem, NC via foreclosure. This property previously served as collateral for a mortgage loan receivable held for investment with a net basis of $3.8 million. The Company obtained a third-party appraisal of the property. The $3.9 million fair value was determined using the ground lease approach and the income approach to value. The appraiser utilized a terminal capitalization rate of 9.50% and a discount rate of 13.50%. There was no gain or loss resulting from the foreclosure of the loan. In September 2020, the foreclosed property was sold for a gain of $0.8 million. (4) In December 2020, the Company acquired a hotel in South Bend, IN, via foreclosure. The property previously served as collateral for a mortgage loan receivable held for investment with a basis of $4.1 million, net of an asset-specific loan loss provision of $0.5 million. The Company recorded a gain of $0.1 million resulting from the foreclosure of the loan. In December 2020, the foreclosed property was sold without any gain or loss.
Schedule of properties sold	The Company sold the following properties during the year ended December 31, 2022 ($ 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 September 2022 Retail Wichita, KS 9,503 5,110 4,393 1 December 2022 Apartments New York, NY (1) 7,935 7,402 533 1 December 2022 Retail Sennett, NY 10,599 4,245 6,354 1 December 2022 Office Richmond, VA 118,872 71,862 47,010 1 Totals (2) $ 310,525 $ 194,527 $ 115,998 (1) One unit was sold, and one unit remains. (2) Excludes $4.4 million of prepayment costs upon repayment of mortgage financings in connection with certain sales that is recorded within interest expense on the consolidated statement of income, such amount was correspondingly paid by the buyer and received by the Company as part of the sale and recorded in fee and other income on the consolidated statement of income. The Company sold the following properties during the year ended December 31, 2021 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties February 2021 Hotel Miami, FL $ 43,750 $ 43,750 $ — 1 June 2021 Net Lease North Dartmouth, MA 38,732 19,343 19,389 1 August 2021 Net Lease Pittsfield, MA 18,651 10,564 8,087 1 August 2021 Net Lease Ankeny, IA 19,021 13,341 5,680 1 August 2021 Apartments Arlington/Fort Worth, TX 26,496 22,498 3,998 2 November 2021 Net Lease Bessemer City, NC 33,447 21,333 12,114 1 December 2021 Land Los Angeles, CA 19,469 21,452 (1,983) 1 December 2021 Net Lease Snellville, GA 9,695 5,483 4,212 1 December 2021 Net Lease Columbia, SC 9,941 5,674 4,269 1 Totals $ 219,202 $ 163,438 $ 55,766 The Company sold the following properties during the year ended December 31, 2020 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Various Condominium Miami, FL $ 1,832 $ 1,821 $ 11 — 6 March 2020 Office Richmond, VA 22,527 14,829 7,698 7 — March 2020 Office Richmond, VA 6,932 4,109 2,823 1 — August 2020 Net Lease Bellport, NY 19,434 15,012 4,422 1 — September 2020 Warehouse Lithia Springs, GA 39,491 23,187 16,304 1 — September 2020 Hotel Winston Salem, NC 4,647 3,803 844 1 — December 2020 Hotel South Bend, IN 3,875 3,875 — 1 — Totals $ 98,738 $ 66,636 $ 32,102

INVESTMENT IN AND ADVANCES TO_2

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2022 and December 31, 2021 ($ in thousands): Entity December 31, 2022 December 31, 2021 Grace Lake JV, LLC $ 6,219 $ 5,434 24 Second Avenue Holdings LLC — 17,720 Investment in unconsolidated ventures $ 6,219 $ 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 years ended December 31, 2022 and 2021 ($ in thousands): Year Ended December 31, Entity 2022 2021 2020 Grace Lake JV, LLC $ 1,410 $ 1,411 976 24 Second Avenue Holdings LLC — 168 845 Earnings (loss) from investment in unconsolidated ventures $ 1,410 $ 1,579 $ 1,821
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 December 31, 2022 and December 31, 2021 ($ in thousands): December 31, 2022(1) December 31, 2021 Total assets $ 69,879 $ 109,873 Total liabilities 55,916 66,387 Partners’/members’ capital $ 13,963 $ 43,486 (1) As of December 31, 2022, the balance represents only the Grace Lake 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 years ended December 31, 2022 and 2021 ($ in thousands): Year Ended December 31, 2022 2021 2020 Total revenues $ 19,194 $ 18,870 $ 17,461 Total expenses 13,555 13,132 14,206 Net income (loss) $ 5,639 $ 5,738 $ 3,255

DEBT OBLIGATIONS, NET (Tables)

DEBT OBLIGATIONS, NET (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of debt obligations	The details of the Company’s debt obligations at December 31, 2022 and December 31, 2021 are as follows ($ in thousands): December 31, 2022 Debt Obligations Committed / Carrying Value of Debt Obligations Committed but Unfunded Interest Rate at December 31, 2022(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 500,000 $ 318,983 $ 181,017 6.07% — 6.57% 9/27/2025 (2) (3) $ 428,477 $ 429,276 Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 2/26/2023 (4) (5) — — Committed Loan Repurchase Facility 300,000 157,558 142,442 6.19% — 7.07% 12/19/2023 (6) (7) 244,102 244,102 Committed Loan Repurchase Facility 100,000 47,415 52,585 6.00% — 6.00% 4/30/2024 (8) (3) 63,307 63,307 Committed Loan Repurchase Facility 100,000 77,959 22,041 5.74% — 6.24% 1/3/2023 (2) (3) 103,393 103,393 Committed Loan Repurchase Facility 100,000 — 100,000 —% —% 1/22/2024 (9) (7) — — Committed Loan Repurchase Facility 100,000 14,979 85,021 7.07% — 7.07% 7/14/2023 (10) (11) 21,206 21,206 Total Committed Loan Repurchase Facilities 1,300,000 616,894 683,106 860,485 861,284 Committed Securities Repurchase Facility 100,000 8,640 91,360 5.04% — 5.29% 5/27/2023 N/A (12) 10,023 10,023 Uncommitted Securities Repurchase Facility N/A (13) 222,328 N/A (13) 4.73% — 6% 3/2/2023 N/A (12) 247,351 247,351 (14) Total Repurchase Facilities 1,400,000 847,862 774,466 1,117,859 1,118,658 Revolving Credit Facility 323,850 — 323,850 —% — —% 7/27/2023 (15) N/A (16) N/A (16) N/A (16) Mortgage Loan Financing 497,454 497,991 — 4.25% — 8.03% 2023 - 2031(17) N/A (18) 559,885 710,977 (19) CLO Debt 1,064,365 1,058,462 (20) — 5.52% — 7.97% 2024 - 2026(21) N/A (3) 1,308,654 1,308,654 Borrowings from the FHLB 213,000 213,000 — 2.74% — 4.70% 2023 - 2024 N/A (22) 248,806 248,806 (23) Senior Unsecured Notes 1,643,794 1,628,382 (24) — 4.25% — 5.25% 2025 - 2029 N/A N/A (25) N/A (25) N/A (25) Total Debt Obligations, Net $ 5,142,463 $ 4,245,697 $ 1,098,316 $ 3,235,204 $ 3,387,095 (1) LIBOR and Term SOFR rates in effect as of December 31, 2022 are used to calculate interest rates for floating rate debt, as applicable. (2) Two 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date. (3) First mortgage commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans. (4) One additional 12-month period at Company’s option. (5) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (6) Two additional 364-day periods at Company’s option. (7) 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. (8) Three additional 12-month extension periods at Company’s option. (9) Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period. (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 $2.0 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. (15) Four additional 12-month periods at Company’s option. (16) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries. (17) Anticipated repayment dates. (18) Certain of our real estate investments serve as collateral for our mortgage loan financing. (19) Using undepreciated carrying value of commercial real estate to approximate fair value. (20) Presented net of unamortized debt issuance costs of $5.9 million at December 31, 2022. (21) Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities. (22) Investment grade commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities. (23) Includes $6.6 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. (24) Presented net of unamortized debt issuance costs of $15.4 million at December 31, 2022. (25) 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 2023 $ 326,607 2024 610,070 2025 612,006 2026 89,161 2027 845,394 Thereafter 718,872 Subtotal 3,202,110 Debt issuance costs included in senior unsecured notes (15,412) Debt issuance costs included in mortgage loan financings (1,883) Premiums included in mortgage loan financings(2) 2,420 Total (3) $ 3,187,235 (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)	12 Months Ended
	Dec. 31, 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 December 31, 2022 and December 31, 2021 ($ in thousands): December 31, 2022 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month Term SOFR $ 90,000 $ 1,804 $ — 1.68 Futures 5-year Treasury-Note Futures 44,200 $ 51 $ — 0.25 10-year Treasury-Note Futures 61,400 71 — 0.25 Total futures 105,600 122 — Options Options 9,100 112 — 0.20 Total derivatives $ 204,700 $ 2,038 $ — (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 years ended December 31, 2022, 2021, and 2020 ($ in thousands): Year Ended December 31, 2022 Contract Type Unrealized Realized Net Result Caps $ 984 $ 648 $ 1,632 Futures (219) 11,078 10,859 Options (131) — (131) Total $ 634 $ 11,726 $ 12,360 Year Ended December 31, 2021 Contract Type Unrealized Realized Net Result Caps $ (8) $ — $ (8) Futures 42 1,715 1,757 Total $ 34 $ 1,715 $ 1,749 Year Ended December 31, 2020 Contract Type Unrealized Realized Net Result Futures $ (379) $ (15,113) $ (15,492) Credit Derivatives 111 111 222 Total $ (268) $ (15,002) $ (15,270)

OFFSETTING ASSETS AND LIABILI_2

OFFSETTING ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Offsetting [Abstract]
Schedule of offsetting of financial assets	The following table represents offsetting of financial assets and derivative assets as of December 31, 2022 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 2,038 $ — $ 2,038 $ — $ (2,505) $ (467) Total $ 2,038 $ — $ 2,038 $ — $ (2,505) $ (467) (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.
Schedule of offsetting of financial liabilities	The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2022 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Repurchase agreements $ 847,863 $ — $ 847,863 $ 847,863 $ 19,128 $ 828,735 Total $ 847,863 $ — $ 847,863 $ 847,863 $ 19,128 $ 828,735 (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)	12 Months Ended
	Dec. 31, 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 December 31, 2022 and December 31, 2021 ($ in thousands): December 31, 2022 December 31, 2021 Restricted cash $ 4,902 $ 369 Mortgage loan receivables held for investment, net, at amortized cost 1,308,654 1,299,116 Accrued interest receivable 8,313 4,587 Other assets 17,505 26,636 Total assets $ 1,339,374 $ 1,330,708 Debt obligations, net $ 1,058,462 $ 1,054,774 Accrued expenses 3,029 1,218 Other liabilities 65 65 Total liabilities 1,061,556 1,056,057 Net equity in VIEs (eliminated in consolidation) 277,818 274,651 Total equity 277,818 274,651 Total liabilities and equity $ 1,339,374 $ 1,330,708

EQUITY STRUCTURE AND ACCOUNTS (

EQUITY STRUCTURE AND ACCOUNTS (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Common stock repurchase activity	The following tables summarize of the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2022, 2021, and 2020 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2021 $ 44,122 Additional authorizations(2) 10,534 Repurchases paid 783,599 (7,919) Authorizations remaining as of December 31, 2022 $ 46,737 (1) Amount excludes commissions paid associated with share repurchases. (2) On July 27, 2022 the Board authorized repurchases up to $50.0 million in aggregate. Shares Amount(1) Authorizations remaining as of December 31, 2020 $ 38,102 Additional authorizations(2) 15,027 Repurchases paid 822,928 (9,007) Authorizations remaining as of December 31, 2021 $ 44,122 (1) Amount excludes commissions paid associated with share repurchases. (2) On August 4, 2021, the Board authorized additional repurchases of up to $50.0 million in aggregate. Shares Amount(1) Authorizations remaining as of December 31, 2019 $ 41,132 Additional authorizations — Repurchases paid 384,251 (3,030) Repurchases unsettled — Authorizations remaining as of December 31, 2020 $ 38,102 (1) Amount excludes commissions paid associated with share repurchases.
Schedule of dividends declared and paid	The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2022, 2021 and 2020: Declaration Date Dividend per Share March 15, 2022 $ 0.20 June 15, 2022 0.22 September 15, 2022 0.23 December 15, 2022 0.23 Total $ 0.88 March 15, 2021 $ 0.20 June 15, 2021 0.20 September 15, 2021 0.20 December 15, 2021 0.20 Total $ 0.80 February 27, 2020 $ 0.34 May 28, 2020 0.20 August 31, 2020 0.20 December 31, 2020 0.20 Total $ 0.94 The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2022, 2021, and 2020: Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital Section 199A Dividends December 31, 2021 January 18, 2022 (1) $ 0.200 $ 0.034 $ — $ 0.166 $ 0.051 $ — $ 0.034 March 31, 2022 April 15, 2022 0.200 0.034 — 0.166 0.051 — 0.034 June 30, 2022 July 15, 2022 0.220 0.038 — 0.182 0.056 — 0.038 September 30, 2022 October 17, 2022 0.230 0.039 — 0.191 0.059 — 0.039 December 31, 2022 January 17, 2023 0.230 0.039 — 0.191 0.059 — 0.039 Total $ 1.080 $ 0.184 $ — $ 0.896 $ 0.276 $ — $ 0.184 (1) The fourth quarter dividend paid on January 18, 2022 was $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital Section 199A Dividends December 31, 2020 January 15, 2021 (1) $ 0.200 $ 0.053 $ 0.001 $ 0.095 $ 0.039 $ 0.052 $ 0.053 March 31, 2021 April 15, 2021 $ 0.200 $ 0.053 $ 0.001 $ 0.095 $ 0.039 $ 0.052 $ 0.053 June 30, 2021 July 15, 2021 0.200 0.053 0.001 0.095 0.039 0.052 0.053 September 30, 2021 October 15, 2021 0.200 0.053 0.001 0.095 0.039 0.052 0.053 December 31, 2021 January 18, 2022 (2) — — — — — — — Total $ 0.800 $ 0.212 $ 0.004 $ 0.380 $ 0.156 $ 0.208 $ 0.212 (1) The fourth quarter dividend paid on January 15, 2021 was $0.200 and is considered a 2021 dividend for U.S. federal income tax purposes. (2) The fourth quarter dividend paid on January 18, 2022 was $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital Section 199A Dividends March 10, 2020 April 1, 2020 $ 0.340 $ 0.230 $ — $ 0.039 $ 0.016 $ 0.071 $ 0.230 June 10, 2020 July 1, 2020 0.200 0.135 — 0.023 0.009 0.042 0.135 September 10, 2020 October 1, 2020 0.200 0.135 — 0.023 0.009 0.042 0.135 December 31, 2020 January 15, 2021 (1) — — — — — — — Total $ 0.740 $ 0.500 $ — $ 0.085 $ 0.034 $ 0.155 $ 0.500
Schedule of accumulated other comprehensive Income	The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2022, 2021, and 2020 ($ 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) (16,897) — (16,897) December 31, 2022 $ (21,009) $ (2) $ (21,011) Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2020 $ (10,463) $ (2) $ (10,465) Other comprehensive income (loss) 6,351 — 6,351 December 31, 2021 $ (4,112) $ (2) $ (4,114) Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2019 $ 4,218 $ 475 $ 4,693 Other comprehensive income (loss) (9,950) (5,208) (15,158) Exchange of noncontrolling interest for common stock (6,952) 6,952 — Rebalancing of ownership percentage between Company and Operating Partnership 2,221 (2,221) — December 31, 2020 $ (10,463) $ (2) $ (10,465)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2022, 2021, and 2020 consist of the following: Year Ended December 31, ($ in thousands except share amounts) 2022 2021 2020 Basic and Diluted Net income (loss) available for Class A common shareholders $ 142,217 $ 56,522 $ (14,445) Weighted average shares outstanding: Basic 124,301,421 123,763,843 112,409,615 Diluted 125,823,671 124,563,051 112,409,615
Schedule of calculation of basic and diluted net income per share amounts	The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2022, 2021, and 2020 consist of the following: Year Ended December 31, (In thousands except share and per share amounts) (1) 2022 2021 2020(2) Basic Net Income (Loss) Per Share of Class A Common Stock Numerator : Net income (loss) attributable to Class A common shareholders $ 142,217 $ 56,522 $ (14,445) Denominator : Weighted average number of shares of Class A common stock outstanding 124,301,421 123,763,843 112,409,615 Basic net income (loss) per share of Class A common stock $ 1.14 $ 0.46 $ (0.13) Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 142,217 $ 56,522 $ (14,445) Diluted net income (loss) attributable to Class A common shareholders 142,217 56,522 (14,445) Denominator: Basic weighted average number of shares of Class A common stock outstanding 124,301,421 123,763,843 112,409,615 Add - dilutive effect of: Incremental shares of unvested Class A restricted stock(1) 1,522,250 799,208 — Diluted weighted average number of shares of Class A common stock outstanding 125,823,671 124,563,051 112,409,615 Diluted net income (loss) per share of Class A common stock $ 1.13 $ 0.45 $ (0.13) (1) The Company is using the treasury stock method. (2) For the year ended December 31, 2020, shares issuable relating to converted Class B common shareholders are excluded from the calculation of diluted EPS as the inclusion of such potential common shares in the calculation would be anti-dilutive. There were no Class B shares outstanding during the years ended December 31, 2022 and December 31, 2021.

STOCK BASED AND OTHER COMPENS_2

STOCK BASED AND OTHER COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2022 2021 2020 Stock Based Compensation Expense $ 31,584 $ 15,300 $ 42,728 Phantom Equity Investment Plan — 22 (1,238) Stock Options Exercised — — 270 Total Stock Based Compensation Expense(1) $ 31,584 $ 15,322 $ 41,760
Summary of the grants	A summary of the grants is presented below: Year Ended December 31, 2022 2021 2020 Number Weighted Number Weighted Number Weighted Grants - Class A Common Stock 2,884,303 $ 11.87 747,713 $ 9.81 4,423,215 $ 12.84
Schedule of nonvested shares activity	The table below presents the number of unvested shares of Class A common stock and outstanding stock options at December 31, 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 Weighted Average Grant Date Fair Value Stock Options Nonvested/Outstanding at December 31, 2021 2,145,380 $ 12.76 623,788 Granted 2,884,303 11.87 — Vested (2,404,181) 11.89 — Forfeited (95,931) 11.61 — Nonvested/Outstanding at December 31, 2022 2,529,571 $ 12.62 623,788 Exercisable at December 31, 2022 (1) 623,788 (1) The weighted-average exercise price of outstanding options, warrants and rights is $14.84 at December 31, 2022.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2022 and December 31, 2021 are as follows ($ in thousands): December 31, 2022 Weighted Average Principal Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 562,839 $ 562,246 $ 541,333 Internal model, third-party inputs 5.32 % 1.06 CMBS interest-only(1) 1,026,195 (2) 10,498 10,443 Internal model, third-party inputs 3.65 % 1.45 GNMA interest-only(3) 45,369 (2) 285 281 Internal model, third-party inputs 4.23 % 3.3 Agency securities(1) 36 36 35 Internal model, third-party inputs 2.70 % 1.54 U.S. Treasury securities(1) 36,000 35,328 35,328 Internal model, third-party inputs 4.17 % 0.6 Equity securities(3) N/A 160 118 Observable market prices N/A N/A Mortgage loan receivables held for investment, net, at amortized cost(4) 3,907,295 3,885,746 3,875,708 Discounted Cash Flow(5) 8.85 % 1.26 Mortgage loan receivables held for sale 31,350 27,391 27,391 Internal model, third-party inputs(6) 4.57 % 9.19 FHLB stock(7) 9,585 9,585 9,585 (7) 4.75 % N/A Nonhedge derivatives(1)(10) 204,700 2,038 2,038 Counterparty quotations N/A 1.52 Liabilities: Repurchase agreements - short-term 481,465 481,465 481,465 Cost plus Accrued Interest (8) 4.04 % 0.37 Repurchase agreements - long-term 366,398 366,398 366,398 Discounted Cash Flow(9) 4.06 % 2.56 Mortgage loan financing 497,454 497,991 477,101 Discounted Cash Flow 5.51 % 3.36 CLO debt 1,064,365 1,058,462 1,058,462 Discounted Cash Flow(9) 6.35 % 15.92 Borrowings from the FHLB 213,000 213,000 213,055 Discounted Cash Flow 1.61 % 1.25 Senior unsecured notes 1,643,794 1,628,382 1,397,977 Internal model, third-party inputs 4.66 % 4.75 (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 $20.8 million at December 31, 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) For repurchase agreements - short term, the value approximates the cost plus accrued interest. (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 $31.8 million at December 31, 2021. (5) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model. (6) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (7) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (8) Fair value for repurchase agreement liabilities - short term borrowings under the Secured Financing Facility and borrowings under the Revolving Credit Facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (9) For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.
Summary of financial assets and liabilities, both reported at fair value on a recurring basis or amortized cost/par	The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2022 and December 31, 2021 ($ in thousands): December 31, 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) $ 553,424 $ — $ — $ 532,304 $ 532,304 CMBS interest-only(1) 1,017,735 (2) — — 10,026 10,026 GNMA interest-only(3) 45,369 (2) — — 281 281 Agency securities(1) 36 — — 35 35 U.S. Treasury securities 36,000 35,328 — — 35,328 Equity securities N/A 118 — — 118 Nonhedge derivatives(4) 204,700 — 2,038 — 2,038 $ 35,446 $ 2,038 $ 542,646 $ 580,130 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) $ 3,907,295 $ — $ — $ 3,875,708 $ 3,875,708 Mortgage loan receivable held for sale(6) 31,350 — — 27,391 27,391 CMBS(7) 9,415 — — 9,030 9,030 CMBS interest-only(7) 8,460 — — 417 417 FHLB stock 9,585 — — 9,585 9,585 $ — $ — $ 3,922,131 $ 3,922,131 Liabilities: Repurchase agreements - short-term $ 481,465 $ — $ — $ 481,465 $ 481,465 Repurchase agreements - long-term 366,398 — — 366,398 366,398 Mortgage loan financing 497,454 — — 477,101 477,101 CLO debt 1,064,365 — — 1,058,462 1,058,462 Borrowings from the FHLB 213,000 — — 213,055 213,055 Senior unsecured notes 1,643,794 — — 1,397,977 1,397,977 $ — $ — $ 3,994,458 $ 3,994,458 (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 $20.8 million at December 31, 2022. (6) A lower of cost or market adjustment was recorded as of December 31, 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 $31.8 million at December 31, 2021.
Schedule of changes in Level 3 of financial instruments	The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the years ended December 31, 2022 and 2021 ($ in thousands): Year Ended December 31, Level 3 2022 2021 Balance at January 1, $ 692,864 $ 1,046,570 Transfer from level 2 — — Purchases 59,333 247,040 Sales (4,261) (438,594) Paydowns/maturities (183,929) (163,297) Amortization of premium/discount (4,354) (6,708) Unrealized gain/(loss) (16,901) 6,259 Realized gain/(loss) on sale (106) 1,594 Balance at December 31, $ 542,646 $ 692,864
Schedule of quantitative information	The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2022 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 532,304 Discounted cash flow Yield (4) 2.89 % 5.29 % 17.47 % CMBS interest-only(1) 10,026 (2) Discounted cash flow Yield (4) 1.39 % 3.72 % 19.66 % GNMA interest-only(3) 281 (2) Discounted cash flow Yield (4) 1.28 % 5.50 % 10.00 % Agency securities(1) 35 Discounted cash flow Yield (4) 2.70 % 2.70 % 2.7 % Total $ 542,646 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 permanent securities, U.S. Treasury securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. (2) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (3) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. Sensitivity of the Fair Value to Changes in the Unobservable Inputs (4) Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement. (5) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Components of the provision for income taxes consist of the following ($ in thousands): Year Ended December 31, 2022 2021 2020 Current expense (benefit) U.S. federal $ 1,823 $ (280) $ (8,087) State and local 3,591 936 (1,796) Total current expense (benefit) 5,414 656 (9,883) Deferred expense (benefit) U.S. federal (445) 311 119 State and local (60) (39) (25) Total deferred expense (benefit) (505) 272 94 Provision for income tax expense (benefit) $ 4,909 $ 928 $ (9,789)
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2022, 2021 and 2020 is as follows: Year Ended December 31, 2022 2021 2020 US statutory tax rate 21.00 % 21.00 % 21.00 % REIT income not subject to corporate income tax (18.09) % (17.72) % 65.98 % Increase due to state and local taxes 0.59 % (0.46) % 9.85 % Change in valuation allowance (1.17) % (1.20) % 6.91 % Offshore non-taxable income (1.35) % (3.75) % (41.96) % Uncertain tax position recorded (released) 1.45 % — % (2.54) % Section 163 (j) interest expense limitation 0.08 % 0.27 % (7.12) % REIT income taxes 0.28 % (0.31) % (2.59) % Return to provision (0.64) % 1.64 % (1.25) % Net operating loss carryback benefit — % — % 4.54 % Other 0.74 % 2.14 % (1.96) % Effective income tax rate 2.89 % 1.61 % 50.86 %
Schedule of Deferred Tax Assets and Liabilities	The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): December 31, 2022 December 31, 2021 Deferred Tax Assets Net operating loss carryforward $ 3,493 $ 6,766 Net unrealized losses 641 — Capital losses carryforward 4,356 6,005 Valuation allowance (4,356) (6,005) Interest expense limitation 1,385 1,647 Valuation allowance (1,385) (1,647) Total Deferred Tax Assets $ 4,134 $ 6,766 December 31, 2022 December 31, 2021 Deferred Tax Liability Basis difference in operating partnerships $ 5,911 $ 9,048 Total Deferred Tax Liability $ 5,911 $ 9,048

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease obligations under non-cancelable operating leases	Future minimum lease obligations under non-cancelable operating leases, as of December 31, 2022 are as follows ($ in thousands): 2023 $ 788 2024 2,171 2025 2,207 2026 2,219 2027 2,232 Thereafter 13,344 Total undiscounted cash flows 22,961 Present value discount (1) (6,996) Lease liabilities $ 15,965 (1) Lease liabilities were discounted at the Company's weighted average incremental borrowing rate for similar collateral which is estimated to be 6.62%, and the remaining lease term is 10.6 years.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 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): Year ended December 31, 2022 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 269,629 $ 20,659 $ 6 $ 3,226 $ 293,520 Interest expense (68,158) (4,620) (36,683) (86,141) (195,602) Net interest income (expense) 201,471 16,039 (36,677) (82,915) 97,918 (Provision for) release of loan loss reserves (3,711) — — — (3,711) Net interest income (expense) after provision for (release of) loan reserves 197,760 16,039 (36,677) (82,915) 94,207 Real estate operating income — — 108,269 — 108,269 Sale of loans, net (2,511) — — — (2,511) Realized gain (loss) on securities — (73) — — (73) Unrealized gain (loss) on equity securities — (41) — — (41) Unrealized gain (loss) on Agency interest-only securities — (45) — — (45) Realized gain on sale of real estate, net — — 115,998 — 115,998 Fee and other income 10,149 55 4,355 461 15,020 Net result from derivative transactions 6,755 3,972 1,633 — 12,360 Earnings (loss) from investment in unconsolidated ventures — — 1,410 — 1,410 Gain (loss) on extinguishment of debt — — — 685 685 Total other income (loss) 14,393 3,868 231,665 1,146 251,072 Compensation and employee benefits — — — (75,836) (75,836) Operating expenses — — — (20,716) (20,716) Real estate operating expenses — — (38,605) — (38,605) Fee expense (2,325) (277) (954) (3,679) (7,235) Depreciation and amortization — — (32,632) (41) (32,673) Total costs and expenses (2,325) (277) (72,191) (100,272) (175,065) Income tax (expense) benefit — — — (4,909) (4,909) Segment profit (loss) $ 209,828 $ 19,630 $ 122,797 $ (186,950) $ 165,305 Total assets as of December 31, 2022 $ 3,892,382 $ 587,519 $ 706,355 $ 764,917 $ 5,951,173 Year ended December 31, 2021 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 162,349 $ 13,101 $ 1 $ 648 $ 176,099 Interest expense (53,414) (2,403) (36,075) (91,057) (182,949) Net interest income (expense) 108,935 10,698 (36,074) (90,409) (6,850) (Provision for) release of loan loss reserves 8,713 — — 8,713 Net interest income (expense) after provision for (release of) loan reserves 117,648 10,698 (36,074) (90,409) 1,863 Real estate operating income — — 101,564 — 101,564 Sale of loans, net 8,398 — — — 8,398 Realized gain (loss) on securities — 1,594 — — 1,594 Unrealized gain (loss) on Agency interest-only securities — (91) — — (91) Realized gain on sale of real estate, net — — 55,766 — 55,766 Fee and other income 10,507 — 50 633 11,190 Net result from derivative transactions 507 1,250 (8) — 1,749 Earnings (loss) from investment in unconsolidated ventures 335 — 1,244 — 1,579 Total other income (loss) 19,747 2,753 158,616 633 181,749 Compensation and employee benefits — — — (38,347) (38,347) Operating expenses(3) 127 — — (17,799) (17,672) Real estate operating expenses — — (26,161) — (26,161) Fee expense (2,341) (217) (849) (2,403) (5,810) Depreciation and amortization — — (37,702) (99) (37,801) Total costs and expenses (2,214) (217) (64,712) (58,648) (125,791) Income tax (expense) benefit — — — (928) (928) Segment profit (loss) $ 135,181 $ 13,234 $ 57,830 $ (149,352) $ 56,893 Total assets as of December 31, 2021 $ 3,521,986 $ 703,280 $ 914,027 $ 711,959 $ 5,851,252 Year ended December 31, 2020 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 205,640 $ 32,904 $ 13 $ 1,292 $ 239,849 Interest expense (48,084) (21,554) (39,396) (118,440) (227,474) Net interest income (expense) 157,556 11,349 (39,383) (117,148) 12,375 (Provision for) release of loan loss reserves (18,277) 2 — — (18,275) Net interest income (expense) after provision for (release of) loan reserves 139,279 11,351 (39,383) (117,148) (5,900) Real estate operating income — — 100,248 — 100,248 Sale of loans, net (1,571) — — — (1,571) Realized gain (loss) on securities — (12,410) — — (12,410) Unrealized gain (loss) on equity securities — (132) — — (132) Unrealized gain (loss) on Agency interest-only securities — 263 — — 263 Realized gain on sale of real estate, net — — 32,102 — 32,102 Fee and other income 9,142 403 25 3,084 12,654 Net result from derivative transactions (11,264) (4,006) — — (15,270) Earnings (loss) from investment in unconsolidated ventures — — 1,821 — 1,821 Gain (loss) on extinguishment of debt — — — 22,250 22,250 Total other income (loss) (3,693) (15,882) 134,196 25,334 139,955 Compensation and employee benefits — — — (58,101) (58,101) Operating expenses(3) 3 — — (20,297) (20,294) Real estate operating expenses — — (28,584) — (28,584) Fee expense (6,124) (236) (884) — (7,244) Depreciation and amortization — — (38,980) (99) (39,079) Total costs and expenses (6,121) (236) (68,448) (78,497) (153,302) Income tax (expense) benefit — — — 9,789 9,789 Segment profit (loss) $ 129,465 $ (4,767) $ 26,365 $ (160,523) $ (9,458) Total assets as of December 31, 2020 $ 2,343,070 $ 1,058,298 $ 1,031,557 $ 1,448,304 $ 5,881,229 (1) Includes the Company’s investment in unconsolidated ventures that held real estate of $6.2 million, $23.2 million and $46.3 million as of December 31, 2022, 2021 and 2020, 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 $9.6 million as of December 31, 2022, $11.8 million as of December 31, 2021 and $31.0 million as of December 31, 2020 and the Company’s senior unsecured notes of $1.6 billion and $1.6 billion at December 31, 2022 and December 31, 2021, respectively.

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2020
LCFH
ORGANIZATION AND OPERATIONS
Ownership interest in LCFH	100%	100%	100%	100%

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
FHLB stock	$ 9.6	$ 11.8	$ 31
Minimum | Building
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life	20 years
Minimum | Building and Building Improvements
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life	4 years
Maximum | Building
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life	55 years
Maximum | Building and Building Improvements
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life	15 years

MORTGAGE LOAN RECEIVABLES - Sch

MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount		$ 3,938,615	$ 3,581,919
Allowance for credit losses		(20,755)	(31,752)	$ (41,507)	$ (20,500)
Carrying Value		$ 3,892,382	$ 3,521,985
Weighted average yield		8.82%	5.65%
Remaining Maturity		1 year 3 months 18 days	1 year 9 months 18 days
Principal balance of loans on non-accrual status		$ 53,809	$ 80,229
Deferred origination fees and other items		21,500	26,000
Subsequent Event
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 51,500
Number of loans | security	1
First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount		3,841,315	3,482,715
Carrying Value gross, consumer and commercial real estate		$ 3,819,860	$ 3,454,654
Weighted average yield		8.83%	5.50%
Remaining Maturity		1 year 3 months 18 days	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		$ 65,950	$ 99,204
Carrying Value gross, consumer and commercial real estate		$ 65,886	$ 99,083
Weighted average yield		10.62%	10.92%
Remaining Maturity		1 year 7 months 6 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		$ 3,907,265	$ 3,581,919
Carrying Value gross, consumer and commercial real estate		$ 3,885,746	$ 3,553,737
Weighted average yield		8.85%	5.65%
Remaining Maturity		1 year 3 months 18 days	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		$ 3,907,265	$ 3,581,919
Allowance for credit losses		(20,755)	(31,752)	$ (41,507)	$ (20,500)
Carrying Value		3,864,991	$ 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		31,350
Carrying Value		$ 27,391
Weighted average yield		4.57%
Remaining Maturity		9 years 2 months 8 days

MORTGAGE LOAN RECEIVABLES - Add

MORTGAGE LOAN RECEIVABLES - Additional Information (Details)				12 Months Ended
		Jun. 27, 2022 USD ($)	Jan. 01, 2020 USD ($) loans	Dec. 31, 2022 USD ($) loans	Dec. 31, 2021 USD ($) loans	Dec. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount				$ 3,938,615,000	$ 3,581,919,000
Allowance for current expected credit losses				21,500,000
General CECL Reserve				20,755,000	31,752,000	$ 41,507,000		$ 20,500,000
Increase in reserve of unfunded commitments				700,000	400,000
Allowance for current expected credit losses					32,200,000
Individually impaired loans				26,012,000	69,932,000
Provision for (release of) loan loss reserves, net				3,711,000	(8,713,000)	18,275,000
Provision for (release of) loan loss reserves, net				14,395,000		18,275,000
Increase (decrease) of reserve on unfunded commitments				300,000	(100,000)
Recoveries				(3,105,000)	0	0
General CECL Reserve			$ 11,600,000
Percentage of total loan portfolio			0.36%
Loans that previously had asset-specific reserves | loans			3
Provision for current expected credit loss			$ 5,800,000
Mortgage loans receivable	[1]			3,885,746,000	3,553,737,000
Loans nonaccrual status, amount				53,809,000	80,229,000
Principal balance of loans on non-accrual status				53,809,000	80,229,000
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
Number or loans in default | loans				2
Provision for (release of) loan loss reserves, net					8,600,000
Provision for (release of) loan loss reserves, net				$ 6,500,000
General CECL Reserve			14,700,000
Carrying value of financing receivable			39,800,000
Accounting Standards Update 2016-13
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value of held for investment loan portfolio			$ 3,200,000,000
Additional CECL reserve recorded						9,100,000
Asset-specific provision related to the loans						$ 9,200,000
Number of loans in default						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				$ 3,400,000,000	$ 3,300,000,000
Loans receivable with variable rates of interest				87.20%	91.50%
Loans receivable with variable rates of interest, subject to interest rate floors				99.20%	100%
Outstanding Face Amount				$ 3,907,265,000	$ 3,581,919,000
General CECL Reserve				20,755,000	31,752,000	$ 41,507,000		$ 20,500,000
Provision for (release of) loan loss reserves, net					$ (8,605,000)
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				2,300,000,000
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				$ 1,100,000,000
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 | loans				2	2
Mortgage loans receivable				$ 26,000,000
Loans nonaccrual status, amount				23,300,000	$ 24,200,000
Principal balance of loans on non-accrual status				23,300,000	$ 24,200,000
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
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 | loans					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				$ 31,350,000
Percentage of loans receivable with fixed rates of interest				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
Principal balance of loans on non-accrual status				$ 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, beginning balance	$ 3,521,985	$ 2,343,070	$ 3,358,861
Origination of mortgage loan receivables	1,296,083	2,530,247	566,506
Purchases of mortgage loan receivables	0
Repayment of mortgage loan receivables	(901,150)	(1,059,979)	(961,236)
Proceeds from sales of mortgage loan receivables	(29,151)	(305,649)	(582,764)
Non-cash disposition of loans via foreclosure	(10,235)	(81,289)	(31,249)
Sale of loans, net	(2,511)	8,398	(1,571)
Accretion/amortization of discount, premium and other fees	20,759	13,832	15,530
Allowance for credit losses				$ (11,600)
Mortgage loans receivable, ending balance	3,892,382	3,521,985	2,343,070
Allowance for credit losses
Beginning balance, Allowance for credit losses	(31,752)	(41,507)	(20,500)
Charge-offs	14,395	0	0
Provision expense for current expected credit loss (implementation impact)			(4,964)
Provision expense for current expected credit loss (impact to earnings)	(3,398)	8,605	(18,543)
Release (addition) of provision for current expected credit loss, net	(3,711)	8,713	(18,275)
Ending balance, Allowance for credit losses	(20,755)	(31,752)	(41,507)
Total mortgage loans receivable
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, beginning balance	3,553,737	2,354,059
Mortgage loans receivable, ending balance	3,885,746	3,553,737	2,354,059
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	3,257,036
Origination of mortgage loan receivables	1,234,765	2,309,888	353,661
Purchases of mortgage loan receivables	0	63,600
Repayment of mortgage loan receivables	(901,082)	(1,059,796)	(960,832)
Proceeds from sales of mortgage loan receivables	0	(46,557)	(270,491)
Non-cash disposition of loans via foreclosure	(10,235)	(81,289)	(31,249)
Sale of loans, net	2,197	0	(9,596)
Accretion/amortization of discount, premium and other fees	20,759	13,832	15,530
Charge offs	(14,395)
Mortgage loans receivable, ending balance	3,885,746	3,553,737	2,354,059
Allowance for credit losses
Beginning balance, Allowance for credit losses	(31,752)	(41,507)	(20,500)
Charge-offs	14,395
Release of asset-specific loan loss provision via foreclosure		1,150	2,500
Provision expense for current expected credit loss (implementation impact)			(4,964)
Provision expense for current expected credit loss (impact to earnings)	(3,398)	8,605	(18,543)
Release (addition) of provision for current expected credit loss, net		8,605
Ending balance, Allowance for credit losses	(20,755)	(31,752)	(41,507)
Mortgage loan  receivables held for sale
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, beginning balance	0	30,518	122,325
Origination of mortgage loan receivables	61,318	220,359	212,845
Purchases of mortgage loan receivables	0	0
Repayment of mortgage loan receivables	(68)	(183)	(404)
Proceeds from sales of mortgage loan receivables	(29,151)	(259,092)	(312,273)
Non-cash disposition of loans via foreclosure		0	0
Sale of loans, net	(4,708)	8,398	8,025
Accretion/amortization of discount, premium and other fees		0	0
Charge offs	0
Mortgage loans receivable, ending balance	$ 27,391	$ 0	$ 30,518

MORTGAGE LOAN RECEIVABLES - Pro

MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details) $ in Thousands		12 Months Ended
	Jan. 01, 2020 USD ($)	Dec. 31, 2022 USD ($) loans security	Dec. 31, 2021 USD ($) security loans	Dec. 31, 2020 USD ($)	Jun. 27, 2022 USD ($)	Dec. 31, 2018 USD ($)
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses at beginning of period	$ 20,500	$ 31,752	$ 41,507	$ 20,500
Provision for current expected credit loss	5,800
Provision for (release of) current expected credit loss, net		6,503	(8,605)	18,543
Foreclosure of loans subject to asset-specific reserve		0	(1,150)	(2,500)
Charge-offs		(14,395)	0	0
Recoveries		(3,105)	0	0
Allowance for credit losses at end of period		20,755	31,752	41,507
Provision for (release of) loan loss reserves, net		14,395		18,275
Additional asset-specific reserve				9,200
Principal balance of loans on non-accrual status		53,809	80,229
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	20,500	31,752	41,507	20,500
Charge-offs		(14,395)
Allowance for credit losses at end of period		20,755	31,752	41,507
Held-to-maturity Securities
Allowance for Loan and Lease Losses [Roll Forward]
Unfunded commitments of mortgage loan receivables held for investment	800
Provision for (release of) loan loss reserves, net	$ 22
Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for Loan and Lease Losses [Roll Forward]
Provision for current expected credit loss		0	0	$ 4,964
Asset Specific Reserve, Company Loan
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses at end of period		2,700
Provision for (release of) loan loss reserves, net		6,500
Additional asset-specific reserve		$ 0	0
Number or loans in default | loans		2
Two Company Loans | Total mortgage loan receivables held for investment, net, at amortized cost
Allowance for Loan and Lease Losses [Roll Forward]
Principal balance of loans on non-accrual status		$ 23,300	$ 24,200
Number or loans in default | loans		2	2
One Of Company Loans 2 | Total mortgage loan receivables held for investment, net, at amortized cost
Allowance for Loan and Lease Losses [Roll Forward]
Principal balance of loans on non-accrual status		$ 30,500	$ 30,500
Number or loans in default | security		1	1
Two Of Company Loans 1 | Total mortgage loan receivables held for investment, net, at amortized cost
Allowance for Loan and Lease Losses [Roll Forward]
Principal balance of loans on non-accrual status			$ 25,600		$ 24,600	$ 45,000
Number or loans in default | loans			2

MORTGAGE LOAN RECEIVABLES - Ind

MORTGAGE LOAN RECEIVABLES - Individually Impaired Loans (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	[1]	$ 3,885,746	$ 3,553,737
Subtotal loans, Year One		1,145,229	2,396,303
Subtotal loans, Year Two		2,102,307	117,367
Subtotal loans, Year Three		56,150	585,959
Subtotal loans, Year Four		332,046	169,948
Subtotal loans, Year 5 and Earlier		224,002	214,228
Subtotal mortgage loans receivable		3,859,734	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		26,012	69,932
Individually impaired loans		26,012	69,932
Total loans, Year One		1,145,229	2,396,303
Total loans, Year Two		2,102,307	117,367
Total loans, Year Three		56,150	585,959
Total loans, Year Four		332,046	169,948
Total loans, Year Five and Earlier		250,014	284,160
Accrued interest receivable		$ 23,200	12,600
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]		Accrued interest receivable
Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		$ 702,125	697,089
Year Two		722,862	3,131
Year Three		0	47,322
Year Four		0	0
Year Five and Earlier		0	0
Total loans		1,424,987	747,542
Office
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		78,754	784,556
Year Two		676,431	29,636
Year Three		29,650	121,346
Year Four		58,684	59,073
Year Five and Earlier		136,512	73,911
Total loans		980,031	1,068,522
Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		201,777	538,949
Year Two		351,291	84,600
Year Three		26,500	140,926
Year Four		120,300	0
Year Five and Earlier		0	0
Total loans		699,868	764,475
Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		37,616	41,203
Year Two		96,486	0
Year Three		0	108,469
Year Four		115,545	0
Year Five and Earlier		0	0
Total loans		249,647	149,672
Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		60,089	105,362
Year Two		107,305	0
Year Three		0	89,058
Year Four		12,953	0
Year Five and Earlier		9,126	25,486
Total loans		189,473	219,906
Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0	41,635
Year Two		45,416	0
Year Three		0	43,666
Year Four		13,843	90,132
Year Five and Earlier		78,364	110,890
Total loans		137,623	286,323
Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		32,515	117,265
Year Two		82,618	0
Year Three		0	26,404
Year Four		2,921	0
Year Five and Earlier		0	3,941
Total loans		118,054	147,610
Other
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		32,353	26,801
Year Two		19,898	0
Year Three		0	8,768
Year Four		7,800	20,743
Year Five and Earlier		0	0
Total loans		60,051	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		850,904	937,125
Northeast
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		868,199	1,080,652
Midwest
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		623,599	434,157
West
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		634,935	530,599
Southwest
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		$ 882,097	$ 501,272
[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

SECURITIES - Summary of Securit

SECURITIES - Summary of Securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 1,670,439	$ 2,053,585
Amortized Cost Basis	608,439	707,372
Gross Unrealized Gains	144	1,500
Gross Unrealized Losses	(21,163)	(5,572)
Carrying value, before allowance for credit loss	$ 587,420	$ 703,300
Number of Securities | security	106	102
Weighted Average Coupon	2.06%	0.83%
Weighted Average Yield	5.29%	1.67%
Remaining Duration	1 year 25 days	2 years 21 days
Amortized Cost Basis	$ 160
Gross Unrealized Gains	0
Gross Unrealized Losses	(41)
Carrying Value	$ 119
Number of equity securities | security	1
Allowance for current expected credit losses	$ (20)	$ (20)
Total Amortized Cost Basis	608,599	707,372
Total Gross Unrealized Gains	144	1,500
Total real estate securities, Gross Unrealized Losses	(21,224)	$ (5,592)
Carrying Value	$ 587,519
Total number of Securities | security	107	102
CMBS
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 562,839	$ 691,402
Amortized Cost Basis	562,246	691,026
Gross Unrealized Gains	0	775
Gross Unrealized Losses	(20,913)	(5,508)
Carrying value, before allowance for credit loss	$ 541,333	$ 686,293
Number of Securities | security	71	73
Weighted Average Coupon	5.22%	1.57%
Weighted Average Yield	5.32%	1.57%
Remaining Duration	1 year 21 days	2 years 21 days
Risk retention requirement, amount	$ 9,000	$ 9,900
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	1,026,195	1,302,551
Amortized Cost Basis	10,498	15,268
Gross Unrealized Gains	121	617
Gross Unrealized Losses	(176)	0
Carrying value, before allowance for credit loss	$ 10,443	$ 15,885
Number of Securities | security	10	13
Weighted Average Coupon	0.41%	0.45%
Weighted Average Yield	3.65%	5.67%
Remaining Duration	1 year 5 months 12 days	1 year 10 months 17 days
Risk retention requirement, amount	$ 400	$ 500
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	45,369	59,075
Amortized Cost Basis	285	518
Gross Unrealized Gains	17	105
Gross Unrealized Losses	(21)	(64)
Carrying value, before allowance for credit loss	$ 281	$ 559
Number of Securities | security	14	14
Weighted Average Coupon	0.31%	0.38%
Weighted Average Yield	4.23%	4.97%
Remaining Duration	3 years 3 months 18 days	3 years 7 months 20 days
Agency securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 36	$ 557
Amortized Cost Basis	36	560
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(1)	0
Carrying value, before allowance for credit loss	$ 35	$ 563
Number of Securities | security	1	2
Weighted Average Coupon	4%	2.47%
Weighted Average Yield	2.70%	1.58%
Remaining Duration	1 year 6 months 14 days	8 months 8 days
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 36,000
Amortized Cost Basis	35,374
Gross Unrealized Gains	6
Gross Unrealized Losses	(52)
Carrying value, before allowance for credit loss	$ 35,328
Number of Securities | security	10
Weighted Average Yield	4.17%
Remaining Duration	7 months 6 days

SECURITIES - Securities by Rema

SECURITIES - Securities by Remaining Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Within 1 year	$ 379,700	$ 305,980
1-5 years	207,590	369,876
5-10 years	130	10,486
After 10 years	0	16,958
Total	587,400	703,280
Allowance for current expected credit losses	(20)	(20)
Equity securities	100
CMBS
Debt Securities, Available-for-sale [Line Items]
Within 1 year	346,272	304,357
1-5 years	195,061	354,670
5-10 years	0	10,307
After 10 years	0	16,958
Total	541,333	686,292
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year	937	1,018
1-5 years	9,506	14,868
5-10 years	0	0
After 10 years	0	0
Total	10,443	15,886
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year	40	102
1-5 years	111	278
5-10 years	130	179
After 10 years	0	0
Total	281	559
Agency securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year	0	503
1-5 years	35	60
5-10 years	0	0
After 10 years	0	0
Total	35	$ 563
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year	32,451
1-5 years	2,877
5-10 years	0
After 10 years	0
Total	$ 35,328

SECURITIES - Additional Informa

SECURITIES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Sale of equity securities	$ 1,500	$ 0

REAL ESTATE AND RELATED LEASE_3

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Real estate and related lease intangibles, net
Less: Accumulated depreciation and amortization		$ (199,008)	$ (229,271)
Real estate and related lease intangibles, net(2)	[1]	700,136	865,694
Below market lease intangibles, net (other liabilities)		(30,892)	(33,203)
Accumulated amortization of below market lease		13,600	12,800
Unencumbered real estates		140,300	85,900
In-place leases and other intangibles
Real estate and related lease intangibles, net
Real estate		114,687	142,335
Undepreciated real estate and related lease intangibles
Real estate and related lease intangibles, net
Real estate		899,144	1,094,965
Land
Real estate and related lease intangibles, net
Real estate		158,802	186,940
Building
Real estate and related lease intangibles, net
Real estate		$ 625,655	$ 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Foreclosed properties held in real estate	$ 103,100	$ 97,300
Unbilled rent receivables	1,300	400
Tenant recoveries	5,200	5,000	$ 5,500
Land
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles	158,802	186,940
Building
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles	$ 625,655	765,690
Disposal Group, Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles		32,600
Disposal Group, Held-for-sale, Not Discontinued Operations | Land
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles		900
Disposal Group, Held-for-sale, Not Discontinued Operations | Building
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles		27,400
Disposal Group, Held-for-sale, Not Discontinued Operations | In-place leases and other intangibles
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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Depreciation expense	$ 25,770	$ 30,659	$ 32,383
Amortization expense	6,903	7,142	6,696
Total real estate depreciation and amortization expense	32,673	37,801	39,079
Depreciation on corporate fixed assets	$ 41	$ 99	$ 99

REAL ESTATE AND RELATED LEASE_6

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unamortized Favorable Lease Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Gross intangible assets	$ 114,689	$ 146,593
Accumulated amortization	49,725	67,500
Net intangible assets	64,964	79,093
Unamortized favorable lease intangibles	2,800	3,800
Increase in operating lease income for amortization of below market lease intangibles acquired	2,068	2,255	$ 2,601
Total	1,763	1,888	2,234
Above Market Leases
Business Acquisition [Line Items]
Reduction in operating lease income for amortization of above market lease intangibles acquired	$ (305)	$ (367)	$ (367)

REAL ESTATE AND RELATED LEASE_7

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Net intangible assets	$ 64,964	$ 79,093
Increase/(Decrease) to Operating Lease Income
Finite-Lived Intangible Assets [Line Items]
2023	973
2024	973
2025	973
2026	976
2027	976
Thereafter	23,177
Net intangible assets	28,048
Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2023	4,531
2024	4,531
2025	4,391
2026	3,740
2027	3,554
Thereafter	41,372
Net intangible assets	$ 62,119

REAL ESTATE AND RELATED LEASE_8

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Real Estate [Abstract]
2023	$ 55,354
2024	50,095
2025	49,871
2026	48,402
2027	45,251
Thereafter	196,797
Total	$ 445,770

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		12 Months Ended
	Nov. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 28, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Feb. 28, 2022 USD ($)	Aug. 31, 2021 USD ($)
Business Acquisition [Line Items]
Real estate acquired through foreclosure				$ 29,310,000							$ 29,310,000
Total real estate acquisitions									$ 24,822,000	$ 102,202,000	36,750,000
Realized (gain) loss on disposition of loan									0	(26,000)	98,000
Provision for (release of) loan loss reserves, net									3,711,000	(8,713,000)	18,275,000
Net earnings (loss)										0
Provision for (release of) loan loss reserves, net									14,395,000		18,275,000
Realized loss on sale of real estate, net						$ 0			115,998,000	55,766,000	$ 32,102,000
Hotel
Business Acquisition [Line Items]
Real estate acquired through foreclosure, net basis						$ 3,800,000
Net Leased Real Estate
Business Acquisition [Line Items]
Ownership Interest				100%							100%
Total real estate acquisitions											$ 7,440,000
New York, NY | Condos
Business Acquisition [Line Items]
Real estate acquired through foreclosure									$ 15,400,000
New York, NY | Condos | Measurement Input, Cap Rate
Business Acquisition [Line Items]
Measurement input									0.055
New York, NY | Condos, Residential
Business Acquisition [Line Items]
Type of real estate unit acquired via foreclosure | security									1
New York, NY | Condos, Retail
Business Acquisition [Line Items]
Type of real estate unit acquired via foreclosure | security									1
Houston, TX | Office
Business Acquisition [Line Items]
Real estate acquired through foreclosure	$ 9,386,000						$ 9,400,000
Ownership Interest	100%
Real estate acquired through foreclosure, net basis							10,300,000
Real estate acquired through foreclosure, cash received	$ 900,000
Terminal capitalization rate						9.50%
Discount rate						10.50%
Houston, TX | Office | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Realized (gain) loss on disposition of loan		$ 0
Miami, FL | Hotel
Business Acquisition [Line Items]
Real estate acquired through foreclosure			$ 43,750,000
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
Stillwater, OK | Apartments
Business Acquisition [Line Items]
Real estate acquired through foreclosure													$ 20,452,000
Ownership Interest													80%
Schaumberg, IL | Hotel
Business Acquisition [Line Items]
Real estate acquired through foreclosure		38,000,000								38,000,000
Real estate acquired through foreclosure, net basis		$ 38,000,000								38,000,000
Terminal capitalization rate		8%
Discount rate		10%
Los Angeles, CA | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Realized (gain) loss on disposition of loan								$ 100,000
Los Angeles, CA | Land
Business Acquisition [Line Items]
Real estate acquired through foreclosure								$ 21,535,000
Ownership Interest								100%
Real estate acquired through foreclosure, net basis								$ 21,600,000
Provision for (release of) loan loss reserves, net								$ 2,000,000
Realized loss on sale of real estate, net		$ 2,000,000
Winston Salem, NC | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Gain on foreclosed property					$ 800,000
Winston Salem, NC | Hotel
Business Acquisition [Line Items]
Real estate acquired through foreclosure						$ 3,900,000
Ownership Interest						100%
Terminal capitalization rate						9.50%
Discount rate						13.50%
South Bend, IN | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Realized (gain) loss on disposition of loan				$ 100,000
South Bend, IN | Hotel
Business Acquisition [Line Items]
Real estate acquired through foreclosure		$ 38,000,000		$ 3,875,000						$ 38,000,000	$ 3,875,000
Ownership Interest		100%		100%						100%	100%
Real estate acquired through foreclosure, net basis				$ 4,100,000							$ 4,100,000
Provision for (release of) loan loss reserves, net				$ 500,000
New York, NY | Apartments
Business Acquisition [Line Items]
Real estate acquired through foreclosure												$ 15,436,000
Ownership Interest												100%

REAL ESTATE AND RELATED LEAS_10

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details)		1 Months Ended														12 Months Ended
		Dec. 31, 2022 USD ($) property realEstateUnit	Sep. 30, 2022 USD ($) property	Jun. 30, 2022 USD ($) property	Mar. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Nov. 30, 2021 USD ($) property	Aug. 31, 2021 USD ($) property	Jun. 30, 2021 USD ($) property	Feb. 28, 2021 USD ($) property	Dec. 31, 2020 USD ($) property	Sep. 30, 2020 USD ($) property	Aug. 31, 2020 USD ($) property	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($) property	Dec. 31, 2022 USD ($) property realEstateUnit	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($) property
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds																$ 310,527,000	$ 190,870,000	$ 67,104,000
Net Book Value	[1]	$ 700,136,000				$ 865,694,000										700,136,000	865,694,000
Realized gain (loss) on sale of real estate, net														$ 0		115,998,000	55,766,000	32,102,000
Land | Los Angeles, CA
Disposal Groups, Including Discontinued Operations [Line Items]
Realized gain (loss) on sale of real estate, net						2,000,000
2022 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds																310,525,000
Net Book Value		194,527,000														194,527,000
Realized gain (loss) on sale of real estate, net																115,998,000
Defeasance cost																4,400,000
2022 Disposal Properties | Apartments | Stillwater, OK
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				$ 23,314,000
Net Book Value				18,032,000
Realized gain (loss) on sale of real estate, net				$ 5,283,000
Properties | property				1
2022 Disposal Properties | Apartments | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				$ 60,856,000
Net Book Value				37,585,000
Realized gain (loss) on sale of real estate, net				$ 23,270,000
Properties | property				1
2022 Disposal Properties | Office | Ewing, NJ
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds					$ 38,694,000
Net Book Value					24,175,000
Realized gain (loss) on sale of real estate, net					$ 14,519,000
Properties | property					1
2022 Disposal Properties | Office | New York, NY
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds		7,935,000
Net Book Value		7,402,000														$ 7,402,000
Realized gain (loss) on sale of real estate, net		$ 533,000
Properties | property		1														1
Remaining real estate units | realEstateUnit		1														1
2022 Disposal Properties | Office | Richmond, VA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds		$ 118,872,000
Net Book Value		71,862,000														$ 71,862,000
Realized gain (loss) on sale of real estate, net		$ 47,010,000
Properties | property		1														1
2022 Disposal Properties | Warehouse | Conyers, GA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds					$ 40,752,000
Net Book Value					26,116,000
Realized gain (loss) on sale of real estate, net					$ 14,636,000
Properties | property					1
2022 Disposal Properties | Retail | Wichita, Kansas [Member]
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds			$ 9,503,000
Net Book Value			5,110,000
Realized gain (loss) on sale of real estate, net			$ 4,393,000
Properties | property			1
2022 Disposal Properties | Retail | Sennett, New York [Member]
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds		$ 10,599,000
Net Book Value		4,245,000														$ 4,245,000
Realized gain (loss) on sale of real estate, net		$ 6,354,000
Properties | property		1														1
2021 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds																	219,202,000
Net Book Value						163,438,000											163,438,000
Realized gain (loss) on sale of real estate, net																	55,766,000
2021 Disposal Properties | Apartments | Arlington/Fort Worth, TX
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds								$ 26,496,000
Net Book Value								22,498,000
Realized gain (loss) on sale of real estate, net								$ 3,998,000
Properties | property								2
2021 Disposal Properties | Hotel | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds										$ 43,750,000
Net Book Value										43,750,000
Realized gain (loss) on sale of real estate, net										$ 0
Properties | property										1
2021 Disposal Properties | Net Lease | North Dartmouth, MA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds									$ 38,732,000
Net Book Value									19,343,000
Realized gain (loss) on sale of real estate, net									$ 19,389,000
Properties | property									1
2021 Disposal Properties | Net Lease | Pittsfield, MA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds								$ 18,651,000
Net Book Value								10,564,000
Realized gain (loss) on sale of real estate, net								$ 8,087,000
Properties | property								1
2021 Disposal Properties | Net Lease | Ankeny, IA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds								$ 19,021,000
Net Book Value								13,341,000
Realized gain (loss) on sale of real estate, net								$ 5,680,000
Properties | property								1
2021 Disposal Properties | Net Lease | Bessemer City, NC
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds							$ 33,447,000
Net Book Value							21,333,000
Realized gain (loss) on sale of real estate, net							$ 12,114,000
Properties | property							1
2021 Disposal Properties | Net Lease | Snellville, GA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds						9,695,000
Net Book Value						5,483,000											$ 5,483,000
Realized gain (loss) on sale of real estate, net						$ 4,212,000
Properties | property						1											1
2021 Disposal Properties | Net Lease | Columbia, SC
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds						$ 9,941,000
Net Book Value						5,674,000											$ 5,674,000
Realized gain (loss) on sale of real estate, net						$ 4,269,000
Properties | property						1											1
2021 Disposal Properties | Land | Los Angeles, CA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds						$ 19,469,000
Net Book Value						21,452,000											$ 21,452,000
Realized gain (loss) on sale of real estate, net						$ (1,983,000)
Properties | property						1											1
2020 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds																		98,738,000
Net Book Value											$ 66,636,000							66,636,000
Realized gain (loss) on sale of real estate, net																		32,102,000
2020 Disposal Properties | Office | Richmond, VA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds															$ 22,527,000
Net Book Value															14,829,000
Realized gain (loss) on sale of real estate, net															$ 7,698,000
Properties | property															7
Units Sold | property															0
2020 Disposal Properties | Office | Richmond, VA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds															$ 6,932,000
Net Book Value															4,109,000
Realized gain (loss) on sale of real estate, net															$ 2,823,000
Properties | property															1
Units Sold | property															0
2020 Disposal Properties | Warehouse | Lithia Springs, GA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds												$ 39,491,000
Net Book Value												23,187,000
Realized gain (loss) on sale of real estate, net												$ 16,304,000
Properties | property												1
Units Sold | property												0
2020 Disposal Properties | Hotel | Winston Salem, NC
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds												$ 4,647,000
Net Book Value												3,803,000
Realized gain (loss) on sale of real estate, net												$ 844,000
Properties | property												1
Units Sold | property												0
2020 Disposal Properties | Hotel | South Bend, IN
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds											3,875,000
Net Book Value											3,875,000							$ 3,875,000
Realized gain (loss) on sale of real estate, net											$ 0
Properties | property											1							1
Units Sold | property											0
2020 Disposal Properties | Net Lease | Bellport, NY
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds													$ 19,434,000
Net Book Value													15,012,000
Realized gain (loss) on sale of real estate, net													$ 4,422,000
Properties | property													1
Units Sold | property													0
2020 Disposal Properties | Multifamily | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds																		$ 1,832,000
Net Book Value											$ 1,821,000							1,821,000
Realized gain (loss) on sale of real estate, net																		$ 11,000
Properties | property											0							0
Units Sold | property																		6
[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		Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated ventures	[1]	$ 6,219	$ 23,154
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated ventures		6,219	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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated ventures	$ 1,410	$ 1,579	$ 1,821
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated ventures	1,410	1,411	976
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated ventures	$ 0	$ 168	$ 845

INVESTMENT IN AND ADVANCES TO_5

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED VENTURES - Additional Information (Details) - Grace Lake JV, LLC - USD ($)	1 Months Ended	12 Months Ended
	Apr. 30, 2012	Dec. 31, 2022	Dec. 31, 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		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Total assets		$ 5,951,173	[1]	$ 5,851,252	[1]	$ 5,881,229
Total liabilities	[1]	4,417,612		4,337,633
Partners’/members’ capital		1,533,561	[1]	1,513,619	[1]	1,548,425	$ 1,638,977
Total expenses		175,065		125,791		153,302
Net income (loss)		165,305		56,893		(9,458)
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Total assets		69,879		109,873
Total liabilities		55,916		66,387
Partners’/members’ capital		13,963		43,486
Total revenues		19,194		18,870		17,461
Total expenses		13,555		13,132		14,206
Net income (loss)		$ 5,639		$ 5,738		$ 3,255
[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)	12 Months Ended
	Dec. 31, 2022 USD ($) extensionOfMaturityPeriod	Dec. 31, 2021 USD ($) extensionOfMaturityPeriod	Mar. 23, 2020 USD ($)	Feb. 26, 2020 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value of Debt Obligations	$ 847,863,000	$ 444,577,000
Debt obligations	3,187,235,000
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	616,894,000	184,517,000
Committed but Unfunded	683,106,000	1,015,483,000
Carrying Amount of Collateral	860,485,000	322,584,000
Fair Value of Collateral	861,284,000	322,584,000
Committed Loan Repurchase Facility | Maturing on 27 September 2025
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	500,000,000
Carrying Value of Debt Obligations	318,983,000
Committed but Unfunded	181,017,000
Carrying Amount of Collateral	428,477,000
Fair Value of Collateral	$ 429,276,000
Number of extension maturity periods | extensionOfMaturityPeriod	2
Length of extension options	12 months
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	0
Committed but Unfunded	100,000,000
Carrying Amount of Collateral	0
Fair Value of Collateral	$ 0
Number of extension maturity periods | extensionOfMaturityPeriod	1
Length of extension options	12 months
Committed Loan Repurchase Facility | Maturing on 19 December 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	$ 300,000,000
Carrying Value of Debt Obligations	157,558,000
Committed but Unfunded	142,442,000
Carrying Amount of Collateral	244,102,000
Fair Value of Collateral	$ 244,102,000
Number of extension maturity periods | extensionOfMaturityPeriod	2
Length of extension options	364 days
Committed Loan Repurchase Facility | Maturing on April 30 2024
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	$ 100,000,000	100,000,000
Carrying Value of Debt Obligations	47,415,000	0
Committed but Unfunded	52,585,000	100,000,000
Carrying Amount of Collateral	63,307,000	0
Fair Value of Collateral	$ 63,307,000	$ 0
Number of extension maturity periods | extensionOfMaturityPeriod	3	1
Length of extension options	12 months	12 months
Number of additional extension maturity periods | extensionOfMaturityPeriod		2
Length of additional extension maturity periods		6 months
Committed Loan Repurchase Facility | Maturing On 3 January 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	$ 100,000,000	$ 100,000,000
Carrying Value of Debt Obligations	77,959,000	26,183,000
Committed but Unfunded	22,041,000	73,817,000
Carrying Amount of Collateral	103,393,000	48,720,000
Fair Value of Collateral	$ 103,393,000	$ 48,720,000
Number of extension maturity periods | extensionOfMaturityPeriod	2	2
Length of extension options	12 months	12 months
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 | extensionOfMaturityPeriod	2
Length of extension options	12 months
Committed Loan Repurchase Facility | Maturing On 14 July 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	$ 100,000,000
Carrying Value of Debt Obligations	14,979,000
Committed but Unfunded	85,021,000
Carrying Amount of Collateral	21,206,000
Fair Value of Collateral	$ 21,206,000
Length of extension options	364 days
Committed Loan Repurchase Facility | Maturing on 19 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		$ 500,000,000
Carrying Value of Debt Obligations		37,207,000
Committed but Unfunded		462,793,000
Carrying Amount of Collateral		82,966,000
Fair Value of Collateral		$ 82,966,000
Number of extension maturity periods | extensionOfMaturityPeriod		2
Length of extension options		12 months
Committed amount on credit agreement		$ 900,000,000
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
Number of extension maturity periods | extensionOfMaturityPeriod		2
Length of extension options		12 months
Committed Loan Repurchase Facility | Maturing on 19 December 2022 - 1
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		$ 300,000,000
Carrying Value of Debt Obligations		75,837,000
Committed but Unfunded		224,163,000
Carrying Amount of Collateral		127,926,000
Fair Value of Collateral		$ 127,926,000
Number of extension maturity periods | extensionOfMaturityPeriod		3
Length of extension options		364 days
Committed Loan Repurchase Facility | Maturing On 21 October 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		$ 100,000,000
Carrying Value of Debt Obligations		0
Committed but Unfunded		100,000,000
Carrying Amount of Collateral		0
Fair Value of Collateral		$ 0
Length of extension options		364 days
Committed Securities Repurchase Facility | Maturing On 27 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	$ 100,000,000	$ 862,794,000
Carrying Value of Debt Obligations	8,640,000	44,139,000
Committed but Unfunded	91,360,000	818,655,000
Carrying Amount of Collateral	10,023,000	50,522,000
Fair Value of Collateral	10,023,000	50,522,000
Committed Securities Repurchase Facility | Maturing on 19 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on credit agreement			$ 900,000,000
Uncommitted Securities Repurchase Facility | Maturing On 2 March 2023
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value of Debt Obligations	222,328,000
Carrying Amount of Collateral	247,351,000
Fair Value of Collateral	247,351,000
Restricted securities held-to-maturity	2,000,000
Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value of Debt Obligations		215,921,000
Carrying Amount of Collateral		242,629,000
Fair Value of Collateral		242,629,000
Restricted securities held-to-maturity		2,100,000
Total Repurchase Facilities
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	1,400,000,000	1,600,000,000
Carrying Value of Debt Obligations	847,862,000	444,577,000
Committed but Unfunded	774,466,000	1,371,344,000
Carrying Amount of Collateral	1,117,859,000	615,735,000
Fair Value of Collateral	1,118,658,000	615,735,000
Revolving Credit Facility | Maturing On 27 July 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	323,850,000
Carrying Value of Debt Obligations	0
Committed but Unfunded	$ 323,850,000
Number of extension maturity periods | extensionOfMaturityPeriod	4
Length of extension options	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
Number of extension maturity periods | extensionOfMaturityPeriod		3
Length of extension options		12 months
Mortgage Loan Financing | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	$ 497,454,000	$ 690,927,000
Carrying Value of Debt Obligations	497,991,000	693,797,000
Committed but Unfunded	0	0
Carrying Amount of Collateral	559,885,000	805,007,000
Fair Value of Collateral	710,977,000	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	5,900,000
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	1,058,462,000	1,054,774,000
Committed but Unfunded	0	0
Carrying Amount of Collateral	1,308,654,000	1,299,116,000
Fair Value of Collateral	1,308,654,000	1,299,116,000
Unamortized debt issuance costs	5,900,000	9,600,000
Borrowings from the FHLB | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	213,000,000	263,000,000
Carrying Value of Debt Obligations	213,000,000	263,000,000
Committed but Unfunded	0	0
Carrying Amount of Collateral	248,806,000	301,792,000
Fair Value of Collateral	248,806,000	301,792,000
Restricted securities held-to-maturity	6,600,000	7,500,000
Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	15,412,000
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	1,628,382,000	1,631,108,000
Committed but Unfunded	0	0
Unamortized debt issuance costs	15,400,000	18,700,000
Total Debt Obligations
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued	5,142,463,000	5,670,960,000
Debt obligations	4,245,697,000	4,219,703,000
Committed but Unfunded	1,098,316,000	1,637,774,000
Carrying Amount of Collateral	3,235,204,000	3,266,049,000
Fair Value of Collateral	$ 3,387,095,000	$ 3,494,568,000
Minimum | Committed Loan Repurchase Facility | Maturing on 27 September 2025
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6.07%
Minimum | Committed Loan Repurchase Facility | Maturing On February 26 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6.19%
Minimum | Committed Loan Repurchase Facility | Maturing on April 30 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6%	0%
Minimum | Committed Loan Repurchase Facility | Maturing On 3 January 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	5.74%	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 14 July 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	7.07%
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		1.61%
Minimum | Committed Loan Repurchase Facility | Maturing On February 26 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		2.06%
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2022 - 1
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		1.86%
Minimum | Committed Loan Repurchase Facility | Maturing On 21 October 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0%
Minimum | Committed Securities Repurchase Facility | Maturing On 27 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	5.04%	0.65%
Minimum | Uncommitted Securities Repurchase Facility | Maturing On 2 March 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	4.73%
Minimum | Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0.54%
Minimum | Revolving Credit Facility | Maturing On 27 July 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	4.25%	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	5.52%	1.66%
Minimum | Borrowings from the FHLB | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	274%	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 27 September 2025
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6.57%
Maximum | Committed Loan Repurchase Facility | Maturing On February 26 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	7.07%
Maximum | Committed Loan Repurchase Facility | Maturing on April 30 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6%	0%
Maximum | Committed Loan Repurchase Facility | Maturing On 3 January 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6.24%	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 14 July 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	7.07%
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount				$ 500,000,000
Interest rate		1.61%
Maximum | Committed Loan Repurchase Facility | Maturing On February 26 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		2.81%
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2022 - 1
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		2.86%
Maximum | Committed Loan Repurchase Facility | Maturing On 21 October 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0%
Maximum | Committed Securities Repurchase Facility | Maturing On 27 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	5.29%	1.05%
Maximum | Uncommitted Securities Repurchase Facility | Maturing On 2 March 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6%
Maximum | Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		2.06%
Maximum | Revolving Credit Facility | Maturing On 27 July 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	8.03%	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	7.97%	1.75%
Maximum | Borrowings from the FHLB | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	4.70%	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 Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) agreement security	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Number of counterparties with repurchase agreements | security	7
Obligations outstanding	$ 847,863	$ 444,577
Number of counterparties with collateral exceeding borrowed amounts | security	2
Amount of collateral exceeding borrowings	$ 76,700
Amount of collateral exceeding borrowings, as a percentage	5%
Weighted average haircut	24%
Committed Loan Repurchase Facility
Debt Instrument [Line Items]
Number of agreements | agreement	7
Consolidated CLO debt obligations	$ 1,300,000	$ 1,200,000
Committed Securities Repurchase Facility | Maturing on 23 December 2021
Debt Instrument [Line Items]
Consolidated CLO debt obligations	$ 100,000

DEBT OBLIGATIONS, NET - Revolvi

DEBT OBLIGATIONS, NET - Revolving Credit Facility (Details)	Dec. 31, 2022 USD ($)	Jul. 27, 2022 USD ($) extensionOfMaturityPeriod	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Carrying Value of Debt Obligations	$ 847,863,000		$ 444,577,000
Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Committed amount on credit agreement		$ 323,900,000
Revolving credit facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Committed amount on credit agreement	323,900,000
Revolving credit facility | Secured Overnight Financing Rate (SOFR) | Line of Credit
Debt Instrument [Line Items]
Stated interest rate on debt instrument		2.50%
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
Committed Loan Repurchase Facility
Debt Instrument [Line Items]
Carrying Value of Debt Obligations	616,894,000		184,517,000
Committed but Unfunded	$ 683,106,000		$ 1,015,483,000
Committed Loan Repurchase Facility | Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Length of extension options		1 year
Committed Loan Repurchase Facility | Maturing 27 July 2023 | Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Number of additional extension maturity periods | extensionOfMaturityPeriod		4

DEBT OBLIGATIONS, NET - Debt Is

DEBT OBLIGATIONS, NET - Debt Issuance Costs (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Credit Agreement and Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance expense	$ 5	$ 2.9

DEBT OBLIGATIONS, NET - Uncommi

DEBT OBLIGATIONS, NET - Uncommitted Securities Repurchase Facilities (Details) - Uncommitted Securities Repurchase Facilities	12 Months Ended
	Dec. 31, 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) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) agreement	Dec. 31, 2021 USD ($) agreement	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Amortization of premium/discount on mortgage loan financing included in interest expense	$ (731)	$ (1,226)	$ (1,160)
Mortgage loan financing
Debt Instrument [Line Items]
Weighted average term	3 years 9 months 18 days
Carrying amount	$ 498,000	693,800
Net unamortized premiums	2,400	3,200
Amortization of premium/discount on mortgage loan financing included in interest expense	(700)	(1,400)	$ (1,200)
Pledged assets, real estate and lease intangibles, net	$ 559,900	$ 805,000
Number of agreements | agreement	1	1
Minimum | Mortgage loan financing
Debt Instrument [Line Items]
Stated interest rate on debt instrument	4.25%
Maximum | Mortgage loan financing
Debt Instrument [Line Items]
Stated interest rate on debt instrument	8.03%

DEBT OBLIGATIONS, NET - Collate

DEBT OBLIGATIONS, NET - Collateralized Loan Obligation Debt (Details) $ in Thousands		Dec. 02, 2021 USD ($) security	Jul. 13, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Debt obligations, net	[1]			$ 4,245,697	$ 4,219,703
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt obligations, net				1,058,462	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				5,900
Various Date | CLO Debt
Debt Instrument [Line Items]
Debt obligations, net				1,100,000
Unamortized debt issuance costs				$ 5,900	$ 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) - Tuebor Captive Insurance Company LLC $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Amount restricted from transfer	$ 818.9
Borrowings from the FHLB
Debt Instrument [Line Items]
FHLB borrowings outstanding	$ 213
Weighted average term	1 year 3 months
Weighted average interest rate	4.52%
Borrowings from the FHLB | Commercial Mortgage Backed Securities and US Agency Securities
Debt Instrument [Line Items]
Collateral for debt instrument	$ 248.8
Borrowings from the FHLB | Minimum
Debt Instrument [Line Items]
Average term	7 months 6 days
Stated interest rate on debt instrument	2.74%
Advance rates	71.70%
Borrowings from the FHLB | Maximum
Debt Instrument [Line Items]
Average term	1 year 9 months
Stated interest rate on debt instrument	4.70%
Advance rates	95.70%

DEBT OBLIGATIONS, NET - Senior

DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 23, 2021	Jan. 30, 2020	Sep. 25, 2017
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt	$ 685,000	$ 0	$ 22,250,000
Ladder Capital Finance Corporation | LCFH
Debt Instrument [Line Items]
Ownership interest in LCFC	100%
Senior Unsecured Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 15,412,000
Various Date | Senior Unsecured Notes
Debt Instrument [Line Items]
Senior Unsecured Notes	1,628,382,000	1,631,108,000
Loan refinance	1,643,794,000	1,649,794,000
Unamortized debt issuance costs	15,400,000	$ 18,700,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Senior Unsecured Notes	1,600,000,000
Senior Notes Due 2025 | Senior Unsecured Notes
Debt Instrument [Line Items]
Loan refinance	344,000,000
Stated interest rate on debt instrument						5.25%
Notes repurchased	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
Stated interest rate on debt instrument					4.25%
Notes repurchased	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
Stated interest rate on debt instrument				4.75%
Notes repurchased	1,000,000
Gain (loss) on extinguishment of debt	$ 200,000

DEBT OBLIGATIONS, NET - Secured

DEBT OBLIGATIONS, NET - Secured Financing Facility (Details) - USD ($)			12 Months Ended
		Apr. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Issuance of Purchase Right			$ 0	$ 0	$ 8,425,000
Debt obligations, net	[1]		$ 4,245,697,000	4,219,703,000
Secured financing facility
Debt Instrument [Line Items]
Debt obligations, net				132,400,000
Secured financing facility | Maturing On 6 May 2023
Debt Instrument [Line Items]
Issuance of purchase rights				2,100,000
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 - Sched_2

DEBT OBLIGATIONS, NET - Schedule of Maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2023	$ 326,607
2024	610,070
2025	612,006
2026	89,161
2027	845,394
Thereafter	718,872
Subtotal	3,202,110
Premiums included in mortgage loan financing	2,420
Debt obligations	3,187,235
Senior Unsecured Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(15,412)
Mortgage loan financings
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(1,883)
CLO Debt
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(5,900)
Consolidated CLO debt obligations	$ 1,100,000

DEBT OBLIGATIONS, NET - Financi

DEBT OBLIGATIONS, NET - Financial Covenants (Details) $ in Millions	Dec. 31, 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)	Dec. 31, 2022
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Percentage of debt with variable rate	59.30%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Percentage of debt with variable rate	40.70%

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional		$ 204,700	$ 114,121
Fair value, asset	[1]	2,038	402
Fair value, liability		0	0
5-year Treasury-Note Futures
Derivative [Line Items]
Notional		44,200	6,500
Fair value, asset		51	76
Fair value, liability		$ 0	$ 0
Remaining maturity		3 months	3 months
10-year Treasury-Note Futures
Derivative [Line Items]
Notional		$ 61,400	$ 23,000
Fair value, asset		71	266
Fair value, liability		$ 0	$ 0
Remaining maturity		3 months	3 months
Futures
Derivative [Line Items]
Notional		$ 105,600	$ 29,500
Fair value, asset		122	342
Fair value, liability		0	0
1 Month Term SOFR
Derivative [Line Items]
Notional		90,000	84,621
Fair value, asset		1,804	60
Fair value, liability		$ 0	$ 0
Remaining maturity		1 year 8 months 4 days	6 months 25 days
Options
Derivative [Line Items]
Notional		$ 9,100
Fair value, asset		112
Fair value, liability		$ 0
Remaining maturity		2 months 12 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Unrealized Gain/(Loss)	$ 634	$ 34	$ (268)
Realized Gain/(Loss)	11,726	1,715	(15,002)
Net Result from Derivative Transactions	12,360	1,749	(15,270)
Caps
Derivative [Line Items]
Unrealized Gain/(Loss)	984	(8)
Realized Gain/(Loss)	648	0
Net Result from Derivative Transactions	1,632	(8)
Futures
Derivative [Line Items]
Unrealized Gain/(Loss)	(219)	42	(379)
Realized Gain/(Loss)	11,078	1,715	(15,113)
Net Result from Derivative Transactions	10,859	$ 1,757	(15,492)
Options
Derivative [Line Items]
Unrealized Gain/(Loss)	(131)
Realized Gain/(Loss)	0
Net Result from Derivative Transactions	$ (131)
Credit Derivatives
Derivative [Line Items]
Unrealized Gain/(Loss)			111
Realized Gain/(Loss)			111
Net Result from Derivative Transactions			$ 222

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash margins held as collateral for derivatives by counterparties	$ 2.5	$ 0.5	$ 0.8

OFFSETTING ASSETS AND LIABILI_3

OFFSETTING ASSETS AND LIABILITIES - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Repurchase agreements
Gross amounts of recognized liabilities	$ 847,863	$ 444,577
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	847,863	444,577
Gross amounts not offset in the balance sheet
Financial instruments collateral	847,863	444,577
Cash collateral posted/(received)	19,128	1,975
Net amount	828,735	442,603
Total
Gross amounts of recognized liabilities	847,863	444,577
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	847,863	444,577
Gross amounts not offset in the balance sheet
Financial instruments collateral	847,863	444,577
Cash collateral posted/(received)	19,128	1,975
Net amount	$ 828,735	$ 442,603

OFFSETTING ASSETS AND LIABILI_4

OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Offsetting of derivative assets
Gross amounts of recognized assets		$ 2,038	$ 402
Gross amounts offset in the balance sheet		0	0
Derivative instruments	[1]	2,038	402
Gross amounts not offset in the balance sheet
Financial instruments		0	0
Cash collateral received/(posted)		(2,505)	(526)
Net amount		$ (467)	$ 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		Dec. 31, 2022 USD ($) security		Dec. 31, 2021 USD ($) security		Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of consolidated collateralized loan obligation variable interest entities | security		2		2
Variable Interest Entity [Line Items]
Restricted cash	[1]	$ 50,524		$ 72,802
Accrued interest receivable	[1]	24,938		13,645
Other assets	[1]	78,339		76,367
Total assets		5,951,173	[1]	5,851,252	[1]	$ 5,881,229
Debt obligations, net	[1]	4,245,697		4,219,703
Accrued expenses	[1]	68,227		40,249
Other liabilities	[1]	71,688		50,090
Total liabilities	[1]	4,417,612		4,337,633
Total equity		1,533,561	[1]	1,513,619	[1]	$ 1,548,425	$ 1,638,977
Total liabilities and equity	[1]	5,951,173		5,851,252
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash		4,902		369
Mortgage loan receivables held for investment, net, at amortized cost		1,308,654		1,299,116
Accrued interest receivable		8,313		4,587
Other assets		17,505		26,636
Total assets		1,339,374		1,330,708
Debt obligations, net		1,058,462		1,054,774
Accrued expenses		3,029		1,218
Other liabilities		65		65
Total liabilities		1,061,556		1,056,057
Net equity in VIEs (eliminated in consolidation)		277,818		274,651
Total equity		277,818		274,651
Total liabilities and equity		$ 1,339,374		$ 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) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) class vote $ / shares shares	Dec. 31, 2020 USD ($) shares	Jul. 27, 2022 USD ($)	Jul. 26, 2022 USD ($)	Dec. 31, 2021 USD ($) shares	Aug. 04, 2021 USD ($)	Sep. 30, 2020	Dec. 31, 2019 USD ($)
Class of Stock [Line Items]
Number of classes of outstanding stock | class	1
Series REIT LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock, units exchanged (in shares)		12,158,933
Series TRS LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock, units exchanged (in shares)		12,158,933
2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Remaining amount available for repurchase | $	$ 46,700
Percentage of aggregate common stock outstanding under Repurchase Program	3.70%
Closing price (in dollars per share) | $ / shares	$ 10.04
Class A Common Stock
Class of Stock [Line Items]
Number of votes per share | vote	1
Common stock, outstanding (in shares)	126,502,049				125,452,568
Shares received per exchange (in shares)	1
Exchange of noncontrolling interest for common stock, units exchanged (in shares)		12,158,933
Class A Common Stock | 2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Additional authorizations | $			$ 50,000	$ 39,500		$ 50,000
Remaining amount available for repurchase | $	$ 46,737	$ 38,102			$ 44,122			$ 41,132
Class B Common Stock
Class of Stock [Line Items]
Number of votes per share | vote	1
Common stock, outstanding (in shares)	0				0
Shares received per exchange (in shares)	1
Exchange of noncontrolling interest for common stock, units exchanged (in shares)		12,158,933
Series REIT LP Units
Class of Stock [Line Items]
Shares received per exchange (in shares)	1
Series TRS LP Units
Class of Stock [Line Items]
Shares received per exchange (in shares)	1
Series TRS I LLC Units
Class of Stock [Line Items]
Shares received per exchange (in shares)	1
LCFH
Class of Stock [Line Items]
Ownership interest in LCFH	100%	100%			100%		100%

EQUITY STRUCTURE AND ACCOUNTS_2

EQUITY STRUCTURE AND ACCOUNTS - Schedule of Repurchase of Treasury Stock Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 27, 2022	Jul. 26, 2022	Aug. 04, 2021
Treasury Stock [Roll Forward]
Repurchases paid	$ (7,919)	$ (9,008)	$ (3,035)
2014 Share Repurchase Authorization Program
Treasury Stock [Roll Forward]
Remaining amount available for repurchase, end of period	$ 46,700
2014 Share Repurchase Authorization Program | Class A Common Stock
Class of Stock [Line Items]
Purchase of treasury stock (in shares)	783,599	822,928	384,251
Treasury Stock [Roll Forward]
Remaining amount available for repurchase, beginning of period	$ 44,122	$ 38,102	$ 41,132
Additional authorizations	10,534	15,027	0
Repurchases paid	(7,919)	(9,007)	(3,030)
Repurchases unsettled			0
Remaining amount available for repurchase, end of period	$ 46,737	$ 44,122	$ 38,102
Additional authorizations				$ 50,000	$ 39,500	$ 50,000

EQUITY STRUCTURE AND ACCOUNTS_3

EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares													12 Months Ended
	Dec. 15, 2022	Sep. 15, 2022	Jun. 15, 2022	Mar. 15, 2022	Dec. 15, 2021	Sep. 15, 2021	Jun. 15, 2021	Mar. 15, 2021	Dec. 31, 2020	Aug. 31, 2020	May 28, 2020	Feb. 27, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class A Common Stock
Class of Stock [Line Items]
Dividends per share of Class A common stock (in dollars per share)	$ 0.23	$ 0.23	$ 0.22	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.34	$ 0.88	$ 0.80	$ 0.94

EQUITY STRUCTURE AND ACCOUNTS_4

EQUITY STRUCTURE AND ACCOUNTS - Schedule of Dividends Declared and Paid (Details) - Class A Common Stock - $ / shares													12 Months Ended
	Jan. 17, 2023	Oct. 17, 2022	Jul. 15, 2022	Apr. 15, 2022	Jan. 18, 2022	Oct. 15, 2021	Jul. 15, 2021	Apr. 15, 2021	Jan. 15, 2021	Oct. 01, 2020	Jul. 01, 2020	Apr. 01, 2020	Dec. 31, 2022	Dec. 31, 2021
Tax Year 2021
Class of Stock [Line Items]
Dividend per share (in dollars per share)					$ 0	$ 0.200	$ 0.200	$ 0.200	$ 0.200				$ 0.800
Ordinary Dividends (in dollars per share)					0	0.053	0.053	0.053	0.053				0.212
Qualified Dividends (in dollars per share)					0	0.001	0.001	0.001	0.001				0.004
Capital Gain (in dollars per share)					0	0.095	0.095	0.095	0.095				0.380
Unrecaptured 1250 Gain (in dollars per share)					0	0.039	0.039	0.039	0.039				0.156
Return of Capital (in dollars per share)					0	0.052	0.052	0.052	0.052				0.208
Section 199A Dividends (in dollars per share)					0	$ 0.053	$ 0.053	$ 0.053	0.053				0.212
Tax Year 2020
Class of Stock [Line Items]
Dividend per share (in dollars per share)									0	$ 0.200	$ 0.200	$ 0.340		$ 0.740
Ordinary Dividends (in dollars per share)									0	0.135	0.135	0.230		0.500
Qualified Dividends (in dollars per share)									0	0	0	0		0
Capital Gain (in dollars per share)									0	0.023	0.023	0.039		0.085
Unrecaptured 1250 Gain (in dollars per share)									0	0.009	0.009	0.016		0.034
Return of Capital (in dollars per share)									0	0.042	0.042	0.071		0.155
Section 199A Dividends (in dollars per share)									$ 0	$ 0.135	$ 0.135	$ 0.230		$ 0.500
Tax Year 2022
Class of Stock [Line Items]
Dividend per share (in dollars per share)		$ 0.230	$ 0.220	$ 0.200	0.200								1.080
Ordinary Dividends (in dollars per share)		0.039	0.038	0.034	0.034								0.184
Qualified Dividends (in dollars per share)		0	0	0	0								0
Capital Gain (in dollars per share)		0.191	0.182	0.166	0.166								0.896
Unrecaptured 1250 Gain (in dollars per share)		0.059	0.056	0.051	0.051								0.276
Return of Capital (in dollars per share)		0	0	0	0								0
Section 199A Dividends (in dollars per share)		$ 0.039	$ 0.038	$ 0.034	$ 0.034								$ 0.184
Tax Year 2022 | Subsequent Event
Class of Stock [Line Items]
Dividend per share (in dollars per share)	$ 0.230
Ordinary Dividends (in dollars per share)	0.039
Qualified Dividends (in dollars per share)	0
Capital Gain (in dollars per share)	0.191
Unrecaptured 1250 Gain (in dollars per share)	0.059
Return of Capital (in dollars per share)	0
Section 199A Dividends (in dollars per share)	$ 0.039

EQUITY STRUCTURE AND ACCOUNTS_5

EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	$ 1,513,619	[1]	$ 1,548,425		$ 1,638,977
Other comprehensive income (loss)	(16,897)		6,351		(15,158)
Exchange of noncontrolling interest for common stock					0
Rebalancing of ownership percentage between Company and Operating Partnership					0
Ending Balance	1,533,561	[1]	1,513,619	[1]	1,548,425
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	(4,112)		(10,463)		4,218
Other comprehensive income (loss)	(16,897)		6,351		(9,950)
Exchange of noncontrolling interest for common stock					(6,952)
Rebalancing of ownership percentage between Company and Operating Partnership					2,221
Ending Balance	(21,009)		(4,112)		(10,463)
Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	(2)		(2)		475
Other comprehensive income (loss)	0		0		(5,208)
Exchange of noncontrolling interest for common stock					6,952
Rebalancing of ownership percentage between Company and Operating Partnership					(2,221)
Ending Balance	(2)		(2)		(2)
Total Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	(4,114)		(10,465)		4,693
Ending Balance	$ (21,011)		$ (4,114)		$ (10,465)
[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) $ in Millions	Dec. 31, 2022 USD ($) property jointVenture	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2020
LCFH
Noncontrolling Interest [Line Items]
Ownership interest in LCFH	100%	100%	100%	100%
Consolidated Venture
Noncontrolling Interest [Line Items]
Number of consolidated ventures | jointVenture	2
Consolidated Venture | Isla Vista, CA | Student Housing
Noncontrolling Interest [Line Items]
Number of real estate properties | property	40
Property book value	$ 79.9
Consolidated Venture | Oakland County, MI | Office Building
Noncontrolling Interest [Line Items]
Property book value	$ 8.9
Minimum | Consolidated Venture | Consolidated Ventures
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership	10%
Maximum | Consolidated Venture | 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted average shares outstanding:
Basic (in shares)	124,301,421	123,763,843	112,409,615
Diluted (in shares)	125,823,671	124,563,051	112,409,615
Class A Common Stock
Earnings Per Share
Basic Net income (loss) available for Class A common shareholders	$ 142,217	$ 56,522	$ (14,445)
Diluted Net income (loss) available for Class A common shareholders	$ 142,217	$ 56,522	$ (14,445)
Weighted average shares outstanding:
Basic (in shares)	124,301,421		112,409,615
Diluted (in shares)	125,823,671	124,563,051	112,409,615

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	124,301,421	123,763,843	112,409,615
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 1.14	$ 0.46	$ (0.13)
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	124,301,421	123,763,843	112,409,615
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	125,823,671	124,563,051	112,409,615
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ 1.13	$ 0.45	$ (0.13)
Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 142,217	$ 56,522	$ (14,445)
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	124,301,421		112,409,615
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 1.14	$ 0.46	$ (0.13)
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 142,217	$ 56,522	$ (14,445)
Net income (loss) attributable to Class A common shareholders	$ 142,217	$ 56,522	$ (14,445)
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	124,301,421		112,409,615
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	125,823,671	124,563,051	112,409,615
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ 1.13	$ 0.45	$ (0.13)
Common stock, outstanding (in shares)	126,502,049	125,452,568
Class A Common Stock | Restricted Stock
Denominator:
Incremental shares of stock based compensation (in shares)	1,522,250	799,208	0
Class B Common Stock
Denominator:
Common stock, outstanding (in shares)	0	0

STOCK BASED AND OTHER COMPENS_3

STOCK BASED AND OTHER COMPENSATION PLANS - Stock Based Compensation Plans Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Based Compensation Expense	$ 31,584	$ 15,300	$ 42,728
Recognized equity based compensation expense	31,584	15,322	41,760
Stock Options Exercised	0	0	270
Phantom Equity Investment Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ 0	$ 22	$ (1,238)

STOCK BASED AND OTHER COMPENS_4

STOCK BASED AND OTHER COMPENSATION PLANS - Summary of Grants (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares (in shares)	2,884,303
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares (in shares)	2,884,303	747,713	4,423,215
Weighted Average Fair Value Per Share (in dollars per share)	$ 11.87	$ 9.81	$ 12.84

STOCK BASED AND OTHER COMPENS_5

STOCK BASED AND OTHER COMPENSATION PLANS - Nonvested Shares Outstanding (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Weighted Average Grant Date Fair Value
Nonvested/Outstanding Weighted Average Grant Date Fair Value, Beginning Balance (in dollars pre share) | $ / shares	$ 12.76
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	11.87
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	11.89
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	11.61
Nonvested/Outstanding Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares	12.62
Stock Options
Weighted-average exercise price of outstanding options, warrants and rights | $ / shares	$ 12.62
Unrecognized compensation cost | $	$ 12.4
Period of recognition for unrecognized compensation costs	33 months
Remaining vesting period	21 months 21 days
Restricted Stock
Restricted Stock
Nonvested/Outstanding (in shares)	2,145,380
Granted (in shares)	2,884,303
Vested (in shares)	(2,404,181)
Forfeited (in shares)	(95,931)
Nonvested/Outstanding (in shares)	2,529,571
Stock Options
Stock Options
Nonvested/Outstanding (in shares)	623,788
Granted (in shares)	0
Forfeited (in shares)	0
Nonvested/Outstanding (in shares)	623,788
Exercisable (in shares)	623,788
Options, warrants and rights
Weighted Average Grant Date Fair Value
Nonvested/Outstanding Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares	$ 14.84
Stock Options
Weighted-average exercise price of outstanding options, warrants and rights | $ / shares	$ 14.84

STOCK BASED AND OTHER COMPENS_6

STOCK BASED AND OTHER COMPENSATION PLANS - Omnibus Incentive Plan (Details) $ in Millions						1 Months Ended	12 Months Ended
	May 10, 2022 USD ($) installment shares	Feb. 18, 2022 USD ($) shares	Jan. 31, 2022 USD ($) shares	Feb. 18, 2021 USD ($) shares	Jan. 01, 2021 USD ($) security shares	Jan. 31, 2022 shares	Dec. 31, 2022 USD ($) employee shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Jan. 01, 2022 installment
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							33 months
Unrecognized compensation cost | $							$ 12.4
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							2,884,303
Forfeited (in shares)							95,931
Restricted Stock | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							2,884,303	747,713	4,423,215
Non-Management Grantee | Mr. Miceli, Ms. Porcella and certain Non-Management Grantees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrestricted shares granted (in shares)			264,704
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]
Shares granted with certain vesting rights (in shares)						497,169
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]
Shares granted with certain vesting rights (in shares)			531,980
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					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]
Vesting period		1 year		1 year
Granted (in shares)		31,860		36,060
Grant date fair value | $		$ 0.4		$ 0.4
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
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%
Performance period						3 years
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,517,627
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 | installment	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	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Bonus expense		$ 31,584	$ 15,322	$ 41,760
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	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Assets:
Fair Value	$ 3,922,131	$ 3,516,524
Allowance for credit losses	(20,755)	(31,752)	$ (41,507)	$ (20,500)
Liabilities:
Fair Value	3,994,458	4,282,888
Level 1
Assets:
Fair Value	0	0
Liabilities:
Fair Value	0	0
Level 2
Assets:
Fair Value	0	0
Liabilities:
Fair Value	0	0
Level 3
Assets:
Fair Value	3,922,131	3,516,524
Liabilities:
Fair Value	$ 3,994,458	$ 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
Recurring
Assets:
Fair Value	$ 580,130	$ 693,266
Recurring | Level 1
Assets:
Fair Value	35,446	0
Recurring | Level 2
Assets:
Fair Value	2,038	402
Recurring | Level 3
Assets:
Fair Value	542,646	692,864
Recurring | Agency securities
Assets:
Principal Amount	36	557
Fair Value	35	563
Recurring | Agency securities | Level 1
Assets:
Fair Value	0	0
Recurring | Agency securities | Level 2
Assets:
Fair Value	0	0
Recurring | Agency securities | Level 3
Assets:
Fair Value	35	563
Recurring | CMBS | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	562,839	691,402
Amortized Cost Basis/Purchase Price	562,246	691,026
Fair Value	$ 541,333	$ 686,293
Liabilities:
Financial instruments, measurement input	0.0532	0.0157
Weighted average remaining maturity/duration	1 year 21 days	2 years 21 days
Recurring | CMBS interest-only | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 1,026,195	$ 1,302,551
Amortized Cost Basis/Purchase Price	10,498	15,268
Fair Value	$ 10,443	$ 15,885
Liabilities:
Financial instruments, measurement input	0.0365	0.0567
Weighted average remaining maturity/duration	1 year 5 months 12 days	1 year 10 months 17 days
Recurring | GNMA interest-only | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 45,369	$ 59,075
Amortized Cost Basis/Purchase Price	285	518
Fair Value	$ 281	$ 559
Liabilities:
Financial instruments, measurement input	0.0423	0.0497
Weighted average remaining maturity/duration	3 years 3 months 18 days	3 years 7 months 20 days
Recurring | Agency securities | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 36	$ 557
Amortized Cost Basis/Purchase Price	36	560
Fair Value	$ 35	$ 563
Liabilities:
Financial instruments, measurement input	0.0270	0.0158
Weighted average remaining maturity/duration	1 year 6 months 14 days	8 months 8 days
Recurring | U.S. Treasury securities | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 36,000
Amortized Cost Basis/Purchase Price	35,328
Fair Value	$ 35,328
Liabilities:
Financial instruments, measurement input	0.0417
Weighted average remaining maturity/duration	7 months 6 days
Recurring | Equity Securities
Assets:
Amortized Cost Basis/Purchase Price	$ 160
Fair Value	118
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow
Assets:
Principal Amount	3,907,295	$ 3,581,919
Amortized Cost Basis/Purchase Price	3,885,746	3,553,737
Fair Value	3,875,708	3,494,254
Allowance for credit losses	$ (20,800)	$ (31,800)
Liabilities:
Financial instruments, measurement input	0.0885	0.0565
Weighted average remaining maturity/duration	1 year 3 months 3 days	1 year 9 months 3 days
Recurring | Mortgage loan  receivables held for sale | Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 31,350
Amortized Cost Basis/Purchase Price	27,391
Fair Value	$ 27,391
Liabilities:
Financial instruments, measurement input	0.0457
Weighted average remaining maturity/duration	9 years 2 months 8 days
Recurring | FHLB stock | FHLB stock
Assets:
Principal Amount	$ 9,585	$ 11,835
Amortized Cost Basis/Purchase Price	9,585	11,835
Fair Value	$ 9,585	$ 11,835
Liabilities:
Financial instruments, measurement input	0.0475	0.0325
Recurring | Nonhedge derivatives | Counterparty Quotations Valuation Technique
Assets:
Nonhedge derivative assets	$ 204,700	$ 114,121
Amortized Cost Basis/Purchase Price	2,038	402
Fair Value	$ 2,038	$ 402
Liabilities:
Weighted average remaining maturity/duration	1 year 6 months 7 days	3 months 18 days
Recurring | Repurchase agreements - short-term | Discounted Cash Flow
Liabilities:
Principal Amount		$ 418,394
Amortized Cost Basis/Purchase Price		418,394
Fair Value		$ 418,394
Financial instruments, measurement input		0.0089
Weighted average remaining maturity/duration		5 months 15 days
Recurring | Repurchase agreements - short-term | Cost Plus Accrued Interest Valuation Technique
Liabilities:
Principal Amount	$ 481,465
Amortized Cost Basis/Purchase Price	481,465
Fair Value	$ 481,465
Financial instruments, measurement input	0.0404
Weighted average remaining maturity/duration	4 months 13 days
Recurring | Repurchase agreements - long-term | Discounted Cash Flow
Liabilities:
Principal Amount	$ 366,398	$ 26,183
Amortized Cost Basis/Purchase Price	366,398	26,183
Fair Value	$ 366,398	$ 26,183
Financial instruments, measurement input	0.0406	0.0221
Weighted average remaining maturity/duration	2 years 6 months 21 days	1 year 3 days
Recurring | Mortgage loan financing | Discounted Cash Flow
Liabilities:
Principal Amount	$ 497,454	$ 690,927
Amortized Cost Basis/Purchase Price	497,991	693,797
Fair Value	$ 477,101	$ 709,695
Financial instruments, measurement input	0.0551	0.0483
Weighted average remaining maturity/duration	3 years 4 months 9 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	1,058,462	1,054,774
Fair Value	$ 1,058,462	$ 1,054,774
Financial instruments, measurement input	0.0635	0.0204
Weighted average remaining maturity/duration	15 years 11 months 1 day	16 years 11 months 1 day
Recurring | Borrowings from the FHLB | Discounted Cash Flow
Liabilities:
Principal Amount	$ 213,000	$ 263,000
Amortized Cost Basis/Purchase Price	213,000	263,000
Fair Value	$ 213,055	$ 263,414
Financial instruments, measurement input	0.0161	0.0091
Weighted average remaining maturity/duration	1 year 3 months	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	1,628,382	1,631,108
Fair Value	$ 1,397,977	$ 1,677,039
Financial instruments, measurement input	0.0466	0.0466
Weighted average remaining maturity/duration	4 years 9 months	5 years 8 months 26 days

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Fair value of assets	$ 3,922,131	$ 3,516,524
Liabilities:
Fair value of liabilities	3,994,458	4,282,888
Repurchase agreements - short-term
Liabilities:
Principal Amount	481,465	418,394
Fair value of liabilities	481,465	418,394
Mortgage loan financing
Liabilities:
Principal Amount	497,454	690,927
Fair value of liabilities	477,101	709,695
CLO debt
Liabilities:
Principal Amount	1,064,365	1,064,365
Fair value of liabilities	1,058,462	1,054,774
Borrowings from the FHLB
Liabilities:
Principal Amount	213,000	263,000
Fair value of liabilities	213,055	263,414
Senior unsecured notes
Liabilities:
Principal Amount	1,643,794	1,649,794
Fair value of liabilities	1,397,977	1,677,039
Repurchase agreements - long-term
Liabilities:
Principal Amount	366,398	26,183
Fair value of liabilities	366,398	26,183
Secured financing facility
Liabilities:
Principal Amount		136,444
Fair value of liabilities		133,389
CMBS
Assets:
Principal Amount	9,415	10,326
Fair value of assets	9,030	9,894
CMBS interest-only
Assets:
Principal Amount	8,460	9,370
Fair value of assets	417	541
Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Principal Amount	3,907,295	3,581,920
Fair value of assets	3,875,708	3,494,254
FHLB stock
Assets:
Principal Amount	9,585	11,835
Fair value of assets	9,585	11,835
Mortgage loan  receivables held for sale
Assets:
Principal Amount	31,350
Fair value of assets	27,391
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	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	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	3,922,131	3,516,524
Liabilities:
Fair value of liabilities	3,994,458	4,282,888
Level 3 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities	481,465	418,394
Level 3 | Mortgage loan financing
Liabilities:
Fair value of liabilities	477,101	709,695
Level 3 | CLO debt
Liabilities:
Fair value of liabilities	1,058,462	1,054,774
Level 3 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities	213,055	263,414
Level 3 | Senior unsecured notes
Liabilities:
Fair value of liabilities	1,397,977	1,677,039
Level 3 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities	366,398	26,183
Level 3 | Secured financing facility
Liabilities:
Fair value of liabilities		133,389
Level 3 | CMBS
Assets:
Fair value of assets	9,030	9,894
Level 3 | CMBS interest-only
Assets:
Fair value of assets	417	541
Level 3 | Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets	3,875,708	3,494,254
Level 3 | FHLB stock
Assets:
Fair value of assets	9,585	11,835
Level 3 | Mortgage loan  receivables held for sale
Assets:
Fair value of assets	27,391
Recurring
Assets:
Fair value of assets	580,130	693,266
Recurring | CMBS
Assets:
Principal Amount	553,424	681,076
Fair value of assets	532,304	676,398
Recurring | CMBS interest-only
Assets:
Principal Amount	1,017,735	1,293,181
Fair value of assets	10,026	15,344
Recurring | GNMA interest-only
Assets:
Principal Amount	45,369	59,075
Fair value of assets	281	559
Recurring | Agency securities
Assets:
Principal Amount	36	557
Fair value of assets	35	563
Recurring | U.S. Treasury securities
Assets:
Principal Amount	36,000
Fair value of assets	35,328
Recurring | Equity Securities
Assets:
Fair value of assets	118
Recurring | Nonhedge derivatives
Assets:
Principal Amount	204,700
Fair value of assets	2,038	402
Nonhedge derivative assets		114,121
Recurring | Level 1
Assets:
Fair value of assets	35,446	0
Recurring | Level 1 | CMBS
Assets:
Fair value of assets	0	0
Recurring | Level 1 | CMBS interest-only
Assets:
Fair value of assets	0	0
Recurring | Level 1 | GNMA interest-only
Assets:
Fair value of assets	0	0
Recurring | Level 1 | Agency securities
Assets:
Fair value of assets	0	0
Recurring | Level 1 | U.S. Treasury securities
Assets:
Fair value of assets	35,328
Recurring | Level 1 | Equity Securities
Assets:
Fair value of assets	118
Recurring | Level 1 | Nonhedge derivatives
Assets:
Fair value of assets	0	0
Recurring | Level 2
Assets:
Fair value of assets	2,038	402
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 | U.S. Treasury securities
Assets:
Fair value of assets	0
Recurring | Level 2 | Equity Securities
Assets:
Fair value of assets	0
Recurring | Level 2 | Nonhedge derivatives
Assets:
Fair value of assets	2,038	402
Recurring | Level 3
Assets:
Fair value of assets	542,646	692,864
Recurring | Level 3 | CMBS
Assets:
Fair value of assets	532,304	676,398
Recurring | Level 3 | CMBS interest-only
Assets:
Fair value of assets	10,026	15,344
Recurring | Level 3 | GNMA interest-only
Assets:
Fair value of assets	281	559
Recurring | Level 3 | Agency securities
Assets:
Fair value of assets	35	563
Recurring | Level 3 | U.S. Treasury securities
Assets:
Fair value of assets	0
Recurring | Level 3 | Equity Securities
Assets:
Fair value of assets	0
Recurring | Level 3 | Nonhedge derivatives
Assets:
Fair value of assets	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Changes in Level 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 692,864	$ 1,046,570
Transfer from level 2	0	0
Purchases	59,333	247,040
Sales	(4,261)	(438,594)
Paydowns/maturities	(183,929)	(163,297)
Amortization of premium/discount	(4,354)	(6,708)
Unrealized gain/(loss)	(16,901)	6,259
Realized gain/(loss) on sale	(106)	1,594
Ending balance	$ 542,646	$ 692,864
Fair value, recurring basis, unobservable input reconciliation, asset, gain (loss) statement of other comprehensive income, extensible list, not disclosed, flag	Unrealized gain/(loss)
Fair value, recurring basis, unobservable input reconciliation, asset, gain (loss) statement of income, extensible list, not disclosed, flag		Realized gain/(loss) on sale

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 703,280	$ 587,400
CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	686,292	541,333
CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	15,886	10,443
GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	559	281
Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	563	35
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 692,864	$ 542,646
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	0 years
Level 3 | Valuation Technique, Discounted Cash Flow | CMBS | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	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	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	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 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 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
Level 3 | Valuation Technique, Discounted Cash Flow | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	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	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	0 years
Level 3 | Valuation Technique, Discounted Cash Flow | Agency securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	5 months 1 day
Level 3 | Valuation Technique, Discounted Cash Flow | Agency securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	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	0.0077	0.0289
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0151	0.0529
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0528	0.1747
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0.0139
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.057	0.0372
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0934	0.1966
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0.0128
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0497	0.0550
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	0.0144	0.0270
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0158	0.0270
Level 3 | Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0278	0.027
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
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
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
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
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	17.41
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
Recurring | Level 3 | CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 676,398	$ 532,304
Recurring | Level 3 | CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	15,344	10,026
Recurring | Level 3 | GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	559	281
Recurring | Level 3 | Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 563	$ 35

INCOME TAXES - Components of th

INCOME TAXES - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current expense (benefit)
U.S. federal	$ 1,823	$ (280)	$ (8,087)
State and local	3,591	936	(1,796)
Total current expense (benefit)	5,414	656	(9,883)
Deferred expense (benefit)
U.S. federal	(445)	311	119
State and local	(60)	(39)	(25)
Total deferred expense (benefit)	(505)	272	94
Income tax expense (benefit)	$ 4,909	$ 928	$ (9,789)

INCOME TAXES - Tax Rate Reconci

INCOME TAXES - Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
US statutory tax rate	21%	21%	21%
REIT income not subject to corporate income tax	(18.09%)	(17.72%)	65.98%
Increase due to state and local taxes	0.59%	(0.46%)	9.85%
Change in valuation allowance	(1.17%)	(1.20%)	6.91%
Offshore non-taxable income	(1.35%)	(3.75%)	(41.96%)
Uncertain tax position recorded (released)	1.45%	0%	(2.54%)
Section 163 (j) interest expense limitation	0.08%	0.27%	(7.12%)
REIT income taxes	0.28%	(0.31%)	(2.59%)
Return to provision	(0.64%)	1.64%	(1.25%)
Net operating loss carryback benefit	0%	0%	4.54%
Other	0.74%	2.14%	(1.96%)
Effective income tax rate	2.89%	1.61%	50.86%

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Deferred tax liabilities		$ (5,911,000)	$ (9,048,000)
Unlimited carryforwards		11,800,000
Deferred tax asset related to capital losses		$ 4,400,000	6,000,000
Percentage of applicable cash saving in income tax distributable to specified unitholders		85%
Other assets
Income Tax Contingency [Line Items]
Deferred tax liabilities		$ (1,800,000)	(2,300,000)
Accrued Liabilities
Income Tax Contingency [Line Items]
Liability for unrecognized tax benefits for uncertain income tax positions		2,400,000	0
Amount Payable Pursuant to Tax Receivable Agreement
Income Tax Contingency [Line Items]
Amount payable pursuant to Tax Receivable Agreement	$ 900,000	$ 0	$ 0

INCOME TAXES - Components of De

INCOME TAXES - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Net operating loss carryforward	$ 3,493	$ 6,766
Net unrealized losses	641	0
Capital losses carryforward	4,356	6,005
Valuation allowance	(4,356)	(6,005)
Interest expense limitation	1,385	1,647
Valuation Allowance	(1,385)	(1,647)
Total Deferred Tax Assets	$ 4,134	$ 6,766

INCOME TAXES - Components of _2

INCOME TAXES - Components of Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Basis difference in operating partnerships	$ 5,911	$ 9,048
Total Deferred Tax Liability	$ 5,911	$ 9,048

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Unfunded Loan Commitments
Lease liabilities	$ 15,965
Operating lease, right-of-use asset	$ 15,800
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets
Operating expenses	$ 1,100
Provision for loan losses
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	$ 321,800	$ 390,100
Length of additional mortgage loan financing	3 years
Unfunded commitments of mortgage loan receivables held for investment, additional funds	52%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Future Minimum Operating Lease Obligation (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 788
2024	2,171
2025	2,207
2026	2,219
2027	2,232
Thereafter	13,344
Total undiscounted cash flows	22,961
Present value discount	(6,996)
Lease liabilities	$ 15,965
Weighted average incremental borrowing rate	6.62%
Remaining lease term	10 years 7 months 6 days

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	3

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Segments (Details) - USD ($)		1 Months Ended	12 Months Ended
		Jun. 30, 2020	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Income Statement [Abstract]
Interest income			$ 293,520,000		$ 176,099,000		$ 239,849,000
Interest expense			(195,602,000)		(182,949,000)		(227,474,000)
Net interest income (expense)			97,918,000		(6,850,000)		12,375,000
(Provision for) release of loan loss reserves			(3,711,000)		8,713,000		(18,275,000)
Net interest income (expense) after provision for (release of) loan losses			94,207,000		1,863,000		(5,900,000)
Real estate operating income			108,269,000		101,564,000		100,248,000
Sale of loans, net			(2,511,000)		8,398,000		(1,571,000)
Realized gain (loss) on securities			(73,000)		1,594,000		(12,410,000)
Unrealized gain (loss) on equity securities			(41,000)		0		(132,000)
Unrealized gain (loss) on Agency interest-only securities			(45,000)		(91,000)		263,000
Realized gain (loss) on sale of real estate, net		$ 0	115,998,000		55,766,000		32,102,000
Fee and other income			15,020,000		11,190,000		12,654,000
Net result from derivative transactions			12,360,000		1,749,000		(15,270,000)
Earnings (loss) from investment in unconsolidated ventures			1,410,000		1,579,000		1,821,000
Gain (loss) on extinguishment of debt			685,000		0		22,250,000
Total other income (loss)			251,072,000		181,749,000		139,955,000
Compensation and employee benefits			(75,836,000)		(38,347,000)		(58,101,000)
Operating expenses			(20,716,000)		(17,672,000)		(20,294,000)
Real estate operating expenses			(38,605,000)		(26,161,000)		(28,584,000)
Fee expense			(7,235,000)		(5,810,000)		(7,244,000)
Depreciation and amortization			(32,673,000)		(37,801,000)		(39,079,000)
Total costs and expenses			(175,065,000)		(125,791,000)		(153,302,000)
Income tax (expense) benefit			(4,909,000)		(928,000)		9,789,000
Net income (loss)			165,305,000		56,893,000		(9,458,000)
Total assets			5,951,173,000	[1]	5,851,252,000	[1]	5,881,229,000
Investment in unconsolidated ventures	[1]		6,219,000		23,154,000
Investment in FHLB stock			9,600,000		11,800,000		31,000,000
Operating Segment
Income Statement [Abstract]
Investment in unconsolidated ventures			6,200,000		23,200,000		46,300,000
Operating Segment | Loans
Income Statement [Abstract]
Interest income			269,629,000		162,349,000		205,640,000
Interest expense			(68,158,000)		(53,414,000)		(48,084,000)
Net interest income (expense)			201,471,000		108,935,000		157,556,000
(Provision for) release of loan loss reserves			(3,711,000)		8,713,000		(18,277,000)
Net interest income (expense) after provision for (release of) loan losses			197,760,000		117,648,000		139,279,000
Real estate operating income			0		0		0
Sale of loans, net			(2,511,000)		8,398,000		(1,571,000)
Realized gain (loss) on securities			0		0		0
Unrealized gain (loss) on equity securities			0				0
Unrealized gain (loss) on Agency interest-only securities			0		0		0
Realized gain (loss) on sale of real estate, net			0		0		0
Fee and other income			10,149,000		10,507,000		9,142,000
Net result from derivative transactions			6,755,000		507,000		(11,264,000)
Earnings (loss) from investment in unconsolidated ventures			0		335,000		0
Gain (loss) on extinguishment of debt			0				0
Total other income (loss)			14,393,000		19,747,000		(3,693,000)
Compensation and employee benefits			0		0		0
Operating expenses			0		127,000		3,000
Real estate operating expenses			0		0		0
Fee expense			(2,325,000)		(2,341,000)		(6,124,000)
Depreciation and amortization			0		0		0
Total costs and expenses			(2,325,000)		(2,214,000)		(6,121,000)
Income tax (expense) benefit			0		0		0
Net income (loss)			209,828,000		135,181,000		129,465,000
Total assets			3,892,382,000		3,521,986,000		2,343,070,000
Operating Segment | Securities
Income Statement [Abstract]
Interest income			20,659,000		13,101,000		32,904,000
Interest expense			(4,620,000)		(2,403,000)		(21,554,000)
Net interest income (expense)			16,039,000		10,698,000		11,349,000
(Provision for) release of loan loss reserves			0				2,000
Net interest income (expense) after provision for (release of) loan losses			16,039,000		10,698,000		11,351,000
Real estate operating income			0		0		0
Sale of loans, net			0		0		0
Realized gain (loss) on securities			(73,000)		1,594,000		(12,410,000)
Unrealized gain (loss) on equity securities			(41,000)				(132,000)
Unrealized gain (loss) on Agency interest-only securities			(45,000)		(91,000)		263,000
Realized gain (loss) on sale of real estate, net			0		0		0
Fee and other income			55,000		0		403,000
Net result from derivative transactions			3,972,000		1,250,000		(4,006,000)
Earnings (loss) from investment in unconsolidated ventures			0		0		0
Gain (loss) on extinguishment of debt			0				0
Total other income (loss)			3,868,000		2,753,000		(15,882,000)
Compensation and employee benefits			0		0		0
Operating expenses			0		0		0
Real estate operating expenses			0		0		0
Fee expense			(277,000)		(217,000)		(236,000)
Depreciation and amortization			0		0		0
Total costs and expenses			(277,000)		(217,000)		(236,000)
Income tax (expense) benefit			0		0		0
Net income (loss)			19,630,000		13,234,000		(4,767,000)
Total assets			587,519,000		703,280,000		1,058,298,000
Operating Segment | Real Estate
Income Statement [Abstract]
Interest income			6,000		1,000		13,000
Interest expense			(36,683,000)		(36,075,000)		(39,396,000)
Net interest income (expense)			(36,677,000)		(36,074,000)		(39,383,000)
(Provision for) release of loan loss reserves			0		0		0
Net interest income (expense) after provision for (release of) loan losses			(36,677,000)		(36,074,000)		(39,383,000)
Real estate operating income			108,269,000		101,564,000		100,248,000
Sale of loans, net			0		0		0
Realized gain (loss) on securities			0		0		0
Unrealized gain (loss) on equity securities			0				0
Unrealized gain (loss) on Agency interest-only securities			0		0		0
Realized gain (loss) on sale of real estate, net			115,998,000		55,766,000		32,102,000
Fee and other income			4,355,000		50,000		25,000
Net result from derivative transactions			1,633,000		(8,000)		0
Earnings (loss) from investment in unconsolidated ventures			1,410,000		1,244,000		1,821,000
Gain (loss) on extinguishment of debt			0				0
Total other income (loss)			231,665,000		158,616,000		134,196,000
Compensation and employee benefits			0		0		0
Operating expenses			0		0		0
Real estate operating expenses			(38,605,000)		(26,161,000)		(28,584,000)
Fee expense			(954,000)		(849,000)		(884,000)
Depreciation and amortization			(32,632,000)		(37,702,000)		(38,980,000)
Total costs and expenses			(72,191,000)		(64,712,000)		(68,448,000)
Income tax (expense) benefit			0		0		0
Net income (loss)			122,797,000		57,830,000		26,365,000
Total assets			706,355,000		914,027,000		1,031,557,000
Corporate/Other
Income Statement [Abstract]
Interest income			3,226,000		648,000		1,292,000
Interest expense			(86,141,000)		(91,057,000)		(118,440,000)
Net interest income (expense)			(82,915,000)		(90,409,000)		(117,148,000)
(Provision for) release of loan loss reserves			0		0		0
Net interest income (expense) after provision for (release of) loan losses			(82,915,000)		(90,409,000)		(117,148,000)
Real estate operating income			0		0		0
Sale of loans, net			0		0		0
Realized gain (loss) on securities			0		0		0
Unrealized gain (loss) on equity securities			0				0
Unrealized gain (loss) on Agency interest-only securities			0		0		0
Realized gain (loss) on sale of real estate, net			0		0		0
Fee and other income			461,000		633,000		3,084,000
Net result from derivative transactions			0		0		0
Earnings (loss) from investment in unconsolidated ventures			0		0		0
Gain (loss) on extinguishment of debt			685,000				22,250,000
Total other income (loss)			1,146,000		633,000		25,334,000
Compensation and employee benefits			(75,836,000)		(38,347,000)		(58,101,000)
Operating expenses			(20,716,000)		(17,799,000)		(20,297,000)
Real estate operating expenses			0		0		0
Fee expense			(3,679,000)		(2,403,000)		0
Depreciation and amortization			(41,000)		(99,000)		(99,000)
Total costs and expenses			(100,272,000)		(58,648,000)		(78,497,000)
Income tax (expense) benefit			(4,909,000)		(928,000)		9,789,000
Net income (loss)			(186,950,000)		(149,352,000)		(160,523,000)
Total assets			764,917,000		711,959,000		$ 1,448,304,000
Corporate/Other | Senior Unsecured Notes
Income Statement [Abstract]
Senior notes			$ 1,600,000,000		$ 1,600,000,000
[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 10.

Schedule III-Real Estate and _2

Schedule III-Real Estate and Accumulated Depreciation Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 497,986
Initial Cost to Company
Land	158,571
Building	600,647
Intangibles	114,697
Costs Capitalized Subsequent to Acquisition	24,399
Land	158,802
Building	625,655
Intangibles	114,687
Total	899,144	$ 1,127,495	$ 1,216,229	$ 1,254,163
Accumulated Depreciation and Amortization	(199,008)	$ (236,622)	$ (230,925)	$ (206,082)
Aggregate cost for U.S. Federal Income Tax Purposes	800,000
Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	354,426
Initial Cost to Company
Land	95,045
Building	441,864
Intangibles	97,060
Costs Capitalized Subsequent to Acquisition	8,190
Land	95,045
Building	450,061
Intangibles	97,055
Total	642,161
Accumulated Depreciation and Amortization	(153,339)
Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	143,560
Initial Cost to Company
Land	63,526
Building	158,783
Intangibles	17,637
Costs Capitalized Subsequent to Acquisition	16,209
Land	63,757
Building	175,594
Intangibles	17,632
Total	256,983
Accumulated Depreciation and Amortization	(45,669)
Newburgh, IN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	861
Initial Cost to Company
Land	126
Building	954
Intangibles	178
Costs Capitalized Subsequent to Acquisition	0
Land	126
Building	954
Intangibles	178
Total	1,258
Accumulated Depreciation and Amortization	$ (68)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Newburgh, IN 1 | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 919
Initial Cost to Company
Land	213
Building	873
Intangibles	220
Costs Capitalized Subsequent to Acquisition	0
Land	213
Building	873
Intangibles	220
Total	1,306
Accumulated Depreciation and Amortization	$ (89)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Isanti, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,006
Initial Cost to Company
Land	249
Building	894
Intangibles	297
Costs Capitalized Subsequent to Acquisition	0
Land	249
Building	894
Intangibles	297
Total	1,440
Accumulated Depreciation and Amortization	$ (84)
Life on which Depreciation in Latest Statement of Income is Computed	55 years
Little Falls, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 861
Initial Cost to Company
Land	199
Building	783
Intangibles	249
Costs Capitalized Subsequent to Acquisition	0
Land	199
Building	783
Intangibles	249
Total	1,231
Accumulated Depreciation and Amortization	$ (78)
Life on which Depreciation in Latest Statement of Income is Computed	55 years
Waterloo, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 866
Initial Cost to Company
Land	130
Building	896
Intangibles	214
Costs Capitalized Subsequent to Acquisition	0
Land	130
Building	896
Intangibles	214
Total	1,240
Accumulated Depreciation and Amortization	$ (91)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Sioux City, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 924
Initial Cost to Company
Land	220
Building	876
Intangibles	222
Costs Capitalized Subsequent to Acquisition	0
Land	220
Building	876
Intangibles	222
Total	1,318
Accumulated Depreciation and Amortization	$ (93)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Wardsville, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 982
Initial Cost to Company
Land	257
Building	919
Intangibles	202
Costs Capitalized Subsequent to Acquisition	0
Land	257
Building	919
Intangibles	202
Total	1,378
Accumulated Depreciation and Amortization	$ (102)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Kincheloe, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 888
Initial Cost to Company
Land	58
Building	939
Intangibles	229
Costs Capitalized Subsequent to Acquisition	0
Land	58
Building	939
Intangibles	229
Total	1,226
Accumulated Depreciation and Amortization	$ (102)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Clinton, IN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,038
Initial Cost to Company
Land	269
Building	954
Intangibles	204
Costs Capitalized Subsequent to Acquisition	0
Land	269
Building	954
Intangibles	204
Total	1,427
Accumulated Depreciation and Amortization	$ (97)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Saginaw, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 954
Initial Cost to Company
Land	96
Building	1,014
Intangibles	210
Costs Capitalized Subsequent to Acquisition	0
Land	96
Building	1,014
Intangibles	210
Total	1,320
Accumulated Depreciation and Amortization	$ (115)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Rolla, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 940
Initial Cost to Company
Land	110
Building	1,011
Intangibles	188
Costs Capitalized Subsequent to Acquisition	0
Land	110
Building	1,011
Intangibles	188
Total	1,309
Accumulated Depreciation and Amortization	$ (116)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Sullivan, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,176
Initial Cost to Company
Land	340
Building	981
Intangibles	257
Costs Capitalized Subsequent to Acquisition	0
Land	340
Building	981
Intangibles	257
Total	1,578
Accumulated Depreciation and Amortization	$ (105)
Life on which Depreciation in Latest Statement of Income is Computed	50 years
Becker, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 938
Initial Cost to Company
Land	136
Building	922
Intangibles	188
Costs Capitalized Subsequent to Acquisition	0
Land	136
Building	922
Intangibles	188
Total	1,246
Accumulated Depreciation and Amortization	$ (96)
Life on which Depreciation in Latest Statement of Income is Computed	55 years
Adrian, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 859
Initial Cost to Company
Land	136
Building	884
Intangibles	191
Costs Capitalized Subsequent to Acquisition	0
Land	136
Building	884
Intangibles	191
Total	1,211
Accumulated Depreciation and Amortization	$ (100)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Chilicothe, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,026
Initial Cost to Company
Land	227
Building	1,047
Intangibles	245
Costs Capitalized Subsequent to Acquisition	0
Land	227
Building	1,047
Intangibles	245
Total	1,519
Accumulated Depreciation and Amortization	$ (115)
Life on which Depreciation in Latest Statement of Income is Computed	50 years
Poseyville, IN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 869
Initial Cost to Company
Land	160
Building	947
Intangibles	194
Costs Capitalized Subsequent to Acquisition	0
Land	160
Building	947
Intangibles	194
Total	1,301
Accumulated Depreciation and Amortization	$ (107)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Dexter, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 876
Initial Cost to Company
Land	141
Building	890
Intangibles	177
Costs Capitalized Subsequent to Acquisition	0
Land	141
Building	890
Intangibles	177
Total	1,208
Accumulated Depreciation and Amortization	$ (105)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hubbard Lake, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 916
Initial Cost to Company
Land	40
Building	1,017
Intangibles	203
Costs Capitalized Subsequent to Acquisition	0
Land	40
Building	1,017
Intangibles	203
Total	1,260
Accumulated Depreciation and Amortization	$ (122)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Fayette, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,087
Initial Cost to Company
Land	107
Building	1,168
Intangibles	219
Costs Capitalized Subsequent to Acquisition	0
Land	107
Building	1,168
Intangibles	219
Total	1,494
Accumulated Depreciation and Amortization	$ (140)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Centralia, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 945
Initial Cost to Company
Land	200
Building	913
Intangibles	193
Costs Capitalized Subsequent to Acquisition	0
Land	200
Building	913
Intangibles	193
Total	1,306
Accumulated Depreciation and Amortization	$ (125)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Trenton, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 888
Initial Cost to Company
Land	396
Building	628
Intangibles	202
Costs Capitalized Subsequent to Acquisition	0
Land	396
Building	628
Intangibles	202
Total	1,226
Accumulated Depreciation and Amortization	$ (127)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Houghton Lake, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 957
Initial Cost to Company
Land	124
Building	939
Intangibles	241
Costs Capitalized Subsequent to Acquisition	0
Land	124
Building	939
Intangibles	241
Total	1,304
Accumulated Depreciation and Amortization	$ (133)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Pelican Rapids, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 911
Initial Cost to Company
Land	78
Building	1,016
Intangibles	169
Costs Capitalized Subsequent to Acquisition	0
Land	78
Building	1,016
Intangibles	169
Total	1,263
Accumulated Depreciation and Amortization	$ (178)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Carthage, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 840
Initial Cost to Company
Land	225
Building	766
Intangibles	176
Costs Capitalized Subsequent to Acquisition	0
Land	225
Building	766
Intangibles	176
Total	1,167
Accumulated Depreciation and Amortization	$ (117)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Bolivar, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 889
Initial Cost to Company
Land	186
Building	876
Intangibles	182
Costs Capitalized Subsequent to Acquisition	0
Land	186
Building	876
Intangibles	182
Total	1,244
Accumulated Depreciation and Amortization	$ (129)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Pinconning, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 944
Initial Cost to Company
Land	167
Building	905
Intangibles	221
Costs Capitalized Subsequent to Acquisition	0
Land	167
Building	905
Intangibles	221
Total	1,293
Accumulated Depreciation and Amortization	$ (121)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
New Hampton, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,009
Initial Cost to Company
Land	177
Building	1,111
Intangibles	187
Costs Capitalized Subsequent to Acquisition	0
Land	177
Building	1,111
Intangibles	187
Total	1,475
Accumulated Depreciation and Amortization	$ (180)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Ogden, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 856
Initial Cost to Company
Land	107
Building	931
Intangibles	153
Costs Capitalized Subsequent to Acquisition	0
Land	107
Building	931
Intangibles	153
Total	1,191
Accumulated Depreciation and Amortization	$ (160)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Wonder Lake, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 938
Initial Cost to Company
Land	221
Building	888
Intangibles	214
Costs Capitalized Subsequent to Acquisition	0
Land	221
Building	888
Intangibles	214
Total	1,323
Accumulated Depreciation and Amortization	$ (164)
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Moscow Mills, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 987
Initial Cost to Company
Land	161
Building	945
Intangibles	203
Costs Capitalized Subsequent to Acquisition	0
Land	161
Building	945
Intangibles	203
Total	1,309
Accumulated Depreciation and Amortization	$ (159)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Foley, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 883
Initial Cost to Company
Land	238
Building	823
Intangibles	172
Costs Capitalized Subsequent to Acquisition	0
Land	238
Building	823
Intangibles	172
Total	1,233
Accumulated Depreciation and Amortization	$ (167)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Kirbyville, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 869
Initial Cost to Company
Land	98
Building	965
Intangibles	155
Costs Capitalized Subsequent to Acquisition	0
Land	98
Building	965
Intangibles	155
Total	1,218
Accumulated Depreciation and Amortization	$ (160)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Gladwin, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 883
Initial Cost to Company
Land	88
Building	951
Intangibles	203
Costs Capitalized Subsequent to Acquisition	0
Land	88
Building	951
Intangibles	203
Total	1,242
Accumulated Depreciation and Amortization	$ (150)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Rockford, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 890
Initial Cost to Company
Land	187
Building	850
Intangibles	207
Costs Capitalized Subsequent to Acquisition	0
Land	187
Building	850
Intangibles	207
Total	1,244
Accumulated Depreciation and Amortization	$ (219)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Winterset, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 938
Initial Cost to Company
Land	272
Building	830
Intangibles	200
Costs Capitalized Subsequent to Acquisition	0
Land	272
Building	830
Intangibles	200
Total	1,302
Accumulated Depreciation and Amortization	$ (173)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Kawkawlin, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 921
Initial Cost to Company
Land	242
Building	871
Intangibles	179
Costs Capitalized Subsequent to Acquisition	0
Land	242
Building	871
Intangibles	179
Total	1,292
Accumulated Depreciation and Amortization	$ (200)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Aroma Park, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 948
Initial Cost to Company
Land	223
Building	869
Intangibles	164
Costs Capitalized Subsequent to Acquisition	0
Land	223
Building	869
Intangibles	164
Total	1,256
Accumulated Depreciation and Amortization	$ (168)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
East Peoria, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,017
Initial Cost to Company
Land	233
Building	998
Intangibles	161
Costs Capitalized Subsequent to Acquisition	0
Land	233
Building	998
Intangibles	161
Total	1,392
Accumulated Depreciation and Amortization	$ (189)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Milford, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 984
Initial Cost to Company
Land	254
Building	883
Intangibles	217
Costs Capitalized Subsequent to Acquisition	0
Land	254
Building	883
Intangibles	217
Total	1,354
Accumulated Depreciation and Amortization	$ (178)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Jefferson City, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 941
Initial Cost to Company
Land	164
Building	966
Intangibles	205
Costs Capitalized Subsequent to Acquisition	0
Land	164
Building	966
Intangibles	205
Total	1,335
Accumulated Depreciation and Amortization	$ (192)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Denver, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 896
Initial Cost to Company
Land	198
Building	840
Intangibles	191
Costs Capitalized Subsequent to Acquisition	0
Land	198
Building	840
Intangibles	191
Total	1,229
Accumulated Depreciation and Amortization	$ (187)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Port O'Connor, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 946
Initial Cost to Company
Land	167
Building	937
Intangibles	200
Costs Capitalized Subsequent to Acquisition	0
Land	167
Building	937
Intangibles	200
Total	1,304
Accumulated Depreciation and Amortization	$ (209)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Wabasha, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 961
Initial Cost to Company
Land	237
Building	912
Intangibles	214
Costs Capitalized Subsequent to Acquisition	0
Land	237
Building	912
Intangibles	214
Total	1,363
Accumulated Depreciation and Amortization	$ (222)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Jacksonville, FL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 82,843
Initial Cost to Company
Land	13,290
Building	106,601
Intangibles	21,362
Costs Capitalized Subsequent to Acquisition	8,024
Land	13,290
Building	114,625
Intangibles	21,362
Total	149,277
Accumulated Depreciation and Amortization	$ (26,863)
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Shelbyville, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 860
Initial Cost to Company
Land	189
Building	849
Intangibles	199
Costs Capitalized Subsequent to Acquisition	0
Land	189
Building	849
Intangibles	199
Total	1,237
Accumulated Depreciation and Amortization	$ (180)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Jessup, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 881
Initial Cost to Company
Land	119
Building	890
Intangibles	191
Costs Capitalized Subsequent to Acquisition	0
Land	119
Building	890
Intangibles	191
Total	1,200
Accumulated Depreciation and Amortization	$ (197)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Hanna City, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 862
Initial Cost to Company
Land	174
Building	925
Intangibles	132
Costs Capitalized Subsequent to Acquisition	0
Land	174
Building	925
Intangibles	132
Total	1,231
Accumulated Depreciation and Amortization	$ (195)
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Ridgedale, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 989
Initial Cost to Company
Land	250
Building	928
Intangibles	187
Costs Capitalized Subsequent to Acquisition	0
Land	250
Building	928
Intangibles	187
Total	1,365
Accumulated Depreciation and Amortization	$ (197)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Peoria, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 901
Initial Cost to Company
Land	209
Building	933
Intangibles	133
Costs Capitalized Subsequent to Acquisition	0
Land	209
Building	933
Intangibles	133
Total	1,275
Accumulated Depreciation and Amortization	$ (208)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Carmi, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,096
Initial Cost to Company
Land	286
Building	916
Intangibles	239
Costs Capitalized Subsequent to Acquisition	0
Land	286
Building	916
Intangibles	239
Total	1,441
Accumulated Depreciation and Amortization	$ (200)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Springfield, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 998
Initial Cost to Company
Land	391
Building	784
Intangibles	227
Costs Capitalized Subsequent to Acquisition	0
Land	393
Building	789
Intangibles	224
Total	1,406
Accumulated Depreciation and Amortization	$ (183)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Fayetteville, NC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,865
Initial Cost to Company
Land	1,379
Building	3,121
Intangibles	2,472
Costs Capitalized Subsequent to Acquisition	0
Land	1,379
Building	3,121
Intangibles	2,471
Total	6,971
Accumulated Depreciation and Amortization	$ (1,459)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Dryden Township, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 908
Initial Cost to Company
Land	178
Building	893
Intangibles	201
Costs Capitalized Subsequent to Acquisition	0
Land	178
Building	899
Intangibles	202
Total	1,279
Accumulated Depreciation and Amortization	$ (197)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Lamar, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 898
Initial Cost to Company
Land	164
Building	903
Intangibles	171
Costs Capitalized Subsequent to Acquisition	0
Land	164
Building	903
Intangibles	171
Total	1,238
Accumulated Depreciation and Amortization	$ (203)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Union, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 941
Initial Cost to Company
Land	267
Building	867
Intangibles	207
Costs Capitalized Subsequent to Acquisition	0
Land	267
Building	867
Intangibles	207
Total	1,341
Accumulated Depreciation and Amortization	$ (217)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Pawnee, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 941
Initial Cost to Company
Land	249
Building	775
Intangibles	206
Costs Capitalized Subsequent to Acquisition	0
Land	249
Building	775
Intangibles	206
Total	1,230
Accumulated Depreciation and Amortization	$ (197)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Linn, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 856
Initial Cost to Company
Land	89
Building	920
Intangibles	183
Costs Capitalized Subsequent to Acquisition	0
Land	89
Building	920
Intangibles	183
Total	1,192
Accumulated Depreciation and Amortization	$ (211)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Cape Girardeau, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,032
Initial Cost to Company
Land	453
Building	702
Intangibles	217
Costs Capitalized Subsequent to Acquisition	0
Land	453
Building	702
Intangibles	217
Total	1,372
Accumulated Depreciation and Amortization	$ (185)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Decatur-Pershing, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,046
Initial Cost to Company
Land	395
Building	924
Intangibles	155
Costs Capitalized Subsequent to Acquisition	0
Land	395
Building	924
Intangibles	155
Total	1,474
Accumulated Depreciation and Amortization	$ (211)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Rantoul, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 920
Initial Cost to Company
Land	100
Building	1,023
Intangibles	178
Costs Capitalized Subsequent to Acquisition	0
Land	100
Building	1,023
Intangibles	178
Total	1,301
Accumulated Depreciation and Amortization	$ (219)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Flora Vista, NM | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 997
Initial Cost to Company
Land	272
Building	864
Intangibles	198
Costs Capitalized Subsequent to Acquisition	0
Land	272
Building	864
Intangibles	198
Total	1,334
Accumulated Depreciation and Amortization	$ (259)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Mountain Grove, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 977
Initial Cost to Company
Land	163
Building	1,026
Intangibles	212
Costs Capitalized Subsequent to Acquisition	0
Land	163
Building	1,026
Intangibles	212
Total	1,401
Accumulated Depreciation and Amortization	$ (242)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Decatur-Sunnyside, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 954
Initial Cost to Company
Land	182
Building	954
Intangibles	139
Costs Capitalized Subsequent to Acquisition	0
Land	182
Building	954
Intangibles	139
Total	1,275
Accumulated Depreciation and Amortization	$ (215)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Champaign, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,012
Initial Cost to Company
Land	365
Building	915
Intangibles	149
Costs Capitalized Subsequent to Acquisition	0
Land	365
Building	915
Intangibles	149
Total	1,429
Accumulated Depreciation and Amortization	$ (201)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
San Antonio, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 895
Initial Cost to Company
Land	252
Building	703
Intangibles	196
Costs Capitalized Subsequent to Acquisition	0
Land	251
Building	702
Intangibles	196
Total	1,149
Accumulated Depreciation and Amortization	$ (205)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Borger, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 790
Initial Cost to Company
Land	68
Building	800
Intangibles	181
Costs Capitalized Subsequent to Acquisition	0
Land	68
Building	800
Intangibles	181
Total	1,049
Accumulated Depreciation and Amortization	$ (204)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Dimmitt, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,063
Initial Cost to Company
Land	86
Building	1,077
Intangibles	236
Costs Capitalized Subsequent to Acquisition	0
Land	85
Building	1,074
Intangibles	236
Total	1,395
Accumulated Depreciation and Amortization	$ (264)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
St. Charles, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 969
Initial Cost to Company
Land	200
Building	843
Intangibles	226
Costs Capitalized Subsequent to Acquisition	0
Land	200
Building	843
Intangibles	226
Total	1,269
Accumulated Depreciation and Amortization	$ (262)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Philo, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 932
Initial Cost to Company
Land	160
Building	889
Intangibles	189
Costs Capitalized Subsequent to Acquisition	0
Land	160
Building	889
Intangibles	189
Total	1,238
Accumulated Depreciation and Amortization	$ (201)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Radford, VA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,126
Initial Cost to Company
Land	411
Building	896
Intangibles	256
Costs Capitalized Subsequent to Acquisition	0
Land	411
Building	896
Intangibles	256
Total	1,563
Accumulated Depreciation and Amortization	$ (292)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Rural Retreat, VA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,017
Initial Cost to Company
Land	328
Building	811
Intangibles	260
Costs Capitalized Subsequent to Acquisition	0
Land	328
Building	811
Intangibles	260
Total	1,399
Accumulated Depreciation and Amortization	$ (254)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Albion, PA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,103
Initial Cost to Company
Land	100
Building	1,033
Intangibles	392
Costs Capitalized Subsequent to Acquisition	0
Land	100
Building	1,033
Intangibles	392
Total	1,525
Accumulated Depreciation and Amortization	$ (430)
Life on which Depreciation in Latest Statement of Income is Computed	50 years
Mount Vernon, AL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 925
Initial Cost to Company
Land	187
Building	876
Intangibles	174
Costs Capitalized Subsequent to Acquisition	0
Land	187
Building	876
Intangibles	174
Total	1,237
Accumulated Depreciation and Amortization	$ (245)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Malone, NY | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,077
Initial Cost to Company
Land	183
Building	1,154
Intangibles	0
Costs Capitalized Subsequent to Acquisition	166
Land	183
Building	1,320
Intangibles	0
Total	1,503
Accumulated Depreciation and Amortization	$ (262)
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Mercedes, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 830
Initial Cost to Company
Land	257
Building	874
Intangibles	132
Costs Capitalized Subsequent to Acquisition	0
Land	257
Building	874
Intangibles	132
Total	1,263
Accumulated Depreciation and Amortization	$ (203)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Gordonville, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 770
Initial Cost to Company
Land	247
Building	787
Intangibles	173
Costs Capitalized Subsequent to Acquisition	0
Land	247
Building	787
Intangibles	173
Total	1,207
Accumulated Depreciation and Amortization	$ (206)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Rice, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 815
Initial Cost to Company
Land	200
Building	859
Intangibles	184
Costs Capitalized Subsequent to Acquisition	0
Land	200
Building	859
Intangibles	184
Total	1,243
Accumulated Depreciation and Amortization	$ (299)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Bixby, OK | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,937
Initial Cost to Company
Land	2,609
Building	7,776
Intangibles	1,765
Costs Capitalized Subsequent to Acquisition	0
Land	2,609
Building	7,776
Intangibles	1,765
Total	12,150
Accumulated Depreciation and Amortization	$ (2,084)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Farmington, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 893
Initial Cost to Company
Land	96
Building	1,161
Intangibles	150
Costs Capitalized Subsequent to Acquisition	0
Land	96
Building	1,161
Intangibles	150
Total	1,407
Accumulated Depreciation and Amortization	$ (266)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Grove, OK | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,617
Initial Cost to Company
Land	402
Building	4,364
Intangibles	817
Costs Capitalized Subsequent to Acquisition	0
Land	402
Building	4,364
Intangibles	817
Total	5,583
Accumulated Depreciation and Amortization	$ (1,226)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Jenks, OK | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,780
Initial Cost to Company
Land	2,617
Building	8,694
Intangibles	2,107
Costs Capitalized Subsequent to Acquisition	0
Land	2,617
Building	8,694
Intangibles	2,107
Total	13,418
Accumulated Depreciation and Amortization	$ (2,469)
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Bloomington, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 815
Initial Cost to Company
Land	173
Building	984
Intangibles	138
Costs Capitalized Subsequent to Acquisition	0
Land	173
Building	984
Intangibles	138
Total	1,295
Accumulated Depreciation and Amortization	$ (239)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Montrose, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 774
Initial Cost to Company
Land	149
Building	876
Intangibles	169
Costs Capitalized Subsequent to Acquisition	0
Land	149
Building	876
Intangibles	169
Total	1,194
Accumulated Depreciation and Amortization	$ (301)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Lincoln County, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 737
Initial Cost to Company
Land	149
Building	800
Intangibles	188
Costs Capitalized Subsequent to Acquisition	0
Land	149
Building	800
Intangibles	188
Total	1,137
Accumulated Depreciation and Amortization	$ (210)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Wilmington, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 900
Initial Cost to Company
Land	161
Building	1,078
Intangibles	160
Costs Capitalized Subsequent to Acquisition	0
Land	161
Building	1,078
Intangibles	160
Total	1,399
Accumulated Depreciation and Amortization	$ (260)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Danville, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 737
Initial Cost to Company
Land	158
Building	870
Intangibles	132
Costs Capitalized Subsequent to Acquisition	0
Land	158
Building	870
Intangibles	132
Total	1,160
Accumulated Depreciation and Amortization	$ (199)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Moultrie, GE | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 930
Initial Cost to Company
Land	170
Building	962
Intangibles	173
Costs Capitalized Subsequent to Acquisition	0
Land	170
Building	962
Intangibles	173
Total	1,305
Accumulated Depreciation and Amortization	$ (322)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Rose Hill, NC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,000
Initial Cost to Company
Land	245
Building	972
Intangibles	203
Costs Capitalized Subsequent to Acquisition	0
Land	245
Building	972
Intangibles	203
Total	1,420
Accumulated Depreciation and Amortization	$ (312)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Rockingham, NC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 821
Initial Cost to Company
Land	73
Building	922
Intangibles	163
Costs Capitalized Subsequent to Acquisition	0
Land	73
Building	922
Intangibles	163
Total	1,158
Accumulated Depreciation and Amortization	$ (279)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Biscoe, NC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 859
Initial Cost to Company
Land	147
Building	905
Intangibles	164
Costs Capitalized Subsequent to Acquisition	0
Land	147
Building	905
Intangibles	164
Total	1,216
Accumulated Depreciation and Amortization	$ (284)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
De Soto, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 704
Initial Cost to Company
Land	139
Building	796
Intangibles	176
Costs Capitalized Subsequent to Acquisition	0
Land	139
Building	796
Intangibles	176
Total	1,111
Accumulated Depreciation and Amortization	$ (225)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Kerrville, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 768
Initial Cost to Company
Land	186
Building	849
Intangibles	200
Costs Capitalized Subsequent to Acquisition	0
Land	186
Building	849
Intangibles	200
Total	1,235
Accumulated Depreciation and Amortization	$ (281)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Floresville, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 814
Initial Cost to Company
Land	268
Building	828
Intangibles	216
Costs Capitalized Subsequent to Acquisition	0
Land	268
Building	828
Intangibles	216
Total	1,312
Accumulated Depreciation and Amortization	$ (285)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Minot, ND | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,694
Initial Cost to Company
Land	1,856
Building	4,472
Intangibles	618
Costs Capitalized Subsequent to Acquisition	0
Land	1,856
Building	4,472
Intangibles	618
Total	6,946
Accumulated Depreciation and Amortization	$ (1,115)
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Lebanon, MI | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 820
Initial Cost to Company
Land	359
Building	724
Intangibles	178
Costs Capitalized Subsequent to Acquisition	0
Land	359
Building	724
Intangibles	178
Total	1,261
Accumulated Depreciation and Amortization	$ (199)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Effingham County, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 820
Initial Cost to Company
Land	273
Building	774
Intangibles	205
Costs Capitalized Subsequent to Acquisition	0
Land	273
Building	774
Intangibles	205
Total	1,252
Accumulated Depreciation and Amortization	$ (231)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Ponce, Puerto Rico | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,516
Initial Cost to Company
Land	1,365
Building	6,662
Intangibles	1,318
Costs Capitalized Subsequent to Acquisition	0
Land	1,365
Building	6,662
Intangibles	1,318
Total	9,345
Accumulated Depreciation and Amortization	$ (1,690)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Tremont, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 784
Initial Cost to Company
Land	164
Building	860
Intangibles	168
Costs Capitalized Subsequent to Acquisition	0
Land	164
Building	860
Intangibles	168
Total	1,192
Accumulated Depreciation and Amortization	$ (246)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Pleasanton, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 859
Initial Cost to Company
Land	311
Building	850
Intangibles	216
Costs Capitalized Subsequent to Acquisition	0
Land	311
Building	850
Intangibles	216
Total	1,377
Accumulated Depreciation and Amortization	$ (285)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Peoria, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 849
Initial Cost to Company
Land	180
Building	934
Intangibles	179
Costs Capitalized Subsequent to Acquisition	0
Land	180
Building	934
Intangibles	179
Total	1,293
Accumulated Depreciation and Amortization	$ (267)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Bridgeport, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 816
Initial Cost to Company
Land	192
Building	874
Intangibles	175
Costs Capitalized Subsequent to Acquisition	0
Land	192
Building	874
Intangibles	175
Total	1,241
Accumulated Depreciation and Amortization	$ (249)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Warren, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 696
Initial Cost to Company
Land	108
Building	825
Intangibles	157
Costs Capitalized Subsequent to Acquisition	0
Land	108
Building	825
Intangibles	157
Total	1,090
Accumulated Depreciation and Amortization	$ (285)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Canyon Lake, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 901
Initial Cost to Company
Land	291
Building	932
Intangibles	220
Costs Capitalized Subsequent to Acquisition	0
Land	291
Building	932
Intangibles	220
Total	1,443
Accumulated Depreciation and Amortization	$ (297)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Wheeler, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 712
Initial Cost to Company
Land	53
Building	887
Intangibles	188
Costs Capitalized Subsequent to Acquisition	0
Land	53
Building	887
Intangibles	188
Total	1,128
Accumulated Depreciation and Amortization	$ (282)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Aurora, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 625
Initial Cost to Company
Land	126
Building	709
Intangibles	157
Costs Capitalized Subsequent to Acquisition	0
Land	126
Building	709
Intangibles	157
Total	992
Accumulated Depreciation and Amortization	$ (202)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Red Oak, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 779
Initial Cost to Company
Land	190
Building	839
Intangibles	179
Costs Capitalized Subsequent to Acquisition	0
Land	190
Building	839
Intangibles	179
Total	1,208
Accumulated Depreciation and Amortization	$ (293)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Zapata, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 747
Initial Cost to Company
Land	62
Building	998
Intangibles	145
Costs Capitalized Subsequent to Acquisition	0
Land	62
Building	998
Intangibles	145
Total	1,205
Accumulated Depreciation and Amortization	$ (364)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
St. Francis, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 734
Initial Cost to Company
Land	105
Building	911
Intangibles	163
Costs Capitalized Subsequent to Acquisition	0
Land	105
Building	911
Intangibles	163
Total	1,179
Accumulated Depreciation and Amortization	$ (354)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Yorktown, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 786
Initial Cost to Company
Land	97
Building	1,005
Intangibles	199
Costs Capitalized Subsequent to Acquisition	0
Land	97
Building	1,005
Intangibles	199
Total	1,301
Accumulated Depreciation and Amortization	$ (383)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Battle Lake, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 721
Initial Cost to Company
Land	136
Building	875
Intangibles	157
Costs Capitalized Subsequent to Acquisition	0
Land	136
Building	875
Intangibles	157
Total	1,168
Accumulated Depreciation and Amortization	$ (369)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Paynesville, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 805
Initial Cost to Company
Land	246
Building	816
Intangibles	192
Costs Capitalized Subsequent to Acquisition	0
Land	246
Building	816
Intangibles	192
Total	1,254
Accumulated Depreciation and Amortization	$ (307)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Wheaton, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 641
Initial Cost to Company
Land	73
Building	800
Intangibles	97
Costs Capitalized Subsequent to Acquisition	0
Land	73
Building	800
Intangibles	97
Total	970
Accumulated Depreciation and Amortization	$ (260)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Rotterdam, NY | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,978
Initial Cost to Company
Land	2,530
Building	7,924
Intangibles	2,165
Costs Capitalized Subsequent to Acquisition	0
Land	2,530
Building	7,924
Intangibles	2,165
Total	12,619
Accumulated Depreciation and Amortization	$ (4,970)
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Hilliard, OH | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,510
Initial Cost to Company
Land	654
Building	4,870
Intangibles	860
Costs Capitalized Subsequent to Acquisition	0
Land	654
Building	4,870
Intangibles	860
Total	6,384
Accumulated Depreciation and Amortization	$ (1,419)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Niles, OH | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,664
Initial Cost to Company
Land	437
Building	4,084
Intangibles	680
Costs Capitalized Subsequent to Acquisition	0
Land	437
Building	4,084
Intangibles	680
Total	5,201
Accumulated Depreciation and Amortization	$ (1,181)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Youngstown, OH | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,804
Initial Cost to Company
Land	380
Building	4,363
Intangibles	658
Costs Capitalized Subsequent to Acquisition	0
Land	380
Building	4,363
Intangibles	658
Total	5,401
Accumulated Depreciation and Amortization	$ (1,289)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Iberia, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 883
Initial Cost to Company
Land	130
Building	1,033
Intangibles	165
Costs Capitalized Subsequent to Acquisition	0
Land	130
Building	1,033
Intangibles	165
Total	1,328
Accumulated Depreciation and Amortization	$ (343)
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Pine Island, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 759
Initial Cost to Company
Land	112
Building	845
Intangibles	185
Costs Capitalized Subsequent to Acquisition	0
Land	112
Building	845
Intangibles	185
Total	1,142
Accumulated Depreciation and Amortization	$ (330)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Isle, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 714
Initial Cost to Company
Land	120
Building	787
Intangibles	171
Costs Capitalized Subsequent to Acquisition	0
Land	120
Building	787
Intangibles	171
Total	1,078
Accumulated Depreciation and Amortization	$ (319)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Jacksonville, NC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,601
Initial Cost to Company
Land	1,863
Building	5,749
Intangibles	1,020
Costs Capitalized Subsequent to Acquisition	0
Land	1,863
Building	5,749
Intangibles	1,020
Total	8,632
Accumulated Depreciation and Amortization	$ (1,810)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Evansville, IN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,338
Initial Cost to Company
Land	1,788
Building	6,348
Intangibles	864
Costs Capitalized Subsequent to Acquisition	0
Land	1,788
Building	6,348
Intangibles	864
Total	9,000
Accumulated Depreciation and Amortization	$ (2,111)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Woodland Park, CO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,776
Initial Cost to Company
Land	668
Building	2,681
Intangibles	620
Costs Capitalized Subsequent to Acquisition	0
Land	668
Building	2,681
Intangibles	620
Total	3,969
Accumulated Depreciation and Amortization	$ (1,126)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Springfield, MO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,237
Initial Cost to Company
Land	3,658
Building	6,296
Intangibles	1,870
Costs Capitalized Subsequent to Acquisition	0
Land	3,658
Building	6,296
Intangibles	1,870
Total	11,824
Accumulated Depreciation and Amortization	$ (2,526)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Cedar Rapids, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,729
Initial Cost to Company
Land	1,569
Building	7,553
Intangibles	1,878
Costs Capitalized Subsequent to Acquisition	0
Land	1,569
Building	7,553
Intangibles	1,878
Total	11,000
Accumulated Depreciation and Amortization	$ (3,260)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Fairfield, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,518
Initial Cost to Company
Land	1,132
Building	7,779
Intangibles	1,800
Costs Capitalized Subsequent to Acquisition	0
Land	1,132
Building	7,779
Intangibles	1,800
Total	10,711
Accumulated Depreciation and Amortization	$ (2,818)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Owatonna, MN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,019
Initial Cost to Company
Land	1,398
Building	7,125
Intangibles	1,564
Costs Capitalized Subsequent to Acquisition	0
Land	1,398
Building	7,125
Intangibles	1,564
Total	10,087
Accumulated Depreciation and Amortization	$ (2,699)
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Muscatine, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,034
Initial Cost to Company
Land	1,060
Building	6,636
Intangibles	1,307
Costs Capitalized Subsequent to Acquisition	0
Land	1,060
Building	6,636
Intangibles	1,307
Total	9,003
Accumulated Depreciation and Amortization	$ (2,680)
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Sheldon, IA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,027
Initial Cost to Company
Land	633
Building	3,053
Intangibles	708
Costs Capitalized Subsequent to Acquisition	0
Land	633
Building	3,053
Intangibles	708
Total	4,394
Accumulated Depreciation and Amortization	$ (1,153)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Memphis, TN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,882
Initial Cost to Company
Land	1,986
Building	2,800
Intangibles	803
Costs Capitalized Subsequent to Acquisition	0
Land	1,986
Building	2,800
Intangibles	803
Total	5,589
Accumulated Depreciation and Amortization	$ (2,168)
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Bennett, CO | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,471
Initial Cost to Company
Land	470
Building	2,503
Intangibles	563
Costs Capitalized Subsequent to Acquisition	0
Land	470
Building	2,503
Intangibles	563
Total	3,536
Accumulated Depreciation and Amortization	$ (1,077)
Life on which Depreciation in Latest Statement of Income is Computed	34 years
O'Fallon, IL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,674
Initial Cost to Company
Land	2,488
Building	5,388
Intangibles	1,064
Costs Capitalized Subsequent to Acquisition	0
Land	2,488
Building	5,388
Intangibles	1,064
Total	8,940
Accumulated Depreciation and Amortization	$ (4,099)
Life on which Depreciation in Latest Statement of Income is Computed	15 years
El Centro, CA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,977
Initial Cost to Company
Land	569
Building	3,133
Intangibles	575
Costs Capitalized Subsequent to Acquisition	0
Land	569
Building	3,133
Intangibles	575
Total	4,277
Accumulated Depreciation and Amortization	$ (1,030)
Life on which Depreciation in Latest Statement of Income is Computed	50 years
Durant, OK | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,250
Initial Cost to Company
Land	594
Building	3,900
Intangibles	498
Costs Capitalized Subsequent to Acquisition	0
Land	594
Building	3,900
Intangibles	498
Total	4,992
Accumulated Depreciation and Amortization	$ (1,299)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Gallatin, TN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,322
Initial Cost to Company
Land	1,725
Building	2,616
Intangibles	721
Costs Capitalized Subsequent to Acquisition	0
Land	1,725
Building	2,616
Intangibles	721
Total	5,062
Accumulated Depreciation and Amortization	$ (1,159)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Mt. Airy, NC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,950
Initial Cost to Company
Land	729
Building	3,353
Intangibles	621
Costs Capitalized Subsequent to Acquisition	0
Land	729
Building	3,353
Intangibles	621
Total	4,703
Accumulated Depreciation and Amortization	$ (1,307)
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Aiken, SC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,885
Initial Cost to Company
Land	1,588
Building	3,480
Intangibles	858
Costs Capitalized Subsequent to Acquisition	0
Land	1,588
Building	3,480
Intangibles	858
Total	5,926
Accumulated Depreciation and Amortization	$ (1,411)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Johnson City, TN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,453
Initial Cost to Company
Land	917
Building	3,607
Intangibles	739
Costs Capitalized Subsequent to Acquisition	0
Land	917
Building	3,607
Intangibles	739
Total	5,263
Accumulated Depreciation and Amortization	$ (1,422)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Palmview, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,466
Initial Cost to Company
Land	938
Building	4,837
Intangibles	1,044
Costs Capitalized Subsequent to Acquisition	0
Land	938
Building	4,837
Intangibles	1,044
Total	6,819
Accumulated Depreciation and Amortization	$ (1,629)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Ooltewah, TN | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,740
Initial Cost to Company
Land	903
Building	3,957
Intangibles	843
Costs Capitalized Subsequent to Acquisition	0
Land	903
Building	3,957
Intangibles	841
Total	5,701
Accumulated Depreciation and Amortization	$ (1,517)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Abingdon, VA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,003
Initial Cost to Company
Land	682
Building	3,733
Intangibles	666
Costs Capitalized Subsequent to Acquisition	0
Land	682
Building	3,733
Intangibles	666
Total	5,081
Accumulated Depreciation and Amortization	$ (1,450)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Vineland, NJ | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,482
Building	17,742
Intangibles	3,282
Costs Capitalized Subsequent to Acquisition	0
Land	1,482
Building	17,742
Intangibles	3,282
Total	22,506
Accumulated Depreciation and Amortization	$ (8,781)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Saratoga Springs, NY | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	748
Building	13,936
Intangibles	5,538
Costs Capitalized Subsequent to Acquisition	0
Land	748
Building	13,936
Intangibles	5,538
Total	20,222
Accumulated Depreciation and Amortization	$ (8,251)
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Waldorf, MD | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	4,933
Building	11,684
Intangibles	2,882
Costs Capitalized Subsequent to Acquisition	0
Land	4,933
Building	11,684
Intangibles	2,882
Total	19,499
Accumulated Depreciation and Amortization	$ (6,978)
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Mooresville, NC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,615
Building	12,462
Intangibles	2,566
Costs Capitalized Subsequent to Acquisition	0
Land	2,615
Building	12,462
Intangibles	2,566
Total	17,643
Accumulated Depreciation and Amortization	$ (7,395)
Life on which Depreciation in Latest Statement of Income is Computed	24 years
DeLeon Springs, FL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	239
Building	782
Intangibles	221
Costs Capitalized Subsequent to Acquisition	0
Land	239
Building	782
Intangibles	221
Total	1,242
Accumulated Depreciation and Amortization	$ (512)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Orange City, FL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	229
Building	853
Intangibles	235
Costs Capitalized Subsequent to Acquisition	0
Land	229
Building	853
Intangibles	235
Total	1,317
Accumulated Depreciation and Amortization	$ (530)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Satsuma, FL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	79
Building	821
Intangibles	192
Costs Capitalized Subsequent to Acquisition	0
Land	79
Building	821
Intangibles	192
Total	1,092
Accumulated Depreciation and Amortization	$ (510)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Greenwood, AR | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,038
Building	3,415
Intangibles	694
Costs Capitalized Subsequent to Acquisition	0
Land	1,038
Building	3,415
Intangibles	694
Total	5,147
Accumulated Depreciation and Amortization	$ (1,387)
Life on which Depreciation in Latest Statement of Income is Computed	43 years
Millbrook, AL | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	970
Building	5,972
Intangibles	0
Costs Capitalized Subsequent to Acquisition	0
Land	970
Building	5,972
Intangibles	0
Total	6,942
Accumulated Depreciation and Amortization	$ (2,024)
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Spartanburg, SC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,341
Initial Cost to Company
Land	828
Building	2,567
Intangibles	772
Costs Capitalized Subsequent to Acquisition	0
Land	828
Building	2,567
Intangibles	772
Total	4,167
Accumulated Depreciation and Amortization	$ (1,372)
Life on which Depreciation in Latest Statement of Income is Computed	42 years
Tupelo, MS | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,516
Initial Cost to Company
Land	1,120
Building	3,070
Intangibles	939
Costs Capitalized Subsequent to Acquisition	0
Land	1,120
Building	3,070
Intangibles	939
Total	5,129
Accumulated Depreciation and Amortization	$ (1,560)
Life on which Depreciation in Latest Statement of Income is Computed	47 years
Lilburn, GA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,090
Building	3,673
Intangibles	1,028
Costs Capitalized Subsequent to Acquisition	0
Land	1,090
Building	3,673
Intangibles	1,028
Total	5,791
Accumulated Depreciation and Amortization	$ (1,802)
Life on which Depreciation in Latest Statement of Income is Computed	47 years
Douglasville, GA | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,719
Initial Cost to Company
Land	1,717
Building	2,705
Intangibles	987
Costs Capitalized Subsequent to Acquisition	0
Land	1,717
Building	2,705
Intangibles	987
Total	5,409
Accumulated Depreciation and Amortization	$ (1,427)
Life on which Depreciation in Latest Statement of Income is Computed	48 years
Elkton, MD | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,369
Initial Cost to Company
Land	963
Building	3,049
Intangibles	860
Costs Capitalized Subsequent to Acquisition	0
Land	963
Building	3,049
Intangibles	860
Total	4,872
Accumulated Depreciation and Amortization	$ (1,508)
Life on which Depreciation in Latest Statement of Income is Computed	49 years
Lexington, SC | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,110
Initial Cost to Company
Land	1,644
Building	2,219
Intangibles	869
Costs Capitalized Subsequent to Acquisition	0
Land	1,644
Building	2,219
Intangibles	869
Total	4,732
Accumulated Depreciation and Amortization	$ (1,282)
Life on which Depreciation in Latest Statement of Income is Computed	48 years
Schaumburg, IL | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	8,029
Building	29,971
Intangibles	0
Costs Capitalized Subsequent to Acquisition	569
Land	8,029
Building	30,541
Intangibles	0
Total	38,570
Accumulated Depreciation and Amortization	$ (2,886)
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Houston, TX | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	826
Building	6,322
Intangibles	2,380
Costs Capitalized Subsequent to Acquisition	0
Land	826
Building	6,323
Intangibles	2,380
Total	9,529
Accumulated Depreciation and Amortization	$ (261)
Life on which Depreciation in Latest Statement of Income is Computed	28 years
San Diego, CA | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 31,752
Initial Cost to Company
Land	7,469
Building	34,781
Intangibles	0
Costs Capitalized Subsequent to Acquisition	1,622
Land	7,469
Building	36,403
Intangibles	0
Total	43,872
Accumulated Depreciation and Amortization	$ (7,038)
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Omaha, NE | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,963
Building	15,237
Intangibles	0
Costs Capitalized Subsequent to Acquisition	1,100
Land	2,963
Building	16,337
Intangibles	0
Total	19,300
Accumulated Depreciation and Amortization	$ (3,192)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Isla Vista, CA | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 88,117
Initial Cost to Company
Land	36,274
Building	47,694
Intangibles	1,118
Costs Capitalized Subsequent to Acquisition	1,703
Land	36,274
Building	49,397
Intangibles	1,118
Total	86,789
Accumulated Depreciation and Amortization	$ (7,118)
Life on which Depreciation in Latest Statement of Income is Computed	42 years
Crum Lynne, PA | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,017
Initial Cost to Company
Land	1,403
Building	7,518
Intangibles	1,666
Costs Capitalized Subsequent to Acquisition	0
Land	1,403
Building	7,518
Intangibles	1,666
Total	10,587
Accumulated Depreciation and Amortization	$ (1,599)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
New York, NY | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,434
Building	5,482
Intangibles	0
Costs Capitalized Subsequent to Acquisition	0
Land	2,434
Building	5,482
Intangibles	0
Total	7,916
Accumulated Depreciation and Amortization	$ (174)
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Peoria, IL | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	940
Building	439
Intangibles	1,508
Costs Capitalized Subsequent to Acquisition	1,020
Land	1,174
Building	1,460
Intangibles	1,508
Total	4,142
Accumulated Depreciation and Amortization	$ (1,171)
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Carmel, NY | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,041
Building	3,632
Intangibles	1,033
Costs Capitalized Subsequent to Acquisition	0
Land	2,041
Building	4,238
Intangibles	1,033
Total	7,312
Accumulated Depreciation and Amortization	$ (2,063)
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Oakland County, MI | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 17,674
Initial Cost to Company
Land	1,147
Building	7,707
Intangibles	9,932
Costs Capitalized Subsequent to Acquisition	10,195
Land	1,144
Building	17,895
Intangibles	9,927
Total	28,966
Accumulated Depreciation and Amortization	$ (20,167)
Life on which Depreciation in Latest Statement of Income is Computed	35 years

Schedule III-Real Estate and _3

Schedule III-Real Estate and Accumulated Depreciation Real Estate - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning Balance	$ 1,127,495	$ 1,216,229	$ 1,254,163
Acquisitions	0	20,452	7,793
Acquisitions through foreclosures	24,965	81,750	29,310
Improvements	6,949	4,871	6,101
Dispositions and write-offs	(260,265)	(195,807)	(81,138)
Ending Balance	$ 899,144	$ 1,127,495	$ 1,216,229

Schedule III-Real Estate and _4

Schedule III-Real Estate and Accumulated Depreciation Real Estate - Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning Balance	$ 236,622	$ 230,925	$ 206,082
Depreciation and amortization expense	32,937	38,069	39,346
Dispositions/write-offs	(70,551)	(32,372)	(14,503)
Ending Balance	$ 199,008	$ 236,622	$ 230,925

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	8.82%	5.65%
Prior Liens	$ 564,472
Face amount of Mortgages	3,938,646
Carrying Amount of Mortgages	3,892,382	$ 3,521,985	$ 2,343,070
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	56,509
Total carrying amount of mortgages	3,913,137
Provision for loan losses	(20,755)
Principal balance of loans on non-accrual status	53,800
Aggregate cost for U.S. federal tax income purposes	3,800,000
Mortgage loans held for sale	3,892,382	3,521,985	2,343,070
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, beginning balance	3,521,985	2,343,070	3,358,861
Beginning balance, Allowance for credit losses	(31,752)	(41,507)	(20,500)
Origination of mortgage loan receivables	1,296,083	2,530,247	566,506
Purchases of mortgage loan receivables	0
Repayment of mortgage loan receivables	(901,150)	(1,059,979)	(961,236)
Proceeds from sales of mortgage loan receivables	(29,151)	(305,649)	(582,764)
Non-cash disposition of loan via foreclosure	(10,235)	(81,289)	(31,249)
Realized gain on sale of mortgage loan receivables	(2,511)	8,398	(1,571)
Accretion/amortization of discount, premium and other fees	20,759	13,832	15,530
Release (addition) of provision for current expected credit loss, net	(3,711)	8,713	(18,275)
Release of asset-specific loan loss provision via foreclosure		1,150	2,500
Provision expense for current expected credit loss (implementation impact)			(4,964)
Provision expense for current expected credit loss (impact to earnings)	(3,398)	8,605	(18,543)
Mortgage loans receivable, ending balance	3,892,382	3,521,985	2,343,070
Ending balance, Allowance for credit losses	(20,755)	(31,752)	(41,507)
Provision for (release of) loan loss reserves, net	14,395		18,275
Mortgage loan  receivables held for sale
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Amount of Mortgages	27,400
Mortgage loans held for sale	27,400
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, ending balance	27,400
Total mortgage loan receivables held for investment, net, at amortized cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Amount of Mortgages	3,885,746	3,553,737	2,354,059
Mortgage loans held for sale	3,885,746	3,553,737	2,354,059
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, beginning balance	3,553,737	2,354,059	3,257,036
Beginning balance, Allowance for credit losses	(31,752)	(41,507)	(20,500)
Origination of mortgage loan receivables	1,234,765	2,309,888	353,661
Purchases of mortgage loan receivables	0	63,600
Repayment of mortgage loan receivables	(901,082)	(1,059,796)	(960,832)
Proceeds from sales of mortgage loan receivables	0	(46,557)	(270,491)
Non-cash disposition of loan via foreclosure	(10,235)	(81,289)	(31,249)
Realized gain on sale of mortgage loan receivables	2,197	0	(9,596)
Accretion/amortization of discount, premium and other fees	20,759	13,832	15,530
Release (addition) of provision for current expected credit loss, net		8,605
Release of asset-specific loan loss provision via foreclosure		1,150	2,500
Provision expense for current expected credit loss (implementation impact)			(4,964)
Provision expense for current expected credit loss (impact to earnings)	(3,398)	8,605	(18,543)
Mortgage loans receivable, ending balance	3,885,746	3,553,737	2,354,059
Ending balance, Allowance for credit losses	$ (20,755)	(31,752)	(41,507)
Mortgage loan  receivables held for sale
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	4.57%
Carrying Amount of Mortgages	$ 27,391	0	30,518
Mortgage loans held for sale	27,391	0	30,518
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, beginning balance	0	30,518	122,325
Origination of mortgage loan receivables	61,318	220,359	212,845
Purchases of mortgage loan receivables	0	0
Repayment of mortgage loan receivables	(68)	(183)	(404)
Proceeds from sales of mortgage loan receivables	(29,151)	(259,092)	(312,273)
Non-cash disposition of loan via foreclosure		0	0
Realized gain on sale of mortgage loan receivables	(4,708)	8,398	8,025
Accretion/amortization of discount, premium and other fees		0	0
Mortgage loans receivable, ending balance	27,391	$ 0	$ 30,518
First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face amount of Mortgages	3,872,696
Carrying Amount of Mortgages	3,847,251
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	56,509
Mortgage loans held for sale	3,847,251
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, ending balance	3,847,251
Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	564,472
Face amount of Mortgages	65,950
Carrying Amount of Mortgages	65,886
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	0
Mortgage loans held for sale	65,886
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, ending balance	65,886
Office, Mixed | First Mortgages individually greater than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face amount of Mortgages	373,468
Carrying Amount of Mortgages	371,489
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	0
Mortgage loans held for sale	371,489
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, ending balance	$ 371,489
Office, Mixed | Minimum | First Mortgages individually greater than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	7.75%
Office, Mixed | Maximum | First Mortgages individually greater than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	8.30%
Mixed, Office, Multi-Family, Industrial, Hotel, Mobile Home Park, Retail, Land | First Mortgages individually less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face amount of Mortgages	3,499,228
Carrying Amount of Mortgages	3,475,762
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	56,509
Mortgage loans held for sale	3,475,762
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, ending balance	$ 3,475,762
Mixed, Office, Multi-Family, Industrial, Hotel, Mobile Home Park, Retail, Land | Minimum | First Mortgages individually less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	4.25%
Mixed, Office, Multi-Family, Industrial, Hotel, Mobile Home Park, Retail, Land | Maximum | First Mortgages individually less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	13.40%
Multi-Family, Hotel, Office | Subordinated Mortgages individually less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 564,472
Face amount of Mortgages	65,950
Carrying Amount of Mortgages	65,886
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	0
Mortgage loans held for sale	65,886
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, ending balance	$ 65,886
Multi-Family, Hotel, Office | Minimum | Subordinated Mortgages individually less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	9%
Multi-Family, Hotel, Office | Maximum | Subordinated Mortgages individually less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	12%

Uncategorized Items - ladr-2022

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]