Ladder Capital (LADR) 10-Q1 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 21, 2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001577670
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Common Stock, Shares Outstanding		126,948,532
Class B Common Stock
Entity Common Stock, Shares Outstanding		0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	[1]	$ 626,139	$ 609,078
Restricted cash	[1]	25,158	50,524
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable	[1]	3,794,075	3,885,746
Allowance for credit losses	[1]	(25,499)	(20,755)
Mortgage loan receivables held for sale	[1]	27,197	27,391
Securities	[1]	520,008	587,519
Real estate and related lease intangibles, net	[1]	693,266	700,136
Investments in and advances to unconsolidated ventures	[1]	6,336	6,219
Derivative instruments	[1]	1,421	2,038
Accrued interest receivable	[1]	25,794	24,938
Other assets	[1]	166,631	78,339
Total assets	[1]	5,860,526	5,951,173
Liabilities
Debt obligations, net	[1]	4,082,428	4,245,697
Dividends payable	[1]	30,802	32,000
Accrued expenses	[1]	50,937	68,227
Other liabilities	[1]	167,805	71,688
Total liabilities	[1]	4,331,972	4,417,612
Commitments and contingencies	[1]	0	0
Equity
Additional paid-in capital	[1]	1,835,957	1,826,833
Treasury stock, 1,078,946 and 1,525,429 shares, at cost	[1]	(105,738)	(95,600)
Retained earnings (dividends in excess of earnings)	[1]	(183,755)	(177,005)
Accumulated other comprehensive income (loss)	[1]	(17,524)	(21,009)
Total shareholders’ equity	[1]	1,529,067	1,533,346
Noncontrolling interests in consolidated ventures	[1]	(513)	215
Total equity	[1]	1,528,554	1,533,561
Total liabilities and equity	[1]	5,860,526	5,951,173
Class A Common Stock
Equity
Common stock	[1]	$ 127	$ 127

[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Treasury stock (in shares)	1,078,946	1,525,429
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	128,027,478
Common stock, outstanding (in shares)	126,948,532	126,502,049

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Net interest income
Interest income	$ 103,796	$ 56,205
Interest expense	60,749	47,035
Net interest income (expense)	43,047	9,170
Provision for (release of) loan loss reserves, net	4,736	874
Net interest income (expense) after provision for (release of) loan losses	38,311	8,296
Other income (loss)
Real estate operating income	23,199	26,354
Net result from mortgage loan receivables held for sale	(194)	(949)
Realized gain (loss) on securities	(307)	(96)
Unrealized gain (loss) on securities	117	17
Realized gain (loss) on sale of real estate, net	0	29,154
Fee and other income	1,831	7,194
Net result from derivative transactions	(2,242)	3,135
Earnings from investment in unconsolidated ventures	217	434
Gain on extinguishment of debt	9,217	0
Total other income (loss)	31,838	65,243
Costs and expenses
Compensation and employee benefits	22,084	29,864
Operating expenses	5,256	5,508
Real estate operating expenses	9,849	8,992
Fee expense	1,520	1,988
Depreciation and amortization	7,529	9,342
Total costs and expenses	46,238	55,694
Income (loss) before taxes	23,911	17,845
Income tax expense (benefit)	1,720	(1,309)
Net income (loss)	22,191	19,154
Net (income) loss attributable to noncontrolling interests in consolidated ventures	$ 217	$ (122)
Earnings per share:
Basic (in dollars per share)	$ 0.18	$ 0.15
Diluted (in dollars per share)	$ 0.18	$ 0.15
Weighted average shares outstanding:
Basic (in shares)	124,493,132	124,305,943
Diluted (in shares)	124,656,102	125,478,001
Class A Common Stock
Costs and expenses
Net income (loss) attributable to Class A common shareholders	$ 22,408	$ 19,032
Earnings per share:
Basic (in dollars per share)	$ 0.18	$ 0.15
Diluted (in dollars per share)	$ 0.18	$ 0.15
Weighted average shares outstanding:
Basic (in shares)	124,493,132	124,305,943
Diluted (in shares)	124,656,102	125,478,001

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income (loss)	$ 22,191	$ 19,154
Unrealized gain (loss) on securities, net of tax:
Unrealized gain (loss) on real estate securities, available for sale	3,173	(6,737)
Reclassification adjustment for (gain) loss included in net income (loss)	312	96
Total other comprehensive income (loss)	3,485	(6,641)
Comprehensive income (loss)	25,676	12,513
Comprehensive (income) loss attributable to noncontrolling interest in consolidated ventures	217	(122)
Class A Common Stock
Unrealized gain (loss) on securities, net of tax:
Comprehensive income (loss) attributable to Class A common shareholders	$ 25,893	$ 12,391

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total		Class A Common Stock	Common Stock Class A Common Stock	Additional Paid- in-Capital	Treasury Stock	Retained Earnings (Dividends in Excess of Earnings)	Accumulated Other Comprehensive Income (Loss)	Consolidated Ventures
Beginning Balance (in shares) at Dec. 31, 2021				125,453,000
Beginning Balance at Dec. 31, 2021	$ 1,513,619			$ 126	$ 1,795,249	$ (76,324)	$ (207,802)	$ (4,112)	$ 6,482
Increase Decrease in Stockholders' Equity
Distributions	(140)								(140)
Amortization of equity based compensation	20,412				20,412
Grants of restricted stock (in shares)				2,248,000
Grants of restricted stock	(1)			$ 2		(3)
Purchase of treasury stock (in shares)				(55,000)
Purchase of treasury stock	(611)					(611)
Re-issuance of treasury stock (in shares)				596,000
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)				(952,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(11,321)			$ (1)		(11,320)
Forfeitures (in shares)				(66,000)
Dividends declared	(25,314)						(25,314)
Net income (loss)	19,154						19,032		122
Other comprehensive income (loss)	(6,641)							(6,641)
Ending Balance (in shares) at Mar. 31, 2022				127,224,000
Ending Balance at Mar. 31, 2022	1,509,157			$ 127	1,815,661	(88,258)	(214,084)	(10,753)	6,464
Beginning Balance (in shares) at Dec. 31, 2022			126,502,049	126,502,000
Beginning Balance at Dec. 31, 2022	1,533,561	[1]		$ 127	1,826,833	(95,600)	(177,005)	(21,009)	215
Increase Decrease in Stockholders' Equity
Distributions	(511)								(511)
Amortization of equity based compensation	9,124				9,124
Grants of restricted stock (in shares)				971,000
Grants of restricted stock	0			$ 1		(1)
Purchase of treasury stock (in shares)				(250,000)
Purchase of treasury stock	(2,285)					(2,285)
Re-issuance of treasury stock (in shares)				446,000
Re-issuance of treasury stock	0					0
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)				(689,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(7,853)			$ (1)		(7,852)
Forfeitures (in shares)				(32,000)
Dividends declared	(29,158)						(29,158)
Net income (loss)	22,191						22,408		(217)
Other comprehensive income (loss)	3,485							3,485
Ending Balance (in shares) at Mar. 31, 2023			126,948,532	126,948,000
Ending Balance at Mar. 31, 2023	$ 1,528,554	[1]		$ 127	$ 1,835,957	$ (105,738)	$ (183,755)	$ (17,524)	$ (513)

[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Mar. 31, 2023 USD ($)		Mar. 31, 2022 USD ($)
Cash flows from operating activities:
Net income (loss)	$ 22,191		$ 19,154
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment of debt	(9,217)		0
Depreciation and amortization	7,529		9,342
Non-cash operating lease expense	538		0
Unrealized (gain) loss on derivative instruments	373		162
Unrealized (gain) loss on equity securities	6		(14)
Unrealized (gain) loss on Agency interest-only securities	(123)		(3)
Provision for (release of) loan loss reserves	4,736		874
Amortization of equity based compensation	9,124		20,412
Amortization of deferred financing costs included in interest expense	3,580		5,857
Amortization of premium/discount on mortgage loan financing included in interest expense	(150)		(330)
Amortization of above- and below-market lease intangibles	(454)		(444)
(Accretion)/amortization of discount, premium and other fees on loans	(6,985)		(5,162)
(Accretion)/amortization of discount, premium and other fees on securities	(501)		(37)
Net result from mortgage loan receivables held for sale	194		949
Realized (gain) loss on securities	307		96
Realized (gain) loss on sale of real estate, net	0		(29,154)
Realized gain on sale of derivative instruments	244		0
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received	(117)		191
Insurance proceeds for remediation work due to property damage	473		0
Insurance proceeds used for remediation work due to property damage	0		(36)
Origination of mortgage loan receivables held for sale	0		(54,850)
Change in deferred tax asset (liability)	827		(402)
Changes in operating assets and liabilities:
Accrued interest receivable	(856)		(805)
Other assets	1,902		2,332
Accrued expenses and other liabilities	77,789		1,833
Net cash provided by (used in) operating activities	111,410		(30,035)
Cash flows from investing activities:
Origination of mortgage loan receivables held for investment	(32,616)		(648,507)
Repayment of mortgage loan receivables held for investment	150,186		358,198
Purchases of securities	(3,513)		(26,033)
Repayment of securities	60,214		57,756
Basis recovery of interest-only securities	1,024		1,383
Proceeds from sales of securities	13,595		4,261
Capital improvements of real estate	(626)		(751)
Proceeds from sale of real estate	0		79,473
Capital distribution from investment in unconsolidated ventures	0		2,284
Net cash provided by (used in) investing activities	188,264		(171,936)
Cash flows from financing activities:
Deferred financing costs paid	(817)		(1,510)
Proceeds from borrowings under debt obligations	601,338		443,866
Repayment and repurchase of borrowings under debt obligations	(757,779)		(328,495)
Cash dividends paid to Class A common shareholders	(30,356)		(26,142)
Reissuance of treasury stock	0		(1)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(7,852)		(11,321)
Purchase of treasury stock	(2,285)		(611)
Issuance of common stock	0		3
Net cash provided by (used in) financing activities	(198,262)		75,649
Net increase (decrease) in cash, cash equivalents and restricted cash	101,412		(126,322)
Cash, cash equivalents and restricted cash at beginning of period	659,602		621,546
Cash, cash equivalents and restricted cash at end of period	761,014		495,224
Non-cash investing and financing activities:
Securities and derivatives purchased, not settled	0		3,776
Securities and derivatives sold, not settled	12		54
Repayment in transit of mortgage loans receivable held for investment (other assets)	0		18,373
Real estate acquired in former unconsolidated venture agreement	0		15,436
Transfer of real estate, net into real estate held for sale	0		(55,412)
Dividends declared, not paid	30,802		26,763
Cash and cash equivalents	626,139	[1]	431,762
Restricted cash	25,158		63,462
Short-term unsettled U.S. treasury securities classified in other assets on the consolidated balance sheet	109,717		0
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	761,014		495,224
Consolidated Joint Venture
Cash flows from financing activities:
Capital distributed to noncontrolling interests in consolidated ventures	$ (511)		$ (140)

[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	3 Months Ended
ORGANIZATION AND OPERATIONS	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS Ladder Capital Corp (“Ladder,” “Ladder Capital,” and 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 March 31, 2023, Ladder Capital Corp has a 100% 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	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022, which are included in the Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The consolidated financial statements include the Company’s accounts and those of its subsidiaries that are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. Refer to Note 9, Consolidated Variable Interest Entities, for further information on the Company’s consolidated variable interest entities. Investments in advances to unconsolidated ventures represents the Company’s investment in Grace Lake LLC, a VIE. The Company determined that it was not the primary beneficiary of this VIE because 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 unconsolidated VIE that it was not previously contractually required to provide. 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 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. When a debtor is experiencing financial difficulties and a loan is modified, the effect of the modification will be included in the Company’s assessment of the CECL allowance for loan losses. If the Company provides principal forgiveness, the amortized cost basis of the loan is written off against the allowance for loan losses. Generally, when modifying loans, 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 the effects of modifications granted should conditions impacting the loan improve. 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. Recently Adopted Accounting Pronouncements 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 eliminated the recognition and measurement guidance for troubled debt restructuring for creditors that have adopted ASC 326 and requires them to make enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. The standard is effective for fiscal years beginning after December 15, 2022. The adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements Pending Adoption Any new accounting standards that have been issued or proposed by FASB and that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.

MORTGAGE LOAN RECEIVABLES

MORTGAGE LOAN RECEIVABLES	3 Months Ended
MORTGAGE LOAN RECEIVABLES	Mar. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOAN RECEIVABLES	3. MORTGAGE LOAN RECEIVABLES March 31, 2023 ($ in thousands) Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 3,766,258 $ 3,750,799 9.16 % 1.1 Mezzanine loans 43,334 43,276 11.11 % 1.5 Total mortgage loans receivable 3,809,592 3,794,075 9.18 % 1.1 Allowance for credit losses N/A (25,499) Total mortgage loan receivables held for investment, net, at amortized cost 3,809,592 3,768,576 Mortgage loan receivables held for sale: First mortgage loans 31,350 27,197 4.57 % 8.9 Total $ 3,840,942 $ 3,795,773 (4) 9.14 % 1.1 (1) Includes the impact from interest rate floors. March 31, 2023 LIBOR and SOFR rates are used to calculate weighted average yield for floating rate loans. (2) Excludes non-accrual loans of $53.6 million. Refer to “Non-Accrual Status” below for further details. (3) The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 2.4 years. (4) Net of $15.5 million of deferred origination fees and other items as of March 31, 2023. As of March 31, 2023, $3.3 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 $1.0 billion linked to SOFR. Of this $3.3 billion, 100% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of March 31, 2023, $31.4 million, or 100%, of the outstanding face amount of our mortgage loan receivables held for sale were at fixed interest rates. In February 2023, the Company modified a first mortgage loan with an amortized cost basis of $51.5 million. The modification included an extension of the contractual maturity to October 2026, a modification of the interest rate from LIBOR + 2.8% to a fixed rate of 7% (5% current pay, 2% deferred rate) as well as a principal paydown of $3.5 million and the funding of $6.5 million of reserves. As of March 31, 2023 the Company is not accruing the 2% deferred interest component. As of March 31, 2023 the loan is current and has an amortized cost basis of $48.0 million. December 31, 2022 ($ 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 % 9.2 Total $ 3,938,615 $ 3,892,382 (4) 8.82 % 1.3 (1) Includes the impact from interest rate floors. December 31, 2022 LIBOR rates are used to calculate weighted average yield for floating rate loans. (2) Excludes non-accrual loans of $53.8 million. (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% of these variable rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2022, $31.4 million, or 100%, of the outstanding face amount of our mortgage loan receivables held for sale were at fixed interest rates. For the three months ended March 31, 2023 and 2022, the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2022 $ 3,885,746 $ (20,755) $ 27,391 Origination of mortgage loan receivables 32,616 — — Repayment of mortgage loan receivables (131,272) — — Net result from mortgage loan receivables held for sale (1) — — (194) Accretion/amortization of discount, premium and other fees 6,985 — — Release (addition) of provision for current expected credit loss, net (2) — (4,744) — Balance, March 31, 2023 $ 3,794,075 $ (25,499) $ 27,197 (1) Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale. (2) Refer to “Allowance for Credit Losses” table below for further detail. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2021 $ 3,553,737 $ (31,752) $ — Origination of mortgage loan receivables 648,507 — 54,850 Repayment of mortgage loan receivables (349,935) — — Net result from mortgage loan receivables held for sale (2) — — (949) Accretion/amortization of discount, premium and other fees 5,162 — — Release (addition) of provision for current expected credit loss, net (3) — (580) — Balance, March 31, 2022 $ 3,857,471 $ (32,332) $ 53,901 (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on additions to real estate. (2) Represents unrealized lower of cost or market adjustment on loans held for sale. (3) Refer to “Allowance for Credit Losses” table below for further detail. Allowance for Credit Losses and Non-Accrual Status ($ in thousands) Three Months Ended March 31, Allowance for Credit Losses 2023 2022 Allowance for credit losses at beginning of period $ 20,755 $ 31,752 Provision for (release of) current expected credit loss, net (1) 4,744 580 Allowance for credit losses at end of period $ 25,499 $ 32,332 (1) There were no asset specific reserves recorded for the three months ended March 31, 2023 or 2022. Non-Accrual Status March 31, 2023 December 31, 2022 Carrying value of loans on non-accrual status, net of asset-specific reserve (1)(2) $ 53,624 $ 53,809 (1) Includes one loan with an amortized cost basis of $30.5 million, for which the Company determined no asset specific reserve was necessary. (2) As of March 31, 2023 and December 31, 2022 the loans on non-accrual status were greater than 90 days past due. Current Expected Credit Loss (“CECL”) As of March 31, 2023, the Company has a $26.2 million allowance for current expected credit losses, of which $25.5 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 $25.8 million as of March 31, 2023. The Company concluded that none of its other loans are individually impaired as of March 31, 2023. As of December 31, 2022, the Company had a $21.5 million allowance for current expected credit losses, of which $20.8 million pertained to mortgage loan receivables and $0.7 million related to unfunded commitments. This allowance included $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. The total change in provision for loan loss reserves for the three months ended March 31, 2023 was an increase of the provision of $4.7 million. The net increase represents an increase in the general reserve of loans held for investment of $4.7 million and a decrease related to unfunded loan commitments of $8.0 thousand. The increase in provision associated with the general reserve during the three months ended March 31, 2023 is primarily due to adverse changes in macroeconomic scenarios. The total change in provision for loan loss reserves for the three months ended March 31, 2022 was an increase of $0.9 million. The addition represented an increase in the general reserve of loans held for investment of $0.6 million and an increase on unfunded loan commitments of $0.3 million. The increase during the three months ended March 31, 2022 was primarily due to a net increase in originations quarter over quarter. Loan Portfolio by Geographic Region, Collateral Type and Vintage (amortized cost $ in thousands) March 31, December 31, Geographic Region 2023 2022 Northeast $ 1,163,181 $ 1,191,337 South 1,101,731 1,080,132 Southwest 650,167 675,069 Midwest 488,728 496,640 West 364,441 416,556 Subtotal mortgage loans receivable 3,768,248 3,859,734 Individually impaired loans 25,827 26,012 Total mortgage loans receivable $ 3,794,075 $ 3,885,746 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 March 31, 2023 and December 31, 2022, respectively ($ in thousands): Amortized Cost Basis by Origination Year as of March 31, 2023 Collateral Type 2023 2022 2021 2020 2019 and Earlier Total Multifamily $ 14,339 $ 677,833 $ 730,370 $ — $ — $ 1,422,542 Office — 78,871 672,894 — 168,387 920,152 Mixed Use — 202,526 356,226 26,500 92,005 677,257 Industrial — 37,690 96,952 — 115,275 249,917 Retail — 60,250 107,783 — 22,098 190,131 Hospitality — — 45,485 — 92,221 137,706 Manufactured Housing — 32,559 82,724 — 2,924 118,207 Other — 32,457 19,879 — — 52,336 Self-Storage — — — — — — Subtotal mortgage loans receivable 14,339 1,122,186 2,112,313 26,500 492,910 3,768,248 Individually Impaired loans — — — — 25,827 25,827 Total mortgage loans receivable (1) $ 14,339 $ 1,122,186 $ 2,112,313 $ 26,500 $ 518,737 $ 3,794,075 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 — — — — 26,012 26,012 Total mortgage loans receivable (2) $ 1,145,229 $ 2,102,307 $ 56,150 $ 332,046 $ 250,014 $ 3,885,746 (1) Not included above is $23.9 million of accrued interest receivable (2) Not included above is $23.2 million of accrued interest receivable on all loans at December 31, 2022.

SECURITIES

SECURITIES	3 Months Ended
SECURITIES	Mar. 31, 2023
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 March 31, 2023, 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 March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses (7) Carrying # of Rating (1) Coupon % Yield % Remaining CMBS $ 503,183 $ 502,710 $ 43 $ (17,563) $ 485,190 (2) 70 AAA 5.72 % 5.76 % 1.01 CMBS interest-only(3) 898,620 (3) 9,493 177 (134) 9,536 (4) 9 AAA 0.59 % 3.82 % 1.37 GNMA interest-only(5) 44,966 (3) 265 139 (19) 385 14 AAA 0.31 % 5.95 % 3.09 Agency securities 32 33 — (1) 32 1 AAA 4.00 % 2.70 % 1.42 U.S. Treasury securities 25,000 24,811 2 (41) 24,772 6 AAA N/A 4.10 % 0.29 Total debt securities 1,471,801 537,312 361 (17,758) 519,915 (6) 100 2.37 % 5.72 % 1.02 Equity securities N/A 160 — (47) 113 1 N/A N/A N/A N/A Allowance for current expected credit losses N/A — — (20) (20) Total securities $ 1,471,801 $ 537,472 $ 361 $ (17,825) $ 520,008 101 December 31, 2022 Gross Unrealized Weighted Average Asset Type Outstanding Amortized 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 AAA 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 real estate securities $ 1,670,439 $ 608,599 $ 144 $ (21,224) $ 587,519 107 (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 March 31, 2023 and December 31, 2022, includes $9.0 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“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 March 31, 2023 and December 31, 2022, includes $0.4 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (5) GNMA interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s GNMA interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on securities in the consolidated statements of income. (6) The Company’s investments in debt securities represents an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date. (7) Based on the Company’s analysis, including review of interest rate changes and current levels of subordination, among other factors, the unrealized loss positions are determined to be due to market factors other than credit. The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 304,060 $ 181,131 $ — $ — $ 485,191 CMBS interest-only 2,365 7,172 — — 9,537 GNMA interest-only 36 210 138 — 384 Agency securities — 31 — — 31 U.S. Treasury securities 24,772 — — — 24,772 Allowance for current expected credit losses — — — — (20) Total securities (1) $ 331,233 $ 188,544 $ 138 $ — $ 519,895 (1) Excluded from the table above are $0.1 million of equity securities. 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.

REAL ESTATE AND RELATED LEASE I

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	3 Months Ended
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 Land $ 158,802 $ 158,802 Building 626,280 625,655 In-place leases and other intangibles 114,689 114,687 Undepreciated real estate and related lease intangibles 899,771 899,144 Less: Accumulated depreciation and amortization (206,505) (199,008) Real estate and related lease intangibles, net(2) $ 693,266 $ 700,136 Below market lease intangibles, net (other liabilities)(1) $ (30,369) $ (30,892) (1) Below market lease intangibles is net of $14.2 million and $13.6 million of accumulated amortization as of March 31, 2023 and December 31, 2022, respectively. (2) There was unencumbered real estate of $170.2 million and $140.3 million as of March 31, 2023 and December 31, 2022, respectively. At March 31, 2023 and December 31, 2022, the Company held foreclosed properties included in real estate and related lease intangibles, net with carrying values of $101.6 million and $103.1 million, respectively. The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended March 31, 2023 2022 Depreciation expense(1) $ 6,200 $ 7,088 Amortization expense 1,329 2,254 Total real estate depreciation and amortization expense $ 7,529 $ 9,342 (1) Depreciation expense on the consolidated statements of income also includes $0.1 million and $8 thousand of depreciation on corporate fixed assets for the three months ended March 31, 2023 and March 31, 2022, respectively. The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands): March 31, 2023 December 31, 2022 Gross intangible assets(1) $ 114,689 $ 114,687 Accumulated amortization 51,125 49,725 Net intangible assets $ 63,564 $ 64,962 (1) Includes $2.8 million of unamortized above market lease intangibles, which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of March 31, 2023 and December 31, 2022. The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands): Three Months Ended March 31, 2023 2022 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (72) $ (76) Increase in operating lease income for amortization of below market lease intangibles acquired 526 520 Total $ 454 $ 444 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 March 31, 2023 ($ in thousands): Period Ending December 31, Increase/(Decrease) to Operating Lease Income Amortization Expense 2023 $ 730 $ 3,398 2024 973 4,531 2025 973 4,391 2026 976 3,740 2027 976 3,554 Thereafter 22,968 41,179 Total $ 27,596 $ 60,793 Rent Receivables There were $0.8 million and $1.3 million of rent receivables included in other assets on the consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. Operating Lease Income & Tenant Reimbursements The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at March 31, 2023 ($ in thousands): Period Ending December 31, Amount 2023 $ 40,682 2024 49,994 2025 49,801 2026 48,424 2027 46,267 Thereafter 196,855 Total $ 432,023 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 $1.1 million and $1.6 million for the three months ended March 31, 2023 and 2022, respectively. Tenant reimbursements are included in operating lease income on the Company’s consolidated statements of income. Acquisitions The Company did not have any acquisitions during the three months ended March 31, 2023 and acquired the following properties during the three months ended March 31, 2022 ($ in thousands): 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% Total real estate acquisitions $ 15,436 (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 $15.4 million, which was determined to be fair value. The fair value of the remaining condo unit was determined based on comparable sales in the building and the value of the remaining retail unit was valued utilizing a direct capitalization rate of 5.5%. The key inputs used to determine fair value were determined to be Level 3 inputs. The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the three months ended March 31, 2022, all acquisitions were determined to be asset acquisitions. Sales The Company did not have any sales during the three months ended March 31, 2023 and sold the following properties during the three months ended March 31, 2022 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties March 2022 Office Ewing, NJ $ 38,652 $ 24,134 $ 14,518 1 March 2022 Warehouse Conyers, GA 40,752 26,116 14,636 1 Totals (1) $ 79,404 $ 50,250 $ 29,154 (1) Includes $3.7 million of defeasance costs upon repayment of the mortgage financing in connection with the sales that is recorded within interest expense on the consolidated statement of income, such amount was correspondingly paid by the buyer and received by the Company as part of the sale and recorded in fee and other income on the consolidated statement of income.

DEBT OBLIGATIONS, NET

DEBT OBLIGATIONS, NET	3 Months Ended
DEBT OBLIGATIONS, NET	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT OBLIGATIONS, NET	6. DEBT OBLIGATIONS, NET The details of the Company’s debt obligations at March 31, 2023 and December 31, 2022 are as follows ($ in thousands): March 31, 2023 Debt Obligations Committed / Carrying Value of Debt Obligations Committed but Unfunded Interest Rate at March 31, 2023(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 6.54% — 7.04% 9/27/2025 (2) (3) $ 431,809 $ 431,395 Committed Loan Repurchase Facility 300,000 206,867 93,133 6.54% — 7.85% 12/19/2023 (4) (5) 306,449 303,632 Committed Loan Repurchase Facility 100,000 47,415 52,585 6.55% — 6.55% 4/30/2024 (6) (3) 64,263 64,263 Committed Loan Repurchase Facility 100,000 77,959 22,041 6.06% — 6.56% 1/2/2024 (7) (3) 103,560 103,560 Committed Loan Repurchase Facility 100,000 — 100,000 —% —% 1/22/2024 (8) (5) — — Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 7/14/2023 (9) (10) — — Total Committed Loan Repurchase Facilities 1,200,000 651,224 548,776 906,081 902,850 Committed Securities Repurchase Facility 100,000 8,032 91,968 5.46% — 5.71% 5/27/2024 N/A (11) 9,150 9,150 Uncommitted Securities Repurchase Facility N/A (12) 110,011 N/A (12) 5.32% — 6.68% 4/27/2023 N/A (11) 121,387 121,387 (13) Total Repurchase Facilities 1,300,000 769,267 640,744 1,036,618 1,033,387 Revolving Credit Facility 323,850 — 323,850 —% — —% 7/27/2023 (14) N/A (15) N/A (15) N/A (15) Mortgage Loan Financing 469,385 469,690 — 4.25% — 8.53% 2024-2031 N/A (17) 523,041 667,818 (18) CLO Debt 1,064,365 1,059,593 (19) — 5.88% — 8.33% 2024-2026 N/A (3) 1,331,079 1,331,079 Borrowings from the FHLB 213,000 213,000 — 2.74% — 5.18% 2023-2024 N/A (21) 250,747 250,747 (22) Senior Unsecured Notes 1,585,063 1,570,878 (23) — 4.25% — 5.25% 2025-2029 N/A N/A (24) N/A (24) N/A (24) Total Debt Obligations, Net $ 4,955,663 $ 4,082,428 $ 964,594 $ 3,141,485 $ 3,283,031 (1) LIBOR and Term SOFR rates in effect as of March 31, 2023 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) Two additional 364-day periods at Company’s option. (5) 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. (6) Three additional 12-month extension periods at Company’s option. (7) One additional 12-month extension periods at Company’s option. No new advances are permitted. (8) Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period. (9) 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. (10) First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein. (11) Commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities. (12) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (13) Includes $1.9 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (14) Four additional 12-month periods at Company’s option. (15) 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. (16) Anticipated repayment dates. (17) Certain of our real estate investments serve as collateral for our mortgage loan financing. (18) Using undepreciated carrying value of commercial real estate to approximate fair value. (19) Presented net of unamortized debt issuance costs of $4.8 million at March 31, 2023. (20) Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities. (21) Investment grade commercial real estate securities and U.S. Treasury securities. It does not include the first mortgage commercial real estate loans collateralizing such securities. (22) 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. (23) Presented net of unamortized debt issuance costs of $14.2 million at March 31, 2023. (24) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. December 31, 2022 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 $ 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% — 6% 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(2) 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 are 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. Committed Loan and Securities Repurchase Facilities The Company has entered into six committed master repurchase agreements, as outlined in the March 31, 2023 table above, totaling $1.2 billion of credit capacity in order to finance its lending activities. Assets pledged as collateral under these facilities are limited to whole mortgage loans or participation interests in mortgage loans collateralized by first liens on commercial properties and mezzanine debt. The Company also has a term master repurchase agreement with a major U.S. bank to finance CMBS totaling $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 March 31, 2023 and December 31, 2022. 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 March 31, 2023, the Company had total debt obligations of $769.3 million outstanding pursuant to repurchase agreements with six counterparties. As of March 31, 2023 no counterparties held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $152.9 million, or 10% of our total equity. As of March 31, 2023, the weighted average haircut, or the percent of collateral value in excess of the loan amount, under our repurchase agreements was 26%. 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 March 31, 2023, 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 March 31, 2023 and December 31, 2022, the amounts of unamortized costs relating to our master repurchase facilities and Revolving Credit Facility were $4.9 million and $5.0 million, respectively, and are included in other assets in the consolidated balance sheets. Uncommitted Securities Repurchase Facilities The Company has also entered into multiple 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 8.53%, and, as of March 31, 2023, have anticipated maturity dates between 2024-2031, with an average term of 3.9 years. These mortgage loans have carrying amounts of $469.7 million and $498.0 million, net of unamortized premiums of $2.3 million and $2.4 million as of March 31, 2023 and December 31, 2022, 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 $0.2 million and $0.3 million of premium amortization, which decreased interest expense for the three months ended March 31, 2023 and 2022, respectively. The mortgage loans are collateralized by real estate and related lease intangibles, net, of $523.0 million and $559.9 million as of March 31, 2023 and December 31, 2022, respectively. During each of the three months ended March 31, 2023 and March 31, 2022, the Company did not execute any new term debt agreements 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 9, 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 9, Consolidated Variable Interest Entities. As of March 31, 2023, 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 $4.8 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 March 31, 2023, Tuebor had $213.0 million of borrowings outstanding, with terms of 0.4 years to 1.5 years (with a weighted average of 1.0 year), and interest rates of 2.74% to 5.18% (with a weighted average of 4.98%). As of March 31, 2023, collateral for the borrowings was comprised of $250.7 million of CMBS, U.S. Agency and U.S. Treasury securities (with advance rates of 71.7% to 97.1%). 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 $836.8 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 March 31, 2023. 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 March 31, 2023, the Company had $1.6 billion of unsecured corporate bonds outstanding. These unsecured financings were comprised of $327.8 million in aggregate principal amount of 5.25% senior notes due 2025 (the “2025 Notes”), $614.4 million in aggregate principal amount of 4.25% senior notes due 2027 (the “2027 Notes”) and $642.9 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”). During the three months ended March 31, 2023, the Company repurchased $16.2 million of the 2025 Notes and recognized a net gain of $1.3 million on extinguishment of debt, $36.4 million of the 2027 Notes and recognized a net gain of $6.4 million on extinguishment of debt, and $6.1 million of the 2029 Notes and recognized a net gain of $1.4 million on extinguishment of debt. 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 March 31, 2023 and 2022. 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. 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 $206.4 million in senior secured financing (the “Secured Financing Facility”) to fund transitional and land loans. The Secured Financing Facility was secured on a first lien basis on a portfolio of certain of the Company’s loans and scheduled to mature on May 6, 2023, and borrowings thereunder bore interest at LIBOR (or a minimum of 0.75% if greater) plus 10.0%, with a minimum interest premium clause. The Senior Financing Facility, which was fully paid as of June 30, 2022, was non-recourse, subject to limited exceptions, and did not contain mark-to-market provisions. Additionally, the Senior Financing Facility provided the Company optionality to modify or restructure loans or forbear in exercising remedies, which maximized the Company’s financial flexibility. Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by 2023 $ 170,361 2024 603,270 2025 651,924 2026 89,161 2027 808,995 Thereafter 712,740 Subtotal 3,036,451 Debt issuance costs included in senior unsecured notes (14,185) Debt issuance costs included in mortgage loan financings (1,701) Premiums included in mortgage loan financings(2) 2,270 Total (3) $ 3,022,835 (1) The allocation of repayments under our committed loan repurchase facilities 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 mortgage 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 $4.8 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 that 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 March 31, 2023. The Company was in compliance with all covenants as of March 31, 2023. 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 March 31, 2023, 59.8% and 40.2% 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 Alternative Reference Rates Committee, 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	3 Months Ended
DERIVATIVE INSTRUMENTS	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	7. 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 March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month Term SOFR $ 808 $ 1,470 $ — 1.38 Futures 5-year Treasury-Note Futures 44,200 $ — $ 20 0.25 10-year Treasury-Note Futures 61,400 — 29 0.25 Total futures 105,600 — 49 Total derivatives $ 106,408 $ 1,470 $ 49 (1) Shown as derivative instruments in the accompanying consolidated balance sheets. 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 in the accompanying consolidated balance sheets. The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of income for the three months ended March 31, 2023 and 2022 ($ in thousands): Three Months Ended March 31, 2023 Contract Type Unrealized Realized Net Result Caps $ (334) $ 237 $ (97) Futures (171) (1,861) (2,032) Options 131 (244) (113) Total $ (374) $ (1,868) $ (2,242) Three Months Ended March 31, 2022 Contract Type Unrealized Realized Net Result Caps $ (6) $ — $ (6) Futures (162) 3,303 3,141 Total $ (168) $ 3,303 $ 3,135 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 $2.7 million and $2.5 million of cash margin as collateral for derivatives as of March 31, 2023 and December 31, 2022, respectively, which is included in restricted cash in the consolidated balance sheets.

OFFSETTING ASSETS AND LIABILITI

OFFSETTING ASSETS AND LIABILITIES	3 Months Ended
OFFSETTING ASSETS AND LIABILITIES	Mar. 31, 2023
Offsetting [Abstract]
OFFSETTING ASSETS AND LIABILITIES	8. 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 March 31, 2023 and December 31, 2022. 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 March 31, 2023 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 1,421 $ — $ 1,421 $ — $ (2,655) $ (1,234) Total $ 1,421 $ — $ 1,421 $ — $ (2,655) $ (1,234) (1) Included in restricted cash on consolidated balance sheets. The following table represents offsetting of financial liabilities and derivative liabilities as of March 31, 2023 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Repurchase agreements $ 769,266 $ — $ 769,266 $ 769,266 $ 3,333 $ 765,933 Total $ 769,266 $ — $ 769,266 $ 769,266 $ 3,333 $ 765,933 (1) Included in restricted cash on consolidated balance sheets. 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.

CONSOLIDATED VARIABLE INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITIES	3 Months Ended
CONSOLIDATED VARIABLE INTEREST ENTITIES	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATED VARIABLE INTEREST ENTITIES	9. CONSOLIDATED VARIABLE INTEREST ENTITIES The Company consolidates on its balance sheet two CLOs that are considered VIEs as of March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 December 31, 2022 Restricted cash $ 1,170 $ 4,902 Mortgage loan receivables held for investment, net, at amortized cost 1,331,079 1,308,654 Accrued interest receivable 8,817 8,313 Other assets 4 17,505 Total assets $ 1,341,070 $ 1,339,374 Debt obligations, net $ 1,059,593 $ 1,058,462 Accrued expenses 3,213 3,029 Other liabilities 65 65 Total liabilities 1,062,871 1,061,556 Net equity in VIEs (eliminated in consolidation) 278,199 277,818 Total equity 278,199 277,818 Total liabilities and equity $ 1,341,070 $ 1,339,374 Refer to Note 7. Debt Obligations, Net - Collateralized Loan Obligations (“CLO”) Debt for further details.

EQUITY STRUCTURE AND ACCOUNTS

EQUITY STRUCTURE AND ACCOUNTS	3 Months Ended
EQUITY STRUCTURE AND ACCOUNTS	Mar. 31, 2023
Equity [Abstract]
EQUITY STRUCTURE AND ACCOUNTS	10. EQUITY STRUCTURE AND ACCOUNTS 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 March 31, 2023, the Company has a remaining amount available for repurchase of $44.5 million, which represents 3.7% in the aggregate of its outstanding Class A common stock, based on the closing price of $9.45 per share on such date. The following tables summarize the Company’s repurchase activity of its Class A common stock during the three months ended March 31, 2023 and 2022 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2022 $ 46,737 Repurchases paid 250,000 (2,285) Authorizations remaining as of March 31, 2023 $ 44,452 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2021 $ 38,102 Repurchases paid 20,000 (214) Authorizations remaining as of March 31, 2022 $ 37,888 (1) Amount excludes commissions paid associated with share repurchases. Dividends The following table presents dividends declared (on a per share basis) of Class A common stock for the three months ended March 31, 2023 and 2022: Declaration Date Dividend per Share March 15, 2023 $ 0.23 Total $ 0.23 March 15, 2022 $ 0.20 Total $ 0.20 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 three months ended March 31, 2023 and 2022 ($ in thousands): Accumulated Other Comprehensive Income (Loss) December 31, 2022 $ (21,009) Other comprehensive income (loss) 3,485 March 31, 2023 $ (17,524) Accumulated Other Comprehensive Income (Loss) December 31, 2021 $ (4,112) Other comprehensive income (loss) (6,641) March 31, 2022 $ (10,753)

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	3 Months Ended
NONCONTROLLING INTERESTS	Mar. 31, 2023
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	11. NONCONTROLLING INTERESTS Noncontrolling Interests in Consolidated Ventures As of March 31, 2023, 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 $79.5 million, and a single-tenant office building in Oakland County, MI with a book value of $8.7 million. The Company makes distributions and allocates income from these ventures to the noncontrolling interests in accordance with the terms of the respective governing agreements.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	12. EARNINGS PER SHARE The Company’s net income (loss) and weighted average shares outstanding for the three months ended March 31, 2023 and 2022 consist of the following: Three Months Ended March 31, ($ in thousands except share amounts) 2023 2022 Basic and Diluted Net income (loss) available for Class A common shareholders $ 22,408 $ 19,032 Weighted average shares outstanding: Basic 124,493,132 124,305,943 Diluted 124,656,102 125,478,001 The calculation of basic and diluted net income (loss) per share amounts for the three months ended March 31, 2023 and 2022 consist of the following: Three Months Ended March 31, (In thousands except share and per share amounts) (1) 2023 2022 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator : Net income (loss) attributable to Class A common shareholders $ 22,408 $ 19,032 Denominator : Weighted average number of shares of Class A common stock outstanding 124,493,132 124,305,943 Basic net income (loss) per share of Class A common stock $ 0.18 $ 0.15 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 22,408 $ 19,032 Diluted net income (loss) attributable to Class A common shareholders 22,408 19,032 Denominator: Basic weighted average number of shares of Class A common stock outstanding 124,493,132 124,305,943 Add - dilutive effect of: Incremental shares of unvested Class A restricted stock(1) 162,970 1,172,058 Diluted weighted average number of shares of Class A common stock outstanding (2) 124,656,102 125,478,001 Diluted net income (loss) per share of Class A common stock $ 0.18 $ 0.15 (1) The Company is using the treasury stock method. (2) There were 390,313 anti-dilutive shares as of March 31, 2023.

STOCK BASED AND OTHER COMPENSAT

STOCK BASED AND OTHER COMPENSATION PLANS	3 Months Ended
STOCK BASED AND OTHER COMPENSATION PLANS	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK BASED AND OTHER COMPENSATION PLANS	13. STOCK BASED AND OTHER COMPENSATION PLANS Summary of Stock and Shares Unvested/Outstanding The following table summarizes the impact on the consolidated statements of income of the various stock-based compensation plans and other compensation plans ($ in thousands): Three Months Ended March 31, 2023 2022 Stock-based compensation expense $ 9,124 $ 20,412 Total Stock Based Compensation Expense(1) $ 9,124 $ 20,412 (1) Variance between the three months ended March 31, 2023 and March 31, 2022 is primarily due to timing of the 2022 and 2021 grants of employee stock-based compensation. A summary of the grants is presented below: Three Months Ended March 31, 2023 2022 Number Weighted Number Weighted Grants - Class A Common Stock 1,417,561 $ 11.58 2,843,340 $ 11.89 The table below presents the number of unvested shares of Class A common stock and outstanding stock options at March 31, 2023 and changes during 2023 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, 2022 2,529,571 $ 12.62 623,788 Granted 1,417,561 11.58 — Vested (1,697,350) 12.14 — Forfeited (32,446) 10.32 — Nonvested/Outstanding at March 31, 2023 2,217,336 $ 12.36 623,788 Exercisable at March 31, 2023 (1) 623,788 (1) The weighted average exercise price of outstanding options is $14.84 at March 31, 2023. At March 31, 2023, there was $19.2 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 35.0 months, with a weighted average remaining vesting period of 26.6 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 2023 with respect to 2022 Performance For 2022 performance, certain employees received stock-based incentive equity in February 2023. Restricted stock subject to time-based vesting criteria will vest in three installments on February 18 of each of 2024, 2025 and 2026, 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 pre-tax return on average equity, based on distributable earnings divided by the Company’s average shareholders’ equity, equal to or greater than 8% for such year (the “Performance Target”) for the years ended December 31, 2023, 2024 and 2025, 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 pre-tax return on average equity of 8% based on distributable earnings divided by the Company’s average shareholders’ 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”). Approximately 2/3 of all the shares subject to attainment of the Performance Target are also subject to the Catch-Up Provision, as the Catch-Up Provision is not available for the missed performance during the third performance year and has the effect of requiring the Company to achieve an average 8% return over the full three-year performance plan in order to be effective. 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 February 18, 2023, in connection with 2022 performance, annual stock awards were granted to management employees (each, a “Management Grantee”), with an aggregate grant date fair value of $8.5 million, which represents 733,607 shares of Class A common stock. The grant to Mr. Harris and approximately half of the grants to each of Ms. McCormack and Mr. Perelman were unrestricted. The other half of incentive equity granted to each of 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 101,344 shares with an aggregate fair value of $1.2 million), approximately half of the awards are subject to time-based vesting criteria and the remaining half are subject to attainment of the Performance Target for the applicable years. On February 18, 2023, in connection with 2022 performance, annual stock awards were granted to certain non-management employees (“Non-Management Grantees”) with an aggregate grant date fair value of $7.5 million, which represents 651,429 shares of Class A common stock. Of these awards, 19,558 shares were unrestricted, 306,162 shares are subject to time-based vesting criteria and the remaining 325,709 shares are subject to the attainment of the Performance Target, including the Catch-Up Provision, for the applicable years. Other 2023 Restricted Stock Awards On February 18, 2023, certain members of the board of directors received annual restricted stock awards with a grant date fair value of $0.4 million, representing 32,525 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 2022 with respect to 2021 Performance For 2021 performance, certain employees received stock-based incentive equity in January 2022. 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 the Performance Target for the years ended December 31, 2022, 2023 and 2024, respectively. Approximately 2/3 of all the shares subject to attainment of the Performance Target are also subject to 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 performance, annual stock awards were granted to management employees (each, a “Management Grantee”), with an aggregate grant date 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 each of Ms. McCormack and Mr. Perelman were unrestricted. The other 1/3 of incentive equity granted to each of 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 performance, annual stock awards were granted to certain non-management employees (“Non-Management Grantees”) with an aggregate grant date 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, including the Catch-Up Provision, for the applicable years. 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. 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.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	14. 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 March 31, 2023 and December 31, 2022 are as follows ($ in thousands): March 31, 2023 Weighted Average Principal Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 503,183 $ 502,710 $ 485,191 Internal model, third-party inputs 5.76 % 1.01 CMBS interest-only(1) 898,620 (2) 9,493 9,537 Internal model, third-party inputs 3.82 % 1.37 GNMA interest-only(3) 44,966 (2) 265 385 Internal model, third-party inputs 5.95 % 3.09 Agency securities(1) 32 33 31 Internal model, third-party inputs 2.70 % 1.42 U.S. Treasury securities(1) 25,000 24,772 24,772 Internal model, third-party inputs 4.10 % 0.29 Equity securities(3) N/A 160 113 Observable market prices N/A N/A Mortgage loan receivables held for investment, net, at amortized cost(4) 3,809,591 3,794,075 3,306,791 Discounted Cash Flow(5) 9.18 % 1.07 Mortgage loan receivables held for sale 31,350 27,197 27,197 Internal model, third-party inputs(6) 4.57 % 8.94 FHLB stock(7) 9,585 9,585 9,585 (7) 4.75 % N/A Nonhedge derivatives(1)(10) 106,408 1,421 1,421 Counterparty quotations N/A 1.42 Liabilities: Repurchase agreements - short-term 402,869 402,869 402,869 Cost plus Accrued Interest (8) 5.76 % 0.53 Repurchase agreements - long-term 366,398 366,398 366,398 Discounted Cash Flow(9) 5.77 % 2.31 Mortgage loan financing 469,121 469,690 453,300 Discounted Cash Flow 5.68 % 3.31 CLO debt 1,064,365 1,059,593 1,059,593 Discounted Cash Flow(9) 7.00 % 15.68 Borrowings from the FHLB 213,000 213,000 212,911 Discounted Cash Flow 1.21 % 1.00 Senior unsecured notes 1,585,063 1,570,878 1,244,020 Internal model, third-party inputs 4.66 % 4.53 (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 $25.5 million at March 31, 2023. (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, 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 % 3.30 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 % 0.60 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 $20.8 million at December 31, 2022. (5) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model. (6) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (7) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (8) Fair value for repurchase agreement liabilities - short term borrowings under the Secured Financing Facility and borrowings under the Revolving Credit Facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (9) For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (10) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 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) $ 493,802 $ — $ — $ 476,181 $ 476,181 CMBS interest-only(1) 890,193 (2) — — 9,150 9,150 GNMA interest-only(3) 44,966 (2) — — 385 385 Agency securities(1) 32 — — 31 31 U.S. Treasury securities 25,000 24,772 — — 24,772 Equity securities N/A 113 — — 113 Nonhedge derivatives(4) 106,408 — 1,421 — 1,421 $ 24,885 $ 1,421 $ 485,747 $ 512,053 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) $ 3,809,591 $ — $ — $ 3,306,791 $ 3,306,791 Mortgage loan receivable held for sale(6) 31,350 — — 27,197 27,197 CMBS(7) 9,381 — — 9,009 9,009 CMBS interest-only(7) 8,426 — — 387 387 FHLB stock 9,585 — — 9,585 9,585 $ — $ — $ 3,352,969 $ 3,352,969 Liabilities: Repurchase agreements - short-term $ 402,869 $ — $ — $ 402,869 $ 402,869 Repurchase agreements - long-term 366,398 — — 366,398 366,398 Mortgage loan financing 469,121 — — 453,300 453,300 CLO debt 1,064,365 — — 1,059,593 1,059,593 Borrowings from the FHLB 213,000 — — 212,911 212,911 Senior unsecured notes 1,585,063 — — 1,244,020 1,244,020 $ — $ — $ 3,739,091 $ 3,739,091 (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 $25.5 million at March 31, 2023. (6) A lower of cost or market adjustment was recorded as of March 31, 2023. (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, 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 Equity securities N/A 118 — — 118 U.S. Treasury securities 36,000 35,328 — — 35,328 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 $20.8 million at December 31, 2021. (6) A lower of cost or market adjustment was recorded as of December 31, 2022. (7) Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost. The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the three months ended March 31, 2023 and 2022 ($ in thousands): Three Months Ended March 31, Level 3 2023 2022 Balance at January 1, $ 542,646 $ 692,864 Transfer from level 2 — — Purchases 546 29,603 Sales (10,689) (4,261) Paydowns/maturities (49,180) (57,489) Amortization of premium/discount (880) (1,326) Unrealized gain/(loss) 3,616 (6,638) Realized gain/(loss) on sale (312) (103) Balance at March 31, $ 485,747 $ 652,650 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): March 31, 2023 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 476,181 Discounted cash flow Yield (4) 2.88 % 5.67 % 17.69 % CMBS interest-only(1) 9,150 (2) Discounted cash flow Yield (4) 2.56 % 2.85 % 22.62 % GNMA interest-only(3) 385 (2) Discounted cash flow Yield (4) 1.28 % 5.95 % 10.00 % Agency securities(1) 31 Discounted cash flow Yield (4) 2.70 % 2.70 % 2.70 % Total $ 485,747 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 % 2.70 % Total $ 542,646 (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) GNMA 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. 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	3 Months Ended
INCOME TAXES	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	15. INCOME TAXES The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2015 (the REIT Election”). As such, the Company’s income is generally not subject to U.S. federal, state and local corporate income taxes other than as described below. Certain of the Company’s subsidiaries have elected to be treated as TRSs. TRSs permit the Company to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Code, and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, the Company will continue to maintain its qualification as a REIT. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in TRSs. Current income tax expense (benefit) was $0.9 million for the three months ended March 31, 2023 and $(0.9) million for the three months ended March 31, 2022. As of March 31, 2023 and December 31, 2022, the Company’s net deferred tax assets (liabilities) were $(2.6) million and $(1.8) million, respectively, and are included in other assets (other liabilities) in the Company’s consolidated balance sheets. Deferred income tax expense (benefit) included within the provision for income taxes was $0.8 million and $(0.4) million for the three months ended March 31, 2023 and March 31, 2022, respectively. The Company’s net deferred tax liability is comprised of deferred tax assets and deferred tax liabilities. The Company believes it is more likely than not that the deferred tax assets (aside from the exception noted below) will be realized in the future. Realization of the deferred tax assets is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences. The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. As of March 31, 2023, the Company had a deferred tax asset of $4.5 million 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 provided a full valuation allowance against this deferred tax asset. Additionally, as of March 31, 2023, the Company had $1.4 million of deferred tax asset related to Code Section 163(j) interest expense limitation. As the Company is uncertain if this asset will be realized in the future, the Company provided a full valuation allowance against this deferred tax asset. The Company’s tax returns are subject to audit by taxing authorities. Generally, as of March 31, 2023, the tax years 2019-2022 remain open to examination by the major taxing jurisdictions in which the Company is subject to taxes. One of the Company’s subsidiary entities is currently under an IRS audit for tax year 2020. The Company does not expect these audits to result in any material changes to the Company’s financial position. In April 2023, a settlement was reached for $2.6 million with New York City pertaining to an audit of the Company for the years 2012-2013 resulting in an incremental income tax expense of $0.2 million for the three months ended March 31, 2023. The Company does not expect tax expense to have an impact on either short, or long-term liquidity or capital needs. As of March 31, 2023 and December 31, 2022, the Company’s unrecognized tax benefit is a liability for $2.6 million and $2.4 million, respectively, and is included in the accrued expenses in the Company’s consolidated balance sheets. This unrecognized tax benefit, if recognized, would have a favorable impact on the Company’s effective income tax rate in future periods. As of March 31, 2023, 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. Under U.S. GAAP, a tax benefit related to an income tax position may be recognized when it is more likely than not that the position will be sustained upon examination by the tax authorities based on the technical merits of the position. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	16. RELATED PARTY TRANSACTIONS The Company has no material related party relationships to disclose.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Leases As of March 31, 2023, the Company had a $16.2 million lease liability and a $15.5 million right-of-use asset on its consolidated balance sheets recorded within other liabilities other assets Future minimum lease payments under non-cancelable operating leases as of March 31, 2023 are as follows ($ in thousands): 2023 (last 9 months) $ 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) (6,728) Lease liabilities $ 16,233 (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 10.3 years. Unfunded Loan Commitments As of March 31, 2023, the Company’s off-balance sheet arrangements consisted of $289.8 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, 54% 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, 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. Commitments are subject to our loan borrowers’ satisfaction of certain financial and nonfinancial covenants and may or may not be funded depending on a variety of circumstances including timing, credit metric hurdles, and other nonfinancial events occurring. The Company carefully monitors the progress of work at properties that serve as collateral underlying its commercial mortgage loans, including the progress of capital expenditures, construction, leasing and business plans in light of current market conditions. These commitments are not reflected on the consolidated balance sheets. Unsettled Trades

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
SEGMENT REPORTING	Mar. 31, 2023
Segment Reporting [Abstract]
SEGMENT REPORTING	18. 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): Three months ended March 31, 2023 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 90,874 $ 10,129 $ 2 $ 2,791 $ 103,796 Interest expense (28,728) (2,633) (6,653) (22,735) (60,749) Net interest income (expense) 62,146 7,496 (6,651) (19,944) 43,047 (Provision for) release of loan loss reserves (4,736) — — — (4,736) Net interest income (expense) after provision for (release of) loan reserves 57,410 7,496 (6,651) (19,944) 38,311 Real estate operating income — — 23,199 — 23,199 Net result from mortgage loan receivables held for sale (194) — — — (194) Realized gain (loss) on securities — (307) — — (307) Unrealized gain (loss) on securities — 117 — — 117 Fee and other income 1,681 4 2 144 1,831 Net result from derivative transactions (1,843) (302) (97) — (2,242) Earnings (loss) from investment in unconsolidated ventures — — 217 — 217 Gain (loss) on extinguishment of debt — — — 9,217 9,217 Total other income (loss) (356) (488) 23,321 9,361 31,838 Compensation and employee benefits — — — (22,084) (22,084) Operating expenses — — — (5,256) (5,256) Real estate operating expenses — — (9,849) — (9,849) Fee expense (967) (48) (93) (412) (1,520) Depreciation and amortization — — (7,425) (104) (7,529) Total costs and expenses (967) (48) (17,367) (27,856) (46,238) Income tax (expense) benefit — — — (1,720) (1,720) Segment profit (loss) $ 56,087 $ 6,960 $ (697) $ (40,159) $ 22,191 Total assets as of March 31, 2023 $ 3,795,773 $ 520,008 $ 699,601 $ 845,144 $ 5,860,526 Three months ended March 31, 2022 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 53,120 $ 3,065 $ — $ 20 $ 56,205 Interest expense (14,283) (452) (11,479) (20,821) (47,035) Net interest income (expense) 38,837 2,613 (11,479) (20,801) 9,170 (Provision for) release of loan loss reserves (874) — — (874) Net interest income (expense) after provision for (release of) loan reserves 37,963 2,613 (11,479) (20,801) 8,296 Real estate operating income — — 26,354 — 26,354 Net result from mortgage loan receivables held for sale (949) — — — (949) Realized gain (loss) on securities — (96) — — (96) Unrealized gain (loss) on securities — 17 — — 17 Realized gain on sale of real estate, net — — 29,154 — 29,154 Fee and other income 3,377 15 3,707 95 7,194 Net result from derivative transactions 2,337 804 (6) — 3,135 Earnings (loss) from investment in unconsolidated joint ventures — — 434 — 434 Total other income (loss) 4,765 740 59,643 95 65,243 Compensation and employee benefits — — — (29,864) (29,864) Operating expenses(3) 17 — — (5,525) (5,508) Real estate operating expenses — — (8,992) — (8,992) Fee expense (799) (48) (166) (975) (1,988) Depreciation and amortization — — (9,334) (8) (9,342) Total costs and expenses (782) (48) (18,492) (36,372) (55,694) Income tax (expense) benefit — — — 1,309 1,309 Segment profit (loss) $ 41,946 $ 3,305 $ 29,672 $ (55,769) $ 19,154 Total assets as of December 31, 2022 $ 3,892,382 $ 587,519 $ 706,355 $ 764,917 $ 5,951,173 (1) Includes the Company’s investment in unconsolidated ventures that held real estate of $6.3 million and $6.2 million as of March 31, 2023 and December 31, 2022, 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 FHLB stock of $9.6 million as of March 31, 2023 and December 31, 2022, and the Company’s senior unsecured notes of $1.6 billion at March 31, 2023 and December 31, 2022.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the issuance date of the financial statements and determined that no additional disclosure is necessary.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting and Principles of Consolidation	Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022, which are included in the Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The consolidated financial statements include the Company’s accounts and those of its subsidiaries that are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated.
Provision for Loan Losses	Provision for Loan Losses The Company uses a current expected credit loss model (“CECL”) for estimating the provision for loan losses on its loan portfolio. The CECL model requires the consideration of possible credit losses over the life of an instrument and includes a portfolio-based component and an asset-specific component. In compliance with the CECL reporting requirements, the Company supplemented its existing credit monitoring and management processes with additional processes to support the calculation of the CECL reserves. As part of that effort, the Company engages a third-party service provider to provide market data and a credit loss model. The credit loss model is a forward-looking, econometric, commercial real estate (“CRE”) loss forecasting tool. It is comprised of a probability of default (“PD”) model and a loss given default (“LGD”) model that, layered together with the Company’s loan-level data, 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 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. When a debtor is experiencing financial difficulties and a loan is modified, the effect of the modification will be included in the Company’s assessment of the CECL allowance for loan losses. If the Company provides principal forgiveness, the amortized cost basis of the loan is written off against the allowance for loan losses. Generally, when modifying loans, 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 the effects of modifications granted should conditions impacting the loan improve. 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.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements 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 eliminated the recognition and measurement guidance for troubled debt restructuring for creditors that have adopted ASC 326 and requires them to make enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. The standard is effective for fiscal years beginning after December 15, 2022. The adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements Pending Adoption Any new accounting standards 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)	3 Months Ended
MORTGAGE LOAN RECEIVABLES (Tables)	Mar. 31, 2023
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 $ 3,766,258 $ 3,750,799 9.16 % 1.1 Mezzanine loans 43,334 43,276 11.11 % 1.5 Total mortgage loans receivable 3,809,592 3,794,075 9.18 % 1.1 Allowance for credit losses N/A (25,499) Total mortgage loan receivables held for investment, net, at amortized cost 3,809,592 3,768,576 Mortgage loan receivables held for sale: First mortgage loans 31,350 27,197 4.57 % 8.9 Total $ 3,840,942 $ 3,795,773 (4) 9.14 % 1.1 (1) Includes the impact from interest rate floors. March 31, 2023 LIBOR and SOFR rates are used to calculate weighted average yield for floating rate loans. (2) Excludes non-accrual loans of $53.6 million. Refer to “Non-Accrual Status” below for further details. (3) The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 2.4 years. (4) Net of $15.5 million of deferred origination fees and other items as of March 31, 2023. 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 % 9.2 Total $ 3,938,615 $ 3,892,382 (4) 8.82 % 1.3 (1) Includes the impact from interest rate floors. December 31, 2022 LIBOR rates are used to calculate weighted average yield for floating rate loans. (2) Excludes non-accrual loans of $53.8 million. (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 $21.5 million of deferred origination fees and other items as of December 31, 2022.
Summary of mortgage loan receivables by loan type	For the three months ended March 31, 2023 and 2022, the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2022 $ 3,885,746 $ (20,755) $ 27,391 Origination of mortgage loan receivables 32,616 — — Repayment of mortgage loan receivables (131,272) — — Net result from mortgage loan receivables held for sale (1) — — (194) Accretion/amortization of discount, premium and other fees 6,985 — — Release (addition) of provision for current expected credit loss, net (2) — (4,744) — Balance, March 31, 2023 $ 3,794,075 $ (25,499) $ 27,197 (1) Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale. (2) Refer to “Allowance for Credit Losses” table below for further detail. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2021 $ 3,553,737 $ (31,752) $ — Origination of mortgage loan receivables 648,507 — 54,850 Repayment of mortgage loan receivables (349,935) — — Net result from mortgage loan receivables held for sale (2) — — (949) Accretion/amortization of discount, premium and other fees 5,162 — — Release (addition) of provision for current expected credit loss, net (3) — (580) — Balance, March 31, 2022 $ 3,857,471 $ (32,332) $ 53,901 (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on additions to real estate. (2) Represents unrealized lower of cost or market adjustment on loans held for sale. (3) Refer to “Allowance for Credit Losses” table below for further detail.
Schedule of provision for loan losses	Allowance for Credit Losses and Non-Accrual Status ($ in thousands) Three Months Ended March 31, Allowance for Credit Losses 2023 2022 Allowance for credit losses at beginning of period $ 20,755 $ 31,752 Provision for (release of) current expected credit loss, net (1) 4,744 580 Allowance for credit losses at end of period $ 25,499 $ 32,332 (1) There were no asset specific reserves recorded for the three months ended March 31, 2023 or 2022. Non-Accrual Status March 31, 2023 December 31, 2022 Carrying value of loans on non-accrual status, net of asset-specific reserve (1)(2) $ 53,624 $ 53,809 (1) Includes one loan with an amortized cost basis of $30.5 million, for which the Company determined no asset specific reserve was necessary. (2) As of March 31, 2023 and December 31, 2022 the loans on non-accrual status were greater than 90 days past due.
Schedule of individually impaired loans	Loan Portfolio by Geographic Region, Collateral Type and Vintage (amortized cost $ in thousands) March 31, December 31, Geographic Region 2023 2022 Northeast $ 1,163,181 $ 1,191,337 South 1,101,731 1,080,132 Southwest 650,167 675,069 Midwest 488,728 496,640 West 364,441 416,556 Subtotal mortgage loans receivable 3,768,248 3,859,734 Individually impaired loans 25,827 26,012 Total mortgage loans receivable $ 3,794,075 $ 3,885,746 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 March 31, 2023 and December 31, 2022, respectively ($ in thousands): Amortized Cost Basis by Origination Year as of March 31, 2023 Collateral Type 2023 2022 2021 2020 2019 and Earlier Total Multifamily $ 14,339 $ 677,833 $ 730,370 $ — $ — $ 1,422,542 Office — 78,871 672,894 — 168,387 920,152 Mixed Use — 202,526 356,226 26,500 92,005 677,257 Industrial — 37,690 96,952 — 115,275 249,917 Retail — 60,250 107,783 — 22,098 190,131 Hospitality — — 45,485 — 92,221 137,706 Manufactured Housing — 32,559 82,724 — 2,924 118,207 Other — 32,457 19,879 — — 52,336 Self-Storage — — — — — — Subtotal mortgage loans receivable 14,339 1,122,186 2,112,313 26,500 492,910 3,768,248 Individually Impaired loans — — — — 25,827 25,827 Total mortgage loans receivable (1) $ 14,339 $ 1,122,186 $ 2,112,313 $ 26,500 $ 518,737 $ 3,794,075 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 — — — — 26,012 26,012 Total mortgage loans receivable (2) $ 1,145,229 $ 2,102,307 $ 56,150 $ 332,046 $ 250,014 $ 3,885,746 (1) Not included above is $23.9 million of accrued interest receivable (2) Not included above is $23.2 million of accrued interest receivable on all loans at December 31, 2022.

SECURITIES (Tables)

SECURITIES (Tables)	3 Months Ended
SECURITIES (Tables)	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses (7) Carrying # of Rating (1) Coupon % Yield % Remaining CMBS $ 503,183 $ 502,710 $ 43 $ (17,563) $ 485,190 (2) 70 AAA 5.72 % 5.76 % 1.01 CMBS interest-only(3) 898,620 (3) 9,493 177 (134) 9,536 (4) 9 AAA 0.59 % 3.82 % 1.37 GNMA interest-only(5) 44,966 (3) 265 139 (19) 385 14 AAA 0.31 % 5.95 % 3.09 Agency securities 32 33 — (1) 32 1 AAA 4.00 % 2.70 % 1.42 U.S. Treasury securities 25,000 24,811 2 (41) 24,772 6 AAA N/A 4.10 % 0.29 Total debt securities 1,471,801 537,312 361 (17,758) 519,915 (6) 100 2.37 % 5.72 % 1.02 Equity securities N/A 160 — (47) 113 1 N/A N/A N/A N/A Allowance for current expected credit losses N/A — — (20) (20) Total securities $ 1,471,801 $ 537,472 $ 361 $ (17,825) $ 520,008 101 December 31, 2022 Gross Unrealized Weighted Average Asset Type Outstanding Amortized 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 AAA 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 real estate securities $ 1,670,439 $ 608,599 $ 144 $ (21,224) $ 587,519 107 (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 March 31, 2023 and December 31, 2022, includes $9.0 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“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 March 31, 2023 and December 31, 2022, includes $0.4 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (5) GNMA interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s GNMA interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on securities in the consolidated statements of income. (6) The Company’s investments in debt securities represents an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date.
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows	The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 304,060 $ 181,131 $ — $ — $ 485,191 CMBS interest-only 2,365 7,172 — — 9,537 GNMA interest-only 36 210 138 — 384 Agency securities — 31 — — 31 U.S. Treasury securities 24,772 — — — 24,772 Allowance for current expected credit losses — — — — (20) Total securities (1) $ 331,233 $ 188,544 $ 138 $ — $ 519,895 (1) Excluded from the table above are $0.1 million of equity securities. 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.

REAL ESTATE AND RELATED LEASE_2

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)	3 Months Ended
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)	Mar. 31, 2023
Real Estate [Abstract]
Schedule of real estate properties by category	The Company’s real estate assets were comprised of the following ($ in thousands): March 31, 2023 December 31, 2022 Land $ 158,802 $ 158,802 Building 626,280 625,655 In-place leases and other intangibles 114,689 114,687 Undepreciated real estate and related lease intangibles 899,771 899,144 Less: Accumulated depreciation and amortization (206,505) (199,008) Real estate and related lease intangibles, net(2) $ 693,266 $ 700,136 Below market lease intangibles, net (other liabilities)(1) $ (30,369) $ (30,892) (1) Below market lease intangibles is net of $14.2 million and $13.6 million of accumulated amortization as of March 31, 2023 and December 31, 2022, respectively.
Schedule of depreciation and amortization expense recorded	The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended March 31, 2023 2022 Depreciation expense(1) $ 6,200 $ 7,088 Amortization expense 1,329 2,254 Total real estate depreciation and amortization expense $ 7,529 $ 9,342 (1) Depreciation expense on the consolidated statements of income also includes $0.1 million and $8 thousand of depreciation on corporate fixed assets for the three months ended March 31, 2023 and March 31, 2022, respectively.
Schedule of lease intangible assets	The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands): March 31, 2023 December 31, 2022 Gross intangible assets(1) $ 114,689 $ 114,687 Accumulated amortization 51,125 49,725 Net intangible assets $ 63,564 $ 64,962 (1) Includes $2.8 million of unamortized above market lease intangibles, which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of March 31, 2023 and December 31, 2022. The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands): Three Months Ended March 31, 2023 2022 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (72) $ (76) Increase in operating lease income for amortization of below market lease intangibles acquired 526 520 Total $ 454 $ 444
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 March 31, 2023 ($ in thousands): Period Ending December 31, Increase/(Decrease) to Operating Lease Income Amortization Expense 2023 $ 730 $ 3,398 2024 973 4,531 2025 973 4,391 2026 976 3,740 2027 976 3,554 Thereafter 22,968 41,179 Total $ 27,596 $ 60,793
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 March 31, 2023 ($ in thousands): Period Ending December 31, Amount 2023 $ 40,682 2024 49,994 2025 49,801 2026 48,424 2027 46,267 Thereafter 196,855 Total $ 432,023
Schedule of real estate properties acquired	uring the three months ended March 31, 2022 ($ in thousands): 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% Total real estate acquisitions $ 15,436 (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 $15.4 million, which was determined to be fair value. The fair value of the remaining condo unit was determined based on comparable sales in the building and the value of the remaining retail unit was valued utilizing a direct capitalization rate of 5.5%. The key inputs used to determine fair value were determined to be Level 3 inputs.
Schedule of properties sold	The Company did not have any sales during the three months ended March 31, 2023 and sold the following properties during the three months ended March 31, 2022 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties March 2022 Office Ewing, NJ $ 38,652 $ 24,134 $ 14,518 1 March 2022 Warehouse Conyers, GA 40,752 26,116 14,636 1 Totals (1) $ 79,404 $ 50,250 $ 29,154 (1) Includes $3.7 million of defeasance costs upon repayment of the mortgage financing in connection with the sales that is recorded within interest expense on the consolidated statement of income, such amount was correspondingly paid by the buyer and received by the Company as part of the sale and recorded in fee and other income on the consolidated statement of income.

DEBT OBLIGATIONS, NET (Tables)

DEBT OBLIGATIONS, NET (Tables)	3 Months Ended
DEBT OBLIGATIONS, NET (Tables)	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of debt obligations	The details of the Company’s debt obligations at March 31, 2023 and December 31, 2022 are as follows ($ in thousands): March 31, 2023 Debt Obligations Committed / Carrying Value of Debt Obligations Committed but Unfunded Interest Rate at March 31, 2023(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 6.54% — 7.04% 9/27/2025 (2) (3) $ 431,809 $ 431,395 Committed Loan Repurchase Facility 300,000 206,867 93,133 6.54% — 7.85% 12/19/2023 (4) (5) 306,449 303,632 Committed Loan Repurchase Facility 100,000 47,415 52,585 6.55% — 6.55% 4/30/2024 (6) (3) 64,263 64,263 Committed Loan Repurchase Facility 100,000 77,959 22,041 6.06% — 6.56% 1/2/2024 (7) (3) 103,560 103,560 Committed Loan Repurchase Facility 100,000 — 100,000 —% —% 1/22/2024 (8) (5) — — Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 7/14/2023 (9) (10) — — Total Committed Loan Repurchase Facilities 1,200,000 651,224 548,776 906,081 902,850 Committed Securities Repurchase Facility 100,000 8,032 91,968 5.46% — 5.71% 5/27/2024 N/A (11) 9,150 9,150 Uncommitted Securities Repurchase Facility N/A (12) 110,011 N/A (12) 5.32% — 6.68% 4/27/2023 N/A (11) 121,387 121,387 (13) Total Repurchase Facilities 1,300,000 769,267 640,744 1,036,618 1,033,387 Revolving Credit Facility 323,850 — 323,850 —% — —% 7/27/2023 (14) N/A (15) N/A (15) N/A (15) Mortgage Loan Financing 469,385 469,690 — 4.25% — 8.53% 2024-2031 N/A (17) 523,041 667,818 (18) CLO Debt 1,064,365 1,059,593 (19) — 5.88% — 8.33% 2024-2026 N/A (3) 1,331,079 1,331,079 Borrowings from the FHLB 213,000 213,000 — 2.74% — 5.18% 2023-2024 N/A (21) 250,747 250,747 (22) Senior Unsecured Notes 1,585,063 1,570,878 (23) — 4.25% — 5.25% 2025-2029 N/A N/A (24) N/A (24) N/A (24) Total Debt Obligations, Net $ 4,955,663 $ 4,082,428 $ 964,594 $ 3,141,485 $ 3,283,031 (1) LIBOR and Term SOFR rates in effect as of March 31, 2023 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) Two additional 364-day periods at Company’s option. (5) 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. (6) Three additional 12-month extension periods at Company’s option. (7) One additional 12-month extension periods at Company’s option. No new advances are permitted. (8) Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period. (9) 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. (10) First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein. (11) Commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities. (12) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (13) Includes $1.9 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (14) Four additional 12-month periods at Company’s option. (15) 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. (16) Anticipated repayment dates. (17) Certain of our real estate investments serve as collateral for our mortgage loan financing. (18) Using undepreciated carrying value of commercial real estate to approximate fair value. (19) Presented net of unamortized debt issuance costs of $4.8 million at March 31, 2023. (20) Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities. (21) Investment grade commercial real estate securities and U.S. Treasury securities. It does not include the first mortgage commercial real estate loans collateralizing such securities. (22) 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. (23) Presented net of unamortized debt issuance costs of $14.2 million at March 31, 2023. (24) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. December 31, 2022 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 $ 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% — 6% 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(2) 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 are 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 $15.4 million at December 31, 2022. (25) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity	The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by 2023 $ 170,361 2024 603,270 2025 651,924 2026 89,161 2027 808,995 Thereafter 712,740 Subtotal 3,036,451 Debt issuance costs included in senior unsecured notes (14,185) Debt issuance costs included in mortgage loan financings (1,701) Premiums included in mortgage loan financings(2) 2,270 Total (3) $ 3,022,835 (1) The allocation of repayments under our committed loan repurchase facilities 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 mortgage 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)	3 Months Ended
DERIVATIVE INSTRUMENTS (Tables)	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month Term SOFR $ 808 $ 1,470 $ — 1.38 Futures 5-year Treasury-Note Futures 44,200 $ — $ 20 0.25 10-year Treasury-Note Futures 61,400 — 29 0.25 Total futures 105,600 — 49 Total derivatives $ 106,408 $ 1,470 $ 49 (1) Shown as derivative instruments in the accompanying consolidated balance sheets. 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 in the accompanying consolidated balance sheets.
Schedule of net realized gains/(losses) and unrealized appreciation/(depreciation) on derivatives	The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of income for the three months ended March 31, 2023 and 2022 ($ in thousands): Three Months Ended March 31, 2023 Contract Type Unrealized Realized Net Result Caps $ (334) $ 237 $ (97) Futures (171) (1,861) (2,032) Options 131 (244) (113) Total $ (374) $ (1,868) $ (2,242) Three Months Ended March 31, 2022 Contract Type Unrealized Realized Net Result Caps $ (6) $ — $ (6) Futures (162) 3,303 3,141 Total $ (168) $ 3,303 $ 3,135

OFFSETTING ASSETS AND LIABILI_2

OFFSETTING ASSETS AND LIABILITIES (Tables)	3 Months Ended
OFFSETTING ASSETS AND LIABILITIES (Tables)	Mar. 31, 2023
Offsetting [Abstract]
Schedule of offsetting of financial assets	The following table represents offsetting of financial assets and derivative assets as of March 31, 2023 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 1,421 $ — $ 1,421 $ — $ (2,655) $ (1,234) Total $ 1,421 $ — $ 1,421 $ — $ (2,655) $ (1,234) (1) Included in restricted cash on consolidated balance sheets. 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.
Schedule of offsetting of financial liabilities	The following table represents offsetting of financial liabilities and derivative liabilities as of March 31, 2023 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Repurchase agreements $ 769,266 $ — $ 769,266 $ 769,266 $ 3,333 $ 765,933 Total $ 769,266 $ — $ 769,266 $ 769,266 $ 3,333 $ 765,933 (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.

CONSOLIDATED VARIABLE INTERES_2

CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables)	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 December 31, 2022 Restricted cash $ 1,170 $ 4,902 Mortgage loan receivables held for investment, net, at amortized cost 1,331,079 1,308,654 Accrued interest receivable 8,817 8,313 Other assets 4 17,505 Total assets $ 1,341,070 $ 1,339,374 Debt obligations, net $ 1,059,593 $ 1,058,462 Accrued expenses 3,213 3,029 Other liabilities 65 65 Total liabilities 1,062,871 1,061,556 Net equity in VIEs (eliminated in consolidation) 278,199 277,818 Total equity 278,199 277,818 Total liabilities and equity $ 1,341,070 $ 1,339,374

EQUITY STRUCTURE AND ACCOUNTS (

EQUITY STRUCTURE AND ACCOUNTS (Tables)	3 Months Ended
EQUITY STRUCTURE AND ACCOUNTS (Tables)	Mar. 31, 2023
Equity [Abstract]
Common stock repurchase activity	The following tables summarize the Company’s repurchase activity of its Class A common stock during the three months ended March 31, 2023 and 2022 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2022 $ 46,737 Repurchases paid 250,000 (2,285) Authorizations remaining as of March 31, 2023 $ 44,452 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2021 $ 38,102 Repurchases paid 20,000 (214) Authorizations remaining as of March 31, 2022 $ 37,888 (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 three months ended March 31, 2023 and 2022: Declaration Date Dividend per Share March 15, 2023 $ 0.23 Total $ 0.23 March 15, 2022 $ 0.20 Total $ 0.20
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 three months ended March 31, 2023 and 2022 ($ in thousands): Accumulated Other Comprehensive Income (Loss) December 31, 2022 $ (21,009) Other comprehensive income (loss) 3,485 March 31, 2023 $ (17,524) Accumulated Other Comprehensive Income (Loss) December 31, 2021 $ (4,112) Other comprehensive income (loss) (6,641) March 31, 2022 $ (10,753)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of the Company's net income and weighted average shares outstanding	The Company’s net income (loss) and weighted average shares outstanding for the three months ended March 31, 2023 and 2022 consist of the following: Three Months Ended March 31, ($ in thousands except share amounts) 2023 2022 Basic and Diluted Net income (loss) available for Class A common shareholders $ 22,408 $ 19,032 Weighted average shares outstanding: Basic 124,493,132 124,305,943 Diluted 124,656,102 125,478,001
Schedule of calculation of basic and diluted net income per share amounts	The calculation of basic and diluted net income (loss) per share amounts for the three months ended March 31, 2023 and 2022 consist of the following: Three Months Ended March 31, (In thousands except share and per share amounts) (1) 2023 2022 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator : Net income (loss) attributable to Class A common shareholders $ 22,408 $ 19,032 Denominator : Weighted average number of shares of Class A common stock outstanding 124,493,132 124,305,943 Basic net income (loss) per share of Class A common stock $ 0.18 $ 0.15 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 22,408 $ 19,032 Diluted net income (loss) attributable to Class A common shareholders 22,408 19,032 Denominator: Basic weighted average number of shares of Class A common stock outstanding 124,493,132 124,305,943 Add - dilutive effect of: Incremental shares of unvested Class A restricted stock(1) 162,970 1,172,058 Diluted weighted average number of shares of Class A common stock outstanding (2) 124,656,102 125,478,001 Diluted net income (loss) per share of Class A common stock $ 0.18 $ 0.15 (1) The Company is using the treasury stock method. (2) There were 390,313 anti-dilutive shares as of March 31, 2023.

STOCK BASED AND OTHER COMPENS_2

STOCK BASED AND OTHER COMPENSATION PLANS (Tables)	3 Months Ended
STOCK BASED AND OTHER COMPENSATION PLANS (Tables)	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock based compensation plans summary	The following table summarizes the impact on the consolidated statements of income of the various stock-based compensation plans and other compensation plans ($ in thousands): Three Months Ended March 31, 2023 2022 Stock-based compensation expense $ 9,124 $ 20,412 Total Stock Based Compensation Expense(1) $ 9,124 $ 20,412 (1) Variance between the three months ended March 31, 2023 and March 31, 2022 is primarily due to timing of the 2022 and 2021 grants of employee stock-based compensation.
Summary of the grants	A summary of the grants is presented below: Three Months Ended March 31, 2023 2022 Number Weighted Number Weighted Grants - Class A Common Stock 1,417,561 $ 11.58 2,843,340 $ 11.89
Schedule of nonvested shares activity	The table below presents the number of unvested shares of Class A common stock and outstanding stock options at March 31, 2023 and changes during 2023 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, 2022 2,529,571 $ 12.62 623,788 Granted 1,417,561 11.58 — Vested (1,697,350) 12.14 — Forfeited (32,446) 10.32 — Nonvested/Outstanding at March 31, 2023 2,217,336 $ 12.36 623,788 Exercisable at March 31, 2023 (1) 623,788 (1) The weighted average exercise price of outstanding options is $14.84 at March 31, 2023.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 are as follows ($ in thousands): March 31, 2023 Weighted Average Principal Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 503,183 $ 502,710 $ 485,191 Internal model, third-party inputs 5.76 % 1.01 CMBS interest-only(1) 898,620 (2) 9,493 9,537 Internal model, third-party inputs 3.82 % 1.37 GNMA interest-only(3) 44,966 (2) 265 385 Internal model, third-party inputs 5.95 % 3.09 Agency securities(1) 32 33 31 Internal model, third-party inputs 2.70 % 1.42 U.S. Treasury securities(1) 25,000 24,772 24,772 Internal model, third-party inputs 4.10 % 0.29 Equity securities(3) N/A 160 113 Observable market prices N/A N/A Mortgage loan receivables held for investment, net, at amortized cost(4) 3,809,591 3,794,075 3,306,791 Discounted Cash Flow(5) 9.18 % 1.07 Mortgage loan receivables held for sale 31,350 27,197 27,197 Internal model, third-party inputs(6) 4.57 % 8.94 FHLB stock(7) 9,585 9,585 9,585 (7) 4.75 % N/A Nonhedge derivatives(1)(10) 106,408 1,421 1,421 Counterparty quotations N/A 1.42 Liabilities: Repurchase agreements - short-term 402,869 402,869 402,869 Cost plus Accrued Interest (8) 5.76 % 0.53 Repurchase agreements - long-term 366,398 366,398 366,398 Discounted Cash Flow(9) 5.77 % 2.31 Mortgage loan financing 469,121 469,690 453,300 Discounted Cash Flow 5.68 % 3.31 CLO debt 1,064,365 1,059,593 1,059,593 Discounted Cash Flow(9) 7.00 % 15.68 Borrowings from the FHLB 213,000 213,000 212,911 Discounted Cash Flow 1.21 % 1.00 Senior unsecured notes 1,585,063 1,570,878 1,244,020 Internal model, third-party inputs 4.66 % 4.53 (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 $25.5 million at March 31, 2023. (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, 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 % 3.30 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 % 0.60 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 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. (10) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
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 March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 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) $ 493,802 $ — $ — $ 476,181 $ 476,181 CMBS interest-only(1) 890,193 (2) — — 9,150 9,150 GNMA interest-only(3) 44,966 (2) — — 385 385 Agency securities(1) 32 — — 31 31 U.S. Treasury securities 25,000 24,772 — — 24,772 Equity securities N/A 113 — — 113 Nonhedge derivatives(4) 106,408 — 1,421 — 1,421 $ 24,885 $ 1,421 $ 485,747 $ 512,053 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) $ 3,809,591 $ — $ — $ 3,306,791 $ 3,306,791 Mortgage loan receivable held for sale(6) 31,350 — — 27,197 27,197 CMBS(7) 9,381 — — 9,009 9,009 CMBS interest-only(7) 8,426 — — 387 387 FHLB stock 9,585 — — 9,585 9,585 $ — $ — $ 3,352,969 $ 3,352,969 Liabilities: Repurchase agreements - short-term $ 402,869 $ — $ — $ 402,869 $ 402,869 Repurchase agreements - long-term 366,398 — — 366,398 366,398 Mortgage loan financing 469,121 — — 453,300 453,300 CLO debt 1,064,365 — — 1,059,593 1,059,593 Borrowings from the FHLB 213,000 — — 212,911 212,911 Senior unsecured notes 1,585,063 — — 1,244,020 1,244,020 $ — $ — $ 3,739,091 $ 3,739,091 (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 $25.5 million at March 31, 2023. (6) A lower of cost or market adjustment was recorded as of March 31, 2023. (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, 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 Equity securities N/A 118 — — 118 U.S. Treasury securities 36,000 35,328 — — 35,328 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 $20.8 million at December 31, 2021. (6) A lower of cost or market adjustment was recorded as of December 31, 2022.
Schedule of changes in Level 3 of financial instruments	The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the three months ended March 31, 2023 and 2022 ($ in thousands): Three Months Ended March 31, Level 3 2023 2022 Balance at January 1, $ 542,646 $ 692,864 Transfer from level 2 — — Purchases 546 29,603 Sales (10,689) (4,261) Paydowns/maturities (49,180) (57,489) Amortization of premium/discount (880) (1,326) Unrealized gain/(loss) 3,616 (6,638) Realized gain/(loss) on sale (312) (103) Balance at March 31, $ 485,747 $ 652,650
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): March 31, 2023 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 476,181 Discounted cash flow Yield (4) 2.88 % 5.67 % 17.69 % CMBS interest-only(1) 9,150 (2) Discounted cash flow Yield (4) 2.56 % 2.85 % 22.62 % GNMA interest-only(3) 385 (2) Discounted cash flow Yield (4) 1.28 % 5.95 % 10.00 % Agency securities(1) 31 Discounted cash flow Yield (4) 2.70 % 2.70 % 2.70 % Total $ 485,747 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 % 2.70 % Total $ 542,646 (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) GNMA 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.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease obligations under non-cancelable operating leases	Future minimum lease payments under non-cancelable operating leases as of March 31, 2023 are as follows ($ in thousands): 2023 (last 9 months) $ 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) (6,728) Lease liabilities $ 16,233 (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 10.3 years.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
SEGMENT REPORTING (Tables)	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Company's performance evaluation by segment	The Company evaluates performance based on the following financial measures for each segment ($ in thousands): Three months ended March 31, 2023 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 90,874 $ 10,129 $ 2 $ 2,791 $ 103,796 Interest expense (28,728) (2,633) (6,653) (22,735) (60,749) Net interest income (expense) 62,146 7,496 (6,651) (19,944) 43,047 (Provision for) release of loan loss reserves (4,736) — — — (4,736) Net interest income (expense) after provision for (release of) loan reserves 57,410 7,496 (6,651) (19,944) 38,311 Real estate operating income — — 23,199 — 23,199 Net result from mortgage loan receivables held for sale (194) — — — (194) Realized gain (loss) on securities — (307) — — (307) Unrealized gain (loss) on securities — 117 — — 117 Fee and other income 1,681 4 2 144 1,831 Net result from derivative transactions (1,843) (302) (97) — (2,242) Earnings (loss) from investment in unconsolidated ventures — — 217 — 217 Gain (loss) on extinguishment of debt — — — 9,217 9,217 Total other income (loss) (356) (488) 23,321 9,361 31,838 Compensation and employee benefits — — — (22,084) (22,084) Operating expenses — — — (5,256) (5,256) Real estate operating expenses — — (9,849) — (9,849) Fee expense (967) (48) (93) (412) (1,520) Depreciation and amortization — — (7,425) (104) (7,529) Total costs and expenses (967) (48) (17,367) (27,856) (46,238) Income tax (expense) benefit — — — (1,720) (1,720) Segment profit (loss) $ 56,087 $ 6,960 $ (697) $ (40,159) $ 22,191 Total assets as of March 31, 2023 $ 3,795,773 $ 520,008 $ 699,601 $ 845,144 $ 5,860,526 Three months ended March 31, 2022 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 53,120 $ 3,065 $ — $ 20 $ 56,205 Interest expense (14,283) (452) (11,479) (20,821) (47,035) Net interest income (expense) 38,837 2,613 (11,479) (20,801) 9,170 (Provision for) release of loan loss reserves (874) — — (874) Net interest income (expense) after provision for (release of) loan reserves 37,963 2,613 (11,479) (20,801) 8,296 Real estate operating income — — 26,354 — 26,354 Net result from mortgage loan receivables held for sale (949) — — — (949) Realized gain (loss) on securities — (96) — — (96) Unrealized gain (loss) on securities — 17 — — 17 Realized gain on sale of real estate, net — — 29,154 — 29,154 Fee and other income 3,377 15 3,707 95 7,194 Net result from derivative transactions 2,337 804 (6) — 3,135 Earnings (loss) from investment in unconsolidated joint ventures — — 434 — 434 Total other income (loss) 4,765 740 59,643 95 65,243 Compensation and employee benefits — — — (29,864) (29,864) Operating expenses(3) 17 — — (5,525) (5,508) Real estate operating expenses — — (8,992) — (8,992) Fee expense (799) (48) (166) (975) (1,988) Depreciation and amortization — — (9,334) (8) (9,342) Total costs and expenses (782) (48) (18,492) (36,372) (55,694) Income tax (expense) benefit — — — 1,309 1,309 Segment profit (loss) $ 41,946 $ 3,305 $ 29,672 $ (55,769) $ 19,154 Total assets as of December 31, 2022 $ 3,892,382 $ 587,519 $ 706,355 $ 764,917 $ 5,951,173 (1) Includes the Company’s investment in unconsolidated ventures that held real estate of $6.3 million and $6.2 million as of March 31, 2023 and December 31, 2022, 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 FHLB stock of $9.6 million as of March 31, 2023 and December 31, 2022, and the Company’s senior unsecured notes of $1.6 billion at March 31, 2023 and December 31, 2022.

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details)	Mar. 31, 2023
LCFH
ORGANIZATION AND OPERATIONS
Ownership interest in LCFH	100%

MORTGAGE LOAN RECEIVABLES - Sch

MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Jan. 31, 2023	Mar. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 3,840,942	$ 3,938,615
Allowance for credit losses	(25,499)	(20,755)		$ (32,332)	$ (31,752)
Carrying Value	$ 3,795,773	$ 3,892,382	$ 51,500
Weighted average yield	9.14%	8.82%
Remaining Maturity	1 year 1 month 6 days	1 year 3 months 18 days
Principal balance of loans on non-accrual status	$ 53,624	$ 53,809
Deferred origination fees and other items	15,500	21,500
First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	3,766,258	3,841,315
Carrying Value gross, consumer and commercial real estate	$ 3,750,799	$ 3,819,860
Weighted average yield	9.16%	8.83%
Remaining Maturity	1 year 1 month 6 days	1 year 3 months 18 days
Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 43,334	$ 65,950
Carrying Value gross, consumer and commercial real estate	$ 43,276	$ 65,886
Weighted average yield	11.11%	10.62%
Remaining Maturity	1 year 6 months	1 year 7 months 6 days
Total mortgage loans receivable
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 3,809,592	$ 3,907,265
Carrying Value gross, consumer and commercial real estate	$ 3,794,075	$ 3,885,746
Weighted average yield	9.18%	8.85%
Remaining Maturity	1 year 1 month 6 days	1 year 3 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	$ 3,809,592	$ 3,907,265
Allowance for credit losses	(25,499)	(20,755)		$ (32,332)	$ (31,752)
Carrying Value	$ 3,768,576	3,864,991
Remaining Maturity	2 years 4 months 24 days
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	31,350
Carrying Value	$ 27,197	$ 27,391
Weighted average yield	4.57%	4.57%
Remaining Maturity	8 years 10 months 24 days	9 years 2 months 12 days

MORTGAGE LOAN RECEIVABLES - Add

MORTGAGE LOAN RECEIVABLES - Additional Information (Details) $ in Thousands		1 Months Ended		3 Months Ended		12 Months Ended
		Feb. 28, 2023 USD ($)	Jan. 31, 2023 security	Mar. 31, 2023 USD ($) loans	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) loans	Dec. 31, 2021 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount				$ 3,840,942		$ 3,938,615
Allowance for current expected credit losses				26,200		21,500
General CECL Reserve				25,499	$ 32,332	20,755	$ 31,752
Increase in reserve of unfunded commitments				700		700
Individually impaired loans				25,827		26,012
Provision for (release of) loan loss reserves, net				4,736	874
Increase (decrease) of reserve on unfunded commitments				(8)	(300)
Number of loans in default \| security			1
Mortgage loans receivable	[1]			3,794,075		3,885,746
Loans nonaccrual status, amount				53,624		53,809
Principal balance of loans on non-accrual status				53,624		53,809
Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans receivable				920,152		980,031
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		$ 2,700
Number or loans in default \| loans				2		2
Provision for (release of) loan loss reserves, net					600
Provision for (release of) loan loss reserves, net				$ 4,700
Total mortgage loan receivables held for investment, net, at amortized cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans receivable with variable rates of interest				$ 3,300,000		$ 3,400,000
Loans receivable with variable rates of interest				87.20%		87.20%
Loans receivable with variable rates of interest, subject to interest rate floors				100%		99%
Outstanding Face Amount				$ 3,809,592		$ 3,907,265
General CECL Reserve				25,499	32,332	20,755	$ 31,752
Provision for (release of) loan loss reserves, net				4,744	$ 580
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		2,300,000
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				1,000,000		1,100,000
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		$ 31,350
Percentage of loans receivable with fixed rates of interest				100%		100%
First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount				$ 3,766,258		$ 3,841,315
First mortgage loans \| Office \| New York, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans receivable		$ 51,500		$ 48,000
Fixed rate		7%
Current pay rate		5%
Accrue rate		2%
Principal paydown		$ 3,500
Reserve funding		$ 6,500
Accrue rate, nonaccrual		2%
First mortgage loans \| London Interbank Offered Rate (LIBOR) \| Office \| New York, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans receivable with variable rates of interest		2.80%

[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

MORTGAGE LOAN RECEIVABLES - Act

MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Mortgage loan receivables held for investment, net, at amortized cost:
Net result from mortgage loan receivables held for sale	$ (194)	$ (949)
Allowance for credit losses
Beginning balance, Allowance for credit losses	(20,755)	(31,752)
Release (addition) of provision for current expected credit loss, net (3)	(4,736)	(874)
Ending balance, Allowance for credit losses	(25,499)	(32,332)
Total mortgage loans receivable
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, ending balance	3,794,075
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	3,885,746	3,553,737
Origination of mortgage loan receivables	32,616	648,507
Repayment of mortgage loan receivables	(131,272)	(349,935)
Net result from mortgage loan receivables held for sale	0	0
Accretion/amortization of discount, premium and other fees	6,985	5,162
Mortgage loans receivable, ending balance		3,857,471
Allowance for credit losses
Beginning balance, Allowance for credit losses	(20,755)	(31,752)
Release (addition) of provision for current expected credit loss, net (3)	(4,744)	(580)
Ending balance, Allowance for credit losses	(25,499)	(32,332)
Mortgage loan receivables held for sale
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, beginning balance	27,391	0
Origination of mortgage loan receivables	0	54,850
Repayment of mortgage loan receivables	0	0
Net result from mortgage loan receivables held for sale	(194)	(949)
Mortgage loans receivable, ending balance	$ 27,197	$ 53,901

MORTGAGE LOAN RECEIVABLES - Pro

MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) loans	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) loans
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses at beginning of period	$ 20,755	$ 31,752	$ 31,752
Provision for (release of) current expected credit loss, net	4,744	580
Allowance for credit losses at end of period	25,499	32,332	20,755
Principal balance of loans on non-accrual status	53,624		53,809
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	20,755	31,752	31,752
Allowance for credit losses at end of period	25,499	32,332	20,755
Asset Specific Reserve, Company Loan
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses at beginning of period	2,700
Allowance for credit losses at end of period	2,700		$ 2,700
Additional asset-specific reserve	$ 0	$ 0
Number or loans in default \| loans	2		2
One loan \| 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
Number or loans in default \| loans	1

MORTGAGE LOAN RECEIVABLES - Ind

MORTGAGE LOAN RECEIVABLES - Individually Impaired Loans (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	[1]	$ 3,794,075	$ 3,885,746
Subtotal loans, Year One		14,339	1,145,229
Subtotal loans, Year Two		1,122,186	2,102,307
Subtotal loans, Year Three		2,112,313	56,150
Subtotal loans, Year Four		26,500	332,046
Subtotal loans, Year 5 and Earlier		492,910	224,002
Subtotal mortgage loans receivable		3,768,248	3,859,734
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		25,827	26,012
Individually impaired loans		25,827	26,012
Total loans, Year One		14,339	1,145,229
Total loans, Year Two		1,122,186	2,102,307
Total loans, Year Three		2,112,313	56,150
Total loans, Year Four		26,500	332,046
Total loans, Year Five and Earlier		518,737	250,014
Accrued interest receivable		$ 23,900	23,200
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		$ 14,339	702,125
Year Two		677,833	722,862
Year Three		730,370	0
Year Four		0	0
Year Five and Earlier		0	0
Total loans		1,422,542	1,424,987
Office
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0	78,754
Year Two		78,871	676,431
Year Three		672,894	29,650
Year Four		0	58,684
Year Five and Earlier		168,387	136,512
Total loans		920,152	980,031
Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0	201,777
Year Two		202,526	351,291
Year Three		356,226	26,500
Year Four		26,500	120,300
Year Five and Earlier		92,005	0
Total loans		677,257	699,868
Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0	37,616
Year Two		37,690	96,486
Year Three		96,952	0
Year Four		0	115,545
Year Five and Earlier		115,275	0
Total loans		249,917	249,647
Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0	60,089
Year Two		60,250	107,305
Year Three		107,783	0
Year Four		0	12,953
Year Five and Earlier		22,098	9,126
Total loans		190,131	189,473
Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0	0
Year Two		0	45,416
Year Three		45,485	0
Year Four		0	13,843
Year Five and Earlier		92,221	78,364
Total loans		137,706	137,623
Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0	32,515
Year Two		32,559	82,618
Year Three		82,724	0
Year Four		0	2,921
Year Five and Earlier		2,924	0
Total loans		118,207	118,054
Other
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0	32,353
Year Two		32,457	19,898
Year Three		19,879	0
Year Four		0	7,800
Year Five and Earlier		0	0
Total loans		52,336	60,051
Self-Storage
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0	0
Year Two		0	0
Year Three		0	0
Year Four		0	0
Year Five and Earlier		0	0
Total loans		0	0
Northeast
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		1,163,181	1,191,337
South
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		1,101,731	1,080,132
Southwest
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		650,167	675,069
Midwest
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		488,728	496,640
West
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		$ 364,441	$ 416,556

[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

SECURITIES - Summary of Securit

SECURITIES - Summary of Securities (Details) $ in Thousands	3 Months Ended	12 Months Ended
SECURITIES - Summary of Securities (Details) $ in Thousands	Mar. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 1,471,801	$ 1,670,439
Amortized Cost Basis	537,312	608,439
Gross Unrealized Gains	361	144
Gross Unrealized Losses	(17,758)	(21,163)
Carrying value, before allowance for credit loss	$ 519,915	$ 587,420
Number of Securities \| security	100	106
Weighted Average Coupon	2.37%	2.06%
Weighted Average Yield	5.72%	5.29%
Remaining Duration	1 year 7 days	1 year 25 days
Amortized Cost Basis	$ 160
Gross Unrealized Gains	0
Gross Unrealized Losses	(47)
Carrying Value	$ 113	$ 119
Number of equity securities \| security	1	1
Allowance for current expected credit losses	$ (20)	$ (20)
Total Amortized Cost Basis	537,472	608,599
Total Gross Unrealized Gains	361	144
Total real estate securities, Gross Unrealized Losses	(17,825)	(21,224)
Carrying Value	$ 520,008	$ 587,519
Total number of Securities \| security	101	107
CMBS
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 503,183	$ 562,839
Amortized Cost Basis	502,710	562,246
Gross Unrealized Gains	43	0
Gross Unrealized Losses	(17,563)	(20,913)
Carrying value, before allowance for credit loss	$ 485,190	$ 541,333
Number of Securities \| security	70	71
Weighted Average Coupon	5.72%	5.22%
Weighted Average Yield	5.76%	5.32%
Remaining Duration	1 year 3 days	1 year 21 days
Risk retention requirement, amount	$ 9,000	$ 9,000
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	898,620	1,026,195
Amortized Cost Basis	9,493	10,498
Gross Unrealized Gains	177	121
Gross Unrealized Losses	(134)	(176)
Carrying value, before allowance for credit loss	$ 9,536	$ 10,443
Number of Securities \| security	9	10
Weighted Average Coupon	0.59%	0.41%
Weighted Average Yield	3.82%	3.65%
Remaining Duration	1 year 4 months 13 days	1 year 5 months 12 days
Risk retention requirement, amount	$ 400	$ 400
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	44,966	45,369
Amortized Cost Basis	265	285
Gross Unrealized Gains	139	17
Gross Unrealized Losses	(19)	(21)
Carrying value, before allowance for credit loss	$ 385	$ 281
Number of Securities \| security	14	14
Weighted Average Coupon	0.31%	0.31%
Weighted Average Yield	5.95%	4.23%
Remaining Duration	3 years 1 month 2 days	3 years 3 months 18 days
Agency securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 32	$ 36
Amortized Cost Basis	33	36
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	(1)
Carrying value, before allowance for credit loss	$ 32	$ 35
Number of Securities \| security	1	1
Weighted Average Coupon	4%	4%
Weighted Average Yield	2.70%	2.70%
Remaining Duration	1 year 5 months 1 day	1 year 6 months 14 days
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 25,000	$ 36,000
Amortized Cost Basis	24,811	35,374
Gross Unrealized Gains	2	6
Gross Unrealized Losses	(41)	(52)
Carrying value, before allowance for credit loss	$ 24,772	$ 35,328
Number of Securities \| security	6	10
Weighted Average Yield	4.10%	4.17%
Remaining Duration	3 months 14 days	7 months 6 days
Common Stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis		$ 160
Gross Unrealized Gains		0
Gross Unrealized Losses		$ (41)

SECURITIES - Securities by Rema

SECURITIES - Securities by Remaining Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Within 1 year	$ 331,233	$ 379,700
1-5 years	188,544	207,590
5-10 years	138	130
After 10 years	0	0
Total	519,895	587,400
Allowance for current expected credit losses	(20)	(20)
Equity securities	100	100
CMBS
Debt Securities, Available-for-sale [Line Items]
Within 1 year	304,060	346,272
1-5 years	181,131	195,061
5-10 years	0	0
After 10 years	0	0
Total	485,191	541,333
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year	2,365	937
1-5 years	7,172	9,506
5-10 years	0	0
After 10 years	0	0
Total	9,537	10,443
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year	36	40
1-5 years	210	111
5-10 years	138	130
After 10 years	0	0
Total	384	281
Agency securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year	0	0
1-5 years	31	35
5-10 years	0	0
After 10 years	0	0
Total	31	35
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year	24,772	32,451
1-5 years	0	2,877
5-10 years	0	0
After 10 years	0	0
Total	$ 24,772	$ 35,328

SECURITIES - Additional Informa

SECURITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Sale of equity securities	$ 500	$ 43

REAL ESTATE AND RELATED LEASE_3

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Real estate and related lease intangibles, net
Less: Accumulated depreciation and amortization		$ (206,505)	$ (199,008)
Real estate and related lease intangibles, net(2)	[1]	693,266	700,136
Below market lease intangibles, net (other liabilities)		(30,369)	(30,892)
Accumulated amortization of below market lease		14,200	13,600
Unencumbered real estates		170,200	140,300
In-place leases and other intangibles
Real estate and related lease intangibles, net
Real estate		114,689	114,687
Undepreciated real estate and related lease intangibles
Real estate and related lease intangibles, net
Real estate		899,771	899,144
Land
Real estate and related lease intangibles, net
Real estate		158,802	158,802
Building
Real estate and related lease intangibles, net
Real estate		$ 626,280	$ 625,655

[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

REAL ESTATE AND RELATED LEASE_4

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Foreclosed properties held in real estate	$ 101,600		$ 103,100
Unbilled rent receivables	800		1,300
Tenant recoveries	1,100	$ 1,600
Land
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles	158,802		158,802
Building
Business Acquisition [Line Items]
Undepreciated real estate and lease intangibles	$ 626,280		$ 625,655

REAL ESTATE AND RELATED LEASE_5

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Depreciation and Amortization Expense on Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Real Estate [Abstract]
Depreciation expense	$ 6,200	$ 7,088
Amortization expense	1,329	2,254
Total real estate depreciation and amortization expense	7,529	9,342
Depreciation on corporate fixed assets	$ 100	$ 8

REAL ESTATE AND RELATED LEASE_6

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unamortized Favorable Lease Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Gross intangible assets	$ 114,689		$ 114,687
Accumulated amortization	51,125		49,725
Net intangible assets	63,564		64,962
Unamortized favorable lease intangibles	2,800		$ 2,800
Increase in operating lease income for amortization of below market lease intangibles acquired	526	$ 520
Total	454	444
Above Market Leases
Business Acquisition [Line Items]
Reduction in operating lease income for amortization of above market lease intangibles acquired	$ (72)	$ (76)

REAL ESTATE AND RELATED LEASE_7

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Net intangible assets	$ 63,564	$ 64,962
Increase/(Decrease) to Operating Lease Income
Finite-Lived Intangible Assets [Line Items]
2023	730
2024	973
2025	973
2026	976
2027	976
Thereafter	22,968
Net intangible assets	27,596
Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2023	3,398
2024	4,531
2025	4,391
2026	3,740
2027	3,554
Thereafter	41,179
Net intangible assets	$ 60,793

REAL ESTATE AND RELATED LEASE_8

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Real Estate [Abstract]
2023	$ 40,682
2024	49,994
2025	49,801
2026	48,424
2027	46,267
Thereafter	196,855
Total	$ 432,023

REAL ESTATE AND RELATED LEASE_9

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Feb. 28, 2022 USD ($) security
Business Acquisition [Line Items]
Total real estate acquisitions	$ 0	$ 15,436
New York, NY \| Apartments
Business Acquisition [Line Items]
Real estate acquired through foreclosure			$ 15,436
Ownership Interest			100%
New York, NY \| Condos
Business Acquisition [Line Items]
Real estate acquired through foreclosure			$ 15,400
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

REAL ESTATE AND RELATED LEAS_10

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details) $ in Thousands		1 Months Ended	3 Months Ended
		Mar. 31, 2022 USD ($) property	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($) property	Dec. 31, 2022 USD ($)
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds			$ 0	$ 79,473
Net Book Value	[1]		693,266		$ 700,136
Realized gain (loss) on sale of real estate, net			$ 0	29,154
2022 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				79,404
Net Book Value		$ 50,250		50,250
Realized gain (loss) on sale of real estate, net				29,154
Defeasance cost				3,700
2022 Disposal Properties \| Office \| Ewing, NJ
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds		38,652
Net Book Value		24,134		$ 24,134
Realized gain (loss) on sale of real estate, net		$ 14,518
Properties \| property		1		1
2022 Disposal Properties \| Warehouse \| Conyers, GA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds		$ 40,752
Net Book Value		26,116		$ 26,116
Realized gain (loss) on sale of real estate, net		$ 14,636
Properties \| property		1		1

[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

DEBT OBLIGATIONS, NET - Schedul

DEBT OBLIGATIONS, NET - Schedule of Company's Debt Obligations (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) extensionOfMaturityPeriod	Dec. 31, 2022 USD ($) extensionOfMaturityPeriod
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value of Debt Obligations	$ 769,266	$ 847,863
Debt obligations	3,022,835
Carrying Amount of Collateral	0	0
Committed Loan Repurchase Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	1,200,000	1,300,000
Carrying Value of Debt Obligations	651,224	616,894
Committed but Unfunded	548,776	683,106
Carrying Amount of Collateral	906,081	860,485
Fair Value of Collateral	902,850	861,284
Committed Loan Repurchase Facility \| Maturing on 27 September 2025
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	500,000	500,000
Carrying Value of Debt Obligations	318,983	318,983
Committed but Unfunded	181,017	181,017
Carrying Amount of Collateral	431,809	428,477
Fair Value of Collateral	$ 431,395	$ 429,276
Number of extension maturity periods \| extensionOfMaturityPeriod	2	2
Length of extension options	12 months	12 months
Committed Loan Repurchase Facility \| Maturing On February 26 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		$ 100,000
Carrying Value of Debt Obligations		0
Committed but Unfunded		100,000
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	$ 300,000
Carrying Value of Debt Obligations	206,867	157,558
Committed but Unfunded	93,133	142,442
Carrying Amount of Collateral	306,449	244,102
Fair Value of Collateral	$ 303,632	$ 244,102
Number of extension maturity periods \| extensionOfMaturityPeriod	2	2
Length of extension options	364 days	364 days
Committed Loan Repurchase Facility \| Maturing on April 30 2024
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	$ 100,000	$ 100,000
Carrying Value of Debt Obligations	47,415	47,415
Committed but Unfunded	52,585	52,585
Carrying Amount of Collateral	64,263	63,307
Fair Value of Collateral	$ 64,263	$ 63,307
Number of extension maturity periods \| extensionOfMaturityPeriod	3	3
Length of extension options	12 months	12 months
Committed Loan Repurchase Facility \| Maturing On 2 January 2024
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	$ 100,000
Carrying Value of Debt Obligations	77,959
Committed but Unfunded	22,041
Carrying Amount of Collateral	103,560
Fair Value of Collateral	$ 103,560
Number of extension maturity periods \| extensionOfMaturityPeriod	1
Length of extension options	12 months
Committed Loan Repurchase Facility \| Maturing On 3 January 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		$ 100,000
Carrying Value of Debt Obligations		77,959
Committed but Unfunded		22,041
Carrying Amount of Collateral		103,393
Fair Value of Collateral		103,393
Committed Loan Repurchase Facility \| Maturing On 22 January 2024
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	$ 100,000	100,000
Carrying Value of Debt Obligations	0	0
Committed but Unfunded	100,000	100,000
Carrying Amount of Collateral	0	0
Fair Value of Collateral	$ 0	$ 0
Number of extension maturity periods \| extensionOfMaturityPeriod	2	2
Length of extension options	12 months	12 months
Committed Loan Repurchase Facility \| Maturing On 14 July 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	$ 100,000	$ 100,000
Carrying Value of Debt Obligations	0	14,979
Committed but Unfunded	100,000	85,021
Carrying Amount of Collateral	0	21,206
Fair Value of Collateral	$ 0	$ 21,206
Length of extension options	364 days	364 days
Committed Securities Repurchase Facility \| Maturing On 27 May 2024
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	$ 100,000
Carrying Value of Debt Obligations	8,032
Committed but Unfunded	91,968
Carrying Amount of Collateral	9,150
Fair Value of Collateral	9,150
Committed Securities Repurchase Facility \| Maturing On 27 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		$ 100,000
Carrying Value of Debt Obligations		8,640
Committed but Unfunded		91,360
Carrying Amount of Collateral		10,023
Fair Value of Collateral		10,023
Uncommitted Securities Repurchase Facility \| Maturing On 27 April 2023
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value of Debt Obligations	110,011
Carrying Amount of Collateral	121,387
Fair Value of Collateral	121,387
Restricted securities held-to-maturity	1,900
Uncommitted Securities Repurchase Facility \| Maturing On 2 March 2023
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value of Debt Obligations		222,328
Carrying Amount of Collateral		247,351
Fair Value of Collateral		247,351
Restricted securities held-to-maturity		2,000
Total Repurchase Facilities
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	1,300,000	1,400,000
Carrying Value of Debt Obligations	769,267	847,862
Committed but Unfunded	640,744	774,466
Carrying Amount of Collateral	1,036,618	1,117,859
Fair Value of Collateral	1,033,387	1,118,658
Revolving Credit Facility \| Maturing On 27 July 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	323,850	323,850
Carrying Value of Debt Obligations	0	0
Committed but Unfunded	$ 323,850	$ 323,850
Number of extension maturity periods \| extensionOfMaturityPeriod	4	4
Length of extension options	12 months	12 months
Mortgage Loan Financing \| Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	$ 469,385	$ 497,454
Carrying Value of Debt Obligations	469,690	497,991
Committed but Unfunded	0	0
Carrying Amount of Collateral	523,041	559,885
Fair Value of Collateral	667,818	710,977
CLO Debt
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	1,100,000
Unamortized debt issuance costs	4,800
CLO Debt \| Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	1,064,365	1,064,365
Carrying Value of Debt Obligations	1,059,593	1,058,462
Committed but Unfunded	0	0
Carrying Amount of Collateral	1,331,079	1,308,654
Fair Value of Collateral	1,331,079	1,308,654
Unamortized debt issuance costs	4,800	5,900
Borrowings from the FHLB \| Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	213,000	213,000
Carrying Value of Debt Obligations	213,000	213,000
Committed but Unfunded	0	0
Carrying Amount of Collateral	250,747	248,806
Fair Value of Collateral	250,747	248,806
Restricted securities held-to-maturity	6,600	6,600
Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	14,185
Senior Unsecured Notes \| Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued	1,585,063	1,643,794
Senior Unsecured Notes	1,570,878	1,628,382
Committed but Unfunded	0	0
Unamortized debt issuance costs	14,200	15,400
Total Debt Obligations
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued	4,955,663	5,142,463
Debt obligations	4,082,428	4,245,697
Committed but Unfunded	964,594	1,098,316
Carrying Amount of Collateral	3,141,485	3,235,204
Fair Value of Collateral	$ 3,283,031	$ 3,387,095
Minimum \| Committed Loan Repurchase Facility \| Maturing on 27 September 2025
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6.54%	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	6.54%	6.19%
Minimum \| Committed Loan Repurchase Facility \| Maturing on April 30 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6.55%	6%
Minimum \| Committed Loan Repurchase Facility \| Maturing On 2 January 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6.06%
Minimum \| Committed Loan Repurchase Facility \| Maturing On 3 January 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		5.74%
Minimum \| Committed Loan Repurchase Facility \| Maturing On 22 January 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%	0%
Minimum \| Committed Loan Repurchase Facility \| Maturing On 14 July 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%	7.07%
Minimum \| Committed Securities Repurchase Facility \| Maturing On 27 May 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	5.46%
Minimum \| Committed Securities Repurchase Facility \| Maturing On 27 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		5.04%
Minimum \| Uncommitted Securities Repurchase Facility \| Maturing On 27 April 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	5.32%
Minimum \| Uncommitted Securities Repurchase Facility \| Maturing On 2 March 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.73%
Minimum \| Revolving Credit Facility \| Maturing On 27 July 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%	0%
Minimum \| Mortgage Loan Financing \| Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	4.25%	4.25%
Minimum \| CLO Debt \| Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	5.88%	5.52%
Minimum \| Borrowings from the FHLB \| Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	274%	274%
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	7.04%	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	7.85%	7.07%
Maximum \| Committed Loan Repurchase Facility \| Maturing on April 30 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6.55%	6%
Maximum \| Committed Loan Repurchase Facility \| Maturing On 2 January 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6.56%
Maximum \| Committed Loan Repurchase Facility \| Maturing On 3 January 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		6.24%
Maximum \| Committed Loan Repurchase Facility \| Maturing On 22 January 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%	0%
Maximum \| Committed Loan Repurchase Facility \| Maturing On 14 July 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%	7.07%
Maximum \| Committed Securities Repurchase Facility \| Maturing On 27 May 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	5.71%
Maximum \| Committed Securities Repurchase Facility \| Maturing On 27 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		5.29%
Maximum \| Uncommitted Securities Repurchase Facility \| Maturing On 27 April 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6.68%
Maximum \| Uncommitted Securities Repurchase Facility \| Maturing On 2 March 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		6%
Maximum \| Revolving Credit Facility \| Maturing On 27 July 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%	0%
Maximum \| Mortgage Loan Financing \| Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	8.53%	8.03%
Maximum \| CLO Debt \| Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	8.33%	7.97%
Maximum \| Borrowings from the FHLB \| Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	5.18%	4.70%
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	3 Months Ended
	Mar. 31, 2023 USD ($) security agreement	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Obligations outstanding	$ 769,266	$ 847,863
Number of counterparties with repurchase agreements \| security	6
Number of counterparties with collateral exceeding borrowed amounts \| security	0
Amount of collateral exceeding borrowings	$ 152,900
Amount of collateral exceeding borrowings, as a percentage	10%
Weighted average haircut	26%
Committed Loan Repurchase Facility
Debt Instrument [Line Items]
Number of agreements \| agreement	6
Consolidated CLO debt obligations	$ 1,200,000	$ 1,300,000
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)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 27, 2022 USD ($) extensionOfMaturityPeriod
Debt Instrument [Line Items]
Carrying Value of Debt Obligations	$ 769,266,000	$ 847,863,000
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	651,224,000	616,894,000
Committed but Unfunded	$ 548,776,000	$ 683,106,000
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	Mar. 31, 2023	Dec. 31, 2022
Credit Agreement and Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance expense	$ 4.9	$ 5

DEBT OBLIGATIONS, NET - Uncommi

DEBT OBLIGATIONS, NET - Uncommitted Securities Repurchase Facilities (Details) - Uncommitted Securities Repurchase Facilities	3 Months Ended
	Mar. 31, 2023
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	3 Months Ended
	Mar. 31, 2023 USD ($) agreement	Mar. 31, 2022 USD ($) agreement	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Amortization of premium/discount on mortgage loan financing included in interest expense	$ (150)	$ (330)
Mortgage loan financing
Debt Instrument [Line Items]
Weighted average term	3 years 10 months 24 days
Carrying amount	$ 469,700		$ 498,000
Net unamortized premiums	2,300		2,400
Amortization of premium/discount on mortgage loan financing included in interest expense	(200)	$ (300)
Pledged assets, real estate and lease intangibles, net	$ 523,000		$ 559,900
Number of agreements \| agreement	0	0
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	8.53%

DEBT OBLIGATIONS, NET - Collate

DEBT OBLIGATIONS, NET - Collateralized Loan Obligation Debt (Details) $ in Thousands		Dec. 02, 2021 USD ($) security	Jul. 13, 2021 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt obligations, net	[1]			$ 4,082,428	$ 4,245,697
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt obligations, net				1,059,593	1,058,462
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				4,800
Various Date \| CLO Debt
Debt Instrument [Line Items]
Debt obligations, net				1,100,000
Unamortized debt issuance costs				$ 4,800	$ 5,900
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 9.

DEBT OBLIGATIONS, NET - Borrowi

DEBT OBLIGATIONS, NET - Borrowings from the Federal Home Loan Bank (“FHLB”) (Details) - Tuebor Captive Insurance Company LLC $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Amount restricted from transfer	$ 836.8
Borrowings from the FHLB
Debt Instrument [Line Items]
FHLB borrowings outstanding	$ 213
Weighted average term	1 year
Weighted average interest rate	4.98%
Borrowings from the FHLB \| Commercial Mortgage Backed Securities, US Agency Securities and U.S. Treasury Securities
Debt Instrument [Line Items]
Collateral for debt instrument	$ 250.7
Borrowings from the FHLB \| Minimum
Debt Instrument [Line Items]
Average term	4 months 24 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 6 months
Stated interest rate on debt instrument	5.18%
Advance rates	97.10%

DEBT OBLIGATIONS, NET - Senior

DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jun. 23, 2021	Jan. 30, 2020	Sep. 25, 2017
Debt Instrument [Line Items]
Gain on extinguishment of debt	$ 9,217,000	$ 0
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	$ 14,185,000
Various Date \| Senior Unsecured Notes
Debt Instrument [Line Items]
Senior Unsecured Notes	1,570,878,000		$ 1,628,382,000
Loan refinance	1,585,063,000		1,643,794,000
Unamortized debt issuance costs	14,200,000		$ 15,400,000
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	327,800,000
Stated interest rate on debt instrument						5.25%
Notes repurchased	16,200,000
Gain on extinguishment of debt	1,300,000
Senior Notes Due 2027 \| Senior Unsecured Notes
Debt Instrument [Line Items]
Loan refinance	614,400,000
Stated interest rate on debt instrument					4.25%
Notes repurchased	36,400,000
Gain on extinguishment of debt	6,400,000
Senior Notes Due 2029 \| Senior Unsecured Notes
Debt Instrument [Line Items]
Loan refinance	642,900,000
Stated interest rate on debt instrument				4.75%
Notes repurchased	6,100,000
Gain on extinguishment of debt	$ 1,400,000

DEBT OBLIGATIONS, NET - Secured

DEBT OBLIGATIONS, NET - Secured Financing Facility (Details) - USD ($)		Mar. 31, 2023	Dec. 31, 2022	Apr. 30, 2020
Debt Instrument [Line Items]
Debt obligations, net	[1]	$ 4,082,428,000	$ 4,245,697,000
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

[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

DEBT OBLIGATIONS, NET - Sched_2

DEBT OBLIGATIONS, NET - Schedule of Maturities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2023	$ 170,361
2024	603,270
2025	651,924
2026	89,161
2027	808,995
Thereafter	712,740
Subtotal	3,036,451
Premiums included in mortgage loan financing	2,270
Debt obligations	3,022,835
Senior Unsecured Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(14,185)
Mortgage loan financings
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(1,701)
CLO Debt
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(4,800)
Consolidated CLO debt obligations	$ 1,100,000

DEBT OBLIGATIONS, NET - Financi

DEBT OBLIGATIONS, NET - Financial Covenants (Details) $ in Millions	Mar. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Equity restricted as payment as a dividend	$ 871.4

DEBT OBLIGATIONS, NET - LIBOR T

DEBT OBLIGATIONS, NET - LIBOR Transition (Details)	Mar. 31, 2023
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Percentage of debt with variable rate	59.80%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Percentage of debt with variable rate	40.20%

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional	$ 106,408	$ 204,700
Fair value, asset	1,470	2,038
Fair value, liability	49	0
1 Month Term SOFR
Derivative [Line Items]
Notional	808	90,000
Fair value, asset	1,470	1,804
Fair value, liability	$ 0	$ 0
Remaining maturity	1 year 4 months 17 days	1 year 8 months 4 days
5-year Treasury-Note Futures
Derivative [Line Items]
Notional	$ 44,200	$ 44,200
Fair value, asset	0	51
Fair value, liability	$ 20	$ 0
Remaining maturity	3 months	3 months
10-year Treasury-Note Futures
Derivative [Line Items]
Notional	$ 61,400	$ 61,400
Fair value, asset	0	71
Fair value, liability	$ 29	$ 0
Remaining maturity	3 months	3 months
Futures
Derivative [Line Items]
Notional	$ 105,600	$ 105,600
Fair value, asset	0	122
Fair value, liability	$ 49	0
Options
Derivative [Line Items]
Notional		9,100
Fair value, asset		112
Fair value, liability		$ 0
Remaining maturity		2 months 12 days

DERIVATIVE INSTRUMENTS - Sche_2

DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Unrealized Gain/(Loss)	$ (374)	$ (168)
Realized Gain/(Loss)	(1,868)	3,303
Net Result from Derivative Transactions	(2,242)	3,135
Caps
Derivative [Line Items]
Unrealized Gain/(Loss)	(334)	(6)
Realized Gain/(Loss)	237	0
Net Result from Derivative Transactions	(97)	(6)
Futures
Derivative [Line Items]
Unrealized Gain/(Loss)	(171)	(162)
Realized Gain/(Loss)	(1,861)	3,303
Net Result from Derivative Transactions	(2,032)	$ 3,141
Options
Derivative [Line Items]
Unrealized Gain/(Loss)	131
Realized Gain/(Loss)	(244)
Net Result from Derivative Transactions	$ (113)

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash margins held as collateral for derivatives by counterparties	$ 2.7	$ 2.5

OFFSETTING ASSETS AND LIABILI_3

OFFSETTING ASSETS AND LIABILITIES - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Repurchase agreements
Gross amounts of recognized liabilities	$ 769,266	$ 847,863
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	769,266	847,863
Gross amounts not offset in the balance sheet
Financial instruments collateral	769,266	847,863
Cash collateral posted/(received)	3,333	19,128
Net amount	765,933	828,735
Total
Gross amounts of recognized liabilities	769,266	847,863
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	769,266	847,863
Gross amounts not offset in the balance sheet
Financial instruments collateral	769,266	847,863
Cash collateral posted/(received)	3,333	19,128
Net amount	$ 765,933	$ 828,735

OFFSETTING ASSETS AND LIABILI_4

OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Offsetting of derivative assets
Gross amounts of recognized assets		$ 1,421	$ 2,038
Gross amounts offset in the balance sheet		0	0
Derivative instruments	[1]	1,421	2,038
Derivative instruments		1,470	2,038
Gross amounts not offset in the balance sheet
Financial instruments		0	0
Cash collateral received/(posted)		(2,655)	(2,505)
Net amount		$ (1,234)	$ (467)

[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

CONSOLIDATED VARIABLE INTERES_3

CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) $ in Thousands		Mar. 31, 2023 USD ($) security		Dec. 31, 2022 USD ($) security		Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
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]	$ 25,158		$ 50,524
Accrued interest receivable	[1]	25,794		24,938
Other assets	[1]	166,631		78,339
Total assets	[1]	5,860,526		5,951,173
Debt obligations, net	[1]	4,082,428		4,245,697
Accrued expenses	[1]	50,937		68,227
Other liabilities	[1]	167,805		71,688
Total liabilities	[1]	4,331,972		4,417,612
Total equity		1,528,554	[1]	1,533,561	[1]	$ 1,509,157	$ 1,513,619
Total liabilities and equity	[1]	5,860,526		5,951,173
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash		1,170		4,902
Mortgage loan receivables held for investment, net, at amortized cost		1,331,079		1,308,654
Accrued interest receivable		8,817		8,313
Other assets		4		17,505
Total assets		1,341,070		1,339,374
Debt obligations, net		1,059,593		1,058,462
Accrued expenses		3,213		3,029
Other liabilities		65		65
Total liabilities		1,062,871		1,061,556
Net equity in VIEs (eliminated in consolidation)		278,199		277,818
Total equity		278,199		277,818
Total liabilities and equity		$ 1,341,070		$ 1,339,374

[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

EQUITY STRUCTURE AND ACCOUNTS -

EQUITY STRUCTURE AND ACCOUNTS - Additional Information (Details) - 2014 Share Repurchase Authorization Program - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Jul. 27, 2022	Jul. 26, 2022	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Remaining amount available for repurchase	$ 44,500
Percentage of aggregate common stock outstanding under Repurchase Program	3.70%
Closing price (in dollars per share)	$ 9.45
Class A Common Stock
Class of Stock [Line Items]
Additional authorizations			$ 50,000	$ 39,500
Remaining amount available for repurchase	$ 44,452	$ 46,737			$ 37,888	$ 38,102

EQUITY STRUCTURE AND ACCOUNTS_2

EQUITY STRUCTURE AND ACCOUNTS - Schedule of Repurchase of Treasury Stock Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Treasury Stock [Roll Forward]
Repurchases paid	$ (2,285)	$ (611)
2014 Share Repurchase Authorization Program
Treasury Stock [Roll Forward]
Remaining amount available for repurchase, end of period	$ 44,500
2014 Share Repurchase Authorization Program \| Class A Common Stock
Class of Stock [Line Items]
Purchase of treasury stock (in shares)	250,000	20,000
Treasury Stock [Roll Forward]
Remaining amount available for repurchase, beginning of period	$ 46,737	$ 38,102
Repurchases paid	(2,285)	(214)
Remaining amount available for repurchase, end of period	$ 44,452	$ 37,888

EQUITY STRUCTURE AND ACCOUNTS_3

EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares			3 Months Ended
	Mar. 15, 2023	Mar. 15, 2022	Mar. 31, 2023	Mar. 31, 2022
Class A Common Stock
Class of Stock [Line Items]
Dividends per share of Class A common stock (in dollars per share)	$ 0.23	$ 0.20	$ 0.23	$ 0.20

EQUITY STRUCTURE AND ACCOUNTS_4

EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023		Mar. 31, 2022
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	$ 1,533,561	[1]	$ 1,513,619
Other comprehensive income (loss)	3,485		(6,641)
Ending Balance	1,528,554	[1]	1,509,157
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	(21,009)		(4,112)
Other comprehensive income (loss)	3,485		(6,641)
Ending Balance	$ (17,524)		$ (10,753)

[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - Consolidated Venture $ in Millions	Mar. 31, 2023 USD ($) property jointVenture
Noncontrolling Interest [Line Items]
Number of consolidated ventures \| jointVenture	2
Isla Vista, CA \| Student Housing
Noncontrolling Interest [Line Items]
Number of real estate properties \| property	40
Property book value	$ 79.5
Oakland County, MI \| Office Building
Noncontrolling Interest [Line Items]
Property book value	$ 8.7
Consolidated Ventures \| Minimum
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership	10%
Consolidated Ventures \| Maximum
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership	25%

EARNINGS PER SHARE - Net Income

EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Weighted average shares outstanding:
Basic (in shares)	124,493,132	124,305,943
Diluted (in shares)	124,656,102	125,478,001
Class A Common Stock
Earnings Per Share
Basic Net income (loss) available for Class A common shareholders	$ 22,408	$ 19,032
Diluted Net income (loss) available for Class A common shareholders	$ 22,408	$ 19,032
Weighted average shares outstanding:
Basic (in shares)	124,493,132	124,305,943
Diluted (in shares)	124,656,102	125,478,001

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	124,493,132	124,305,943
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0.18	$ 0.15
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	124,493,132	124,305,943
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	124,656,102	125,478,001
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ 0.18	$ 0.15
Anti-dilutive shares (in shares)	390,313
Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 22,408	$ 19,032
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	124,493,132	124,305,943
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0.18	$ 0.15
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 22,408	$ 19,032
Net income (loss) attributable to Class A common shareholders	$ 22,408	$ 19,032
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	124,493,132	124,305,943
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	124,656,102	125,478,001
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ 0.18	$ 0.15
Class A Common Stock \| Restricted Stock
Denominator:
Incremental shares of stock based compensation (in shares)	162,970	1,172,058

STOCK BASED AND OTHER COMPENS_3

STOCK BASED AND OTHER COMPENSATION PLANS - Stock Based Compensation Plans Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 9,124	$ 20,412
Recognized equity based compensation expense	$ 9,124	$ 20,412

STOCK BASED AND OTHER COMPENS_4

STOCK BASED AND OTHER COMPENSATION PLANS - Summary of Grants (Details) - Restricted Stock - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares (in shares)	1,417,561
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares (in shares)	1,417,561	2,843,340
Weighted Average Fair Value Per Share (in dollars per share)	$ 11.58	$ 11.89

STOCK BASED AND OTHER COMPENS_5

STOCK BASED AND OTHER COMPENSATION PLANS - Nonvested Shares Outstanding (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Weighted Average Grant Date Fair Value
Nonvested/Outstanding Weighted Average Grant Date Fair Value, beginning balance (in dollars pre share) \| $ / shares	$ 12.62
Granted, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	11.58
Vested, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	12.14
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	10.32
Nonvested/Outstanding Weighted Average Grant Date Fair Value, ending balance (in dollars per share) \| $ / shares	12.36
Stock Options
Weighted-average exercise price of outstanding options, warrants and rights \| $ / shares	$ 12.36
Unrecognized compensation cost \| $	$ 19.2
Period of recognition for unrecognized compensation costs	35 months
Remaining vesting period	26 months 18 days
Restricted Stock
Restricted Stock
Nonvested/Outstanding (in shares)	2,529,571
Granted (in shares)	1,417,561
Vested (in shares)	(1,697,350)
Forfeited (in shares)	(32,446)
Nonvested/Outstanding (in shares)	2,217,336
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		3 Months Ended
	Feb. 18, 2023 USD ($) shares	May 10, 2022 USD ($) installment shares	Feb. 18, 2022 USD ($) shares	Jan. 31, 2022 USD ($) shares	Feb. 28, 2023 installment	Jan. 31, 2022 shares	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 shares	Jan. 01, 2022 installment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate value of awards granted \| $	$ 8.5			$ 18
Period of recognition for unrecognized compensation costs							35 months
Unrecognized compensation cost \| $							$ 19.2
2014 Omnibus Incentive Plan \| Performance Based Vesting and Catch-up Provision
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	66.67%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							1,417,561
Forfeited (in shares)							32,446
Restricted Stock \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							1,417,561	2,843,340
Management Grantees \| 2014 Omnibus Incentive Plan \| 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 \| 2014 Omnibus Incentive Plan \| Time-Based Vesting \| Mr. Miceli and Ms. Porcella
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				33.33%
Management Grantees \| 2014 Omnibus Incentive Plan \| Performance Based Vesting \| Mr. Miceli and Ms. Porcella
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				33.33%
Management Grantees \| 2014 Omnibus Incentive Plan \| Performance Based Vesting and Catch-up Provision \| Ms. McCormack and Mr. Perelman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				33.33%
Management Grantees \| 2014 Omnibus Incentive Plan \| Performance Based Vesting and Catch-up Provision \| Mr. Miceli and Ms. Porcella
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				33.33%
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	50%
Management Grantees \| 2014 Omnibus Incentive Plan \| Class A Common Stock \| Time-Based Vesting \| Mr. Miceli and Ms. Porcella
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50%
Management Grantees \| 2014 Omnibus Incentive Plan \| Class A Common Stock \| Performance Based Vesting \| Mr. Miceli and Ms. Porcella
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50%
Management Grantees \| 2014 Omnibus Incentive Plan \| Class A Common Stock \| Performance Based Vesting and Catch-up Provision \| Ms. McCormack and Mr. Perelman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50%
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 \| $	$ 1.2			$ 2.5
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)	733,607			1,517,627
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)	101,344			210,662
Non-Management Grantee \| Mr. Miceli and Ms. Porcella
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrestricted shares granted (in shares)	19,558			264,704
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)	306,162					497,169
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)	325,709			531,980
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 \| $	$ 7.5			$ 15.4
Granted (in shares)	651,429			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 \| installment					3				3
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)	32,525		31,860
Grant date fair value \| $	$ 0.4		$ 0.4
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%

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Assets:
Fair Value	$ 3,352,969	$ 3,922,131
Allowance for credit losses	(25,499)	(20,755)	$ (32,332)	$ (31,752)
Liabilities:
Fair Value	3,739,091	3,994,458
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	3,352,969	3,922,131
Liabilities:
Fair Value	$ 3,739,091	$ 3,994,458
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	$ 512,053	$ 580,130
Recurring \| Level 1
Assets:
Fair Value	24,885	35,446
Recurring \| Level 2
Assets:
Fair Value	1,421	2,038
Recurring \| Level 3
Assets:
Fair Value	485,747	542,646
Recurring \| Agency securities
Assets:
Principal Amount	32	36
Fair Value	31	35
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	31	35
Recurring \| CMBS \| Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	503,183	562,839
Amortized Cost Basis/Purchase Price	502,710	562,246
Fair Value	$ 485,191	$ 541,333
Liabilities:
Financial instruments, measurement input	0.0576	0.0532
Weighted average remaining maturity/duration	1 year 3 days	1 year 21 days
Recurring \| CMBS interest-only \| Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 898,620	$ 1,026,195
Amortized Cost Basis/Purchase Price	9,493	10,498
Fair Value	$ 9,537	$ 10,443
Liabilities:
Financial instruments, measurement input	0.0382	0.0365
Weighted average remaining maturity/duration	1 year 4 months 13 days	1 year 5 months 12 days
Recurring \| GNMA interest-only \| Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 44,966	$ 45,369
Amortized Cost Basis/Purchase Price	265	285
Fair Value	$ 385	$ 281
Liabilities:
Financial instruments, measurement input	0.0595	0.0423
Weighted average remaining maturity/duration	3 years 1 month 2 days	3 years 3 months 18 days
Recurring \| Agency securities \| Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 32	$ 36
Amortized Cost Basis/Purchase Price	33	36
Fair Value	$ 31	$ 35
Liabilities:
Financial instruments, measurement input	0.0270	0.0270
Weighted average remaining maturity/duration	1 year 5 months 1 day	1 year 6 months 14 days
Recurring \| U.S. Treasury securities \| Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 25,000	$ 36,000
Amortized Cost Basis/Purchase Price	24,772	35,328
Fair Value	$ 24,772	$ 35,328
Liabilities:
Financial instruments, measurement input	0.0410	0.0417
Weighted average remaining maturity/duration	3 months 14 days	7 months 6 days
Recurring \| Equity Securities
Assets:
Amortized Cost Basis/Purchase Price	$ 160	$ 160
Fair Value	113	118
Recurring \| Total mortgage loan receivables held for investment, net, at amortized cost \| Discounted Cash Flow
Assets:
Principal Amount	3,809,591	3,907,295
Amortized Cost Basis/Purchase Price	3,794,075	3,885,746
Fair Value	3,306,791	3,875,708
Allowance for credit losses	$ (25,500)	$ (20,800)		$ (20,800)
Liabilities:
Financial instruments, measurement input	0.0918	0.0885
Weighted average remaining maturity/duration	1 year 25 days	1 year 3 months 3 days
Recurring \| Mortgage loan receivables held for sale \| Internal Model Third Party Inputs Valuation Technique
Assets:
Principal Amount	$ 31,350	$ 31,350
Amortized Cost Basis/Purchase Price	27,197	27,391
Fair Value	$ 27,197	$ 27,391
Liabilities:
Financial instruments, measurement input	0.0457	0.0457
Weighted average remaining maturity/duration	8 years 11 months 8 days	9 years 2 months 8 days
Recurring \| FHLB stock \| FHLB stock
Assets:
Principal Amount	$ 9,585	$ 9,585
Amortized Cost Basis/Purchase Price	9,585	9,585
Fair Value	$ 9,585	$ 9,585
Liabilities:
Financial instruments, measurement input	0.0475	0.0475
Recurring \| Nonhedge derivatives \| Counterparty Quotations Valuation Technique
Assets:
Nonhedge derivative assets	$ 106,408	$ 204,700
Amortized Cost Basis/Purchase Price	1,421	2,038
Fair Value	$ 1,421	$ 2,038
Liabilities:
Weighted average remaining maturity/duration	1 year 5 months 1 day	1 year 6 months 7 days
Recurring \| Repurchase agreements - short-term \| Cost Plus Accrued Interest Valuation Technique
Liabilities:
Principal Amount	$ 402,869	$ 481,465
Amortized Cost Basis/Purchase Price	402,869	481,465
Fair Value	$ 402,869	$ 481,465
Financial instruments, measurement input	0.0576	0.0404
Weighted average remaining maturity/duration	6 months 10 days	4 months 13 days
Recurring \| Repurchase agreements - long-term \| Discounted Cash Flow
Liabilities:
Principal Amount	$ 366,398	$ 366,398
Amortized Cost Basis/Purchase Price	366,398	366,398
Fair Value	$ 366,398	$ 366,398
Financial instruments, measurement input	0.0577	0.0406
Weighted average remaining maturity/duration	2 years 3 months 21 days	2 years 6 months 21 days
Recurring \| Mortgage loan financing \| Discounted Cash Flow
Liabilities:
Principal Amount	$ 469,121	$ 497,454
Amortized Cost Basis/Purchase Price	469,690	497,991
Fair Value	$ 453,300	$ 477,101
Financial instruments, measurement input	0.0568	0.0551
Weighted average remaining maturity/duration	3 years 3 months 21 days	3 years 4 months 9 days
Recurring \| CLO debt \| Discounted Cash Flow
Liabilities:
Principal Amount	$ 1,064,365	$ 1,064,365
Amortized Cost Basis/Purchase Price	1,059,593	1,058,462
Fair Value	$ 1,059,593	$ 1,058,462
Financial instruments, measurement input	0.0700	0.0635
Weighted average remaining maturity/duration	15 years 8 months 4 days	15 years 11 months 1 day
Recurring \| Borrowings from the FHLB \| Discounted Cash Flow
Liabilities:
Principal Amount	$ 213,000	$ 213,000
Amortized Cost Basis/Purchase Price	213,000	213,000
Fair Value	$ 212,911	$ 213,055
Financial instruments, measurement input	0.0121	0.0161
Weighted average remaining maturity/duration	1 year	1 year 3 months
Recurring \| Senior unsecured notes \| Internal Model Third Party Inputs Valuation Technique
Liabilities:
Principal Amount	$ 1,585,063	$ 1,643,794
Amortized Cost Basis/Purchase Price	1,570,878	1,628,382
Fair Value	$ 1,244,020	$ 1,397,977
Financial instruments, measurement input	0.0466	0.0466
Weighted average remaining maturity/duration	4 years 6 months 10 days	4 years 9 months

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Fair value of assets	$ 3,352,969	$ 3,922,131
Liabilities:
Fair value of liabilities	3,739,091	3,994,458
Repurchase agreements - short-term
Liabilities:
Principal Amount	402,869	481,465
Fair value of liabilities	402,869	481,465
Repurchase agreements - long-term
Liabilities:
Principal Amount	366,398	366,398
Fair value of liabilities	366,398	366,398
Mortgage loan financing
Liabilities:
Principal Amount	469,121	497,454
Fair value of liabilities	453,300	477,101
CLO debt
Liabilities:
Principal Amount	1,064,365	1,064,365
Fair value of liabilities	1,059,593	1,058,462
Borrowings from the FHLB
Liabilities:
Principal Amount	213,000	213,000
Fair value of liabilities	212,911	213,055
Senior unsecured notes
Liabilities:
Principal Amount	1,585,063	1,643,794
Fair value of liabilities	1,244,020	1,397,977
CMBS
Assets:
Principal Amount	9,381	9,415
Fair value of assets	9,009	9,030
CMBS interest-only
Assets:
Principal Amount	8,426	8,460
Fair value of assets	387	417
Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Principal Amount	3,809,591	3,907,295
Fair value of assets	3,306,791	3,875,708
FHLB stock
Assets:
Principal Amount	9,585	9,585
Fair value of assets	9,585	9,585
Mortgage loan receivables held for sale
Assets:
Principal Amount	31,350	31,350
Fair value of assets	27,197	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 \| Repurchase agreements - long-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 \| 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	0
Level 2
Assets:
Fair value of assets	0	0
Liabilities:
Fair value of liabilities	0	0
Level 2 \| Repurchase agreements - short-term
Liabilities:
Fair value of liabilities	0	0
Level 2 \| Repurchase agreements - long-term
Liabilities:
Fair value of liabilities	0	0
Level 2 \| 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 \| 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	0
Level 3
Assets:
Fair value of assets	3,352,969	3,922,131
Liabilities:
Fair value of liabilities	3,739,091	3,994,458
Level 3 \| Repurchase agreements - short-term
Liabilities:
Fair value of liabilities	402,869	481,465
Level 3 \| Repurchase agreements - long-term
Liabilities:
Fair value of liabilities	366,398	366,398
Level 3 \| Mortgage loan financing
Liabilities:
Fair value of liabilities	453,300	477,101
Level 3 \| CLO debt
Liabilities:
Fair value of liabilities	1,059,593	1,058,462
Level 3 \| Borrowings from the FHLB
Liabilities:
Fair value of liabilities	212,911	213,055
Level 3 \| Senior unsecured notes
Liabilities:
Fair value of liabilities	1,244,020	1,397,977
Level 3 \| CMBS
Assets:
Fair value of assets	9,009	9,030
Level 3 \| CMBS interest-only
Assets:
Fair value of assets	387	417
Level 3 \| Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets	3,306,791	3,875,708
Level 3 \| FHLB stock
Assets:
Fair value of assets	9,585	9,585
Level 3 \| Mortgage loan receivables held for sale
Assets:
Fair value of assets	27,197	27,391
Recurring
Assets:
Fair value of assets	512,053	580,130
Recurring \| CMBS
Assets:
Principal Amount	493,802	553,424
Fair value of assets	476,181	532,304
Recurring \| CMBS interest-only
Assets:
Principal Amount	890,193	1,017,735
Fair value of assets	9,150	10,026
Recurring \| GNMA interest-only
Assets:
Principal Amount	44,966	45,369
Fair value of assets	385	281
Recurring \| Agency securities
Assets:
Principal Amount	32	36
Fair value of assets	31	35
Recurring \| Equity Securities
Assets:
Fair value of assets	113	118
Recurring \| U.S. Treasury securities
Assets:
Principal Amount	25,000	36,000
Fair value of assets	24,772	35,328
Recurring \| Nonhedge derivatives
Assets:
Principal Amount	106,408	204,700
Fair value of assets	1,421	2,038
Recurring \| Level 1
Assets:
Fair value of assets	24,885	35,446
Recurring \| Level 1 \| CMBS
Assets:
Fair value of assets	0	0
Recurring \| Level 1 \| CMBS interest-only
Assets:
Fair value of assets	0	0
Recurring \| Level 1 \| GNMA interest-only
Assets:
Fair value of assets	0	0
Recurring \| Level 1 \| Agency securities
Assets:
Fair value of assets	0	0
Recurring \| Level 1 \| Equity Securities
Assets:
Fair value of assets	113	118
Recurring \| Level 1 \| U.S. Treasury securities
Assets:
Fair value of assets	24,772	35,328
Recurring \| Level 1 \| Nonhedge derivatives
Assets:
Fair value of assets	0	0
Recurring \| Level 2
Assets:
Fair value of assets	1,421	2,038
Recurring \| Level 2 \| CMBS
Assets:
Fair value of assets	0	0
Recurring \| Level 2 \| CMBS interest-only
Assets:
Fair value of assets	0	0
Recurring \| Level 2 \| GNMA interest-only
Assets:
Fair value of assets	0	0
Recurring \| Level 2 \| Agency securities
Assets:
Fair value of assets	0	0
Recurring \| Level 2 \| Equity Securities
Assets:
Fair value of assets	0	0
Recurring \| Level 2 \| U.S. Treasury securities
Assets:
Fair value of assets	0	0
Recurring \| Level 2 \| Nonhedge derivatives
Assets:
Fair value of assets	1,421	2,038
Recurring \| Level 3
Assets:
Fair value of assets	485,747	542,646
Recurring \| Level 3 \| CMBS
Assets:
Fair value of assets	476,181	532,304
Recurring \| Level 3 \| CMBS interest-only
Assets:
Fair value of assets	9,150	10,026
Recurring \| Level 3 \| GNMA interest-only
Assets:
Fair value of assets	385	281
Recurring \| Level 3 \| Agency securities
Assets:
Fair value of assets	31	35
Recurring \| Level 3 \| Equity Securities
Assets:
Fair value of assets	0	0
Recurring \| Level 3 \| U.S. Treasury securities
Assets:
Fair value of assets	0	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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 542,646	$ 692,864
Transfer from level 2	0	0
Purchases	546	29,603
Sales	(10,689)	(4,261)
Paydowns/maturities	(49,180)	(57,489)
Amortization of premium/discount	(880)	(1,326)
Unrealized gain/(loss)	3,616	(6,638)
Realized gain/(loss) on sale	(312)	(103)
Ending balance	$ 485,747	$ 652,650
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	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 519,895	$ 587,400
CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	485,191	541,333
CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	9,537	10,443
GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	384	281
Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	31	35
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 485,747	$ 542,646
Level 3 \| Valuation Technique, Discounted Cash Flow \| Yield \| CMBS \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0288	0.0289
Level 3 \| Valuation Technique, Discounted Cash Flow \| Yield \| CMBS \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0567	0.0529
Level 3 \| Valuation Technique, Discounted Cash Flow \| Yield \| CMBS \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1769	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	0.0256	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	0.0285	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	0.2262	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	0.0128	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	0.0595	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	0.0270	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	0.0270	0.0270
Level 3 \| Valuation Technique, Discounted Cash Flow \| Yield \| Agency securities \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0270	0.0270
Recurring \| Level 3 \| CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 476,181	$ 532,304
Recurring \| Level 3 \| CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	9,150	10,026
Recurring \| Level 3 \| GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	385	281
Recurring \| Level 3 \| Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 31	$ 35

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Apr. 30, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Income tax expense (benefit)	$ 0.9	$ (0.9)
Deferred income tax expense (benefit)	0.8	$ (0.4)
Deferred tax asset related to capital losses	4.5
Deferred tax assets related to interest expense limitation	1.4
Incremental income tax expense due to audit	0.2
Subsequent Event
Income Tax Contingency [Line Items]
Settlement pertaining to audit			$ 2.6
Other assets
Income Tax Contingency [Line Items]
Deferred tax liabilities	(2.6)			$ (1.8)
Accrued Liabilities
Income Tax Contingency [Line Items]
Liability for unrecognized tax benefits for uncertain income tax positions	$ 2.6			$ 2.4

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Unfunded Loan Commitments
Lease liabilities	$ 16,233
Operating lease, right-of-use asset	$ 15,500
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	$ 500	$ 300
Treasury bills traded and not yet settled	109,717	$ 0
Provision for loan losses
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	$ 289,800		$ 321,800
Length of additional mortgage loan financing	3 years
Unfunded commitments of mortgage loan receivables held for investment, additional funds	54%
U.S. Treasury Securities Traded, Not Yet Settled
Unfunded Loan Commitments
Treasury bills traded and not yet settled	$ 109,700

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Future Minimum Operating Lease Obligation (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023 (last 9 months)	$ 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	(6,728)
Lease liabilities	$ 16,233
Weighted average incremental borrowing rate	6.62%
Remaining lease term	10 years 3 months 18 days

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Details)	3 Months Ended
SEGMENT REPORTING - Additional Information (Details)	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	3

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Segments (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Statement [Abstract]
Interest income		$ 103,796	$ 56,205
Interest expense		(60,749)	(47,035)
Net interest income (expense)		43,047	9,170
(Provision for) release of loan loss reserves		(4,736)	(874)
Net interest income (expense) after provision for (release of) loan losses		38,311	8,296
Real estate operating income		23,199	26,354
Net result from mortgage loan receivables held for sale		(194)	(949)
Realized gain (loss) on securities		(307)	(96)
Unrealized gain (loss) on securities		117	17
Realized gain (loss) on sale of real estate, net		0	29,154
Fee and other income		1,831	7,194
Net result from derivative transactions		(2,242)	3,135
Earnings from investment in unconsolidated ventures		217	434
Gain on extinguishment of debt		9,217	0
Total other income (loss)		31,838	65,243
Compensation and employee benefits		(22,084)	(29,864)
Operating expenses		(5,256)	(5,508)
Real estate operating expenses		(9,849)	(8,992)
Fee expense		(1,520)	(1,988)
Depreciation and amortization		(7,529)	(9,342)
Total costs and expenses		(46,238)	(55,694)
Income tax (expense) benefit		(1,720)	1,309
Net income (loss)		22,191	19,154
Total assets	[1]	5,860,526		$ 5,951,173
Investment in unconsolidated ventures	[1]	6,336		6,219
Investment in FHLB stock		9,600		9,600
Operating Segment
Income Statement [Abstract]
Investment in unconsolidated ventures		6,300	6,200
Operating Segment \| Loans
Income Statement [Abstract]
Interest income		90,874	53,120
Interest expense		(28,728)	(14,283)
Net interest income (expense)		62,146	38,837
(Provision for) release of loan loss reserves		(4,736)	(874)
Net interest income (expense) after provision for (release of) loan losses		57,410	37,963
Real estate operating income		0	0
Net result from mortgage loan receivables held for sale		(194)	(949)
Realized gain (loss) on securities		0	0
Unrealized gain (loss) on securities		0	0
Realized gain (loss) on sale of real estate, net			0
Fee and other income		1,681	3,377
Net result from derivative transactions		(1,843)	2,337
Earnings from investment in unconsolidated ventures		0	0
Gain on extinguishment of debt		0
Total other income (loss)		(356)	4,765
Compensation and employee benefits		0	0
Operating expenses		0	17
Real estate operating expenses		0	0
Fee expense		(967)	(799)
Depreciation and amortization		0	0
Total costs and expenses		(967)	(782)
Income tax (expense) benefit		0	0
Net income (loss)		56,087	41,946
Total assets		3,795,773		3,892,382
Operating Segment \| Securities
Income Statement [Abstract]
Interest income		10,129	3,065
Interest expense		(2,633)	(452)
Net interest income (expense)		7,496	2,613
(Provision for) release of loan loss reserves		0
Net interest income (expense) after provision for (release of) loan losses		7,496	2,613
Real estate operating income		0	0
Net result from mortgage loan receivables held for sale		0	0
Realized gain (loss) on securities		(307)	(96)
Unrealized gain (loss) on securities		117	17
Realized gain (loss) on sale of real estate, net			0
Fee and other income		4	15
Net result from derivative transactions		(302)	804
Earnings from investment in unconsolidated ventures		0	0
Gain on extinguishment of debt		0
Total other income (loss)		(488)	740
Compensation and employee benefits		0	0
Operating expenses		0	0
Real estate operating expenses		0	0
Fee expense		(48)	(48)
Depreciation and amortization		0	0
Total costs and expenses		(48)	(48)
Income tax (expense) benefit		0	0
Net income (loss)		6,960	3,305
Total assets		520,008		587,519
Operating Segment \| Real Estate
Income Statement [Abstract]
Interest income		2	0
Interest expense		(6,653)	(11,479)
Net interest income (expense)		(6,651)	(11,479)
(Provision for) release of loan loss reserves		0	0
Net interest income (expense) after provision for (release of) loan losses		(6,651)	(11,479)
Real estate operating income		23,199	26,354
Net result from mortgage loan receivables held for sale		0	0
Realized gain (loss) on securities		0	0
Unrealized gain (loss) on securities		0	0
Realized gain (loss) on sale of real estate, net			29,154
Fee and other income		2	3,707
Net result from derivative transactions		(97)	(6)
Earnings from investment in unconsolidated ventures		217	434
Gain on extinguishment of debt		0
Total other income (loss)		23,321	59,643
Compensation and employee benefits		0	0
Operating expenses		0	0
Real estate operating expenses		(9,849)	(8,992)
Fee expense		(93)	(166)
Depreciation and amortization		(7,425)	(9,334)
Total costs and expenses		(17,367)	(18,492)
Income tax (expense) benefit		0	0
Net income (loss)		(697)	29,672
Total assets		699,601		706,355
Corporate/Other
Income Statement [Abstract]
Interest income		2,791	20
Interest expense		(22,735)	(20,821)
Net interest income (expense)		(19,944)	(20,801)
(Provision for) release of loan loss reserves		0	0
Net interest income (expense) after provision for (release of) loan losses		(19,944)	(20,801)
Real estate operating income		0	0
Net result from mortgage loan receivables held for sale		0	0
Realized gain (loss) on securities		0	0
Unrealized gain (loss) on securities		0	0
Realized gain (loss) on sale of real estate, net			0
Fee and other income		144	95
Net result from derivative transactions		0	0
Earnings from investment in unconsolidated ventures		0	0
Gain on extinguishment of debt		9,217
Total other income (loss)		9,361	95
Compensation and employee benefits		(22,084)	(29,864)
Operating expenses		(5,256)	(5,525)
Real estate operating expenses		0	0
Fee expense		(412)	(975)
Depreciation and amortization		(104)	(8)
Total costs and expenses		(27,856)	(36,372)
Income tax (expense) benefit		(1,720)	1,309
Net income (loss)		(40,159)	$ (55,769)
Total assets		845,144		764,917
Corporate/Other \| Senior Unsecured Notes
Income Statement [Abstract]
Senior notes		$ 1,600,000		$ 1,600,000

[1]Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.