Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 02, 2024 | Jun. 30, 2023 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-36299 | ||
Entity Registrant Name | Ladder Capital Corp | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 80-0925494 | ||
Entity Address, Address Line One | 320 Park Avenue, | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10022 | ||
City Area Code | 212 | ||
Local Phone Number | 715-3170 | ||
Title of 12(b) Security | Class A common stock, $0.001 par value | ||
Trading Symbol | LADR | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Smaller Reporting Company | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Public Float | $ 1,222,489,920 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive proxy statement for the Company’s 2023 Annual Meeting of Stockholders have been incorporated by reference into Part III of this Report. | ||
Entity Central Index Key | 0001577670 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Class A Common Stock | |||
Entity Common Stock, Shares Outstanding | 126,617,221 | ||
Class B Common Stock | |||
Entity Common Stock, Shares Outstanding | 0 |
Audit Information
Audit Information | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Audit Information [Abstract] | |||
Auditor Firm ID | 238 | 42 | 42 |
Auditor Name | Ernst & Young LLP | PricewaterhouseCoopers LLP | PricewaterhouseCoopers LLP |
Auditor Location | New York, New York | New York, New York | New York, New York |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash and cash equivalents | [1] | $ 1,015,678 | $ 609,078 |
Restricted cash | [1] | 15,450 | 50,524 |
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable | [1] | 3,155,089 | 3,885,746 |
Allowance for credit losses | [1] | (43,165) | (20,755) |
Mortgage loan receivables held for sale | [1] | 26,868 | 27,391 |
Securities | [1] | 485,533 | 587,519 |
Real estate and related lease intangibles, net | [1] | 726,442 | 700,136 |
Investments in and advances to unconsolidated ventures | [1] | 6,877 | 6,219 |
Derivative instruments | [1] | 1,454 | 2,038 |
Accrued interest receivable | [1] | 24,233 | 24,938 |
Other assets | [1] | 98,218 | 78,339 |
Total assets | [1] | 5,512,677 | 5,951,173 |
Liabilities | |||
Debt obligations, net | [1] | 3,783,946 | 4,245,697 |
Dividends payable | [1] | 32,294 | 32,000 |
Accrued expenses | [1] | 65,144 | 68,227 |
Other liabilities | [1] | 99,095 | 71,688 |
Total liabilities | [1] | 3,980,479 | 4,417,612 |
Commitments and contingencies | [1] | 0 | 0 |
Equity | |||
Additional paid-in capital | [1] | 1,756,750 | 1,826,833 |
Treasury stock, 1,115,789 and 1,525,429 shares, at cost | [1] | (12,001) | (95,600) |
Retained earnings (dividends in excess of earnings) | [1] | (197,875) | (177,005) |
Accumulated other comprehensive income (loss) | [1] | (13,853) | (21,009) |
Total shareholders’ equity | [1] | 1,533,148 | 1,533,346 |
Noncontrolling interests in consolidated ventures | [1] | (950) | 215 |
Total equity | [1] | 1,532,198 | 1,533,561 |
Total liabilities and equity | [1] | 5,512,677 | 5,951,173 |
Class A Common Stock | |||
Equity | |||
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 128,027,478 and 128,027,478 shares issued and 126,911,689 and 126,502,049 shares outstanding as of December 31, 2023 and December 31, 2022, respectively. | [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 | Dec. 31, 2023 | Dec. 31, 2022 |
Treasury stock (in shares) | 1,115,789 | 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) | 126,911,689 | 126,502,049 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net interest income | |||
Interest income | $ 407,284 | $ 293,520 | $ 176,099 |
Interest expense | 245,097 | 195,602 | 182,949 |
Net interest income (expense) | 162,187 | 97,918 | (6,850) |
Provision for (release of) loan loss reserves, net | 25,096 | 3,711 | (8,713) |
Net interest income (expense) after provision for (release of) loan loss reserves | 137,091 | 94,207 | 1,863 |
Other income (loss) | |||
Real estate operating income | 96,950 | 108,269 | 101,564 |
Net result from mortgage loan receivables held for sale | (523) | (2,511) | 8,398 |
Realized gain (loss) on securities | (276) | (73) | 1,594 |
Unrealized gain (loss) on securities | 29 | (86) | (91) |
Realized gain (loss) on sale of real estate, net | 8,808 | 115,998 | 55,766 |
Fee and other income | 9,178 | 15,020 | 11,190 |
Net result from derivative transactions | 1,481 | 12,360 | 1,749 |
Earnings from investment in unconsolidated ventures | 758 | 1,410 | 1,579 |
Gain on extinguishment of debt | 10,718 | 685 | 0 |
Total other income (loss) | 127,123 | 251,072 | 181,749 |
Costs and expenses | |||
Compensation and employee benefits | 63,618 | 75,836 | 38,347 |
Operating expenses | 19,503 | 20,716 | 17,672 |
Real estate operating expenses | 37,587 | 38,605 | 26,161 |
Investment related expenses | 8,847 | 7,235 | 5,810 |
Depreciation and amortization | 29,914 | 32,673 | 37,801 |
Total costs and expenses | 159,469 | 175,065 | 125,791 |
Income (loss) before taxes | 104,745 | 170,214 | 57,821 |
Income tax expense (benefit) | 4,244 | 4,909 | 928 |
Net income (loss) | 100,501 | 165,305 | 56,893 |
Net (income) loss attributable to noncontrolling interests in consolidated ventures | $ 624 | $ (23,088) | $ (371) |
Earnings per share: | |||
Basic (in dollars per share) | $ 0.81 | $ 1.14 | $ 0.46 |
Diluted (in dollars per share) | $ 0.81 | $ 1.13 | $ 0.45 |
Weighted average shares outstanding: | |||
Basic (in shares) | 124,667,877 | 124,301,421 | 123,763,843 |
Diluted (in shares) | 124,882,398 | 125,823,671 | 124,563,051 |
Class A Common Stock | |||
Costs and expenses | |||
Net income (loss) attributable to Class A common shareholders | $ 101,125 | $ 142,217 | $ 56,522 |
Earnings per share: | |||
Basic (in dollars per share) | $ 0.81 | $ 1.14 | $ 0.46 |
Diluted (in dollars per share) | $ 0.81 | $ 1.13 | $ 0.45 |
Weighted average shares outstanding: | |||
Basic (in shares) | 124,667,877 | 123,763,843 | |
Diluted (in shares) | 124,882,398 | 125,823,671 | 124,563,051 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income (loss) | $ 100,501 | $ 165,305 | $ 56,893 |
Unrealized gain (loss) on securities, net of tax: | |||
Unrealized gain (loss) on securities, available for sale | 6,875 | (16,957) | 8,005 |
Reclassification adjustment for (gain) loss included in net income (loss) | 281 | 60 | (1,654) |
Total other comprehensive income (loss) | 7,156 | (16,897) | 6,351 |
Comprehensive income (loss) | 107,657 | 148,408 | 63,244 |
Comprehensive (income) loss attributable to noncontrolling interest in consolidated ventures | 624 | (23,088) | (371) |
Class A Common Stock | |||
Unrealized gain (loss) on securities, net of tax: | |||
Comprehensive income (loss) attributable to Class A common shareholders | $ 108,281 | $ 125,320 | $ 62,873 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Class A Common Stock | Class A Common Stock | Class A 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, 2020 | 126,378,000 | |||||||||
Beginning Balance at Dec. 31, 2020 | $ 1,548,425 | $ 127 | $ 1,780,074 | $ (62,859) | $ (163,717) | $ (10,463) | $ 5,263 | |||
Increase Decrease in Stockholders' Equity | ||||||||||
Contributions | 1,631 | 1,631 | ||||||||
Distributions | (908) | (125) | (783) | |||||||
Amortization of equity based compensation | 15,300 | 15,300 | ||||||||
Purchase of treasury stock (in shares) | (823,000) | |||||||||
Purchase of treasury stock | (9,008) | $ (1) | (9,007) | |||||||
Re-issuance of treasury stock (in shares) | 748,000 | |||||||||
Re-issuance of treasury stock | 0 | $ 1 | (1) | |||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares) | (440,000) | |||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock | (4,457) | (4,457) | ||||||||
Forfeitures (in shares) | (410,000) | |||||||||
Forfeitures | (1) | $ (1) | ||||||||
Dividends declared | (100,607) | (100,607) | ||||||||
Net income (loss) | 56,893 | 56,522 | 371 | |||||||
Other comprehensive income (loss) | 6,351 | 6,351 | ||||||||
Ending Balance (in shares) at Dec. 31, 2021 | 125,453,000 | |||||||||
Ending 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 | ||||||||||
Contributions | 186 | 186 | ||||||||
Distributions | (29,541) | (29,541) | ||||||||
Amortization of equity based compensation | 31,584 | 31,584 | ||||||||
Grants of restricted stock (in shares) | 2,289,000 | |||||||||
Grants of restricted stock | 0 | $ 2 | (2) | |||||||
Purchase of treasury stock (in shares) | (785,000) | |||||||||
Purchase of treasury stock | (7,919) | $ (1) | (7,918) | |||||||
Re-issuance of treasury stock (in shares) | 596,000 | |||||||||
Re-issuance of treasury stock | 0 | $ 1 | (1) | |||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares) | (955,000) | |||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock | (11,356) | $ (1) | (11,355) | |||||||
Forfeitures (in shares) | (96,000) | |||||||||
Dividends declared | (111,420) | (111,420) | ||||||||
Net income (loss) | 165,305 | 142,217 | 23,088 | |||||||
Other comprehensive income (loss) | (16,897) | (16,897) | ||||||||
Ending Balance (in shares) at Dec. 31, 2022 | 126,502,049 | 126,502,000 | ||||||||
Ending 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 | (541) | (541) | ||||||||
Amortization of equity based compensation | 18,577 | 18,577 | ||||||||
Purchase of treasury stock (in shares) | (269,000) | |||||||||
Purchase of treasury stock | (2,481) | (2,481) | ||||||||
Re-issuance of treasury stock (in shares) | 1,417,000 | |||||||||
Re-issuance of treasury stock | 0 | $ 1 | (15,528) | 15,527 | ||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares) | (689,000) | |||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock | (7,862) | $ (1) | (7,861) | |||||||
Forfeitures (in shares) | (49,000) | |||||||||
Forfeitures | 0 | 510 | (510) | |||||||
Dividends declared | (116,713) | (116,713) | ||||||||
Net income (loss) | 100,501 | 101,125 | (624) | |||||||
Other comprehensive income (loss) | 7,156 | 7,156 | ||||||||
Treasury stock cost basis reclassification | 0 | (73,642) | 78,924 | (5,282) | ||||||
Ending Balance (in shares) at Dec. 31, 2023 | 126,911,689 | 126,912,000 | ||||||||
Ending Balance at Dec. 31, 2023 | $ 1,532,198 | [1] | $ 127 | $ 1,756,750 | $ (12,001) | $ (197,875) | $ (13,853) | $ (950) | ||
[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 - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Cash flows from operating activities: | |||||
Net income (loss) | $ 100,501 | $ 165,305 | $ 56,893 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||
(Gain) loss on extinguishment of debt | (10,718) | (685) | 0 | ||
Depreciation and amortization | 29,914 | 32,673 | 37,801 | ||
Non-cash operating lease expense | 1,522 | 0 | 0 | ||
Unrealized (gain) loss on derivative instruments | 390 | (645) | (42) | ||
Unrealized (gain) loss on equity securities | (25) | 41 | 0 | ||
Unrealized (gain) loss on Agency interest-only securities | (4) | 45 | 91 | ||
Provision for (release of) loan loss reserves | 25,096 | 3,711 | (8,713) | ||
Amortization of equity based compensation | 18,577 | 31,584 | 15,300 | ||
Amortization of deferred financing costs included in interest expense | 12,428 | 15,565 | 21,530 | ||
Amortization of premium/discount on mortgage loan financing included in interest expense | (604) | (731) | (1,226) | ||
Amortization of above- and below-market lease intangibles | (1,797) | (1,763) | (1,888) | ||
(Accretion)/amortization of discount, premium and other fees on loans | (19,046) | (20,759) | (13,832) | ||
(Accretion)/amortization of discount and premium on securities | (1,352) | (827) | 236 | ||
Net result from mortgage loan receivables held for sale | 523 | 2,511 | (8,398) | ||
Realized (gain) loss on disposition of loan via foreclosure | 0 | 0 | 26 | ||
Realized (gain) loss on securities | 276 | 73 | (1,594) | ||
Realized (gain) loss on sale of real estate, net | (8,808) | (115,998) | (55,766) | ||
Realized (gain) loss on sale of derivative instruments | 291 | (64) | 0 | ||
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received | (658) | (785) | (1,462) | ||
Insurance proceeds for remediation work due to property damage | 473 | 0 | 2,092 | ||
Insurance proceeds used for remediation work due to property damage | (462) | (27) | (1,888) | ||
Origination of mortgage loan receivables held for sale | 0 | (61,318) | (220,359) | ||
Repayment of mortgage loan receivables held for sale | 0 | 68 | 183 | ||
Proceeds from sales of mortgage loan receivables held for sale | 0 | 29,151 | 259,092 | ||
Change in deferred tax asset (liability) | 1,182 | (505) | 271 | ||
Changes in operating assets and liabilities: | |||||
Accrued interest receivable | 706 | (11,294) | 649 | ||
Other assets | 7,552 | 4,425 | 5,758 | ||
Accrued expenses and other liabilities | 24,647 | 36,959 | (5,015) | ||
Net cash provided by (used in) operating activities | 180,604 | 106,710 | 79,739 | ||
Cash flows from investing activities: | |||||
Origination and funding of mortgage loan receivables held for investment | (68,415) | (1,234,765) | (2,309,888) | ||
Purchases of mortgage loan receivables held for investment | 0 | 0 | (63,600) | ||
Repayment of mortgage loan receivables held for investment | 738,464 | 909,766 | 1,103,614 | ||
Proceeds from sale of mortgage loan receivables held for investment | 0 | 0 | 46,557 | ||
Purchases of securities | (143,953) | (96,173) | (247,022) | ||
Repayment of securities | 232,124 | 184,838 | 164,494 | ||
Basis recovery of interest-only securities | 4,116 | 4,960 | 6,589 | ||
Proceeds from sales of securities | 17,838 | 5,780 | 438,594 | ||
Purchases of real estate | 0 | 0 | (20,452) | ||
Capital improvements of real estate | (4,374) | (6,949) | (4,873) | ||
Proceeds from sale of real estate | 13,391 | 310,527 | 190,870 | ||
Capital distribution from investment in unconsolidated ventures | 0 | 2,284 | 24,561 | ||
Proceeds from FHLB stock | 4,410 | 2,250 | 19,165 | ||
Purchase of derivative instruments | (223) | (1,097) | (69) | ||
Sale of derivative instruments | 125 | 169 | 0 | ||
Net cash provided by (used in) investing activities | 793,503 | 81,590 | (651,460) | ||
Cash flows from financing activities: | |||||
Deferred financing costs paid | (3,378) | (8,311) | (3,221) | ||
Proceeds from borrowings under debt obligations | 921,008 | 2,426,666 | 4,519,064 | ||
Repayment and repurchase of borrowings under debt obligations | (1,348,093) | (2,412,961) | (4,493,566) | ||
Cash dividends paid to Class A common shareholders | (116,419) | (107,011) | (100,553) | ||
Re-issuance of treasury stock | 0 | 0 | (1) | ||
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock | (7,862) | (11,356) | (4,457) | ||
Purchase of treasury stock | (2,481) | (7,916) | (9,007) | ||
Issuance of common stock | 0 | 0 | 1 | ||
Net cash provided by (used in) financing activities | (557,766) | (150,244) | (91,017) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 416,341 | 38,056 | (662,738) | ||
Cash, cash equivalents and restricted cash at beginning of period | 659,602 | 621,546 | 1,284,284 | ||
Cash, cash equivalents and restricted cash at end of period | 1,075,943 | 659,602 | 621,546 | ||
Supplemental information: | |||||
Cash paid for interest, net of amounts capitalized | 233,637 | 177,977 | 173,128 | ||
Cash paid (received) for income taxes | (2,402) | (1,169) | (2,527) | ||
Non-cash investing and financing activities: | |||||
Securities and derivatives purchased, not settled | 0 | 2,953 | 18 | ||
Securities and derivatives sold, not settled | 0 | 10 | 10 | ||
Repayment in transit of mortgage loans receivable held for investment (other assets) | 7,867 | 18,928 | 26,636 | ||
Settlement of mortgage loan receivable held for investment by real estate, net | (91,408) | 0 | (81,129) | ||
Real estate acquired in settlement of mortgage loan receivable held for investment, net | 87,526 | 9,386 | 81,750 | ||
Net settlement of sale of real estate, subject to debt - real estate | (31,292) | 0 | (29,827) | ||
Net settlement of sale of real estate, subject to debt - debt obligations | 31,292 | 0 | 29,827 | ||
Real estate acquired in former unconsolidated venture agreement | 0 | 15,436 | 0 | ||
Transfer of real estate, net into real estate held for sale | 0 | 0 | 25,179 | ||
Dividends declared, not paid | 32,294 | 32,000 | 27,591 | ||
Cash and cash equivalents | 1,015,678 | [1] | 609,078 | [1] | 548,744 |
Restricted cash | 15,450 | 50,524 | 72,802 | ||
Short-term unsettled U.S. Treasury securities classified in other assets on the consolidated balance sheet | 44,815 | 0 | 0 | ||
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | 1,075,943 | 659,602 | 621,546 | ||
Consolidated Joint Venture | |||||
Cash flows from financing activities: | |||||
Capital contributed by noncontrolling interests in consolidated ventures | 0 | 186 | 1,506 | ||
Capital distributed to noncontrolling interests in consolidated ventures | $ (541) | $ (29,541) | $ (783) | ||
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9. |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 12 Months Ended |
Dec. 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 December 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 | 12 Months Ended |
Dec. 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”). 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 and 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. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of resulting changes are reflected in the consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying consolidated financial statements include, but are not limited to the following: • valuation of real estate securities; • valuation of mortgage loan receivables held for sale; • valuation of real estate; • allocation of purchase price for acquired real estate, including real estate acquired via foreclosure; • impairment, and useful lives, of real estate; • useful lives of intangible assets; • valuation of derivative instruments; • valuation of deferred tax asset (liability); • determination of effective yield for recognition of interest income; • adequacy of current expected credit losses (“CECL”) including the valuation of underlying collateral for collateral-dependent loans; • determination of impairment of real estate securities and investments in and advances to unconsolidated ventures; • certain estimates and assumptions used in the accrual of incentive compensation and calculation of the fair value of equity compensation issued to employees; and • determination of the effective tax rate for income tax provision. Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of December 31, 2023 and December 31, 2022. At December 31, 2023 and December 31, 2022, and at various times during the years, the balances exceeded the insured limits. Restricted Cash Restricted cash primarily consists of deposits related to real estate, which include tenant security deposits. Restricted cash also includes accounts the Company maintains with brokers to facilitate financial derivative and repurchase agreement transactions in support of its loan and securities investments and risk management activities. Based on the value of the positions in these accounts and the associated margin requirements, the Company may be required to deposit additional cash into these broker accounts. The cash collateral held by broker is considered restricted cash. Mortgage Loan Receivables Held for Investment Loans for which the Company has the intention and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for credit losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the effective interest method, adjusted for actual prepayments. Upon the decision to market such loans, the Company will evaluate if the loan meets held for sale criteria and then will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value on the consolidated balance sheets. Allowance for 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. 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 property-type 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 interest 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. Loans for which the borrower or sponsor is experiencing financial difficulty, and where repayment of the loan is expected substantially through the operation or sale of the underlying collateral, are considered collateral dependent loans. For collateral dependent loans, the Company may elect a practical expedient which allows the Company to measure expected losses based on the difference between the collateral’s fair value and the amortized cost basis of the loan. When the repayment or satisfaction of the loan is dependent on a sale, rather than operations of the collateral, the fair value is adjusted for the estimated costs to sell the collateral. If foreclosure is probable, the Company is required to measure for expected losses using this methodology. 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 collateral dependent 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. Mortgage Loan Receivables Held for Sale Mortgage loan receivables held for sale are first mortgage loans that are secured by cash-flowing commercial real estate and are available for sale to securitizations. Mortgage loan receivables held for sale are recorded at lower of cost or market value on an individual basis. Securities The Company classifies its securities investments on the date of acquisition of the investment. Securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in shareholders’ equity. Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”) and equity securities, are carried at estimated fair value with changes in fair value recognized in earnings in the consolidated statements of income. As more fully described in Note 4, Securities, certain securities that were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“Dodd-Frank Act”) which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the consolidated statements of income. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the consolidated statements of income. The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. Unrealized losses on securities are evaluated by management to determine if the decline in fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors, any impairment that is not credit-related is recognized in other comprehensive income, whereas any credit-related loss is recognized currently in earnings in the consolidated statements of income. When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an impairment in the value of the security. An impairment will be considered based on consideration of several factors, including: (i) if the Company intends to sell the security; (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost; or (iii) the Company does not expect to recover the security’s cost basis (i.e., a credit loss exists). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the cost basis of the security will be written down to fair value, and the related impairment will be recognized currently in earnings. If a credit loss exists, but the Company does not intend to, nor is it more likely than not that it will be required to sell before recovery, the impairment will be separated into: (i) the estimated amount relating to the credit loss; and (ii) the amount relating to all other factors. The amount of the impairment relating to credit losses will be recognized as an allowance for credit losses, which is a contra-asset and a reduction in earnings, with the remainder of the loss recognized in other comprehensive income. Estimating cash flows and determining whether there is impairment requires management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts. For cash flow statement purposes, receipts of interest from interest-only real estate securities are bifurcated between amortization of premium/ (accretion) of discount and other fees on securities as part of cash flows from operations and basis recovery of Agency interest only securities as part of cash flows from investing activities. The Company utilizes an internal model as its primary pricing source to develop its prices for its CMBS and other commercial real estate securities guaranteed by a U.S. governmental agency or by a government sponsored entity (together, “U.S. Agency securities”). Different judgments and assumptions could result in materially different estimates of fair value. To confirm its own valuations, the Company requests prices for each of its CMBS and U.S. Agency securities investments from four different sources, including third parties that provide pricing services and brokers, although since broker quotes for the same or similar securities in which Ladder has invested are non-binding, the Company does not consider them to be a primary source for valuation. The Company may also develop a price for a security based on its direct observations of market activity and other observations. Typically, at least two prices per security are obtained. The Company develops an understanding of the valuation methodologies used by third-party pricing services through discussions with their representatives and review of their valuation methodologies used for different types of securities. The Company understands that the pricing services develop estimates of fair value for CMBS and U.S. Agency securities using various techniques, including discussion with their internal trading desks, proprietary models and matrix pricing approaches. The Company does not have access to, and is therefore not able to review in detail, the inputs used by the pricing services in developing their estimates of fair value. However, on at least a monthly basis as part of our closing process, the Company evaluates the fair value information provided by the pricing services by comparing this information for reasonableness against its direct observations of market activity for similar securities and anecdotal information obtained from market participants that, in its assessment, is relevant to the determination of fair value. This process may result in the Company “challenging” the estimate of fair value for a security if it is unable to reconcile the estimate provided by the pricing service with its assessment of fair value for the security. Accordingly, in following this approach, the Company’s objective is to ensure that the information used by pricing services in their determination of fair value of securities is reasonable and appropriate. Real Estate The Company generally acquires real estate assets or land and development assets through cash purchases and may also acquire such assets through foreclosure or deed-in-lieu of foreclosure in full or partial satisfaction of defaulted loans. Based on the Company’s strategic plan to realize the maximum value from the real estate acquired, properties are either classified as Real estate, net or Real estate held for sale in the consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net. If the Company intends to market these properties for sale in the near term, assets are evaluated against the held for sale criteria and then may be classified as real estate held for sale in the consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company records real estate acquired through foreclosure at fair value. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 55 years for buildings, four The Company classifies most of its investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense and impairments, as applicable and are included in Real estate, net in the consolidated balance sheets. Allocation of Purchase Price for Acquired Real Estate Upon acquisition of real estate, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of: (i) above and below market leases; (ii) in-place leases; and (iii) assumed mortgages. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods. These methods may include discounted cash flow models, for which assumptions including cash flow projections, discount and capitalization rates, or market comparable transactions, which require management judgment in determining the appropriateness of recent comparable sales of similar properties, or the ground lease approach for land valuation, which requires management judgement in determining comparable ground leases to forecast the economic ground rent and apply capitalization rate to the forecast economic ground rent to estimate land value. The Company may also utilize estimates of replacement costs net of depreciation. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between: (i) the contractual amounts to be paid pursuant to each in-place lease; and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Other intangible assets acquired include amounts for in-place lease values. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases but in no event do the amortization periods for intangible assets exceed the depreciable lives of the buildings. If a tenant terminates its lease, the unamortized portion of the in-place lease value intangibles are charged to expense. The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 14, Fair Value of Financial Instruments, depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition. Impairment of Property Held for Use On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, historical, current and projected operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. Real Estate Held for Sale In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets meet the criteria for held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the consolidated statements of income. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. Sales of Real Estate Gains on sales of real estate are recognized pursuant to the provisions included in ASC 606-20, Revenue from Contracts with Customers (“ASC 606-20”) or ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, the Company’s sales of residential condominiums would be governed by ASC 606-20 and the sales of rental properties under ASC 610-20. Investments in and Advances to Unconsolidated Ventures The Company accounts for its investments in unconsolidated ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as investments in unconsolidated ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. In the event there is an outside basis portion of the Company’s ventures, it is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. The Company classifies distributions received from its investments in unconsolidated ventures using the nature of the distribution approach. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in commercial real estate ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future. Commitments and Contingencies The Company, as lessee, records right-of-use lease assets in other assets and lease liabilities in other liabilities on its consolidated balance sheets. A lease is evaluated for classification as an operating or finance lease at the commencement date of the lease. Right-of-use assets initially equal the lease liability. The lease liability equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company's incremental borrowing rate for similar collateral if the rate implicit in the lease is not readily determinable. Future lease payments include fixed lease payments as well as variable lease payments that depend upon an index or rate using the index or rate at the commencement date and probable amounts owed under residual value guarantees. The amount of future lease payments may be increased to include additional payments related to lease extension when the Company has determined, at or subsequent to lease commencement that it is reasonably certain of exercising such options. The Company recognizes a single lease cost for operating leases in operating expenses in the consolidated statements of income, calculated so that the cost of the lease is allocated generally on a straight-line basis over the term of the lease, and classifies all cash payments within operating a |
MORTGAGE LOAN RECEIVABLES
MORTGAGE LOAN RECEIVABLES | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
MORTGAGE LOAN RECEIVABLES | 3. MORTGAGE LOAN RECEIVABLES December 31, 2023 ($ in thousands) Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 3,131,803 $ 3,122,707 9.63 % 0.7 Mezzanine loans 32,423 32,382 11.46 % 0.9 Total mortgage loans receivable 3,164,226 3,155,089 9.65 % 0.7 Allowance for credit losses N/A (43,165) Total mortgage loan receivables held for investment, net, at amortized cost 3,164,226 3,111,924 Mortgage loan receivables held for sale: First mortgage loans 31,350 26,868 (4) 4.57 % 8.2 Total $ 3,195,576 $ 3,138,792 (5) 9.61 % 0.7 (1) Includes the impact of interest rate floors. Term SOFR rates in effect as of December 31, 2023 are used to calculate weighted average yield for floating rate loans. (2) Excludes one non-accrual loan of $14.5 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 1.8 years. (4) As a result of changes in prevailing rates, the Company recorded a lower of cost or market adjustment as of December 31, 2023. The adjustment was calculated using a 5.18% discount rate. (5) Net of $9.1 million of deferred origination fees and other items as of December 31, 2023. As of December 31, 2023, $2.8 billion, or 87.8%, of the outstanding face amount of our mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates linked to Term SOFR. Of this $2.8 billion, 100% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2023, $31.4 million, or 100%, of the outstanding face amount of our mortgage loan receivables held for sale were at fixed interest rates. December 31, 2022 ($ 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) 4.57 % 9.2 Total $ 3,938,615 $ 3,892,382 (5) 8.82 % 1.3 (1) Includes the impact from interest rate floors. December 31, 2022 LIBOR and SOFR rates are used to calculate weighted average yield for floating rate loans. (2) Excludes non-accrual loans of $53.8 million. (3) Includes the impact of one first mortgage loan with a principal balance of $51.5 million, which was extended through 2026 in January 2023. (4) As a result of rising prevailing rates, the Company recorded a lower of cost or market adjustment as of December 31, 2022. The adjustment was calculated using a 5.16% discount rate. (5) 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 Term SOFR. Of this $3.4 billion, 99.2% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2022, $31.4 million, or 100%, of the outstanding face amount of our mortgage loan receivables held for sale were at fixed interest rates. For the years ended December 31, 2023, 2022, and 2021, the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2022 $ 3,885,746 $ (20,755) $ 27,391 Origination of mortgage loan receivables (1) 68,415 — — Repayment of mortgage loan receivables (2) (726,710) — — Non-cash disposition of loans via foreclosure (3) (91,408) — — Net result from mortgage loan receivables held for sale (4) — — (523) Accretion/amortization of discount, premium and other fees 19,046 — — Charge offs — 2,700 — Release (addition) of provision for current expected credit loss, net (5) — (25,110) — Balance, December 31, 2023 $ 3,155,089 $ (43,165) $ 26,868 (1) Includes funding of commitments on existing mortgage loans. (2) Excludes $11.8 million of proceeds received from repayments in transit. (3) Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosure of real estate. (4) Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale. (5) 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 (1) 1,234,765 — 61,318 Repayment of mortgage loan receivables (901,082) — (68) Proceeds from sales of mortgage loan receivables — — (29,151) Non-cash disposition of loans via foreclosure (2) (10,235) — — Net result from mortgage loan receivables held for sale (3) 2,197 — (4,708) Accretion/amortization of discount, premium and other fees 20,759 — — Charge offs (14,395) 14,395 — Release (addition) of provision for current expected credit loss, net (4) — (3,398) — Balance, December 31, 2022 $ 3,885,746 $ (20,755) $ 27,391 (1) Includes funding of commitments on existing mortgage loans. (2) Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosure of real estate. (3) Represents unrealized lower of cost or market adjustment on loans held for sale. (4) Refer to “Allowance for Credit Losses” table below for further detail. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2020 $ 2,354,059 $ (41,507) $ 30,518 Origination of mortgage loan receivables 2,309,888 — 220,359 Purchases of mortgage loan receivables 63,600 — — Repayment of mortgage loan receivables (1,059,796) — (183) Proceeds from sales of mortgage loan receivables (46,557) — (259,092) Non-cash disposition of loan via foreclosure(1) (81,289) — — Net result from mortgage loan receivables held for sale — — 8,398 Accretion/amortization of discount, premium and other fees 13,832 — — Release of asset-specific loan loss provision via foreclosure(1) — 1,150 — Release (addition) of provision for current expected credit loss, net — 8,605 — Balance, December 31, 2021 $ 3,553,737 $ (31,752) $ — (1) Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on real estate acquired via foreclosure. Allowance for Credit Losses and Non-Accrual Status ($ in thousands) Year Ended December 31, Allowance for Credit Losses 2023 2022 2021 Allowance for credit losses at beginning of period $ 20,755 $ 31,752 $ 41,507 Provision for (release of) current expected credit loss, net (1) 25,110 6,503 (8,605) Foreclosure of loans subject to asset-specific reserve — — (1,150) Charge-offs (2,700) (14,395) — Recoveries (2) — (3,105) — Allowance for credit losses at end of period $ 43,165 $ 20,755 $ 31,752 (1) There were no asset-specific reserves recorded for the years ended December 31, 2023, 2022, and 2021. (2) Recoveries are recognized within the consolidated statements of income through “Provision for (release of) loan loss reserves.” Non-Accrual Status (1) December 31, 2023(2) December 31, 2022(3)(4) Amortized cost basis of loans on non-accrual status, net of asset-specific reserve $ 14,541 $ 53,809 (1) As of December 31, 2023 and December 31, 2022, the loans on non-accrual status were greater than 90 days past due and are considered collateral dependent. (2) Comprised of one multi-family with an amortized cost basis of $14.5 million, for which the Company determined no asset-specific reserve was necessary. (3) Includes two retail loans with an amortized cost basis of $26.0 million and asset-specific reserves of $2.7 million. (4) Includes one mixed-use loan with an amortized cost basis of $30.5 million, for which the Company determined no asset-specific reserve was necessary. During the year ended December 31, 2023, the Company modified two first mortgage loans with a combined amortized cost basis of $106.5 million as of December 31, 2023, or 3.4% of the Company’s mortgage loan receivable portfolio. Together, these modifications resulted in a weighted average extension of 2.3 years, in exchange for terms that included $6.0 million of payments that reduced our amortized cost basis and $6.5 million of reserve replenishments. No principal or interest was forgiven, and Ladder also received a 15% non-controlling common equity interest in one of the properties. The payment structure of both loans was modified to defer a portion of the contractual interest until maturity and the Company is accruing only the current pay component. As of December 31, 2023, both loans are current. Subsequent to the modifications, for the year ended December 31, 2023, the Company accrued $2.6 million of interest income related to these two loans. Current Expected Credit Loss (“CECL”) As of December 31, 2023, the Company has a $43.9 million allowance for current expected credit losses, of which $43.2 million pertains to mortgage loan receivables and $0.7 million relates to unfunded commitments included in other liabilities in the consolidated balance sheets. As of December 31, 2023, the Company concluded that none of its loans required an asset-specific reserve. 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 retail loans with an amortized cost basis of $26.0 million as of December 31, 2022. The Company concluded that none of its other loans were individually impaired as of December 31, 2022. The total change in provision for loan loss reserves for the year ended December 31, 2023 was an increase of the provision of $25.1 million. The increase for the year ended December 31, 2023 represents an increase in the general reserve of loans held for investment of $25.1 million. The increase in provision associated with the general reserve during the year ended December 31, 2023 is due to adverse changes in macroeconomic market conditions affecting commercial real estate. The total change in provision for loan loss reserves for the year ended December 31, 2022 was an increase of the provision of $3.7 million. The net increase for the year ended December 31, 2022 represents an increase in the general reserve of loans held for investment of $6.5 million, and an increase related to unfunded loan commitments $0.3 million, partially offset by a $3.1 million recovery of provision. The increase in the general reserve during the year ended December 31, 2022 was primarily due to adverse changes in macroeconomic scenarios and an overall increase in the size of our balance sheet first mortgage portfolio as a result of net originations during that time. Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The primary credit quality indicator is reviewed by management on a quarterly basis. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of December 31, 2023 and December 31, 2022, respectively ($ in thousands): Amortized Cost Basis by Origination Year as of December 31, 2023 Collateral Type 2023 2022 2021 2020 2019 and Earlier Total (1) Multifamily $ 14,461 $ 547,532 $ 612,489 $ — $ — $ 1,174,482 Office — 79,148 614,743 — 211,674 905,565 Mixed Use — 193,470 321,514 — 41,403 556,387 Industrial — 22,636 34,746 — 119,344 176,726 Manufactured Housing — 32,655 82,895 — — 115,550 Retail — 12,934 87,052 — 9,083 109,069 Hospitality — — 18,589 — 55,380 73,969 Other — 31,363 11,978 — — 43,341 Subtotal mortgage loans receivable 14,461 919,738 1,784,006 — 436,884 3,155,089 Individually Impaired loans — — — — — — Total mortgage loans receivable (2) $ 14,461 $ 919,738 $ 1,784,006 $ — $ 436,884 $ 3,155,089 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 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 (3) $ 1,145,229 $ 2,102,307 $ 56,150 $ 332,046 $ 250,014 $ 3,885,746 (1) For the year ended December 31, 2023, there was a $2.7 million of write-off of an asset-specific allowance in connection with a foreclosure of one retail property in New York, NY. (2) Not included above is $22.4 million of accrued interest receivable (3) Not included above is $23.2 million of accrued interest receivable on all loans at December 31, 2022. |
SECURITIES
SECURITIES | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | 4. SECURITIES The Company invests in primarily AAA-rated real estate securities, typically front pay securities, with relatively short duration and significant credit subordination. Commercial mortgage-backed securities (“CMBS”), CMBS interest-only securities, U.S. Agency securities, corporate bonds and U.S. Treasury securities are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. As of December 31, 2023, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. Government National Mortgage Association (“GNMA”) interest-only, Federal Home Loan Mortgage Corp (“FHLMC”) and equity securities are recorded at fair value with changes in fair value recognized in earnings in the consolidated statements of income. The following is a summary of the Company’s securities at December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses (7) Carrying # of Rating (1) Coupon % Yield % Remaining CMBS $ 439,679 $ 439,052 $ 277 $ (14,439) $ 424,890 (2) 64 AAA 6.67 % 6.83 % 2.00 CMBS interest-only(3) 876,555 (3) 6,453 169 (53) 6,569 (4) 9 AAA 0.57 % 6.61 % 1.07 GNMA interest-only(5) 37,053 (3) 214 51 (52) 213 14 AAA 0.36 % 6.12 % 3.60 Agency securities 22 22 — (1) 21 1 AAA 4.00 % 2.70 % 1.05 U.S. Treasury securities 54,031 53,648 68 — 53,716 7 AAA N/A 5.41 % 0.07 Total debt securities $ 1,407,340 $ 499,389 $ 565 $ (14,545) $ 485,409 (6) 95 2.55 % 6.82 % 1.98 Equity securities N/A 160 — (16) 144 1 N/A N/A N/A N/A Allowance for current expected credit losses N/A — — (20) (20) Total securities $ 1,407,340 $ 499,549 $ 565 $ (14,581) $ 485,533 96 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 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 December 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 December 31, 2023 and December 31, 2022, includes $0.3 million and $0.4 million, respectively of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (5) GNMA interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s GNMA interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on securities in the consolidated statements of income. (6) The Company’s investments in debt securities represent an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date. (7) Based on the Company’s analysis, including review of interest rate changes and current levels of subordination, among other factors, the unrealized loss positions are determined to be due to market factors other than credit. The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 81,343 $ 343,547 $ — $ — $ 424,890 CMBS interest-only 2,121 4,448 — — 6,569 GNMA interest-only 86 22 105 — 213 Agency securities — 21 — — 21 U.S. Treasury securities 53,716 — — — 53,716 Total securities (1) $ 137,266 $ 348,038 $ 105 $ — $ 485,409 (1) Excluded from the table above are $0.1 million of equity securities and $(20.0) thousand of allowance for current expected credit losses. 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 Total securities (1) $ 379,700 $ 207,590 $ 130 $ — $ 587,420 (1) Excluded from the table above are $0.1 million of equity securities and $(20.0) thousand of allowance for current expected credit losses. During the year ended December 31, 2023, the Company did not sell any equity securities. During the year ended December 31, 2022, the Company sold $1.5 million of equity securities. |
REAL ESTATE AND RELATED LEASE I
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET | 5. REAL ESTATE AND RELATED LEASE INTANGIBLES, NET The Company’s real estate assets were comprised of the following ($ in thousands): December 31, 2023 December 31, 2022 Land $ 183,194 $ 158,802 Building 647,201 625,655 In-place leases and other intangibles 116,831 114,687 Undepreciated real estate and related lease intangibles 947,226 899,144 Less: Accumulated depreciation and amortization (220,784) (199,008) Real estate and related lease intangibles, net(1) $ 726,442 $ 700,136 Below market lease intangibles, net (other liabilities)(2) $ (28,860) $ (30,892) (1) There was unencumbered real estate of $160.8 million and $140.3 million as of December 31, 2023 and December 31, 2022, respectively. (2) Below market lease intangibles is net of $15.8 million and $13.6 million of accumulated amortization as of December 31, 2023 and December 31, 2022, respectively. The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Year Ended December 31, 2023 2022 2021 Depreciation expense(1) $ 24,166 $ 25,770 $ 30,659 Amortization expense 5,748 6,903 7,142 Total real estate depreciation and amortization expense $ 29,914 $ 32,673 $ 37,801 (1) Depreciation expense on the consolidated statements of income also includes $0.4 million, $41 thousand, and $99 thousand of depreciation on corporate fixed assets for the years ended December 31, 2023, 2022 and 2021, respectively. The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands): December 31, 2023 December 31, 2022 Gross intangible assets(1) $ 116,831 $ 114,689 Accumulated amortization 55,782 49,725 Net intangible assets $ 61,049 $ 64,964 (1) Includes $2.8 million of unamortized above market lease intangibles, which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of December 31, 2023 and December 31, 2022. The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands): Year Ended December 31, 2023 2022 2021 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (309) $ (305) $ (367) Increase in operating lease income for amortization of below market lease intangibles acquired 2,106 2,068 2,255 Total $ 1,797 $ 1,763 $ 1,888 The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2023 ($ in thousands): Period Ending December 31, Increase/(Decrease) to Operating Lease Income Amortization Expense 2024 $ 1,726 $ 6,725 2025 1,722 5,181 2026 1,735 4,519 2027 1,699 4,332 2028 1,625 4,167 Thereafter 17,528 33,304 Total $ 26,035 $ 58,228 Rent Receivables There were $1.1 million and $1.3 million of rent receivables included in other assets on the consolidated balance sheets as of December 31, 2023 and December 31, 2022, respectively. Operating Lease Income & Tenant Reimbursements The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at December 31, 2023 ($ in thousands): Period Ending December 31, Amount 2024 $ 61,285 2025 56,123 2026 53,724 2027 48,804 2028 47,305 Thereafter 160,590 Total $ 427,831 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 $4.8 million, $5.2 million, and $5.0 million for the years ended December 31, 2023, 2022, and 2021, respectively. Tenant reimbursements are included in operating lease income on the Company’s consolidated statements of income. Acquisitions The Company acquired the following properties during the year ended December 31, 2023 ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) September 2023 (2) Mixed Use New York, NY $ 30,400 100% November 2023 (3) Multifamily Pittsburgh, PA 34,479 100% December 2023 (4) Retail New York, NY 22,647 100% Total real estate acquisitions $ 87,526 (1) Properties were consolidated as of acquisition date. (2) In September 2023, the Company acquired a multifamily portfolio consisting of four properties in New York, NY via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $30.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.5%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs. (3) In November 2023, the Company acquired a multifamily property in Pittsburgh, PA via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $34.5 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 6.00%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs. (4) In December 2023, the Company acquired a retail property in New York, NY via foreclosure. The property served as collateral for two mortgage loan receivables held for investment. The Company obtained a third-party appraisal of the property. The $22.6 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.25%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs. The Company acquired the following properties during the year ended December 31, 2022 ($ 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% November 2022 (3) Office Houston, TX 9,386 100% Total real estate acquisitions $ 24,822 (1) Properties were consolidated as of acquisition date. (2) In February 2022, the Company acquired, via change in control, a previously held interest in a non-controlling equity investment in a mixed use property with one remaining residential condo unit and one remaining retail condo unit in New York, New York. The carrying value of the property at the time of change in control was $15.4 million, which was determined to be fair value. The fair value of the remaining condo unit was determined based on comparable sales in the building and the value of the remaining retail unit was valued utilizing a direct capitalization rate of 5.5%. The key inputs used to determine fair value were determined to be Level 3 inputs. (3) In November 2022, the Company acquired an office property in Houston, TX via foreclosure. The property served as collateral for a mortgage loan receivable held for investment with a basis of $10.3 million. In connection with the foreclosure, the Company received $0.9 million of cash. The Company obtained a third-party appraisal of the property. The $9.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 9.5% and a discount rate of 10.5%. There was no gain or loss resulting from the foreclosure of the loan. The Company acquired the following properties during the year ended December 31, 2021 ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) February 2021 (2) Hotel Miami, FL $ 43,750 100% August 2021 Apartments Stillwater, OK 20,452 80% December 2021 (3) Hotel Schaumburg, IL 38,000 100% Total real estate acquisitions $ 102,202 (1) Properties were consolidated as of acquisition date. (2) In February 2021, the Company acquired a hotel in Miami, FL via foreclosure, recognizing a $25.8 thousand loss, which is included in its consolidated statements of income. The property previously served as collateral for a mortgage loan receivable held for investment with a basis of $45.1 million, net of an asset-specific loan loss provision of $1.2 million recorded in the three months ended December 31, 2020. In February 2021, the foreclosed property was sold without any gain or loss. The Company recorded no revenues from its 2021 acquisitions for the year ended December 31, 2021. (3) In December 2021, the Company acquired a hotel in Schaumburg, IL via foreclosure. The property served as collateral for a mortgage loan receivable held for investment with a basis of $38.0 million. The Company obtained a third-party appraisal of the property. The $38.0 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 8.0% and a discount rate of 10.0%. There was no gain or loss resulting from the foreclosure of the loan. The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the years ended December 31, 2023, 2022, and 2021, all acquisitions were determined to be asset acquisitions. Sales The Company sold the following properties during the year ended December 31, 2023 ($ in thousands): Sales Date Type Primary Location(s) Sales Proceeds Net Book Value Realized Gain/(Loss) Properties August 2023 Hotel San Diego, CA (1) $ 43,335 $ 34,526 $ 8,808 1 Totals $ 43,335 $ 34,526 $ 8,808 (1) Included within sales proceeds is $31.3 million of mortgage financing that was assumed by the buyer. The Company sold the following properties during the year ended December 31, 2022 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties March 2022 Office Ewing, NJ $ 38,694 $ 24,175 $ 14,519 1 March 2022 Warehouse Conyers, GA 40,752 26,116 14,636 1 June 2022 Apartments Stillwater, OK 23,314 18,032 5,283 1 June 2022 Apartments Miami, Fl 60,856 37,585 23,270 1 September 2022 Retail Wichita, KS 9,503 5,110 4,393 1 December 2022 Apartments New York, NY (1) 7,935 7,402 533 1 December 2022 Retail Sennett, NY 10,599 4,245 6,354 1 December 2022 Office Richmond, VA 118,872 71,862 47,010 1 Totals (2) $ 310,525 $ 194,527 $ 115,998 (1) One unit was sold, and one unit remains. (2) Excludes $4.4 million of prepayment costs upon repayment of mortgage financings in connection with certain sales that is recorded within interest expense on the consolidated statement of income, such amount was correspondingly paid by the buyer and received by the Company as part of the sale and recorded in fee and other income on the consolidated statement of income. The Company sold the following properties during the year ended December 31, 2021 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties February 2021 Hotel Miami, FL $ 43,750 $ 43,750 $ — 1 June 2021 Net Lease North Dartmouth, MA 38,732 19,343 19,389 1 August 2021 Net Lease Pittsfield, MA 18,651 10,564 8,087 1 August 2021 Net Lease Ankeny, IA 19,021 13,341 5,680 1 August 2021 Apartments Arlington/Fort Worth, TX 26,496 22,498 3,998 2 November 2021 Net Lease Bessemer City, NC 33,447 21,333 12,114 1 December 2021 Land Los Angeles, CA 19,469 21,452 (1,983) 1 December 2021 Net Lease Snellville, GA 9,695 5,483 4,212 1 December 2021 Net Lease Columbia, SC 9,941 5,674 4,269 1 Totals $ 219,202 $ 163,438 $ 55,766 |
DEBT OBLIGATIONS, NET
DEBT OBLIGATIONS, NET | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT OBLIGATIONS, NET | 6. DEBT OBLIGATIONS, NET The details of the Company’s debt obligations at December 31, 2023 and December 31, 2022 are as follows ($ in thousands): December 31, 2023 Debt Obligations Committed / Carrying Value of Debt Obligations Committed but Unfunded Interest Rate at December 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 $ 235,594 $ 264,406 7.08% — 7.48% 9/27/2025 (2) (3) $ 342,467 $ 342,467 Committed Loan Repurchase Facility 300,000 118,903 181,097 7.46% — 8.36% 12/19/2024 (4) (5) 174,938 174,938 Committed Loan Repurchase Facility 141,997 139,162 2,835 7.06% — 7.60% 4/30/2024 (6) (3) 65,110 65,110 (7) Committed Loan Repurchase Facility 200,000 111,340 88,660 7.22% — 8.29% 10/3/2025 (8) (3) 150,280 150,559 Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 1/22/2024 (9) (5) — — Total Committed Loan Repurchase Facilities 1,241,997 604,999 636,998 732,795 733,074 Committed Securities Repurchase Facility 100,000 — 100,000 —% — —% 5/27/2024 N/A (10) — — Uncommitted Securities Repurchase Facility N/A (11) 1,608 N/A (11) 6.61% — 7.56% 1/17/2024 N/A (10) 2,511 2,511 (12) Total Repurchase Facilities 1,341,997 606,607 736,998 735,306 735,585 Revolving Credit Facility 323,850 — 323,850 —% — —% 7/27/2024 (13) N/A (14) N/A (14) N/A (14) Mortgage Loan Financing 437,384 437,759 — 4.39% — 9.03% 2024-2031 (15) N/A (16) 474,740 625,454 (17) CLO Debt 1,062,777 1,060,719 (18) — 6.68% — 9.13% 2024-2026 (19) N/A (3) 1,327,722 1,327,722 Borrowings from the FHLB 115,000 115,000 — 5.76% — 5.88% 2024 N/A (20) 140,276 140,276 Senior Unsecured Notes 1,575,614 1,563,861 (21) — 4.25% — 5.25% 2025-2029 N/A N/A (22) N/A (22) N/A (22) Total Debt Obligations, Net $ 4,856,622 $ 3,783,946 $ 1,060,848 $ 2,678,044 $ 2,829,037 (1) Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2023. (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 364-day period 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) The Company has pledged mortgage loans receivable with a value of $114.7 million that eliminates in consolidation and is thus not included in the carrying amount of collateral or fair value of collateral. (8) Two additional 12-month extension periods at Company’s option. No new advances permitted past 30 days prior to initial maturity. (9) Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period. (10) Commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities. (11) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (12) 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. (13) Three additional 12-month periods at Company’s option. (14) 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. (15) Anticipated repayment dates. (16) Certain of our real estate investments serve as collateral for our mortgage loan financing. (17) Represents undepreciated carrying value of commercial real estate collateral. (18) Presented net of unamortized debt issuance costs of $2.1 million at December 31, 2023. (19) Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities. (20) Investment grade commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities. (21) Presented net of unamortized debt issuance costs of $11.8 million at December 31, 2023. (22) 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, 2022(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility(2) $ 500,000 $ 318,983 $ 181,017 6.07% — 6.57% 9/27/2025 (2) (3) $ 428,477 $ 429,276 Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 2/26/2023 (4) (5) — — Committed Loan Repurchase Facility 300,000 157,558 142,442 6.19% — 7.07% 12/19/2023 (6) (7) 244,102 244,102 Committed Loan Repurchase Facility 100,000 47,415 52,585 6.00% — 6.00% 4/30/2024 (8) (3) 63,307 63,307 Committed Loan Repurchase Facility 100,000 77,959 22,041 5.74% — 6.24% 1/3/2023 (2) (3) 103,393 103,393 Committed Loan Repurchase Facility 100,000 — 100,000 —% —% 1/22/2024 (9) (7) — — Committed Loan Repurchase Facility 100,000 14,979 85,021 7.07% — 7.07% 7/14/2023 (10) (11) 21,206 21,206 Total Committed Loan Repurchase Facilities 1,300,000 616,894 683,106 860,485 861,284 Committed Securities Repurchase Facility(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% — 6.00% 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 five committed master repurchase agreements, as outlined in the December 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 December 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 December 31, 2023, the Company had total debt obligations of $606.6 million outstanding pursuant to repurchase agreements with four counterparties. All of the loan repurchase facilities are due greater than 90 days from December 31, 2023, and the securities repurchase facility was due within 30 days of December 31, 2023. As of December 31, 2023, no counterparties held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $153.2 million, or 10% of our total equity. As of December 31, 2023, the weighted average haircut, or the percent of collateral value in excess of the loan amount, under our repurchase agreements was 18%. 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. Borrowings under the Revolving Credit Facility incur interest at a fixed margin of 2.50% over the index rate, with reductions in the fixed margin upon the achievement of investment grade credit ratings. On January 25, 2024, the Company amended its Revolving Credit Facility to extend the final maturity date to January 25, 2029. As of December 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 December 31, 2023 and December 31, 2022, the amounts of unamortized costs relating to our master repurchase facilities and Revolving Credit Facility were $4.0 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 The Company typically finances its real estate investments with long-term, non-recourse mortgage financing. These mortgage loans have carrying amounts of $437.8 million and $498.0 million, net of unamortized premiums of $1.8 million and $2.4 million as of December 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 $0.6 million and $0.7 million and $1.4 million of premium amortization, which decreased interest expense for the years ended December 31, 2023, 2022, and 2021 respectively. These non-recourse debt agreements provide for secured financing at rates ranging from 4.39% to 9.03%, and, as of December 31, 2023, have anticipated maturity dates between 2024 - 2031, with an average term of 3.1 years. The mortgage loans are collateralized by real estate and related lease intangibles, net, of $474.7 million and $559.9 million as of December 31, 2023 and December 31, 2022, respectively. During the year ended December 31, 2023 the Company did not execute any new term debt agreements to finance properties in its real estate portfolio. During the year ended December 31, 2022, the Company executed one new term debt agreement to finance properties in its real estate portfolio. Collateralized Loan Obligations (“CLO”) Debt As of December 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 $2.1 million. 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, for further detail. 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, for further detail. Borrowings from the Federal Home Loan Bank (“FHLB”) On July 11, 2012, Tuebor, a consolidated subsidiary of the Company, became a member of the FHLB and subsequently drew its first secured funding advances from the FHLB. As of February 19, 2021, pursuant to a final rule adopted by the Federal Housing Finance Agency (the “FHFA”) regarding the eligibility of captive insurance companies, Tuebor’s membership in the FHLB has been terminated, although outstanding advances may remain outstanding until their scheduled maturity dates. Funding for future advance paydowns is expected to be obtained from the natural amortization and/or sales of securities collateral, or from other financing sources. There is no assurance that the FHFA or the FHLB will not take actions that could adversely impact Tuebor’s existing advances. As of December 31, 2023, Tuebor had $115.0 million of borrowings outstanding, with terms of 0.34 years to 0.75 years (with a weighted average of 0.57 years), and interest rates of 5.76% to 5.88% (with a weighted average of 5.82%). As of December 31, 2023, collateral for the borrowings was comprised of $140.3 million of CMBS and U.S. Agency securities (with advance rates of 71.7% to 95.7%). 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 $831.9 million of Tuebor’s member’s capital was restricted from transfer via dividend to Tuebor’s parent without prior approval of state insurance regulators at December 31, 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 December 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”), $611.9 million in aggregate principal amount of 4.25% senior notes due 2027 (the “2027 Notes”) and $635.9 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 year ended December 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, repurchased $38.9 million of the 2027 Notes and recognized a net gain of $6.8 million on extinguishment of debt, and repurchased $13.1 million of the 2029 Notes and recognized a net gain of $2.6 million on extinguishment of debt for an aggregate gain of $10.7 million. LCFH issued the Notes with Ladder Capital Finance Corporation (“LCFC”), as co-issuers on a joint and several basis. LCFC is a 100% owned finance subsidiary of LCFH with no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Notes. The Company and certain subsidiaries of LCFH currently guarantee the obligations under the Notes and the indenture. The Company was in compliance with all covenants of the Notes as of December 31, 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 directors has authorized the Company to repurchase any or all of the Notes from time to time without further approval. 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 $871.4 million of the total equity is restricted from payment as a dividend by the Company at December 31, 2023. The Company was in compliance with all covenants as of December 31, 2023. LIBOR Transition to SOFR As of December 31, 2023, all of our floating rate debt obligations bear interest indexed to Term SOFR. Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by 2024 $ 320,900 2025 659,782 2026 138,170 2027 909,961 2028 24,317 Thereafter 681,474 Subtotal 2,734,604 Debt issuance costs included in senior unsecured notes (11,753) Debt issuance costs included in mortgage loan financings (1,441) Premiums included in mortgage loan financings(2) 1,816 Total (3) $ 2,723,226 (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) |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 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 December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month Term SOFR $ 90,000 $ 908 $ — 0.62 Futures 5-year Treasury-Note Futures 18,800 98 — 0.25 10-year Treasury-Note Futures 86,100 447 — 0.25 Total futures 104,900 545 — Options Options N/A (2) 1 — 0.05 Total derivatives $ 194,900 $ 1,454 $ — (1) Shown as derivative instruments in the accompanying consolidated balance sheets. (2) The Company held 104 options contracts as of December 31, 2023. 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 summarizes the net realized gains (losses) and unrealized gains (losses) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of income for the years ended December 31, 2023, 2022, and 2021 ($ in thousands): Year Ended December 31, 2023 Contract Type Unrealized Realized Net Result Caps $ (895) $ 1,378 $ 483 Futures 423 834 1,257 Options 82 (341) (259) Total $ (390) $ 1,871 $ 1,481 Year Ended December 31, 2022 Contract Type Unrealized Realized Net Result Caps $ 984 $ 648 $ 1,632 Futures (219) 11,078 10,859 Options (131) — (131) Total $ 634 $ 11,726 $ 12,360 Year Ended December 31, 2021 Contract Type Unrealized Realized Net Result Caps $ (8) $ — $ (8) Futures 42 1,715 1,757 Total $ 34 $ 1,715 $ 1,749 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 $2.8 million, $2.5 million, and $0.5 million of cash margin as collateral for derivatives as of December 31, 2023, 2022, and 2021, respectively, which is included in restricted cash in the consolidated balance sheets. |
OFFSETTING ASSETS AND LIABILITI
OFFSETTING ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Offsetting [Abstract] | |
OFFSETTING ASSETS AND LIABILITIES | 8. OFFSETTING ASSETS AND LIABILITIES The following tables present both gross information and net information about derivatives and other instruments eligible for offset in the statement of financial position as of December 31, 2023 and December 31, 2022. The Company’s accounting policy is to record derivative asset and liability positions on a gross basis; therefore, the following tables present the gross derivative asset and liability positions recorded on the balance sheets, while also disclosing the eligible amounts of financial instruments and cash collateral to the extent those amounts could offset the gross amount of derivative asset and liability positions. The actual amounts of collateral posted by or received from counterparties may be in excess of the amounts disclosed in the following tables as the following only disclose amounts eligible to be offset to the extent of the recorded gross derivative positions. The following table represents offsetting of financial assets and derivative assets as of December 31, 2023 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 1,454 $ — $ 1,454 $ — $ (2,846) $ (1,392) Total $ 1,454 $ — $ 1,454 $ — $ (2,846) $ (1,392) (1) Included in restricted cash on consolidated balance sheets. The following table represents offsetting of financial liabilities and derivative liabilities as of December 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 $ 606,607 $ — $ 606,607 $ 606,607 $ — $ 606,607 Total $ 606,607 $ — $ 606,607 $ 606,607 $ — $ 606,607 (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 | 12 Months Ended |
Dec. 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 December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 December 31, 2022 Restricted cash $ — $ 4,902 Mortgage loan receivables held for investment, net, at amortized cost 1,327,722 1,308,654 Accrued interest receivable 9,394 8,313 Other assets 4,469 17,505 Total assets $ 1,341,585 $ 1,339,374 Debt obligations, net $ 1,060,719 $ 1,058,462 Accrued expenses 3,555 3,029 Other liabilities — 65 Total liabilities 1,064,274 1,061,556 Net equity in VIEs (eliminated in consolidation) 277,311 277,818 Total equity 277,311 277,818 Total liabilities and equity $ 1,341,585 $ 1,339,374 Refer to Note 6, Debt Obligations, Net - Collateralized Loan Obligations (“CLO”) Debt for further details. |
EQUITY STRUCTURE AND ACCOUNTS
EQUITY STRUCTURE AND ACCOUNTS | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
EQUITY STRUCTURE AND ACCOUNTS | 10. EQUITY STRUCTURE AND ACCOUNTS The Company has one outstanding class of common stock, Class A as of December 31, 2023, 2022 and 2021. Prior to September 30, 2020, the Company also had Class B common stock outstanding. The Class A and Class B common stock are described as follows: Class A Common Stock Voting Rights Holders of shares of Class A common stock are entitled to one vote per share on all matters on which stockholders generally are entitled to vote. The holders of Class A common stock do not have cumulative voting rights in the election of directors. Dividend Rights Subject to the rights of the holders of any preferred stock that may be outstanding and any contractual or statutory restrictions, holders of Class A common stock are entitled to receive equally and ratably, share for share, dividends as may be declared by the board of directors out of funds legally available to pay dividends. Dividends upon Class A common stock may be declared by the board of directors at any regular or special meeting and may be paid in cash, in property, or in shares of capital stock. Liquidation Rights Upon liquidation, dissolution, distribution of assets or other winding up, the holders of Class A common stock are entitled to receive ratably the assets available for distribution to the shareholders after payment of liabilities and the liquidation preference of any outstanding shares of preferred stock. Other Matters The shares of Class A common stock have no preemptive or conversion rights and are not subject to further calls or assessment by the Company. There are no redemption or sinking fund provisions applicable to the Class A common stock. All outstanding shares of our Class A common stock are fully paid and non-assessable. Class B Common Stock We do not currently have any shares of Class B common stock outstanding. Voting Rights Holders of shares of Class B common stock are entitled to one vote for each share on all matters on which stockholders generally are entitled to vote. Holders of shares of our Class B common stock vote together with holders of our Class A common stock on all such matters. Our stockholders do not have cumulative voting rights in the election of directors. No Dividend or Liquidation Rights Holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of Ladder Capital Corp. Stock Repurchases On July 27, 2022, the board of directors authorized the repurchase of $50.0 million of the Company’s Class A common stock from time to time without further approval. This authorization increased the remaining outstanding authorization per the August 4, 2021 authorization from $39.5 million to $50.0 million. Stock repurchases by the Company are generally made for cash in open market transactions at prevailing market prices but may also be made in privately negotiated transactions or otherwise. The timing and amount of purchases are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. As of December 31, 2023, the Company has a remaining amount available for repurchase of $44.3 million, which represents 3.0% in the aggregate of its outstanding Class A common stock, based on the closing price of $11.51 per share on such date. The following tables summarize the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2023 and 2022 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2022 $ 46,737 Repurchases paid: March 1, 2023 - March 31, 2023 250,000 (2,285) September 1 - September 30, 2023 19,000 (196) Authorizations remaining as of December 31, 2023 $ 44,256 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2021 $ 44,122 Additional authorizations(2) 10,534 Repurchases paid 783,599 (7,919) Authorizations remaining as of December 31, 2022 $ 46,737 (1) Amount excludes commissions paid associated with share repurchases. (2) On July 27, 2022 the Board authorized repurchases up to $50.0 million in aggregate. Shares Amount(1) Authorizations remaining as of December 31, 2020 $ 38,102 Additional authorizations(2) 15,027 Repurchases paid 822,928 (9,007) Authorizations remaining as of December 31, 2021 $ 44,122 (1) Amount excludes commissions paid associated with share repurchases. (2) Dividends In order for the Company to maintain its qualification as a REIT under the Code, it must annually distribute at least 90% of its taxable income. The Company has paid and in the future intends to declare regular quarterly distributions to its shareholders in order to continue to qualify as a REIT. Consistent with IRS guidance, the Company may, subject to a cash/stock election by its shareholders, pay a portion of its dividends in stock, to provide for meaningful capital retention; however, the REIT distribution requirements limit its ability to retain earnings and thereby replenish or increase capital for operations. The timing and amount of future distributions is based on a number of factors, including, among other things, the Company’s future operations and earnings, capital requirements and surplus, general financial condition and contractual restrictions. All dividend declarations are subject to the approval of the Company’s board of directors. For taxable years beginning after December 31, 2017 and before January 1, 2026, generally stockholders that are individuals, trusts or estates may deduct 20% of the aggregate amount of ordinary dividends distributed by us, subject to certain limitations. The Company believes that its significant capital resources and access to financing will provide the financial flexibility at levels sufficient to meet current and anticipated capital requirements, including funding new investment opportunities, paying distributions to its shareholders and servicing our debt obligations. The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2023 and 2022: Declaration Date Dividend per Share March 15, 2023 $ 0.23 June 15, 2023 0.23 September 15, 2023 0.23 December 15, 2023 0.23 Total $ 0.92 March 15, 2022 $ 0.20 June 15, 2022 0.22 September 15, 2022 0.23 December 15, 2022 0.23 Total $ 0.88 December 15, 2021 $ 0.20 September 15, 2021 0.20 June 15, 2021 0.20 March 15, 2021 0.20 Total $ 0.80 The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2023, 2022 and 2021: Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital Section 199A March 31, 2023 April 17, 2023 0.230 0.230 — — — — 0.230 June 30, 2023 July 17, 2023 0.230 0.230 — — — — 0.230 September 29, 2023 October 16, 2023 0.230 0.230 — — — — 0.230 December 29, 2023 January 16, 2024 (1) 0.230 0.230 — — — — 0.230 Total $ 0.920 $ 0.920 $ — $ — $ — $ — $ 0.920 (1) The fourth quarter dividend paid on January 16, 2024 was $0.230 and is considered a 2023 dividend for U.S. federal income tax purposes. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital Section 199A December 31, 2021 January 18, 2022 (1) $ 0.200 $ 0.034 $ — $ 0.166 $ 0.051 $ — $ 0.034 March 31, 2022 April 15, 2022 0.200 0.034 — 0.166 0.051 — 0.034 June 30, 2022 July 15, 2022 0.220 0.038 — 0.182 0.056 — 0.038 September 30, 2022 October 17, 2022 0.230 0.039 — 0.191 0.059 — 0.039 December 31, 2022 January 17, 2023 (2) 0.230 0.039 — 0.191 0.059 — 0.039 Total $ 1.080 $ 0.184 $ — $ 0.896 $ 0.276 $ — $ 0.184 (1) The fourth quarter dividend paid on January 18, 2022 was $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes. (2) The fourth quarter dividend paid on January 16, 2023 was $0.230 and is considered a 2022 dividend for U.S. federal income tax purposes. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital Section 199A December 31, 2020 January 15, 2021 (1) $ 0.200 $ 0.053 $ 0.001 $ 0.095 $ 0.039 $ 0.052 $ 0.053 March 31, 2021 April 15, 2021 0.200 0.053 0.001 0.095 0.039 0.052 0.053 June 30, 2021 July 15, 2021 0.200 0.053 0.001 0.095 0.039 0.052 0.053 September 30, 2021 October 15, 2021 0.200 0.053 0.001 0.095 0.039 0.052 0.053 December 31, 2021 January 18, 2022 (2) — — — — — — — Total $ 0.800 $ 0.212 $ 0.004 $ 0.380 $ 0.156 $ 0.208 $ 0.212 (1) The fourth quarter dividend paid on January 15, 2021 was $0.200 and is considered a 2021 dividend for U.S. federal income tax purposes. (2) The fourth quarter dividend paid on January 18, 2022 was $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes. Changes in Accumulated Other Comprehensive Income (Loss) The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2023 and 2022 ($ in thousands): Year Ended December 31, 2023 2022 2021 Accumulated Other Comprehensive Income (Loss) beginning of period $ (21,009) $ (4,112) $ (10,463) Other comprehensive income (loss) 7,156 (16,897) 6,351 Accumulated Other Comprehensive Income (Loss) end of period $ (13,853) $ (21,009) $ (4,112) |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | 11. NONCONTROLLING INTERESTS Noncontrolling Interests in Consolidated Ventures As of December 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 $78.7 million, and a single-tenant office building in Oakland County, MI with a book value of $8.9 million. The Company makes distributions and allocates income from these ventures to the noncontrolling interests in accordance with the terms of the respective governing agreements. Sales During the year ended December 31, 2023 there were no sales of assets with noncontrolling interests. During the year ended December 31, 2022, the Company sold its apartment complex in Stillwater, OK, and its apartment complex in Miami, FL. Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further details. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 12. EARNINGS PER SHARE The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2023, 2022, and 2021 consist of the following: Year Ended December 31, ($ in thousands except share amounts) 2023 2022 2021 Basic and Diluted Net income (loss) available for Class A common shareholders $ 101,125 $ 142,217 $ 56,522 Weighted average shares outstanding: Basic 124,667,877 124,301,421 123,763,843 Diluted 124,882,398 125,823,671 124,563,051 The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2023, 2022, and 2021 consist of the following: Year Ended December 31, (In thousands except share and per share amounts) (1) 2023 2022 2021 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator : Net income (loss) attributable to Class A common shareholders $ 101,125 $ 142,217 $ 56,522 Denominator : Weighted average number of shares of Class A common stock outstanding 124,667,877 124,301,421 123,763,843 Basic net income (loss) per share of Class A common stock $ 0.81 $ 1.14 $ 0.46 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 101,125 $ 142,217 $ 56,522 Diluted net income (loss) attributable to Class A common shareholders 101,125 142,217 56,522 Denominator: Basic weighted average number of shares of Class A common stock outstanding 124,667,877 124,301,421 123,763,843 Add - dilutive effect of: Incremental shares of unvested Class A restricted stock(1) 214,521 1,522,250 799,208 Diluted weighted average number of shares of Class A common stock outstanding (2) 124,882,398 125,823,671 124,563,051 Diluted net income (loss) per share of Class A common stock $ 0.81 $ 1.13 $ 0.45 (1) The Company applies the treasury stock method. (2) There were 367,001 anti-dilutive shares for the years ended December 31, 2023. |
STOCK-BASED AND OTHER COMPENSAT
STOCK-BASED AND OTHER COMPENSATION PLANS | 12 Months Ended |
Dec. 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): Year Ended December 31, 2023 2022 2021 Stock-based compensation expense $ 18,577 $ 31,584 $ 15,300 Phantom Equity Investment Plan — — 22 Total Stock-Based Compensation Expense (1) $ 18,577 $ 31,584 $ 15,322 (1) Variance between twelve months ended December 31, 2023, 2022, and 2021 is primarily due to timing of 2021, 2022 and 2023 employee stock and bonus compensation. A summary of the grants is presented below: Year Ended December 31, 2023 2022 2021 Number Weighted Number Weighted Number Weighted Grants - Class A Common Stock 1,417,561 $ 11.58 2,884,303 $ 11.87 747,713 $ 9.81 The table below presents the number of unvested shares of Class A common stock and outstanding stock options at December 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 (1,699,744) 12.14 — Forfeited (49,425) 10.43 — Nonvested/Outstanding at December 31, 2023 2,197,963 $ 12.37 623,788 Exercisable at December 31, 2023 (1) 623,788 (1) The weighted average exercise price of outstanding options is $14.84 at December 31, 2023. At December 31, 2023, there was $9.5 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 26.0 months, with a weighted average remaining vesting period of 19.9 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 provided 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. 2023 Omnibus Incentive Plan At the Company’s Annual Meeting held on June 6, 2023, the stockholders of the Company approved the Ladder Capital Corp 2023 Omnibus Incentive Plan (the “2023 Omnibus Incentive Plan”), effective as of the date of the Annual Meeting (the “Effective Date”). The 2023 Omnibus Incentive Plan superseded and replaced the 2014 Omnibus Incentive Plan in its entirety as of the Effective Date. The aggregate number of shares of the Company’s Class A common stock that will be available for issuance to employees, non-employee directors and consultants of the Company and its affiliates under the 2023 Omnibus Incentive Plan will not exceed 3,000,000 shares of Class A common stock, plus an additional amount, not to exceed 10,253,867 shares of Class A common stock, remaining available for new awards under the 2014 Omnibus Incentive Plan as of the Effective Date, subject to the terms and conditions set forth in the 2023 Omnibus Incentive Plan. 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 | 12 Months Ended |
Dec. 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 December 31, 2023 and December 31, 2022 are as follows ($ in thousands): December 31, 2023 Weighted Average Principal Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 439,679 $ 439,052 $ 424,890 Internal model 6.83 % 2.00 CMBS interest-only(1) 876,555 (2) 6,453 6,569 Internal model 6.61 % 1.07 GNMA interest-only(3) 37,053 (2) 214 213 Internal model 6.12 % 3.60 Agency securities(1) 22 22 21 Internal model 2.70 % 1.05 U.S. Treasury securities(1) 54,031 53,648 53,716 Internal model 5.41 % 0.07 Equity securities(3) N/A 160 144 Observable market prices N/A N/A Mortgage loan receivables held for investment, net, at amortized cost(4) 3,164,226 3,155,089 3,150,843 Discounted Cash Flow(5) 9.65 % 0.68 Mortgage loan receivables held for sale 31,350 26,868 26,868 Internal model, third-party inputs(6) 4.57 % 8.19 FHLB stock(7) 5,175 5,175 5,175 (7) 8.25 % N/A Nonhedge derivatives(1)(10) 194,900 1,454 1,454 Counterparty quotations N/A 0.48 Liabilities: Repurchase agreements - short-term 337,631 337,631 337,631 Cost plus Accrued Interest (8) 7.57 % 0.48 Repurchase agreements - long-term 268,976 268,976 268,976 Discounted Cash Flow(9) 7.35 % 1.74 Mortgage loan financing 437,384 437,759 425,992 Discounted Cash Flow 5.87 % 2.64 CLO debt 1,062,777 1,060,719 1,060,719 Discounted Cash Flow(9) 7.08 % 1.89 Borrowings from the FHLB 115,000 115,000 115,000 Discounted Cash Flow 5.82 % 0.57 Senior unsecured notes 1,575,614 1,563,861 1,475,303 Internal model, third-party inputs 4.66 % 3.77 (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 $43.2 million at December 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 spreads. 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 for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (7) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (8) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (9) Fair value for repurchase agreement liabilities - short term borrowings under the Revolving Credit Facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (10) For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (11) 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 December 31, 2023 and December 31, 2022 ($ in thousands): December 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) $ 430,398 $ — $ 415,935 $ — $ 415,935 CMBS interest-only(1) 868,228 (2) — 6,260 — 6,260 GNMA interest-only(3) 37,053 (2) — 213 — 213 Agency securities(1) 22 — 21 — 21 U.S. Treasury securities 54,031 53,716 — — 53,716 Equity securities N/A 144 — — 144 Nonhedge derivatives(4) 194,900 — 1,454 — 1,454 $ 53,860 $ 423,883 $ — $ 477,743 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) $ 3,164,226 $ — $ — $ 3,150,843 $ 3,150,843 Mortgage loan receivable held for sale(6) 31,350 — — 26,868 26,868 CMBS(7) 9,281 — 8,955 — 8,955 CMBS interest-only(7) 8,327 — 309 — 309 FHLB stock 5,175 — — 5,175 5,175 $ — $ 9,264 $ 3,182,886 $ 3,192,150 Liabilities: Repurchase agreements - short-term $ 337,631 $ — $ 337,631 $ — $ 337,631 Repurchase agreements - long-term 268,976 — 268,976 — 268,976 Mortgage loan financing 437,384 — — 425,992 425,992 CLO debt 1,062,777 — 1,060,719 — 1,060,719 Borrowings from the FHLB 115,000 — — 115,000 115,000 Senior unsecured notes 1,575,614 — — 1,475,303 1,475,303 $ — $ 1,667,326 $ 2,016,295 $ 3,683,621 (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 $43.2 million at December 31, 2023. (6) A lower of cost or market adjustment was recorded as of December 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 $20.8 million at December 31, 2022. (6) A lower of cost or market adjustment was recorded as of December 31, 2022. (7) Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost. The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the years ended December 31, 2023 and 2022 ($ in thousands): Year Ended December 31, Level 3 2023 2022 Balance at January 1, $ 542,646 $ 692,864 Transfer into level 3 — — Purchases 143,953 59,333 Sales (17,838) (4,261) Paydowns/maturities (231,993) (183,929) Amortization of premium/discount (2,716) (4,354) Unrealized gain/(loss) 7,039 (16,901) Realized gain/(loss) on sale (275) (106) Transfer out of level 3 (1) (440,816) — Balance at December 31, $ — $ 542,646 (1) As of December 31, 2023, the Company determined that $440.8 million of securities were level 2 based on the Company’s increased observability of the inputs used to internally value the securities. The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2022 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 532,304 Discounted cash flow Yield (4) 2.89 % 5.29 % 17.47 % CMBS interest-only(1) 10,026 (2) Discounted cash flow Yield (4) 1.39 % 3.72 % 19.66 % GNMA interest-only(3) 281 (2) Discounted cash flow Yield (4) 1.28 % 5.50 % 10.00 % Agency securities(1) 35 Discounted cash flow Yield (4) 2.70 % 2.70 % 2.70 % 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 for certain assets measured on a nonrecurring basis. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 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, commencing with the taxable year ended December 31, 2015. As such, the Company’s income is generally not subject to U.S. federal, state and local corporate income taxes other than as described below. Certain of the Company’s subsidiaries have elected to be treated as TRSs. TRSs permit the Company to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Code, and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, the Company will continue to maintain its qualification as a REIT. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in TRSs. Components of the provision for income taxes consist of the following ($ in thousands): Year Ended December 31, 2023 2022 2021 Current expense (benefit) U.S. federal $ 2,204 $ 1,823 $ (280) State and local 858 3,591 936 Total current expense (benefit) 3,062 5,414 656 Deferred expense (benefit) U.S. federal 964 (445) 311 State and local 218 (60) (39) Total deferred expense (benefit) 1,182 (505) 272 Provision for income tax expense (benefit) $ 4,244 $ 4,909 $ 928 A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2023, 2022 and 2021 is as follows: Year Ended December 31, 2023 2022 2021 U.S. statutory tax rate 21.00 % 21.00 % 21.00 % REIT income not subject to corporate income tax (15.22) % (18.09) % (17.72) % Increase due to state and local taxes 1.07 % 0.59 % (0.46) % Change in valuation allowance (1.57) % (1.17) % (1.20) % Offshore non-taxable income (3.79) % (1.35) % (3.75) % Uncertain tax position recorded (released) 0.14 % 1.45 % — % Section 163 (j) interest expense limitation 0.17 % 0.08 % 0.27 % REIT income taxes 0.14 % 0.28 % (0.31) % Return to provision (0.23) % (0.64) % 1.64 % Net operating loss carryback benefit — % — % — % Other 2.34 % 0.74 % 2.14 % Effective income tax rate 4.05 % 2.89 % 1.61 % The differences between the Company’s statutory rate and effective tax rate are largely determined by the amount of income subject to tax by the Company’s TRS subsidiaries. The Company expects that its future effective tax rate will be determined in a similar manner. As of December 31, 2023 and 2022, the Company’s net deferred tax assets (liabilities) were $(3.0) million and $(1.8) million, respectively, and are included in other assets (liabilities) in the Company’s consolidated balance sheets. The Company believes that, other than the specific deferred tax assets described below, it is more likely than not that the net deferred tax assets will be realized in the future. Realization of the net deferred tax assets (liabilities) is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. The Company has recorded deferred tax assets related to net operating losses in the taxable REIT subsidiaries that are expected to be fully utilized in future periods. The net operating loss subject to unlimited carryforward is $8.0 million as of December 31, 2023. The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): December 31, 2023 December 31, 2022 Deferred Tax Assets Net operating loss carryforward $ 2,069 $ 3,493 Net unrealized losses 721 641 Capital losses carryforward 2,813 4,356 Valuation allowance (2,813) (4,356) Interest expense limitation 1,560 1,385 Valuation allowance (1,560) (1,385) Total Deferred Tax Assets $ 2,790 $ 4,134 December 31, 2023 December 31, 2022 Deferred Tax Liability Basis difference in operating partnerships $ 5,749 $ 5,911 Total Deferred Tax Liability $ 5,749 $ 5,911 As of December 31, 2023, the Company had $2.8 million of deferred tax assets relating to capital losses which it may only use to offset capital gains. As of December 31, 2022, the Company had $4.4 million of deferred tax assets relating to capital losses which it may only use to offset capital gains. These tax attributes will begin to expire if unused in 2024. As the realization of these assets are not more likely than not before their expiration, the Company has provided a full valuation allowance against these deferred tax assets. The Company’s tax returns are subject to audit by taxing authorities. Generally, as of December 31, 2023, the tax years 2019-2023 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 and also under audit in New York City for tax years 2014-2020. 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 twelve months ended December 31, 2023. The Company does not expect tax expense to have an impact on either short or long-term liquidity or capital needs. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 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 | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 17. COMMITMENTS AND CONTINGENCIES Leases As of December 31, 2023, the Company had a $(16.4) million lease liability and a $14.7 million right-of-use asset on its consolidated balance sheets recorded within other liabilities other assets December 31, 2023 and 2022, the Company recognized $2.2 million and $1.1 million, respectively, in operating expenses in its consolidated statements of income relating to operating leases. Future minimum lease payments under non-cancelable operating leases as of December 31, 2023 are as follows ($ in thousands): 2024 $ 2,171 2025 2,207 2026 2,219 2027 2,232 2028 13,344 Thereafter — Total undiscounted cash flows 22,173 Present value discount (1) (5,755) Lease liabilities (2) $ 16,418 (1) Lease liabilities were discounted at the Company's weighted average incremental borrowing rate for similar collateral, which was estimated to be 6.62%. The remaining lease term is 9.6 years. (2) The Company has a five-year extension option which is not reflected in the total lease liability. Unfunded Loan Commitments As of December 31, 2023, the Company’s off-balance sheet arrangements consisted of $204.0 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. 63% of these 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 As of December 31, 2023, the Company had $44.8 million of U.S. Treasury securities traded and not yet settled on its consolidated balance sheets. The U.S. Treasury securities are recorded within other assets, and the related payable is recorded within other liabilities. These balances relate to the Company’s purchase of U.S. Treasury securities with maturities of less than three months, which will be recorded within cash and cash equivalents upon settlement. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 18. SEGMENT REPORTING The Company has determined that it has three reportable segments based on how the chief operating decision makers review and manage the business. These reportable segments include loans, securities, and real estate. The loans segment includes mortgage loan receivables held for investment (balance sheet loans) and mortgage loan receivables held for sale (conduit loans). The securities segment is composed of all of the Company’s activities related to securities, which include investments in CMBS, U.S. Agency securities, corporate bonds, equity securities and U.S. Treasury securities. The real estate segment includes net leased properties, office buildings, student housing portfolios, hotels, industrial buildings, a shopping center and condominium units. Corporate/other includes certain of the Company’s investments in ventures, other asset management activities and operating expenses. The Company evaluates performance based on the following financial measures for each segment ($ in thousands): Year ended December 31, 2023 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 341,840 $ 32,479 $ 12 $ 32,953 $ 407,284 Interest expense (122,420) (3,177) (31,443) (88,057) (245,097) Net interest income (expense) 219,420 29,302 (31,431) (55,104) 162,187 (Provision for) release of loan loss reserves (25,096) — — — (25,096) Net interest income (expense) after provision for (release of) loan reserves 194,324 29,302 (31,431) (55,104) 137,091 Real estate operating income — — 96,950 — 96,950 Net result from mortgage loan receivables held for sale (523) — — — (523) Realized gain (loss) on securities — (276) — — (276) Unrealized gain (loss) on securities — 29 — — 29 Realized gain on sale of real estate, net — — 8,808 — 8,808 Fee and other income 8,237 15 300 626 9,178 Net result from derivative transactions 404 595 482 — 1,481 Earnings (loss) from investment in unconsolidated ventures — — 758 — 758 Gain (loss) on extinguishment of debt — — — 10,718 10,718 Total other income (loss) 8,118 363 107,298 11,344 127,123 Compensation and employee benefits — — — (63,618) (63,618) Operating expenses — — — (19,503) (19,503) Real estate operating expenses — — (37,587) — (37,587) Investment related expenses (6,310) (191) (903) (1,443) (8,847) Depreciation and amortization — — (29,482) (432) (29,914) Total costs and expenses (6,310) (191) (67,972) (84,996) (159,469) Income tax (expense) benefit — — — (4,244) (4,244) Segment profit (loss) $ 196,132 $ 29,474 $ 7,895 $ (133,000) $ 100,501 Total assets as of December 31, 2023 $ 3,138,794 $ 485,533 $ 733,319 $ 1,155,031 $ 5,512,677 Year ended December 31, 2022 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 269,629 $ 20,659 $ 6 $ 3,226 $ 293,520 Interest expense (68,158) (4,620) (36,683) (86,141) (195,602) Net interest income (expense) 201,471 16,039 (36,677) (82,915) 97,918 (Provision for) release of loan loss reserves (3,711) — — — (3,711) Net interest income (expense) after provision for (release of) loan reserves 197,760 16,039 (36,677) (82,915) 94,207 Real estate operating income — — 108,269 — 108,269 Net result from mortgage loan receivables held for sale (2,511) — — — (2,511) Realized gain (loss) on securities — (73) — — (73) Unrealized gain (loss) on securities — (86) — — (86) Realized gain on sale of real estate, net — — 115,998 — 115,998 Fee and other income 10,149 55 4,355 461 15,020 Net result from derivative transactions 6,755 3,972 1,633 — 12,360 Earnings (loss) from investment in unconsolidated ventures — — 1,410 — 1,410 Gain (loss) on extinguishment of debt — — — 685 685 Total other income (loss) 14,393 3,868 231,665 1,146 251,072 Compensation and employee benefits — — — (75,836) (75,836) Operating expenses — — — (20,716) (20,716) Real estate operating expenses — — (38,605) — (38,605) Investment related expenses (2,325) (277) (954) (3,679) (7,235) Depreciation and amortization — — (32,632) (41) (32,673) Total costs and expenses (2,325) (277) (72,191) (100,272) (175,065) Income tax (expense) benefit — — — (4,909) (4,909) Segment profit (loss) $ 209,828 $ 19,630 $ 122,797 $ (186,950) $ 165,305 Total assets as of December 31, 2022 $ 3,892,382 $ 587,519 $ 706,355 $ 764,917 $ 5,951,173 Year ended December 31, 2021 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 162,349 $ 13,101 $ 1 $ 648 $ 176,099 Interest expense (53,414) (2,403) (36,075) (91,057) (182,949) Net interest income (expense) 108,935 10,698 (36,074) (90,409) (6,850) (Provision for) release of loan loss reserves 8,713 — — 8,713 Net interest income (expense) after provision for (release of) loan reserves 117,648 10,698 (36,074) (90,409) 1,863 Real estate operating income — — 101,564 — 101,564 Net result from mortgage loan receivables held for sale 8,398 — — — 8,398 Realized gain (loss) on securities — 1,594 — — 1,594 Unrealized gain (loss) on securities — (91) — — (91) Realized gain on sale of real estate, net — — 55,766 — 55,766 Fee and other income 10,507 — 50 633 11,190 Net result from derivative transactions 507 1,250 (8) — 1,749 Earnings (loss) from investment in unconsolidated ventures 335 — 1,244 — 1,579 Total other income (loss) 19,747 2,753 158,616 633 181,749 Compensation and employee benefits — — — (38,347) (38,347) Operating expenses 127 — — (17,799) (17,672) Real estate operating expenses — — (26,161) — (26,161) Investment related expenses (2,341) (217) (849) (2,403) (5,810) Depreciation and amortization — — (37,702) (99) (37,801) Total costs and expenses (2,214) (217) (64,712) (58,648) (125,791) Income tax (expense) benefit — — — (928) (928) Segment profit (loss) $ 135,181 $ 13,234 $ 57,830 $ (149,352) $ 56,893 Total assets as of December 31, 2021 $ 3,521,986 $ 703,280 $ 914,027 $ 711,959 $ 5,851,252 (1) Includes the Company’s investment in unconsolidated ventures that held real estate of $6.9 million and $6.2 million as of December 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 $5.2 million as of December 31, 2023 and $9.6 million as of December 31, 2022, and the Company’s senior unsecured notes of $1.6 billion at December 31, 2023 and December 31, 2022. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 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. |
Schedule III-Real Estate and Ac
Schedule III-Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III-Real Estate and Accumulated Depreciation | Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Real Estate: Retail Property in Newburgh, IN $ 859 $ 126 $ 954 $ 178 $ — $ 126 $ 954 $ 178 $ 1,258 $ (99) 10/13/20 2020 45 years Retail Property in Newburgh, IN 915 213 873 220 — 213 873 220 1,306 (120) 03/16/20 2020 45 years Retail Property in Isanti, MN 1,000 249 894 297 — 249 894 297 1,440 (114) 03/16/20 2020 55 years Retail Property in Little Falls, MN 856 199 783 249 — 199 783 249 1,231 (106) 03/10/20 2020 55 years Retail Property in Waterloo, IA 862 130 896 214 — 130 896 214 1,240 (122) 01/30/20 2019 45 years Retail Property in Sioux City, IA 919 220 876 222 — 220 876 222 1,318 (125) 01/30/20 2019 45 years Retail Property in Wardsville, MO 981 257 919 202 — 257 919 202 1,378 (135) 11/22/19 2019 40 years Retail Property in Kincheloe, MI 886 58 939 229 — 58 939 229 1,226 (134) 11/22/19 2019 45 years Retail Property in Clinton, IN 1,037 269 954 204 — 269 954 204 1,427 (128) 11/22/19 2019 44 years Retail Property in Saginaw, MI 952 96 1,014 210 — 96 1,014 210 1,320 (151) 10/04/19 2019 45 years Retail Property in Rolla, MO 937 110 1,011 188 — 110 1,011 188 1,309 (152) 10/04/19 2019 40 years Retail Property in Sullivan, IL 1,175 340 981 257 — 340 981 257 1,578 (136) 09/13/19 2019 50 years Retail Property in Becker, MN 936 136 922 188 — 136 922 188 1,246 (124) 09/13/19 2019 55 years Retail Property in Adrian, MO 858 136 884 191 — 136 884 191 1,211 (130) 09/13/19 2019 45 years Retail Property in Chillicothe, IL 1,025 227 1,047 245 — 227 1,047 245 1,519 (149) 09/05/19 2019 50 years Retail Property in Poseyville, IN 868 160 947 194 — 160 947 194 1,301 (138) 08/13/19 2019 44 years Retail Property in Dexter, MO 874 141 890 177 — 141 890 177 1,208 (135) 07/09/19 2019 40 years Retail Property in Hubbard Lake, MI 914 40 1,017 203 — 40 1,017 203 1,260 (157) 07/09/19 2019 40 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Fayette, MO 1,085 107 1,168 219 — 107 1,168 219 1,494 (179) 06/26/19 2019 40 years Retail Property in Centralia, IL 943 200 913 193 — 200 913 193 1,306 (159) 04/25/19 2019 40 years Retail Property in Trenton, MO 886 396 628 202 — 396 628 202 1,226 (160) 02/26/19 2019 30 years Retail Property in Houghton Lake, MI 953 124 939 241 — 124 939 241 1,304 (168) 02/26/19 2018 40 years Retail Property in Pelican Rapids, MN 908 78 1,016 169 — 78 1,016 169 1,263 (222) 12/26/18 2018 30 years Retail Property in Carthage, MO 837 225 766 176 — 225 766 176 1,167 (146) 12/26/18 2018 40 years Retail Property in Bolivar, MO 886 186 876 182 — 186 876 182 1,244 (161) 12/26/18 2018 40 years Retail Property in Pinconning, MI 942 167 905 221 — 167 905 221 1,293 (151) 12/06/18 2018 45 years Retail Property in New Hampton, IA 1,007 177 1,111 187 — 177 1,111 187 1,475 (225) 11/30/18 2018 35 years Retail Property in Ogden, IA 856 107 931 153 — 107 931 153 1,191 (197) 10/03/18 2018 35 years Retail Property in Wonder Lake, IL 937 221 888 214 — 221 888 214 1,323 (199) 04/12/18 2017 39 years Retail Property in Moscow Mills, MO 986 161 945 203 — 161 945 203 1,309 (193) 04/12/18 2018 45 years Retail Property in Foley, MN 883 238 823 172 — 238 823 172 1,233 (203) 04/12/18 2018 35 years Retail Property in Kirbyville, MO 869 98 965 155 — 98 965 155 1,218 (193) 04/02/18 2018 40 years Retail Property in Gladwin, MI 883 88 951 203 — 88 951 203 1,242 (181) 04/02/18 2017 45 years Retail Property in Rockford, MN 891 187 850 207 — 187 850 207 1,244 (262) 12/08/17 2017 30 years Retail Property in Winterset, IA 940 272 830 200 — 272 830 200 1,302 (207) 12/08/17 2017 35 years Retail Property in Kawkawlin, MI 922 242 871 179 — 242 871 179 1,292 (238) 10/05/17 2017 30 years Retail Property in Aroma Park, IL 947 223 869 164 — 223 869 164 1,256 (201) 10/05/17 2017 35 years Retail Property in East Peoria, IL 1,017 233 998 161 — 233 998 161 1,392 (225) 10/05/17 2017 40 years Retail Property in Milford, IA 983 254 883 217 — 254 883 217 1,354 (211) 09/08/17 2017 40 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Jefferson City, MO 939 164 966 205 — 164 966 205 1,335 (226) 06/02/17 2016 40 years Retail Property in Denver, IA 893 198 840 191 — 198 840 191 1,229 (220) 05/31/17 2017 35 years Retail Property in Port O'Connor, TX 944 167 937 200 — 167 937 200 1,304 (246) 05/25/17 2017 35 years Retail Property in Wabasha, MN 959 237 912 214 — 237 912 214 1,363 (262) 05/25/17 2016 35 years Office in Jacksonville, FL 82,709 13,290 106,601 21,362 8,788 13,290 115,389 21,362 150,041 (32,151) 05/23/17 1989 36 years Retail Property in Shelbyville, IL 858 189 849 199 — 189 849 199 1,237 (212) 05/23/17 2016 40 years Retail Property in Jesup, IA 879 119 890 191 — 119 890 191 1,200 (231) 05/05/17 2017 35 years Retail Property in Hanna City, IL 860 174 925 132 — 174 925 132 1,231 (229) 04/11/17 2016 39 years Retail Property in Ridgedale, MO 986 250 928 187 — 250 928 187 1,365 (231) 03/09/17 2016 40 years Retail Property in Peoria, IL 898 209 933 133 — 209 933 133 1,275 (244) 02/06/17 2016 35 years Retail Property in Carmi, IL 1,093 286 916 239 — 286 916 239 1,441 (234) 02/03/17 2016 40 years Retail Property in Springfield, IL 995 391 784 227 — 393 789 224 1,406 (213) 11/16/16 2016 40 years Retail Property in Fayetteville, NC 4,851 1,379 3,121 2,472 — 1,379 3,121 2,471 6,971 (1,697) 11/15/16 2008 37 years Retail Property in Dryden Township, MI 905 178 893 201 — 178 899 202 1,279 (229) 10/26/16 2016 40 years Retail Property in Lamar, MO 895 164 903 171 — 164 903 171 1,238 (234) 07/22/16 2016 40 years Retail Property in Union, MO 939 267 867 207 — 267 867 207 1,341 (250) 07/01/16 2016 40 years Retail Property in Pawnee, IL 939 249 775 206 — 249 775 206 1,230 (227) 07/01/16 2016 40 years Retail Property in Linn, MO 854 89 920 183 — 89 920 183 1,192 (243) 06/30/16 2016 40 years Retail Property in Cape Girardeau, MO 1,035 453 702 217 — 453 702 217 1,372 (213) 06/30/16 2016 40 years Retail Property in Decatur-Pershing, IL 1,044 395 924 155 — 395 924 155 1,474 (243) 06/30/16 2016 40 years Retail Property in Rantoul, IL 917 100 1,023 178 — 100 1,023 178 1,301 (252) 06/21/16 2016 40 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Flora Vista, NM 994 272 864 198 — 272 864 198 1,334 (299) 06/06/16 2016 35 years Retail Property in Mountain Grove, MO 974 163 1,026 212 — 163 1,026 212 1,401 (279) 06/03/16 2016 40 years Retail Property in Decatur-Sunnyside, IL 956 182 954 139 — 182 954 139 1,275 (248) 06/03/16 2016 40 years Retail Property in Champaign, IL 1,009 365 915 149 — 365 915 149 1,429 (231) 06/03/16 2016 40 years Retail Property in San Antonio, TX 896 252 703 196 — 251 702 196 1,149 (236) 05/06/16 2015 35 years Retail Property in Borger, TX 792 68 800 181 — 68 800 181 1,049 (235) 05/06/16 2016 40 years Retail Property in Dimmitt, TX 1,066 86 1,077 236 — 85 1,074 236 1,395 (303) 04/26/16 2016 40 years Retail Property in St. Charles, MN 971 200 843 226 — 200 843 226 1,269 (301) 04/26/16 2016 30 years Retail Property in Philo, IL 934 160 889 189 — 160 889 189 1,238 (231) 04/26/16 2016 40 years Retail Property in Radford, VA 1,124 411 896 256 — 411 896 256 1,563 (334) 12/23/15 2015 40 years Retail Property in Rural Retreat, VA 1,012 328 811 260 — 328 811 260 1,399 (290) 12/23/15 2015 40 years Retail Property in Albion, PA 1,097 100 1,033 392 — 100 1,033 392 1,525 (491) 12/23/15 2015 50 years Retail Property in Mount Vernon, AL 920 187 876 174 — 187 876 174 1,237 (280) 12/23/15 2015 44 years Retail Property in Malone, NY 1,075 183 1,154 — 166 183 1,320 — 1,503 (313) 12/16/15 2015 39 years Retail Property in Mercedes, TX 829 257 874 132 — 257 874 132 1,263 (232) 12/16/15 2015 45 years Retail Property in Gordonville, MO 769 247 787 173 — 247 787 173 1,207 (235) 11/10/15 2015 40 years Retail Property in Rice, MN 814 200 859 184 — 200 859 184 1,243 (340) 10/28/15 2015 30 years Retail Property in Bixby, OK 7,927 2,609 7,776 1,765 — 2,609 7,776 1,765 12,150 (2,374) 10/27/15 2012 37 years Retail Property in Farmington, IL 892 96 1,161 150 — 96 1,161 150 1,407 (304) 10/23/15 2015 40 years Retail Property in Grove, OK 3,613 402 4,364 817 — 402 4,364 817 5,583 (1,397) 10/20/15 2012 37 years Retail Property in Jenks, OK 8,770 2,617 8,694 2,107 — 2,617 8,694 2,107 13,418 (2,812) 10/19/15 2009 38 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Bloomington, IL 814 173 984 138 — 173 984 138 1,295 (272) 10/14/15 2015 40 years Retail Property in Montrose, MN 772 149 876 169 — 149 876 169 1,194 (343) 10/14/15 2015 30 years Retail Property in Lincoln County , MO 736 149 800 188 — 149 800 188 1,137 (240) 10/14/15 2015 40 years Retail Property in Wilmington, IL 899 161 1,078 160 — 161 1,078 160 1,399 (296) 10/07/15 2015 40 years Retail Property in Danville, IL 736 158 870 132 — 158 870 132 1,160 (226) 10/07/15 2015 40 years Retail Property in Moultrie, GA 929 170 962 173 — 170 962 173 1,305 (366) 09/22/15 2014 44 years Retail Property in Rose Hill, NC 999 245 972 203 — 245 972 203 1,420 (355) 09/22/15 2014 44 years Retail Property in Rockingham, NC 820 73 922 163 — 73 922 163 1,158 (317) 09/22/15 2014 44 years Retail Property in Biscoe, NC 859 147 905 164 — 147 905 164 1,216 (323) 09/22/15 2014 44 years Retail Property in De Soto, IA 703 139 796 176 — 139 796 176 1,111 (256) 09/08/15 2015 35 years Retail Property in Kerrville, TX 767 186 849 200 — 186 849 200 1,235 (319) 08/28/15 2015 35 years Retail Property in Floresville, TX 814 268 828 216 — 268 828 216 1,312 (323) 08/28/15 2015 35 years Retail Property in Minot, ND 4,693 1,856 4,472 618 — 1,856 4,472 618 6,946 (1,266) 08/19/15 2012 38 years Retail Property in Lebanon, MI 819 359 724 178 — 359 724 178 1,261 (226) 08/14/15 2015 40 years Retail Property in Effingham County, IL 819 273 774 205 — 273 774 205 1,252 (262) 08/10/15 2015 40 years Retail Property in Ponce, Puerto Rico 6,513 1,365 6,662 1,318 — 1,365 6,662 1,318 9,345 (1,919) 08/03/15 2012 37 years Retail Property in Tremont, IL 782 164 860 168 — 164 860 168 1,192 (278) 06/25/15 2015 35 years Retail Property in Pleasanton, TX 858 311 850 216 — 311 850 216 1,377 (323) 06/24/15 2015 35 years Retail Property in Peoria, IL 847 180 934 179 — 180 934 179 1,293 (303) 06/24/15 2015 35 years Retail Property in Bridgeport, IL 815 192 874 175 — 192 874 175 1,241 (282) 06/24/15 2015 35 years Retail Property in Warren, MN 696 108 825 157 — 108 825 157 1,090 (323) 06/24/15 2015 30 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Canyon Lake, TX 900 291 932 220 — 291 932 220 1,443 (336) 06/18/15 2015 35 years Retail Property in Wheeler, TX 711 53 887 188 — 53 887 188 1,128 (319) 06/18/15 2015 35 years Retail Property in Aurora, MN 624 126 709 157 — 126 709 157 992 (229) 06/18/15 2015 40 years Retail Property in Red Oak, IA 780 190 839 179 — 190 839 179 1,208 (331) 05/07/15 2014 35 years Retail Property in Zapata, TX 747 62 998 145 — 62 998 145 1,205 (412) 05/07/15 2015 35 years Retail Property in St. Francis, MN 734 105 911 163 — 105 911 163 1,179 (400) 03/26/15 2014 35 years Retail Property in Yorktown, TX 786 97 1,005 199 — 97 1,005 199 1,301 (433) 03/25/15 2015 35 years Retail Property in Battle Lake, MN 721 136 875 157 — 136 875 157 1,168 (417) 03/25/15 2014 30 years Retail Property in Paynesville, MN 806 246 816 192 — 246 816 192 1,254 (346) 03/05/15 2015 40 years Retail Property in Wheaton, MO 639 73 800 97 — 73 800 97 970 (293) 03/05/15 2015 40 years Retail Property in Rotterdam, NY 8,993 2,530 7,924 2,165 — 2,530 7,924 2,165 12,619 (5,605) 03/03/15 1996 20 years Retail Property in Hilliard, OH 4,496 654 4,870 860 — 654 4,870 860 6,384 (1,600) 03/02/15 2007 41 years Retail Property in Niles, OH 3,653 437 4,084 680 — 437 4,084 680 5,201 (1,332) 03/02/15 2007 41 years Retail Property in Youngstown, OH 3,798 380 4,363 658 — 380 4,363 658 5,401 (1,452) 02/20/15 2005 40 years Retail Property in Iberia, MO 880 130 1,033 165 — 130 1,033 165 1,328 (386) 01/23/15 2015 39 years Retail Property in Pine Island, MN 757 112 845 185 — 112 845 185 1,142 (372) 01/23/15 2014 40 years Retail Property in Isle, MN 711 120 787 171 — 120 787 171 1,078 (359) 01/23/15 2014 40 years Retail Property in Jacksonville, NC 5,584 1,863 5,749 1,020 — 1,863 5,749 1,020 8,632 (2,038) 01/22/15 2014 44 years Retail Property in Evansville, IN 6,318 1,788 6,348 864 — 1,788 6,348 864 9,000 (2,372) 11/26/14 2014 35 years Retail Property in Woodland Park, CO 2,770 668 2,681 620 — 668 2,681 620 3,969 (1,264) 11/14/14 2014 35 years Retail Property in Springfield, MO 8,212 3,658 6,296 1,870 — 3,658 6,296 1,870 11,824 (2,836) 11/04/14 2011 37 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Cedar Rapids, IA 7,713 1,569 7,553 1,878 — 1,569 7,553 1,878 11,000 (3,660) 11/04/14 2012 30 years Retail Property in Fairfield, IA 7,503 1,132 7,779 1,800 — 1,132 7,779 1,800 10,711 (3,164) 11/04/14 2011 37 years Retail Property in Owatonna, MN 6,997 1,398 7,125 1,564 — 1,398 7,125 1,564 10,087 (3,030) 11/04/14 2010 36 years Retail Property in Muscatine, IA 5,018 1,060 6,636 1,307 — 1,060 6,636 1,307 9,003 (3,008) 11/04/14 2013 29 years Retail Property in Sheldon, IA 3,018 633 3,053 708 — 633 3,053 708 4,394 (1,294) 11/04/14 2011 37 years Retail Property in Memphis, TN 3,874 1,986 2,800 803 — 1,986 2,800 803 5,589 (2,406) 10/24/14 1962 15 years Retail Property in Bennett, CO 2,467 470 2,503 563 — 470 2,503 563 3,536 (1,208) 10/02/14 2014 34 years Retail Property in O'Fallon, IL 5,672 2,488 5,388 1,064 — 2,488 5,388 1,064 8,940 (4,479) 08/08/14 1984 15 years Retail Property in El Centro, CA 2,976 569 3,133 575 — 569 3,133 575 4,277 (1,153) 08/08/14 2014 50 years Retail Property in Durant, OK — 594 3,900 498 — 594 3,900 498 4,992 (1,420) 01/28/13 2007 40 years Retail Property in Gallatin, TN — 1,725 2,616 721 — 1,725 2,616 721 5,062 (1,275) 12/28/12 2007 40 years Retail Property in Mt. Airy, NC — 729 3,353 621 — 729 3,353 621 4,703 (1,422) 12/27/12 2007 39 years Retail Property in Aiken, SC — 1,588 3,480 858 — 1,588 3,480 858 5,926 (1,552) 12/21/12 2008 41 years Retail Property in Johnson City, TN — 917 3,607 739 — 917 3,607 739 5,263 (1,564) 12/21/12 2007 40 years Retail Property in Palmview, TX — 938 4,837 1,044 — 938 4,837 1,044 6,819 (1,791) 12/19/12 2012 44 years Retail Property in Ooltewah, TN — 903 3,957 843 — 903 3,957 843 5,703 (1,673) 12/18/12 2008 41 years Retail Property in Abingdon, VA — 682 3,733 666 — 682 3,733 666 5,081 (1,594) 12/18/12 2006 41 years Retail Property in Vineland, NJ — 1,482 17,742 3,282 — 1,482 17,742 3,282 22,506 (9,636) 09/21/12 2003 30 years Retail Property in Saratoga Springs, NY — 748 13,936 5,538 — 748 13,936 5,538 20,222 (9,059) 09/21/12 1994 27 years Retail Property in Waldorf, MD — 4,933 11,684 2,882 — 4,933 11,684 2,882 19,499 (7,548) 09/21/12 1999 25 years Retail Property in Mooresville, NC — 2,615 12,462 2,566 — 2,615 12,462 2,566 17,643 (8,113) 09/21/12 2000 24 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in DeLeon Springs, FL — 239 782 221 — 239 782 221 1,242 (561) 08/13/12 2011 35 years Retail Property in Orange City, FL — 229 853 235 — 229 853 235 1,317 (580) 05/23/12 2011 35 years Retail Property in Satsuma, FL — 79 821 192 — 79 821 192 1,092 (557) 04/19/12 2011 35 years Retail Property in Greenwood, AR — 1,038 3,415 694 — 1,038 3,415 694 5,147 (1,516) 04/12/12 2009 43 years Retail Property in Millbrook, AL — 970 5,972 — — 970 5,972 — 6,942 (2,212) 03/28/12 2008 32 years Retail Property in Spartanburg, SC 3,327 828 2,567 772 — 828 2,567 772 4,167 (1,467) 01/14/11 2007 42 years Retail Property in Tupelo, MS 4,506 1,120 3,070 939 — 1,120 3,070 939 5,129 (1,673) 08/13/10 2007 47 years Retail Property in Lilburn, GA — 1,090 3,673 1,028 — 1,090 3,673 1,028 5,791 (1,933) 08/12/10 2007 47 years Retail Property in Douglasville, GA 4,709 1,717 2,705 987 — 1,717 2,705 987 5,409 (1,537) 08/12/10 2008 48 years Retail Property in Elkton, MD 4,351 963 3,049 860 — 963 3,049 860 4,872 (1,629) 07/27/10 2008 49 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Lexington, SC 4,101 1,644 2,219 869 — 1,644 2,219 869 4,732 (1,377) 06/28/10 2009 48 years Total Net Lease $ 325,783 $ 95,045 $ 441,864 $ 97,060 $ 8,954 $ 95,045 $ 450,825 $ 97,057 $ 642,927 $ (173,529) Retail in New York, NY $ — $ 8,896 $ 13,750 $ — $ — $ 8,896 $ 13,751 $ — $ 22,647 $ — 12/21/23 1985 40 years Multifamily in Pittsburgh, PA — 7,141 26,222 1,116 — 7,141 26,227 1,122 34,490 (428) 11/01/23 1966 37 years Multifamily in New York, NY — 15,824 13,512 1,135 — 15,824 13,628 1,019 30,471 (409) 09/19/23 1921 20 years Office in Houston, TX — 826 6,322 2,380 2,106 826 8,430 2,380 11,636 (1,416) 11/01/22 1983 28 years Retail in New York, NY — 2,434 5,482 — 33 2,434 5,515 — 7,949 (373) 02/11/22 2019 28 years Hotel in Schaumburg, IL — 8,029 29,971 — 718 8,029 30,689 — 38,718 (5,824) 12/17/21 1983 25 years Hotel in Omaha, NE — 2,963 15,237 — 1,228 2,963 16,465 — 19,428 (3,897) 02/27/19 1969 35 years Apartments in Isla Vista, CA 88,854 36,274 47,694 1,118 2,142 36,274 49,837 1,118 87,229 (8,520) 05/01/18 2009 42 years Office in Crum Lynne, PA 6,013 1,403 7,518 1,666 — 1,403 7,518 1,666 10,587 (1,903) 09/29/17 1999 35 years Office in Peoria, IL — 940 439 1,508 1,020 1,174 1,460 1,508 4,142 (1,398) 10/21/16 1926 15 years Shopping Center in Carmel, NY — 2,041 3,632 1,033 — 2,041 4,269 1,033 7,343 (2,319) 10/14/15 1985 20 years Office in Oakland County, MI 17,401 1,147 7,707 9,932 10,887 1,144 18,587 9,928 29,659 (20,768) 02/01/13 1989 35 years $ 112,268 $ 87,918 $ 177,486 $ 19,888 $ 18,134 $ 88,149 $ 196,376 $ 19,774 $ 304,299 $ (47,255) Total Real Estate $ 438,051 $ 182,963 $ 619,350 $ 116,948 $ 27,088 $ 183,194 $ 647,201 $ 116,831 $ 947,226 (1) $ (220,784) (1) The aggregate cost for U.S. federal income tax purposes is $0.9 billion at December 31, 2023. Reconciliation of Real Estate: The following table reconciles real estate from December 31, 2022 to December 31, 2023 ($ in thousands): Total Real Estate Balance at December 31, 2022 $ 899,144 Acquisitions — Acquisitions through foreclosures 87,598 Improvements 4,374 Dispositions and write-offs (43,890) Impairments — Balance at December 31, 2023 $ 947,226 The following table reconciles real estate from December 31, 2021 to December 31, 2022 ($ in thousands): Total Real Estate Balance at December 31, 2021 $ 1,127,495 Acquisitions through foreclosures 24,965 Improvements 6,949 Dispositions and write-offs (260,265) Balance at December 31, 2022 $ 899,144 The following table reconciles real estate from December 31, 2020 to December 31, 2021 ($ in thousands): Total Real Estate Balance at December 31, 2020 $ 1,216,229 Acquisitions 20,452 Acquisitions through foreclosures 81,750 Improvements 4,871 Dispositions and write-offs (195,807) Balance at December 31, 2021 $ 1,127,495 Reconciliation of Accumulated Depreciation and Amortization Expense: The following table reconciles accumulated depreciation and amortization from December 31, 2022 to December 31, 2023 ($ in thousands): Total Real Estate Balance at December 31, 2022 $ 199,008 Depreciation and amortization expense 29,791 Dispositions/write-offs (8,015) Balance at December 31, 2023 $ 220,784 The following table reconciles accumulated depreciation and amortization from December 31, 2021 to December 31, 2022 ($ in thousands): Total Real Estate Balance at December 31, 2021 $ 236,622 Depreciation and amortization expense 32,937 Dispositions/write-offs (70,551) Balance at December 31, 2022 $ 199,008 The following table reconciles accumulated depreciation and amortization from December 31, 2020 to December 31, 2021 ($ in thousands): Total Real Estate Balance at December 31, 2020 $ 230,925 Depreciation and amortization expense 38,069 Dispositions/write-offs (32,372) Balance at December 31, 2021 $ 236,622 |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | Type of Loan Underlying Property Type Interest Rates (1) Effective Maturity Dates Periodic Payment Terms (2) Prior Liens Face amount of Mortgages Carrying Amount of Mortgages Principal Amount of Mortgages Subject to Delinquent Principal or Interest (3) First Mortgages individually >3% First Mortgage Office 9.19% 8/6/2024 IO $ — $ 110,800 $ 110,551 $ — First Mortgage Office 8.99% 7/6/2024 IO — 224,175 223,676 — First Mortgage Industrial 8.49% 6/30/2024 IO — 114,331 114,330 — First Mortgage Mixed 9.46% 10/4/2024 IO — 145,840 144,752 — First Mortgages individually <3% First Mortgage Multi-Family, Office, Mixed, Industrial, Retail, Mobile Home Park, Hotel, Land 4.25% — 13.74% 2024 — 2032 IO, P&I — 2,568,007 2,556,267 14,541 Total First Mortgages — 3,163,153 3,149,576 14,541 Subordinated Mortgages individually <3% Subordinate Mortgage Retail, Office, Hotel 10.00% — 12.00% 2024 — 2027 IO 296,201 32,423 32,381 — Total Subordinated Mortgages 296,201 32,423 32,381 — Total Mortgages 296,201 3,195,576 3,181,957 14,541 Allowance for credit losses N/A N/A (43,165) (4) N/A Total Mortgages after Allowance for Credit Losses $ 296,201 $ 3,195,576 $ 3,138,792 (5)(6) $ 14,541 (1) Interest rates as of December 31, 2023. (2) IO = Interest only. P&I = Principal and Interest. (3) Represents principal amount of loans on non-accrual status. The carrying value of loans on non-accrual status was $14.5 million as of December 31, 2023. Refer to the Allowance for Credit Losses and Non-Accrual Status section of Note 3, Mortgage Loan Receivables, for further detail. (4) Refer to Note 3, Mortgage Loan Receivables, for further detail. (5) The aggregate cost for U.S. federal income tax purposes is $3.2 billion. (6) Includes $26.9 million of mortgage loans held for sale as of December 31, 2023. Reconciliation of mortgage loans on real estate: The following tables reconcile mortgage loans on real estate from December 31, 2020 to December 31, 2023 ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Total Mortgage loan Balance December 31, 2022 $ 3,885,746 $ (20,755) $ 27,391 $ 3,892,382 Origination of mortgage loan receivables 68,415 — — 68,415 Repayment of mortgage loan receivables (726,710) — — (726,710) Non-cash disposition of loan via foreclosure (91,408) — — (91,408) Realized gain on sale of mortgage loan receivables — — (523) (523) Accretion/amortization of discount, premium and other fees 19,046 — — 19,046 Charge-offs — 2,700 — 2,700 Release of provision for current expected credit loss, net — (25,110) — (25,110) Balance December 31, 2023 $ 3,155,089 $ (43,165) $ 26,868 $ 3,138,792 (1) Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan receivables held Total Mortgage loan Balance December 31, 2021 $ 3,553,737 $ (31,752) $ — $ 3,521,985 Origination of mortgage loan receivables 1,234,765 — 61,318 1,296,083 Repayment of mortgage loan receivables (901,082) — (68) (901,150) Proceeds from sales of mortgage loan receivables — — (29,151) (29,151) Non-cash disposition of loan via foreclosure (10,235) — — (10,235) Realized gain on sale of mortgage loan receivables 2,197 — (4,708) (2,511) Accretion/amortization of discount, premium and other fees 20,759 — — 20,759 Charge-offs (14,395) 14,395 — — Release of provision for current expected credit loss, net — (3,398) — (3,398) Balance December 31, 2022 $ 3,885,746 $ (20,755) $ 27,391 $ 3,892,382 (1) Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan receivables held Total Mortgage loan Balance December 31, 2020 $ 2,354,059 $ (41,507) $ 30,518 $ 2,343,070 Origination of mortgage loan receivables 2,309,888 — 220,359 2,530,247 Repayment of mortgage loan receivables (1,059,796) — (183) (1,059,979) Proceeds from sales of mortgage loan receivables (46,557) — (259,092) (305,649) Non-cash disposition of loan via foreclosure (81,289) — — (81,289) Realized gain on sale of mortgage loan receivables — — 8,398 8,398 Accretion/amortization of discount, premium and other fees 13,832 — — 13,832 Release of asset-specific loan loss provision via foreclosure(1) — 1,150 — 1,150 Release of provision for current expected credit loss, net — 8,605 — 8,605 Balance December 31, 2021 $ 3,553,737 $ (31,752) $ — $ 3,521,985 (1) Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 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”). 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. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of resulting changes are reflected in the consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying consolidated financial statements include, but are not limited to the following: • valuation of real estate securities; • valuation of mortgage loan receivables held for sale; • valuation of real estate; • allocation of purchase price for acquired real estate, including real estate acquired via foreclosure; • impairment, and useful lives, of real estate; • useful lives of intangible assets; • valuation of derivative instruments; • valuation of deferred tax asset (liability); • determination of effective yield for recognition of interest income; • adequacy of current expected credit losses (“CECL”) including the valuation of underlying collateral for collateral-dependent loans; • determination of impairment of real estate securities and investments in and advances to unconsolidated ventures; • certain estimates and assumptions used in the accrual of incentive compensation and calculation of the fair value of equity compensation issued to employees; and • determination of the effective tax rate for income tax provision. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of December 31, 2023 and December 31, 2022. At December 31, 2023 and December 31, 2022, and at various times during the years, the balances exceeded the insured limits. |
Restricted Cash | Restricted Cash |
Mortgage Loan Receivables Held for Investment | Mortgage Loan Receivables Held for Investment Loans for which the Company has the intention and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for credit losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the effective interest method, adjusted for actual prepayments. Upon the decision to market such loans, the Company will evaluate if the loan meets held for sale criteria and then will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value on the consolidated balance sheets. |
Allowance for Loan Losses | Allowance 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. 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 property-type 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 interest 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. Loans for which the borrower or sponsor is experiencing financial difficulty, and where repayment of the loan is expected substantially through the operation or sale of the underlying collateral, are considered collateral dependent loans. For collateral dependent loans, the Company may elect a practical expedient which allows the Company to measure expected losses based on the difference between the collateral’s fair value and the amortized cost basis of the loan. When the repayment or satisfaction of the loan is dependent on a sale, rather than operations of the collateral, the fair value is adjusted for the estimated costs to sell the collateral. If foreclosure is probable, the Company is required to measure for expected losses using this methodology. 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 collateral dependent 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. |
Mortgage Loan Receivables Held for Sale | Mortgage Loan Receivables Held for Sale Mortgage loan receivables held for sale are first mortgage loans that are secured by cash-flowing commercial real estate and are available for sale to securitizations. Mortgage loan receivables held for sale are recorded at lower of cost or market value on an individual basis. |
Securities | Securities The Company classifies its securities investments on the date of acquisition of the investment. Securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in shareholders’ equity. Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”) and equity securities, are carried at estimated fair value with changes in fair value recognized in earnings in the consolidated statements of income. As more fully described in Note 4, Securities, certain securities that were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“Dodd-Frank Act”) which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the consolidated statements of income. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the consolidated statements of income. The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. Unrealized losses on securities are evaluated by management to determine if the decline in fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors, any impairment that is not credit-related is recognized in other comprehensive income, whereas any credit-related loss is recognized currently in earnings in the consolidated statements of income. When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an impairment in the value of the security. An impairment will be considered based on consideration of several factors, including: (i) if the Company intends to sell the security; (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost; or (iii) the Company does not expect to recover the security’s cost basis (i.e., a credit loss exists). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the cost basis of the security will be written down to fair value, and the related impairment will be recognized currently in earnings. If a credit loss exists, but the Company does not intend to, nor is it more likely than not that it will be required to sell before recovery, the impairment will be separated into: (i) the estimated amount relating to the credit loss; and (ii) the amount relating to all other factors. The amount of the impairment relating to credit losses will be recognized as an allowance for credit losses, which is a contra-asset and a reduction in earnings, with the remainder of the loss recognized in other comprehensive income. Estimating cash flows and determining whether there is impairment requires management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts. For cash flow statement purposes, receipts of interest from interest-only real estate securities are bifurcated between amortization of premium/ (accretion) of discount and other fees on securities as part of cash flows from operations and basis recovery of Agency interest only securities as part of cash flows from investing activities. The Company utilizes an internal model as its primary pricing source to develop its prices for its CMBS and other commercial real estate securities guaranteed by a U.S. governmental agency or by a government sponsored entity (together, “U.S. Agency securities”). Different judgments and assumptions could result in materially different estimates of fair value. To confirm its own valuations, the Company requests prices for each of its CMBS and U.S. Agency securities investments from four different sources, including third parties that provide pricing services and brokers, although since broker quotes for the same or similar securities in which Ladder has invested are non-binding, the Company does not consider them to be a primary source for valuation. The Company may also develop a price for a security based on its direct observations of market activity and other observations. Typically, at least two prices per security are obtained. The Company develops an understanding of the valuation methodologies used by third-party pricing services through discussions with their representatives and review of their valuation methodologies used for different types of securities. The Company understands that the pricing services develop estimates of fair value for CMBS and U.S. Agency securities using various techniques, including discussion with their internal trading desks, proprietary models and matrix pricing approaches. The Company does not have access to, and is therefore not able to review in detail, the inputs used by the pricing services in developing their estimates of fair value. However, on at least a monthly basis as part of our closing process, the Company evaluates the fair value information provided by the pricing services by comparing this information for reasonableness against its direct observations of market activity for similar securities and anecdotal information obtained from market participants that, in its assessment, is relevant to the determination of fair value. This process may result in the Company “challenging” the estimate of fair value for a security if it is unable to reconcile the estimate provided by the pricing service with its assessment of fair value for the security. Accordingly, in following this approach, the Company’s objective is to ensure that the information used by pricing services in their determination of fair value of securities is reasonable and appropriate. |
Real Estate | Real Estate The Company generally acquires real estate assets or land and development assets through cash purchases and may also acquire such assets through foreclosure or deed-in-lieu of foreclosure in full or partial satisfaction of defaulted loans. Based on the Company’s strategic plan to realize the maximum value from the real estate acquired, properties are either classified as Real estate, net or Real estate held for sale in the consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net. If the Company intends to market these properties for sale in the near term, assets are evaluated against the held for sale criteria and then may be classified as real estate held for sale in the consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company records real estate acquired through foreclosure at fair value. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 55 years for buildings, four The Company classifies most of its investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense and impairments, as applicable and are included in Real estate, net in the consolidated balance sheets. |
Allocation of Purchase Price for Acquired Real Estate | Allocation of Purchase Price for Acquired Real Estate Upon acquisition of real estate, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of: (i) above and below market leases; (ii) in-place leases; and (iii) assumed mortgages. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods. These methods may include discounted cash flow models, for which assumptions including cash flow projections, discount and capitalization rates, or market comparable transactions, which require management judgment in determining the appropriateness of recent comparable sales of similar properties, or the ground lease approach for land valuation, which requires management judgement in determining comparable ground leases to forecast the economic ground rent and apply capitalization rate to the forecast economic ground rent to estimate land value. The Company may also utilize estimates of replacement costs net of depreciation. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between: (i) the contractual amounts to be paid pursuant to each in-place lease; and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Other intangible assets acquired include amounts for in-place lease values. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases but in no event do the amortization periods for intangible assets exceed the depreciable lives of the buildings. If a tenant terminates its lease, the unamortized portion of the in-place lease value intangibles are charged to expense. The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 14, Fair Value of Financial Instruments, depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition. |
Impairment of Property Held for Use | Impairment of Property Held for Use On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, historical, current and projected operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. |
Real Estate Held for Sale | Real Estate Held for Sale In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets meet the criteria for held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the consolidated statements of income. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. |
Sales of Real Estate | Sales of Real Estate Gains on sales of real estate are recognized pursuant to the provisions included in ASC 606-20, Revenue from Contracts with Customers (“ASC 606-20”) or ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, the Company’s sales of residential condominiums would be governed by ASC 606-20 and the sales of rental properties under ASC 610-20. |
Investments in and Advances to Unconsolidated Ventures | Investments in and Advances to Unconsolidated Ventures The Company accounts for its investments in unconsolidated ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as investments in unconsolidated ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. In the event there is an outside basis portion of the Company’s ventures, it is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. The Company classifies distributions received from its investments in unconsolidated ventures using the nature of the distribution approach. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in commercial real estate ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future. |
Commitments and Contingencies | Commitments and Contingencies The Company, as lessee, records right-of-use lease assets in other assets and lease liabilities in other liabilities on its consolidated balance sheets. A lease is evaluated for classification as an operating or finance lease at the commencement date of the lease. Right-of-use assets initially equal the lease liability. The lease liability equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company's incremental borrowing rate for similar collateral if the rate implicit in the lease is not readily determinable. Future lease payments include fixed lease payments as well as variable lease payments that depend upon an index or rate using the index or rate at the commencement date and probable amounts owed under residual value guarantees. The amount of future lease payments may be increased to include additional payments related to lease extension when the Company has determined, at or subsequent to lease commencement that it is reasonably certain of exercising such options. The Company recognizes a single lease cost for operating leases in operating expenses in the consolidated statements of income, calculated so that the cost of the lease is allocated generally on a straight-line basis over the term of the lease, and classifies all cash payments within operating activities in the consolidated statements of cash flows. |
Valuation of Financial Instruments | Valuation of Financial Instruments |
Valuation Hierarchy | Valuation Hierarchy In accordance with the authoritative guidance on fair value measurements and disclosures under ASC 820 - Fair Value Measurement , the methodologies used for valuing such instruments have been categorized into three broad levels as follows: Level 1 - Quoted prices in active markets for identical instruments. Level 2 - Valuations based principally on other observable market parameters, including: • Quoted prices in active markets for similar instruments; • Quoted prices in less active or inactive markets for identical or similar instruments; • Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates); and • Market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 - Valuations based significantly on unobservable inputs, including: • Valuations based on third-party indications (broker quotes, counterparty quotes or pricing services), which were in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations; and • Valuations based on internal models with significant unobservable inputs. Pursuant to the authoritative guidance, these levels form a hierarchy. The Company follows this hierarchy for its financial instruments measured at fair value on a recurring basis. The classifications are based on the lowest level of input that is significant to the fair value measurement. It is the Company’s policy to determine when transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the reporting period. |
Tuebor/Federal Home Loan Bank Membership | Tuebor/Federal Home Loan Bank Membership Tuebor Captive Insurance Company LLC (“Tuebor”), was licensed in Michigan and approved to operate as a captive insurance company as well as being approved to become a member of the Federal Home Loan Bank (“FHLB”), with membership finalized with the purchase of stock, in the FHLB on July 11, 2012. That approval allowed Tuebor to purchase capital stock in the FHLB, the prerequisite to obtaining financing on eligible collateral. |
Debt Issuance Costs/Debt Issued | Debt Issuance Costs The Company recognizes debt issuance costs related to its senior unsecured notes on its consolidated balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The Company defers debt issuance costs associated with lines of credit and presents them as an asset and subsequently amortizes the debt issuance costs ratably over the term of the revolving debt arrangement. The Company considers its committed loan master repurchase facilities, borrowings under credit agreement and revolving credit facility to be revolving debt arrangements. Debt Issued From time to time, a subsidiary of the Company will originate a loan (each, an “Intercompany Loan,” and collectively, “Intercompany Loans”) to another subsidiary of the Company to finance the purchase of real estate. The mortgage loan receivable and the related obligation do not appear in the Company’s consolidated balance sheets as they are eliminated upon consolidation. Once the Company issues (sells) an Intercompany Loan to a third-party securitization trust (for cash), the related mortgage note is recognized as a financing transaction and accounted for under ASC 470. The accounting for the securitization of an Intercompany Loan—a financial instrument that has never been recognized in our consolidated financial statements as an asset—is considered a financing transaction under ASC 470 - Debt , and ASC 835 - Interest . |
Derivative Instruments | Derivative Instruments In the normal course of business, the Company is exposed to the effect of interest rate changes and may undertake a strategy to limit these risks through the use of derivatives. To address exposure to interest rates, the Company uses derivatives primarily to economically hedge the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The Company may use a variety of derivative instruments that are considered conventional, or “plain vanilla” derivatives, including interest rate swaps, futures, caps, collars and floors, to manage interest rate risk. To determine the fair value of derivative instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. Standard market conventions and techniques such as discounted cash flow analysis, option-pricing models, and termination cost may be used to determine fair value. All such methods of measuring fair value for derivative instruments result in an estimate of fair value, and such value may never actually be realized. The Company recognizes all derivatives on the consolidated balance sheets at fair value. The Company does not generally designate derivatives as hedges to qualify for hedge accounting for financial reporting purposes and therefore any net payments under, or fluctuations in the fair value of, these derivatives have been recognized currently in net result from derivative transactions in the accompanying consolidated statements of income. The Company records derivative asset and liability positions on a gross basis with any collateral posted with or received from counterparties recorded separately on the Company’s consolidated balance sheets. |
Repurchase Agreements | Repurchase Agreements |
Treasury Stock | Treasury Stock Repurchases of shares and shares acquired to satisfy tax withholding in connection with the vesting of restricted stock are recorded at cost as a reduction of shareholders’ equity in treasury stock. Reissuances of shares at an amount greater or (less) than the average cost basis of the shares results in gains (losses) that are recognized in shareholders’ equity. Gains on reissuances are recorded to additional paid-in capital. Losses on reissuances are recorded to additional paid-in capital to the extent previous net gains from reissuances of are included in additional paid-in capital. Losses in excess of that amount are recorded to retained earnings. |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under the Code effective January 1, 2015. The Company is subject to federal income taxation at corporate rates on its REIT taxable income; however, the Company is allowed a deduction for the amount of dividends paid to its stockholders, thereby subjecting the distributed net income of the Company to taxation at the stockholder level only. Any income associated with a TRS is fully taxable because a TRS is subject to federal and state income taxes as a domestic C corporation based upon its taxable net income. The Company is also subject to U.S. federal income tax (and possibly state and local taxes) to the extent it recognizes any “built-in gains” that existed as of January 1, 2015, the effective date of Company’s election to be subject to tax as a REIT under the Code (the “REIT Election”) for the five-year period following the REIT Election. The Company intends to continue to operate in a manner consistent with and to elect to be treated as a REIT for tax purposes. The Company accounts for income taxes in accordance with ASC Topic 740 - Income Taxes (“ASC 740”) , which requires the recognition of tax benefits or expenses on the temporary differences between financial reporting and tax bases of assets and liabilities. The Company determines whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement which could result in the Company recording a tax liability that would reduce shareholders’ equity. The Company’s policy is to classify interest and penalties associated with underpayment of U.S. federal and state income taxes, if any, as a component of income tax expense (benefit) on its consolidated statements of income. For the years ended December 31, 2023, 2022 and 2021, the Company did not have material interest or penalties associated with the underpayment of any income taxes. The 2019-2023 tax years remain open and subject to examination by tax jurisdictions. |
Interest Income | Interest Income Interest income is accrued based on the outstanding principal amount and contractual terms of the Company’s loans and securities. Discounts or premiums associated with the purchase of loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected recovery period of the investment. The Company applies the provisions of ASC 310-20 for our high credit quality securities rated AA or above. The effective yield on securities is based on the projected cash flows from each security, which is estimated based on the Company’s observation of the then current information and events and will include assumptions related to interest rates, prepayment rates and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses (if applicable), and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a retrospective change in the yield/interest income recognized on such securities. Actual maturities of the securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of scheduled principal, and repayments of principal. Therefore, actual maturities of the securities will generally be shorter than stated contractual maturities. For loans classified as held for investment and that the Company has not elected to record at fair value under ASC 825, origination fees and direct loan origination costs are recognized in interest income over the loan term as a yield adjustment using the effective interest method. For loans classified as held for sale and that the Company has not elected to record at fair value under ASC 825, origination fees and direct loan origination costs are deferred adjusting the basis of the loan and are realized as a portion of the gain/(loss) on sale of loans when sold. As of December 31, 2023 and 2022, the Company did not hold any loans for which the fair value option was elected. The Company applies the provisions in ASC 325-40 for our securities rated below AA, cash flows from a security are estimated by applying assumptions used to determine the fair value of such security and the excess of the future cash flows over the investment are recognized as interest income under the effective yield method. The Company will review and, if appropriate, make adjustments to, its cash flow projections at least quarterly and monitor these projections based on input and analysis received from external sources and its judgment about interest rates, prepayment rates, the timing and amount of credit losses and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in interest income recognized and amortization of any premium or discount on, or the carrying value of, such securities. For investments purchased that either meet the definition of a purchased financial asset with credit deterioration (“PCD”) or where there is significant difference between contractual cash flows and expected cash flows, the Company applies the PCD guidance in ASC 326-30. ASC 326-30 requires an initial estimate of expected credit losses to be recognized through an adjustment to the amortized cost basis of the financial asset (i.e., a balance sheet gross up) with no impact to earnings. As of the date of acquisition, the amount of expected credit losses is added to the purchase price of the security to establish the initial amortized cost basis. Any difference between the amortized cost basis (purchase price plus the initial allowance for credit losses) and the par amount of the security is considered to be a non-credit discount/premium and will be accreted/amortized into interest income using the interest method. |
Recognition of Operating Lease Income and Tenant Recoveries | Recognition of Operating Lease Income and Tenant Recoveries Certain arrangements may contain both lease and non-lease components. The Company determines if an arrangement is, or contains, a lease at contract inception. Only the lease components of these contractual arrangements are subject to the provisions of ASC 842. Any non-lease components are subject to other applicable accounting guidance. We elected, however, to adopt the optional practical expedient not to separate lease components from non-lease components for accounting purposes. This policy election has been adopted for each of the Company’s leased asset classes existing as of the effective date and subject to the transition provisions of ASC 842 - Leases, will be applied to all new or modified leases executed on or after January 1, 2019. For contractual arrangements executed in subsequent periods involving a new leased asset class, the Company will determine at contract inception whether it will apply the optional practical expedient to the new leased asset class. Certain of the Company’s real estate is leased to others on a net lease basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance. These leases are for fixed terms of varying length and provide for annual rentals. Rental income from operating leases is recognized in real estate operating income on a straight-line basis, generally from the later of the date the lessee takes possession of the space or the space is ready for its intended use. If the Company acquires a facility subject to an existing operating lease, the Company will recognize operating lease income on the straight-line method beginning on the date of acquisition over the term of the respective leases. The amount of future lease payments may be increased to include additional payments related to lease extension options when the Company has determined the extension options are reasonably certain to be exercised. The cumulative excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable within other assets in the consolidated balance sheets. Tenant reimbursements, which consist of real estate taxes and other municipal charges paid by the Company, which were reimbursable by our tenants pursuant to the terms of the lease agreements, are recognized as revenue in the period during which the applicable expenses are incurred. Tenant reimbursements are included in real estate operating income on the Company’s consolidated statements of income. The Company moves to cash basis for operating lease income recognition in the period in which collectability of all lease payments is no longer considered probable. At such time, any operating lease receivable or unbilled rent receivable balance will be written off. If and when lease payments that were previously not considered probable of collection become probable, the Company will move back to the straight-line method of income recognition and record an adjustment to operating lease income in that period as if the lease was always on the straight-line method of income recognition. |
Transfers of Financial Assets | Transfers of Financial Assets For a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860, which, at the time of the transfer, require that the transferred assets qualify as recognized financial assets and the Company surrender control over the assets. Such surrender requires that the assets be isolated from the Company, even in bankruptcy or other receivership, the purchaser have the right to pledge or sell the assets transferred and the Company not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability. In November 2017, the SEC staff indicated that, despite transfer restrictions placed on qualified Third Party Purchasers by the risk retention rules of the Dodd-Frank Act, they would not take exception to a registrant treating transfers of financial instruments in a securitization as sales if the transfers otherwise met all the criteria for sale accounting. The Company believes treatment of such transfers as sales is consistent with the substance of such transactions and, accordingly, reflects such transfers as sales. We recognize gains on sale of loans net of any costs related to that sale. |
Fee and Other Income | Fee and Other Income Fee and other income is composed of income from dividend income on our investment in FHLB stock, as well as from underwriting fees, exit fees and other fees on the loans we originate and in which we invest. |
Investment Related Expenses | Investment Related Expenses |
Stock Based Compensation Plan | Stock Based Compensation Plan The Company accounts for its equity-based compensation awards using the fair value method, which requires an estimate of fair value of the award at the time of grant. The Company recognizes the compensation expense related to the time-based vesting criteria on a straight-line basis over the requisite service period. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. The Company made a policy election to account for forfeitures as they occur rather than on an estimated basis. |
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Pending Adoption | 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 accounting guidance for troubled debt restructurings and requires disclosure of current-period gross write-offs by year of loan origination. Additionally, ASU 2022-02 updates the accounting for credit losses under ASC 326 and adds enhanced disclosures with respect to loan refinancing and restructuring in the form of principal forgiveness, interest rate concessions, other-than-insignificant payment delays, or term extensions when the borrower is experiencing financial difficulties. The amendments should be applied prospectively, however for the recognition and measurement of troubled debt restructurings, the entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company adopted ASU 2022-02 on January 1, 2023 and the adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements Pending Adoption In November 2023, the FASB issued ASU 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of the update on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-07 is effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied prospectively, however retrospective application is permitted. The Company is currently evaluating the impact of the update on the Company’s consolidated financial statements. Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are being evaluated or not expected to have a material impact on the consolidated financial statements upon adoption. |
MORTGAGE LOAN RECEIVABLES (Tabl
MORTGAGE LOAN RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule of Mortgage Loan Receivables | December 31, 2023 ($ in thousands) Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 3,131,803 $ 3,122,707 9.63 % 0.7 Mezzanine loans 32,423 32,382 11.46 % 0.9 Total mortgage loans receivable 3,164,226 3,155,089 9.65 % 0.7 Allowance for credit losses N/A (43,165) Total mortgage loan receivables held for investment, net, at amortized cost 3,164,226 3,111,924 Mortgage loan receivables held for sale: First mortgage loans 31,350 26,868 (4) 4.57 % 8.2 Total $ 3,195,576 $ 3,138,792 (5) 9.61 % 0.7 (1) Includes the impact of interest rate floors. Term SOFR rates in effect as of December 31, 2023 are used to calculate weighted average yield for floating rate loans. (2) Excludes one non-accrual loan of $14.5 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 1.8 years. (4) As a result of changes in prevailing rates, the Company recorded a lower of cost or market adjustment as of December 31, 2023. The adjustment was calculated using a 5.18% discount rate. (5) Net of $9.1 million of deferred origination fees and other items as of December 31, 2023. December 31, 2022 ($ 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) 4.57 % 9.2 Total $ 3,938,615 $ 3,892,382 (5) 8.82 % 1.3 (1) Includes the impact from interest rate floors. December 31, 2022 LIBOR and SOFR rates are used to calculate weighted average yield for floating rate loans. (2) Excludes non-accrual loans of $53.8 million. (3) Includes the impact of one first mortgage loan with a principal balance of $51.5 million, which was extended through 2026 in January 2023. (4) As a result of rising prevailing rates, the Company recorded a lower of cost or market adjustment as of December 31, 2022. The adjustment was calculated using a 5.16% discount rate. (5) Net of $21.5 million of deferred origination fees and other items as of December 31, 2022. |
Schedule of Mortgage Loan Receivables by Loan Type | For the years ended December 31, 2023, 2022, and 2021, the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2022 $ 3,885,746 $ (20,755) $ 27,391 Origination of mortgage loan receivables (1) 68,415 — — Repayment of mortgage loan receivables (2) (726,710) — — Non-cash disposition of loans via foreclosure (3) (91,408) — — Net result from mortgage loan receivables held for sale (4) — — (523) Accretion/amortization of discount, premium and other fees 19,046 — — Charge offs — 2,700 — Release (addition) of provision for current expected credit loss, net (5) — (25,110) — Balance, December 31, 2023 $ 3,155,089 $ (43,165) $ 26,868 (1) Includes funding of commitments on existing mortgage loans. (2) Excludes $11.8 million of proceeds received from repayments in transit. (3) Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosure of real estate. (4) Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale. (5) 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 (1) 1,234,765 — 61,318 Repayment of mortgage loan receivables (901,082) — (68) Proceeds from sales of mortgage loan receivables — — (29,151) Non-cash disposition of loans via foreclosure (2) (10,235) — — Net result from mortgage loan receivables held for sale (3) 2,197 — (4,708) Accretion/amortization of discount, premium and other fees 20,759 — — Charge offs (14,395) 14,395 — Release (addition) of provision for current expected credit loss, net (4) — (3,398) — Balance, December 31, 2022 $ 3,885,746 $ (20,755) $ 27,391 (1) Includes funding of commitments on existing mortgage loans. (2) Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosure of real estate. (3) Represents unrealized lower of cost or market adjustment on loans held for sale. (4) Refer to “Allowance for Credit Losses” table below for further detail. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2020 $ 2,354,059 $ (41,507) $ 30,518 Origination of mortgage loan receivables 2,309,888 — 220,359 Purchases of mortgage loan receivables 63,600 — — Repayment of mortgage loan receivables (1,059,796) — (183) Proceeds from sales of mortgage loan receivables (46,557) — (259,092) Non-cash disposition of loan via foreclosure(1) (81,289) — — Net result from mortgage loan receivables held for sale — — 8,398 Accretion/amortization of discount, premium and other fees 13,832 — — Release of asset-specific loan loss provision via foreclosure(1) — 1,150 — Release (addition) of provision for current expected credit loss, net — 8,605 — Balance, December 31, 2021 $ 3,553,737 $ (31,752) $ — (1) Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on real estate acquired via foreclosure. |
Schedule of Provision for Loan Losses | Allowance for Credit Losses and Non-Accrual Status ($ in thousands) Year Ended December 31, Allowance for Credit Losses 2023 2022 2021 Allowance for credit losses at beginning of period $ 20,755 $ 31,752 $ 41,507 Provision for (release of) current expected credit loss, net (1) 25,110 6,503 (8,605) Foreclosure of loans subject to asset-specific reserve — — (1,150) Charge-offs (2,700) (14,395) — Recoveries (2) — (3,105) — Allowance for credit losses at end of period $ 43,165 $ 20,755 $ 31,752 (1) There were no asset-specific reserves recorded for the years ended December 31, 2023, 2022, and 2021. (2) Recoveries are recognized within the consolidated statements of income through “Provision for (release of) loan loss reserves.” Non-Accrual Status (1) December 31, 2023(2) December 31, 2022(3)(4) Amortized cost basis of loans on non-accrual status, net of asset-specific reserve $ 14,541 $ 53,809 (1) As of December 31, 2023 and December 31, 2022, the loans on non-accrual status were greater than 90 days past due and are considered collateral dependent. (2) Comprised of one multi-family with an amortized cost basis of $14.5 million, for which the Company determined no asset-specific reserve was necessary. (3) Includes two retail loans with an amortized cost basis of $26.0 million and asset-specific reserves of $2.7 million. (4) Includes one mixed-use loan with an amortized cost basis of $30.5 million, for which the Company determined no asset-specific reserve was necessary. |
Schedule of Individually Impaired Loans | Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The primary credit quality indicator is reviewed by management on a quarterly basis. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of December 31, 2023 and December 31, 2022, respectively ($ in thousands): Amortized Cost Basis by Origination Year as of December 31, 2023 Collateral Type 2023 2022 2021 2020 2019 and Earlier Total (1) Multifamily $ 14,461 $ 547,532 $ 612,489 $ — $ — $ 1,174,482 Office — 79,148 614,743 — 211,674 905,565 Mixed Use — 193,470 321,514 — 41,403 556,387 Industrial — 22,636 34,746 — 119,344 176,726 Manufactured Housing — 32,655 82,895 — — 115,550 Retail — 12,934 87,052 — 9,083 109,069 Hospitality — — 18,589 — 55,380 73,969 Other — 31,363 11,978 — — 43,341 Subtotal mortgage loans receivable 14,461 919,738 1,784,006 — 436,884 3,155,089 Individually Impaired loans — — — — — — Total mortgage loans receivable (2) $ 14,461 $ 919,738 $ 1,784,006 $ — $ 436,884 $ 3,155,089 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 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 (3) $ 1,145,229 $ 2,102,307 $ 56,150 $ 332,046 $ 250,014 $ 3,885,746 (1) For the year ended December 31, 2023, there was a $2.7 million of write-off of an asset-specific allowance in connection with a foreclosure of one retail property in New York, NY. (2) Not included above is $22.4 million of accrued interest receivable (3) Not included above is $23.2 million of accrued interest receivable on all loans at December 31, 2022. |
SECURITIES (Tables)
SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Securities Which are Classified as Available-for-sale | The following is a summary of the Company’s securities at December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses (7) Carrying # of Rating (1) Coupon % Yield % Remaining CMBS $ 439,679 $ 439,052 $ 277 $ (14,439) $ 424,890 (2) 64 AAA 6.67 % 6.83 % 2.00 CMBS interest-only(3) 876,555 (3) 6,453 169 (53) 6,569 (4) 9 AAA 0.57 % 6.61 % 1.07 GNMA interest-only(5) 37,053 (3) 214 51 (52) 213 14 AAA 0.36 % 6.12 % 3.60 Agency securities 22 22 — (1) 21 1 AAA 4.00 % 2.70 % 1.05 U.S. Treasury securities 54,031 53,648 68 — 53,716 7 AAA N/A 5.41 % 0.07 Total debt securities $ 1,407,340 $ 499,389 $ 565 $ (14,545) $ 485,409 (6) 95 2.55 % 6.82 % 1.98 Equity securities N/A 160 — (16) 144 1 N/A N/A N/A N/A Allowance for current expected credit losses N/A — — (20) (20) Total securities $ 1,407,340 $ 499,549 $ 565 $ (14,581) $ 485,533 96 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 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 December 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 December 31, 2023 and December 31, 2022, includes $0.3 million and $0.4 million, respectively of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (5) GNMA interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s GNMA interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on securities in the consolidated statements of income. (6) The Company’s investments in debt securities represent an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date. (7) |
Schedule of Fair Value of the Company's Securities by Remaining Maturity Based Upon Expected Cash Flows | The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 81,343 $ 343,547 $ — $ — $ 424,890 CMBS interest-only 2,121 4,448 — — 6,569 GNMA interest-only 86 22 105 — 213 Agency securities — 21 — — 21 U.S. Treasury securities 53,716 — — — 53,716 Total securities (1) $ 137,266 $ 348,038 $ 105 $ — $ 485,409 (1) Excluded from the table above are $0.1 million of equity securities and $(20.0) thousand of allowance for current expected credit losses. 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 Total securities (1) $ 379,700 $ 207,590 $ 130 $ — $ 587,420 (1) Excluded from the table above are $0.1 million of equity securities and $(20.0) thousand of allowance for current expected credit losses. |
REAL ESTATE AND RELATED LEASE_2
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties by Category | The Company’s real estate assets were comprised of the following ($ in thousands): December 31, 2023 December 31, 2022 Land $ 183,194 $ 158,802 Building 647,201 625,655 In-place leases and other intangibles 116,831 114,687 Undepreciated real estate and related lease intangibles 947,226 899,144 Less: Accumulated depreciation and amortization (220,784) (199,008) Real estate and related lease intangibles, net(1) $ 726,442 $ 700,136 Below market lease intangibles, net (other liabilities)(2) $ (28,860) $ (30,892) (1) There was unencumbered real estate of $160.8 million and $140.3 million as of December 31, 2023 and December 31, 2022, respectively. (2) Below market lease intangibles is net of $15.8 million and $13.6 million of accumulated amortization as of December 31, 2023 and December 31, 2022, respectively. |
Schedule of Depreciation and Amortization Expense Recorded | The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Year Ended December 31, 2023 2022 2021 Depreciation expense(1) $ 24,166 $ 25,770 $ 30,659 Amortization expense 5,748 6,903 7,142 Total real estate depreciation and amortization expense $ 29,914 $ 32,673 $ 37,801 (1) Depreciation expense on the consolidated statements of income also includes $0.4 million, $41 thousand, and $99 thousand of depreciation on corporate fixed assets for the years ended December 31, 2023, 2022 and 2021, respectively. |
Schedule of Lease Intangible Assets | The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands): December 31, 2023 December 31, 2022 Gross intangible assets(1) $ 116,831 $ 114,689 Accumulated amortization 55,782 49,725 Net intangible assets $ 61,049 $ 64,964 (1) Includes $2.8 million of unamortized above market lease intangibles, which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of December 31, 2023 and December 31, 2022. The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands): Year Ended December 31, 2023 2022 2021 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (309) $ (305) $ (367) Increase in operating lease income for amortization of below market lease intangibles acquired 2,106 2,068 2,255 Total $ 1,797 $ 1,763 $ 1,888 |
Schedule of Expected Amortization Expense Related to the Acquired In-place Lease Intangibles, for Property Owned | The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2023 ($ in thousands): Period Ending December 31, Increase/(Decrease) to Operating Lease Income Amortization Expense 2024 $ 1,726 $ 6,725 2025 1,722 5,181 2026 1,735 4,519 2027 1,699 4,332 2028 1,625 4,167 Thereafter 17,528 33,304 Total $ 26,035 $ 58,228 |
Schedule of Contractual Future Minimum Rent Under Leases | The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at December 31, 2023 ($ in thousands): Period Ending December 31, Amount 2024 $ 61,285 2025 56,123 2026 53,724 2027 48,804 2028 47,305 Thereafter 160,590 Total $ 427,831 |
Schedule of Real Estate Properties Acquired | The Company acquired the following properties during the year ended December 31, 2023 ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) September 2023 (2) Mixed Use New York, NY $ 30,400 100% November 2023 (3) Multifamily Pittsburgh, PA 34,479 100% December 2023 (4) Retail New York, NY 22,647 100% Total real estate acquisitions $ 87,526 (1) Properties were consolidated as of acquisition date. (2) In September 2023, the Company acquired a multifamily portfolio consisting of four properties in New York, NY via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $30.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.5%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs. (3) In November 2023, the Company acquired a multifamily property in Pittsburgh, PA via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $34.5 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 6.00%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs. (4) In December 2023, the Company acquired a retail property in New York, NY via foreclosure. The property served as collateral for two mortgage loan receivables held for investment. The Company obtained a third-party appraisal of the property. The $22.6 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.25%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs. The Company acquired the following properties during the year ended December 31, 2022 ($ 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% November 2022 (3) Office Houston, TX 9,386 100% Total real estate acquisitions $ 24,822 (1) Properties were consolidated as of acquisition date. (2) In February 2022, the Company acquired, via change in control, a previously held interest in a non-controlling equity investment in a mixed use property with one remaining residential condo unit and one remaining retail condo unit in New York, New York. The carrying value of the property at the time of change in control was $15.4 million, which was determined to be fair value. The fair value of the remaining condo unit was determined based on comparable sales in the building and the value of the remaining retail unit was valued utilizing a direct capitalization rate of 5.5%. The key inputs used to determine fair value were determined to be Level 3 inputs. (3) In November 2022, the Company acquired an office property in Houston, TX via foreclosure. The property served as collateral for a mortgage loan receivable held for investment with a basis of $10.3 million. In connection with the foreclosure, the Company received $0.9 million of cash. The Company obtained a third-party appraisal of the property. The $9.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 9.5% and a discount rate of 10.5%. There was no gain or loss resulting from the foreclosure of the loan. The Company acquired the following properties during the year ended December 31, 2021 ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) February 2021 (2) Hotel Miami, FL $ 43,750 100% August 2021 Apartments Stillwater, OK 20,452 80% December 2021 (3) Hotel Schaumburg, IL 38,000 100% Total real estate acquisitions $ 102,202 (1) Properties were consolidated as of acquisition date. (2) In February 2021, the Company acquired a hotel in Miami, FL via foreclosure, recognizing a $25.8 thousand loss, which is included in its consolidated statements of income. The property previously served as collateral for a mortgage loan receivable held for investment with a basis of $45.1 million, net of an asset-specific loan loss provision of $1.2 million recorded in the three months ended December 31, 2020. In February 2021, the foreclosed property was sold without any gain or loss. The Company recorded no revenues from its 2021 acquisitions for the year ended December 31, 2021. (3) In December 2021, the Company acquired a hotel in Schaumburg, IL via foreclosure. The property served as collateral for a mortgage loan receivable held for investment with a basis of $38.0 million. The Company obtained a third-party appraisal of the property. The $38.0 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 8.0% and a discount rate of 10.0%. There was no gain or loss resulting from the foreclosure of the loan. |
Schedule of Properties Sold | The Company sold the following properties during the year ended December 31, 2023 ($ in thousands): Sales Date Type Primary Location(s) Sales Proceeds Net Book Value Realized Gain/(Loss) Properties August 2023 Hotel San Diego, CA (1) $ 43,335 $ 34,526 $ 8,808 1 Totals $ 43,335 $ 34,526 $ 8,808 (1) Included within sales proceeds is $31.3 million of mortgage financing that was assumed by the buyer. The Company sold the following properties during the year ended December 31, 2022 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties March 2022 Office Ewing, NJ $ 38,694 $ 24,175 $ 14,519 1 March 2022 Warehouse Conyers, GA 40,752 26,116 14,636 1 June 2022 Apartments Stillwater, OK 23,314 18,032 5,283 1 June 2022 Apartments Miami, Fl 60,856 37,585 23,270 1 September 2022 Retail Wichita, KS 9,503 5,110 4,393 1 December 2022 Apartments New York, NY (1) 7,935 7,402 533 1 December 2022 Retail Sennett, NY 10,599 4,245 6,354 1 December 2022 Office Richmond, VA 118,872 71,862 47,010 1 Totals (2) $ 310,525 $ 194,527 $ 115,998 (1) One unit was sold, and one unit remains. (2) Excludes $4.4 million of prepayment costs upon repayment of mortgage financings in connection with certain sales that is recorded within interest expense on the consolidated statement of income, such amount was correspondingly paid by the buyer and received by the Company as part of the sale and recorded in fee and other income on the consolidated statement of income. The Company sold the following properties during the year ended December 31, 2021 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties February 2021 Hotel Miami, FL $ 43,750 $ 43,750 $ — 1 June 2021 Net Lease North Dartmouth, MA 38,732 19,343 19,389 1 August 2021 Net Lease Pittsfield, MA 18,651 10,564 8,087 1 August 2021 Net Lease Ankeny, IA 19,021 13,341 5,680 1 August 2021 Apartments Arlington/Fort Worth, TX 26,496 22,498 3,998 2 November 2021 Net Lease Bessemer City, NC 33,447 21,333 12,114 1 December 2021 Land Los Angeles, CA 19,469 21,452 (1,983) 1 December 2021 Net Lease Snellville, GA 9,695 5,483 4,212 1 December 2021 Net Lease Columbia, SC 9,941 5,674 4,269 1 Totals $ 219,202 $ 163,438 $ 55,766 |
DEBT OBLIGATIONS, NET (Tables)
DEBT OBLIGATIONS, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Obligations | The details of the Company’s debt obligations at December 31, 2023 and December 31, 2022 are as follows ($ in thousands): December 31, 2023 Debt Obligations Committed / Carrying Value of Debt Obligations Committed but Unfunded Interest Rate at December 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 $ 235,594 $ 264,406 7.08% — 7.48% 9/27/2025 (2) (3) $ 342,467 $ 342,467 Committed Loan Repurchase Facility 300,000 118,903 181,097 7.46% — 8.36% 12/19/2024 (4) (5) 174,938 174,938 Committed Loan Repurchase Facility 141,997 139,162 2,835 7.06% — 7.60% 4/30/2024 (6) (3) 65,110 65,110 (7) Committed Loan Repurchase Facility 200,000 111,340 88,660 7.22% — 8.29% 10/3/2025 (8) (3) 150,280 150,559 Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 1/22/2024 (9) (5) — — Total Committed Loan Repurchase Facilities 1,241,997 604,999 636,998 732,795 733,074 Committed Securities Repurchase Facility 100,000 — 100,000 —% — —% 5/27/2024 N/A (10) — — Uncommitted Securities Repurchase Facility N/A (11) 1,608 N/A (11) 6.61% — 7.56% 1/17/2024 N/A (10) 2,511 2,511 (12) Total Repurchase Facilities 1,341,997 606,607 736,998 735,306 735,585 Revolving Credit Facility 323,850 — 323,850 —% — —% 7/27/2024 (13) N/A (14) N/A (14) N/A (14) Mortgage Loan Financing 437,384 437,759 — 4.39% — 9.03% 2024-2031 (15) N/A (16) 474,740 625,454 (17) CLO Debt 1,062,777 1,060,719 (18) — 6.68% — 9.13% 2024-2026 (19) N/A (3) 1,327,722 1,327,722 Borrowings from the FHLB 115,000 115,000 — 5.76% — 5.88% 2024 N/A (20) 140,276 140,276 Senior Unsecured Notes 1,575,614 1,563,861 (21) — 4.25% — 5.25% 2025-2029 N/A N/A (22) N/A (22) N/A (22) Total Debt Obligations, Net $ 4,856,622 $ 3,783,946 $ 1,060,848 $ 2,678,044 $ 2,829,037 (1) Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2023. (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 364-day period 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) The Company has pledged mortgage loans receivable with a value of $114.7 million that eliminates in consolidation and is thus not included in the carrying amount of collateral or fair value of collateral. (8) Two additional 12-month extension periods at Company’s option. No new advances permitted past 30 days prior to initial maturity. (9) Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period. (10) Commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities. (11) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (12) 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. (13) Three additional 12-month periods at Company’s option. (14) 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. (15) Anticipated repayment dates. (16) Certain of our real estate investments serve as collateral for our mortgage loan financing. (17) Represents undepreciated carrying value of commercial real estate collateral. (18) Presented net of unamortized debt issuance costs of $2.1 million at December 31, 2023. (19) Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities. (20) Investment grade commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities. (21) Presented net of unamortized debt issuance costs of $11.8 million at December 31, 2023. (22) 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, 2022(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility(2) $ 500,000 $ 318,983 $ 181,017 6.07% — 6.57% 9/27/2025 (2) (3) $ 428,477 $ 429,276 Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 2/26/2023 (4) (5) — — Committed Loan Repurchase Facility 300,000 157,558 142,442 6.19% — 7.07% 12/19/2023 (6) (7) 244,102 244,102 Committed Loan Repurchase Facility 100,000 47,415 52,585 6.00% — 6.00% 4/30/2024 (8) (3) 63,307 63,307 Committed Loan Repurchase Facility 100,000 77,959 22,041 5.74% — 6.24% 1/3/2023 (2) (3) 103,393 103,393 Committed Loan Repurchase Facility 100,000 — 100,000 —% —% 1/22/2024 (9) (7) — — Committed Loan Repurchase Facility 100,000 14,979 85,021 7.07% — 7.07% 7/14/2023 (10) (11) 21,206 21,206 Total Committed Loan Repurchase Facilities 1,300,000 616,894 683,106 860,485 861,284 Committed Securities Repurchase Facility(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% — 6.00% 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 $15.4 million at December 31, 2022. (25) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. |
Schedule of Contractual Payments Under All Borrowings by Maturity | The following schedule reflects the Company’s contractual payments under borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by 2024 $ 320,900 2025 659,782 2026 138,170 2027 909,961 2028 24,317 Thereafter 681,474 Subtotal 2,734,604 Debt issuance costs included in senior unsecured notes (11,753) Debt issuance costs included in mortgage loan financings (1,441) Premiums included in mortgage loan financings(2) 1,816 Total (3) $ 2,723,226 (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) |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 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 December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month Term SOFR $ 90,000 $ 908 $ — 0.62 Futures 5-year Treasury-Note Futures 18,800 98 — 0.25 10-year Treasury-Note Futures 86,100 447 — 0.25 Total futures 104,900 545 — Options Options N/A (2) 1 — 0.05 Total derivatives $ 194,900 $ 1,454 $ — (1) Shown as derivative instruments in the accompanying consolidated balance sheets. (2) The Company held 104 options contracts as of December 31, 2023. 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 summarizes the net realized gains (losses) and unrealized gains (losses) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of income for the years ended December 31, 2023, 2022, and 2021 ($ in thousands): Year Ended December 31, 2023 Contract Type Unrealized Realized Net Result Caps $ (895) $ 1,378 $ 483 Futures 423 834 1,257 Options 82 (341) (259) Total $ (390) $ 1,871 $ 1,481 Year Ended December 31, 2022 Contract Type Unrealized Realized Net Result Caps $ 984 $ 648 $ 1,632 Futures (219) 11,078 10,859 Options (131) — (131) Total $ 634 $ 11,726 $ 12,360 Year Ended December 31, 2021 Contract Type Unrealized Realized Net Result Caps $ (8) $ — $ (8) Futures 42 1,715 1,757 Total $ 34 $ 1,715 $ 1,749 |
OFFSETTING ASSETS AND LIABILI_2
OFFSETTING ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Offsetting [Abstract] | |
Schedule of Offsetting of Financial Assets | The following table represents offsetting of financial assets and derivative assets as of December 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 $ 1,454 $ — $ 1,454 $ — $ (2,846) $ (1,392) Total $ 1,454 $ — $ 1,454 $ — $ (2,846) $ (1,392) (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 December 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 $ 606,607 $ — $ 606,607 $ 606,607 $ — $ 606,607 Total $ 606,607 $ — $ 606,607 $ 606,607 $ — $ 606,607 (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) | 12 Months Ended |
Dec. 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 December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 December 31, 2022 Restricted cash $ — $ 4,902 Mortgage loan receivables held for investment, net, at amortized cost 1,327,722 1,308,654 Accrued interest receivable 9,394 8,313 Other assets 4,469 17,505 Total assets $ 1,341,585 $ 1,339,374 Debt obligations, net $ 1,060,719 $ 1,058,462 Accrued expenses 3,555 3,029 Other liabilities — 65 Total liabilities 1,064,274 1,061,556 Net equity in VIEs (eliminated in consolidation) 277,311 277,818 Total equity 277,311 277,818 Total liabilities and equity $ 1,341,585 $ 1,339,374 |
EQUITY STRUCTURE AND ACCOUNTS (
EQUITY STRUCTURE AND ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Common Stock Repurchase Activity | The following tables summarize the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2023 and 2022 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2022 $ 46,737 Repurchases paid: March 1, 2023 - March 31, 2023 250,000 (2,285) September 1 - September 30, 2023 19,000 (196) Authorizations remaining as of December 31, 2023 $ 44,256 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2021 $ 44,122 Additional authorizations(2) 10,534 Repurchases paid 783,599 (7,919) Authorizations remaining as of December 31, 2022 $ 46,737 (1) Amount excludes commissions paid associated with share repurchases. (2) On July 27, 2022 the Board authorized repurchases up to $50.0 million in aggregate. Shares Amount(1) Authorizations remaining as of December 31, 2020 $ 38,102 Additional authorizations(2) 15,027 Repurchases paid 822,928 (9,007) Authorizations remaining as of December 31, 2021 $ 44,122 (1) Amount excludes commissions paid associated with share repurchases. (2) |
Schedule of Dividends Declared and Paid | The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2023 and 2022: Declaration Date Dividend per Share March 15, 2023 $ 0.23 June 15, 2023 0.23 September 15, 2023 0.23 December 15, 2023 0.23 Total $ 0.92 March 15, 2022 $ 0.20 June 15, 2022 0.22 September 15, 2022 0.23 December 15, 2022 0.23 Total $ 0.88 December 15, 2021 $ 0.20 September 15, 2021 0.20 June 15, 2021 0.20 March 15, 2021 0.20 Total $ 0.80 The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2023, 2022 and 2021: Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital Section 199A March 31, 2023 April 17, 2023 0.230 0.230 — — — — 0.230 June 30, 2023 July 17, 2023 0.230 0.230 — — — — 0.230 September 29, 2023 October 16, 2023 0.230 0.230 — — — — 0.230 December 29, 2023 January 16, 2024 (1) 0.230 0.230 — — — — 0.230 Total $ 0.920 $ 0.920 $ — $ — $ — $ — $ 0.920 (1) The fourth quarter dividend paid on January 16, 2024 was $0.230 and is considered a 2023 dividend for U.S. federal income tax purposes. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital Section 199A December 31, 2021 January 18, 2022 (1) $ 0.200 $ 0.034 $ — $ 0.166 $ 0.051 $ — $ 0.034 March 31, 2022 April 15, 2022 0.200 0.034 — 0.166 0.051 — 0.034 June 30, 2022 July 15, 2022 0.220 0.038 — 0.182 0.056 — 0.038 September 30, 2022 October 17, 2022 0.230 0.039 — 0.191 0.059 — 0.039 December 31, 2022 January 17, 2023 (2) 0.230 0.039 — 0.191 0.059 — 0.039 Total $ 1.080 $ 0.184 $ — $ 0.896 $ 0.276 $ — $ 0.184 (1) The fourth quarter dividend paid on January 18, 2022 was $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes. (2) The fourth quarter dividend paid on January 16, 2023 was $0.230 and is considered a 2022 dividend for U.S. federal income tax purposes. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital Section 199A December 31, 2020 January 15, 2021 (1) $ 0.200 $ 0.053 $ 0.001 $ 0.095 $ 0.039 $ 0.052 $ 0.053 March 31, 2021 April 15, 2021 0.200 0.053 0.001 0.095 0.039 0.052 0.053 June 30, 2021 July 15, 2021 0.200 0.053 0.001 0.095 0.039 0.052 0.053 September 30, 2021 October 15, 2021 0.200 0.053 0.001 0.095 0.039 0.052 0.053 December 31, 2021 January 18, 2022 (2) — — — — — — — Total $ 0.800 $ 0.212 $ 0.004 $ 0.380 $ 0.156 $ 0.208 $ 0.212 (1) The fourth quarter dividend paid on January 15, 2021 was $0.200 and is considered a 2021 dividend for U.S. federal income tax purposes. (2) The fourth quarter dividend paid on January 18, 2022 was $0.200 and is considered a 2022 dividend for U.S. federal income tax purposes. |
Schedule of Accumulated Other Comprehensive Income | The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2023 and 2022 ($ in thousands): Year Ended December 31, 2023 2022 2021 Accumulated Other Comprehensive Income (Loss) beginning of period $ (21,009) $ (4,112) $ (10,463) Other comprehensive income (loss) 7,156 (16,897) 6,351 Accumulated Other Comprehensive Income (Loss) end of period $ (13,853) $ (21,009) $ (4,112) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 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 years ended December 31, 2023, 2022, and 2021 consist of the following: Year Ended December 31, ($ in thousands except share amounts) 2023 2022 2021 Basic and Diluted Net income (loss) available for Class A common shareholders $ 101,125 $ 142,217 $ 56,522 Weighted average shares outstanding: Basic 124,667,877 124,301,421 123,763,843 Diluted 124,882,398 125,823,671 124,563,051 |
Schedule of Calculation of Basic and Diluted Net Income Per Share Amounts | The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2023, 2022, and 2021 consist of the following: Year Ended December 31, (In thousands except share and per share amounts) (1) 2023 2022 2021 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator : Net income (loss) attributable to Class A common shareholders $ 101,125 $ 142,217 $ 56,522 Denominator : Weighted average number of shares of Class A common stock outstanding 124,667,877 124,301,421 123,763,843 Basic net income (loss) per share of Class A common stock $ 0.81 $ 1.14 $ 0.46 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 101,125 $ 142,217 $ 56,522 Diluted net income (loss) attributable to Class A common shareholders 101,125 142,217 56,522 Denominator: Basic weighted average number of shares of Class A common stock outstanding 124,667,877 124,301,421 123,763,843 Add - dilutive effect of: Incremental shares of unvested Class A restricted stock(1) 214,521 1,522,250 799,208 Diluted weighted average number of shares of Class A common stock outstanding (2) 124,882,398 125,823,671 124,563,051 Diluted net income (loss) per share of Class A common stock $ 0.81 $ 1.13 $ 0.45 (1) The Company applies the treasury stock method. (2) There were 367,001 anti-dilutive shares for the years ended December 31, 2023. |
STOCK-BASED AND OTHER COMPENS_2
STOCK-BASED AND OTHER COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Based Compensation Plans | The following table summarizes the impact on the consolidated statements of income of the various stock-based compensation plans and other compensation plans ($ in thousands): Year Ended December 31, 2023 2022 2021 Stock-based compensation expense $ 18,577 $ 31,584 $ 15,300 Phantom Equity Investment Plan — — 22 Total Stock-Based Compensation Expense (1) $ 18,577 $ 31,584 $ 15,322 (1) Variance between twelve months ended December 31, 2023, 2022, and 2021 is primarily due to timing of 2021, 2022 and 2023 employee stock and bonus compensation. |
Schedule of the Grants | A summary of the grants is presented below: Year Ended December 31, 2023 2022 2021 Number Weighted Number Weighted Number Weighted Grants - Class A Common Stock 1,417,561 $ 11.58 2,884,303 $ 11.87 747,713 $ 9.81 |
Schedule of Nonvested Shares Activity | The table below presents the number of unvested shares of Class A common stock and outstanding stock options at December 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 (1,699,744) 12.14 — Forfeited (49,425) 10.43 — Nonvested/Outstanding at December 31, 2023 2,197,963 $ 12.37 623,788 Exercisable at December 31, 2023 (1) 623,788 (1) The weighted average exercise price of outstanding options is $14.84 at December 31, 2023. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value | The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2023 and December 31, 2022 are as follows ($ in thousands): December 31, 2023 Weighted Average Principal Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 439,679 $ 439,052 $ 424,890 Internal model 6.83 % 2.00 CMBS interest-only(1) 876,555 (2) 6,453 6,569 Internal model 6.61 % 1.07 GNMA interest-only(3) 37,053 (2) 214 213 Internal model 6.12 % 3.60 Agency securities(1) 22 22 21 Internal model 2.70 % 1.05 U.S. Treasury securities(1) 54,031 53,648 53,716 Internal model 5.41 % 0.07 Equity securities(3) N/A 160 144 Observable market prices N/A N/A Mortgage loan receivables held for investment, net, at amortized cost(4) 3,164,226 3,155,089 3,150,843 Discounted Cash Flow(5) 9.65 % 0.68 Mortgage loan receivables held for sale 31,350 26,868 26,868 Internal model, third-party inputs(6) 4.57 % 8.19 FHLB stock(7) 5,175 5,175 5,175 (7) 8.25 % N/A Nonhedge derivatives(1)(10) 194,900 1,454 1,454 Counterparty quotations N/A 0.48 Liabilities: Repurchase agreements - short-term 337,631 337,631 337,631 Cost plus Accrued Interest (8) 7.57 % 0.48 Repurchase agreements - long-term 268,976 268,976 268,976 Discounted Cash Flow(9) 7.35 % 1.74 Mortgage loan financing 437,384 437,759 425,992 Discounted Cash Flow 5.87 % 2.64 CLO debt 1,062,777 1,060,719 1,060,719 Discounted Cash Flow(9) 7.08 % 1.89 Borrowings from the FHLB 115,000 115,000 115,000 Discounted Cash Flow 5.82 % 0.57 Senior unsecured notes 1,575,614 1,563,861 1,475,303 Internal model, third-party inputs 4.66 % 3.77 (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 $43.2 million at December 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 spreads. 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 for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (7) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (8) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (9) Fair value for repurchase agreement liabilities - short term borrowings under the Revolving Credit Facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (10) For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (11) 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 December 31, 2023 and December 31, 2022 ($ in thousands): December 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) $ 430,398 $ — $ 415,935 $ — $ 415,935 CMBS interest-only(1) 868,228 (2) — 6,260 — 6,260 GNMA interest-only(3) 37,053 (2) — 213 — 213 Agency securities(1) 22 — 21 — 21 U.S. Treasury securities 54,031 53,716 — — 53,716 Equity securities N/A 144 — — 144 Nonhedge derivatives(4) 194,900 — 1,454 — 1,454 $ 53,860 $ 423,883 $ — $ 477,743 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) $ 3,164,226 $ — $ — $ 3,150,843 $ 3,150,843 Mortgage loan receivable held for sale(6) 31,350 — — 26,868 26,868 CMBS(7) 9,281 — 8,955 — 8,955 CMBS interest-only(7) 8,327 — 309 — 309 FHLB stock 5,175 — — 5,175 5,175 $ — $ 9,264 $ 3,182,886 $ 3,192,150 Liabilities: Repurchase agreements - short-term $ 337,631 $ — $ 337,631 $ — $ 337,631 Repurchase agreements - long-term 268,976 — 268,976 — 268,976 Mortgage loan financing 437,384 — — 425,992 425,992 CLO debt 1,062,777 — 1,060,719 — 1,060,719 Borrowings from the FHLB 115,000 — — 115,000 115,000 Senior unsecured notes 1,575,614 — — 1,475,303 1,475,303 $ — $ 1,667,326 $ 2,016,295 $ 3,683,621 (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 $43.2 million at December 31, 2023. (6) A lower of cost or market adjustment was recorded as of December 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 $20.8 million at December 31, 2022. (6) A lower of cost or market adjustment was recorded as of December 31, 2022. (7) |
Schedule of Changes in Level 3 of Financial Instruments | The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the years ended December 31, 2023 and 2022 ($ in thousands): Year Ended December 31, Level 3 2023 2022 Balance at January 1, $ 542,646 $ 692,864 Transfer into level 3 — — Purchases 143,953 59,333 Sales (17,838) (4,261) Paydowns/maturities (231,993) (183,929) Amortization of premium/discount (2,716) (4,354) Unrealized gain/(loss) 7,039 (16,901) Realized gain/(loss) on sale (275) (106) Transfer out of level 3 (1) (440,816) — Balance at December 31, $ — $ 542,646 (1) |
Schedule of Quantitative Information | The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2022 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 532,304 Discounted cash flow Yield (4) 2.89 % 5.29 % 17.47 % CMBS interest-only(1) 10,026 (2) Discounted cash flow Yield (4) 1.39 % 3.72 % 19.66 % GNMA interest-only(3) 281 (2) Discounted cash flow Yield (4) 1.28 % 5.50 % 10.00 % Agency securities(1) 35 Discounted cash flow Yield (4) 2.70 % 2.70 % 2.70 % 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. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Components of the provision for income taxes consist of the following ($ in thousands): Year Ended December 31, 2023 2022 2021 Current expense (benefit) U.S. federal $ 2,204 $ 1,823 $ (280) State and local 858 3,591 936 Total current expense (benefit) 3,062 5,414 656 Deferred expense (benefit) U.S. federal 964 (445) 311 State and local 218 (60) (39) Total deferred expense (benefit) 1,182 (505) 272 Provision for income tax expense (benefit) $ 4,244 $ 4,909 $ 928 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2023, 2022 and 2021 is as follows: Year Ended December 31, 2023 2022 2021 U.S. statutory tax rate 21.00 % 21.00 % 21.00 % REIT income not subject to corporate income tax (15.22) % (18.09) % (17.72) % Increase due to state and local taxes 1.07 % 0.59 % (0.46) % Change in valuation allowance (1.57) % (1.17) % (1.20) % Offshore non-taxable income (3.79) % (1.35) % (3.75) % Uncertain tax position recorded (released) 0.14 % 1.45 % — % Section 163 (j) interest expense limitation 0.17 % 0.08 % 0.27 % REIT income taxes 0.14 % 0.28 % (0.31) % Return to provision (0.23) % (0.64) % 1.64 % Net operating loss carryback benefit — % — % — % Other 2.34 % 0.74 % 2.14 % Effective income tax rate 4.05 % 2.89 % 1.61 % |
Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): December 31, 2023 December 31, 2022 Deferred Tax Assets Net operating loss carryforward $ 2,069 $ 3,493 Net unrealized losses 721 641 Capital losses carryforward 2,813 4,356 Valuation allowance (2,813) (4,356) Interest expense limitation 1,560 1,385 Valuation allowance (1,560) (1,385) Total Deferred Tax Assets $ 2,790 $ 4,134 December 31, 2023 December 31, 2022 Deferred Tax Liability Basis difference in operating partnerships $ 5,749 $ 5,911 Total Deferred Tax Liability $ 5,749 $ 5,911 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 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 December 31, 2023 are as follows ($ in thousands): 2024 $ 2,171 2025 2,207 2026 2,219 2027 2,232 2028 13,344 Thereafter — Total undiscounted cash flows 22,173 Present value discount (1) (5,755) Lease liabilities (2) $ 16,418 (1) Lease liabilities were discounted at the Company's weighted average incremental borrowing rate for similar collateral, which was estimated to be 6.62%. The remaining lease term is 9.6 years. (2) |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 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): Year ended December 31, 2023 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 341,840 $ 32,479 $ 12 $ 32,953 $ 407,284 Interest expense (122,420) (3,177) (31,443) (88,057) (245,097) Net interest income (expense) 219,420 29,302 (31,431) (55,104) 162,187 (Provision for) release of loan loss reserves (25,096) — — — (25,096) Net interest income (expense) after provision for (release of) loan reserves 194,324 29,302 (31,431) (55,104) 137,091 Real estate operating income — — 96,950 — 96,950 Net result from mortgage loan receivables held for sale (523) — — — (523) Realized gain (loss) on securities — (276) — — (276) Unrealized gain (loss) on securities — 29 — — 29 Realized gain on sale of real estate, net — — 8,808 — 8,808 Fee and other income 8,237 15 300 626 9,178 Net result from derivative transactions 404 595 482 — 1,481 Earnings (loss) from investment in unconsolidated ventures — — 758 — 758 Gain (loss) on extinguishment of debt — — — 10,718 10,718 Total other income (loss) 8,118 363 107,298 11,344 127,123 Compensation and employee benefits — — — (63,618) (63,618) Operating expenses — — — (19,503) (19,503) Real estate operating expenses — — (37,587) — (37,587) Investment related expenses (6,310) (191) (903) (1,443) (8,847) Depreciation and amortization — — (29,482) (432) (29,914) Total costs and expenses (6,310) (191) (67,972) (84,996) (159,469) Income tax (expense) benefit — — — (4,244) (4,244) Segment profit (loss) $ 196,132 $ 29,474 $ 7,895 $ (133,000) $ 100,501 Total assets as of December 31, 2023 $ 3,138,794 $ 485,533 $ 733,319 $ 1,155,031 $ 5,512,677 Year ended December 31, 2022 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 269,629 $ 20,659 $ 6 $ 3,226 $ 293,520 Interest expense (68,158) (4,620) (36,683) (86,141) (195,602) Net interest income (expense) 201,471 16,039 (36,677) (82,915) 97,918 (Provision for) release of loan loss reserves (3,711) — — — (3,711) Net interest income (expense) after provision for (release of) loan reserves 197,760 16,039 (36,677) (82,915) 94,207 Real estate operating income — — 108,269 — 108,269 Net result from mortgage loan receivables held for sale (2,511) — — — (2,511) Realized gain (loss) on securities — (73) — — (73) Unrealized gain (loss) on securities — (86) — — (86) Realized gain on sale of real estate, net — — 115,998 — 115,998 Fee and other income 10,149 55 4,355 461 15,020 Net result from derivative transactions 6,755 3,972 1,633 — 12,360 Earnings (loss) from investment in unconsolidated ventures — — 1,410 — 1,410 Gain (loss) on extinguishment of debt — — — 685 685 Total other income (loss) 14,393 3,868 231,665 1,146 251,072 Compensation and employee benefits — — — (75,836) (75,836) Operating expenses — — — (20,716) (20,716) Real estate operating expenses — — (38,605) — (38,605) Investment related expenses (2,325) (277) (954) (3,679) (7,235) Depreciation and amortization — — (32,632) (41) (32,673) Total costs and expenses (2,325) (277) (72,191) (100,272) (175,065) Income tax (expense) benefit — — — (4,909) (4,909) Segment profit (loss) $ 209,828 $ 19,630 $ 122,797 $ (186,950) $ 165,305 Total assets as of December 31, 2022 $ 3,892,382 $ 587,519 $ 706,355 $ 764,917 $ 5,951,173 Year ended December 31, 2021 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 162,349 $ 13,101 $ 1 $ 648 $ 176,099 Interest expense (53,414) (2,403) (36,075) (91,057) (182,949) Net interest income (expense) 108,935 10,698 (36,074) (90,409) (6,850) (Provision for) release of loan loss reserves 8,713 — — 8,713 Net interest income (expense) after provision for (release of) loan reserves 117,648 10,698 (36,074) (90,409) 1,863 Real estate operating income — — 101,564 — 101,564 Net result from mortgage loan receivables held for sale 8,398 — — — 8,398 Realized gain (loss) on securities — 1,594 — — 1,594 Unrealized gain (loss) on securities — (91) — — (91) Realized gain on sale of real estate, net — — 55,766 — 55,766 Fee and other income 10,507 — 50 633 11,190 Net result from derivative transactions 507 1,250 (8) — 1,749 Earnings (loss) from investment in unconsolidated ventures 335 — 1,244 — 1,579 Total other income (loss) 19,747 2,753 158,616 633 181,749 Compensation and employee benefits — — — (38,347) (38,347) Operating expenses 127 — — (17,799) (17,672) Real estate operating expenses — — (26,161) — (26,161) Investment related expenses (2,341) (217) (849) (2,403) (5,810) Depreciation and amortization — — (37,702) (99) (37,801) Total costs and expenses (2,214) (217) (64,712) (58,648) (125,791) Income tax (expense) benefit — — — (928) (928) Segment profit (loss) $ 135,181 $ 13,234 $ 57,830 $ (149,352) $ 56,893 Total assets as of December 31, 2021 $ 3,521,986 $ 703,280 $ 914,027 $ 711,959 $ 5,851,252 (1) Includes the Company’s investment in unconsolidated ventures that held real estate of $6.9 million and $6.2 million as of December 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 $5.2 million as of December 31, 2023 and $9.6 million as of December 31, 2022, and the Company’s senior unsecured notes of $1.6 billion at December 31, 2023 and December 31, 2022. |
ORGANIZATION AND OPERATIONS (De
ORGANIZATION AND OPERATIONS (Details) | Dec. 31, 2023 |
LCFH | |
ORGANIZATION AND OPERATIONS | |
Ownership interest in LCFH | 100% |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
FHLB stock | $ 5,200 | $ 9,600 |
Treasury stock reclassified | 0 | |
Additional Paid- in-Capital | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Treasury stock reclassified | 73,642 | |
Retained Earnings (Dividends in Excess of Earnings) | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Treasury stock reclassified | $ 5,282 | |
Minimum | Building | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Estimated useful life | 20 years | |
Minimum | Building and Building Improvements | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Estimated useful life | 4 years | |
Maximum | Building | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Estimated useful life | 55 years | |
Maximum | Building and Building Improvements | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Estimated useful life | 15 years |
MORTGAGE LOAN RECEIVABLES - Sch
MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) loans | Dec. 31, 2022 USD ($) | Jan. 31, 2023 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Outstanding Face Amount | $ 3,195,576 | $ 3,938,615 | |||
Allowance for credit losses | (43,165) | (20,755) | $ (31,752) | $ (41,507) | |
Carrying Value | $ 3,138,792 | $ 3,892,382 | $ 51,500 | ||
Weighted average yield | 9.61% | 8.82% | |||
Remaining maturity | 8 months 12 days | 1 year 3 months 18 days | |||
Number of non-accrual loans | loans | 1 | ||||
Principal balance of loans on non-accrual status | $ 14,541 | $ 53,809 | |||
Deferred origination fees and other items | 9,100 | 21,500 | |||
First mortgage loans | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Outstanding Face Amount | 3,131,803 | 3,841,315 | |||
Carrying value gross, consumer and commercial real estate | $ 3,122,707 | $ 3,819,860 | |||
Weighted average yield | 9.63% | 8.83% | |||
Remaining maturity | 8 months 12 days | 1 year 3 months 18 days | |||
Number of loans modified | loans | 2 | ||||
First mortgage loans | Extended Maturity | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Number of loans modified | loans | 1 | ||||
Mezzanine loans | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Outstanding Face Amount | $ 32,423 | $ 65,950 | |||
Carrying value gross, consumer and commercial real estate | $ 32,382 | $ 65,886 | |||
Weighted average yield | 11.46% | 10.62% | |||
Remaining maturity | 10 months 24 days | 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 | $ 3,164,226 | $ 3,907,265 | |||
Carrying value gross, consumer and commercial real estate | $ 3,155,089 | $ 3,885,746 | |||
Weighted average yield | 9.65% | 8.85% | |||
Remaining maturity | 8 months 12 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 | $ 3,164,226 | $ 3,907,265 | |||
Allowance for credit losses | (43,165) | (20,755) | $ (31,752) | $ (41,507) | |
Carrying Value | $ 3,111,924 | 3,864,991 | |||
Remaining maturity | 1 year 9 months 18 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 | $ 26,868 | $ 27,391 | |||
Weighted average yield | 4.57% | 4.57% | |||
Remaining maturity | 8 years 2 months 12 days | 9 years 2 months 12 days | |||
Mortgage loan receivables held for sale, First Mortgage Loans | US Treasury (UST) Interest Rate | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Cost or market adjustment of interest, percentage | 5.18% | 5.16% |
MORTGAGE LOAN RECEIVABLES - Add
MORTGAGE LOAN RECEIVABLES - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) property loans | Dec. 31, 2022 USD ($) loans | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Outstanding face amount | $ 3,195,576 | $ 3,938,615 | ||
Allowance for current expected credit losses | 43,900 | 21,500 | ||
General CECL Reserve | 43,165 | 20,755 | $ 31,752 | $ 41,507 |
Increase in reserve of unfunded commitments | 700 | 700 | ||
Individually impaired loans | 0 | 26,012 | ||
Provision for (release of) loan loss reserves, net | 25,096 | 3,711 | (8,713) | |
Recoveries | 0 | 3,105 | 0 | |
Increase (decrease) of reserve on unfunded commitments | 300 | |||
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 | |||
Number or loans in default | loans | 2 | |||
Provision for (release of) loan loss reserves, net | 25,100 | $ 6,500 | ||
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 | $ 2,800,000 | $ 3,400,000 | ||
Loans receivable with variable rates of interest | 87.80% | 87.20% | ||
Loans receivable with variable rates of interest, subject to interest rate floors | 100% | 99.20% | ||
Outstanding face amount | $ 3,164,226 | $ 3,907,265 | ||
General CECL Reserve | 43,165 | 20,755 | 31,752 | $ 41,507 |
Provision for (release of) loan loss reserves, net | 25,110 | 3,398 | $ (8,605) | |
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 | |||
Total mortgage loan receivables held for investment, net, at amortized cost | Secured Overnight Financing Rate (SOFR) | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Loans receivable with variable rates of interest | 1,100,000 | |||
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 | $ 3,131,803 | $ 3,841,315 | ||
Number of loans modified | loans | 2 | |||
Amortized cost basis | $ 106,500 | |||
Loans modified, amount of mortgage loan receivable portfolio | 3.40% | |||
Weighted-average extension length | 2 years 3 months 18 days | |||
Principal paydown | $ 6,000 | |||
Reserve funding | $ 6,500 | |||
Common equity interest received | 15% | |||
Equity interest received, number of companies | property | 1 | |||
Accrued interest income | $ 2,600 |
MORTGAGE LOAN RECEIVABLES - Act
MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable, beginning balance | $ 3,892,382 | $ 3,521,985 | $ 2,343,070 |
Origination of mortgage loan receivables | 68,415 | 1,296,083 | 2,530,247 |
Repayment of mortgage loan receivables | (726,710) | (901,150) | (1,059,979) |
Proceeds from sales of mortgage loan receivables | (29,151) | (305,649) | |
Non-cash disposition of loan via foreclosure | (91,408) | (10,235) | (81,289) |
Net result from mortgage loan receivables held for sale | (523) | (2,511) | 8,398 |
Accretion/amortization of discount, premium and other fees | 19,046 | 20,759 | 13,832 |
Charge offs | 2,700 | ||
Mortgage loans receivable, ending balance | 3,138,792 | 3,892,382 | 3,521,985 |
Allowance for credit losses | |||
Beginning balance, Allowance for credit losses | (20,755) | (31,752) | (41,507) |
Charge-offs | 2,700 | 14,395 | 0 |
Release of provision for current expected credit loss, net | (25,096) | (3,711) | 8,713 |
Ending balance, Allowance for credit losses | (43,165) | (20,755) | (31,752) |
Total mortgage loans receivable | |||
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable, ending balance | 3,155,089 | ||
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 | 2,354,059 |
Origination of mortgage loan receivables | 68,415 | 1,234,765 | 2,309,888 |
Purchases of mortgage loan receivables | 63,600 | ||
Repayment of mortgage loan receivables | (726,710) | (901,082) | (1,059,796) |
Proceeds from sales of mortgage loan receivables | 0 | (46,557) | |
Non-cash disposition of loan via foreclosure | (91,408) | (10,235) | (81,289) |
Net result from mortgage loan receivables held for sale | 0 | 2,197 | |
Accretion/amortization of discount, premium and other fees | 19,046 | 20,759 | 13,832 |
Charge offs | 0 | (14,395) | |
Mortgage loans receivable, ending balance | 3,155,089 | 3,885,746 | 3,553,737 |
Allowance for credit losses | |||
Beginning balance, Allowance for credit losses | (20,755) | (31,752) | (41,507) |
Charge-offs | 2,700 | 14,395 | |
Release of asset-specific loan loss provision via foreclosure | 1,150 | ||
Release of provision for current expected credit loss, net | (25,110) | (3,398) | 8,605 |
Ending balance, Allowance for credit losses | (43,165) | (20,755) | (31,752) |
Repayments in transit of securities (other assets) | 11,800 | ||
Mortgage loan receivables held for sale | |||
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable, beginning balance | 27,391 | 0 | 30,518 |
Origination of mortgage loan receivables | 0 | 61,318 | 220,359 |
Repayment of mortgage loan receivables | 0 | (68) | (183) |
Proceeds from sales of mortgage loan receivables | (29,151) | (259,092) | |
Net result from mortgage loan receivables held for sale | (523) | (4,708) | 8,398 |
Accretion/amortization of discount, premium and other fees | 0 | 0 | |
Charge offs | 0 | 0 | |
Mortgage loans receivable, ending balance | $ 26,868 | $ 27,391 | $ 0 |
MORTGAGE LOAN RECEIVABLES - Pro
MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) loans | Dec. 31, 2022 USD ($) loans | Dec. 31, 2021 USD ($) | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for credit losses at beginning of period | $ 20,755 | $ 31,752 | $ 41,507 |
Provision for (release of) current expected credit loss, net | 25,110 | 6,503 | (8,605) |
Foreclosure of loans subject to asset-specific reserve | 0 | 0 | (1,150) |
Charge-offs | (2,700) | (14,395) | 0 |
Recoveries | 0 | (3,105) | 0 |
Allowance for credit losses at end of period | 43,165 | 20,755 | 31,752 |
Principal balance of loans on non-accrual status | 14,541 | 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 | 41,507 |
Charge-offs | (2,700) | (14,395) | |
Allowance for credit losses at end of period | 43,165 | 20,755 | 31,752 |
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 | ||
Additional asset-specific reserve | 0 | $ 0 | $ 0 |
Number or loans in default | loans | 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 | $ 14,500 | ||
Number or loans in default | loans | 1 | ||
Two Of Company Loans, Retail | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Asset-specific reserves | $ 2,700 | ||
Two Of Company Loans, Retail | 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 | $ 26,000 | ||
Number or loans in default | loans | 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) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2023 property | ||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | [1] | $ 3,155,089 | $ 3,885,746 | ||
Subtotal loans, Year One | 14,461 | 1,145,229 | |||
Subtotal loans, Year Two | 919,738 | 2,102,307 | |||
Subtotal loans, Year Three | 1,784,006 | 56,150 | |||
Subtotal loans, Year Four | 0 | 332,046 | |||
Subtotal loans, Year 5 and Earlier | 436,884 | 224,002 | |||
Subtotal mortgage loans receivable | 3,155,089 | 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 | 0 | 26,012 | |||
Individually impaired loans | 0 | 26,012 | |||
Total loans, Year One | 14,461 | 1,145,229 | |||
Total loans, Year Two | 919,738 | 2,102,307 | |||
Total loans, Year Three | 1,784,006 | 56,150 | |||
Total loans, Year Four | 0 | 332,046 | |||
Total loans, Year Five and Earlier | 436,884 | 250,014 | |||
Write-off | 2,700 | 14,395 | $ 0 | ||
Accrued interest receivable | $ 22,400 | 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 | $ 14,461 | 702,125 | |||
Year Two | 547,532 | 722,862 | |||
Year Three | 612,489 | 0 | |||
Year Four | 0 | 0 | |||
Year Five and Earlier | 0 | 0 | |||
Total loans | 1,174,482 | 1,424,987 | |||
Office | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year One | 0 | 78,754 | |||
Year Two | 79,148 | 676,431 | |||
Year Three | 614,743 | 29,650 | |||
Year Four | 0 | 58,684 | |||
Year Five and Earlier | 211,674 | 136,512 | |||
Total loans | 905,565 | 980,031 | |||
Mixed Use | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year One | 0 | 201,777 | |||
Year Two | 193,470 | 351,291 | |||
Year Three | 321,514 | 26,500 | |||
Year Four | 0 | 120,300 | |||
Year Five and Earlier | 41,403 | 0 | |||
Total loans | 556,387 | 699,868 | |||
Industrial | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year One | 0 | 37,616 | |||
Year Two | 22,636 | 96,486 | |||
Year Three | 34,746 | 0 | |||
Year Four | 0 | 115,545 | |||
Year Five and Earlier | 119,344 | 0 | |||
Total loans | 176,726 | 249,647 | |||
Manufactured Housing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year One | 0 | 32,515 | |||
Year Two | 32,655 | 82,618 | |||
Year Three | 82,895 | 0 | |||
Year Four | 0 | 2,921 | |||
Year Five and Earlier | 0 | 0 | |||
Total loans | 115,550 | 118,054 | |||
Retail | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year One | 0 | 60,089 | |||
Year Two | 12,934 | 107,305 | |||
Year Three | 87,052 | 0 | |||
Year Four | 0 | 12,953 | |||
Year Five and Earlier | 9,083 | 9,126 | |||
Total loans | 109,069 | 189,473 | |||
Hospitality | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year One | 0 | 0 | |||
Year Two | 0 | 45,416 | |||
Year Three | 18,589 | 0 | |||
Year Four | 0 | 13,843 | |||
Year Five and Earlier | 55,380 | 78,364 | |||
Total loans | 73,969 | 137,623 | |||
Other | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year One | 0 | 32,353 | |||
Year Two | 31,363 | 19,898 | |||
Year Three | 11,978 | 0 | |||
Year Four | 0 | 7,800 | |||
Year Five and Earlier | 0 | 0 | |||
Total loans | 43,341 | $ 60,051 | |||
New York, NY | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Write-off | $ 2,700 | ||||
Number of real estate properties | property | 1 | ||||
New York, NY | Multifamily | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Number of real estate properties | property | 4 | ||||
[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 | 12 Months Ended | |
Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security | |
Debt Securities, Available-for-sale [Line Items] | ||
Outstanding Face Amount | $ 1,407,340 | $ 1,670,439 |
Amortized Cost Basis | 499,389 | 608,439 |
Gross Unrealized Gains | 565 | 144 |
Gross Unrealized Losses | (14,545) | (21,163) |
Carrying value, before allowance for credit loss | $ 485,409 | $ 587,420 |
# of Securities | security | 95 | 106 |
Weighted Average Coupon | 2.55% | 2.06% |
Weighted Average Yield | 6.82% | 5.29% |
Remaining Duration (years) | 1 year 11 months 23 days | 1 year 25 days |
Amortized Cost Basis | $ 160 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (16) | |
Carrying Value | $ 144 | $ 119 |
# of Securities | security | 1 | 1 |
Allowance for current expected credit losses | $ (20) | $ (20) |
Total Amortized Cost Basis | 499,549 | 608,599 |
Total Gross Unrealized Gains | 565 | 144 |
Total real estate securities, Gross Unrealized Losses | (14,581) | (21,224) |
Carrying Value | $ 485,533 | $ 587,519 |
Total number of Securities | security | 96 | 107 |
CMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Outstanding Face Amount | $ 439,679 | $ 562,839 |
Amortized Cost Basis | 439,052 | 562,246 |
Gross Unrealized Gains | 277 | 0 |
Gross Unrealized Losses | (14,439) | (20,913) |
Carrying value, before allowance for credit loss | $ 424,890 | $ 541,333 |
# of Securities | security | 64 | 71 |
Weighted Average Coupon | 6.67% | 5.22% |
Weighted Average Yield | 6.83% | 5.32% |
Remaining Duration (years) | 2 years | 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 | 876,555 | 1,026,195 |
Amortized Cost Basis | 6,453 | 10,498 |
Gross Unrealized Gains | 169 | 121 |
Gross Unrealized Losses | (53) | (176) |
Carrying value, before allowance for credit loss | $ 6,569 | $ 10,443 |
# of Securities | security | 9 | 10 |
Weighted Average Coupon | 0.57% | 0.41% |
Weighted Average Yield | 6.61% | 3.65% |
Remaining Duration (years) | 1 year 25 days | 1 year 5 months 12 days |
Risk retention requirement, amount | $ 300 | $ 400 |
GNMA interest-only | ||
Debt Securities, Available-for-sale [Line Items] | ||
Outstanding Face Amount | 37,053 | 45,369 |
Amortized Cost Basis | 214 | 285 |
Gross Unrealized Gains | 51 | 17 |
Gross Unrealized Losses | (52) | (21) |
Carrying value, before allowance for credit loss | $ 213 | $ 281 |
# of Securities | security | 14 | 14 |
Weighted Average Coupon | 0.36% | 0.31% |
Weighted Average Yield | 6.12% | 4.23% |
Remaining Duration (years) | 3 years 7 months 6 days | 3 years 3 months 18 days |
Agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Outstanding Face Amount | $ 22 | $ 36 |
Amortized Cost Basis | 22 | 36 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (1) |
Carrying value, before allowance for credit loss | $ 21 | $ 35 |
# of Securities | security | 1 | 1 |
Weighted Average Coupon | 4% | 4% |
Weighted Average Yield | 2.70% | 2.70% |
Remaining Duration (years) | 1 year 18 days | 1 year 6 months 14 days |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Outstanding Face Amount | $ 54,031 | $ 36,000 |
Amortized Cost Basis | 53,648 | 35,374 |
Gross Unrealized Gains | 68 | 6 |
Gross Unrealized Losses | 0 | (52) |
Carrying value, before allowance for credit loss | $ 53,716 | $ 35,328 |
# of Securities | security | 7 | 10 |
Weighted Average Yield | 5.41% | 4.17% |
Remaining Duration (years) | 25 days | 7 months 6 days |
Class A 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Within 1 year | $ 137,266 | $ 379,700 |
1-5 years | 348,038 | 207,590 |
5-10 years | 105 | 130 |
After 10 years | 0 | 0 |
Total | 485,409 | 587,420 |
Equity securities | 100 | 100 |
Allowance for current expected credit losses | (20) | (20) |
CMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Within 1 year | 81,343 | 346,272 |
1-5 years | 343,547 | 195,061 |
5-10 years | 0 | 0 |
After 10 years | 0 | 0 |
Total | 424,890 | 541,333 |
CMBS interest-only | ||
Debt Securities, Available-for-sale [Line Items] | ||
Within 1 year | 2,121 | 937 |
1-5 years | 4,448 | 9,506 |
5-10 years | 0 | 0 |
After 10 years | 0 | 0 |
Total | 6,569 | 10,443 |
GNMA interest-only | ||
Debt Securities, Available-for-sale [Line Items] | ||
Within 1 year | 86 | 40 |
1-5 years | 22 | 111 |
5-10 years | 105 | 130 |
After 10 years | 0 | 0 |
Total | 213 | 281 |
Agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Within 1 year | 0 | 0 |
1-5 years | 21 | 35 |
5-10 years | 0 | 0 |
After 10 years | 0 | 0 |
Total | 21 | 35 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Within 1 year | 53,716 | 32,451 |
1-5 years | 0 | 2,877 |
5-10 years | 0 | 0 |
After 10 years | 0 | 0 |
Total | $ 53,716 | $ 35,328 |
SECURITIES - Additional Informa
SECURITIES - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Sale of equity securities | $ 0 | $ 1.5 |
REAL ESTATE AND RELATED LEASE_3
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Real estate and related lease intangibles, net | |||
Less: Accumulated depreciation and amortization | $ (220,784) | $ (199,008) | |
Real estate and related lease intangibles, net | [1] | 726,442 | 700,136 |
Below market lease intangibles, net (other liabilities) | (28,860) | (30,892) | |
Unencumbered real estates | 160,800 | 140,300 | |
Accumulated amortization of below market lease | 15,800 | 13,600 | |
In-place leases and other intangibles | |||
Real estate and related lease intangibles, net | |||
Real estate | 116,831 | 114,687 | |
Undepreciated real estate and related lease intangibles | |||
Real estate and related lease intangibles, net | |||
Real estate | 947,226 | 899,144 | |
Land | |||
Real estate and related lease intangibles, net | |||
Real estate | 183,194 | 158,802 | |
Building | |||
Real estate and related lease intangibles, net | |||
Real estate | $ 647,201 | $ 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 Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate [Abstract] | |||
Unbilled rent receivables | $ 1.1 | $ 1.3 | |
Tenant recoveries | $ (4.8) | $ (5.2) | $ 5 |
REAL ESTATE AND RELATED LEASE_5
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Depreciation and Amortization Expense on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate [Abstract] | |||
Depreciation expense | $ 24,166 | $ 25,770 | $ 30,659 |
Amortization expense | 5,748 | 6,903 | 7,142 |
Total real estate depreciation and amortization expense | 29,914 | 32,673 | 37,801 |
Depreciation on corporate fixed assets | $ 400 | $ 41 | $ 99 |
REAL ESTATE AND RELATED LEASE_6
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unamortized Favorable Lease Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Gross intangible assets | $ 116,831 | $ 114,689 | |
Accumulated amortization | 55,782 | 49,725 | |
Net intangible assets | 61,049 | 64,964 | |
Unamortized favorable lease intangibles | 2,800 | 2,800 | |
Increase in operating lease income for amortization of below market lease intangibles acquired | 2,106 | 2,068 | $ 2,255 |
Total | 1,797 | 1,763 | 1,888 |
Above Market Leases | |||
Business Acquisition [Line Items] | |||
Reduction in operating lease income for amortization of above market lease intangibles acquired | $ (309) | $ (305) | $ (367) |
REAL ESTATE AND RELATED LEASE_7
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Net intangible assets | $ 61,049 | $ 64,964 |
Increase/(Decrease) to Operating Lease Income | ||
Finite-Lived Intangible Assets [Line Items] | ||
2024 | 1,726 | |
2025 | 1,722 | |
2026 | 1,735 | |
2027 | 1,699 | |
2028 | 1,625 | |
Thereafter | 17,528 | |
Net intangible assets | 26,035 | |
Amortization Expense | ||
Finite-Lived Intangible Assets [Line Items] | ||
2024 | 6,725 | |
2025 | 5,181 | |
2026 | 4,519 | |
2027 | 4,332 | |
2028 | 4,167 | |
Thereafter | 33,304 | |
Net intangible assets | $ 58,228 |
REAL ESTATE AND RELATED LEASE_8
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Real Estate [Abstract] | |
2024 | $ 61,285 |
2025 | 56,123 |
2026 | 53,724 |
2027 | 48,804 |
2028 | 47,305 |
Thereafter | 160,590 |
Total | $ 427,831 |
REAL ESTATE AND RELATED LEASE_9
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details) | 1 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 USD ($) loans property | Nov. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) property | Nov. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 28, 2021 USD ($) | Dec. 31, 2023 USD ($) loans property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 28, 2022 USD ($) security | Aug. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | |||||||||||
Purchase Price/Fair Value on the Date of Foreclosure | $ 102,202,000 | $ 102,202,000 | |||||||||
Total real estate acquisitions | $ 87,526,000 | $ 24,822,000 | |||||||||
Realized (gain) loss on disposition of loan | 0 | 0 | (26,000) | ||||||||
Provision for (release of) loan loss reserves, net | $ 25,096,000 | $ 3,711,000 | (8,713,000) | ||||||||
Net earnings (loss) | 0 | ||||||||||
New York, NY | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of properties acquired | property | 1 | 1 | |||||||||
New York, NY | Mixed Use | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase Price/Fair Value on the Date of Foreclosure | $ 30,400,000 | ||||||||||
Ownership Interest | 100% | ||||||||||
New York, NY | Multifamily | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase Price/Fair Value on the Date of Foreclosure | $ 30,400,000 | ||||||||||
Number of properties acquired | property | 4 | ||||||||||
Terminal capitalization rate | 5.50% | ||||||||||
New York, NY | Multifamily | Real Estate Acquired in Satisfaction of Debt | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Realized (gain) loss on disposition of loan | $ 0 | ||||||||||
New York, NY | Retail | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase Price/Fair Value on the Date of Foreclosure | $ 22,647,000 | $ 22,647,000 | |||||||||
Ownership Interest | 100% | 100% | |||||||||
Terminal capitalization rate | 5.25% | ||||||||||
Number of mortgage loans receivable | loans | 2 | 2 | |||||||||
New York, NY | Retail | Real Estate Acquired in Satisfaction of Debt | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Realized (gain) loss on disposition of loan | $ 0 | ||||||||||
New York, NY | Apartments | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase Price/Fair Value on the Date of Foreclosure | $ 15,436,000 | ||||||||||
Ownership Interest | 100% | ||||||||||
New York, NY | Condos | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase Price/Fair Value on the Date of Foreclosure | $ 15,400,000 | ||||||||||
New York, NY | Condos | Measurement Input, Cap Rate | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Measurement input | 0.055 | ||||||||||
New York, NY | Condos, Residential | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Type of real estate unit acquired via foreclosure | security | 1 | ||||||||||
New York, NY | Condos, Retail | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Type of real estate unit acquired via foreclosure | security | 1 | ||||||||||
Pittsburgh, PA | Multifamily | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase Price/Fair Value on the Date of Foreclosure | $ 34,479,000 | ||||||||||
Ownership Interest | 100% | ||||||||||
Terminal capitalization rate | 6% | ||||||||||
Pittsburgh, PA | Multifamily | Real Estate Acquired in Satisfaction of Debt | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Realized (gain) loss on disposition of loan | $ 0 | ||||||||||
Miami, FL | Hotel | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase Price/Fair Value on the Date of Foreclosure | $ 43,750,000 | ||||||||||
Ownership Interest | 100% | ||||||||||
Realized (gain) loss on disposition of loan | $ (25,800) | ||||||||||
Real estate acquired through foreclosure, net basis | $ 45,100,000 | ||||||||||
Provision for (release of) loan loss reserves, net | 1,200,000 | ||||||||||
Stillwater, OK | Apartments | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase Price/Fair Value on the Date of Foreclosure | $ 20,452,000 | ||||||||||
Ownership Interest | 80% | ||||||||||
Schaumburg, IL | Hotel | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase Price/Fair Value on the Date of Foreclosure | $ 38,000,000 | $ 38,000,000 | |||||||||
Ownership Interest | 100% | 100% | |||||||||
Terminal capitalization rate | 8% | ||||||||||
Real estate acquired through foreclosure, net basis | $ 38,000,000 | $ 38,000,000 | |||||||||
Discount rate | 10% | ||||||||||
Houston, TX | Office | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase Price/Fair Value on the Date of Foreclosure | $ 9,386,000 | ||||||||||
Ownership Interest | 100% | ||||||||||
Terminal capitalization rate | 9.50% | ||||||||||
Real estate acquired through foreclosure, net basis | $ 10,300,000 | ||||||||||
Real estate acquired through foreclosure, cash received | $ 900,000 | ||||||||||
Discount rate | 10.50% | ||||||||||
Houston, TX | Hotel | Real Estate Acquired in Satisfaction of Debt | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Realized (gain) loss on disposition of loan | $ 0 | $ 0 |
REAL ESTATE AND RELATED LEAS_10
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Aug. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) property security | Sep. 30, 2022 USD ($) property | Jun. 30, 2022 USD ($) property | Mar. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | Nov. 30, 2021 USD ($) property | Aug. 31, 2021 USD ($) property | Jun. 30, 2021 USD ($) property | Feb. 28, 2021 USD ($) property | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) property security | Dec. 31, 2021 USD ($) property | ||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 13,391 | $ 310,527 | $ 190,870 | |||||||||||
Net Book Value | [1] | $ 700,136 | 726,442 | 700,136 | ||||||||||
Realized gain (loss) on sale of real estate, net | 8,808 | $ 115,998 | 55,766 | |||||||||||
Amount assumed by buyer included within sales proceeds | 31,300 | |||||||||||||
NEW YORK | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Remaining real estate units | security | 1 | 1 | ||||||||||||
2023 Disposal Properties | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | 43,335 | |||||||||||||
Net Book Value | 34,526 | |||||||||||||
Realized gain (loss) on sale of real estate, net | $ 8,808 | |||||||||||||
2023 Disposal Properties | Hotel | San Diego, CA | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 43,335 | |||||||||||||
Net Book Value | 34,526 | |||||||||||||
Realized gain (loss) on sale of real estate, net | $ 8,808 | |||||||||||||
Number of consolidated ventures sold | property | 1 | |||||||||||||
2022 Disposal Properties | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 310,525 | |||||||||||||
Net Book Value | $ 194,527 | 194,527 | ||||||||||||
Realized gain (loss) on sale of real estate, net | 115,998 | |||||||||||||
Defeasance cost | $ 4,400 | |||||||||||||
2022 Disposal Properties | Office | Ewing, NJ | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 38,694 | |||||||||||||
Net Book Value | 24,175 | |||||||||||||
Realized gain (loss) on sale of real estate, net | $ 14,519 | |||||||||||||
Number of consolidated ventures sold | property | 1 | |||||||||||||
2022 Disposal Properties | Office | NEW YORK | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Number of consolidated ventures sold | security | 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 | |||||||||||||
Realized gain (loss) on sale of real estate, net | $ 14,636 | |||||||||||||
Number of consolidated ventures sold | property | 1 | |||||||||||||
2022 Disposal Properties | Apartments | Stillwater, OK | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 23,314 | |||||||||||||
Net Book Value | 18,032 | |||||||||||||
Realized gain (loss) on sale of real estate, net | $ 5,283 | |||||||||||||
Number of consolidated ventures sold | property | 1 | |||||||||||||
2022 Disposal Properties | Apartments | Miami, Fl | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 60,856 | |||||||||||||
Net Book Value | 37,585 | |||||||||||||
Realized gain (loss) on sale of real estate, net | $ 23,270 | |||||||||||||
Number of consolidated ventures sold | property | 1 | |||||||||||||
2022 Disposal Properties | Apartments | New York, NY | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 7,935 | |||||||||||||
Net Book Value | 7,402 | $ 7,402 | ||||||||||||
Realized gain (loss) on sale of real estate, net | $ 533 | |||||||||||||
Number of consolidated ventures sold | property | 1 | 1 | ||||||||||||
2022 Disposal Properties | Apartments | Sennett, NY | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 10,599 | |||||||||||||
Net Book Value | 4,245 | $ 4,245 | ||||||||||||
Realized gain (loss) on sale of real estate, net | $ 6,354 | |||||||||||||
Number of consolidated ventures sold | property | 1 | 1 | ||||||||||||
2022 Disposal Properties | Retail | Wichita, KS | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 9,503 | |||||||||||||
Net Book Value | 5,110 | |||||||||||||
Realized gain (loss) on sale of real estate, net | $ 4,393 | |||||||||||||
Number of consolidated ventures sold | property | 1 | |||||||||||||
2022 Disposal Properties | Retail | Richmond, VA | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 118,872 | |||||||||||||
Net Book Value | 71,862 | $ 71,862 | ||||||||||||
Realized gain (loss) on sale of real estate, net | $ 47,010 | |||||||||||||
Number of consolidated ventures sold | property | 1 | 1 | ||||||||||||
2021 Disposal Properties | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | 219,202 | |||||||||||||
Net Book Value | $ 163,438 | 163,438 | ||||||||||||
Realized gain (loss) on sale of real estate, net | 55,766 | |||||||||||||
2021 Disposal Properties | Hotel | Miami, Fl | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 43,750 | |||||||||||||
Net Book Value | 43,750 | |||||||||||||
Realized gain (loss) on sale of real estate, net | $ 0 | |||||||||||||
Number of consolidated ventures sold | property | 1 | |||||||||||||
2021 Disposal Properties | Warehouse | North Dartmouth, MA | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 38,732 | |||||||||||||
Net Book Value | 19,343 | |||||||||||||
Realized gain (loss) on sale of real estate, net | $ 19,389 | |||||||||||||
Number of consolidated ventures sold | property | 1 | |||||||||||||
2021 Disposal Properties | Apartments | Arlington/Fort Worth, TX | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 26,496 | |||||||||||||
Net Book Value | 22,498 | |||||||||||||
Realized gain (loss) on sale of real estate, net | $ 3,998 | |||||||||||||
Number of consolidated ventures sold | property | 2 | |||||||||||||
2021 Disposal Properties | Net Lease | Pittsfield, MA | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 18,651 | |||||||||||||
Net Book Value | 10,564 | |||||||||||||
Realized gain (loss) on sale of real estate, net | $ 8,087 | |||||||||||||
Number of consolidated ventures sold | property | 1 | |||||||||||||
2021 Disposal Properties | Net Lease | Ankeny, IA | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 19,021 | |||||||||||||
Net Book Value | 13,341 | |||||||||||||
Realized gain (loss) on sale of real estate, net | $ 5,680 | |||||||||||||
Number of consolidated ventures sold | property | 1 | |||||||||||||
2021 Disposal Properties | Net Lease | Bessemer City, NC | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 33,447 | |||||||||||||
Net Book Value | 21,333 | |||||||||||||
Realized gain (loss) on sale of real estate, net | $ 12,114 | |||||||||||||
Number of consolidated ventures sold | property | 1 | |||||||||||||
2021 Disposal Properties | Net Lease | Snellville, GA | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | 9,695 | |||||||||||||
Net Book Value | 5,483 | $ 5,483 | ||||||||||||
Realized gain (loss) on sale of real estate, net | $ 4,212 | |||||||||||||
Number of consolidated ventures sold | property | 1 | 1 | ||||||||||||
2021 Disposal Properties | Net Lease | Columbia, SC | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 9,941 | |||||||||||||
Net Book Value | 5,674 | $ 5,674 | ||||||||||||
Realized gain (loss) on sale of real estate, net | $ 4,269 | |||||||||||||
Number of consolidated ventures sold | property | 1 | 1 | ||||||||||||
2021 Disposal Properties | Land | Los Angeles, CA | ||||||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Net Sales Proceeds | $ 19,469 | |||||||||||||
Net Book Value | 21,452 | $ 21,452 | ||||||||||||
Realized gain (loss) on sale of real estate, net | $ (1,983) | |||||||||||||
Number of consolidated ventures sold | 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 | 12 Months Ended | |
Dec. 31, 2023 USD ($) extensionOfMaturityPeriod | Dec. 31, 2022 USD ($) extensionOfMaturityPeriod | |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Carrying Value of Debt Obligations | $ 606,607 | $ 847,863 |
Total | 2,723,226 | |
Carrying Amount of Collateral | 0 | 0 |
Committed Loan Repurchase Facility | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Committed / Principal Amount | 1,241,997 | 1,300,000 |
Carrying Value of Debt Obligations | 604,999 | 616,894 |
Committed but Unfunded | 636,998 | 683,106 |
Carrying Amount of Collateral | 732,795 | 860,485 |
Fair Value of Collateral | 733,074 | 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 | 235,594 | 318,983 |
Committed but Unfunded | 264,406 | 181,017 |
Carrying Amount of Collateral | 342,467 | 428,477 |
Fair Value of Collateral | $ 342,467 | $ 429,276 |
Number of extension maturity periods | extensionOfMaturityPeriod | 2 | 2 |
Length of extension options | 12 months | 12 months |
Committed Loan Repurchase Facility | Maturing on 19 December 2024 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Committed / Principal Amount | $ 300,000 | |
Carrying Value of Debt Obligations | 118,903 | |
Committed but Unfunded | 181,097 | |
Carrying Amount of Collateral | 174,938 | |
Fair Value of Collateral | $ 174,938 | |
Number of extension maturity periods | extensionOfMaturityPeriod | 1 | |
Length of extension options | 364 days | |
Committed Loan Repurchase Facility | Maturing on 19 December 2023 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Committed / Principal Amount | $ 300,000 | |
Carrying Value of Debt Obligations | 157,558 | |
Committed but Unfunded | 142,442 | |
Carrying Amount of Collateral | 244,102 | |
Fair Value of Collateral | $ 244,102 | |
Number of extension maturity periods | extensionOfMaturityPeriod | 2 | |
Length of extension options | 364 days | |
Committed Loan Repurchase Facility | Maturing on April 30 2024 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Committed / Principal Amount | $ 141,997 | $ 100,000 |
Carrying Value of Debt Obligations | 139,162 | 47,415 |
Committed but Unfunded | 2,835 | 52,585 |
Carrying Amount of Collateral | 65,110 | 63,307 |
Fair Value of Collateral | $ 65,110 | $ 63,307 |
Number of extension maturity periods | extensionOfMaturityPeriod | 3 | 3 |
Length of extension options | 12 months | 12 months |
Collateral for debt instrument | $ 114,700 | |
Committed Loan Repurchase Facility | Maturing On 3 October 2025 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Committed / Principal Amount | 200,000 | |
Carrying Value of Debt Obligations | 111,340 | |
Committed but Unfunded | 88,660 | |
Carrying Amount of Collateral | 150,280 | |
Fair Value of Collateral | $ 150,559 | |
Number of extension maturity periods | extensionOfMaturityPeriod | 2 | |
Length of extension options | 12 months | |
Period prior to initial maturity when no no new advances are permitted | 30 days | |
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 | |
Carrying Value of Debt Obligations | 14,979 | |
Committed but Unfunded | 85,021 | |
Carrying Amount of Collateral | 21,206 | |
Fair Value of Collateral | $ 21,206 | |
Length of extension options | 364 days | |
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 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 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 | 0 | |
Committed but Unfunded | 100,000 | |
Carrying Amount of Collateral | 0 | |
Fair Value of Collateral | 0 | |
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 17 January 2024 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Carrying Value of Debt Obligations | 1,608 | |
Carrying Amount of Collateral | 2,511 | |
Fair Value of Collateral | 2,511 | |
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 | 1,341,997 | 1,400,000 |
Carrying Value of Debt Obligations | 606,607 | 847,862 |
Committed but Unfunded | 736,998 | 774,466 |
Carrying Amount of Collateral | 735,306 | 1,117,859 |
Fair Value of Collateral | 735,585 | 1,118,658 |
Revolving Credit Facility | Maturing On 27 July 2024 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Committed / Principal Amount | 323,850 | |
Carrying Value of Debt Obligations | 0 | |
Committed but Unfunded | $ 323,850 | |
Number of extension maturity periods | extensionOfMaturityPeriod | 3 | |
Length of extension options | 12 months | |
Revolving Credit Facility | Maturing On 27 July 2023 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Committed / Principal Amount | 323,850 | |
Carrying Value of Debt Obligations | 0 | |
Committed but Unfunded | $ 323,850 | |
Number of extension maturity periods | extensionOfMaturityPeriod | 4 | |
Length of extension options | 12 months | |
Mortgage Loan Financing | Various Date | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Committed / Principal Amount | $ 437,384 | $ 497,454 |
Carrying Value of Debt Obligations | 437,759 | 497,991 |
Committed but Unfunded | 0 | 0 |
Carrying Amount of Collateral | 474,740 | 559,885 |
Fair Value of Collateral | 625,454 | 710,977 |
CLO Debt | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Committed / Principal Amount | 1,100,000 | |
Unamortized debt issuance costs | 2,100 | |
CLO Debt | Various Date | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Committed / Principal Amount | 1,062,777 | 1,064,365 |
Carrying Value of Debt Obligations | 1,060,719 | 1,058,462 |
Committed but Unfunded | 0 | 0 |
Carrying Amount of Collateral | 1,327,722 | 1,308,654 |
Fair Value of Collateral | 1,327,722 | 1,308,654 |
Unamortized debt issuance costs | 2,100 | 5,900 |
Borrowings from the FHLB | Various Date | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Committed / Principal Amount | 115,000 | 213,000 |
Carrying Value of Debt Obligations | 115,000 | 213,000 |
Committed but Unfunded | 0 | 0 |
Carrying Amount of Collateral | 140,276 | 248,806 |
Fair Value of Collateral | 140,276 | 248,806 |
Restricted securities held-to-maturity | 6,600 | |
Senior Unsecured Notes | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Unamortized debt issuance costs | 11,753 | |
Senior Unsecured Notes | Various Date | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Debt issued | 1,575,614 | 1,643,794 |
Senior Unsecured Notes | 1,563,861 | 1,628,382 |
Committed but Unfunded | 0 | 0 |
Unamortized debt issuance costs | 11,800 | 15,400 |
Total Debt Obligations, Net | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Debt issued | 4,856,622 | 5,142,463 |
Total | 3,783,946 | 4,245,697 |
Committed but Unfunded | 1,060,848 | 1,098,316 |
Carrying Amount of Collateral | 2,678,044 | 3,235,204 |
Fair Value of Collateral | $ 2,829,037 | $ 3,387,095 |
Minimum | Committed Loan Repurchase Facility | Maturing on 27 September 2025 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 7.08% | 6.07% |
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2024 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 7.46% | |
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2023 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 6.19% | |
Minimum | Committed Loan Repurchase Facility | Maturing on April 30 2024 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 7.06% | 6% |
Minimum | Committed Loan Repurchase Facility | Maturing On 3 October 2025 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 7.22% | |
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 | 7.07% | |
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 3 January 2023 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 5.74% | |
Minimum | Committed Securities Repurchase Facility | Maturing On 27 May 2024 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 0% | |
Minimum | Committed Securities Repurchase Facility | Maturing On 27 May 2023 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 5.04% | |
Minimum | Uncommitted Securities Repurchase Facility | Maturing On 17 January 2024 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 6.61% | |
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 2024 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 0% | |
Minimum | Revolving Credit Facility | Maturing On 27 July 2023 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 0% | |
Minimum | Mortgage Loan Financing | Various Date | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 4.39% | 4.25% |
Minimum | CLO Debt | Various Date | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 6.68% | 5.52% |
Minimum | Borrowings from the FHLB | Various Date | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 5.76% | 2.74% |
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 | 7.48% | 6.57% |
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2024 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 8.36% | |
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2023 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 7.07% | |
Maximum | Committed Loan Repurchase Facility | Maturing on April 30 2024 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 7.60% | 6% |
Maximum | Committed Loan Repurchase Facility | Maturing On 3 October 2025 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 8.29% | |
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 | 7.07% | |
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 3 January 2023 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 6.24% | |
Maximum | Committed Securities Repurchase Facility | Maturing On 27 May 2024 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 0% | |
Maximum | Committed Securities Repurchase Facility | Maturing On 27 May 2023 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 5.29% | |
Maximum | Uncommitted Securities Repurchase Facility | Maturing On 17 January 2024 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 7.56% | |
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 2024 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 0% | |
Maximum | Revolving Credit Facility | Maturing On 27 July 2023 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 0% | |
Maximum | Mortgage Loan Financing | Various Date | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 9.03% | 8.03% |
Maximum | CLO Debt | Various Date | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 9.13% | 7.97% |
Maximum | Borrowings from the FHLB | Various Date | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Interest rate | 5.88% | 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 | 12 Months Ended | |
Dec. 31, 2023 USD ($) agreement security | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||
Obligations outstanding | $ 606,607 | $ 847,863 |
Number of counterparties with repurchase agreements | security | 4 | |
Number of counterparties with collateral exceeding borrowed amounts | security | 0 | |
Amount of collateral exceeding borrowings | $ 153,200 | |
Amount of collateral exceeding borrowings, as a percentage | 10% | |
Weighted average haircut | 18% | |
Committed Loan Repurchase Facility | ||
Debt Instrument [Line Items] | ||
Number of agreements | agreement | 5 | |
Consolidated CLO debt obligations | $ 1,241,997 | $ 1,300,000 |
Committed Securities Repurchase Facility | Maturing on 23 December 2021 | ||
Debt Instrument [Line Items] | ||
Consolidated CLO debt obligations | $ 100,000 | |
Loan Repurchase Facilities | ||
Debt Instrument [Line Items] | ||
Specified period facilities are due | 90 days | |
Uncommitted Securities Repurchase Facilities | ||
Debt Instrument [Line Items] | ||
Specified period facilities are due | 30 days |
DEBT OBLIGATIONS, NET - Revolvi
DEBT OBLIGATIONS, NET - Revolving Credit Facility (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Carrying Value of Debt Obligations | $ 606,607,000 | $ 847,863,000 |
Revolving credit facility | Maturing on 11 February 2023 | ||
Debt Instrument [Line Items] | ||
Carrying Value of Debt Obligations | 0 | |
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 |
DEBT OBLIGATIONS, NET - Debt Is
DEBT OBLIGATIONS, NET - Debt Issuance Costs (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Credit Agreement and Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance expense | $ 4 | $ 5 |
DEBT OBLIGATIONS, NET - Uncommi
DEBT OBLIGATIONS, NET - Uncommitted Securities Repurchase Facilities (Details) - Uncommitted Securities Repurchase Facilities | 12 Months Ended |
Dec. 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 | 12 Months Ended | ||
Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||
Amortization of discount (premium) on mortgage loan financing included in interest expense | $ (604) | $ (731) | $ (1,226) |
Mortgage loan financing | |||
Debt Instrument [Line Items] | |||
Carrying amount | 437,800 | 498,000 | |
Net unamortized premiums | 1,800 | 2,400 | |
Amortization of discount (premium) on mortgage loan financing included in interest expense | $ (600) | (700) | $ (1,400) |
Weighted average term | 3 years 1 month 6 days | ||
Pledged assets, real estate and lease intangibles, net | $ 474,700 | $ 559,900 | |
Number of agreements | security | 0 | 1 | |
Mortgage loan financing | Minimum | |||
Debt Instrument [Line Items] | |||
Stated interest rate on debt instrument | 4.39% | ||
Mortgage loan financing | Maximum | |||
Debt Instrument [Line Items] | |||
Stated interest rate on debt instrument | 9.03% |
DEBT OBLIGATIONS, NET - Collate
DEBT OBLIGATIONS, NET - Collateralized Loan Obligation Debt (Details) $ in Thousands | Dec. 02, 2021 USD ($) security | Jul. 13, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||
Debt obligations, net | [1] | $ 3,783,946 | $ 4,245,697 | ||
Variable Interest Entity, Primary Beneficiary | |||||
Debt Instrument [Line Items] | |||||
Debt obligations, net | 1,060,719 | 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% | ||||
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% | |||
CLO Debt | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | 2,100 | ||||
Various Date | CLO Debt | |||||
Debt Instrument [Line Items] | |||||
Debt obligations, net | 1,100,000 | ||||
Unamortized debt issuance costs | $ 2,100 | $ 5,900 | |||
[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 | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Amount restricted from transfer | $ 831.9 |
Borrowings from the FHLB | |
Debt Instrument [Line Items] | |
FHLB borrowings outstanding | $ 115 |
Weighted average term | 6 months 25 days |
Weighted average interest rate | 5.82% |
Borrowings from the FHLB | Commercial Mortgage Backed Securities, US Agency Securities and U.S. Treasury Securities | |
Debt Instrument [Line Items] | |
Collateral for debt instrument | $ 140.3 |
Borrowings from the FHLB | Minimum | |
Debt Instrument [Line Items] | |
Average term | 4 months 2 days |
Stated interest rate on debt instrument | 5.76% |
Advance rates | 71.70% |
Borrowings from the FHLB | Maximum | |
Debt Instrument [Line Items] | |
Average term | 9 months |
Stated interest rate on debt instrument | 5.88% |
Advance rates | 95.70% |
DEBT OBLIGATIONS, NET - Senior
DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Gain on extinguishment of debt | $ 10,718,000 | $ 685,000 | $ 0 |
Ladder Capital Finance Corporation | LCFH | |||
Debt Instrument [Line Items] | |||
Ownership interest in LCFC | 100% | ||
Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes | $ 1,600,000,000 | ||
Extinguishment of debt, aggregate gain | 10,700,000 | ||
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 | $ 611,900,000 | ||
Stated interest rate on debt instrument | 4.25% | ||
Notes repurchased | $ 38,900,000 | ||
Gain on extinguishment of debt | 6,800,000 | ||
Senior Notes Due 2029 | Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Loan refinance | $ 635,900,000 | ||
Stated interest rate on debt instrument | 4.75% | ||
Notes repurchased | $ 13,100,000 | ||
Gain on extinguishment of debt | $ 2,600,000 |
DEBT OBLIGATIONS, NET - Financi
DEBT OBLIGATIONS, NET - Financial Covenants (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
Equity restricted as payment as a dividend | $ 871.4 |
DEBT OBLIGATIONS, NET - Sched_2
DEBT OBLIGATIONS, NET - Schedule of Maturities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2024 | $ 320,900 |
2025 | 659,782 |
2026 | 138,170 |
2027 | 909,961 |
2028 | 24,317 |
Thereafter | 681,474 |
Subtotal | 2,734,604 |
Premiums included in mortgage loan financing | 1,816 |
Total | 2,723,226 |
Senior Unsecured Notes | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Unamortized debt issuance costs | (11,753) |
Mortgage loan financings | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Unamortized debt issuance costs | (1,441) |
CLO Debt | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Unamortized debt issuance costs | (2,100) |
Consolidated CLO debt obligations | $ 1,100,000 |
DERIVATIVE INSTRUMENTS - Schedu
DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) $ in Thousands | Dec. 31, 2023 USD ($) option | Dec. 31, 2022 USD ($) |
Derivative [Line Items] | ||
Notional | $ 194,900 | $ 204,700 |
Fair value, asset | 1,454 | 2,038 |
Fair value, liability | 0 | 0 |
1 Month Term SOFR | ||
Derivative [Line Items] | ||
Notional | 90,000 | 90,000 |
Fair value, asset | 908 | 1,804 |
Fair value, liability | $ 0 | $ 0 |
Remaining Maturity (years) | 7 months 13 days | 1 year 8 months 4 days |
5-year Treasury-Note Futures | ||
Derivative [Line Items] | ||
Notional | $ 18,800 | $ 44,200 |
Fair value, asset | 98 | 51 |
Fair value, liability | $ 0 | $ 0 |
Remaining Maturity (years) | 3 months | 3 months |
10-year Treasury-Note Futures | ||
Derivative [Line Items] | ||
Notional | $ 86,100 | $ 61,400 |
Fair value, asset | 447 | 71 |
Fair value, liability | $ 0 | $ 0 |
Remaining Maturity (years) | 3 months | 3 months |
Futures | ||
Derivative [Line Items] | ||
Notional | $ 104,900 | $ 105,600 |
Fair value, asset | 545 | 122 |
Fair value, liability | 0 | 0 |
Options | ||
Derivative [Line Items] | ||
Fair value, asset | 1 | 112 |
Fair value, liability | $ 0 | $ 0 |
Remaining Maturity (years) | 18 days | 2 months 12 days |
Option contracts held | option | 104 |
DERIVATIVE INSTRUMENTS - Sche_2
DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Unrealized Gain/(Loss) | $ (390) | $ 634 | $ 34 |
Realized Gain/(Loss) | 1,871 | 11,726 | 1,715 |
Net Result from Derivative Transactions | 1,481 | 12,360 | 1,749 |
Caps | |||
Derivative [Line Items] | |||
Unrealized Gain/(Loss) | (895) | 984 | (8) |
Realized Gain/(Loss) | 1,378 | 648 | 0 |
Net Result from Derivative Transactions | 483 | 1,632 | (8) |
Futures | |||
Derivative [Line Items] | |||
Unrealized Gain/(Loss) | 423 | (219) | 42 |
Realized Gain/(Loss) | 834 | 11,078 | 1,715 |
Net Result from Derivative Transactions | 1,257 | 10,859 | $ 1,757 |
Options | |||
Derivative [Line Items] | |||
Unrealized Gain/(Loss) | 82 | (131) | |
Realized Gain/(Loss) | (341) | 0 | |
Net Result from Derivative Transactions | $ (259) | $ (131) |
DERIVATIVE INSTRUMENTS - Additi
DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Cash margins held as collateral for derivatives by counterparties | $ 2.8 | $ 2.5 | $ 0.5 |
OFFSETTING ASSETS AND LIABILI_3
OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Offsetting of derivative assets | |||
Gross amounts of recognized assets | $ 1,454 | $ 2,038 | |
Gross amounts offset in the balance sheet | 0 | 0 | |
Derivative instruments | [1] | 1,454 | 2,038 |
Derivative instruments | 1,454 | 2,038 | |
Gross amounts not offset in the balance sheet | |||
Financial instruments | 0 | 0 | |
Cash collateral received/(posted) | (2,846) | (2,505) | |
Net amount | $ (1,392) | $ (467) | |
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9. |
OFFSETTING ASSETS AND LIABILI_4
OFFSETTING ASSETS AND LIABILITIES - Offsetting Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Repurchase agreements | ||
Gross amounts of recognized liabilities | $ 606,607 | $ 847,863 |
Gross amounts offset in the balance sheet | 0 | 0 |
Net amounts of liabilities presented in the balance sheet | 606,607 | 847,863 |
Gross amounts not offset in the balance sheet | ||
Financial instruments collateral | 606,607 | 847,863 |
Cash collateral posted/(received) | 0 | 19,128 |
Net amount | 606,607 | 828,735 |
Total | ||
Gross amounts of recognized liabilities | 606,607 | 847,863 |
Gross amounts offset in the balance sheet | 0 | 0 |
Net amounts of liabilities presented in the balance sheet | 606,607 | 847,863 |
Gross amounts not offset in the balance sheet | ||
Financial instruments collateral | 606,607 | 847,863 |
Cash collateral posted/(received) | 0 | 19,128 |
Net amount | $ 606,607 | $ 828,735 |
CONSOLIDATED VARIABLE INTERES_3
CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) $ in Thousands | Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Number of consolidated collateralized loan obligation variable interest entities | security | 2 | 2 | |||||
Variable Interest Entity [Line Items] | |||||||
Restricted cash | [1] | $ 15,450 | $ 50,524 | ||||
Accrued interest receivable | [1] | 24,233 | 24,938 | ||||
Other assets | [1] | 98,218 | 78,339 | ||||
Total assets | 5,512,677 | [1] | 5,951,173 | [1] | $ 5,851,252 | ||
Debt obligations, net | [1] | 3,783,946 | 4,245,697 | ||||
Accrued expenses | [1] | 65,144 | 68,227 | ||||
Other liabilities | [1] | 99,095 | 71,688 | ||||
Total liabilities | [1] | 3,980,479 | 4,417,612 | ||||
Total equity | 1,532,198 | [1] | 1,533,561 | [1] | $ 1,513,619 | $ 1,548,425 | |
Total liabilities and equity | [1] | 5,512,677 | 5,951,173 | ||||
Variable Interest Entity, Primary Beneficiary | |||||||
Variable Interest Entity [Line Items] | |||||||
Restricted cash | 0 | 4,902 | |||||
Mortgage loan receivables held for investment, net, at amortized cost | 1,327,722 | 1,308,654 | |||||
Accrued interest receivable | 9,394 | 8,313 | |||||
Other assets | 4,469 | 17,505 | |||||
Total assets | 1,341,585 | 1,339,374 | |||||
Debt obligations, net | 1,060,719 | 1,058,462 | |||||
Accrued expenses | 3,555 | 3,029 | |||||
Other liabilities | 0 | 65 | |||||
Total liabilities | 1,064,274 | 1,061,556 | |||||
Net equity in VIEs (eliminated in consolidation) | 277,311 | 277,818 | |||||
Total equity | 277,311 | 277,818 | |||||
Total liabilities and equity | $ 1,341,585 | $ 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) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) vote class $ / shares | Dec. 31, 2022 USD ($) class | Jul. 27, 2022 USD ($) | Jul. 26, 2022 USD ($) | Dec. 31, 2021 USD ($) class | Aug. 04, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Class of Stock [Line Items] | |||||||
Number of classes of stock | class | 1 | 1 | 1 | ||||
2014 Share Repurchase Authorization Program | |||||||
Class of Stock [Line Items] | |||||||
Remaining amount available for repurchase | $ 44,300 | ||||||
Percentage of aggregate common stock outstanding under Repurchase Program | 3% | ||||||
Closing price (in dollars per share) | $ / shares | $ 11.51 | ||||||
Class A Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Number of votes per share | vote | 1 | ||||||
Class A Common Stock | 2014 Share Repurchase Authorization Program | |||||||
Class of Stock [Line Items] | |||||||
Additional authorizations | $ 50,000 | $ 39,500 | $ 50,000 | ||||
Remaining amount available for repurchase | $ 44,256 | $ 46,737 | $ 44,122 | $ 38,102 | |||
Common Class B | |||||||
Class of Stock [Line Items] | |||||||
Number of votes per share | vote | 1 |
EQUITY STRUCTURE AND ACCOUNTS_2
EQUITY STRUCTURE AND ACCOUNTS - Schedule of Repurchase of Treasury Stock Activity (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 27, 2022 | Jul. 26, 2022 | Aug. 04, 2021 | |
Treasury Stock [Roll Forward] | ||||||||
Repurchases paid | $ (2,481) | $ (7,919) | $ (9,008) | |||||
2014 Share Repurchase Authorization Program | ||||||||
Treasury Stock [Roll Forward] | ||||||||
Remaining amount available for repurchase, end of period | 44,300 | |||||||
2014 Share Repurchase Authorization Program | Class A Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Purchase of treasury stock (in shares) | 19,000 | 250,000 | 783,599 | 822,928 | ||||
Treasury Stock [Roll Forward] | ||||||||
Remaining amount available for repurchase, beginning of period | 46,737 | $ 44,122 | $ 38,102 | |||||
Additional authorizations | 10,534 | 15,027 | ||||||
Repurchases paid | $ (196) | $ (2,285) | (7,919) | (9,007) | ||||
Remaining amount available for repurchase, end of period | $ 44,256 | $ 46,737 | $ 44,122 | |||||
Additional authorizations | $ 50,000 | $ 39,500 | $ 50,000 |
EQUITY STRUCTURE AND ACCOUNTS_3
EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares | 12 Months Ended | ||||||||||||||
Dec. 15, 2023 | Sep. 15, 2023 | Jun. 15, 2023 | Mar. 15, 2023 | Dec. 15, 2022 | Sep. 15, 2022 | Jun. 15, 2022 | Mar. 15, 2022 | Dec. 15, 2021 | Sep. 15, 2021 | Jun. 15, 2021 | Mar. 15, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class A Common Stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Dividends per share of Class A common stock (in dollars per share) | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.22 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.92 | $ 0.88 | $ 0.80 |
EQUITY STRUCTURE AND ACCOUNTS_4
EQUITY STRUCTURE AND ACCOUNTS - Schedule of Dividends Declared and Paid (Details) - Class A Common Stock - $ / shares | 12 Months Ended | ||||||||||||||||
Jan. 16, 2024 | Oct. 16, 2023 | Jul. 17, 2023 | Apr. 17, 2023 | Jan. 17, 2023 | Jan. 16, 2023 | Oct. 17, 2022 | Jul. 15, 2022 | Apr. 15, 2022 | Jan. 18, 2022 | Oct. 15, 2021 | Jul. 15, 2021 | Apr. 15, 2021 | Jan. 15, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax Year 2023 | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend per share (in dollars per share) | $ 0.230 | $ 0.230 | $ 0.230 | $ 0.920 | |||||||||||||
Ordinary Dividends (in dollars per share) | 0.230 | 0.230 | 0.230 | 0.920 | |||||||||||||
Qualified Dividends (in dollars per share) | 0 | 0 | 0 | 0 | |||||||||||||
Capital Gain (in dollars per share) | 0 | 0 | 0 | 0 | |||||||||||||
Unrecaptured 1250 Gain (in dollars per share) | 0 | 0 | 0 | 0 | |||||||||||||
Return of Capital (in dollars per share) | 0 | 0 | 0 | 0 | |||||||||||||
Section 199A Dividends (in dollars per share) | $ 0.230 | $ 0.230 | $ 0.230 | $ 0.920 | |||||||||||||
Tax Year 2023 | Subsequent Event | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend per share (in dollars per share) | $ 0.230 | ||||||||||||||||
Ordinary Dividends (in dollars per share) | 0.230 | ||||||||||||||||
Qualified Dividends (in dollars per share) | 0 | ||||||||||||||||
Capital Gain (in dollars per share) | 0 | ||||||||||||||||
Unrecaptured 1250 Gain (in dollars per share) | 0 | ||||||||||||||||
Return of Capital (in dollars per share) | 0 | ||||||||||||||||
Section 199A Dividends (in dollars per share) | $ 0.230 | ||||||||||||||||
Tax Year 2022 | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend per share (in dollars per share) | $ 0.230 | $ 0.230 | $ 0.230 | $ 0.220 | $ 0.200 | $ 0.200 | $ 1.080 | ||||||||||
Ordinary Dividends (in dollars per share) | 0.039 | 0.039 | 0.038 | 0.034 | 0.034 | 0.184 | |||||||||||
Qualified Dividends (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Capital Gain (in dollars per share) | 0.191 | 0.191 | 0.182 | 0.166 | 0.166 | 0.896 | |||||||||||
Unrecaptured 1250 Gain (in dollars per share) | 0.059 | 0.059 | 0.056 | 0.051 | 0.051 | 0.276 | |||||||||||
Return of Capital (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Section 199A Dividends (in dollars per share) | $ 0.039 | $ 0.039 | $ 0.038 | $ 0.034 | 0.034 | $ 0.184 | |||||||||||
Tax Year 2021 | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend per share (in dollars per share) | 0 | $ 0.200 | $ 0.200 | $ 0.200 | $ 0.200 | $ 0.800 | |||||||||||
Ordinary Dividends (in dollars per share) | 0 | 0.053 | 0.053 | 0.053 | 0.053 | 0.212 | |||||||||||
Qualified Dividends (in dollars per share) | 0 | 0.001 | 0.001 | 0.001 | 0.001 | 0.004 | |||||||||||
Capital Gain (in dollars per share) | 0 | 0.095 | 0.095 | 0.095 | 0.095 | 0.380 | |||||||||||
Unrecaptured 1250 Gain (in dollars per share) | 0 | 0.039 | 0.039 | 0.039 | 0.039 | 0.156 | |||||||||||
Return of Capital (in dollars per share) | 0 | 0.052 | 0.052 | 0.052 | 0.052 | 0.208 | |||||||||||
Section 199A Dividends (in dollars per share) | $ 0 | $ 0.053 | $ 0.053 | $ 0.053 | $ 0.053 | $ 0.212 |
EQUITY STRUCTURE AND ACCOUNTS_5
EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
AOCI Attributable to Parent [Roll Forward] | |||||
Beginning Balance | $ 1,533,561 | [1] | $ 1,513,619 | $ 1,548,425 | |
Other comprehensive income (loss) | 7,156 | (16,897) | 6,351 | ||
Ending Balance | 1,532,198 | [1] | 1,533,561 | [1] | 1,513,619 |
Accumulated Other Comprehensive Income (Loss) | |||||
AOCI Attributable to Parent [Roll Forward] | |||||
Beginning Balance | (21,009) | (4,112) | (10,463) | ||
Other comprehensive income (loss) | 7,156 | (16,897) | 6,351 | ||
Ending Balance | $ (13,853) | $ (21,009) | $ (4,112) | ||
[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 | Dec. 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 | $ 78.7 |
Oakland County, MI | Office Building | |
Noncontrolling Interest [Line Items] | |
Property book value | $ 8.9 |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted average shares outstanding: | |||
Basic (in shares) | 124,667,877 | 124,301,421 | 123,763,843 |
Diluted (in shares) | 124,882,398 | 125,823,671 | 124,563,051 |
Class A Common Stock | |||
Earnings Per Share | |||
Basic Net income (loss) available for Class A common shareholders | $ 101,125 | $ 142,217 | $ 56,522 |
Diluted Net income (loss) available for Class A common shareholders | $ 101,125 | $ 142,217 | $ 56,522 |
Weighted average shares outstanding: | |||
Basic (in shares) | 124,667,877 | 123,763,843 | |
Diluted (in shares) | 124,882,398 | 125,823,671 | 124,563,051 |
EARNINGS PER SHARE - Schedule o
EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Denominator: | |||
Weighted average number of shares of Class A common stock outstanding (in shares) | 124,667,877 | 124,301,421 | 123,763,843 |
Basic net income (loss) per share of Class A common stock (in dollars per share) | $ 0.81 | $ 1.14 | $ 0.46 |
Denominator: | |||
Basic, weighted average number of shares of Class A common stock outstanding (in shares) | 124,667,877 | 124,301,421 | 123,763,843 |
Diluted weighted average number of shares of Class A common stock outstanding (in shares) | 124,882,398 | 125,823,671 | 124,563,051 |
Diluted net income (loss) per share of Class A common stock (in dollars per share) | $ 0.81 | $ 1.13 | $ 0.45 |
Anti-dilutive shares (in shares) | 367,001 | ||
Class A Common Stock | |||
Numerator: | |||
Net income (loss) attributable to Class A common shareholders | $ 101,125 | $ 142,217 | $ 56,522 |
Denominator: | |||
Weighted average number of shares of Class A common stock outstanding (in shares) | 124,667,877 | 123,763,843 | |
Basic net income (loss) per share of Class A common stock (in dollars per share) | $ 0.81 | $ 1.14 | $ 0.46 |
Numerator: | |||
Net income (loss) attributable to Class A common shareholders | $ 101,125 | $ 142,217 | $ 56,522 |
Diluted net income (loss) attributable to Class A common shareholders | $ 101,125 | $ 142,217 | $ 56,522 |
Denominator: | |||
Basic, weighted average number of shares of Class A common stock outstanding (in shares) | 124,667,877 | 123,763,843 | |
Diluted weighted average number of shares of Class A common stock outstanding (in shares) | 124,882,398 | 125,823,671 | 124,563,051 |
Diluted net income (loss) per share of Class A common stock (in dollars per share) | $ 0.81 | $ 1.13 | $ 0.45 |
Class A Common Stock | Restricted Stock | |||
Denominator: | |||
Incremental shares of unvested Class A restricted stock (in shares) | 214,521 | 1,522,250 | 799,208 |
STOCK-BASED AND OTHER COMPENS_3
STOCK-BASED AND OTHER COMPENSATION PLANS - Schedule of Stock Based Compensation Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 18,577 | $ 31,584 | $ 15,300 |
Total stock based compensation expense | 18,577 | 31,584 | 15,322 |
Phantom Equity Investment Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock based compensation expense | $ 0 | $ 0 | $ 22 |
STOCK-BASED AND OTHER COMPENS_4
STOCK-BASED AND OTHER COMPENSATION PLANS - Schedule of Grants (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | 2,884,303 | 747,713 |
Weighted average fair value per share (in dollars per share) | $ 11.58 | $ 11.87 | $ 9.81 |
STOCK-BASED AND OTHER COMPENS_5
STOCK-BASED AND OTHER COMPENSATION PLANS - Schedule of Nonvested Shares Outstanding (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 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 | 10.43 |
Nonvested/Outstanding weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | 12.37 |
Stock Options | |
Weighted-average exercise price of outstanding options, warrants and rights | $ / shares | $ 12.37 |
Unrecognized compensation cost | $ | $ 9.5 |
Period of recognition for unrecognized compensation costs | 26 months |
Remaining vesting period | 19 months 27 days |
Restricted Stock | |
Restricted Stock | |
Nonvested/Outstanding (in shares) | 2,529,571 |
Granted (in shares) | 1,417,561 |
Vested (in shares) | (1,699,744) |
Forfeited (in shares) | (49,425) |
Nonvested/Outstanding (in shares) | 2,197,963 |
Stock Options | |
Stock Options | |
Nonvested/Outstanding (in shares) | 623,788 |
Granted (in shares) | 0 |
Vested (in shares) | 0 |
Forfeited (in shares) | 0 |
Nonvested/Outstanding (in shares) | 623,788 |
Exercisable (in shares) | 623,788 |
Options, warrants and rights | |
Weighted Average Grant Date Fair Value | |
Nonvested/Outstanding weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 14.84 |
Stock Options | |
Weighted-average exercise price of outstanding options, warrants and rights | $ / shares | $ 14.84 |
STOCK-BASED AND OTHER COMPENS_6
STOCK-BASED AND OTHER COMPENSATION PLANS- Omnibus Incentive Plan (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Feb. 18, 2023 USD ($) shares | May 10, 2022 USD ($) installment shares | Feb. 18, 2022 USD ($) shares | Jan. 31, 2022 USD ($) installment shares | Feb. 28, 2023 installment | Dec. 31, 2023 shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | Jun. 06, 2023 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Aggregate value of awards granted | $ | $ 8.5 | $ 18 | |||||||
Omnibus Incentive Plan 2023 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares available for issuance (in shares) | 3,000,000 | ||||||||
2014 Omnibus Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares available for issuance (in shares) | 10,253,867 | ||||||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted (in shares) | 1,417,561 | ||||||||
Restricted Stock | Class A Common Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted (in shares) | 1,417,561 | 2,884,303 | 747,713 | ||||||
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 | 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 | 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 | 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 | |||||||
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 | |||||||
Board of Directors | Restricted Stock | Class A Common Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted (in shares) | 32,525 | 31,860 | |||||||
Grant date fair value | $ | $ 0.4 | $ 0.4 | |||||||
Vesting period | 1 year | 1 year | |||||||
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 | Performance 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 | Time-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 | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Assets: | ||||
Fair Value | $ 3,192,150 | $ 3,922,131 | ||
Liabilities: | ||||
Fair Value | 3,683,621 | 3,994,458 | ||
Allowance for credit losses | $ (43,165) | $ (20,755) | $ (31,752) | $ (41,507) |
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 | $ 477,743 | $ 580,130 | ||
Recurring | Agency securities | ||||
Assets: | ||||
Principal Amount | 22 | 36 | ||
Fair Value | 21 | 35 | ||
Recurring | CMBS | Internal model, third-party inputs | ||||
Assets: | ||||
Principal Amount | 439,679 | 562,839 | ||
Amortized Cost Basis/Purchase Price | 439,052 | 562,246 | ||
Fair Value | $ 424,890 | $ 541,333 | ||
Liabilities: | ||||
Financial instruments, measurement input | 0.0683 | 0.0532 | ||
Weighted average remaining maturity/duration | 2 years | 1 year 21 days | ||
Recurring | CMBS interest-only | Internal model, third-party inputs | ||||
Assets: | ||||
Principal Amount | $ 876,555 | $ 1,026,195 | ||
Amortized Cost Basis/Purchase Price | 6,453 | 10,498 | ||
Fair Value | $ 6,569 | $ 10,443 | ||
Liabilities: | ||||
Financial instruments, measurement input | 0.0661 | 0.0365 | ||
Weighted average remaining maturity/duration | 1 year 25 days | 1 year 5 months 12 days | ||
Recurring | GNMA interest-only | Internal model, third-party inputs | ||||
Assets: | ||||
Principal Amount | $ 37,053 | $ 45,369 | ||
Amortized Cost Basis/Purchase Price | 214 | 285 | ||
Fair Value | $ 213 | $ 281 | ||
Liabilities: | ||||
Financial instruments, measurement input | 0.0612 | 0.0423 | ||
Weighted average remaining maturity/duration | 3 years 7 months 6 days | 3 years 3 months 18 days | ||
Recurring | Agency securities | Internal model, third-party inputs | ||||
Assets: | ||||
Principal Amount | $ 22 | $ 36 | ||
Amortized Cost Basis/Purchase Price | 22 | 36 | ||
Fair Value | $ 21 | $ 35 | ||
Liabilities: | ||||
Financial instruments, measurement input | 0.0270 | 0.0270 | ||
Weighted average remaining maturity/duration | 1 year 18 days | 1 year 6 months 14 days | ||
Recurring | U.S. Treasury securities | Internal model, third-party inputs | ||||
Assets: | ||||
Principal Amount | $ 54,031 | $ 36,000 | ||
Amortized Cost Basis/Purchase Price | 53,648 | 35,328 | ||
Fair Value | $ 53,716 | $ 35,328 | ||
Liabilities: | ||||
Financial instruments, measurement input | 0.0541 | 0.0417 | ||
Weighted average remaining maturity/duration | 25 days | 7 months 6 days | ||
Recurring | Equity securities | ||||
Assets: | ||||
Amortized Cost Basis/Purchase Price | $ 160 | $ 160 | ||
Fair Value | 144 | 118 | ||
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow | ||||
Assets: | ||||
Principal Amount | 3,164,226 | 3,907,295 | ||
Amortized Cost Basis/Purchase Price | 3,155,089 | 3,885,746 | ||
Fair Value | $ 3,150,843 | $ 3,875,708 | ||
Liabilities: | ||||
Financial instruments, measurement input | 0.0965 | 0.0885 | ||
Weighted average remaining maturity/duration | 8 months 4 days | 1 year 3 months 3 days | ||
Allowance for credit losses | $ (43,200) | $ (20,800) | ||
Recurring | Mortgage loan receivables held for sale | Internal model, third-party inputs | ||||
Assets: | ||||
Principal Amount | 31,350 | 31,350 | ||
Amortized Cost Basis/Purchase Price | 26,868 | 27,391 | ||
Fair Value | $ 26,868 | $ 27,391 | ||
Liabilities: | ||||
Financial instruments, measurement input | 0.0457 | 0.0457 | ||
Weighted average remaining maturity/duration | 8 years 2 months 8 days | 9 years 2 months 8 days | ||
Recurring | FHLB stock | FHLB stock | ||||
Assets: | ||||
Principal Amount | $ 5,175 | $ 9,585 | ||
Amortized Cost Basis/Purchase Price | 5,175 | 9,585 | ||
Fair Value | $ 5,175 | $ 9,585 | ||
Liabilities: | ||||
Financial instruments, measurement input | 0.0825 | 0.0475 | ||
Recurring | Nonhedge derivatives | Counterparty quotations | ||||
Assets: | ||||
Nonhedge derivative assets | $ 194,900 | $ 204,700 | ||
Amortized Cost Basis/Purchase Price | 1,454 | 2,038 | ||
Fair Value | $ 1,454 | $ 2,038 | ||
Liabilities: | ||||
Weighted average remaining maturity/duration | 5 months 23 days | 1 year 6 months 7 days | ||
Recurring | Repurchase agreements - short-term | Cost plus Accrued Interest | ||||
Liabilities: | ||||
Principal Amount | $ 337,631 | $ 481,465 | ||
Amortized Cost Basis/Purchase Price | 337,631 | 481,465 | ||
Fair Value | $ 337,631 | $ 481,465 | ||
Financial instruments, measurement input | 0.0757 | 0.0404 | ||
Weighted average remaining maturity/duration | 5 months 23 days | 4 months 13 days | ||
Recurring | Repurchase agreements - long-term | Discounted Cash Flow | ||||
Liabilities: | ||||
Principal Amount | $ 268,976 | $ 366,398 | ||
Amortized Cost Basis/Purchase Price | 268,976 | 366,398 | ||
Fair Value | $ 268,976 | $ 366,398 | ||
Financial instruments, measurement input | 0.0735 | 0.0406 | ||
Weighted average remaining maturity/duration | 1 year 8 months 26 days | 2 years 6 months 21 days | ||
Recurring | Mortgage loan financing | Discounted Cash Flow | ||||
Liabilities: | ||||
Principal Amount | $ 437,384 | $ 497,454 | ||
Amortized Cost Basis/Purchase Price | 437,759 | 497,991 | ||
Fair Value | $ 425,992 | $ 477,101 | ||
Financial instruments, measurement input | 0.0587 | 0.0551 | ||
Weighted average remaining maturity/duration | 2 years 7 months 20 days | 3 years 4 months 9 days | ||
Recurring | CLO debt | Discounted Cash Flow | ||||
Liabilities: | ||||
Principal Amount | $ 1,062,777 | $ 1,064,365 | ||
Amortized Cost Basis/Purchase Price | 1,060,719 | 1,058,462 | ||
Fair Value | $ 1,060,719 | $ 1,058,462 | ||
Financial instruments, measurement input | 0.0708 | 0.0635 | ||
Weighted average remaining maturity/duration | 1 year 10 months 20 days | 15 years 11 months 1 day | ||
Recurring | Borrowings from the FHLB | Discounted Cash Flow | ||||
Liabilities: | ||||
Principal Amount | $ 115,000 | $ 213,000 | ||
Amortized Cost Basis/Purchase Price | 115,000 | 213,000 | ||
Fair Value | $ 115,000 | $ 213,055 | ||
Financial instruments, measurement input | 0.0582 | 0.0161 | ||
Weighted average remaining maturity/duration | 6 months 25 days | 1 year 3 months | ||
Recurring | Senior unsecured notes | Internal model, third-party inputs | ||||
Liabilities: | ||||
Principal Amount | $ 1,575,614 | $ 1,643,794 | ||
Amortized Cost Basis/Purchase Price | 1,563,861 | 1,628,382 | ||
Fair Value | $ 1,475,303 | $ 1,397,977 | ||
Financial instruments, measurement input | 0.0466 | 0.0466 | ||
Weighted average remaining maturity/duration | 3 years 9 months 7 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 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||||
Fair value of assets | $ 3,192,150 | $ 3,922,131 | ||
Liabilities: | ||||
Fair value of liabilities | 3,683,621 | 3,994,458 | ||
Allowance for credit losses | (43,165) | (20,755) | $ (31,752) | $ (41,507) |
Repurchase agreements - short-term | ||||
Liabilities: | ||||
Principal Amount | 337,631 | 481,465 | ||
Fair value of liabilities | 337,631 | 481,465 | ||
Repurchase agreements - long-term | ||||
Liabilities: | ||||
Principal Amount | 268,976 | 366,398 | ||
Fair value of liabilities | 268,976 | 366,398 | ||
Mortgage loan financing | ||||
Liabilities: | ||||
Principal Amount | 437,384 | 497,454 | ||
Fair value of liabilities | 425,992 | 477,101 | ||
CLO debt | ||||
Liabilities: | ||||
Principal Amount | 1,062,777 | 1,064,365 | ||
Fair value of liabilities | 1,060,719 | 1,058,462 | ||
Borrowings from the FHLB | ||||
Liabilities: | ||||
Principal Amount | 115,000 | 213,000 | ||
Fair value of liabilities | 115,000 | 213,055 | ||
Senior unsecured notes | ||||
Liabilities: | ||||
Principal Amount | 1,575,614 | 1,643,794 | ||
Fair value of liabilities | 1,475,303 | 1,397,977 | ||
CMBS | ||||
Assets: | ||||
Principal Amount | 9,281 | 9,415 | ||
Fair value of assets | 8,955 | 9,030 | ||
CMBS interest-only | ||||
Assets: | ||||
Principal Amount | 8,327 | 8,460 | ||
Fair value of assets | 309 | 417 | ||
Total mortgage loan receivables held for investment, net, at amortized cost | ||||
Assets: | ||||
Principal Amount | 3,164,226 | 3,907,295 | ||
Fair value of assets | 3,150,843 | 3,875,708 | ||
Mortgage loan receivables held for sale | ||||
Assets: | ||||
Principal Amount | 31,350 | 31,350 | ||
Fair value of assets | 26,868 | 27,391 | ||
FHLB stock | ||||
Assets: | ||||
Principal Amount | 5,175 | 9,585 | ||
Fair value of assets | 5,175 | 9,585 | ||
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 | Mortgage loan receivables held for sale | ||||
Assets: | ||||
Fair value of assets | 0 | 0 | ||
Level 1 | FHLB stock | ||||
Assets: | ||||
Fair value of assets | 0 | 0 | ||
Level 2 | ||||
Assets: | ||||
Fair value of assets | 9,264 | 0 | ||
Liabilities: | ||||
Fair value of liabilities | 1,667,326 | 0 | ||
Level 2 | Repurchase agreements - short-term | ||||
Liabilities: | ||||
Fair value of liabilities | 337,631 | 0 | ||
Level 2 | Repurchase agreements - long-term | ||||
Liabilities: | ||||
Fair value of liabilities | 268,976 | 0 | ||
Level 2 | Mortgage loan financing | ||||
Liabilities: | ||||
Fair value of liabilities | 0 | 0 | ||
Level 2 | CLO debt | ||||
Liabilities: | ||||
Fair value of liabilities | 1,060,719 | 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 | 8,955 | 0 | ||
Level 2 | CMBS interest-only | ||||
Assets: | ||||
Fair value of assets | 309 | 0 | ||
Level 2 | Total mortgage loan receivables held for investment, net, at amortized cost | ||||
Assets: | ||||
Fair value of assets | 0 | 0 | ||
Level 2 | Mortgage loan receivables held for sale | ||||
Assets: | ||||
Fair value of assets | 0 | 0 | ||
Level 2 | FHLB stock | ||||
Assets: | ||||
Fair value of assets | 0 | 0 | ||
Level 3 | ||||
Assets: | ||||
Fair value of assets | 3,182,886 | 3,922,131 | ||
Liabilities: | ||||
Fair value of liabilities | 2,016,295 | 3,994,458 | ||
Level 3 | Repurchase agreements - short-term | ||||
Liabilities: | ||||
Fair value of liabilities | 0 | 481,465 | ||
Level 3 | Repurchase agreements - long-term | ||||
Liabilities: | ||||
Fair value of liabilities | 0 | 366,398 | ||
Level 3 | Mortgage loan financing | ||||
Liabilities: | ||||
Fair value of liabilities | 425,992 | 477,101 | ||
Level 3 | CLO debt | ||||
Liabilities: | ||||
Fair value of liabilities | 0 | 1,058,462 | ||
Level 3 | Borrowings from the FHLB | ||||
Liabilities: | ||||
Fair value of liabilities | 115,000 | 213,055 | ||
Level 3 | Senior unsecured notes | ||||
Liabilities: | ||||
Fair value of liabilities | 1,475,303 | 1,397,977 | ||
Level 3 | CMBS | ||||
Assets: | ||||
Fair value of assets | 0 | 9,030 | ||
Level 3 | CMBS interest-only | ||||
Assets: | ||||
Fair value of assets | 0 | 417 | ||
Level 3 | Total mortgage loan receivables held for investment, net, at amortized cost | ||||
Assets: | ||||
Fair value of assets | 3,150,843 | 3,875,708 | ||
Level 3 | Mortgage loan receivables held for sale | ||||
Assets: | ||||
Fair value of assets | 26,868 | 27,391 | ||
Level 3 | FHLB stock | ||||
Assets: | ||||
Fair value of assets | 5,175 | 9,585 | ||
Recurring | ||||
Assets: | ||||
Fair value of assets | 477,743 | 580,130 | ||
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow | ||||
Assets: | ||||
Principal Amount | 3,164,226 | 3,907,295 | ||
Fair value of assets | 3,150,843 | 3,875,708 | ||
Liabilities: | ||||
Allowance for credit losses | (43,200) | (20,800) | ||
Recurring | CMBS | ||||
Assets: | ||||
Principal Amount | 430,398 | 553,424 | ||
Fair value of assets | 415,935 | 532,304 | ||
Recurring | CMBS interest-only | ||||
Assets: | ||||
Principal Amount | 868,228 | 1,017,735 | ||
Fair value of assets | 6,260 | 10,026 | ||
Recurring | GNMA interest-only | ||||
Assets: | ||||
Principal Amount | 37,053 | 45,369 | ||
Fair value of assets | 213 | 281 | ||
Recurring | Agency securities | ||||
Assets: | ||||
Principal Amount | 22 | 36 | ||
Fair value of assets | 21 | 35 | ||
Recurring | U.S. Treasury securities | ||||
Assets: | ||||
Principal Amount | 54,031 | 36,000 | ||
Fair value of assets | 53,716 | 35,328 | ||
Recurring | Equity securities | ||||
Assets: | ||||
Fair value of assets | 144 | 118 | ||
Recurring | Nonhedge derivatives | ||||
Assets: | ||||
Principal Amount | 194,900 | 204,700 | ||
Fair value of assets | 1,454 | 2,038 | ||
Recurring | Level 1 | ||||
Assets: | ||||
Fair value of assets | 53,860 | 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 | U.S. Treasury securities | ||||
Assets: | ||||
Fair value of assets | 53,716 | 35,328 | ||
Recurring | Level 1 | Equity securities | ||||
Assets: | ||||
Fair value of assets | 144 | 118 | ||
Recurring | Level 1 | Nonhedge derivatives | ||||
Assets: | ||||
Fair value of assets | 0 | 0 | ||
Recurring | Level 2 | ||||
Assets: | ||||
Fair value of assets | 423,883 | 2,038 | ||
Recurring | Level 2 | CMBS | ||||
Assets: | ||||
Fair value of assets | 415,935 | 0 | ||
Recurring | Level 2 | CMBS interest-only | ||||
Assets: | ||||
Fair value of assets | 6,260 | 0 | ||
Recurring | Level 2 | GNMA interest-only | ||||
Assets: | ||||
Fair value of assets | 213 | 0 | ||
Recurring | Level 2 | Agency securities | ||||
Assets: | ||||
Fair value of assets | 21 | 0 | ||
Recurring | Level 2 | U.S. Treasury securities | ||||
Assets: | ||||
Fair value of assets | 0 | 0 | ||
Recurring | Level 2 | Equity securities | ||||
Assets: | ||||
Fair value of assets | 0 | 0 | ||
Recurring | Level 2 | Nonhedge derivatives | ||||
Assets: | ||||
Fair value of assets | 1,454 | 2,038 | ||
Recurring | Level 3 | ||||
Assets: | ||||
Fair value of assets | 0 | 542,646 | ||
Recurring | Level 3 | CMBS | ||||
Assets: | ||||
Fair value of assets | 0 | 532,304 | ||
Recurring | Level 3 | CMBS interest-only | ||||
Assets: | ||||
Fair value of assets | 0 | 10,026 | ||
Recurring | Level 3 | GNMA interest-only | ||||
Assets: | ||||
Fair value of assets | 0 | 281 | ||
Recurring | Level 3 | Agency securities | ||||
Assets: | ||||
Fair value of assets | 0 | 35 | ||
Recurring | Level 3 | U.S. Treasury securities | ||||
Assets: | ||||
Fair value of assets | 0 | 0 | ||
Recurring | Level 3 | Equity 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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 542,646 | $ 692,864 |
Transfer into level 3 | 0 | 0 |
Purchases | 143,953 | 59,333 |
Sales | (17,838) | (4,261) |
Paydowns/maturities | (231,993) | (183,929) |
Amortization of premium/discount | (2,716) | (4,354) |
Unrealized gain/(loss) | 7,039 | (16,901) |
Realized gain/(loss) on sale | (275) | (106) |
Transfer out of level 3 | (440,816) | 0 |
Ending balance | $ 0 | $ 542,646 |
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) - Level 3 $ in Thousands | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Carrying Value | $ 542,646 |
Valuation Technique, Discounted Cash Flow | Yield | CMBS | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement input | 0.0289 |
Valuation Technique, Discounted Cash Flow | Yield | CMBS | Weighted Average | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement input | 0.0529 |
Valuation Technique, Discounted Cash Flow | Yield | CMBS | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement input | 0.1747 |
Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement input | 0.0139 |
Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Weighted Average | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement input | 0.0372 |
Valuation Technique, Discounted Cash Flow | Yield | CMBS interest-only | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement input | 0.1966 |
Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement input | 0.0128 |
Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Weighted Average | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement input | 0.0550 |
Valuation Technique, Discounted Cash Flow | Yield | GNMA interest-only | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement input | 0.1000 |
Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement input | 0.0270 |
Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Weighted Average | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement input | 0.0270 |
Valuation Technique, Discounted Cash Flow | Yield | Agency securities | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement input | 0.0270 |
Recurring | CMBS | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Carrying Value | $ 532,304 |
Recurring | CMBS interest-only | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Carrying Value | 10,026 |
Recurring | GNMA interest-only | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Carrying Value | 281 |
Recurring | Agency securities | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Carrying Value | $ 35 |
INCOME TAXES - Components of th
INCOME TAXES - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current expense (benefit) | |||
U.S. federal | $ 2,204 | $ 1,823 | $ (280) |
State and local | 858 | 3,591 | 936 |
Total current expense (benefit) | 3,062 | 5,414 | 656 |
Deferred expense (benefit) | |||
U.S. federal | 964 | (445) | 311 |
State and local | 218 | (60) | (39) |
Total deferred expense (benefit) | 1,182 | (505) | 272 |
Income tax expense (benefit) | $ 4,244 | $ 4,909 | $ 928 |
INCOME TAXES - Tax Rate Reconci
INCOME TAXES - Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory tax rate | 21% | 21% | 21% |
REIT income not subject to corporate income tax | (15.22%) | (18.09%) | (17.72%) |
Increase due to state and local taxes | 1.07% | 0.59% | (0.46%) |
Change in valuation allowance | (1.57%) | (1.17%) | (1.20%) |
Offshore non-taxable income | (3.79%) | (1.35%) | (3.75%) |
Uncertain tax position recorded (released) | 0.14% | 1.45% | 0% |
Section 163 (j) interest expense limitation | 0.17% | 0.08% | 0.27% |
REIT income taxes | 0.14% | 0.28% | (0.31%) |
Return to provision | (0.23%) | (0.64%) | 1.64% |
Net operating loss carryback benefit | 0% | 0% | 0% |
Other | 2.34% | 0.74% | 2.14% |
Effective income tax rate | 4.05% | 2.89% | 1.61% |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Apr. 30, 2023 | Dec. 31, 2022 | |
Income Tax Contingency [Line Items] | |||
Deferred tax liabilities | $ (5,749,000) | $ (5,911,000) | |
Unlimited carryforwards | 8,000,000 | ||
Deferred tax asset related to capital losses | 2,800,000 | 4,400,000 | |
Settlement pertaining to audit | $ 2,600,000 | ||
Incremental income tax expense due to audit | 200,000 | ||
Other assets | |||
Income Tax Contingency [Line Items] | |||
Deferred tax liabilities | (3,000,000) | (1,800,000) | |
Accrued Liabilities | |||
Income Tax Contingency [Line Items] | |||
Liability for unrecognized tax benefits for uncertain income tax positions | $ 0 | $ 2,400,000 |
INCOME TAXES - Components of De
INCOME TAXES - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward | $ 2,069 | $ 3,493 |
Net unrealized losses | 721 | 641 |
Capital losses carryforward | 2,813 | 4,356 |
Valuation allowance | (2,813) | (4,356) |
Interest expense limitation | 1,560 | 1,385 |
Valuation allowance | (1,560) | (1,385) |
Total Deferred Tax Assets | $ 2,790 | $ 4,134 |
INCOME TAXES - Components of _2
INCOME TAXES - Components of Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Basis difference in operating partnerships | $ 5,749 | $ 5,911 |
Total Deferred Tax Liability | $ 5,749 | $ 5,911 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unfunded Loan Commitments | |||
Lease liabilities | $ 16,418 | ||
Operating lease, right-of-use asset | $ 14,700 | ||
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 | $ 2,200 | $ 1,100 | |
Treasury bills traded and not yet settled | 44,815 | 0 | $ 0 |
Provision for loan losses | |||
Unfunded Loan Commitments | |||
Unfunded commitments of mortgage loan receivables held for investment | $ 204,000 | $ 321,800 | |
Length of additional mortgage loan financing | 3 years | ||
Unfunded commitments of mortgage loan receivables held for investment, additional funds | 63% | ||
U.S. Treasury Securities Traded, Not Yet Settled | |||
Unfunded Loan Commitments | |||
Treasury bills traded and not yet settled | $ 44,800 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Future Minimum Operating Lease Obligation (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2024 | $ 2,171 |
2025 | 2,207 |
2026 | 2,219 |
2027 | 2,232 |
2028 | 13,344 |
Thereafter | 0 |
Total undiscounted cash flows | 22,173 |
Present value discount | (5,755) |
Lease liabilities | $ 16,418 |
Weighted average incremental borrowing rate | 6.62% |
Remaining lease term | 9 years 7 months 6 days |
Extended lease term | 5 years |
SEGMENT REPORTING - Additional
SEGMENT REPORTING - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
SEGMENT REPORTING - Schedule of
SEGMENT REPORTING - Schedule of Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Income Statement [Abstract] | ||||||
Interest income | $ 407,284 | $ 293,520 | $ 176,099 | |||
Interest expense | (245,097) | (195,602) | (182,949) | |||
Net interest income (expense) | 162,187 | 97,918 | (6,850) | |||
(Provision for) release of loan loss reserves | (25,096) | (3,711) | 8,713 | |||
Net interest income (expense) after provision for (release of) loan loss reserves | 137,091 | 94,207 | 1,863 | |||
Real estate operating income | 96,950 | 108,269 | 101,564 | |||
Net result from mortgage loan receivables held for sale | (523) | (2,511) | 8,398 | |||
Realized gain (loss) on securities | (276) | (73) | 1,594 | |||
Unrealized gain (loss) on securities | 29 | (86) | (91) | |||
Realized gain (loss) on sale of real estate, net | 8,808 | 115,998 | 55,766 | |||
Fee and other income | 9,178 | 15,020 | 11,190 | |||
Net result from derivative transactions | 1,481 | 12,360 | 1,749 | |||
Earnings (loss) from investment in unconsolidated ventures | 758 | 1,410 | 1,579 | |||
Gain (loss) on extinguishment of debt | 10,718 | 685 | 0 | |||
Total other income (loss) | 127,123 | 251,072 | 181,749 | |||
Compensation and employee benefits | (63,618) | (75,836) | (38,347) | |||
Operating expenses | (19,503) | (20,716) | (17,672) | |||
Real estate operating expenses | (37,587) | (38,605) | (26,161) | |||
Investment related expenses | (8,847) | (7,235) | (5,810) | |||
Depreciation and amortization | (29,914) | (32,673) | (37,801) | |||
Total costs and expenses | (159,469) | (175,065) | (125,791) | |||
Income tax (expense) benefit | (4,244) | (4,909) | (928) | |||
Net income (loss) | 100,501 | 165,305 | 56,893 | |||
Total assets | 5,512,677 | [1] | 5,951,173 | [1] | 5,851,252 | |
Investment in unconsolidated ventures | [1] | 6,877 | 6,219 | |||
Investment in FHLB stock | 5,200 | 9,600 | ||||
Operating Segment | ||||||
Income Statement [Abstract] | ||||||
Investment in unconsolidated ventures | 6,900 | 6,200 | ||||
Operating Segment | Loans | ||||||
Income Statement [Abstract] | ||||||
Interest income | 341,840 | 269,629 | 162,349 | |||
Interest expense | (122,420) | (68,158) | (53,414) | |||
Net interest income (expense) | 219,420 | 201,471 | 108,935 | |||
(Provision for) release of loan loss reserves | (25,096) | (3,711) | 8,713 | |||
Net interest income (expense) after provision for (release of) loan loss reserves | 194,324 | 197,760 | 117,648 | |||
Real estate operating income | 0 | 0 | 0 | |||
Net result from mortgage loan receivables held for sale | (523) | (2,511) | 8,398 | |||
Realized gain (loss) on securities | 0 | 0 | 0 | |||
Unrealized gain (loss) on securities | 0 | 0 | 0 | |||
Realized gain (loss) on sale of real estate, net | 0 | 0 | 0 | |||
Fee and other income | 8,237 | 10,149 | 10,507 | |||
Net result from derivative transactions | 404 | 6,755 | 507 | |||
Earnings (loss) from investment in unconsolidated ventures | 0 | 0 | 335 | |||
Gain (loss) on extinguishment of debt | 0 | 0 | ||||
Total other income (loss) | 8,118 | 14,393 | 19,747 | |||
Compensation and employee benefits | 0 | 0 | 0 | |||
Operating expenses | 0 | 0 | 127 | |||
Real estate operating expenses | 0 | 0 | 0 | |||
Investment related expenses | (6,310) | (2,325) | (2,341) | |||
Depreciation and amortization | 0 | 0 | 0 | |||
Total costs and expenses | (6,310) | (2,325) | (2,214) | |||
Income tax (expense) benefit | 0 | 0 | 0 | |||
Net income (loss) | 196,132 | 209,828 | 135,181 | |||
Total assets | 3,138,794 | 3,892,382 | 3,521,986 | |||
Operating Segment | Securities | ||||||
Income Statement [Abstract] | ||||||
Interest income | 32,479 | 20,659 | 13,101 | |||
Interest expense | (3,177) | (4,620) | (2,403) | |||
Net interest income (expense) | 29,302 | 16,039 | 10,698 | |||
(Provision for) release of loan loss reserves | 0 | 0 | ||||
Net interest income (expense) after provision for (release of) loan loss reserves | 29,302 | 16,039 | 10,698 | |||
Real estate operating income | 0 | 0 | 0 | |||
Net result from mortgage loan receivables held for sale | 0 | 0 | 0 | |||
Realized gain (loss) on securities | (276) | (73) | 1,594 | |||
Unrealized gain (loss) on securities | 29 | (86) | (91) | |||
Realized gain (loss) on sale of real estate, net | 0 | 0 | 0 | |||
Fee and other income | 15 | 55 | 0 | |||
Net result from derivative transactions | 595 | 3,972 | 1,250 | |||
Earnings (loss) from investment in unconsolidated ventures | 0 | 0 | 0 | |||
Gain (loss) on extinguishment of debt | 0 | 0 | ||||
Total other income (loss) | 363 | 3,868 | 2,753 | |||
Compensation and employee benefits | 0 | 0 | 0 | |||
Operating expenses | 0 | 0 | 0 | |||
Real estate operating expenses | 0 | 0 | 0 | |||
Investment related expenses | (191) | (277) | (217) | |||
Depreciation and amortization | 0 | 0 | 0 | |||
Total costs and expenses | (191) | (277) | (217) | |||
Income tax (expense) benefit | 0 | 0 | 0 | |||
Net income (loss) | 29,474 | 19,630 | 13,234 | |||
Total assets | 485,533 | 587,519 | 703,280 | |||
Operating Segment | Real Estate | ||||||
Income Statement [Abstract] | ||||||
Interest income | 12 | 6 | 1 | |||
Interest expense | (31,443) | (36,683) | (36,075) | |||
Net interest income (expense) | (31,431) | (36,677) | (36,074) | |||
(Provision for) release of loan loss reserves | 0 | 0 | 0 | |||
Net interest income (expense) after provision for (release of) loan loss reserves | (31,431) | (36,677) | (36,074) | |||
Real estate operating income | 96,950 | 108,269 | 101,564 | |||
Net result from mortgage loan receivables held for sale | 0 | 0 | 0 | |||
Realized gain (loss) on securities | 0 | 0 | 0 | |||
Unrealized gain (loss) on securities | 0 | 0 | 0 | |||
Realized gain (loss) on sale of real estate, net | 8,808 | 115,998 | 55,766 | |||
Fee and other income | 300 | 4,355 | 50 | |||
Net result from derivative transactions | 482 | 1,633 | (8) | |||
Earnings (loss) from investment in unconsolidated ventures | 758 | 1,410 | 1,244 | |||
Gain (loss) on extinguishment of debt | 0 | 0 | ||||
Total other income (loss) | 107,298 | 231,665 | 158,616 | |||
Compensation and employee benefits | 0 | 0 | 0 | |||
Operating expenses | 0 | 0 | 0 | |||
Real estate operating expenses | (37,587) | (38,605) | (26,161) | |||
Investment related expenses | (903) | (954) | (849) | |||
Depreciation and amortization | (29,482) | (32,632) | (37,702) | |||
Total costs and expenses | (67,972) | (72,191) | (64,712) | |||
Income tax (expense) benefit | 0 | 0 | 0 | |||
Net income (loss) | 7,895 | 122,797 | 57,830 | |||
Total assets | 733,319 | 706,355 | 914,027 | |||
Corporate/Other | ||||||
Income Statement [Abstract] | ||||||
Interest income | 32,953 | 3,226 | 648 | |||
Interest expense | (88,057) | (86,141) | (91,057) | |||
Net interest income (expense) | (55,104) | (82,915) | (90,409) | |||
(Provision for) release of loan loss reserves | 0 | 0 | 0 | |||
Net interest income (expense) after provision for (release of) loan loss reserves | (55,104) | (82,915) | (90,409) | |||
Real estate operating income | 0 | 0 | 0 | |||
Net result from mortgage loan receivables held for sale | 0 | 0 | 0 | |||
Realized gain (loss) on securities | 0 | 0 | 0 | |||
Unrealized gain (loss) on securities | 0 | 0 | 0 | |||
Realized gain (loss) on sale of real estate, net | 0 | 0 | 0 | |||
Fee and other income | 626 | 461 | 633 | |||
Net result from derivative transactions | 0 | 0 | 0 | |||
Earnings (loss) from investment in unconsolidated ventures | 0 | 0 | 0 | |||
Gain (loss) on extinguishment of debt | 10,718 | 685 | ||||
Total other income (loss) | 11,344 | 1,146 | 633 | |||
Compensation and employee benefits | (63,618) | (75,836) | (38,347) | |||
Operating expenses | (19,503) | (20,716) | (17,799) | |||
Real estate operating expenses | 0 | 0 | 0 | |||
Investment related expenses | (1,443) | (3,679) | (2,403) | |||
Depreciation and amortization | (432) | (41) | (99) | |||
Total costs and expenses | (84,996) | (100,272) | (58,648) | |||
Income tax (expense) benefit | (4,244) | (4,909) | (928) | |||
Net income (loss) | (133,000) | (186,950) | (149,352) | |||
Total assets | 1,155,031 | 764,917 | $ 711,959 | |||
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. |
Schedule III-Real Estate and _2
Schedule III-Real Estate and Accumulated Depreciation Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 438,051 | |||
Initial Cost to Company | ||||
Land | 182,963 | |||
Building | 619,350 | |||
Intangibles | 116,948 | |||
Costs Capitalized Subsequent to Acquisition | 27,088 | |||
Land | 183,194 | |||
Building | 647,201 | |||
Intangibles | 116,831 | |||
Total | 947,226 | $ 899,144 | $ 1,127,495 | $ 1,216,229 |
Accumulated Depreciation and Amortization | (220,784) | $ (199,008) | $ (236,622) | $ (230,925) |
Aggregate cost for U.S. Federal Income Tax Purposes | 900,000 | |||
Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 325,783 | |||
Initial Cost to Company | ||||
Land | 95,045 | |||
Building | 441,864 | |||
Intangibles | 97,060 | |||
Costs Capitalized Subsequent to Acquisition | 8,954 | |||
Land | 95,045 | |||
Building | 450,825 | |||
Intangibles | 97,057 | |||
Total | 642,927 | |||
Accumulated Depreciation and Amortization | (173,529) | |||
Diversified | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 112,268 | |||
Initial Cost to Company | ||||
Land | 87,918 | |||
Building | 177,486 | |||
Intangibles | 19,888 | |||
Costs Capitalized Subsequent to Acquisition | 18,134 | |||
Land | 88,149 | |||
Building | 196,376 | |||
Intangibles | 19,774 | |||
Total | 304,299 | |||
Accumulated Depreciation and Amortization | (47,255) | |||
Newburgh, IN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 859 | |||
Initial Cost to Company | ||||
Land | 126 | |||
Building | 954 | |||
Intangibles | 178 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 126 | |||
Building | 954 | |||
Intangibles | 178 | |||
Total | 1,258 | |||
Accumulated Depreciation and Amortization | $ (99) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Newburgh, IN 1 | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 915 | |||
Initial Cost to Company | ||||
Land | 213 | |||
Building | 873 | |||
Intangibles | 220 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 213 | |||
Building | 873 | |||
Intangibles | 220 | |||
Total | 1,306 | |||
Accumulated Depreciation and Amortization | $ (120) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Isanti, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 249 | |||
Building | 894 | |||
Intangibles | 297 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 249 | |||
Building | 894 | |||
Intangibles | 297 | |||
Total | 1,440 | |||
Accumulated Depreciation and Amortization | $ (114) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 55 years | |||
Little Falls, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 856 | |||
Initial Cost to Company | ||||
Land | 199 | |||
Building | 783 | |||
Intangibles | 249 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 199 | |||
Building | 783 | |||
Intangibles | 249 | |||
Total | 1,231 | |||
Accumulated Depreciation and Amortization | $ (106) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 55 years | |||
Waterloo, IA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 862 | |||
Initial Cost to Company | ||||
Land | 130 | |||
Building | 896 | |||
Intangibles | 214 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 130 | |||
Building | 896 | |||
Intangibles | 214 | |||
Total | 1,240 | |||
Accumulated Depreciation and Amortization | $ (122) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Sioux City, IA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 919 | |||
Initial Cost to Company | ||||
Land | 220 | |||
Building | 876 | |||
Intangibles | 222 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 220 | |||
Building | 876 | |||
Intangibles | 222 | |||
Total | 1,318 | |||
Accumulated Depreciation and Amortization | $ (125) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Wardsville, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 981 | |||
Initial Cost to Company | ||||
Land | 257 | |||
Building | 919 | |||
Intangibles | 202 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 257 | |||
Building | 919 | |||
Intangibles | 202 | |||
Total | 1,378 | |||
Accumulated Depreciation and Amortization | $ (135) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Kincheloe, MI | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 886 | |||
Initial Cost to Company | ||||
Land | 58 | |||
Building | 939 | |||
Intangibles | 229 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 58 | |||
Building | 939 | |||
Intangibles | 229 | |||
Total | 1,226 | |||
Accumulated Depreciation and Amortization | $ (134) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Clinton, IN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,037 | |||
Initial Cost to Company | ||||
Land | 269 | |||
Building | 954 | |||
Intangibles | 204 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 269 | |||
Building | 954 | |||
Intangibles | 204 | |||
Total | 1,427 | |||
Accumulated Depreciation and Amortization | $ (128) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
Saginaw, MI | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 952 | |||
Initial Cost to Company | ||||
Land | 96 | |||
Building | 1,014 | |||
Intangibles | 210 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 96 | |||
Building | 1,014 | |||
Intangibles | 210 | |||
Total | 1,320 | |||
Accumulated Depreciation and Amortization | $ (151) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Rolla, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 937 | |||
Initial Cost to Company | ||||
Land | 110 | |||
Building | 1,011 | |||
Intangibles | 188 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 110 | |||
Building | 1,011 | |||
Intangibles | 188 | |||
Total | 1,309 | |||
Accumulated Depreciation and Amortization | $ (152) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Sullivan, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,175 | |||
Initial Cost to Company | ||||
Land | 340 | |||
Building | 981 | |||
Intangibles | 257 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 340 | |||
Building | 981 | |||
Intangibles | 257 | |||
Total | 1,578 | |||
Accumulated Depreciation and Amortization | $ (136) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 50 years | |||
Becker, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 936 | |||
Initial Cost to Company | ||||
Land | 136 | |||
Building | 922 | |||
Intangibles | 188 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 136 | |||
Building | 922 | |||
Intangibles | 188 | |||
Total | 1,246 | |||
Accumulated Depreciation and Amortization | $ (124) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 55 years | |||
Adrian, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 858 | |||
Initial Cost to Company | ||||
Land | 136 | |||
Building | 884 | |||
Intangibles | 191 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 136 | |||
Building | 884 | |||
Intangibles | 191 | |||
Total | 1,211 | |||
Accumulated Depreciation and Amortization | $ (130) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Chilicothe, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,025 | |||
Initial Cost to Company | ||||
Land | 227 | |||
Building | 1,047 | |||
Intangibles | 245 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 227 | |||
Building | 1,047 | |||
Intangibles | 245 | |||
Total | 1,519 | |||
Accumulated Depreciation and Amortization | $ (149) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 50 years | |||
Poseyville, IN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 868 | |||
Initial Cost to Company | ||||
Land | 160 | |||
Building | 947 | |||
Intangibles | 194 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 160 | |||
Building | 947 | |||
Intangibles | 194 | |||
Total | 1,301 | |||
Accumulated Depreciation and Amortization | $ (138) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
Dexter, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 874 | |||
Initial Cost to Company | ||||
Land | 141 | |||
Building | 890 | |||
Intangibles | 177 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 141 | |||
Building | 890 | |||
Intangibles | 177 | |||
Total | 1,208 | |||
Accumulated Depreciation and Amortization | $ (135) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Hubbard Lake, MI | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 914 | |||
Initial Cost to Company | ||||
Land | 40 | |||
Building | 1,017 | |||
Intangibles | 203 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 40 | |||
Building | 1,017 | |||
Intangibles | 203 | |||
Total | 1,260 | |||
Accumulated Depreciation and Amortization | $ (157) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Fayette, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,085 | |||
Initial Cost to Company | ||||
Land | 107 | |||
Building | 1,168 | |||
Intangibles | 219 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 107 | |||
Building | 1,168 | |||
Intangibles | 219 | |||
Total | 1,494 | |||
Accumulated Depreciation and Amortization | $ (179) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Centralia, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 943 | |||
Initial Cost to Company | ||||
Land | 200 | |||
Building | 913 | |||
Intangibles | 193 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 200 | |||
Building | 913 | |||
Intangibles | 193 | |||
Total | 1,306 | |||
Accumulated Depreciation and Amortization | $ (159) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Trenton, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 886 | |||
Initial Cost to Company | ||||
Land | 396 | |||
Building | 628 | |||
Intangibles | 202 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 396 | |||
Building | 628 | |||
Intangibles | 202 | |||
Total | 1,226 | |||
Accumulated Depreciation and Amortization | $ (160) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Houghton Lake, MI | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 953 | |||
Initial Cost to Company | ||||
Land | 124 | |||
Building | 939 | |||
Intangibles | 241 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 124 | |||
Building | 939 | |||
Intangibles | 241 | |||
Total | 1,304 | |||
Accumulated Depreciation and Amortization | $ (168) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Pelican Rapids, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 908 | |||
Initial Cost to Company | ||||
Land | 78 | |||
Building | 1,016 | |||
Intangibles | 169 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 78 | |||
Building | 1,016 | |||
Intangibles | 169 | |||
Total | 1,263 | |||
Accumulated Depreciation and Amortization | $ (222) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Carthage, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 837 | |||
Initial Cost to Company | ||||
Land | 225 | |||
Building | 766 | |||
Intangibles | 176 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 225 | |||
Building | 766 | |||
Intangibles | 176 | |||
Total | 1,167 | |||
Accumulated Depreciation and Amortization | $ (146) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Bolivar, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 886 | |||
Initial Cost to Company | ||||
Land | 186 | |||
Building | 876 | |||
Intangibles | 182 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 186 | |||
Building | 876 | |||
Intangibles | 182 | |||
Total | 1,244 | |||
Accumulated Depreciation and Amortization | $ (161) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Pinconning, MI | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 942 | |||
Initial Cost to Company | ||||
Land | 167 | |||
Building | 905 | |||
Intangibles | 221 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 167 | |||
Building | 905 | |||
Intangibles | 221 | |||
Total | 1,293 | |||
Accumulated Depreciation and Amortization | $ (151) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
New Hampton, IA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,007 | |||
Initial Cost to Company | ||||
Land | 177 | |||
Building | 1,111 | |||
Intangibles | 187 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 177 | |||
Building | 1,111 | |||
Intangibles | 187 | |||
Total | 1,475 | |||
Accumulated Depreciation and Amortization | $ (225) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Ogden, IA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 856 | |||
Initial Cost to Company | ||||
Land | 107 | |||
Building | 931 | |||
Intangibles | 153 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 107 | |||
Building | 931 | |||
Intangibles | 153 | |||
Total | 1,191 | |||
Accumulated Depreciation and Amortization | $ (197) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Wonder Lake, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 937 | |||
Initial Cost to Company | ||||
Land | 221 | |||
Building | 888 | |||
Intangibles | 214 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 221 | |||
Building | 888 | |||
Intangibles | 214 | |||
Total | 1,323 | |||
Accumulated Depreciation and Amortization | $ (199) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | |||
Moscow Mills, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 986 | |||
Initial Cost to Company | ||||
Land | 161 | |||
Building | 945 | |||
Intangibles | 203 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 161 | |||
Building | 945 | |||
Intangibles | 203 | |||
Total | 1,309 | |||
Accumulated Depreciation and Amortization | $ (193) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Foley, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 883 | |||
Initial Cost to Company | ||||
Land | 238 | |||
Building | 823 | |||
Intangibles | 172 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 238 | |||
Building | 823 | |||
Intangibles | 172 | |||
Total | 1,233 | |||
Accumulated Depreciation and Amortization | $ (203) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Kirbyville, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 869 | |||
Initial Cost to Company | ||||
Land | 98 | |||
Building | 965 | |||
Intangibles | 155 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 98 | |||
Building | 965 | |||
Intangibles | 155 | |||
Total | 1,218 | |||
Accumulated Depreciation and Amortization | $ (193) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Gladwin, MI | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 883 | |||
Initial Cost to Company | ||||
Land | 88 | |||
Building | 951 | |||
Intangibles | 203 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 88 | |||
Building | 951 | |||
Intangibles | 203 | |||
Total | 1,242 | |||
Accumulated Depreciation and Amortization | $ (181) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Rockford, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 891 | |||
Initial Cost to Company | ||||
Land | 187 | |||
Building | 850 | |||
Intangibles | 207 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 187 | |||
Building | 850 | |||
Intangibles | 207 | |||
Total | 1,244 | |||
Accumulated Depreciation and Amortization | $ (262) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Winterset, IA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 940 | |||
Initial Cost to Company | ||||
Land | 272 | |||
Building | 830 | |||
Intangibles | 200 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 272 | |||
Building | 830 | |||
Intangibles | 200 | |||
Total | 1,302 | |||
Accumulated Depreciation and Amortization | $ (207) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Kawkawlin, MI | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 922 | |||
Initial Cost to Company | ||||
Land | 242 | |||
Building | 871 | |||
Intangibles | 179 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 242 | |||
Building | 871 | |||
Intangibles | 179 | |||
Total | 1,292 | |||
Accumulated Depreciation and Amortization | $ (238) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Aroma Park, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 947 | |||
Initial Cost to Company | ||||
Land | 223 | |||
Building | 869 | |||
Intangibles | 164 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 223 | |||
Building | 869 | |||
Intangibles | 164 | |||
Total | 1,256 | |||
Accumulated Depreciation and Amortization | $ (201) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
East Peoria, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,017 | |||
Initial Cost to Company | ||||
Land | 233 | |||
Building | 998 | |||
Intangibles | 161 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 233 | |||
Building | 998 | |||
Intangibles | 161 | |||
Total | 1,392 | |||
Accumulated Depreciation and Amortization | $ (225) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Milford, IA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 983 | |||
Initial Cost to Company | ||||
Land | 254 | |||
Building | 883 | |||
Intangibles | 217 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 254 | |||
Building | 883 | |||
Intangibles | 217 | |||
Total | 1,354 | |||
Accumulated Depreciation and Amortization | $ (211) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Jefferson City, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 939 | |||
Initial Cost to Company | ||||
Land | 164 | |||
Building | 966 | |||
Intangibles | 205 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 164 | |||
Building | 966 | |||
Intangibles | 205 | |||
Total | 1,335 | |||
Accumulated Depreciation and Amortization | $ (226) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Denver, IA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 893 | |||
Initial Cost to Company | ||||
Land | 198 | |||
Building | 840 | |||
Intangibles | 191 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 198 | |||
Building | 840 | |||
Intangibles | 191 | |||
Total | 1,229 | |||
Accumulated Depreciation and Amortization | $ (220) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Port O'Connor, TX | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 944 | |||
Initial Cost to Company | ||||
Land | 167 | |||
Building | 937 | |||
Intangibles | 200 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 167 | |||
Building | 937 | |||
Intangibles | 200 | |||
Total | 1,304 | |||
Accumulated Depreciation and Amortization | $ (246) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Wabasha, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 959 | |||
Initial Cost to Company | ||||
Land | 237 | |||
Building | 912 | |||
Intangibles | 214 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 237 | |||
Building | 912 | |||
Intangibles | 214 | |||
Total | 1,363 | |||
Accumulated Depreciation and Amortization | $ (262) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Jacksonville, FL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 82,709 | |||
Initial Cost to Company | ||||
Land | 13,290 | |||
Building | 106,601 | |||
Intangibles | 21,362 | |||
Costs Capitalized Subsequent to Acquisition | 8,788 | |||
Land | 13,290 | |||
Building | 115,389 | |||
Intangibles | 21,362 | |||
Total | 150,041 | |||
Accumulated Depreciation and Amortization | $ (32,151) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 36 years | |||
Shelbyville, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 858 | |||
Initial Cost to Company | ||||
Land | 189 | |||
Building | 849 | |||
Intangibles | 199 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 189 | |||
Building | 849 | |||
Intangibles | 199 | |||
Total | 1,237 | |||
Accumulated Depreciation and Amortization | $ (212) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Jessup, IA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 879 | |||
Initial Cost to Company | ||||
Land | 119 | |||
Building | 890 | |||
Intangibles | 191 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 119 | |||
Building | 890 | |||
Intangibles | 191 | |||
Total | 1,200 | |||
Accumulated Depreciation and Amortization | $ (231) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Hanna City, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 860 | |||
Initial Cost to Company | ||||
Land | 174 | |||
Building | 925 | |||
Intangibles | 132 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 174 | |||
Building | 925 | |||
Intangibles | 132 | |||
Total | 1,231 | |||
Accumulated Depreciation and Amortization | $ (229) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | |||
Ridgedale, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 986 | |||
Initial Cost to Company | ||||
Land | 250 | |||
Building | 928 | |||
Intangibles | 187 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 250 | |||
Building | 928 | |||
Intangibles | 187 | |||
Total | 1,365 | |||
Accumulated Depreciation and Amortization | $ (231) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Peoria, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 898 | |||
Initial Cost to Company | ||||
Land | 209 | |||
Building | 933 | |||
Intangibles | 133 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 209 | |||
Building | 933 | |||
Intangibles | 133 | |||
Total | 1,275 | |||
Accumulated Depreciation and Amortization | $ (244) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Carmi, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,093 | |||
Initial Cost to Company | ||||
Land | 286 | |||
Building | 916 | |||
Intangibles | 239 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 286 | |||
Building | 916 | |||
Intangibles | 239 | |||
Total | 1,441 | |||
Accumulated Depreciation and Amortization | $ (234) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Springfield, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 995 | |||
Initial Cost to Company | ||||
Land | 391 | |||
Building | 784 | |||
Intangibles | 227 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 393 | |||
Building | 789 | |||
Intangibles | 224 | |||
Total | 1,406 | |||
Accumulated Depreciation and Amortization | $ (213) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Fayetteville, NC | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,851 | |||
Initial Cost to Company | ||||
Land | 1,379 | |||
Building | 3,121 | |||
Intangibles | 2,472 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,379 | |||
Building | 3,121 | |||
Intangibles | 2,471 | |||
Total | 6,971 | |||
Accumulated Depreciation and Amortization | $ (1,697) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Dryden Township, MI | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 905 | |||
Initial Cost to Company | ||||
Land | 178 | |||
Building | 893 | |||
Intangibles | 201 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 178 | |||
Building | 899 | |||
Intangibles | 202 | |||
Total | 1,279 | |||
Accumulated Depreciation and Amortization | $ (229) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Lamar, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 895 | |||
Initial Cost to Company | ||||
Land | 164 | |||
Building | 903 | |||
Intangibles | 171 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 164 | |||
Building | 903 | |||
Intangibles | 171 | |||
Total | 1,238 | |||
Accumulated Depreciation and Amortization | $ (234) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Union, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 939 | |||
Initial Cost to Company | ||||
Land | 267 | |||
Building | 867 | |||
Intangibles | 207 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 267 | |||
Building | 867 | |||
Intangibles | 207 | |||
Total | 1,341 | |||
Accumulated Depreciation and Amortization | $ (250) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Pawnee, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 939 | |||
Initial Cost to Company | ||||
Land | 249 | |||
Building | 775 | |||
Intangibles | 206 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 249 | |||
Building | 775 | |||
Intangibles | 206 | |||
Total | 1,230 | |||
Accumulated Depreciation and Amortization | $ (227) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Linn, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 854 | |||
Initial Cost to Company | ||||
Land | 89 | |||
Building | 920 | |||
Intangibles | 183 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 89 | |||
Building | 920 | |||
Intangibles | 183 | |||
Total | 1,192 | |||
Accumulated Depreciation and Amortization | $ (243) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Cape Girardeau, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,035 | |||
Initial Cost to Company | ||||
Land | 453 | |||
Building | 702 | |||
Intangibles | 217 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 453 | |||
Building | 702 | |||
Intangibles | 217 | |||
Total | 1,372 | |||
Accumulated Depreciation and Amortization | $ (213) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Decatur-Pershing, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,044 | |||
Initial Cost to Company | ||||
Land | 395 | |||
Building | 924 | |||
Intangibles | 155 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 395 | |||
Building | 924 | |||
Intangibles | 155 | |||
Total | 1,474 | |||
Accumulated Depreciation and Amortization | $ (243) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Rantoul, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 917 | |||
Initial Cost to Company | ||||
Land | 100 | |||
Building | 1,023 | |||
Intangibles | 178 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 100 | |||
Building | 1,023 | |||
Intangibles | 178 | |||
Total | 1,301 | |||
Accumulated Depreciation and Amortization | $ (252) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Flora Vista, NM | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 994 | |||
Initial Cost to Company | ||||
Land | 272 | |||
Building | 864 | |||
Intangibles | 198 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 272 | |||
Building | 864 | |||
Intangibles | 198 | |||
Total | 1,334 | |||
Accumulated Depreciation and Amortization | $ (299) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Mountain Grove, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 974 | |||
Initial Cost to Company | ||||
Land | 163 | |||
Building | 1,026 | |||
Intangibles | 212 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 163 | |||
Building | 1,026 | |||
Intangibles | 212 | |||
Total | 1,401 | |||
Accumulated Depreciation and Amortization | $ (279) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Decatur-Sunnyside, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 956 | |||
Initial Cost to Company | ||||
Land | 182 | |||
Building | 954 | |||
Intangibles | 139 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 182 | |||
Building | 954 | |||
Intangibles | 139 | |||
Total | 1,275 | |||
Accumulated Depreciation and Amortization | $ (248) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Champaign, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,009 | |||
Initial Cost to Company | ||||
Land | 365 | |||
Building | 915 | |||
Intangibles | 149 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 365 | |||
Building | 915 | |||
Intangibles | 149 | |||
Total | 1,429 | |||
Accumulated Depreciation and Amortization | $ (231) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
San Antonio, TX | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 896 | |||
Initial Cost to Company | ||||
Land | 252 | |||
Building | 703 | |||
Intangibles | 196 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 251 | |||
Building | 702 | |||
Intangibles | 196 | |||
Total | 1,149 | |||
Accumulated Depreciation and Amortization | $ (236) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Borger, TX | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 792 | |||
Initial Cost to Company | ||||
Land | 68 | |||
Building | 800 | |||
Intangibles | 181 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 68 | |||
Building | 800 | |||
Intangibles | 181 | |||
Total | 1,049 | |||
Accumulated Depreciation and Amortization | $ (235) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Dimmitt, TX | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,066 | |||
Initial Cost to Company | ||||
Land | 86 | |||
Building | 1,077 | |||
Intangibles | 236 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 85 | |||
Building | 1,074 | |||
Intangibles | 236 | |||
Total | 1,395 | |||
Accumulated Depreciation and Amortization | $ (303) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
St. Charles, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 971 | |||
Initial Cost to Company | ||||
Land | 200 | |||
Building | 843 | |||
Intangibles | 226 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 200 | |||
Building | 843 | |||
Intangibles | 226 | |||
Total | 1,269 | |||
Accumulated Depreciation and Amortization | $ (301) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Philo, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 934 | |||
Initial Cost to Company | ||||
Land | 160 | |||
Building | 889 | |||
Intangibles | 189 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 160 | |||
Building | 889 | |||
Intangibles | 189 | |||
Total | 1,238 | |||
Accumulated Depreciation and Amortization | $ (231) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Radford, VA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,124 | |||
Initial Cost to Company | ||||
Land | 411 | |||
Building | 896 | |||
Intangibles | 256 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 411 | |||
Building | 896 | |||
Intangibles | 256 | |||
Total | 1,563 | |||
Accumulated Depreciation and Amortization | $ (334) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Rural Retreat, VA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,012 | |||
Initial Cost to Company | ||||
Land | 328 | |||
Building | 811 | |||
Intangibles | 260 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 328 | |||
Building | 811 | |||
Intangibles | 260 | |||
Total | 1,399 | |||
Accumulated Depreciation and Amortization | $ (290) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Albion, PA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,097 | |||
Initial Cost to Company | ||||
Land | 100 | |||
Building | 1,033 | |||
Intangibles | 392 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 100 | |||
Building | 1,033 | |||
Intangibles | 392 | |||
Total | 1,525 | |||
Accumulated Depreciation and Amortization | $ (491) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 50 years | |||
Mount Vernon, AL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 920 | |||
Initial Cost to Company | ||||
Land | 187 | |||
Building | 876 | |||
Intangibles | 174 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 187 | |||
Building | 876 | |||
Intangibles | 174 | |||
Total | 1,237 | |||
Accumulated Depreciation and Amortization | $ (280) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
Malone, NY | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,075 | |||
Initial Cost to Company | ||||
Land | 183 | |||
Building | 1,154 | |||
Intangibles | 0 | |||
Costs Capitalized Subsequent to Acquisition | 166 | |||
Land | 183 | |||
Building | 1,320 | |||
Intangibles | 0 | |||
Total | 1,503 | |||
Accumulated Depreciation and Amortization | $ (313) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | |||
Mercedes, TX | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 829 | |||
Initial Cost to Company | ||||
Land | 257 | |||
Building | 874 | |||
Intangibles | 132 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 257 | |||
Building | 874 | |||
Intangibles | 132 | |||
Total | 1,263 | |||
Accumulated Depreciation and Amortization | $ (232) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 45 years | |||
Gordonville, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 769 | |||
Initial Cost to Company | ||||
Land | 247 | |||
Building | 787 | |||
Intangibles | 173 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 247 | |||
Building | 787 | |||
Intangibles | 173 | |||
Total | 1,207 | |||
Accumulated Depreciation and Amortization | $ (235) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Rice, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 814 | |||
Initial Cost to Company | ||||
Land | 200 | |||
Building | 859 | |||
Intangibles | 184 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 200 | |||
Building | 859 | |||
Intangibles | 184 | |||
Total | 1,243 | |||
Accumulated Depreciation and Amortization | $ (340) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Bixby, OK | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,927 | |||
Initial Cost to Company | ||||
Land | 2,609 | |||
Building | 7,776 | |||
Intangibles | 1,765 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 2,609 | |||
Building | 7,776 | |||
Intangibles | 1,765 | |||
Total | 12,150 | |||
Accumulated Depreciation and Amortization | $ (2,374) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Farmington, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 892 | |||
Initial Cost to Company | ||||
Land | 96 | |||
Building | 1,161 | |||
Intangibles | 150 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 96 | |||
Building | 1,161 | |||
Intangibles | 150 | |||
Total | 1,407 | |||
Accumulated Depreciation and Amortization | $ (304) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Grove, OK | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,613 | |||
Initial Cost to Company | ||||
Land | 402 | |||
Building | 4,364 | |||
Intangibles | 817 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 402 | |||
Building | 4,364 | |||
Intangibles | 817 | |||
Total | 5,583 | |||
Accumulated Depreciation and Amortization | $ (1,397) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Jenks, OK | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,770 | |||
Initial Cost to Company | ||||
Land | 2,617 | |||
Building | 8,694 | |||
Intangibles | 2,107 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 2,617 | |||
Building | 8,694 | |||
Intangibles | 2,107 | |||
Total | 13,418 | |||
Accumulated Depreciation and Amortization | $ (2,812) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Bloomington, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 814 | |||
Initial Cost to Company | ||||
Land | 173 | |||
Building | 984 | |||
Intangibles | 138 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 173 | |||
Building | 984 | |||
Intangibles | 138 | |||
Total | 1,295 | |||
Accumulated Depreciation and Amortization | $ (272) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Montrose, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 772 | |||
Initial Cost to Company | ||||
Land | 149 | |||
Building | 876 | |||
Intangibles | 169 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 149 | |||
Building | 876 | |||
Intangibles | 169 | |||
Total | 1,194 | |||
Accumulated Depreciation and Amortization | $ (343) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Lincoln County, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 736 | |||
Initial Cost to Company | ||||
Land | 149 | |||
Building | 800 | |||
Intangibles | 188 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 149 | |||
Building | 800 | |||
Intangibles | 188 | |||
Total | 1,137 | |||
Accumulated Depreciation and Amortization | $ (240) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Wilmington, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 899 | |||
Initial Cost to Company | ||||
Land | 161 | |||
Building | 1,078 | |||
Intangibles | 160 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 161 | |||
Building | 1,078 | |||
Intangibles | 160 | |||
Total | 1,399 | |||
Accumulated Depreciation and Amortization | $ (296) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Danville, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 736 | |||
Initial Cost to Company | ||||
Land | 158 | |||
Building | 870 | |||
Intangibles | 132 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 158 | |||
Building | 870 | |||
Intangibles | 132 | |||
Total | 1,160 | |||
Accumulated Depreciation and Amortization | $ (226) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Moultrie, GE | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 929 | |||
Initial Cost to Company | ||||
Land | 170 | |||
Building | 962 | |||
Intangibles | 173 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 170 | |||
Building | 962 | |||
Intangibles | 173 | |||
Total | 1,305 | |||
Accumulated Depreciation and Amortization | $ (366) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
Rose Hill, NC | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 999 | |||
Initial Cost to Company | ||||
Land | 245 | |||
Building | 972 | |||
Intangibles | 203 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 245 | |||
Building | 972 | |||
Intangibles | 203 | |||
Total | 1,420 | |||
Accumulated Depreciation and Amortization | $ (355) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
Rockingham, NC | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 820 | |||
Initial Cost to Company | ||||
Land | 73 | |||
Building | 922 | |||
Intangibles | 163 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 73 | |||
Building | 922 | |||
Intangibles | 163 | |||
Total | 1,158 | |||
Accumulated Depreciation and Amortization | $ (317) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
Biscoe, NC | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 859 | |||
Initial Cost to Company | ||||
Land | 147 | |||
Building | 905 | |||
Intangibles | 164 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 147 | |||
Building | 905 | |||
Intangibles | 164 | |||
Total | 1,216 | |||
Accumulated Depreciation and Amortization | $ (323) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
De Soto, IA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 703 | |||
Initial Cost to Company | ||||
Land | 139 | |||
Building | 796 | |||
Intangibles | 176 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 139 | |||
Building | 796 | |||
Intangibles | 176 | |||
Total | 1,111 | |||
Accumulated Depreciation and Amortization | $ (256) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Kerrville, TX | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 767 | |||
Initial Cost to Company | ||||
Land | 186 | |||
Building | 849 | |||
Intangibles | 200 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 186 | |||
Building | 849 | |||
Intangibles | 200 | |||
Total | 1,235 | |||
Accumulated Depreciation and Amortization | $ (319) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Floresville, TX | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 814 | |||
Initial Cost to Company | ||||
Land | 268 | |||
Building | 828 | |||
Intangibles | 216 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 268 | |||
Building | 828 | |||
Intangibles | 216 | |||
Total | 1,312 | |||
Accumulated Depreciation and Amortization | $ (323) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Minot, ND | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,693 | |||
Initial Cost to Company | ||||
Land | 1,856 | |||
Building | 4,472 | |||
Intangibles | 618 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,856 | |||
Building | 4,472 | |||
Intangibles | 618 | |||
Total | 6,946 | |||
Accumulated Depreciation and Amortization | $ (1,266) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Lebanon, MI | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 819 | |||
Initial Cost to Company | ||||
Land | 359 | |||
Building | 724 | |||
Intangibles | 178 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 359 | |||
Building | 724 | |||
Intangibles | 178 | |||
Total | 1,261 | |||
Accumulated Depreciation and Amortization | $ (226) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Effingham County, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 819 | |||
Initial Cost to Company | ||||
Land | 273 | |||
Building | 774 | |||
Intangibles | 205 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 273 | |||
Building | 774 | |||
Intangibles | 205 | |||
Total | 1,252 | |||
Accumulated Depreciation and Amortization | $ (262) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Ponce, Puerto Rico | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,513 | |||
Initial Cost to Company | ||||
Land | 1,365 | |||
Building | 6,662 | |||
Intangibles | 1,318 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,365 | |||
Building | 6,662 | |||
Intangibles | 1,318 | |||
Total | 9,345 | |||
Accumulated Depreciation and Amortization | $ (1,919) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Tremont, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 782 | |||
Initial Cost to Company | ||||
Land | 164 | |||
Building | 860 | |||
Intangibles | 168 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 164 | |||
Building | 860 | |||
Intangibles | 168 | |||
Total | 1,192 | |||
Accumulated Depreciation and Amortization | $ (278) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Pleasanton, TX | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 858 | |||
Initial Cost to Company | ||||
Land | 311 | |||
Building | 850 | |||
Intangibles | 216 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 311 | |||
Building | 850 | |||
Intangibles | 216 | |||
Total | 1,377 | |||
Accumulated Depreciation and Amortization | $ (323) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Peoria, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 847 | |||
Initial Cost to Company | ||||
Land | 180 | |||
Building | 934 | |||
Intangibles | 179 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 180 | |||
Building | 934 | |||
Intangibles | 179 | |||
Total | 1,293 | |||
Accumulated Depreciation and Amortization | $ (303) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Bridgeport, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 815 | |||
Initial Cost to Company | ||||
Land | 192 | |||
Building | 874 | |||
Intangibles | 175 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 192 | |||
Building | 874 | |||
Intangibles | 175 | |||
Total | 1,241 | |||
Accumulated Depreciation and Amortization | $ (282) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Warren, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 696 | |||
Initial Cost to Company | ||||
Land | 108 | |||
Building | 825 | |||
Intangibles | 157 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 108 | |||
Building | 825 | |||
Intangibles | 157 | |||
Total | 1,090 | |||
Accumulated Depreciation and Amortization | $ (323) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Canyon Lake, TX | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 900 | |||
Initial Cost to Company | ||||
Land | 291 | |||
Building | 932 | |||
Intangibles | 220 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 291 | |||
Building | 932 | |||
Intangibles | 220 | |||
Total | 1,443 | |||
Accumulated Depreciation and Amortization | $ (336) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Wheeler, TX | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 711 | |||
Initial Cost to Company | ||||
Land | 53 | |||
Building | 887 | |||
Intangibles | 188 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 53 | |||
Building | 887 | |||
Intangibles | 188 | |||
Total | 1,128 | |||
Accumulated Depreciation and Amortization | $ (319) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Aurora, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 624 | |||
Initial Cost to Company | ||||
Land | 126 | |||
Building | 709 | |||
Intangibles | 157 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 126 | |||
Building | 709 | |||
Intangibles | 157 | |||
Total | 992 | |||
Accumulated Depreciation and Amortization | $ (229) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Red Oak, IA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 780 | |||
Initial Cost to Company | ||||
Land | 190 | |||
Building | 839 | |||
Intangibles | 179 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 190 | |||
Building | 839 | |||
Intangibles | 179 | |||
Total | 1,208 | |||
Accumulated Depreciation and Amortization | $ (331) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Zapata, TX | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 747 | |||
Initial Cost to Company | ||||
Land | 62 | |||
Building | 998 | |||
Intangibles | 145 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 62 | |||
Building | 998 | |||
Intangibles | 145 | |||
Total | 1,205 | |||
Accumulated Depreciation and Amortization | $ (412) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
St. Francis, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 734 | |||
Initial Cost to Company | ||||
Land | 105 | |||
Building | 911 | |||
Intangibles | 163 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 105 | |||
Building | 911 | |||
Intangibles | 163 | |||
Total | 1,179 | |||
Accumulated Depreciation and Amortization | $ (400) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Yorktown, TX | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 786 | |||
Initial Cost to Company | ||||
Land | 97 | |||
Building | 1,005 | |||
Intangibles | 199 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 97 | |||
Building | 1,005 | |||
Intangibles | 199 | |||
Total | 1,301 | |||
Accumulated Depreciation and Amortization | $ (433) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Battle Lake, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 721 | |||
Initial Cost to Company | ||||
Land | 136 | |||
Building | 875 | |||
Intangibles | 157 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 136 | |||
Building | 875 | |||
Intangibles | 157 | |||
Total | 1,168 | |||
Accumulated Depreciation and Amortization | $ (417) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Paynesville, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 806 | |||
Initial Cost to Company | ||||
Land | 246 | |||
Building | 816 | |||
Intangibles | 192 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 246 | |||
Building | 816 | |||
Intangibles | 192 | |||
Total | 1,254 | |||
Accumulated Depreciation and Amortization | $ (346) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Wheaton, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 639 | |||
Initial Cost to Company | ||||
Land | 73 | |||
Building | 800 | |||
Intangibles | 97 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 73 | |||
Building | 800 | |||
Intangibles | 97 | |||
Total | 970 | |||
Accumulated Depreciation and Amortization | $ (293) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Rotterdam, NY | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,993 | |||
Initial Cost to Company | ||||
Land | 2,530 | |||
Building | 7,924 | |||
Intangibles | 2,165 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 2,530 | |||
Building | 7,924 | |||
Intangibles | 2,165 | |||
Total | 12,619 | |||
Accumulated Depreciation and Amortization | $ (5,605) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Hilliard, OH | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,496 | |||
Initial Cost to Company | ||||
Land | 654 | |||
Building | 4,870 | |||
Intangibles | 860 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 654 | |||
Building | 4,870 | |||
Intangibles | 860 | |||
Total | 6,384 | |||
Accumulated Depreciation and Amortization | $ (1,600) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 41 years | |||
Niles, OH | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,653 | |||
Initial Cost to Company | ||||
Land | 437 | |||
Building | 4,084 | |||
Intangibles | 680 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 437 | |||
Building | 4,084 | |||
Intangibles | 680 | |||
Total | 5,201 | |||
Accumulated Depreciation and Amortization | $ (1,332) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 41 years | |||
Youngstown, OH | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,798 | |||
Initial Cost to Company | ||||
Land | 380 | |||
Building | 4,363 | |||
Intangibles | 658 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 380 | |||
Building | 4,363 | |||
Intangibles | 658 | |||
Total | 5,401 | |||
Accumulated Depreciation and Amortization | $ (1,452) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Iberia, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 880 | |||
Initial Cost to Company | ||||
Land | 130 | |||
Building | 1,033 | |||
Intangibles | 165 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 130 | |||
Building | 1,033 | |||
Intangibles | 165 | |||
Total | 1,328 | |||
Accumulated Depreciation and Amortization | $ (386) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | |||
Pine Island, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 757 | |||
Initial Cost to Company | ||||
Land | 112 | |||
Building | 845 | |||
Intangibles | 185 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 112 | |||
Building | 845 | |||
Intangibles | 185 | |||
Total | 1,142 | |||
Accumulated Depreciation and Amortization | $ (372) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Isle, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 711 | |||
Initial Cost to Company | ||||
Land | 120 | |||
Building | 787 | |||
Intangibles | 171 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 120 | |||
Building | 787 | |||
Intangibles | 171 | |||
Total | 1,078 | |||
Accumulated Depreciation and Amortization | $ (359) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Jacksonville, NC | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,584 | |||
Initial Cost to Company | ||||
Land | 1,863 | |||
Building | 5,749 | |||
Intangibles | 1,020 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,863 | |||
Building | 5,749 | |||
Intangibles | 1,020 | |||
Total | 8,632 | |||
Accumulated Depreciation and Amortization | $ (2,038) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
Evansville, IN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,318 | |||
Initial Cost to Company | ||||
Land | 1,788 | |||
Building | 6,348 | |||
Intangibles | 864 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,788 | |||
Building | 6,348 | |||
Intangibles | 864 | |||
Total | 9,000 | |||
Accumulated Depreciation and Amortization | $ (2,372) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Woodland Park, CO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,770 | |||
Initial Cost to Company | ||||
Land | 668 | |||
Building | 2,681 | |||
Intangibles | 620 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 668 | |||
Building | 2,681 | |||
Intangibles | 620 | |||
Total | 3,969 | |||
Accumulated Depreciation and Amortization | $ (1,264) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Springfield, MO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,212 | |||
Initial Cost to Company | ||||
Land | 3,658 | |||
Building | 6,296 | |||
Intangibles | 1,870 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 3,658 | |||
Building | 6,296 | |||
Intangibles | 1,870 | |||
Total | 11,824 | |||
Accumulated Depreciation and Amortization | $ (2,836) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Cedar Rapids, IA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,713 | |||
Initial Cost to Company | ||||
Land | 1,569 | |||
Building | 7,553 | |||
Intangibles | 1,878 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,569 | |||
Building | 7,553 | |||
Intangibles | 1,878 | |||
Total | 11,000 | |||
Accumulated Depreciation and Amortization | $ (3,660) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Fairfield, IA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,503 | |||
Initial Cost to Company | ||||
Land | 1,132 | |||
Building | 7,779 | |||
Intangibles | 1,800 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,132 | |||
Building | 7,779 | |||
Intangibles | 1,800 | |||
Total | 10,711 | |||
Accumulated Depreciation and Amortization | $ (3,164) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Owatonna, MN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,997 | |||
Initial Cost to Company | ||||
Land | 1,398 | |||
Building | 7,125 | |||
Intangibles | 1,564 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,398 | |||
Building | 7,125 | |||
Intangibles | 1,564 | |||
Total | 10,087 | |||
Accumulated Depreciation and Amortization | $ (3,030) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 36 years | |||
Muscatine, IA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,018 | |||
Initial Cost to Company | ||||
Land | 1,060 | |||
Building | 6,636 | |||
Intangibles | 1,307 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,060 | |||
Building | 6,636 | |||
Intangibles | 1,307 | |||
Total | 9,003 | |||
Accumulated Depreciation and Amortization | $ (3,008) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Sheldon, IA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,018 | |||
Initial Cost to Company | ||||
Land | 633 | |||
Building | 3,053 | |||
Intangibles | 708 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 633 | |||
Building | 3,053 | |||
Intangibles | 708 | |||
Total | 4,394 | |||
Accumulated Depreciation and Amortization | $ (1,294) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Memphis, TN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,874 | |||
Initial Cost to Company | ||||
Land | 1,986 | |||
Building | 2,800 | |||
Intangibles | 803 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,986 | |||
Building | 2,800 | |||
Intangibles | 803 | |||
Total | 5,589 | |||
Accumulated Depreciation and Amortization | $ (2,406) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Bennett, CO | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,467 | |||
Initial Cost to Company | ||||
Land | 470 | |||
Building | 2,503 | |||
Intangibles | 563 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 470 | |||
Building | 2,503 | |||
Intangibles | 563 | |||
Total | 3,536 | |||
Accumulated Depreciation and Amortization | $ (1,208) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
O'Fallon, IL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,672 | |||
Initial Cost to Company | ||||
Land | 2,488 | |||
Building | 5,388 | |||
Intangibles | 1,064 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 2,488 | |||
Building | 5,388 | |||
Intangibles | 1,064 | |||
Total | 8,940 | |||
Accumulated Depreciation and Amortization | $ (4,479) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
El Centro, CA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,976 | |||
Initial Cost to Company | ||||
Land | 569 | |||
Building | 3,133 | |||
Intangibles | 575 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 569 | |||
Building | 3,133 | |||
Intangibles | 575 | |||
Total | 4,277 | |||
Accumulated Depreciation and Amortization | $ (1,153) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 50 years | |||
Durant, OK | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 594 | |||
Building | 3,900 | |||
Intangibles | 498 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 594 | |||
Building | 3,900 | |||
Intangibles | 498 | |||
Total | 4,992 | |||
Accumulated Depreciation and Amortization | $ (1,420) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Gallatin, TN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,725 | |||
Building | 2,616 | |||
Intangibles | 721 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,725 | |||
Building | 2,616 | |||
Intangibles | 721 | |||
Total | 5,062 | |||
Accumulated Depreciation and Amortization | $ (1,275) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Mt. Airy, NC | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 729 | |||
Building | 3,353 | |||
Intangibles | 621 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 729 | |||
Building | 3,353 | |||
Intangibles | 621 | |||
Total | 4,703 | |||
Accumulated Depreciation and Amortization | $ (1,422) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | |||
Aiken, SC | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,588 | |||
Building | 3,480 | |||
Intangibles | 858 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,588 | |||
Building | 3,480 | |||
Intangibles | 858 | |||
Total | 5,926 | |||
Accumulated Depreciation and Amortization | $ (1,552) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 41 years | |||
Johnson City, TN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 917 | |||
Building | 3,607 | |||
Intangibles | 739 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 917 | |||
Building | 3,607 | |||
Intangibles | 739 | |||
Total | 5,263 | |||
Accumulated Depreciation and Amortization | $ (1,564) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Palmview, TX | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 938 | |||
Building | 4,837 | |||
Intangibles | 1,044 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 938 | |||
Building | 4,837 | |||
Intangibles | 1,044 | |||
Total | 6,819 | |||
Accumulated Depreciation and Amortization | $ (1,791) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 44 years | |||
Ooltewah, TN | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 903 | |||
Building | 3,957 | |||
Intangibles | 843 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 903 | |||
Building | 3,957 | |||
Intangibles | 843 | |||
Total | 5,703 | |||
Accumulated Depreciation and Amortization | $ (1,673) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 41 years | |||
Abingdon, VA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 682 | |||
Building | 3,733 | |||
Intangibles | 666 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 682 | |||
Building | 3,733 | |||
Intangibles | 666 | |||
Total | 5,081 | |||
Accumulated Depreciation and Amortization | $ (1,594) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 41 years | |||
Vineland, NJ | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,482 | |||
Building | 17,742 | |||
Intangibles | 3,282 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,482 | |||
Building | 17,742 | |||
Intangibles | 3,282 | |||
Total | 22,506 | |||
Accumulated Depreciation and Amortization | $ (9,636) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Saratoga Springs, NY | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 748 | |||
Building | 13,936 | |||
Intangibles | 5,538 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 748 | |||
Building | 13,936 | |||
Intangibles | 5,538 | |||
Total | 20,222 | |||
Accumulated Depreciation and Amortization | $ (9,059) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Waldorf, MD | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 4,933 | |||
Building | 11,684 | |||
Intangibles | 2,882 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 4,933 | |||
Building | 11,684 | |||
Intangibles | 2,882 | |||
Total | 19,499 | |||
Accumulated Depreciation and Amortization | $ (7,548) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Mooresville, NC | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,615 | |||
Building | 12,462 | |||
Intangibles | 2,566 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 2,615 | |||
Building | 12,462 | |||
Intangibles | 2,566 | |||
Total | 17,643 | |||
Accumulated Depreciation and Amortization | $ (8,113) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
DeLeon Springs, FL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 239 | |||
Building | 782 | |||
Intangibles | 221 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 239 | |||
Building | 782 | |||
Intangibles | 221 | |||
Total | 1,242 | |||
Accumulated Depreciation and Amortization | $ (561) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Orange City, FL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 229 | |||
Building | 853 | |||
Intangibles | 235 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 229 | |||
Building | 853 | |||
Intangibles | 235 | |||
Total | 1,317 | |||
Accumulated Depreciation and Amortization | $ (580) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Satsuma, FL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 79 | |||
Building | 821 | |||
Intangibles | 192 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 79 | |||
Building | 821 | |||
Intangibles | 192 | |||
Total | 1,092 | |||
Accumulated Depreciation and Amortization | $ (557) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Greenwood, AR | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,038 | |||
Building | 3,415 | |||
Intangibles | 694 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,038 | |||
Building | 3,415 | |||
Intangibles | 694 | |||
Total | 5,147 | |||
Accumulated Depreciation and Amortization | $ (1,516) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 43 years | |||
Millbrook, AL | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 970 | |||
Building | 5,972 | |||
Intangibles | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 970 | |||
Building | 5,972 | |||
Intangibles | 0 | |||
Total | 6,942 | |||
Accumulated Depreciation and Amortization | $ (2,212) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Spartanburg, SC | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,327 | |||
Initial Cost to Company | ||||
Land | 828 | |||
Building | 2,567 | |||
Intangibles | 772 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 828 | |||
Building | 2,567 | |||
Intangibles | 772 | |||
Total | 4,167 | |||
Accumulated Depreciation and Amortization | $ (1,467) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 42 years | |||
Tupelo, MS | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,506 | |||
Initial Cost to Company | ||||
Land | 1,120 | |||
Building | 3,070 | |||
Intangibles | 939 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,120 | |||
Building | 3,070 | |||
Intangibles | 939 | |||
Total | 5,129 | |||
Accumulated Depreciation and Amortization | $ (1,673) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 47 years | |||
Lilburn, GA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,090 | |||
Building | 3,673 | |||
Intangibles | 1,028 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,090 | |||
Building | 3,673 | |||
Intangibles | 1,028 | |||
Total | 5,791 | |||
Accumulated Depreciation and Amortization | $ (1,933) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 47 years | |||
Douglasville, GA | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,709 | |||
Initial Cost to Company | ||||
Land | 1,717 | |||
Building | 2,705 | |||
Intangibles | 987 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,717 | |||
Building | 2,705 | |||
Intangibles | 987 | |||
Total | 5,409 | |||
Accumulated Depreciation and Amortization | $ (1,537) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 48 years | |||
Elkton, MD | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,351 | |||
Initial Cost to Company | ||||
Land | 963 | |||
Building | 3,049 | |||
Intangibles | 860 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 963 | |||
Building | 3,049 | |||
Intangibles | 860 | |||
Total | 4,872 | |||
Accumulated Depreciation and Amortization | $ (1,629) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 49 years | |||
Lexington, SC | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,101 | |||
Initial Cost to Company | ||||
Land | 1,644 | |||
Building | 2,219 | |||
Intangibles | 869 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,644 | |||
Building | 2,219 | |||
Intangibles | 869 | |||
Total | 4,732 | |||
Accumulated Depreciation and Amortization | $ (1,377) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 48 years | |||
New York, NY | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 8,896 | |||
Building | 13,750 | |||
Intangibles | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 8,896 | |||
Building | 13,751 | |||
Intangibles | 0 | |||
Total | 22,647 | |||
Accumulated Depreciation and Amortization | $ 0 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
New York, NY | Multifamily | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 15,824 | |||
Building | 13,512 | |||
Intangibles | 1,135 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 15,824 | |||
Building | 13,628 | |||
Intangibles | 1,019 | |||
Total | 30,471 | |||
Accumulated Depreciation and Amortization | $ (409) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
New York, NY | Shopping Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,041 | |||
Building | 3,632 | |||
Intangibles | 1,033 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 2,041 | |||
Building | 4,269 | |||
Intangibles | 1,033 | |||
Total | 7,343 | |||
Accumulated Depreciation and Amortization | $ (2,319) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Pittsburgh, PA | Multifamily | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 7,141 | |||
Building | 26,222 | |||
Intangibles | 1,116 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 7,141 | |||
Building | 26,227 | |||
Intangibles | 1,122 | |||
Total | 34,490 | |||
Accumulated Depreciation and Amortization | $ (428) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Houston, TX | Office | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 826 | |||
Building | 6,322 | |||
Intangibles | 2,380 | |||
Costs Capitalized Subsequent to Acquisition | 2,106 | |||
Land | 826 | |||
Building | 8,430 | |||
Intangibles | 2,380 | |||
Total | 11,636 | |||
Accumulated Depreciation and Amortization | $ (1,416) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
New York, New York | Retail | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,434 | |||
Building | 5,482 | |||
Intangibles | 0 | |||
Costs Capitalized Subsequent to Acquisition | 33 | |||
Land | 2,434 | |||
Building | 5,515 | |||
Intangibles | 0 | |||
Total | 7,949 | |||
Accumulated Depreciation and Amortization | $ (373) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Schaumburg, IL | Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 8,029 | |||
Building | 29,971 | |||
Intangibles | 0 | |||
Costs Capitalized Subsequent to Acquisition | 718 | |||
Land | 8,029 | |||
Building | 30,689 | |||
Intangibles | 0 | |||
Total | 38,718 | |||
Accumulated Depreciation and Amortization | $ (5,824) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Omaha, NE | Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,963 | |||
Building | 15,237 | |||
Intangibles | 0 | |||
Costs Capitalized Subsequent to Acquisition | 1,228 | |||
Land | 2,963 | |||
Building | 16,465 | |||
Intangibles | 0 | |||
Total | 19,428 | |||
Accumulated Depreciation and Amortization | $ (3,897) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Isla Vista, CA | Apartments | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 88,854 | |||
Initial Cost to Company | ||||
Land | 36,274 | |||
Building | 47,694 | |||
Intangibles | 1,118 | |||
Costs Capitalized Subsequent to Acquisition | 2,142 | |||
Land | 36,274 | |||
Building | 49,837 | |||
Intangibles | 1,118 | |||
Total | 87,229 | |||
Accumulated Depreciation and Amortization | $ (8,520) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 42 years | |||
Crum Lynne, PA | Office | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,013 | |||
Initial Cost to Company | ||||
Land | 1,403 | |||
Building | 7,518 | |||
Intangibles | 1,666 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,403 | |||
Building | 7,518 | |||
Intangibles | 1,666 | |||
Total | 10,587 | |||
Accumulated Depreciation and Amortization | $ (1,903) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Peoria, IL | Office | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 940 | |||
Building | 439 | |||
Intangibles | 1,508 | |||
Costs Capitalized Subsequent to Acquisition | 1,020 | |||
Land | 1,174 | |||
Building | 1,460 | |||
Intangibles | 1,508 | |||
Total | 4,142 | |||
Accumulated Depreciation and Amortization | $ (1,398) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Oakland County, MI | Office | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 17,401 | |||
Initial Cost to Company | ||||
Land | 1,147 | |||
Building | 7,707 | |||
Intangibles | 9,932 | |||
Costs Capitalized Subsequent to Acquisition | 10,887 | |||
Land | 1,144 | |||
Building | 18,587 | |||
Intangibles | 9,928 | |||
Total | 29,659 | |||
Accumulated Depreciation and Amortization | $ (20,768) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years |
Schedule III-Real Estate and _3
Schedule III-Real Estate and Accumulated Depreciation Real Estate - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Beginning Balance | $ 899,144 | $ 1,127,495 | $ 1,216,229 |
Acquisitions | 0 | 20,452 | |
Acquisitions through foreclosures | 87,598 | 24,965 | 81,750 |
Improvements | 4,374 | 6,949 | 4,871 |
Dispositions and write-offs | (43,890) | (260,265) | (195,807) |
Impairments | 0 | ||
Ending Balance | $ 947,226 | $ 899,144 | $ 1,127,495 |
Schedule III-Real Estate and _4
Schedule III-Real Estate and Accumulated Depreciation Real Estate - Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Beginning Balance | $ 199,008 | $ 236,622 | $ 230,925 |
Depreciation and amortization expense | 29,791 | 32,937 | 38,069 |
Dispositions/write-offs | (8,015) | (70,551) | (32,372) |
Ending Balance | $ 220,784 | $ 199,008 | $ 236,622 |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Fixed rate | 9.61% | 8.82% | |
Prior Liens | $ 296,201 | ||
Face amount of Mortgages | 3,195,576 | ||
Carrying Amount of Mortgages | 3,138,792 | $ 3,892,382 | $ 3,521,985 |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 14,541 | ||
Total carrying amount of mortgages | 3,181,957 | ||
Provision for loan losses | (43,165) | ||
Principal balance of loans on non-accrual status | 14,500 | ||
Aggregate cost for U.S. federal tax income purposes | 3,200,000 | ||
Mortgage loans held for sale | 3,138,792 | 3,892,382 | 3,521,985 |
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable, beginning balance | 3,892,382 | 3,521,985 | 2,343,070 |
Beginning balance, Allowance for credit losses | (20,755) | (31,752) | (41,507) |
Origination of mortgage loan receivables | 68,415 | 1,296,083 | 2,530,247 |
Repayment of mortgage loan receivables | (726,710) | (901,150) | (1,059,979) |
Proceeds from sales of mortgage loan receivables | (29,151) | (305,649) | |
Non-cash disposition of loan via foreclosure | (91,408) | (10,235) | (81,289) |
Realized gain on sale of mortgage loan receivables | (523) | (2,511) | 8,398 |
Accretion/amortization of discount, premium and other fees | 19,046 | 20,759 | 13,832 |
Charge-offs | 2,700 | ||
Charge-offs | 2,700 | 14,395 | 0 |
Release of provision for current expected credit loss, net | (25,096) | (3,711) | 8,713 |
Release of provision for current expected credit loss, net | 1,150 | ||
Release of provision for current expected credit loss, net | (25,110) | (3,398) | 8,605 |
Mortgage loans receivable, ending balance | 3,138,792 | 3,892,382 | 3,521,985 |
Ending balance, Allowance for credit losses | (43,165) | (20,755) | (31,752) |
Mortgage loan receivables held for sale | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Carrying Amount of Mortgages | 26,900 | ||
Mortgage loans held for sale | 26,900 | ||
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable, ending balance | 26,900 | ||
Total mortgage loan receivables held for investment, net, at amortized cost | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Carrying Amount of Mortgages | 3,155,089 | 3,885,746 | 3,553,737 |
Mortgage loans held for sale | 3,155,089 | 3,885,746 | 3,553,737 |
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable, beginning balance | 3,885,746 | 3,553,737 | 2,354,059 |
Beginning balance, Allowance for credit losses | (20,755) | (31,752) | (41,507) |
Origination of mortgage loan receivables | 68,415 | 1,234,765 | 2,309,888 |
Repayment of mortgage loan receivables | (726,710) | (901,082) | (1,059,796) |
Proceeds from sales of mortgage loan receivables | 0 | (46,557) | |
Non-cash disposition of loan via foreclosure | (91,408) | (10,235) | (81,289) |
Realized gain on sale of mortgage loan receivables | 0 | 2,197 | |
Accretion/amortization of discount, premium and other fees | 19,046 | 20,759 | 13,832 |
Charge-offs | 0 | (14,395) | |
Charge-offs | 2,700 | 14,395 | |
Release of provision for current expected credit loss, net | (25,110) | (3,398) | 8,605 |
Release of provision for current expected credit loss, net | 1,150 | ||
Release of provision for current expected credit loss, net | 8,605 | ||
Mortgage loans receivable, ending balance | 3,155,089 | 3,885,746 | 3,553,737 |
Ending balance, Allowance for credit losses | $ (43,165) | $ (20,755) | (31,752) |
Mortgage loan receivables held for sale | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Fixed rate | 4.57% | 4.57% | |
Carrying Amount of Mortgages | $ 26,868 | $ 27,391 | 0 |
Mortgage loans held for sale | 26,868 | 27,391 | 0 |
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable, beginning balance | 27,391 | 0 | 30,518 |
Origination of mortgage loan receivables | 0 | 61,318 | 220,359 |
Repayment of mortgage loan receivables | 0 | (68) | (183) |
Proceeds from sales of mortgage loan receivables | (29,151) | (259,092) | |
Realized gain on sale of mortgage loan receivables | (523) | (4,708) | 8,398 |
Accretion/amortization of discount, premium and other fees | 0 | 0 | |
Charge-offs | 0 | 0 | |
Mortgage loans receivable, ending balance | 26,868 | $ 27,391 | $ 0 |
First mortgage loan | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Prior Liens | 0 | ||
Face amount of Mortgages | 3,163,153 | ||
Carrying Amount of Mortgages | 3,149,576 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 14,541 | ||
Mortgage loans held for sale | 3,149,576 | ||
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable, ending balance | 3,149,576 | ||
Second Mortgage | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Prior Liens | 296,201 | ||
Face amount of Mortgages | 32,423 | ||
Carrying Amount of Mortgages | 32,381 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 0 | ||
Mortgage loans held for sale | 32,381 | ||
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable, ending balance | $ 32,381 | ||
Office | First Mortgages individually greater than 3% | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Fixed rate | 9.19% | ||
Prior Liens | $ 0 | ||
Face amount of Mortgages | 110,800 | ||
Carrying Amount of Mortgages | 110,551 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 0 | ||
Mortgage loans held for sale | 110,551 | ||
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable, ending balance | $ 110,551 | ||
Office | First Mortgages individually greater than 3% | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Fixed rate | 8.99% | ||
Prior Liens | $ 0 | ||
Face amount of Mortgages | 224,175 | ||
Carrying Amount of Mortgages | 223,676 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 0 | ||
Mortgage loans held for sale | 223,676 | ||
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable, ending balance | $ 223,676 | ||
Industrial | First Mortgages individually greater than 3% | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Fixed rate | 8.49% | ||
Prior Liens | $ 0 | ||
Face amount of Mortgages | 114,331 | ||
Carrying Amount of Mortgages | 114,330 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 0 | ||
Mortgage loans held for sale | 114,330 | ||
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable, ending balance | $ 114,330 | ||
Mixed | First Mortgages individually greater than 3% | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Fixed rate | 9.46% | ||
Prior Liens | $ 0 | ||
Face amount of Mortgages | 145,840 | ||
Carrying Amount of Mortgages | 144,752 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 0 | ||
Mortgage loans held for sale | 144,752 | ||
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable, ending balance | 144,752 | ||
Multi-Family, Office, Mixed, Industrial, Retail, Mobile Home Park, Hotel, Land | First Mortgages individually less than 3% | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Prior Liens | 0 | ||
Face amount of Mortgages | 2,568,007 | ||
Carrying Amount of Mortgages | 2,556,267 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 14,541 | ||
Mortgage loans held for sale | 2,556,267 | ||
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable, ending balance | $ 2,556,267 | ||
Multi-Family, Office, Mixed, Industrial, Retail, Mobile Home Park, Hotel, Land | Minimum | First Mortgages individually less than 3% | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Fixed rate | 4.25% | ||
Multi-Family, Office, Mixed, Industrial, Retail, Mobile Home Park, Hotel, Land | Maximum | First Mortgages individually less than 3% | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Fixed rate | 13.74% | ||
Retail, Office, Hotel | Subordinated Mortgages individually less than 3% | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Prior Liens | $ 296,201 | ||
Face amount of Mortgages | 32,423 | ||
Carrying Amount of Mortgages | 32,381 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 0 | ||
Mortgage loans held for sale | 32,381 | ||
Mortgage loan receivables held for investment, net, at amortized cost: | |||
Mortgage loans receivable, ending balance | $ 32,381 | ||
Retail, Office, Hotel | Minimum | Subordinated Mortgages individually less than 3% | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Fixed rate | 10% | ||
Retail, Office, Hotel | Maximum | Subordinated Mortgages individually less than 3% | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Fixed rate | 12% |