Ladder Capital (LADR) 10-K 12 Feb 24 2023 FY Annual report Financial data

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%