Ladder Capital (LADR) 10-Q 26 Jul 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 19, 2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-36299
Entity Registrant Name	Ladder Capital Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0925494
Entity Address, Address Line One	320 Park Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	715-3170
Title of 12(b) Security	Class A common stock, $0.001 par value
Trading Symbol	LADR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001577670
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Common Stock, Shares Outstanding		127,866,107
Class B Common Stock
Entity Common Stock, Shares Outstanding		0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	[1]	$ 1,195,559	$ 1,015,678
Restricted cash	[1]	11,921	15,450
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable	[1]	2,539,323	3,155,089
Allowance for credit losses	[1]	(54,107)	(43,165)
Mortgage loan receivables held for sale	[1]	26,414	26,868
Securities	[1]	481,109	485,533
Real estate and related lease intangibles, net	[1]	707,083	726,442
Real estate held for sale	[1]	11,455	0
Investments in and advances to unconsolidated ventures	[1]	20,005	6,877
Derivative instruments	[1]	757	1,454
Accrued interest receivable	[1]	20,946	24,233
Other assets	[1]	87,722	98,218
Total assets	[1]	5,048,187	5,512,677
Liabilities
Debt obligations, net	[1]	3,378,099	3,783,946
Dividends payable	[1]	31,206	32,294
Accrued expenses	[1]	48,652	65,144
Other liabilities	[1]	61,735	99,095
Total liabilities	[1]	3,519,692	3,980,479
Commitments and contingencies	[1]	0	0
Equity
Additional paid-in capital	[1]	1,770,275	1,756,750
Treasury stock, 2,016,912 and 1,115,789 shares, at cost	[1]	(21,852)	(12,001)
Retained earnings (dividends in excess of earnings)	[1]	(207,728)	(197,875)
Accumulated other comprehensive income (loss)	[1]	(10,752)	(13,853)
Total shareholders’ equity	[1]	1,530,071	1,533,148
Noncontrolling interests in consolidated ventures	[1]	(1,576)	(950)
Total equity	[1]	1,528,495	1,532,198
Total liabilities and equity	[1]	5,048,187	5,512,677
Class A Common Stock
Equity
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 129,883,019 and 128,027,478 shares issued and 127,866,107 and 126,911,689 shares outstanding as of June 30, 2024 and December 31, 2023, respectively.	[1]	$ 128	$ 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	Jun. 30, 2024	Dec. 31, 2023
Treasury stock (in shares)	2,016,912	1,115,789
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)	129,883,019	128,027,478
Common stock, outstanding (in shares)	127,866,107	126,911,689

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net interest income
Interest income	$ 88,516	$ 101,829	$ 184,428	$ 205,625
Interest expense	54,199	61,342	112,971	122,092
Net interest income (expense)	34,317	40,487	71,457	83,533
Provision for (release of) loan loss reserves, net	5,055	6,881	10,823	11,617
Net interest income (expense) after provision for (release of) loan loss reserves	29,262	33,606	60,634	71,916
Other income (loss)
Real estate operating income	26,133	25,887	50,019	49,086
Net result from mortgage loan receivables held for sale	(541)	(296)	(454)	(490)
Gain (loss) on real estate, net	12,543	0	12,543	0
Fee and other income	3,638	3,240	7,338	4,881
Net result from derivative transactions	617	4,149	4,637	1,907
Earnings (loss) from investment in unconsolidated ventures	18	217	3	434
Gain on extinguishment of debt	0	462	177	9,679
Total other income (loss)	42,408	33,659	74,263	65,497
Costs and expenses
Compensation and employee benefits	13,721	14,242	34,510	36,326
Operating expenses	5,178	4,987	9,822	10,243
Real estate operating expenses	11,034	9,766	20,180	19,615
Investment related expenses	2,288	2,661	4,281	4,181
Depreciation and amortization	8,413	7,471	16,715	15,000
Total costs and expenses	40,634	39,127	85,508	85,365
Income (loss) before taxes	31,036	28,138	49,389	52,048
Income tax expense (benefit)	(1,089)	46	836	1,767
Net income (loss)	32,125	28,092	48,553	50,281
Net (income) loss attributable to noncontrolling interests in consolidated ventures	$ 224	$ 71	$ 403	$ 288
Earnings per share:
Basic (in dollars per share)	$ 0.26	$ 0.23	$ 0.39	$ 0.41
Diluted (in dollars per share)	$ 0.26	$ 0.23	$ 0.39	$ 0.41
Weighted average shares outstanding:
Basic (in shares)	125,730,765	124,731,195	125,523,265	124,612,821
Diluted (in shares)	125,839,500	124,827,596	125,679,937	124,742,506
Class A Common Stock
Costs and expenses
Net income (loss) attributable to Class A common shareholders	$ 32,349	$ 28,163	$ 48,956	$ 50,569
Earnings per share:
Basic (in dollars per share)	$ 0.26	$ 0.23	$ 0.39	$ 0.41
Diluted (in dollars per share)	$ 0.26	$ 0.23	$ 0.39	$ 0.41
Weighted average shares outstanding:
Basic (in shares)	125,730,765	124,731,195	125,523,265
Diluted (in shares)	125,839,500	124,827,596	125,679,937	124,742,506

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income (loss)	$ 32,125	$ 28,092	$ 48,553	$ 50,281
Gain (loss) on available for sale securities, net of tax:
Unrealized gain (loss) on securities, available for sale	(930)	1,008	3,124	4,181
Reclassification adjustment for (gain) loss included in net income (loss)	(2)	(8)	(23)	304
Total other comprehensive income (loss)	(932)	1,000	3,101	4,485
Comprehensive income (loss)	31,193	29,092	51,654	54,766
Comprehensive (income) loss attributable to noncontrolling interest in consolidated ventures	224	71	403	288
Class A Common Stock
Gain (loss) on available for sale securities, net of tax:
Comprehensive income (loss) attributable to Class A common shareholders	$ 31,417	$ 29,163	$ 52,057	$ 55,054

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	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, 2022				126,502,000
Beginning Balance at Dec. 31, 2022	$ 1,533,561			$ 127	$ 1,826,833	$ (95,600)	$ (177,005)	$ (21,009)	$ 215
Increase Decrease in Stockholders' Equity
Distributions	(526)								(526)
Amortization of equity based compensation	12,170				12,170
Grants of restricted stock (in shares)				988,000
Grants of restricted stock	0			$ 1		(1)
Purchase of treasury stock (in shares)				(250,000)
Purchase of treasury stock	(2,285)					(2,285)
Re-issuance of treasury stock (in shares)				430,000
Re-issuance of treasury stock	0
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	(7,853)			$ (1)		(7,852)
Forfeitures (in shares)				(49,000)
Dividends declared	(58,333)						(58,333)
Net income (loss)	50,281						50,569		(288)
Other comprehensive income (loss)	4,485							4,485
Ending Balance (in shares) at Jun. 30, 2023				126,932,000
Ending Balance at Jun. 30, 2023	1,531,500			$ 127	1,839,003	(105,738)	(184,769)	(16,524)	(599)
Beginning Balance (in shares) at Mar. 31, 2023				126,948,000
Beginning Balance at Mar. 31, 2023	1,528,554			$ 127	1,835,957	(105,738)	(183,755)	(17,524)	(513)
Increase Decrease in Stockholders' Equity
Distributions	(15)								(15)
Amortization of equity based compensation	3,046				3,046
Forfeitures (in shares)				(16,000)
Dividends declared	(29,177)						(29,177)
Net income (loss)	28,092						28,163		(71)
Other comprehensive income (loss)	1,000							1,000
Ending Balance (in shares) at Jun. 30, 2023				126,932,000
Ending Balance at Jun. 30, 2023	1,531,500			$ 127	1,839,003	(105,738)	(184,769)	(16,524)	(599)
Beginning Balance (in shares) at Dec. 31, 2023			126,911,689	126,912,000
Beginning Balance at Dec. 31, 2023	1,532,198	[1]		$ 127	1,756,750	(12,001)	(197,875)	(13,853)	(950)
Increase Decrease in Stockholders' Equity
Distributions	(223)								(223)
Amortization of equity based compensation	13,415				13,415
Grants of restricted stock (in shares)				1,856,000
Grants of restricted stock	2			$ 2
Purchase of treasury stock (in shares)				(80,000)
Purchase of treasury stock	(858)					(858)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)				(811,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(8,884)			$ (1)		(8,883)
Forfeitures (in shares)				(11,000)
Forfeitures	0				110	(110)
Dividends declared	(58,809)						(58,809)
Net income (loss)	48,553						48,956		(403)
Other comprehensive income (loss)	3,101							3,101
Ending Balance (in shares) at Jun. 30, 2024			127,866,107	127,866,000
Ending Balance at Jun. 30, 2024	1,528,495	[1]		$ 128	1,770,275	(21,852)	(207,728)	(10,752)	(1,576)
Beginning Balance (in shares) at Mar. 31, 2024				127,888,000
Beginning Balance at Mar. 31, 2024	1,523,886			$ 128	1,767,129	(21,611)	(210,611)	(9,820)	(1,329)
Increase Decrease in Stockholders' Equity
Distributions	(23)								(23)
Amortization of equity based compensation	3,117				3,117
Purchase of treasury stock (in shares)				(20,000)
Purchase of treasury stock	(212)					(212)
Forfeitures (in shares)				(3,000)
Forfeitures	0				29	(29)
Dividends declared	(29,466)						(29,466)
Net income (loss)	32,125						32,349		(224)
Other comprehensive income (loss)	(932)							(932)
Ending Balance (in shares) at Jun. 30, 2024			127,866,107	127,866,000
Ending Balance at Jun. 30, 2024	$ 1,528,495	[1]		$ 128	$ 1,770,275	$ (21,852)	$ (207,728)	$ (10,752)	$ (1,576)
[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 ($)	6 Months Ended
	Jun. 30, 2024		Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 48,553,000		$ 50,281,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment of debt	(177,000)		(9,679,000)
Depreciation and amortization	16,715,000		15,000,000
Non-cash operating lease expense	254,000		1,076,000
Unrealized (gain) loss on derivative instruments	697,000		(9,000)
Provision for (release of) loan loss reserves	10,823,000		11,617,000
Amortization of equity based compensation	13,415,000		12,170,000
Amortization of deferred financing costs included in interest expense	5,719,000		6,562,000
Amortization of premium/discount on mortgage loan financing included in interest expense	(340,000)		(300,000)
Amortization of above- and below-market lease intangibles	(862,000)		(907,000)
(Accretion)/amortization of discount, premium and other fees on loans	(7,891,000)		(11,819,000)
(Accretion)/amortization of discount and premium on securities	(459,000)		(707,000)
Net result from mortgage loan receivables held for sale	454,000		490,000
Realized (gain) loss on securities	(75,000)		299,000
(Gain) loss on real estate, net	(12,543,000)		0
Realized (gain) loss on sale of derivative instruments	0		269,000
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received	(3,000)		(334,000)
Change in deferred tax asset (liability)	1,344,000		940,000
Changes in operating assets and liabilities:
Accrued interest receivable	3,287,000		1,292,000
Other assets	(298,000)		553,000
Accrued expenses and other liabilities	(53,582,000)		(32,705,000)
Net cash provided by (used in) operating activities	25,031,000		44,089,000
Cash flows from investing activities:
Origination and funding of mortgage loan receivables held for investment	(69,583,000)		(44,216,000)
Repayment of mortgage loan receivables held for investment	611,348,000		433,705,000
Purchases of securities	(152,312,000)		(17,920,000)
Repayment of securities	147,868,000		135,338,000
Basis recovery of interest-only securities	1,713,000		1,990,000
Proceeds from sales of securities	10,581,000		14,231,000
Capital improvements of real estate	(1,831,000)		(1,496,000)
Proceeds from sale of real estate	46,886,000		0
Capital contributions and advances to investment in unconsolidated joint ventures	(13,125,000)		0
Proceeds from FHLB stock	5,175,000		1,710,000
Purchase of derivative instruments	0		(75,000)
Net cash provided by (used in) investing activities	586,720,000		523,267,000
Cash flows from financing activities:
Deferred financing costs paid	(1,794,000)		(1,655,000)
Proceeds from borrowings under debt obligations	141,653,000		738,206,000
Repayment and repurchase of borrowings under debt obligations	(550,208,000)		(1,019,868,000)
Cash dividends paid to Class A common shareholders	(59,899,000)		(59,044,000)
Capital distributed to noncontrolling interests in consolidated ventures	(223,000)		(526,000)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(8,884,000)		(7,852,000)
Purchase of treasury stock	(858,000)		(2,285,000)
Net cash provided by (used in) financing activities	(480,213,000)		(353,024,000)
Net increase (decrease) in cash, cash equivalents and restricted cash	131,538,000		214,332,000
Cash, cash equivalents and restricted cash at beginning of period	1,075,942,000		659,602,000
Cash, cash equivalents and restricted cash at end of period	1,207,480,000		873,934,000
Non-cash investing and financing activities:
Securities and derivatives sold, not settled	0		12,000
Repayments in transit of securities (other assets)	0		392,000
Repayment in transit of mortgage loans receivable held for investment (other assets)	47,112,000		25,761,000
Settlement of mortgage loan receivable held for investment by real estate, net	(42,646,000)		0
Real estate and real estate held for sale acquired in settlement of mortgage loan receivable held for investment, net	41,296,000		0
Dividends declared, not paid	31,206,000		31,289,000
Cash and cash equivalents	1,195,559,000	[1]	777,078,000
Restricted cash	11,921,000		96,856,000
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 1,207,480,000		$ 873,934,000
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, 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	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023, which are included in the Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The consolidated financial statements include the Company’s accounts and those of its subsidiaries that are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. Refer to Note 9, Consolidated Variable Interest Entities, for further information on the Company’s consolidated variable interest entities. The Company has investments in two unconsolidated ventures which, were determined to be VIEs. The Company determined that it was not the primary beneficiary of these VIEs because the Company is a passive investor in, and has no control of, these entities and therefore does not have a controlling financial interests in these VIEs. These investments are recorded on the consolidated balance sheets within investments in and advances to unconsolidated ventures. The Company’s maximum exposure to loss is limited to its investments in these VIEs. The Company has not provided financial support to these unconsolidated VIEs that it was not previously contractually required to provide. 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. In compliance with the CECL reporting requirements, the Company supplements its existing credit monitoring and management processes with additional processes to support the calculation of the CECL reserves. The Company engages a third-party service provider to provide market data and a credit loss model. The credit loss model is a forward-looking, econometric, commercial real estate (“CRE”) loss forecasting tool. It is comprised of a probability of default (“PD”) model and a loss given default (“LGD”) model that, layered together with the Company’s loan-level data, fair value of collateral, net operating income of collateral, selected forward-looking macroeconomic variables, and pool-level mean loss rates, produces life of loan expected losses (“EL”) at the loan and portfolio level. Where management has determined that the credit loss model does not fully capture certain external factors, including portfolio trends or loan-specific factors, a qualitative adjustment to the reserve is recorded. In addition, interest receivable on loans is not included in the Company’s CECL calculations as the Company performs timely write offs 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 that 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 generally will use the direct capitalization rate valuation methodology or the sales comparison approach to estimate the fair value of the collateral for loans and in certain cases will obtain external appraisals. 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 concessions 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, recovery of principal and coupon interest is doubtful. Interest income on non-accrual loans in which the Company reasonably expects a 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. A loan will be written off when management has determined principal and coupon interest is no longer realizable and deemed non-recoverable. 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. The Company recognizes gains on sale of loans net of any costs related to that sale. Debt Issued From time to time, a subsidiary of the Company will originate a loan (each, an “inter-segment loan,” and collectively, “inter-segment 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 inter-segment 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 inter-segment loan—a financial instrument that has never been recognized in the consolidated financial statements as an asset—is considered a financing transaction under ASC 470, and ASC 835. The periodic securitization of the Company’s mortgage loans involves both inter-segment loans and mortgage loans made to third parties with the latter recognized as financial assets in the Company’s consolidated financial statements as part of an integrated transaction. The Company receives aggregate proceeds equal to the transaction’s all-in securitization value and sales price. In accordance with the guidance under ASC 835, when initially measuring the obligation arising from an inter-segment loan’s securitization, the Company allocates the proceeds from each securitization transaction between the third-party loans and each inter-segment loan so securitized on a relative fair value basis determined in accordance with the guidance in ASC 820. The difference between the amount allocated to each inter-segment loan and the loan’s face amount is recorded as a premium or discount, and is amortized, using the effective interest method, as a reduction or increase in reported interest expense, respectively. Reclassification The Company reclassified unrealized and realized gain (loss) on securities into fee and other income for the three and six months ended June 30, 2024. As such, the unrealized gain (loss) of $(95) thousand and $22 thousand and realized loss of $8 thousand and $(299) thousand for the three and six months ended June 30, 2023 were reclassified into fee and other income on the consolidated statements of income. Refer to Note 4, Securities for realized and unrealized gain/loss details. Certain other prior period amounts have been reclassified to conform to the current period's presentation. Recently Adopted Accounting Pronouncements None. 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 are not expected to have a material impact on the consolidated financial statements upon adoption.

MORTGAGE LOAN RECEIVABLES

MORTGAGE LOAN RECEIVABLES	6 Months Ended
	Jun. 30, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOAN RECEIVABLES	3. MORTGAGE LOAN RECEIVABLES June 30, 2024 ($ in thousands) Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 2,528,691 $ 2,523,011 9.46 % 0.6 Mezzanine loans 16,339 16,312 11.21 % 1.2 Total mortgage loans receivable 2,545,030 2,539,323 9.48 % 0.6 Allowance for credit losses N/A (54,107) Total mortgage loan receivables held for investment, net, at amortized cost 2,545,030 2,485,216 Mortgage loan receivables held for sale: First mortgage loans 31,350 26,414 (4) 4.57 % 7.7 Total $ 2,576,380 $ 2,511,630 (5) 9.42 % 0.7 (1) Includes the impact of interest rate floors. Term SOFR rates in effect as of June 30, 2024 are used to calculate weighted average yield for floating rate loans. (2) Excludes one non-accrual loan with an amortized cost basis of $60.8 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 1.5 years. (4) As a result of changes in prevailing rates, the Company recorded a reversal of lower of cost or market adjustment as of June 30, 2024. The adjustment was calculated using a 5.48% discount rate. (5) Net of $5.7 million of deferred origination fees and other items as of June 30, 2024. As of June 30, 2024, $2.3 billion, or 88.7%, of the outstanding face amount of the mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates linked to Term SOFR. Of this $2.3 billion, 100% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of June 30, 2024, $31.4 million, or 100%, of the outstanding face amount of the mortgage loan receivables held for sale were at fixed interest rates. December 31, 2023 ($ 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 — (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 from 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 with an amortized cost basis 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 rising 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 the mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates linked to Term SOFR. Of this $2.8 billion, 100.0% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2023, $31.4 million, or 100%, of the outstanding face amount of the mortgage loan receivables held for sale were at fixed interest rates. For the six months ended June 30, 2024 and 2023, loan portfolio activity was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2023 $ 3,155,089 $ (43,165) $ 26,868 Origination of mortgage loan receivables (1) 69,583 — — Repayment of mortgage loan receivables (2) (650,594) — — Proceeds from sales of mortgage loan receivables (3) — — — Non-cash disposition of loans via foreclosure (4) (42,646) — — Net result from mortgage loan receivables held for sale (5) — — (454) Accretion/amortization of discount, premium and other fees 7,891 — — Release (addition) of provision for current expected credit loss, net (6) — (10,942) — Balance, June 30, 2024 $ 2,539,323 $ (54,107) $ 26,414 (1) Includes funding of commitments on existing mortgage loans. (2) Includes $39.2 million of repayments in transit. (3) Excludes $69.4 million of proceeds received from the sale of conduit mortgage loans collateralized by net leased properties in the Company’s real estate segment to a third-party securitization trust. The mortgage loan receivables, which were originated during the current period, and the related obligation do not appear in the Company’s consolidated balance sheets as they are eliminated upon consolidation. Upon the sale of the mortgage loan receivable to a third-party securitization trust (for cash), the related mortgage note is recognized as a financing transaction. (4) Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosure of real estate. (5) Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale. (6) 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, 2022 $ 3,885,746 $ (20,755) $ 27,391 Origination of mortgage loan receivables (1) 44,216 — — Repayment of mortgage loan receivables (440,546) — — Net result from mortgage loan receivables held for sale (2) — — (490) Accretion/amortization of discount, premium and other fees 11,819 — — Release (addition) of provision for current expected credit loss, net (3) — (11,493) — Balance, June 30, 2023 $ 3,501,235 $ (32,248) $ 26,901 (1) Includes funding of commitments on existing mortgage loans. (2) Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale. (3) Refer to “Allowance for Credit Losses” table below for further detail. Allowance for Credit Losses and Non-Accrual Status ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, Allowance for Credit Losses 2024 2023 2024 2023 Allowance for credit losses at beginning of period $ 49,060 $ 25,499 $ 43,165 $ 20,755 Provision for (release of) current expected credit loss, net (1) 5,047 6,749 10,942 11,493 Allowance for credit losses at end of period $ 54,107 $ 32,248 $ 54,107 $ 32,248 (1) There were no asset-specific reserves recorded for the six months ended June 30, 2024 and 2023. Non-Accrual Status (1) June 30, 2024(2) December 31, 2023(3) Amortized cost basis of loans on non-accrual status $ 60,830 $ 14,541 (1) As of June 30, 2024 and December 31, 2023, the loans on non-accrual status were greater than 90 days past due and are considered collateral dependent. (2) Comprised of one multi-family loan with an amortized cost basis of $60.8 million, for which the Company determined no asset-specific reserve was necessary. (3) Comprised of one multi-family loan with an amortized cost basis of $14.5 million, for which the Company determined no asset-specific reserve was necessary. During the year ended December 31, 2023, the Company modified one first mortgage loan with an amortized cost basis of $56.0 million as of June 30, 2024, or 2.2% of the Company’s mortgage loan receivable portfolio. This modification resulted in an initial extension through June 2024, in exchange for terms that included a $2.5 million payment that reduced the amortized cost basis of the loan, with subsequent contractual extensions available with additional payments. The loan was extended in June 2024 through October 2024 in exchange for an additional $2.5 million payment. No principal or interest was forgiven, and Ladder also received a 15% non-controlling common equity interest in the property. The payment structure of the loan was modified to defer a portion of the contractual interest until maturity and the Company is accruing only the current pay component. As of June 30, 2024, the loan is current. For the three and six months ended June 30, 2024, the Company accrued $0.2 million and $0.4 million of interest income related to this loan, respectively. Current Expected Credit Loss (“CECL”) As of June 30, 2024, the Company has a $54.7 million allowance for current expected credit losses, of which $54.1 million pertains to mortgage loan receivables and $0.6 million relates to unfunded commitments included in other liabilities in the consolidated balance sheets. As of June 30, 2024, the Company concluded that none of its loans required an asset-specific reserve. As of December 31, 2023, the Company had a $43.9 million allowance for current expected credit losses, of which $43.2 million pertained to mortgage loan receivables and $0.7 million related 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. The total change in provision for loan loss reserves for the three and six months ended June 30, 2024 was an increase of the provision of $5.1 million and $10.8 million, respectively. The net increase for the three and six months ended June 30, 2024 represents an increase in the general reserve of loans held for investment of $5.0 million and $10.9 million, respectively, and an increase of $8 thousand and a decrease of $119 thousand related to unfunded loan commitments, respectively. The increase in provision associated with the general reserve during the three and six months ended June 30, 2024 is primarily due to adverse changes in macroeconomic market conditions affecting commercial real estate, partially offset by a decrease in the size of the Company’s balance sheet first mortgage loan portfolio as a result of repayments. The total change in provision for loan loss reserves for the three and six months ended June 30, 2023 was an increase of the provision of $6.9 million and $11.6 million, respectively. The net increase for the three and six months ended June 30, 2023 represents an increase in the general reserve of loans held for investment of $6.7 million and $11.5 million, respectively, and an increase related to unfunded commitments of $132 thousand and $124 thousand, respectively. The increase in provision associated with the general reserve during the three and six months ended June 30, 2023 was primarily due to adverse changes in macroeconomic market conditions affecting commercial real estate, partially offset by a decrease in the size of the Company’s balance sheet first mortgage loan portfolio as a result of repayments. Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The primary credit quality indicator is reviewed by management on a quarterly basis. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of June 30, 2024 and December 31, 2023, respectively ($ in thousands): Amortized Cost Basis by Origination Year as of June 30, 2024 Collateral Type 2024 2023 2022 2021 2020 and Earlier Total Multifamily $ 37,631 $ 14,549 $ 295,348 $ 495,871 $ — $ 843,399 Office — — 79,284 607,817 195,772 882,873 Mixed Use — — 177,340 232,591 — 409,931 Industrial 14,740 — — 6,979 118,787 140,506 Manufactured Housing — — — 79,198 4,706 83,904 Retail — — — 18,630 55,284 73,914 Hospitality — — 32,735 58,013 — 90,748 Other — — 14,048 — — 14,048 Subtotal mortgage loans receivable 52,371 14,549 598,755 1,499,099 374,549 2,539,323 Individually Impaired loans — — — — — — Total mortgage loans receivable (1) $ 52,371 $ 14,549 $ 598,755 $ 1,499,099 $ 374,549 $ 2,539,323 Amortized Cost Basis by Origination Year as of December 31, 2023 Collateral Type 2023 2022 2021 2020 2019 and Earlier Total (2) 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 (3) $ 14,461 $ 919,738 $ 1,784,006 $ — $ 436,884 $ 3,155,089 (1) Not included above is $19.0 million of accrued interest receivable on all loans at June 30, 2024. (2) 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. (3) Not included above is $22.4 million of accrued interest receivable

SECURITIES

SECURITIES	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, 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 June 30, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses (1) Carrying # of Rating (2) Coupon % Yield % Remaining CMBS $ 487,661 $ 486,829 $ 507 $ (11,455) $ 475,881 (3) 69 AAA 6.73 % 6.91 % 2.13 CMBS interest-only(4) 834,955 (4) 4,774 181 (20) 4,935 (5) 8 AAA 0.39 % 7.16 % 0.94 GNMA interest-only(6) 35,865 (4) 179 65 (57) 187 13 AAA 0.36 % 9.44 % 3.26 Agency securities 17 16 — — 16 1 AAA 4.00 % 2.74 % 0.82 Total debt securities $ 1,358,498 $ 491,798 $ 753 $ (11,532) $ 481,019 (7) 91 2.67 % 6.92 % 2.12 Equity securities N/A 160 — (50) 110 1 N/A N/A N/A N/A Allowance for current expected credit losses N/A — — (20) (20) Total securities $ 1,358,498 $ 491,958 $ 753 $ (11,602) $ 481,109 92 December 31, 2023 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Gains Losses (1) Carrying # of Rating (2) Coupon % Yield % Remaining CMBS $ 439,679 $ 439,052 $ 277 $ (14,439) $ 424,890 (3) 64 AAA 6.67 % 6.83 % 2.00 CMBS interest-only(4) 876,555 (4) 6,453 169 (53) 6,569 (5) 9 AAA 0.57 % 6.61 % 1.07 GNMA interest-only(6) 37,053 (4) 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 (7) 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 (1) 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. (2) 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. (3) As of June 30, 2024 and December 31, 2023, includes $8.9 million and $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. (4) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (5) As of June 30, 2024 and December 31, 2023, includes $0.3 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (6) GNMA interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s GNMA interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on securities in the consolidated statements of income. (7) The Company’s investments in debt securities represent an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date. The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at June 30, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 Asset Type Within 1 year 1-5 years 5-10 years Total CMBS $ 71,242 $ 394,661 $ 9,978 $ 475,881 CMBS interest-only 1,720 3,215 — 4,935 GNMA interest-only 76 15 96 187 Agency securities 16 — — 16 U.S. Treasury securities — — — — Total securities (1) $ 73,054 $ 397,891 $ 10,074 $ 481,019 (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, 2023 Asset Type Within 1 year 1-5 years 5-10 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. During the three and six months ended June 30, 2024, the Company sold $0.8 million and $1.8 million of equity securities, respectively. During the three and six months ended June 30, 2023 the Company did not sell any equity securities. The following summarizes the Company’s realized and unrealized gain (loss) on securities, included within “Fee and Other Income” on the Company’s consolidated statements of income for the three and six months ended June 30, 2024 and June 30, 2023 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Realized gain (loss) $ 22 $ 8 $ 75 $ (299) Unrealized gain (loss) (19) (95) (27) 22 Total realized and unrealized gain (loss) on securities $ 3 $ (87) $ 48 $ (277) United States Treasury Securities The Company invests in short-term and long-term U.S. Treasury securities. Short-term U.S. Treasury securities are classified as cash and cash equivalents on our consolidated balance sheets and long-term U.S. Treasury securities are classified as securities on the consolidated balance sheets. As of June 30, 2024, the Company held $1.2 billion of U.S. Treasury securities classified as cash and cash equivalents on the consolidated balance sheet.

REAL ESTATE AND RELATED LEASE I

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	5. REAL ESTATE AND RELATED LEASE INTANGIBLES, NET The Company’s real estate assets were comprised of the following ($ in thousands): June 30, 2024 December 31, 2023 Land $ 177,840 $ 183,194 Building 643,840 647,201 In-place leases and other intangibles 113,392 116,831 Undepreciated real estate and related lease intangibles 935,072 947,226 Less: Accumulated depreciation and amortization (227,989) (220,784) Real estate and related lease intangibles, net(1) $ 707,083 $ 726,442 Below market lease intangibles, net (other liabilities)(2) $ (27,512) $ (28,860) (1) There was unencumbered real estate of $174.5 million and $160.8 million as of June 30, 2024 and December 31, 2023, respectively. (2) Below market lease intangibles is net of $16.3 million and $15.8 million of accumulated amortization as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024, the Company held $11.5 million of undepreciated real estate and lease intangibles held for sale. The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Depreciation expense(1) $ 6,346 $ 6,144 $ 12,735 $ 12,344 Amortization expense 2,067 1,327 3,980 2,656 Total real estate depreciation and amortization expense $ 8,413 $ 7,471 $ 16,715 $ 15,000 (1) Depreciation expense on the consolidated statements of income also includes $0.1 million of depreciation on corporate fixed assets for the three months ended June 30, 2024 and June 30, 2023, and $0.2 million of depreciation on corporate fixed assets for the six months ended June 30, 2024 and June 30, 2023. The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to the intangible assets ($ in thousands): June 30, 2024 December 31, 2023 Gross intangible assets(1) $ 113,392 $ 116,831 Accumulated amortization 57,204 55,782 Net intangible assets $ 56,188 $ 61,049 (1) Includes $2.5 million and $2.8 million of unamortized above market lease intangibles, which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of June 30, 2024 and December 31, 2023. The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (95) $ (72) $ (192) $ (143) Increase in operating lease income for amortization of below market lease intangibles acquired 525 525 1,054 1,050 Total $ 430 $ 453 $ 862 $ 907 The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of June 30, 2024 ($ in thousands): Period Ending December 31, Increase/(Decrease) to Operating Lease Income Amortization Expense 2024 (last six months) $ 850 $ 3,589 2025 1,703 5,100 2026 1,717 4,276 2027 1,681 4,115 2028 1,607 3,924 Thereafter 17,432 33,697 Total $ 24,990 $ 54,701 Rent Receivables There were $3.1 million and $1.1 million of rent receivables included in other assets on the consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively. Operating Lease Income & Tenant Reimbursements The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at June 30, 2024 ($ in thousands): Period Ending December 31, Amount 2024 (last six months) $ 33,693 2025 59,229 2026 48,883 2027 46,897 2028 44,909 Thereafter 156,707 Total $ 390,318 Tenant reimbursements, which consist of real estate taxes and utilities paid by the Company, which were reimbursable by the Company’s tenants pursuant to the terms of the lease agreements, were $1.4 million and $3.3 million for the three and six months ended June 30, 2024, respectively and $1.0 million and $2.1 million for the three and six months ended June 30, 2023, respectively. Tenant reimbursements are included in operating lease income on the Company’s consolidated statements of income. Acquisitions The Company acquired the following properties during the six months ended June 30, 2024 ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) February 2024 (2) Multifamily Los Angeles, CA $ 14,110 100% April 2024 (3) Multifamily Longview, TX 6,080 100% April 2024 (4) Multifamily Amarillo, TX 9,651 100% June 2024 (5) Multifamily Los Angeles, CA 11,455 100% Total real estate acquisitions $ 41,296 (1) Properties were consolidated as of acquisition date. (2) In February 2024, the Company acquired a multifamily portfolio consisting of three properties in Los Angeles, CA 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 $14.1 million fair value was determined by using the sales comparison and income approach. 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. The portfolio was sold in June 2024. (3) In April 2024, the Company acquired a multifamily portfolio consisting of two properties in Longview, TX via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. There was a $0.4 million gain recognized in connection with the foreclosure of the loan. During June 2024, the Company sold the portfolio for $6.1 million. The fair value at foreclosure was based on the the sales price. (4) In April 2024, the Company acquired a multifamily property in Amarillo, TX via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The Company determined the fair value of $9.7 million by using the sales comparison approach utilizing a terminal capitalization rate of 8.3%. 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. (5) In June 2024, the Company acquired a multifamily portfolio consisting of three properties in Los Angeles, CA via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The $11.5 million fair value was determined by using the sales comparison approach. There was no gain or loss resulting from the foreclosure of the loan. The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the six months ended June 30, 2024, all acquisitions were determined to be asset acquisitions. There were no acquisitions during the six months ended June 30, 2023. Sales The Company sold the following properties during the six months ended June 30, 2024 ($ in thousands): Sales Date Type Primary Location(s) Sales Proceeds Net Book Value Realized Gain/(Loss) Properties May 2024 Office Peoria, IL $ 1,227 $ 2,320 $ (1,093) 1 June 2024 Multifamily Los Angeles, CA 14,834 13,911 923 3 June 2024 Retail Waldorf, MD 23,734 11,424 12,310 1 June 2024 Multifamily Longview, TX (1) 6,080 6,080 403 2 Totals $ 45,875 $ 33,735 $ 12,543 (1) The Company recognized a $0.4 million gain on foreclosure which is recognized in gain (loss) on real estate, net on the consolidated statements of income. There were no property sales during the six months ended June 30, 2023.

DEBT OBLIGATIONS, NET

DEBT OBLIGATIONS, NET	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT OBLIGATIONS, NET	6. DEBT OBLIGATIONS, NET The details of the Company’s debt obligations at June 30, 2024 and December 31, 2023 are as follows ($ in thousands): June 30, 2024 Debt Obligations Committed / Carrying Value of Debt Obligations Committed but Unfunded Interest Rate at June 30, 2024(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 500,000 $ 232,114 $ 267,886 7.07% — 7.47% 9/27/2025 (2) (3) $ 341,094 $ 341,094 Committed Loan Repurchase Facility 300,000 80,743 219,257 7.42% — 8.32% 12/19/2024 (4) (5) 111,680 111,680 Committed Loan Repurchase Facility 56,000 16,300 39,700 7.57% — 7.57% 4/30/2026 (6) (3) — — (7) Committed Loan Repurchase Facility 200,000 22,707 177,293 7.82% — 8.27% 10/3/2025 (8) (3) 31,232 31,367 Committed Loan Repurchase Facility 100,000 — 100,000 —% —% 1/22/2025 (9) (5) — — Total Committed Loan Repurchase Facilities 1,156,000 351,864 804,136 484,006 484,141 Uncommitted Securities Repurchase Facility N/A (10) 1,678 N/A (10) 6.53% — 7.48% 7/15/2024 N/A (11) 9,483 9,483 (12) Total Repurchase Facilities 1,156,000 353,542 804,136 493,489 493,624 Revolving Credit Facility 323,850 — 323,850 —% — —% 1/25/2025 (13) N/A (14) N/A (14) N/A (14) Mortgage Loan Financing 506,656 509,421 — 4.39% — 9.03% 2024-2034 (15) N/A (16) 500,141 683,584 (17) CLO Debt 952,220 951,716 (18) — 6.64% — 9.09% 2024-2026 (19) N/A (3) 1,183,650 1,183,650 Senior Unsecured Notes 1,573,614 1,563,420 (20) — 4.25% — 5.25% 2025-2029 N/A N/A (21) N/A (21) N/A (21) Total Debt Obligations, Net $ 4,512,340 $ 3,378,099 $ 1,127,986 $ 2,177,280 $ 2,360,858 (1) Interest rates on floating rate debt reflect the applicable index in effect as of June 30, 2024. (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. Eligible collateral 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. Eligible collateral 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 $20.4 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) One additional 12-month extension period at Company's option. No new advances permitted during the final 12-month period. (10) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (11) Commercial real estate securities. Eligible collateral does not include the first mortgage commercial real estate loans collateralizing such securities. (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) Four 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 the Company’s real estate investments serve as collateral for the Company’s mortgage loan financing. (17) Represents undepreciated carrying value of commercial real estate collateral. (18) Presented net of unamortized debt issuance costs of $0.5 million at June 30, 2024. (19) Represents the estimated maturity date based on the underlying loan maturities. (20) Presented net of unamortized debt issuance costs of $10.2 million at June 30, 2024. (21) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. December 31, 2023 Debt Obligations Committed / Carrying Value of Debt Obligations Committed but Unfunded Interest Rate at December 31, 2022(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 500,000 $ 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. Eligible collateral 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. Eligible collateral 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. Eligible collateral 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 the Company’s real estate investments serve as collateral for the Company’s 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. Committed Loan and Securities Repurchase Facilities The Company has entered into five committed master repurchase agreements, as outlined in the June 30, 2024 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 had a term master repurchase agreement with a major U.S. bank to finance CMBS totaling $100 million that was undrawn and matured during the three months ended June 30, 2024. The Company’s repurchase facilities include covenants covering net worth requirements, minimum liquidity levels, maximum leverage ratios, and minimum fixed charge coverage ratios. The Company was in compliance with all covenants as of June 30, 2024 and December 31, 2023. 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 June 30, 2024, the Company had total debt obligations of $353.5 million outstanding pursuant to repurchase agreements with four counterparties. None of the loan repurchase facilities are due within 90 days of June 30, 2024. As of June 30, 2024, no counterparties held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $152.8 million, or 10% of the Company’s total equity. As of June 30, 2024, the weighted average haircut, or the percent of collateral value in excess of the loan amount, under the Company’s repurchase agreements was 28%. There have been no significant fluctuations in haircuts across asset classes on the 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. As of June 30, 2024, the Company had no outstanding borrowings on the Revolving Credit Facility, and continues to maintain 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 the Company’s 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 its subsidiaries to pay certain amounts of money and certain events of bankruptcy or insolvency. Debt Issuance Costs As of June 30, 2024 and December 31, 2023, the amounts of unamortized costs relating to the Company’s master repurchase facilities and Revolving Credit Facility were $3.3 million and $4.0 million, respectively, 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. The uncommitted securities repurchase facility is due within 30 days of June 30, 2024. 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 $509.4 million and $437.8 million, net of unamortized premiums of $4.1 million and $1.8 million as of June 30, 2024 and December 31, 2023, respectively, representing proceeds received upon financing greater than the contractual amounts due under these agreements. The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method. The Company recorded $0.2 million and $0.3 million of premium amortization, which decreased interest expense for the three and six months ended June 30, 2024 and 2023, respectively. These non-recourse debt agreements provide for secured financing at rates ranging from 4.39% to 9.03%, and, as of June 30, 2024, have anticipated maturity dates between 2024 and 2034, with an average term of 3.8 years. The mortgage loans are collateralized by real estate and related lease intangibles, net, of $500.1 million and $474.7 million as of June 30, 2024 and December 31, 2023, respectively. During the six months ended June 30, 2024, the Company executed ten new term debt agreements to finance properties in its real estate portfolio with an aggregate outstanding debt balance of $68.9 million. During the six months ended June 30, 2023 the Company did not execute any new term debt agreements. Collateralized Loan Obligations (“CLO”) Debt As of June 30, 2024, the Company had $951.7 million 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 $0.5 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”) As of June 30, 2024, the Company had no debt outstanding with the FHLB. 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 FHLB. 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 the Company would obtain such approval if sought. Largely as a result of this restriction, approximately $859.7 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 June 30, 2024. To facilitate intercompany cash funding of operations and investments, Tuebor and its parent maintain regulator-approved intercompany borrowing/lending agreements. Senior Unsecured Notes As of June 30, 2024, 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 $633.9 million in aggregate principal of 4.75% senior notes due 2029 (the “2029 Notes”). Subsequent to quarter end, the Company issued $500 million in aggregate principal amount of 7.00% senior notes due 2031 (the “2031 Notes”, collectively with the 2025 Notes, the 2027 Notes and the 2029 Notes, the “Notes”). During the six months ended June 30, 2024, the Company repurchased $2.0 million of the 2029 Notes and recognized a net gain of $0.2 million on extinguishment of debt. LCFH issued the Notes with Ladder Capital Finance Corporation (“LCFC”), as co-issuers on a joint and several basis. LCFC is a 100% owned finance subsidiary of LCFH with no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Notes. The Company and certain subsidiaries of LCFH currently guarantee the obligations under the Notes and the indenture. The Company was in compliance with all covenants of the Notes as of June 30, 2024 and 2023. 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 the 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 $871.4 million of the total equity is restricted from payment as a dividend by the Company at June 30, 2024. The Company was in compliance with all covenants as of June 30, 2024. Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by 2024 (last six months) $ 202,362 2025 571,010 2026 100,149 2027 787,099 2028 24,317 Thereafter 748,874 Subtotal 2,433,811 Debt issuance costs included in senior unsecured notes (10,194) Debt issuance costs included in mortgage loan financings (1,330) Premiums included in mortgage loan financings (2) 4,095 Total (3) $ 2,426,382 (1) The allocation of repayments under the Company’s 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 conduit mortgage mortgage loans sold into securitizations, collateralized by net leased properties in the Company’s real estate segment. These premiums are amortized as a reduction to interest expense. (3)

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month Term SOFR $ 90,000 $ 278 $ — 0.13 Futures 10-year Treasury-Note Futures 17,100 479 — 0.25 Total futures 17,100 479 — Total derivatives $ 107,100 $ 757 $ — (1) Shown as derivative instruments in the accompanying consolidated balance sheets. 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. 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 three and six months ended June 30, 2024 and 2023 ($ in thousands): Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Contract Type Unrealized Realized Net Result Unrealized Realized Net Result Caps $ (383) $ 419 $ 36 $ (630) $ 837 $ 207 Futures 466 115 581 (65) 4,496 4,431 Options — — — — (1) (1) Total $ 83 $ 534 $ 617 $ (695) $ 5,332 $ 4,637 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Contract Type Unrealized Realized Net Result Unrealized Realized Net Result Caps $ 344 $ 347 $ 691 $ 10 $ 584 $ 594 Futures 64 3,444 3,508 (107) 1,583 1,476 Options (25) (25) (50) 106 (269) (163) Total $ 383 $ 3,766 $ 4,149 $ 9 $ 1,898 $ 1,907 Futures Collateral posted with the Company’s 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 its interest rate futures that are centrally cleared by CME. CME determines the fair value of the Company’s 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 $0.4 million and $2.8 million of cash margin as collateral for derivatives as of June 30, 2024 and December 31, 2023, respectively, which is included in restricted cash in the consolidated balance sheets.

OFFSETTING ASSETS AND LIABILITI

OFFSETTING ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023. 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 June 30, 2024 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 757 $ — $ 757 $ — $ (445) $ 313 Total $ 757 $ — $ 757 $ — $ (445) $ 313 (1) Included in restricted cash on consolidated balance sheets. The following table represents offsetting of financial liabilities and derivative liabilities as of June 30, 2024 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Repurchase agreements $ 353,541 $ — $ 353,541 $ 353,541 $ — $ 353,541 Total $ 353,541 $ — $ 353,541 $ 353,541 $ — $ 353,541 (1) Included in restricted cash on consolidated balance sheets. 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.

CONSOLIDATED VARIABLE INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 December 31, 2023 Mortgage loan receivables held for investment, net, at amortized cost $ 1,183,650 $ 1,327,722 Accrued interest receivable 8,106 9,394 Other assets 40,888 4,469 Total assets $ 1,232,644 $ 1,341,585 Debt obligations, net $ 951,716 $ 1,060,719 Accrued expenses 2,999 3,555 Total liabilities 954,715 1,064,274 Net equity in VIEs (eliminated in consolidation) 277,929 277,311 Total equity 277,929 277,311 Total liabilities and equity $ 1,232,644 $ 1,341,585 Refer to Note 6, Debt Obligations, Net - Collateralized Loan Obligations (“CLO”) Debt for further details.

EQUITY STRUCTURE AND ACCOUNTS

EQUITY STRUCTURE AND ACCOUNTS	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
EQUITY STRUCTURE AND ACCOUNTS	10. EQUITY STRUCTURE AND ACCOUNTS Stock Repurchases On April 24, 2024, the board of directors authorized the repurchase of $75.0 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 July 27, 2022 authorization from $43.6 million to $75.0 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, the Company’s liquidity requirements, contractual restrictions and other factors. As of June 30, 2024, the Company has a remaining amount available for repurchase of $74.8 million, which represents 5.2% in the aggregate of its outstanding Class A common stock, based on the closing price of $11.29 per share on such date. The following tables summarize the Company’s repurchase activity of its Class A common stock during the six months ended June 30, 2024 and 2023 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2023 $ 44,256 Additional authorizations (2) 31,391 Repurchases paid: March 1, 2024 - March 31, 2024 60,000 (647) May 1, 2024 - May 31, 2024 2,100 (23) June 1, 2024 - June 30, 2024 17,590 (189) Authorizations remaining as of June 30, 2024 $ 74,788 (1) Amount excludes commissions paid associated with share repurchases. (2) On April 24, 2024, the Board authorized repurchases up to $75.0 million in aggregate. Shares Amount(1) Authorizations remaining as of December 31, 2022 $ 46,737 Repurchases paid: March 1, 2023 - March 31, 2023 250,000 (2,285) Authorizations remaining as of June 30, 2023 $ 44,452 (1) Amount excludes commissions paid associated with share repurchases. Dividends The following table presents dividends declared (on a per share basis) of Class A common stock for the six months ended June 30, 2024 and 2023: Declaration Date Dividend per Share March 15, 2024 $ 0.23 June 14, 2024 0.23 Total $ 0.46 March 15, 2023 $ 0.23 June 15, 2023 0.23 Total $ 0.46 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 six months ended June 30, 2024 and 2023 ($ in thousands): Six Months Ended June 30, 2024 2023 Accumulated Other Comprehensive Income (Loss) beginning of period $ (13,853) $ (21,009) Gain (loss) on available for sale securities, net of tax 3,101 4,485 Accumulated Other Comprehensive Income (Loss) end of period $ (10,752) $ (16,524)

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2024
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	11. NONCONTROLLING INTERESTS Noncontrolling Interests in Consolidated Ventures As of June 30, 2024, 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 $78.1 million, and a single-tenant office building in Oakland County, MI with a book value of $8.7 million. The Company makes distributions and allocates income from these ventures to the noncontrolling interests in accordance with the terms of the respective governing agreements. Sales

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	12. EARNINGS PER SHARE The Company’s net income (loss) and weighted average shares outstanding for the three and six months ended June 30, 2024 and 2023 consist of the following: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands except share amounts) 2024 2023 2024 2023 Basic and Diluted Net income (loss) available for Class A common shareholders $ 32,349 $ 28,163 $ 48,956 $ 50,569 Weighted average shares outstanding: Basic 125,730,765 124,731,195 125,523,265 124,612,821 Diluted 125,839,500 124,827,596 125,679,937 124,742,506 The calculation of basic and diluted net income (loss) per share amounts for the three and six months ended June 30, 2024 and 2023 consist of the following: Three Months Ended June 30, Six Months Ended June 30, (In thousands except share and per share amounts) (1) 2024 2023 2024 2023 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator : Net income (loss) attributable to Class A common shareholders $ 32,349 $ 28,163 $ 48,956 $ 50,569 Denominator : Weighted average number of shares of Class A common stock outstanding 125,730,765 124,731,195 125,523,265 124,612,821 Basic net income (loss) per share of Class A common stock $ 0.26 $ 0.23 $ 0.39 $ 0.41 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 32,349 $ 28,163 $ 48,956 $ 50,569 Diluted net income (loss) attributable to Class A common shareholders 32,349 28,163 48,956 50,569 Denominator: Basic weighted average number of shares of Class A common stock outstanding 125,730,765 124,731,195 125,523,265 124,612,821 Add - dilutive effect of: Incremental shares of unvested Class A restricted stock(1) 108,735 96,401 156,672 129,685 Diluted weighted average number of shares of Class A common stock outstanding (2)(3) 125,839,500 124,827,596 125,679,937 124,742,506 Diluted net income (loss) per share of Class A common stock $ 0.26 $ 0.23 $ 0.39 $ 0.41 The Company applies the treasury stock method. (2) There were 461,207 and 419,937 anti-dilutive shares for the three and six months ended June 30, 2024, respectively. (3) There were 628,240 and 509,276 anti-dilutive shares for the three and six months ended June 30, 2023, respectively.

STOCK-BASED AND OTHER COMPENSAT

STOCK-BASED AND OTHER COMPENSATION PLANS	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED AND OTHER COMPENSATION PLANS	13. STOCK-BASED AND OTHER COMPENSATION PLANS Summary of Stock and Shares Unvested/Outstanding The following table summarizes the impact on the consolidated statements of income of the various stock-based compensation plans and other compensation plans ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock-based compensation expense $ 3,117 $ 3,046 $ 13,415 $ 12,170 Total Stock-Based Compensation Expense $ 3,117 $ 3,046 $ 13,415 $ 12,170 A summary of the grants is presented below: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Number Weighted Number Weighted Number Weighted Number Weighted Grants - Class A Common Stock — $ — — $ — 1,855,541 $ 10.70 1,417,561 $ 11.58 The table below presents the number of unvested shares of Class A common stock and outstanding stock options at June 30, 2024 and changes during 2024 of the Class A common stock and stock options of Ladder Capital Corp: Restricted Stock Weighted Average Grant Date Fair Value Stock Options Nonvested/Outstanding at December 31, 2023 2,197,963 $ 12.37 623,788 Granted 1,855,541 10.70 — Vested (1,893,138) 10.91 — Forfeited (9,960) 10.94 — Nonvested/Outstanding at June 30, 2024 2,150,406 $ 12.22 623,788 Exercisable at June 30, 2024 (1) 623,788 (1) The weighted average exercise price of outstanding options is $14.84 at June 30, 2024. At June 30, 2024, there was $15.8 million of total unrecognized compensation cost related to certain share-based compensation awards that is expected to be recognized over a period of up to 32.1 months, with a weighted average remaining vesting period of 25.1 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 2024 with respect to 2023 Performance For 2023 performance, certain employees received stock-based incentive equity in February 2024. Restricted stock subject to time-based vesting criteria will vest in three installments on February 18 of each of 2025, 2026 and 2027, 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, 2024, 2025 and 2026, 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, 2024, in connection with 2023 performance, annual stock awards were granted to management employees (each, a “Management Grantee”), with an aggregate grant date fair value of $10 million, which represents 937,560 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 127,275 shares with an aggregate fair value of $1.4 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, 2024, in connection with 2023 performance, annual stock awards were granted to certain non-management employees (“Non-Management Grantees”) with an aggregate grant date fair value of $9.4 million, which represents 882,436 shares of Class A common stock. Of these awards, 22,939 shares were unrestricted, 418,285 shares are subject to time-based vesting criteria and the remaining 441,212 shares are subject to the attainment of the Performance Target, including the Catch-Up Provision, for the applicable years. Other 2024 Restricted Stock Awards On February 18, 2024, certain members of the board of directors received annual restricted stock awards with a grant date fair value of $0.4 million, representing 35,545 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 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. 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, Ms. Porcella (for her February 18, 2024 award), 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 a Non-Management Grantee (except for the one grantee mentioned above and including Ms. Porcella, in regards to her awards granted prior to February 18, 2024), 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	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 are as follows ($ in thousands): June 30, 2024 Weighted Average Principal Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 487,661 $ 486,829 $ 475,881 Internal model 6.91 % 2.13 CMBS interest-only(1) 834,955 (2) 4,774 4,935 Internal model 7.16 % 0.94 GNMA interest-only(3) 35,865 (2) 179 187 Internal model 9.44 % 3.26 Agency securities(1) 17 16 16 Internal model 2.74 % 0.82 Equity securities(3) N/A 160 110 Observable market prices N/A N/A Mortgage loan receivables held for investment, net, at amortized cost(4) 2,545,030 2,539,323 2,535,928 Discounted Cash Flow(5) 9.48 % 0.60 Mortgage loan receivables held for sale 31,350 26,414 26,414 Internal model, third-party inputs(6) 4.57 % 7.69 Nonhedge derivatives(1)(10) 107,100 757 757 Counterparty quotations N/A 0.20 Liabilities: Repurchase agreements - short-term 82,422 82,422 82,422 Cost plus Accrued Interest (7) 7.93 % 0.46 Repurchase agreements - long-term 271,120 271,120 271,120 Discounted Cash Flow(8) 7.33 % 1.28 Mortgage loan financing 506,656 509,421 495,370 Discounted Cash Flow 6.05 % 3.19 CLO debt 952,220 951,716 951,716 Discounted Cash Flow(8) 7.09 % 1.41 Senior unsecured notes 1,573,614 1,563,420 1,491,369 Internal model, third-party inputs 4.66 % 3.27 (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 $54.1 million at June 30, 2024. (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) For repurchase agreements - short term, the value approximates the cost plus accrued interest. (8) 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. (9) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. 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 $43.2 million at December 31, 2023. (5) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit spreads. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model. (6) Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (7) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (8) For repurchase agreements - short term, the value approximates the cost plus accrued interest. (9) For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (10) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at June 30, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 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) $ 478,449 $ — $ 466,961 $ — $ 466,961 CMBS interest-only(1) 826,697 (2) — 4,676 — 4,676 GNMA interest-only(3) 35,865 (2) — 187 — 187 Agency securities(1) 17 — 16 — 16 Equity securities N/A 110 — — 110 Nonhedge derivatives(4) 107,100 — 757 — 757 $ 110 $ 472,597 $ — $ 472,707 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) $ 2,545,030 $ — $ — $ 2,535,928 $ 2,535,928 Mortgage loan receivable held for sale(6) 31,350 — — 26,414 26,414 CMBS(7) 9,212 — 8,920 — 8,920 CMBS interest-only(7) 8,258 — 259 — 259 $ — $ 9,179 $ 2,562,342 $ 2,571,521 Liabilities: Repurchase agreements - short-term $ 82,422 $ — $ 82,422 $ — $ 82,422 Repurchase agreements - long-term 271,120 — 271,120 — 271,120 Mortgage loan financing 506,656 — — 495,370 495,370 CLO debt 952,220 — 951,716 — 951,716 Senior unsecured notes 1,573,614 — — 1,491,369 1,491,369 $ — $ 1,305,258 $ 1,986,739 $ 3,291,997 (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 $54.1 million at June 30, 2024. (6) A lower of cost or market adjustment was recorded as of June 30, 2024. (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, 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. The Company did not have any Level 3 financial instruments as of June 30, 2024 and December 31, 2023. 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	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	15. INCOME TAXES The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2015 (the REIT Election”). As such, the Company’s income is generally not subject to U.S. federal, state and local corporate income taxes other than as described below. Certain of the Company’s subsidiaries have elected to be treated as TRSs. TRSs permit the Company to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Code, and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, the Company will continue to maintain its qualification as a REIT. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in TRSs. Current income tax expense (benefit) was $0.2 million and $0.8 million for the three and six months ended June 30, 2024 and $(0.1) million and $0.8 million for the three and six months ended June 30, 2023. As of June 30, 2024 and December 31, 2023, the Company’s net deferred tax assets (liabilities) were $(3.0) million and are included in other assets (other liabilities) in the Company’s consolidated balance sheets. Deferred income tax expense (benefit) included within the provision for income taxes was $(1.3) million and $0.1 million for the three months ended June 30, 2024 and June 30, 2023, respectively. Deferred income tax expense (benefit) included within the provision for income taxes was $0.1 million and $0.9 million for the six months ended June 30, 2024 and June 30, 2023, respectively. The Company’s net deferred tax liability is comprised of deferred tax assets and deferred tax liabilities. The Company believes it is more likely than not that the deferred tax assets (aside from the exception noted below) will be realized in the future. Realization of the deferred tax assets is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences. The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. As of June 30, 2024, the Company had a deferred tax asset of $2.8 million relating to capital losses which it may only use to offset capital gains. These tax attributes will begin to expire if unused by December 31, 2024. As the realization of these assets are not more likely than not to be realized before their expiration, the Company provided a full valuation allowance against this deferred tax asset. Additionally, as of June 30, 2024, the Company had $1.8 million of deferred tax assets related to Code Section 163(j) interest expense limitation. As the Company is uncertain if this asset will be realized in the future, the Company provided a full valuation allowance against this deferred tax asset. The Company’s tax returns are subject to audit by taxing authorities. Generally, as of June 30, 2024, the tax years 2020-2023 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 or performance. 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 six months ended June 30, 2023. The Company does not expect tax expense to have an impact on either short, or long-term liquidity or capital needs. As of June 30, 2024 and December 31, 2023, the Company did not have any unrecognized tax benefits. As of June 30, 2024, the Company has not recognized a significant amount of any interest or penalties related to uncertain tax positions. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months. Under U.S. GAAP, a tax benefit related to an income tax position may be recognized when it is more likely than not that the position will be sustained upon examination by the tax authorities based on the technical merits of the position. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2024
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	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Leases As of June 30, 2024, the Company had a $15.7 million lease liability and a $14.2 million right-of-use asset on its consolidated balance sheet recorded within other liabilities and other assets, respectively. The right-of-use lease asset relates to the Company’s operating lease of office space. Right-of-use lease assets initially equal the lease liability. The Company recognized $0.5 million and $1.1 million for the three and six months ended June 30, 2024 and June 30, 2023, respectively, in operating expenses in its consolidated statements of income relating to operating leases. Future minimum lease payments under non-cancelable operating leases as of June 30, 2024 are as follows ($ in thousands): 2024 (last six months) $ 1,104 2025 2,207 2026 2,219 2027 2,232 2028 2,306 Thereafter 11,038 Total undiscounted cash flows 21,106 Present value discount (1) (5,381) Lease liabilities (2) $ 15,725 (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 9.1 years. (2) The Company has a five-year extension option, which is not reflected in the total lease liability. Unfunded Loan Commitments As of June 30, 2024, the Company’s off-balance sheet arrangements consisted of $94.0 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. 62% of these unfunded commitments would only be funded upon 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, 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. Commitments are subject to the Company’s 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. The payable within other liabilities was paid during the six months ended June 30, 2024.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2024
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, other diversified real estate and investments in unconsolidated ventures. Corporate/other includes cash and cash equivalents, senior unsecured notes, operating expenses, and unallocated items including any inter-segment eliminations necessary to reconcile to consolidated Company totals. The Company evaluates performance based on the following financial measures for each segment ($ in thousands): Three months ended June 30, 2024 Loans Securities Real Estate (1) Corporate/Other(2) Company Net interest income Interest income $ 63,811 $ 8,051 $ 73 $ 16,581 $ 88,516 Interest expense (25,992) (28) (8,271) (19,908) (54,199) Net interest income (expense) 37,819 8,023 (8,198) (3,327) 34,317 (Provision for) release of loan loss reserves (5,055) — — — (5,055) Net interest income (expense) after provision for (release of) loan reserves 32,764 8,023 (8,198) (3,327) 29,262 Other income (loss) Real estate operating income — — 26,133 — 26,133 Net result from mortgage loan receivables held for sale (3) 1,223 — — (1,764) (541) Gain (loss) on real estate, net — — 12,543 — 12,543 Fee and other income 2,191 8 1,325 114 3,638 Net result from derivative transactions (206) 9 36 778 617 Earnings (loss) from investment in unconsolidated ventures — — 18 — 18 Gain (loss) on extinguishment of debt — — — — — Total other income (loss) 3,208 17 40,055 (872) 42,408 Costs and expenses Compensation and employee benefits — — — (13,721) (13,721) Operating expenses — — (5,178) (5,178) Real estate operating expenses — — (11,034) — (11,034) Investment related expenses (1,631) (46) (259) (352) (2,288) Depreciation and amortization — — (8,304) (109) (8,413) Total costs and expenses (1,631) (46) (19,597) (19,360) (40,634) Income tax (expense) benefit — — — 1,089 1,089 Segment profit (loss) $ 34,341 $ 7,994 $ 12,260 $ (22,470) $ 32,125 Total assets as of June 30, 2024 $ 2,511,630 $ 481,109 $ 738,543 $ 1,316,905 $ 5,048,187 Three months ended June 30, 2023 Loans Securities Real Estate (1) Corporate/Other(2) Company Net interest income Interest income $ 88,134 $ 7,825 $ 2 $ 5,868 $ 101,829 Interest expense (30,907) (464) (7,723) (22,248) (61,342) Net interest income (expense) 57,227 7,361 (7,721) (16,380) 40,487 (Provision for) release of loan loss reserves (6,881) — — — (6,881) Net interest income (expense) after provision for (release of) loan reserves 50,346 7,361 (7,721) (16,380) 33,606 Other income (loss) Real estate operating income — — 25,887 — 25,887 Net result from mortgage loan receivables held for sale (296) — — — (296) Fee and other income 3,163 (83) — 160 3,240 Net result from derivative transactions 2,784 674 691 — 4,149 Earnings (loss) from investment in unconsolidated ventures — — 217 — 217 Gain (loss) on extinguishment of debt — — — 462 462 Total other income (loss) 5,651 591 26,795 622 33,659 Costs and expenses Compensation and employee benefits — — — (14,242) (14,242) Operating expenses — — — (4,987) (4,987) Real estate operating expenses — — (9,766) — (9,766) Investment related expenses (1,787) (48) (481) (345) (2,661) Depreciation and amortization — — (7,363) (108) (7,471) Total costs and expenses (1,787) (48) (17,610) (19,682) (39,127) Income tax (expense) benefit — — — (46) (46) Segment profit (loss) $ 54,210 $ 7,904 $ 1,464 $ (35,486) $ 28,092 Total assets as of December 31, 2023 $ 3,138,794 $ 485,533 $ 733,319 $ 1,155,031 $ 5,512,677 Six months ended June 30, 2024 Loans Securities Real Estate (1) Corporate/Other(2) Company Net interest income Interest income $ 137,434 $ 15,943 $ 182 $ 30,869 $ 184,428 Interest expense (55,442) (56) (16,621) (40,852) (112,971) Net interest income (expense) 81,992 15,887 (16,439) (9,983) 71,457 (Provision for) release of loan loss reserves (10,823) — — — (10,823) Net interest income (expense) after provision for (release of) loan reserves 71,169 15,887 (16,439) (9,983) 60,634 Other income (loss) Real estate operating income — — 50,019 — 50,019 Net result from mortgage loan receivables held for sale (3) 2,166 — — (2,620) (454) Gain (loss) on real estate, net — — 12,543 — 12,543 Fee and other income 5,697 83 1,327 231 7,338 Net result from derivative transactions 434 80 207 3,916 4,637 Earnings (loss) from investment in unconsolidated ventures — — 3 — 3 Gain (loss) on extinguishment of debt — — — 177 177 Total other income (loss) 8,297 163 64,099 1,704 74,263 Costs and expenses Compensation and employee benefits — — — (34,510) (34,510) Operating expenses — — (9,822) (9,822) Real estate operating expenses — — (20,180) — (20,180) Investment related expenses (3,220) (93) (352) (616) (4,281) Depreciation and amortization — — (16,496) (219) (16,715) Total costs and expenses (3,220) (93) (37,028) (45,167) (85,508) Income tax (expense) benefit — — — (836) (836) Segment profit (loss) $ 76,246 $ 15,957 $ 10,632 $ (54,282) $ 48,553 Total assets as of June 30, 2024 $ 2,511,630 $ 481,109 $ 738,543 $ 1,316,905 $ 5,048,187 Six months ended June 30, 2023 Loans Securities Real Estate (1) Corporate/Other(2) Company Net interest income Interest income $ 179,008 $ 16,154 $ 4 $ 10,459 $ 205,625 Interest expense (59,635) (3,097) (14,376) (44,984) (122,092) Net interest income (expense) 119,373 13,057 (14,372) (34,525) 83,533 (Provision for) release of loan loss reserves (11,617) — — — (11,617) Net interest income (expense) after provision for (release of) loan reserves 107,756 13,057 (14,372) (34,525) 71,916 Other income (loss) Real estate operating income — — 49,086 — 49,086 Net result from mortgage loan receivables held for sale (490) — — — (490) Fee and other income 4,841 (269) 2 307 4,881 Net result from derivative transactions 941 372 594 — 1,907 Earnings (loss) from investment in unconsolidated ventures — — 434 — 434 Gain (loss) on extinguishment of debt — — — 9,679 9,679 Total other income (loss) 5,292 103 50,116 9,986 65,497 Costs and expenses Compensation and employee benefits — — — (36,326) (36,326) Operating expenses — — — (10,243) (10,243) Real estate operating expenses — — (19,615) — (19,615) Investment related expenses (2,755) (96) (575) (755) (4,181) Depreciation and amortization — — (14,788) (212) (15,000) Total costs and expenses (2,755) (96) (34,978) (47,536) (85,365) Income tax (expense) benefit — — — (1,767) (1,767) Segment profit (loss) $ 110,293 $ 13,064 $ 766 $ (73,842) $ 50,281 Total assets as of December 31, 2023 $ 3,138,794 $ 485,533 $ 733,319 $ 1,155,031 $ 5,512,677 (1) Includes the Company’s investment in unconsolidated ventures that held real estate of $20.0 million and $6.9 million as of June 30, 2024 and December 31, 2023, respectively. (2) Corporate/Other represents all corporate level and unallocated items including any inter-segment 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 the Company’s senior unsecured notes of $1.6 billion at June 30, 2024 and December 31, 2023. (3) Includes $1.8 million and $2.6 million of realized gains from sales of conduit mortgage loans collateralized by net leased properties in the Company’s real estate segment that eliminate in consolidation for the three and six months ended June 30, 2024, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS Subsequent to quarter end, the Company issued $500 million in aggregate principal amount of 7.00% senior notes due 2031 (the “2031 Notes”). The 2031 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 2031 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 the indenture governing the 2031 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 2031 Notes from time to time without further approval.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting and Principles of Consolidation	Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023, which are included in the Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The consolidated financial statements include the Company’s accounts and those of its subsidiaries that are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated. The Company has investments in two unconsolidated ventures which, were determined to be VIEs. The Company determined that it was not the primary beneficiary of these VIEs because the Company is a passive investor in, and has no control of, these entities and therefore does not have a controlling financial interests in these VIEs. These investments are recorded on the consolidated balance sheets within investments in and advances to unconsolidated ventures. The Company’s maximum exposure to loss is limited to its investments in these VIEs. The Company has not provided financial support to these unconsolidated VIEs that it was not previously contractually required to provide.
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. The Company recognizes gains on sale of loans net of any costs related to that sale.
Debt Issued	Debt Issued From time to time, a subsidiary of the Company will originate a loan (each, an “inter-segment loan,” and collectively, “inter-segment 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 inter-segment 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 inter-segment loan—a financial instrument that has never been recognized in the consolidated financial statements as an asset—is considered a financing transaction under ASC 470, and ASC 835.
Reclassification	Reclassification
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Pending Adoption	Recently Adopted Accounting Pronouncements None. 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 are not expected to have a material impact on the consolidated financial statements upon adoption.

MORTGAGE LOAN RECEIVABLES (Tabl

MORTGAGE LOAN RECEIVABLES (Tables)	6 Months Ended
	Jun. 30, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Mortgage Loan Receivables	June 30, 2024 ($ in thousands) Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 2,528,691 $ 2,523,011 9.46 % 0.6 Mezzanine loans 16,339 16,312 11.21 % 1.2 Total mortgage loans receivable 2,545,030 2,539,323 9.48 % 0.6 Allowance for credit losses N/A (54,107) Total mortgage loan receivables held for investment, net, at amortized cost 2,545,030 2,485,216 Mortgage loan receivables held for sale: First mortgage loans 31,350 26,414 (4) 4.57 % 7.7 Total $ 2,576,380 $ 2,511,630 (5) 9.42 % 0.7 (1) Includes the impact of interest rate floors. Term SOFR rates in effect as of June 30, 2024 are used to calculate weighted average yield for floating rate loans. (2) Excludes one non-accrual loan with an amortized cost basis of $60.8 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 1.5 years. (4) As a result of changes in prevailing rates, the Company recorded a reversal of lower of cost or market adjustment as of June 30, 2024. The adjustment was calculated using a 5.48% discount rate. (5) Net of $5.7 million of deferred origination fees and other items as of June 30, 2024. December 31, 2023 ($ 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 — (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 from 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 with an amortized cost basis 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 rising 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 $9.1 million of deferred origination fees and other items as of December 31, 2023.
Schedule of Mortgage Loan Receivables by Loan Type	For the six months ended June 30, 2024 and 2023, loan portfolio activity was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2023 $ 3,155,089 $ (43,165) $ 26,868 Origination of mortgage loan receivables (1) 69,583 — — Repayment of mortgage loan receivables (2) (650,594) — — Proceeds from sales of mortgage loan receivables (3) — — — Non-cash disposition of loans via foreclosure (4) (42,646) — — Net result from mortgage loan receivables held for sale (5) — — (454) Accretion/amortization of discount, premium and other fees 7,891 — — Release (addition) of provision for current expected credit loss, net (6) — (10,942) — Balance, June 30, 2024 $ 2,539,323 $ (54,107) $ 26,414 (1) Includes funding of commitments on existing mortgage loans. (2) Includes $39.2 million of repayments in transit. (3) Excludes $69.4 million of proceeds received from the sale of conduit mortgage loans collateralized by net leased properties in the Company’s real estate segment to a third-party securitization trust. The mortgage loan receivables, which were originated during the current period, and the related obligation do not appear in the Company’s consolidated balance sheets as they are eliminated upon consolidation. Upon the sale of the mortgage loan receivable to a third-party securitization trust (for cash), the related mortgage note is recognized as a financing transaction. (4) Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosure of real estate. (5) Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale. (6) 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, 2022 $ 3,885,746 $ (20,755) $ 27,391 Origination of mortgage loan receivables (1) 44,216 — — Repayment of mortgage loan receivables (440,546) — — Net result from mortgage loan receivables held for sale (2) — — (490) Accretion/amortization of discount, premium and other fees 11,819 — — Release (addition) of provision for current expected credit loss, net (3) — (11,493) — Balance, June 30, 2023 $ 3,501,235 $ (32,248) $ 26,901 (1) Includes funding of commitments on existing mortgage loans. (2) Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale. (3) Refer to “Allowance for Credit Losses” table below for further detail.
Schedule of Provision for Loan Losses	Allowance for Credit Losses and Non-Accrual Status ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, Allowance for Credit Losses 2024 2023 2024 2023 Allowance for credit losses at beginning of period $ 49,060 $ 25,499 $ 43,165 $ 20,755 Provision for (release of) current expected credit loss, net (1) 5,047 6,749 10,942 11,493 Allowance for credit losses at end of period $ 54,107 $ 32,248 $ 54,107 $ 32,248 (1) There were no asset-specific reserves recorded for the six months ended June 30, 2024 and 2023. Non-Accrual Status (1) June 30, 2024(2) December 31, 2023(3) Amortized cost basis of loans on non-accrual status $ 60,830 $ 14,541 (1) As of June 30, 2024 and December 31, 2023, the loans on non-accrual status were greater than 90 days past due and are considered collateral dependent. (2) Comprised of one multi-family loan with an amortized cost basis of $60.8 million, for which the Company determined no asset-specific reserve was necessary. (3) Comprised of one multi-family loan with an amortized cost basis of $14.5 million, for which the Company determined no asset-specific reserve was necessary.
Schedule of Individually Impaired Loans	Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The primary credit quality indicator is reviewed by management on a quarterly basis. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of June 30, 2024 and December 31, 2023, respectively ($ in thousands): Amortized Cost Basis by Origination Year as of June 30, 2024 Collateral Type 2024 2023 2022 2021 2020 and Earlier Total Multifamily $ 37,631 $ 14,549 $ 295,348 $ 495,871 $ — $ 843,399 Office — — 79,284 607,817 195,772 882,873 Mixed Use — — 177,340 232,591 — 409,931 Industrial 14,740 — — 6,979 118,787 140,506 Manufactured Housing — — — 79,198 4,706 83,904 Retail — — — 18,630 55,284 73,914 Hospitality — — 32,735 58,013 — 90,748 Other — — 14,048 — — 14,048 Subtotal mortgage loans receivable 52,371 14,549 598,755 1,499,099 374,549 2,539,323 Individually Impaired loans — — — — — — Total mortgage loans receivable (1) $ 52,371 $ 14,549 $ 598,755 $ 1,499,099 $ 374,549 $ 2,539,323 Amortized Cost Basis by Origination Year as of December 31, 2023 Collateral Type 2023 2022 2021 2020 2019 and Earlier Total (2) 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 (3) $ 14,461 $ 919,738 $ 1,784,006 $ — $ 436,884 $ 3,155,089 (1) Not included above is $19.0 million of accrued interest receivable on all loans at June 30, 2024. (2) 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. (3) Not included above is $22.4 million of accrued interest receivable

SECURITIES (Tables)

SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Securities Which are Classified as Available-for-sale	The following is a summary of the Company’s securities at June 30, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses (1) Carrying # of Rating (2) Coupon % Yield % Remaining CMBS $ 487,661 $ 486,829 $ 507 $ (11,455) $ 475,881 (3) 69 AAA 6.73 % 6.91 % 2.13 CMBS interest-only(4) 834,955 (4) 4,774 181 (20) 4,935 (5) 8 AAA 0.39 % 7.16 % 0.94 GNMA interest-only(6) 35,865 (4) 179 65 (57) 187 13 AAA 0.36 % 9.44 % 3.26 Agency securities 17 16 — — 16 1 AAA 4.00 % 2.74 % 0.82 Total debt securities $ 1,358,498 $ 491,798 $ 753 $ (11,532) $ 481,019 (7) 91 2.67 % 6.92 % 2.12 Equity securities N/A 160 — (50) 110 1 N/A N/A N/A N/A Allowance for current expected credit losses N/A — — (20) (20) Total securities $ 1,358,498 $ 491,958 $ 753 $ (11,602) $ 481,109 92 December 31, 2023 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Gains Losses (1) Carrying # of Rating (2) Coupon % Yield % Remaining CMBS $ 439,679 $ 439,052 $ 277 $ (14,439) $ 424,890 (3) 64 AAA 6.67 % 6.83 % 2.00 CMBS interest-only(4) 876,555 (4) 6,453 169 (53) 6,569 (5) 9 AAA 0.57 % 6.61 % 1.07 GNMA interest-only(6) 37,053 (4) 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 (7) 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 (1) 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. (2) 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. (3) As of June 30, 2024 and December 31, 2023, includes $8.9 million and $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. (4) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (5) As of June 30, 2024 and December 31, 2023, includes $0.3 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (6) GNMA interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s GNMA interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on securities in the consolidated statements of income. (7) The Company’s investments in debt securities represent an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date. The following summarizes the Company’s realized and unrealized gain (loss) on securities, included within “Fee and Other Income” on the Company’s consolidated statements of income for the three and six months ended June 30, 2024 and June 30, 2023 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Realized gain (loss) $ 22 $ 8 $ 75 $ (299) Unrealized gain (loss) (19) (95) (27) 22 Total realized and unrealized gain (loss) on securities $ 3 $ (87) $ 48 $ (277)
Schedule of Fair Value of the Company's Securities by Remaining Maturity Based Upon Expected Cash Flows	The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at June 30, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 Asset Type Within 1 year 1-5 years 5-10 years Total CMBS $ 71,242 $ 394,661 $ 9,978 $ 475,881 CMBS interest-only 1,720 3,215 — 4,935 GNMA interest-only 76 15 96 187 Agency securities 16 — — 16 U.S. Treasury securities — — — — Total securities (1) $ 73,054 $ 397,891 $ 10,074 $ 481,019 (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, 2023 Asset Type Within 1 year 1-5 years 5-10 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.

REAL ESTATE AND RELATED LEASE_2

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Schedule of Real Estate Properties by Category	The Company’s real estate assets were comprised of the following ($ in thousands): June 30, 2024 December 31, 2023 Land $ 177,840 $ 183,194 Building 643,840 647,201 In-place leases and other intangibles 113,392 116,831 Undepreciated real estate and related lease intangibles 935,072 947,226 Less: Accumulated depreciation and amortization (227,989) (220,784) Real estate and related lease intangibles, net(1) $ 707,083 $ 726,442 Below market lease intangibles, net (other liabilities)(2) $ (27,512) $ (28,860) (1) There was unencumbered real estate of $174.5 million and $160.8 million as of June 30, 2024 and December 31, 2023, respectively. (2) Below market lease intangibles is net of $16.3 million and $15.8 million of accumulated amortization as of June 30, 2024 and December 31, 2023, respectively.
Schedule of Depreciation and Amortization Expense Recorded	The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Depreciation expense(1) $ 6,346 $ 6,144 $ 12,735 $ 12,344 Amortization expense 2,067 1,327 3,980 2,656 Total real estate depreciation and amortization expense $ 8,413 $ 7,471 $ 16,715 $ 15,000 (1) Depreciation expense on the consolidated statements of income also includes $0.1 million of depreciation on corporate fixed assets for the three months ended June 30, 2024 and June 30, 2023, and $0.2 million of depreciation on corporate fixed assets for the six months ended June 30, 2024 and June 30, 2023.
Schedule of Lease Intangible Assets	The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to the intangible assets ($ in thousands): June 30, 2024 December 31, 2023 Gross intangible assets(1) $ 113,392 $ 116,831 Accumulated amortization 57,204 55,782 Net intangible assets $ 56,188 $ 61,049 (1) Includes $2.5 million and $2.8 million of unamortized above market lease intangibles, which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of June 30, 2024 and December 31, 2023. The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (95) $ (72) $ (192) $ (143) Increase in operating lease income for amortization of below market lease intangibles acquired 525 525 1,054 1,050 Total $ 430 $ 453 $ 862 $ 907
Schedule of Expected Amortization Expense Related to the Acquired In-place Lease Intangibles, for Property Owned	The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of June 30, 2024 ($ in thousands): Period Ending December 31, Increase/(Decrease) to Operating Lease Income Amortization Expense 2024 (last six months) $ 850 $ 3,589 2025 1,703 5,100 2026 1,717 4,276 2027 1,681 4,115 2028 1,607 3,924 Thereafter 17,432 33,697 Total $ 24,990 $ 54,701
Schedule of Contractual Future Minimum Rent Under Leases	The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at June 30, 2024 ($ in thousands): Period Ending December 31, Amount 2024 (last six months) $ 33,693 2025 59,229 2026 48,883 2027 46,897 2028 44,909 Thereafter 156,707 Total $ 390,318
Schedule of Real Estate Properties Acquired	The Company acquired the following properties during the six months ended June 30, 2024 ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) February 2024 (2) Multifamily Los Angeles, CA $ 14,110 100% April 2024 (3) Multifamily Longview, TX 6,080 100% April 2024 (4) Multifamily Amarillo, TX 9,651 100% June 2024 (5) Multifamily Los Angeles, CA 11,455 100% Total real estate acquisitions $ 41,296 (1) Properties were consolidated as of acquisition date. (2) In February 2024, the Company acquired a multifamily portfolio consisting of three properties in Los Angeles, CA 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 $14.1 million fair value was determined by using the sales comparison and income approach. 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. The portfolio was sold in June 2024. (3) In April 2024, the Company acquired a multifamily portfolio consisting of two properties in Longview, TX via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. There was a $0.4 million gain recognized in connection with the foreclosure of the loan. During June 2024, the Company sold the portfolio for $6.1 million. The fair value at foreclosure was based on the the sales price. (4) In April 2024, the Company acquired a multifamily property in Amarillo, TX via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The Company determined the fair value of $9.7 million by using the sales comparison approach utilizing a terminal capitalization rate of 8.3%. 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. (5) In June 2024, the Company acquired a multifamily portfolio consisting of three properties in Los Angeles, CA via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The $11.5 million fair value was determined by using the sales comparison approach. There was no gain or loss resulting from the foreclosure of the loan.
Schedule of Properties Sold	The Company sold the following properties during the six months ended June 30, 2024 ($ in thousands): Sales Date Type Primary Location(s) Sales Proceeds Net Book Value Realized Gain/(Loss) Properties May 2024 Office Peoria, IL $ 1,227 $ 2,320 $ (1,093) 1 June 2024 Multifamily Los Angeles, CA 14,834 13,911 923 3 June 2024 Retail Waldorf, MD 23,734 11,424 12,310 1 June 2024 Multifamily Longview, TX (1) 6,080 6,080 403 2 Totals $ 45,875 $ 33,735 $ 12,543 (1)

DEBT OBLIGATIONS, NET (Tables)

DEBT OBLIGATIONS, NET (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt Obligations	The details of the Company’s debt obligations at June 30, 2024 and December 31, 2023 are as follows ($ in thousands): June 30, 2024 Debt Obligations Committed / Carrying Value of Debt Obligations Committed but Unfunded Interest Rate at June 30, 2024(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 500,000 $ 232,114 $ 267,886 7.07% — 7.47% 9/27/2025 (2) (3) $ 341,094 $ 341,094 Committed Loan Repurchase Facility 300,000 80,743 219,257 7.42% — 8.32% 12/19/2024 (4) (5) 111,680 111,680 Committed Loan Repurchase Facility 56,000 16,300 39,700 7.57% — 7.57% 4/30/2026 (6) (3) — — (7) Committed Loan Repurchase Facility 200,000 22,707 177,293 7.82% — 8.27% 10/3/2025 (8) (3) 31,232 31,367 Committed Loan Repurchase Facility 100,000 — 100,000 —% —% 1/22/2025 (9) (5) — — Total Committed Loan Repurchase Facilities 1,156,000 351,864 804,136 484,006 484,141 Uncommitted Securities Repurchase Facility N/A (10) 1,678 N/A (10) 6.53% — 7.48% 7/15/2024 N/A (11) 9,483 9,483 (12) Total Repurchase Facilities 1,156,000 353,542 804,136 493,489 493,624 Revolving Credit Facility 323,850 — 323,850 —% — —% 1/25/2025 (13) N/A (14) N/A (14) N/A (14) Mortgage Loan Financing 506,656 509,421 — 4.39% — 9.03% 2024-2034 (15) N/A (16) 500,141 683,584 (17) CLO Debt 952,220 951,716 (18) — 6.64% — 9.09% 2024-2026 (19) N/A (3) 1,183,650 1,183,650 Senior Unsecured Notes 1,573,614 1,563,420 (20) — 4.25% — 5.25% 2025-2029 N/A N/A (21) N/A (21) N/A (21) Total Debt Obligations, Net $ 4,512,340 $ 3,378,099 $ 1,127,986 $ 2,177,280 $ 2,360,858 (1) Interest rates on floating rate debt reflect the applicable index in effect as of June 30, 2024. (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. Eligible collateral 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. Eligible collateral 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 $20.4 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) One additional 12-month extension period at Company's option. No new advances permitted during the final 12-month period. (10) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (11) Commercial real estate securities. Eligible collateral does not include the first mortgage commercial real estate loans collateralizing such securities. (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) Four 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 the Company’s real estate investments serve as collateral for the Company’s mortgage loan financing. (17) Represents undepreciated carrying value of commercial real estate collateral. (18) Presented net of unamortized debt issuance costs of $0.5 million at June 30, 2024. (19) Represents the estimated maturity date based on the underlying loan maturities. (20) Presented net of unamortized debt issuance costs of $10.2 million at June 30, 2024. (21) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. December 31, 2023 Debt Obligations Committed / Carrying Value of Debt Obligations Committed but Unfunded Interest Rate at December 31, 2022(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 500,000 $ 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. Eligible collateral 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. Eligible collateral 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. Eligible collateral 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 the Company’s real estate investments serve as collateral for the Company’s 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 $11.8 million at December 31, 2023. (22) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of Contractual Payments Under All Borrowings by Maturity	The following schedule reflects the Company’s contractual payments under borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by 2024 (last six months) $ 202,362 2025 571,010 2026 100,149 2027 787,099 2028 24,317 Thereafter 748,874 Subtotal 2,433,811 Debt issuance costs included in senior unsecured notes (10,194) Debt issuance costs included in mortgage loan financings (1,330) Premiums included in mortgage loan financings (2) 4,095 Total (3) $ 2,426,382 (1) The allocation of repayments under the Company’s 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 conduit mortgage mortgage loans sold into securitizations, collateralized by net leased properties in the Company’s real estate segment. These premiums are amortized as a reduction to interest expense. (3)

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Breakdown of the Derivatives Outstanding	The following is a breakdown of the derivatives outstanding as of June 30, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month Term SOFR $ 90,000 $ 278 $ — 0.13 Futures 10-year Treasury-Note Futures 17,100 479 — 0.25 Total futures 17,100 479 — Total derivatives $ 107,100 $ 757 $ — (1) Shown as derivative instruments in the accompanying consolidated balance sheets. 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.
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 three and six months ended June 30, 2024 and 2023 ($ in thousands): Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Contract Type Unrealized Realized Net Result Unrealized Realized Net Result Caps $ (383) $ 419 $ 36 $ (630) $ 837 $ 207 Futures 466 115 581 (65) 4,496 4,431 Options — — — — (1) (1) Total $ 83 $ 534 $ 617 $ (695) $ 5,332 $ 4,637 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Contract Type Unrealized Realized Net Result Unrealized Realized Net Result Caps $ 344 $ 347 $ 691 $ 10 $ 584 $ 594 Futures 64 3,444 3,508 (107) 1,583 1,476 Options (25) (25) (50) 106 (269) (163) Total $ 383 $ 3,766 $ 4,149 $ 9 $ 1,898 $ 1,907

OFFSETTING ASSETS AND LIABILI_2

OFFSETTING ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Offsetting [Abstract]
Schedule of Offsetting of Financial Assets	The following table represents offsetting of financial assets and derivative assets as of June 30, 2024 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 757 $ — $ 757 $ — $ (445) $ 313 Total $ 757 $ — $ 757 $ — $ (445) $ 313 (1) Included in restricted cash on consolidated balance sheets. 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.
Schedule of Offsetting of Financial Liabilities	The following table represents offsetting of financial liabilities and derivative liabilities as of June 30, 2024 ($ in thousands): Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Repurchase agreements $ 353,541 $ — $ 353,541 $ 353,541 $ — $ 353,541 Total $ 353,541 $ — $ 353,541 $ 353,541 $ — $ 353,541 (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.

CONSOLIDATED VARIABLE INTERES_2

CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The Company consolidates on its balance sheet two CLOs that are considered VIEs as of June 30, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 December 31, 2023 Mortgage loan receivables held for investment, net, at amortized cost $ 1,183,650 $ 1,327,722 Accrued interest receivable 8,106 9,394 Other assets 40,888 4,469 Total assets $ 1,232,644 $ 1,341,585 Debt obligations, net $ 951,716 $ 1,060,719 Accrued expenses 2,999 3,555 Total liabilities 954,715 1,064,274 Net equity in VIEs (eliminated in consolidation) 277,929 277,311 Total equity 277,929 277,311 Total liabilities and equity $ 1,232,644 $ 1,341,585

EQUITY STRUCTURE AND ACCOUNTS (

EQUITY STRUCTURE AND ACCOUNTS (Tables)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2023 $ 44,256 Additional authorizations (2) 31,391 Repurchases paid: March 1, 2024 - March 31, 2024 60,000 (647) May 1, 2024 - May 31, 2024 2,100 (23) June 1, 2024 - June 30, 2024 17,590 (189) Authorizations remaining as of June 30, 2024 $ 74,788 (1) Amount excludes commissions paid associated with share repurchases. (2) On April 24, 2024, the Board authorized repurchases up to $75.0 million in aggregate. Shares Amount(1) Authorizations remaining as of December 31, 2022 $ 46,737 Repurchases paid: March 1, 2023 - March 31, 2023 250,000 (2,285) Authorizations remaining as of June 30, 2023 $ 44,452 (1) Amount excludes commissions paid associated with share repurchases.
Schedule of Dividends Declared and Paid	The following table presents dividends declared (on a per share basis) of Class A common stock for the six months ended June 30, 2024 and 2023: Declaration Date Dividend per Share March 15, 2024 $ 0.23 June 14, 2024 0.23 Total $ 0.46 March 15, 2023 $ 0.23 June 15, 2023 0.23 Total $ 0.46
Schedule of Accumulated Other Comprehensive Income	The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the six months ended June 30, 2024 and 2023 ($ in thousands): Six Months Ended June 30, 2024 2023 Accumulated Other Comprehensive Income (Loss) beginning of period $ (13,853) $ (21,009) Gain (loss) on available for sale securities, net of tax 3,101 4,485 Accumulated Other Comprehensive Income (Loss) end of period $ (10,752) $ (16,524)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of the Company's Net Income and Weighted Average Shares Outstanding	The Company’s net income (loss) and weighted average shares outstanding for the three and six months ended June 30, 2024 and 2023 consist of the following: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands except share amounts) 2024 2023 2024 2023 Basic and Diluted Net income (loss) available for Class A common shareholders $ 32,349 $ 28,163 $ 48,956 $ 50,569 Weighted average shares outstanding: Basic 125,730,765 124,731,195 125,523,265 124,612,821 Diluted 125,839,500 124,827,596 125,679,937 124,742,506
Schedule of Calculation of Basic and Diluted Net Income Per Share Amounts	The calculation of basic and diluted net income (loss) per share amounts for the three and six months ended June 30, 2024 and 2023 consist of the following: Three Months Ended June 30, Six Months Ended June 30, (In thousands except share and per share amounts) (1) 2024 2023 2024 2023 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator : Net income (loss) attributable to Class A common shareholders $ 32,349 $ 28,163 $ 48,956 $ 50,569 Denominator : Weighted average number of shares of Class A common stock outstanding 125,730,765 124,731,195 125,523,265 124,612,821 Basic net income (loss) per share of Class A common stock $ 0.26 $ 0.23 $ 0.39 $ 0.41 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 32,349 $ 28,163 $ 48,956 $ 50,569 Diluted net income (loss) attributable to Class A common shareholders 32,349 28,163 48,956 50,569 Denominator: Basic weighted average number of shares of Class A common stock outstanding 125,730,765 124,731,195 125,523,265 124,612,821 Add - dilutive effect of: Incremental shares of unvested Class A restricted stock(1) 108,735 96,401 156,672 129,685 Diluted weighted average number of shares of Class A common stock outstanding (2)(3) 125,839,500 124,827,596 125,679,937 124,742,506 Diluted net income (loss) per share of Class A common stock $ 0.26 $ 0.23 $ 0.39 $ 0.41 The Company applies the treasury stock method. (2) There were 461,207 and 419,937 anti-dilutive shares for the three and six months ended June 30, 2024, respectively. (3) There were 628,240 and 509,276 anti-dilutive shares for the three and six months ended June 30, 2023, respectively.

STOCK-BASED AND OTHER COMPENS_2

STOCK-BASED AND OTHER COMPENSATION PLANS (Tables)	6 Months Ended
	Jun. 30, 2024
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): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock-based compensation expense $ 3,117 $ 3,046 $ 13,415 $ 12,170 Total Stock-Based Compensation Expense $ 3,117 $ 3,046 $ 13,415 $ 12,170
Schedule of the Grants	A summary of the grants is presented below: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Number Weighted Number Weighted Number Weighted Number Weighted Grants - Class A Common Stock — $ — — $ — 1,855,541 $ 10.70 1,417,561 $ 11.58
Schedule of Nonvested Shares Activity	The table below presents the number of unvested shares of Class A common stock and outstanding stock options at June 30, 2024 and changes during 2024 of the Class A common stock and stock options of Ladder Capital Corp: Restricted Stock Weighted Average Grant Date Fair Value Stock Options Nonvested/Outstanding at December 31, 2023 2,197,963 $ 12.37 623,788 Granted 1,855,541 10.70 — Vested (1,893,138) 10.91 — Forfeited (9,960) 10.94 — Nonvested/Outstanding at June 30, 2024 2,150,406 $ 12.22 623,788 Exercisable at June 30, 2024 (1) 623,788 (1) The weighted average exercise price of outstanding options is $14.84 at June 30, 2024.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Fair Value	The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at June 30, 2024 and December 31, 2023 are as follows ($ in thousands): June 30, 2024 Weighted Average Principal Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 487,661 $ 486,829 $ 475,881 Internal model 6.91 % 2.13 CMBS interest-only(1) 834,955 (2) 4,774 4,935 Internal model 7.16 % 0.94 GNMA interest-only(3) 35,865 (2) 179 187 Internal model 9.44 % 3.26 Agency securities(1) 17 16 16 Internal model 2.74 % 0.82 Equity securities(3) N/A 160 110 Observable market prices N/A N/A Mortgage loan receivables held for investment, net, at amortized cost(4) 2,545,030 2,539,323 2,535,928 Discounted Cash Flow(5) 9.48 % 0.60 Mortgage loan receivables held for sale 31,350 26,414 26,414 Internal model, third-party inputs(6) 4.57 % 7.69 Nonhedge derivatives(1)(10) 107,100 757 757 Counterparty quotations N/A 0.20 Liabilities: Repurchase agreements - short-term 82,422 82,422 82,422 Cost plus Accrued Interest (7) 7.93 % 0.46 Repurchase agreements - long-term 271,120 271,120 271,120 Discounted Cash Flow(8) 7.33 % 1.28 Mortgage loan financing 506,656 509,421 495,370 Discounted Cash Flow 6.05 % 3.19 CLO debt 952,220 951,716 951,716 Discounted Cash Flow(8) 7.09 % 1.41 Senior unsecured notes 1,573,614 1,563,420 1,491,369 Internal model, third-party inputs 4.66 % 3.27 (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 $54.1 million at June 30, 2024. (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) For repurchase agreements - short term, the value approximates the cost plus accrued interest. (8) 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. (9) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. 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 $43.2 million at December 31, 2023. (5) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit spreads. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model. (6) Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (7) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (8) For repurchase agreements - short term, the value approximates the cost plus accrued interest. (9) For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (10) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
Summary of Financial Assets and Liabilities, both reported at Fair Value on a Recurring Basis or Amortized Cost/Par	The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at June 30, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 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) $ 478,449 $ — $ 466,961 $ — $ 466,961 CMBS interest-only(1) 826,697 (2) — 4,676 — 4,676 GNMA interest-only(3) 35,865 (2) — 187 — 187 Agency securities(1) 17 — 16 — 16 Equity securities N/A 110 — — 110 Nonhedge derivatives(4) 107,100 — 757 — 757 $ 110 $ 472,597 $ — $ 472,707 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) $ 2,545,030 $ — $ — $ 2,535,928 $ 2,535,928 Mortgage loan receivable held for sale(6) 31,350 — — 26,414 26,414 CMBS(7) 9,212 — 8,920 — 8,920 CMBS interest-only(7) 8,258 — 259 — 259 $ — $ 9,179 $ 2,562,342 $ 2,571,521 Liabilities: Repurchase agreements - short-term $ 82,422 $ — $ 82,422 $ — $ 82,422 Repurchase agreements - long-term 271,120 — 271,120 — 271,120 Mortgage loan financing 506,656 — — 495,370 495,370 CLO debt 952,220 — 951,716 — 951,716 Senior unsecured notes 1,573,614 — — 1,491,369 1,491,369 $ — $ 1,305,258 $ 1,986,739 $ 3,291,997 (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 $54.1 million at June 30, 2024. (6) A lower of cost or market adjustment was recorded as of June 30, 2024. (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, 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.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 are as follows ($ in thousands): 2024 (last six months) $ 1,104 2025 2,207 2026 2,219 2027 2,232 2028 2,306 Thereafter 11,038 Total undiscounted cash flows 21,106 Present value discount (1) (5,381) Lease liabilities (2) $ 15,725 (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 9.1 years. (2)

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Company's Performance Evaluation by Segment	The Company evaluates performance based on the following financial measures for each segment ($ in thousands): Three months ended June 30, 2024 Loans Securities Real Estate (1) Corporate/Other(2) Company Net interest income Interest income $ 63,811 $ 8,051 $ 73 $ 16,581 $ 88,516 Interest expense (25,992) (28) (8,271) (19,908) (54,199) Net interest income (expense) 37,819 8,023 (8,198) (3,327) 34,317 (Provision for) release of loan loss reserves (5,055) — — — (5,055) Net interest income (expense) after provision for (release of) loan reserves 32,764 8,023 (8,198) (3,327) 29,262 Other income (loss) Real estate operating income — — 26,133 — 26,133 Net result from mortgage loan receivables held for sale (3) 1,223 — — (1,764) (541) Gain (loss) on real estate, net — — 12,543 — 12,543 Fee and other income 2,191 8 1,325 114 3,638 Net result from derivative transactions (206) 9 36 778 617 Earnings (loss) from investment in unconsolidated ventures — — 18 — 18 Gain (loss) on extinguishment of debt — — — — — Total other income (loss) 3,208 17 40,055 (872) 42,408 Costs and expenses Compensation and employee benefits — — — (13,721) (13,721) Operating expenses — — (5,178) (5,178) Real estate operating expenses — — (11,034) — (11,034) Investment related expenses (1,631) (46) (259) (352) (2,288) Depreciation and amortization — — (8,304) (109) (8,413) Total costs and expenses (1,631) (46) (19,597) (19,360) (40,634) Income tax (expense) benefit — — — 1,089 1,089 Segment profit (loss) $ 34,341 $ 7,994 $ 12,260 $ (22,470) $ 32,125 Total assets as of June 30, 2024 $ 2,511,630 $ 481,109 $ 738,543 $ 1,316,905 $ 5,048,187 Three months ended June 30, 2023 Loans Securities Real Estate (1) Corporate/Other(2) Company Net interest income Interest income $ 88,134 $ 7,825 $ 2 $ 5,868 $ 101,829 Interest expense (30,907) (464) (7,723) (22,248) (61,342) Net interest income (expense) 57,227 7,361 (7,721) (16,380) 40,487 (Provision for) release of loan loss reserves (6,881) — — — (6,881) Net interest income (expense) after provision for (release of) loan reserves 50,346 7,361 (7,721) (16,380) 33,606 Other income (loss) Real estate operating income — — 25,887 — 25,887 Net result from mortgage loan receivables held for sale (296) — — — (296) Fee and other income 3,163 (83) — 160 3,240 Net result from derivative transactions 2,784 674 691 — 4,149 Earnings (loss) from investment in unconsolidated ventures — — 217 — 217 Gain (loss) on extinguishment of debt — — — 462 462 Total other income (loss) 5,651 591 26,795 622 33,659 Costs and expenses Compensation and employee benefits — — — (14,242) (14,242) Operating expenses — — — (4,987) (4,987) Real estate operating expenses — — (9,766) — (9,766) Investment related expenses (1,787) (48) (481) (345) (2,661) Depreciation and amortization — — (7,363) (108) (7,471) Total costs and expenses (1,787) (48) (17,610) (19,682) (39,127) Income tax (expense) benefit — — — (46) (46) Segment profit (loss) $ 54,210 $ 7,904 $ 1,464 $ (35,486) $ 28,092 Total assets as of December 31, 2023 $ 3,138,794 $ 485,533 $ 733,319 $ 1,155,031 $ 5,512,677 Six months ended June 30, 2024 Loans Securities Real Estate (1) Corporate/Other(2) Company Net interest income Interest income $ 137,434 $ 15,943 $ 182 $ 30,869 $ 184,428 Interest expense (55,442) (56) (16,621) (40,852) (112,971) Net interest income (expense) 81,992 15,887 (16,439) (9,983) 71,457 (Provision for) release of loan loss reserves (10,823) — — — (10,823) Net interest income (expense) after provision for (release of) loan reserves 71,169 15,887 (16,439) (9,983) 60,634 Other income (loss) Real estate operating income — — 50,019 — 50,019 Net result from mortgage loan receivables held for sale (3) 2,166 — — (2,620) (454) Gain (loss) on real estate, net — — 12,543 — 12,543 Fee and other income 5,697 83 1,327 231 7,338 Net result from derivative transactions 434 80 207 3,916 4,637 Earnings (loss) from investment in unconsolidated ventures — — 3 — 3 Gain (loss) on extinguishment of debt — — — 177 177 Total other income (loss) 8,297 163 64,099 1,704 74,263 Costs and expenses Compensation and employee benefits — — — (34,510) (34,510) Operating expenses — — (9,822) (9,822) Real estate operating expenses — — (20,180) — (20,180) Investment related expenses (3,220) (93) (352) (616) (4,281) Depreciation and amortization — — (16,496) (219) (16,715) Total costs and expenses (3,220) (93) (37,028) (45,167) (85,508) Income tax (expense) benefit — — — (836) (836) Segment profit (loss) $ 76,246 $ 15,957 $ 10,632 $ (54,282) $ 48,553 Total assets as of June 30, 2024 $ 2,511,630 $ 481,109 $ 738,543 $ 1,316,905 $ 5,048,187 Six months ended June 30, 2023 Loans Securities Real Estate (1) Corporate/Other(2) Company Net interest income Interest income $ 179,008 $ 16,154 $ 4 $ 10,459 $ 205,625 Interest expense (59,635) (3,097) (14,376) (44,984) (122,092) Net interest income (expense) 119,373 13,057 (14,372) (34,525) 83,533 (Provision for) release of loan loss reserves (11,617) — — — (11,617) Net interest income (expense) after provision for (release of) loan reserves 107,756 13,057 (14,372) (34,525) 71,916 Other income (loss) Real estate operating income — — 49,086 — 49,086 Net result from mortgage loan receivables held for sale (490) — — — (490) Fee and other income 4,841 (269) 2 307 4,881 Net result from derivative transactions 941 372 594 — 1,907 Earnings (loss) from investment in unconsolidated ventures — — 434 — 434 Gain (loss) on extinguishment of debt — — — 9,679 9,679 Total other income (loss) 5,292 103 50,116 9,986 65,497 Costs and expenses Compensation and employee benefits — — — (36,326) (36,326) Operating expenses — — — (10,243) (10,243) Real estate operating expenses — — (19,615) — (19,615) Investment related expenses (2,755) (96) (575) (755) (4,181) Depreciation and amortization — — (14,788) (212) (15,000) Total costs and expenses (2,755) (96) (34,978) (47,536) (85,365) Income tax (expense) benefit — — — (1,767) (1,767) Segment profit (loss) $ 110,293 $ 13,064 $ 766 $ (73,842) $ 50,281 Total assets as of December 31, 2023 $ 3,138,794 $ 485,533 $ 733,319 $ 1,155,031 $ 5,512,677 (1) Includes the Company’s investment in unconsolidated ventures that held real estate of $20.0 million and $6.9 million as of June 30, 2024 and December 31, 2023, respectively. (2) Corporate/Other represents all corporate level and unallocated items including any inter-segment 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 the Company’s senior unsecured notes of $1.6 billion at June 30, 2024 and December 31, 2023. (3) Includes $1.8 million and $2.6 million of realized gains from sales of conduit mortgage loans collateralized by net leased properties in the Company’s real estate segment that eliminate in consolidation for the three and six months ended June 30, 2024, respectively.

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details)	Jun. 30, 2024
LCFH
ORGANIZATION AND OPERATIONS
Ownership interest in LCFH	100%

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) unconsolidatedVenture	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) unconsolidatedVenture	Jun. 30, 2023 USD ($)
Accounting Policies [Abstract]
Unconsolidated ventures determined to be variable interest entities | unconsolidatedVenture	2		2
Unrealized (loss) gain	$ (95)		$ 22
Realized gain (loss)		$ 8		$ (299)

MORTGAGE LOAN RECEIVABLES - Sch

MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) loans	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loans	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 2,576,380		$ 3,195,576
Allowance for credit losses	(54,107)	$ (32,248)	(43,165)	$ (49,060)	$ (25,499)	$ (20,755)
Carrying Value	$ 2,511,630		$ 3,138,792
Weighted average yield	9.42%	9.61%
Remaining maturity	8 months 12 days	8 months 12 days
Number of non-accrual loans | loans			1
Principal balance of loans on non-accrual status	$ 60,830		$ 14,541
Deferred origination fees and other items	5,700		9,100
First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	2,528,691		3,131,803
Carrying value gross, consumer and commercial real estate	$ 2,523,011		3,122,707
Weighted average yield	9.46%	9.63%
Remaining maturity	7 months 6 days	8 months 12 days
Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 16,339		32,423
Carrying value gross, consumer and commercial real estate	$ 16,312		32,382
Weighted average yield	11.21%	11.46%
Remaining maturity	1 year 2 months 12 days	10 months 24 days
Total mortgage loans receivable
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 2,545,030		3,164,226
Carrying value gross, consumer and commercial real estate	$ 2,539,323		3,155,089
Weighted average yield	9.48%	9.65%
Remaining maturity	7 months 6 days	8 months 12 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	$ 2,545,030		3,164,226
Allowance for credit losses	(54,107)	$ (32,248)	(43,165)			$ (20,755)
Carrying Value	$ 2,485,216		$ 3,111,924
Remaining maturity	1 year 6 months		1 year 9 months 18 days
Number of non-accrual loans | loans	1
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	$ 26,414		$ 26,868
Weighted average yield	4.57%	4.57%
Remaining maturity	7 years 8 months 12 days	8 years 2 months 12 days
Cost or market adjustment of interest, percentage	5.48%		5.18%

MORTGAGE LOAN RECEIVABLES - Add

MORTGAGE LOAN RECEIVABLES - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loans	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding face amount	$ 2,576,380	$ 2,576,380		$ 2,576,380		$ 3,195,576
Allowance for current expected credit losses	54,700	54,700		54,700		43,900
General CECL Reserve	54,107	54,107	$ 32,248	54,107	$ 32,248	43,165	$ 49,060	$ 25,499	$ 20,755
Reserve of unfunded commitments	600	600		600		700
Provision for (release of) loan loss reserves, net		5,055	6,881	10,823	11,617
Increase (decrease) of reserve on unfunded commitments		8	(132)	(119)	(124)
Asset Specific Reserve, Company Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Provision for (release of) loan loss reserves, net		5,000	6,700	10,900	11,500
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	$ 2,300,000	$ 2,300,000		$ 2,300,000		$ 2,800,000
Loans receivable with variable rates of interest	88.70%	88.70%		88.70%		87.80%
Loans receivable with variable rates of interest, subject to interest rate floors	100%	100%		100%		100%
Outstanding face amount	$ 2,545,030	$ 2,545,030		$ 2,545,030		$ 3,164,226
General CECL Reserve	54,107	54,107	$ 32,248	54,107	32,248	43,165			$ 20,755
Provision for (release of) loan loss reserves, net				10,942	$ 11,493
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		$ 31,350		$ 31,350
Percentage of loans receivable with fixed rates of interest	100%	100%		100%		100%
First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding face amount	$ 2,528,691	$ 2,528,691		$ 2,528,691		$ 3,131,803
Number of loans modified | loans						1
Amortized cost basis				$ 56,000
Loans modified, amount of mortgage loan receivable portfolio				2.20%
Loan, modified, principal payment	$ 2,500					$ 2,500
Common equity interest received				15%
Accrued interest income		$ 200		$ 400

MORTGAGE LOAN RECEIVABLES - Act

MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Mortgage loan receivables held for investment, net, at amortized cost:
Net result from mortgage loan receivables held for sale	$ (541)	$ (296)	$ (454)	$ (490)
Allowance for credit losses
Beginning balance, Allowance for credit losses	(49,060)	(25,499)	(43,165)	(20,755)
Release of provision for current expected credit loss, net	(5,055)	(6,881)	(10,823)	(11,617)
Ending balance, Allowance for credit losses	(54,107)	(32,248)	(54,107)	(32,248)
Repayments in transit of securities (other assets)			0	392
Total mortgage loans receivable
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, ending balance	2,539,323		2,539,323
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			3,155,089	3,885,746
Origination of mortgage loan receivables			69,583	44,216
Repayment of mortgage loan receivables			(650,594)	(440,546)
Proceeds from sales of conduit mortgage loans			0
Non-cash disposition of loan via foreclosure			(42,646)
Net result from mortgage loan receivables held for sale			0	0
Accretion/amortization of discount, premium and other fees			7,891	11,819
Mortgage loans receivable, ending balance		3,501,235		3,501,235
Allowance for credit losses
Beginning balance, Allowance for credit losses			(43,165)	(20,755)
Release of provision for current expected credit loss, net			(10,942)	(11,493)
Ending balance, Allowance for credit losses	(54,107)	(32,248)	(54,107)	(32,248)
Repayments in transit of securities (other assets)			39,200
Proceeds from sales of mortgage loan receivables			0
Mortgage loan  receivables held for sale
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, beginning balance			26,868	27,391
Origination of mortgage loan receivables			0	0
Repayment of mortgage loan receivables			0	0
Proceeds from sales of conduit mortgage loans			0
Net result from mortgage loan receivables held for sale			(454)	(490)
Accretion/amortization of discount, premium and other fees			0	0
Mortgage loans receivable, ending balance	$ 26,414	$ 26,901	26,414	$ 26,901
Allowance for credit losses
Proceeds from sales of mortgage loan receivables			0
Conduit Mortgage Loans
Mortgage loan receivables held for investment, net, at amortized cost:
Proceeds from sales of conduit mortgage loans			69,400
Allowance for credit losses
Proceeds from sales of mortgage loan receivables			$ 69,400

MORTGAGE LOAN RECEIVABLES - Pro

MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) loans	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loans
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses at beginning of period	$ 49,060	$ 25,499	$ 43,165	$ 20,755	$ 20,755
Provision for (release of) current expected credit loss, net	5,047	6,749	10,942	11,493
Allowance for credit losses at end of period	54,107	32,248	54,107	32,248	43,165
Amortized cost basis of loans on non-accrual status	60,830		60,830		14,541
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			43,165	20,755	20,755
Allowance for credit losses at end of period	54,107	$ 32,248	54,107	32,248	43,165
Asset Specific Reserve, Company Loan
Allowance for Loan and Lease Losses [Roll Forward]
Additional asset-specific reserve			0	$ 0
One loan | Total mortgage loan receivables held for investment, net, at amortized cost | Multifamily Loan
Allowance for Loan and Lease Losses [Roll Forward]
Amortized cost basis of loans on non-accrual status	$ 60,800		$ 60,800		$ 14,500
Number of nonaccrual loans | loans			1		1

MORTGAGE LOAN RECEIVABLES - Ind

MORTGAGE LOAN RECEIVABLES - Individually Impaired Loans (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) property
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	[1]		$ 2,539,323	$ 3,155,089
Subtotal loans, Year One			52,371	14,461
Subtotal loans, Year Two			14,549	919,738
Subtotal loans, Year Three			598,755	1,784,006
Subtotal loans, Year Four			1,499,099	0
Subtotal loans, Year 5 and Earlier			374,549	436,884
Subtotal mortgage loans receivable			2,539,323	3,155,089
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	0
Individually impaired loans			0	0
Total loans, Year One			52,371	14,461
Total loans, Year Two			14,549	919,738
Total loans, Year Three			598,755	1,784,006
Total loans, Year Four			1,499,099	0
Total loans, Year Five and Earlier			374,549	436,884
Accrued interest receivable			19,000	$ 22,400
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			37,631	$ 14,461
Year Two			14,549	547,532
Year Three			295,348	612,489
Year Four			495,871	0
Year Five and Earlier			0	0
Total loans			843,399	1,174,482
Office
Financing Receivable, Credit Quality Indicator [Line Items]
Year One			0	0
Year Two			0	79,148
Year Three			79,284	614,743
Year Four			607,817	0
Year Five and Earlier			195,772	211,674
Total loans			882,873	905,565
Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Year One			0	0
Year Two			0	193,470
Year Three			177,340	321,514
Year Four			232,591	0
Year Five and Earlier			0	41,403
Total loans			409,931	556,387
Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Year One			14,740	0
Year Two			0	22,636
Year Three			0	34,746
Year Four			6,979	0
Year Five and Earlier			118,787	119,344
Total loans			140,506	176,726
Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Year One			0	0
Year Two			0	32,655
Year Three			0	82,895
Year Four			79,198	0
Year Five and Earlier			4,706	0
Total loans			83,904	115,550
Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Year One			0	0
Year Two			0	12,934
Year Three			0	87,052
Year Four			18,630	0
Year Five and Earlier			55,284	9,083
Total loans			73,914	109,069
Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
Year One			0	0
Year Two			0	0
Year Three			32,735	18,589
Year Four			58,013	0
Year Five and Earlier			0	55,380
Total loans			90,748	73,969
Other
Financing Receivable, Credit Quality Indicator [Line Items]
Year One			0	0
Year Two			0	31,363
Year Three			14,048	11,978
Year Four			0	0
Year Five and Earlier			0	0
Total loans			$ 14,048	$ 43,341
New York, NY
Financing Receivable, Credit Quality Indicator [Line Items]
Write-off		$ 2,700
Number of real estate properties | property				1
[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	6 Months Ended
	Jun. 30, 2024 USD ($) security	Jun. 30, 2023	Dec. 31, 2023 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 1,358,498		$ 1,407,340
Amortized Cost Basis	491,798		499,389
Gross Unrealized Gains	753		565
Gross Unrealized Losses	(11,532)		(14,545)
Carrying value, before allowance for credit loss	$ 481,019		$ 485,409
# of Securities | security	91		95
Weighted Average Coupon	2.67%		2.55%
Weighted Average Yield	6.92%		6.82%
Remaining Duration (years)	2 years 1 month 13 days	1 year 11 months 23 days
Amortized Cost Basis	$ 160
Gross Unrealized Gains	0
Gross Unrealized Losses	(50)
Carrying Value	$ 110		$ 144
# of Securities | security	1		1
Allowance for current expected credit losses	$ (20)		$ (20)
Total Amortized Cost Basis	491,958		499,549
Total Gross Unrealized Gains	753		565
Total real estate securities, Gross Unrealized Losses	(11,602)		(14,581)
Carrying Value	$ 481,109		$ 485,533
Total Number of Securities | security	92		96
CMBS
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 487,661		$ 439,679
Amortized Cost Basis	486,829		439,052
Gross Unrealized Gains	507		277
Gross Unrealized Losses	(11,455)		(14,439)
Carrying value, before allowance for credit loss	$ 475,881		$ 424,890
# of Securities | security	69		64
Weighted Average Coupon	6.73%		6.67%
Weighted Average Yield	6.91%		6.83%
Remaining Duration (years)	2 years 1 month 17 days	2 years
Risk retention requirement, amount	$ 8,900		$ 9,000
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	834,955		876,555
Amortized Cost Basis	4,774		6,453
Gross Unrealized Gains	181		169
Gross Unrealized Losses	(20)		(53)
Carrying value, before allowance for credit loss	$ 4,935		$ 6,569
# of Securities | security	8		9
Weighted Average Coupon	0.39%		0.57%
Weighted Average Yield	7.16%		6.61%
Remaining Duration (years)	11 months 8 days	1 year 25 days
Risk retention requirement, amount	$ 300		$ 300
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	35,865		37,053
Amortized Cost Basis	179		214
Gross Unrealized Gains	65		51
Gross Unrealized Losses	(57)		(52)
Carrying value, before allowance for credit loss	$ 187		$ 213
# of Securities | security	13		14
Weighted Average Coupon	0.36%		0.36%
Weighted Average Yield	9.44%		6.12%
Remaining Duration (years)	3 years 3 months 3 days	3 years 7 months 6 days
Agency securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 17		$ 22
Amortized Cost Basis	16		22
Gross Unrealized Gains	0		0
Gross Unrealized Losses	0		(1)
Carrying value, before allowance for credit loss	$ 16		$ 21
# of Securities | security	1		1
Weighted Average Coupon	4%		4%
Weighted Average Yield	2.74%		2.70%
Remaining Duration (years)	9 months 25 days	1 year 18 days
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount			$ 54,031
Amortized Cost Basis			53,648
Gross Unrealized Gains			68
Gross Unrealized Losses			0
Carrying value, before allowance for credit loss			$ 53,716
# of Securities | security			7
Weighted Average Yield			5.41%
Remaining Duration (years)		25 days
Class A Common Stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis			$ 160
Gross Unrealized Gains			0
Gross Unrealized Losses			$ (16)

SECURITIES - Securities by Rema

SECURITIES - Securities by Remaining Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Within 1 year	$ 73,054	$ 137,266
1-5 years	397,891	348,038
5-10 years	10,074	105
Total	481,019	485,409
Equity securities	100	100
Allowance for current expected credit losses	(20)	(20)
CMBS
Debt Securities, Available-for-sale [Line Items]
Within 1 year	71,242	81,343
1-5 years	394,661	343,547
5-10 years	9,978	0
Total	475,881	424,890
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year	1,720	2,121
1-5 years	3,215	4,448
5-10 years	0	0
Total	4,935	6,569
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year	76	86
1-5 years	15	22
5-10 years	96	105
Total	187	213
Agency securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year	16	0
1-5 years	0	21
5-10 years	0	0
Total	16	21
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year	0	53,716
1-5 years	0	0
5-10 years	0
Total	$ 0	$ 53,716

SECURITIES - Additional Informa

SECURITIES - Additional Information (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2024		Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023	Dec. 31, 2023	[1]
Debt Securities, Available-for-sale [Line Items]
Sale of equity securities	$ 800,000		$ 0	$ 1,800,000		$ 0
Cash and cash equivalents	1,195,559,000	[1]	$ 777,078,000	1,195,559,000	[1]	$ 777,078,000	$ 1,015,678,000
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	$ 1,200,000,000			$ 1,200,000,000
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

SECURITIES - Realized and Unrea

SECURITIES - Realized and Unrealized Gain (Loss) on Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Realized gain (loss)	$ 22	$ 8	$ 75	$ (299)
Unrealized gain (loss)	(19)	(95)	(27)	22
Total realized and unrealized gain (loss) on securities	$ 3	$ (87)	$ 48	$ (277)

REAL ESTATE AND RELATED LEASE_3

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Real estate and related lease intangibles, net
Less: Accumulated depreciation and amortization		$ (227,989)	$ (220,784)
Real estate and related lease intangibles, net	[1]	707,083	726,442
Below market lease intangibles, net (other liabilities)		(27,512)	(28,860)
Unencumbered real estates		174,500	160,800
Accumulated amortization of below market lease		16,300	15,800
In-place leases and other intangibles
Real estate and related lease intangibles, net
Real estate		113,392	116,831
Undepreciated real estate and related lease intangibles
Real estate and related lease intangibles, net
Real estate		935,072	947,226
Land
Real estate and related lease intangibles, net
Real estate		177,840	183,194
Building
Real estate and related lease intangibles, net
Real estate		$ 643,840	$ 647,201
[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 ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Real Estate [Line Items]
Unbilled rent receivables	$ 3,100,000		$ 3,100,000		$ 1,100,000
Tenant recoveries	(1,400,000)	$ (1,000,000)	(3,300,000)	$ (2,100,000)
Acquisitions				0
Property sales			46,886,000	$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate [Line Items]
Real estate	$ 11,500,000		$ 11,500,000

REAL ESTATE AND RELATED LEASE_5

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Depreciation and Amortization Expense on Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Real Estate [Abstract]
Depreciation expense	$ 6,346	$ 6,144	$ 12,735	$ 12,344
Amortization expense	2,067	1,327	3,980	2,656
Total real estate depreciation and amortization expense	8,413	7,471	16,715	15,000
Depreciation on corporate fixed assets	$ 100	$ 100	$ 200	$ 200

REAL ESTATE AND RELATED LEASE_6

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unamortized Favorable Lease Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Gross intangible assets	$ 113,392		$ 113,392		$ 116,831
Accumulated amortization	57,204		57,204		55,782
Net intangible assets	56,188		56,188		61,049
Unamortized favorable lease intangibles	2,500		2,500		$ 2,800
Increase in operating lease income for amortization of below market lease intangibles acquired	525	$ 525	1,054	$ 1,050
Total	430	453	862	907
Above Market Leases
Business Acquisition [Line Items]
Reduction in operating lease income for amortization of above market lease intangibles acquired	$ (95)	$ (72)	$ (192)	$ (143)

REAL ESTATE AND RELATED LEASE_7

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Net intangible assets	$ 56,188	$ 61,049
Increase/(Decrease) to Operating Lease Income
Finite-Lived Intangible Assets [Line Items]
2024 (last six months)	850
2025	1,703
2026	1,717
2027	1,681
2028	1,607
Thereafter	17,432
Net intangible assets	24,990
Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2024 (last six months)	3,589
2025	5,100
2026	4,276
2027	4,115
2028	3,924
Thereafter	33,697
Net intangible assets	$ 54,701

REAL ESTATE AND RELATED LEASE_8

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Real Estate [Abstract]
2024 (last six months)	$ 33,693
2025	59,229
2026	48,883
2027	46,897
2028	44,909
Thereafter	156,707
Total	$ 390,318

REAL ESTATE AND RELATED LEASE_9

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details)	1 Months Ended			3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property	Apr. 30, 2024 USD ($) property	Feb. 29, 2024 USD ($) property	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Total real estate acquisitions						$ 41,296,000
Property sales						46,886,000	$ 0
Gain (loss) on real estate, net				$ 12,543,000	$ 0	12,543,000	$ 0
Los Angeles, CA | Multifamily
Business Acquisition [Line Items]
Purchase Price/Fair Value on the Date of Foreclosure	$ 11,455,000		$ 14,110,000	$ 11,455,000		$ 11,455,000
Ownership Interest	100%		100%	100%		100%
Number of properties acquired | property	3		3	3		3
Terminal capitalization rate			5.50%
Los Angeles, CA | Multifamily | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Realized (gain) loss on disposition of loan			$ 0
Longview, TX | Multifamily
Business Acquisition [Line Items]
Purchase Price/Fair Value on the Date of Foreclosure		$ 6,080,000
Ownership Interest		100%
Number of properties acquired | property		2
Property sales	$ 6,100,000
Gain (loss) on real estate, net	400,000
Amarillo, TX | Multifamily
Business Acquisition [Line Items]
Purchase Price/Fair Value on the Date of Foreclosure		$ 9,651,000
Ownership Interest		100%
Terminal capitalization rate		8.30%
Amarillo, TX | Multifamily | 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)		1 Months Ended		3 Months Ended		6 Months Ended
		Jun. 30, 2024 USD ($) property	May 31, 2024 USD ($) property	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Disposal Groups, Including Discontinued Operations [Line Items]
Sales Proceeds						$ 46,886,000	$ 0
Net Book Value	[1]	$ 707,083,000		$ 707,083,000		707,083,000		$ 726,442,000
Realized Gain/(Loss)				12,543,000	$ 0	12,543,000	$ 0
Multifamily | Longview, TX
Disposal Groups, Including Discontinued Operations [Line Items]
Sales Proceeds		6,100,000
Realized Gain/(Loss)		400,000
2024 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Sales Proceeds						45,875,000
Net Book Value		33,735,000		33,735,000		33,735,000
Realized Gain/(Loss)						12,543,000
2024 Disposal Properties | Office | Peoria, IL
Disposal Groups, Including Discontinued Operations [Line Items]
Sales Proceeds			$ 1,227,000
Net Book Value			2,320,000
Realized Gain/(Loss)			$ (1,093,000)
Number of consolidated ventures sold | property			1
2024 Disposal Properties | Multifamily | Los Angeles, CA
Disposal Groups, Including Discontinued Operations [Line Items]
Sales Proceeds		14,834,000
Net Book Value		13,911,000		$ 13,911,000		$ 13,911,000
Realized Gain/(Loss)		$ 923,000
Number of consolidated ventures sold | property		3		3		3
2024 Disposal Properties | Multifamily | Longview, TX
Disposal Groups, Including Discontinued Operations [Line Items]
Sales Proceeds		$ 6,080,000
Net Book Value		6,080,000		$ 6,080,000		$ 6,080,000
Realized Gain/(Loss)		$ 403,000
Number of consolidated ventures sold | property		2		2		2
2024 Disposal Properties | Retail | Waldorf, MD
Disposal Groups, Including Discontinued Operations [Line Items]
Sales Proceeds		$ 23,734,000
Net Book Value		11,424,000		$ 11,424,000		$ 11,424,000
Realized Gain/(Loss)		$ 12,310,000
Number of consolidated ventures sold | property		1		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	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) extensionOfMaturityPeriod	Dec. 31, 2023 USD ($) extensionOfMaturityPeriod
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value of Debt Obligations	$ 353,541	$ 606,607
Total	2,426,382
Carrying Amount of Collateral	0	0
Committed Loan Repurchase Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	1,156,000	1,241,997
Carrying Value of Debt Obligations	351,864	604,999
Committed but Unfunded	804,136	636,998
Carrying Amount of Collateral	484,006	732,795
Fair Value of Collateral	484,141	733,074
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	232,114	235,594
Committed but Unfunded	267,886	264,406
Carrying Amount of Collateral	341,094	342,467
Fair Value of Collateral	$ 341,094	$ 342,467
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	$ 300,000
Carrying Value of Debt Obligations	80,743	118,903
Committed but Unfunded	219,257	181,097
Carrying Amount of Collateral	111,680	174,938
Fair Value of Collateral	$ 111,680	$ 174,938
Number of extension maturity periods | extensionOfMaturityPeriod	1	1
Length of extension options	364 days	364 days
Committed Loan Repurchase Facility | Maturing 30 April 2026
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	$ 56,000
Carrying Value of Debt Obligations	16,300
Committed but Unfunded	39,700
Carrying Amount of Collateral	0
Fair Value of Collateral	$ 0
Number of extension maturity periods | extensionOfMaturityPeriod	3
Length of extension options	12 months
Committed Loan Repurchase Facility | Maturing on April 30 2024
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		$ 141,997
Carrying Value of Debt Obligations		139,162
Committed but Unfunded		2,835
Carrying Amount of Collateral		65,110
Fair Value of Collateral		$ 65,110
Number of extension maturity periods | extensionOfMaturityPeriod		3
Length of extension options		12 months
Collateral for debt instrument	$ 20,400	$ 114,700
Committed Loan Repurchase Facility | Maturing on 3 October 2025
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	200,000	200,000
Carrying Value of Debt Obligations	22,707	111,340
Committed but Unfunded	177,293	88,660
Carrying Amount of Collateral	31,232	150,280
Fair Value of Collateral	$ 31,367	$ 150,559
Number of extension maturity periods | extensionOfMaturityPeriod	2	2
Length of extension options	12 months	12 months
Period prior to initial maturity when no new advances are permitted	30 days	30 days
Committed Loan Repurchase Facility | Maturing on 22 January 2025
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 22 January 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
Number of extension maturity periods | extensionOfMaturityPeriod		2
Length of extension options		12 months
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
Uncommitted Securities Repurchase Facility | Maturing on 15 July 2024
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value of Debt Obligations	$ 1,678
Carrying Amount of Collateral	9,483
Fair Value of Collateral	9,483
Restricted securities held-to-maturity	1,900
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
Total Repurchase Facilities
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	1,156,000	1,341,997
Carrying Value of Debt Obligations	353,542	606,607
Committed but Unfunded	804,136	736,998
Carrying Amount of Collateral	493,489	735,306
Fair Value of Collateral	493,624	735,585
Revolving Credit Facility | Maturing on 25 January 2025
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
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
Mortgage Loan Financing | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	$ 506,656	$ 437,384
Carrying Value of Debt Obligations	509,421	437,759
Committed but Unfunded	0	0
Carrying Amount of Collateral	500,141	474,740
Fair Value of Collateral	683,584	625,454
CLO Debt
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	952,200
Unamortized debt issuance costs	500
CLO Debt | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	952,220	1,062,777
Carrying Value of Debt Obligations	951,716	1,060,719
Committed but Unfunded	0	0
Carrying Amount of Collateral	1,183,650	1,327,722
Fair Value of Collateral	1,183,650	1,327,722
Unamortized debt issuance costs	500	2,100
Borrowings from the FHLB | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount		115,000
Carrying Value of Debt Obligations		115,000
Committed but Unfunded		0
Carrying Amount of Collateral		140,276
Fair Value of Collateral		140,276
Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	10,194
Senior Unsecured Notes | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued	1,573,614	1,575,614
Senior Unsecured Notes	1,563,420	1,563,861
Committed but Unfunded	0	0
Unamortized debt issuance costs	10,200	11,800
Total Debt Obligations, Net
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued	4,512,340	4,856,622
Total	3,378,099	3,783,946
Committed but Unfunded	1,127,986	1,060,848
Carrying Amount of Collateral	2,177,280	2,678,044
Fair Value of Collateral	$ 2,360,858	$ 2,829,037
Minimum | Committed Loan Repurchase Facility | Maturing on 27 September 2025
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	7.07%	7.08%
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	7.42%	7.46%
Minimum | Committed Loan Repurchase Facility | Maturing 30 April 2026
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	7.57%
Minimum | Committed Loan Repurchase Facility | Maturing on April 30 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		7.06%
Minimum | Committed Loan Repurchase Facility | Maturing on 3 October 2025
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	7.82%	7.22%
Minimum | Committed Loan Repurchase Facility | Maturing on 22 January 2025
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%
Minimum | Committed Loan Repurchase Facility | Maturing on 22 January 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0%
Minimum | Committed Securities Repurchase Facility | Maturing on 27 May 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0%
Minimum | Uncommitted Securities Repurchase Facility | Maturing on 15 July 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6.53%
Minimum | Uncommitted Securities Repurchase Facility | Maturing on 17 January 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		6.61%
Minimum | Revolving Credit Facility | Maturing on 25 January 2025
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%
Minimum | Revolving Credit Facility | Maturing on 27 July 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0%
Minimum | Mortgage Loan Financing | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	4.39%	4.39%
Minimum | CLO Debt | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6.64%	6.68%
Minimum | Borrowings from the FHLB | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		5.76%
Minimum | Senior Unsecured Notes | Various Dates
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	7.47%	7.48%
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	8.32%	8.36%
Maximum | Committed Loan Repurchase Facility | Maturing 30 April 2026
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	7.57%
Maximum | Committed Loan Repurchase Facility | Maturing on April 30 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		7.60%
Maximum | Committed Loan Repurchase Facility | Maturing on 3 October 2025
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	8.27%	8.29%
Maximum | Committed Loan Repurchase Facility | Maturing on 22 January 2025
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%
Maximum | Committed Loan Repurchase Facility | Maturing on 22 January 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0%
Maximum | Committed Securities Repurchase Facility | Maturing on 27 May 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0%
Maximum | Uncommitted Securities Repurchase Facility | Maturing on 15 July 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	7.48%
Maximum | Uncommitted Securities Repurchase Facility | Maturing on 17 January 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		7.56%
Maximum | Revolving Credit Facility | Maturing on 25 January 2025
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%
Maximum | Revolving Credit Facility | Maturing on 27 July 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0%
Maximum | Mortgage Loan Financing | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	9.03%	9.03%
Maximum | CLO Debt | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	9.09%	9.13%
Maximum | Borrowings from the FHLB | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		5.88%
Maximum | Senior Unsecured Notes | Various Dates
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	6 Months Ended
	Jun. 30, 2024 USD ($) agreement security	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Obligations outstanding	$ 353,541	$ 606,607
Number of counterparties with repurchase agreements | security	4
Number of counterparties with collateral exceeding borrowed amounts | security	0
Amount of collateral exceeding borrowings	$ 152,800
Amount of collateral exceeding borrowings, as a percentage	10%
Weighted average haircut	28%
Committed Loan Repurchase Facility
Debt Instrument [Line Items]
Number of agreements | agreement	5
Consolidated CLO debt obligations	$ 1,156,000	$ 1,241,997
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]
Number of facilities due after 90 days | security	0
Specified period facilities are due, greater than 90 days	90 days

DEBT OBLIGATIONS, NET - Revolvi

DEBT OBLIGATIONS, NET - Revolving Credit Facility (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding borrowings	$ 353,541,000	$ 606,607,000
Revolving credit facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Committed amount on credit agreement	$ 323,900,000
Revolving credit facility | Secured Overnight Financing Rate (SOFR) | Line of Credit
Debt Instrument [Line Items]
Stated interest rate on debt instrument	2.50%
Outstanding borrowings	$ 0
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	Jun. 30, 2024	Dec. 31, 2023
Credit Agreement and Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance expense	$ 3.3	$ 4

DEBT OBLIGATIONS, NET - Uncommi

DEBT OBLIGATIONS, NET - Uncommitted Securities Repurchase Facilities (Details) - Uncommitted Securities Repurchase Facilities	6 Months Ended
	Jun. 30, 2024
Debt Instrument [Line Items]
Specified period facilities are due	30 days
Minimum
Debt Instrument [Line Items]
Advance rates	75%
Maximum
Debt Instrument [Line Items]
Advance rates	95%

DEBT OBLIGATIONS, NET - Mortgag

DEBT OBLIGATIONS, NET - Mortgage Loan Financing (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) security	Jun. 30, 2023 USD ($) security	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Amortization of discount (premium) on mortgage loan financing included in interest expense		$ (340)	$ (300)
Mortgage loan financing
Debt Instrument [Line Items]
Carrying amount	$ 509,400	509,400		$ 437,800
Net unamortized premiums	4,100	4,100		1,800
Amortization of discount (premium) on mortgage loan financing included in interest expense	(200)	$ (300)
Weighted average term		3 years 9 months 18 days
Pledged assets, real estate and lease intangibles, net	500,100	$ 500,100		$ 474,700
Number of agreements | security		10	0
Outstanding debt balance	$ 68,900	$ 68,900
Mortgage loan financing | Minimum
Debt Instrument [Line Items]
Stated interest rate on debt instrument	4.39%	4.39%
Mortgage loan financing | Maximum
Debt Instrument [Line Items]
Stated interest rate on debt instrument	9.03%	9.03%

DEBT OBLIGATIONS, NET - Collate

DEBT OBLIGATIONS, NET - Collateralized Loan Obligation Debt (Details) $ in Thousands		Dec. 02, 2021 USD ($) security	Jul. 13, 2021 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt obligations, net	[1]			$ 3,378,099	$ 3,783,946
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt obligations, net				951,716	1,060,719
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				500
Various Dates | CLO Debt
Debt Instrument [Line Items]
Debt obligations, net				951,700
Unamortized debt issuance costs				$ 500	$ 2,100
[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	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Amount restricted from transfer	$ 859,700,000
Borrowings from the FHLB
Debt Instrument [Line Items]
FHLB borrowings outstanding	$ 0

DEBT OBLIGATIONS, NET - Senior

DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jul. 26, 2024
Debt Instrument [Line Items]
Gain on extinguishment of debt	$ 0	$ 462,000	$ 177,000	$ 9,679,000
Ladder Capital Finance Corporation | LCFH
Debt Instrument [Line Items]
Ownership interest in LCFH	100%		100%
Senior Unsecured Notes
Debt Instrument [Line Items]
Senior unsecured notes	$ 1,600,000,000		$ 1,600,000,000
Senior Notes Due 2025 | Senior Unsecured Notes
Debt Instrument [Line Items]
Notes issued	$ 327,800,000		$ 327,800,000
Stated interest rate on debt instrument	5.25%		5.25%
Senior Notes Due 2027 | Senior Unsecured Notes
Debt Instrument [Line Items]
Notes issued	$ 611,900,000		$ 611,900,000
Stated interest rate on debt instrument	4.25%		4.25%
Senior Notes Due 2029 | Senior Unsecured Notes
Debt Instrument [Line Items]
Notes issued	$ 633,900,000		$ 633,900,000
Stated interest rate on debt instrument	4.75%		4.75%
Notes repurchased			$ 2,000,000
Gain on extinguishment of debt			$ 200,000
7% Senior Note due 2031 | Senior Unsecured Notes | Subsequent Event
Debt Instrument [Line Items]
Notes issued					$ 500,000,000
Stated interest rate on debt instrument					7%

DEBT OBLIGATIONS, NET - Financi

DEBT OBLIGATIONS, NET - Financial Covenants (Details) $ in Millions	Jun. 30, 2024 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	Jun. 30, 2024 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2024 (last six months)	$ 202,362
2025	571,010
2026	100,149
2027	787,099
2028	24,317
Thereafter	748,874
Subtotal	2,433,811
Premiums included in mortgage loan financing	4,095
Total	2,426,382
Senior Unsecured Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(10,194)
Mortgage loan financings
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(1,330)
CLO Debt
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(500)
Consolidated CLO debt obligations	$ 952,200

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) option
Derivative [Line Items]
Notional	$ 107,100	$ 194,900
Fair value, asset	757	1,454
Fair value, liability	0	0
1 Month Term SOFR
Derivative [Line Items]
Notional	90,000	90,000
Fair value, asset	278	908
Fair value, liability	$ 0	$ 0
Remaining Maturity (years)	1 month 17 days	7 months 13 days
5-year Treasury-Note Futures
Derivative [Line Items]
Notional		$ 18,800
Fair value, asset		98
Fair value, liability		$ 0
Remaining Maturity (years)		3 months
10-year Treasury-Note Futures
Derivative [Line Items]
Notional	$ 17,100	$ 86,100
Fair value, asset	479	447
Fair value, liability	$ 0	$ 0
Remaining Maturity (years)	3 months	3 months
Futures
Derivative [Line Items]
Notional	$ 17,100	$ 104,900
Fair value, asset	479	545
Fair value, liability	$ 0	0
Options
Derivative [Line Items]
Fair value, asset		1
Fair value, liability		$ 0
Remaining Maturity (years)		18 days
Option contracts held | option		104

DERIVATIVE INSTRUMENTS - Sche_2

DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Unrealized Gain/(Loss)	$ 83	$ 383	$ (695)	$ 9
Realized Gain/(Loss)	534	3,766	5,332	1,898
Net Result from Derivative Transactions	617	4,149	4,637	1,907
Caps
Derivative [Line Items]
Unrealized Gain/(Loss)	(383)	344	(630)	10
Realized Gain/(Loss)	419	347	837	584
Net Result from Derivative Transactions	36	691	207	594
Futures
Derivative [Line Items]
Unrealized Gain/(Loss)	466	64	(65)	(107)
Realized Gain/(Loss)	115	3,444	4,496	1,583
Net Result from Derivative Transactions	581	3,508	4,431	1,476
Options
Derivative [Line Items]
Unrealized Gain/(Loss)	0	(25)	0	106
Realized Gain/(Loss)	0	(25)	(1)	(269)
Net Result from Derivative Transactions	$ 0	$ (50)	$ (1)	$ (163)

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash margins held as collateral for derivatives by counterparties	$ 0.4	$ 2.8

OFFSETTING ASSETS AND LIABILI_3

OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Offsetting of derivative assets
Gross amounts of recognized assets		$ 757	$ 1,454
Gross amounts offset in the balance sheet		0	0
Derivative instruments	[1]	757	1,454
Derivative instruments		757	1,454
Gross amounts not offset in the balance sheet
Financial instruments		0	0
Cash collateral received/(posted)		(445)	(2,846)
Net amount		$ 313	$ (1,392)
[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	Jun. 30, 2024	Dec. 31, 2023
Repurchase agreements
Gross amounts of recognized liabilities	$ 353,541	$ 606,607
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	353,541	606,607
Gross amounts not offset in the balance sheet
Financial instruments collateral	353,541	606,607
Cash collateral posted/(received)	0	0
Net amount	353,541	606,607
Total
Gross amounts of recognized liabilities	353,541	606,607
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	353,541	606,607
Gross amounts not offset in the balance sheet
Financial instruments collateral	353,541	606,607
Cash collateral posted/(received)	0	0
Net amount	$ 353,541	$ 606,607

CONSOLIDATED VARIABLE INTERES_3

CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) $ in Thousands		Jun. 30, 2024 USD ($) security		Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) security		Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
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]
Accrued interest receivable	[1]	$ 20,946			$ 24,233
Other assets	[1]	87,722			98,218
Total assets	[1]	5,048,187			5,512,677
Debt obligations, net	[1]	3,378,099			3,783,946
Accrued expenses	[1]	48,652			65,144
Total liabilities	[1]	3,519,692			3,980,479
Total equity		1,528,495	[1]	$ 1,523,886	1,532,198	[1]	$ 1,531,500	$ 1,528,554	$ 1,533,561
Total liabilities and equity	[1]	5,048,187			5,512,677
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Mortgage loan receivables held for investment, net, at amortized cost		1,183,650			1,327,722
Accrued interest receivable		8,106			9,394
Other assets		40,888			4,469
Total assets		1,232,644			1,341,585
Debt obligations, net		951,716			1,060,719
Accrued expenses		2,999			3,555
Total liabilities		954,715			1,064,274
Net equity in VIEs (eliminated in consolidation)		277,929			277,311
Total equity		277,929			277,311
Total liabilities and equity		$ 1,232,644			$ 1,341,585
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

EQUITY STRUCTURE AND ACCOUNTS -

EQUITY STRUCTURE AND ACCOUNTS - Additional Information (Details) - 2014 Share Repurchase Authorization Program - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2024	Apr. 24, 2024	Apr. 23, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Remaining amount available for repurchase	$ 74,800
Percentage of aggregate common stock outstanding under Repurchase Program	5.20%
Closing price (in dollars per share)	$ 11.29
Class A Common Stock
Class of Stock [Line Items]
Additional authorizations		$ 75,000	$ 43,600
Remaining amount available for repurchase	$ 74,788			$ 44,256	$ 44,452	$ 46,737

EQUITY STRUCTURE AND ACCOUNTS_2

EQUITY STRUCTURE AND ACCOUNTS - Schedule of Repurchase of Treasury Stock Activity (Details) - USD ($) $ in Thousands		1 Months Ended				3 Months Ended	6 Months Ended
	Apr. 24, 2024	Jun. 30, 2024	May 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Treasury Stock [Roll Forward]
Repurchases paid						$ (212)	$ (858)	$ (2,285)
2014 Share Repurchase Authorization Program
Treasury Stock [Roll Forward]
Remaining amount available for repurchase, end of period		$ 74,800				74,800	74,800
2014 Share Repurchase Authorization Program | Class A Common Stock
Class of Stock [Line Items]
Purchase of treasury stock (in shares)		17,590	2,100	60,000	250,000
Treasury Stock [Roll Forward]
Remaining amount available for repurchase, beginning of period							44,256	46,737
Repurchases paid		$ (189)	$ (23)	$ (647)	$ (2,285)
Remaining amount available for repurchase, end of period		$ 74,788				$ 74,788	$ 74,788	$ 44,452
Additional authorizations	$ 31,391

EQUITY STRUCTURE AND ACCOUNTS_3

EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares					3 Months Ended
	Jun. 14, 2024	Mar. 15, 2024	Mar. 15, 2023	Jun. 15, 2022	Jun. 30, 2024	Jun. 30, 2023
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	$ 0.46	$ 0.46

EQUITY STRUCTURE AND ACCOUNTS_4

EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024		Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	$ 1,523,886		$ 1,528,554	$ 1,532,198	[1]	$ 1,533,561
Gain (loss) on available for sale securities, net of tax	(932)		1,000	3,101		4,485
Ending Balance	1,528,495	[1]	1,531,500	1,528,495	[1]	1,531,500
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	(9,820)		(17,524)	(13,853)		(21,009)
Gain (loss) on available for sale securities, net of tax	(932)		1,000	3,101		4,485
Ending Balance	$ (10,752)		$ (16,524)	$ (10,752)		$ (16,524)
[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	Jun. 30, 2024 USD ($) jointVenture property
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	$ 78.1
Oakland County, MI | Office Building
Noncontrolling Interest [Line Items]
Property book value	$ 8.7
Consolidated Ventures | Minimum
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership	10%
Consolidated Ventures | Maximum
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership	25%

EARNINGS PER SHARE - Net Income

EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Weighted average shares outstanding:
Basic (in shares)	125,730,765	124,731,195	125,523,265	124,612,821
Diluted (in shares)	125,839,500	124,827,596	125,679,937	124,742,506
Class A Common Stock
Earnings Per Share
Basic Net income (loss) available for Class A common shareholders	$ 32,349	$ 28,163	$ 48,956	$ 50,569
Diluted Net income (loss) available for Class A common shareholders	$ 32,349	$ 28,163	$ 48,956	$ 50,569
Weighted average shares outstanding:
Basic (in shares)	125,730,765	124,731,195	125,523,265
Diluted (in shares)	125,839,500	124,827,596	125,679,937	124,742,506

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	125,730,765	124,731,195	125,523,265	124,612,821
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0.26	$ 0.23	$ 0.39	$ 0.41
Denominator:
Basic, weighted average number of shares of Class A common stock outstanding (in shares)	125,730,765	124,731,195	125,523,265	124,612,821
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	125,839,500	124,827,596	125,679,937	124,742,506
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ 0.26	$ 0.23	$ 0.39	$ 0.41
Anti-dilutive shares (in shares)	461,207	628,240	419,937	509,276
Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 32,349	$ 28,163	$ 48,956	$ 50,569
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	125,730,765	124,731,195	125,523,265
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0.26	$ 0.23	$ 0.39	$ 0.41
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 32,349	$ 28,163	$ 48,956	$ 50,569
Diluted net income (loss) attributable to Class A common shareholders	$ 32,349	$ 28,163	$ 48,956	$ 50,569
Denominator:
Basic, weighted average number of shares of Class A common stock outstanding (in shares)	125,730,765	124,731,195	125,523,265
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	125,839,500	124,827,596	125,679,937	124,742,506
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ 0.26	$ 0.23	$ 0.39	$ 0.41
Class A Common Stock | Restricted Stock
Denominator:
Incremental shares of unvested Class A restricted stock (in shares)	108,735	96,401	156,672	129,685

STOCK-BASED AND OTHER COMPENS_3

STOCK-BASED AND OTHER COMPENSATION PLANS - Schedule of Stock Based Compensation Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 3,117	$ 3,046	$ 13,415	$ 12,170
Total Stock-Based Compensation Expense	$ 3,117	$ 3,046	$ 13,415	$ 12,170

STOCK-BASED AND OTHER COMPENS_4

STOCK-BASED AND OTHER COMPENSATION PLANS - Schedule of Grants (Details) - Restricted Stock - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)			1,855,541
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	0	0	1,855,541	1,417,561
Weighted average fair value per share (in dollars per share)	$ 0	$ 0	$ 10.70	$ 11.58

STOCK-BASED AND OTHER COMPENS_5

STOCK-BASED AND OTHER COMPENSATION PLANS - Schedule of Nonvested Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024
Weighted Average Grant Date Fair Value
Nonvested/Outstanding weighted average grant date fair value, beginning balance (in dollars pre share)	$ 12.37
Granted, weighted average grant date fair value (in dollars per share)	10.70
Vested, weighted average grant date fair value (in dollars per share)	10.91
Forfeited, weighted average grant date fair value (in dollars per share)	10.94
Nonvested/Outstanding weighted average grant date fair value, ending balance (in dollars per share)	12.22
Stock Options
Weighted-average exercise price of outstanding options, warrants and rights	$ 12.22
Unrecognized compensation cost	$ 15.8
Period of recognition for unrecognized compensation costs	32 months 3 days
Remaining vesting period	25 months 3 days
Restricted Stock
Restricted Stock
Nonvested/Outstanding (in shares)	2,197,963
Granted (in shares)	1,855,541
Vested (in shares)	(1,893,138)
Forfeited (in shares)	(9,960)
Nonvested/Outstanding (in shares)	2,150,406
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)	$ 14.84
Stock Options
Weighted-average exercise price of outstanding options, warrants and rights	$ 14.84

STOCK-BASED AND OTHER COMPENS_6

STOCK-BASED AND OTHER COMPENSATION PLANS- Omnibus Incentive Plan (Details) $ in Millions			1 Months Ended		3 Months Ended		6 Months Ended
	Feb. 18, 2024 USD ($) shares	Feb. 18, 2023 USD ($) shares	Feb. 29, 2024 installment	Feb. 28, 2023 installment	Jun. 30, 2024 shares	Jun. 30, 2023 shares	Jun. 30, 2024 shares	Jun. 30, 2023 shares	Jun. 06, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate value of awards granted | $	$ 10	$ 8.5
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							1,855,541
Restricted Stock | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					0	0	1,855,541	1,417,561
Non-Management Grantee | Mr. Miceli and Ms. Porcella
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrestricted shares granted (in shares)	22,939	19,558
Non-Management Grantee | Performance Based Vesting | Other Non-Management Grantees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted with certain vesting rights (in shares)	441,212	325,709
Non-Management Grantee | Time-Based Vesting | Other Non-Management Grantees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted with certain vesting rights (in shares)	418,285	306,162
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 | $	$ 9.4	$ 7.5
Granted (in shares)	882,436	651,429
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 | $	$ 1.4	$ 1.2
Board of Directors | Restricted Stock | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	35,545	32,525
Grant date fair value | $	$ 0.4	$ 0.4
Vesting period	1 year	1 year
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
2014 Omnibus Incentive Plan | Non-Management Grantee | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of installments | installment			3	3
2014 Omnibus Incentive Plan | Management Grantees | Class A Common Stock | Ms. McCormack and Mr. Perelman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of unrestricted stock	50%	50%
2014 Omnibus Incentive Plan | Management Grantees | Class A Common Stock | Performance Based Vesting | Mr. Miceli and Ms. Porcella
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50%
2014 Omnibus Incentive Plan | Management Grantees | Class A Common Stock | Catch-up Provision | Ms. McCormack and Mr. Perelman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50%	50%
2014 Omnibus Incentive Plan | Management Grantees | Class A Common Stock | Time-Based Vesting | Mr. Miceli and Ms. Porcella
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50%	50%
2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Performance Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum performance target percentage			8%	8%
Performance period			3 years	3 years
2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Catch-up Provision
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			66.67%	66.67%
2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	937,560	733,607
2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Class A Common Stock | Time and Performance Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	127,275	101,344

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Assets:
Amortized Cost Basis	$ 491,798	$ 499,389
Fair Value	481,019	485,409
Liabilities:
Allowance for credit losses	(54,107)	(43,165)	$ (49,060)	$ (32,248)	$ (25,499)	$ (20,755)
CMBS
Assets:
Amortized Cost Basis	486,829	439,052
Fair Value	475,881	424,890
CMBS interest-only
Assets:
Amortized Cost Basis	4,774	6,453
Fair Value	4,935	6,569
GNMA interest-only
Assets:
Amortized Cost Basis	179	214
Fair Value	187	213
Agency securities
Assets:
Amortized Cost Basis	16	22
Fair Value	$ 16	21
U.S. Treasury securities
Assets:
Amortized Cost Basis		53,648
Fair Value		$ 53,716
Total mortgage loan receivables held for investment, net, at amortized cost
Liabilities:
Period of short interest rate reset risk	30 days	30 days
Recurring | Agency securities
Assets:
Principal Amount	$ 17	$ 22
Recurring | CMBS
Assets:
Principal Amount	487,661	439,679
Amortized Cost Basis	486,829	439,052
Fair Value	$ 475,881	$ 424,890
Recurring | CMBS | Internal model, third-party inputs | Yield %
Liabilities:
Financial instruments, measurement input	0.0691	0.0683
Recurring | CMBS | Internal model, third-party inputs | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	2.13	2
Recurring | CMBS interest-only
Assets:
Principal Amount	$ 834,955	$ 876,555
Amortized Cost Basis	4,774	6,453
Fair Value	$ 4,935	$ 6,569
Recurring | CMBS interest-only | Internal model, third-party inputs | Yield %
Liabilities:
Financial instruments, measurement input	0.0716	0.0661
Recurring | CMBS interest-only | Internal model, third-party inputs | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	0.94	1.07
Recurring | GNMA interest-only
Assets:
Principal Amount	$ 35,865	$ 37,053
Amortized Cost Basis	179	214
Fair Value	$ 187	$ 213
Recurring | GNMA interest-only | Internal model, third-party inputs | Yield %
Liabilities:
Financial instruments, measurement input	0.0944	0.0612
Recurring | GNMA interest-only | Internal model, third-party inputs | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	3.26	3.60
Recurring | Agency securities
Assets:
Principal Amount	$ 17	$ 22
Amortized Cost Basis	16	22
Fair Value	$ 16	$ 21
Recurring | Agency securities | Internal model, third-party inputs | Yield %
Liabilities:
Financial instruments, measurement input	0.0274	0.0270
Recurring | Agency securities | Internal model, third-party inputs | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	0.82	1.05
Recurring | U.S. Treasury securities
Assets:
Principal Amount		$ 54,031
Amortized Cost Basis		53,648
Fair Value		$ 53,716
Recurring | U.S. Treasury securities | Internal model, third-party inputs | Yield %
Liabilities:
Financial instruments, measurement input		0.0541
Recurring | U.S. Treasury securities | Internal model, third-party inputs | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input		0.07
Recurring | Equity securities
Assets:
Amortized Cost Basis	$ 160	$ 160
Fair Value	110	144
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Principal Amount	2,545,030	3,164,226
Amortized Cost Basis	2,539,323	3,155,089
Fair Value	2,535,928	3,150,843
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow Valuation Technique
Liabilities:
Allowance for credit losses	$ (54,100)	$ (43,200)
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow Valuation Technique | Yield %
Liabilities:
Financial instruments, measurement input	0.0948	0.0965
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow Valuation Technique | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	0.60	0.68
Recurring | Mortgage loan  receivables held for sale
Assets:
Principal Amount	$ 31,350	$ 31,350
Amortized Cost Basis	26,414	26,868
Fair Value	$ 26,414	$ 26,868
Recurring | Mortgage loan  receivables held for sale | Internal model, third-party inputs | Yield %
Liabilities:
Financial instruments, measurement input	0.0457	0.0457
Recurring | Mortgage loan  receivables held for sale | Internal model, third-party inputs | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	7.69	8.19
Recurring | FHLB stock
Assets:
Principal Amount		$ 5,175
Amortized Cost Basis		5,175
Fair Value		$ 5,175
Recurring | FHLB stock | FHLB stock | Yield %
Liabilities:
Financial instruments, measurement input		0.0825
Recurring | Nonhedge derivatives
Assets:
Nonhedge derivative assets	$ 107,100	$ 194,900
Amortized Cost Basis	757	1,454
Fair Value	$ 757	$ 1,454
Recurring | Nonhedge derivatives | Counterparty quotations | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	0.20	0.48
Recurring | Repurchase agreements - short-term
Liabilities:
Principal Amount	$ 82,422	$ 337,631
Amortized Cost Basis/Purchase Price	82,422	337,631
Fair Value	$ 82,422	$ 337,631
Recurring | Repurchase agreements - short-term | Cost plus Accrued Interest | Yield %
Liabilities:
Financial instruments, measurement input	0.0793	0.0757
Recurring | Repurchase agreements - short-term | Cost plus Accrued Interest | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	0.46	0.48
Recurring | Repurchase agreements - long-term
Liabilities:
Principal Amount	$ 271,120	$ 268,976
Amortized Cost Basis/Purchase Price	271,120	268,976
Fair Value	$ 271,120	$ 268,976
Recurring | Repurchase agreements - long-term | Discounted Cash Flow Valuation Technique | Yield %
Liabilities:
Financial instruments, measurement input	0.0733	0.0735
Recurring | Repurchase agreements - long-term | Discounted Cash Flow Valuation Technique | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	1.28	1.74
Recurring | Mortgage loan financing
Liabilities:
Principal Amount	$ 506,656	$ 437,384
Amortized Cost Basis/Purchase Price	509,421	437,759
Fair Value	$ 495,370	$ 425,992
Recurring | Mortgage loan financing | Discounted Cash Flow Valuation Technique | Yield %
Liabilities:
Financial instruments, measurement input	0.0605	0.0587
Recurring | Mortgage loan financing | Discounted Cash Flow Valuation Technique | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	3.19	2.64
Recurring | CLO debt
Liabilities:
Principal Amount	$ 952,220	$ 1,062,777
Amortized Cost Basis/Purchase Price	951,716	1,060,719
Fair Value	$ 951,716	$ 1,060,719
Recurring | CLO debt | Discounted Cash Flow Valuation Technique | Yield %
Liabilities:
Financial instruments, measurement input	0.0709	0.0708
Recurring | CLO debt | Discounted Cash Flow Valuation Technique | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	1.41	1.89
Recurring | Borrowings from the FHLB
Liabilities:
Principal Amount		$ 115,000
Amortized Cost Basis/Purchase Price		115,000
Fair Value		$ 115,000
Recurring | Borrowings from the FHLB | Discounted Cash Flow Valuation Technique | Yield %
Liabilities:
Financial instruments, measurement input		0.0582
Recurring | Borrowings from the FHLB | Discounted Cash Flow Valuation Technique | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input		0.57
Recurring | Senior unsecured notes
Liabilities:
Principal Amount	$ 1,573,614	$ 1,575,614
Amortized Cost Basis/Purchase Price	1,563,420	1,563,861
Fair Value	$ 1,491,369	$ 1,475,303
Recurring | Senior unsecured notes | Internal model, third-party inputs | Yield %
Liabilities:
Financial instruments, measurement input	0.0466	0.0466
Recurring | Senior unsecured notes | Internal model, third-party inputs | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	3.27	3.77

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets:
Fair value of assets	$ 2,571,521		$ 3,192,150
Liabilities:
Fair value of liabilities	3,291,997		3,683,621
Allowance for credit losses	(54,107)	$ (49,060)	(43,165)	$ (32,248)	$ (25,499)	$ (20,755)
Repurchase agreements - short-term
Liabilities:
Principal Amount	82,422		337,631
Fair value of liabilities	82,422		337,631
Repurchase agreements - long-term
Liabilities:
Principal Amount	271,120		268,976
Fair value of liabilities	271,120		268,976
Mortgage loan financing
Liabilities:
Principal Amount	506,656		437,384
Fair value of liabilities	495,370		425,992
CLO debt
Liabilities:
Principal Amount	952,220		1,062,777
Fair value of liabilities	951,716		1,060,719
Borrowings from the FHLB
Liabilities:
Principal Amount			115,000
Fair value of liabilities			115,000
Senior unsecured notes
Liabilities:
Principal Amount	1,573,614		1,575,614
Fair value of liabilities	1,491,369		1,475,303
CMBS
Assets:
Principal Amount	9,212		9,281
Fair value of assets	8,920		8,955
CMBS interest-only
Assets:
Principal Amount	8,258		8,327
Fair value of assets	259		309
Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Principal Amount	2,545,030		3,164,226
Fair value of assets	2,535,928		3,150,843
Mortgage loan  receivables held for sale
Assets:
Principal Amount	31,350		31,350
Fair value of assets	26,414		26,868
FHLB stock
Assets:
Principal Amount			5,175
Fair value of assets			5,175
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
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
Level 2
Assets:
Fair value of assets	9,179		9,264
Liabilities:
Fair value of liabilities	1,305,258		1,667,326
Level 2 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities	82,422		337,631
Level 2 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities	271,120		268,976
Level 2 | Mortgage loan financing
Liabilities:
Fair value of liabilities	0		0
Level 2 | CLO debt
Liabilities:
Fair value of liabilities	951,716		1,060,719
Level 2 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities			0
Level 2 | Senior unsecured notes
Liabilities:
Fair value of liabilities	0		0
Level 2 | CMBS
Assets:
Fair value of assets	8,920		8,955
Level 2 | CMBS interest-only
Assets:
Fair value of assets	259		309
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
Level 3
Assets:
Fair value of assets	2,562,342		3,182,886
Liabilities:
Fair value of liabilities	1,986,739		2,016,295
Level 3 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities	0		0
Level 3 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities	0		0
Level 3 | Mortgage loan financing
Liabilities:
Fair value of liabilities	495,370		425,992
Level 3 | CLO debt
Liabilities:
Fair value of liabilities	0		0
Level 3 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities			115,000
Level 3 | Senior unsecured notes
Liabilities:
Fair value of liabilities	1,491,369		1,475,303
Level 3 | CMBS
Assets:
Fair value of assets	0		0
Level 3 | CMBS interest-only
Assets:
Fair value of assets	0		0
Level 3 | Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets	2,535,928		3,150,843
Level 3 | Mortgage loan  receivables held for sale
Assets:
Fair value of assets	26,414		26,868
Level 3 | FHLB stock
Assets:
Fair value of assets			5,175
Recurring
Assets:
Fair value of assets	472,707		477,743
Recurring | CMBS interest-only
Assets:
Principal Amount	834,955		876,555
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Principal Amount	2,545,030		3,164,226
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow Valuation Technique
Liabilities:
Allowance for credit losses	(54,100)		(43,200)
Recurring | CMBS
Assets:
Principal Amount	478,449		430,398
Fair value of assets	466,961		415,935
Recurring | CMBS interest-only
Assets:
Principal Amount	826,697		868,228
Fair value of assets	4,676		6,260
Recurring | GNMA interest-only
Assets:
Principal Amount	35,865		37,053
Fair value of assets	187		213
Recurring | Agency securities
Assets:
Principal Amount	17		22
Fair value of assets	16		21
Recurring | U.S. Treasury securities
Assets:
Principal Amount			54,031
Fair value of assets			53,716
Recurring | Equity securities
Assets:
Fair value of assets	110		144
Recurring | Nonhedge derivatives
Assets:
Principal Amount	107,100		194,900
Fair value of assets	757		1,454
Recurring | Level 1
Assets:
Fair value of assets	110		53,860
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
Recurring | Level 1 | Equity securities
Assets:
Fair value of assets	110		144
Recurring | Level 1 | Nonhedge derivatives
Assets:
Fair value of assets	0		0
Recurring | Level 2
Assets:
Fair value of assets	472,597		423,883
Recurring | Level 2 | CMBS
Assets:
Fair value of assets	466,961		415,935
Recurring | Level 2 | CMBS interest-only
Assets:
Fair value of assets	4,676		6,260
Recurring | Level 2 | GNMA interest-only
Assets:
Fair value of assets	187		213
Recurring | Level 2 | Agency securities
Assets:
Fair value of assets	16		21
Recurring | Level 2 | U.S. Treasury securities
Assets:
Fair value of assets			0
Recurring | Level 2 | Equity securities
Assets:
Fair value of assets	0		0
Recurring | Level 2 | Nonhedge derivatives
Assets:
Fair value of assets	757		1,454
Recurring | Level 3
Assets:
Fair value of assets	0		0
Recurring | Level 3 | CMBS
Assets:
Fair value of assets	0		0
Recurring | Level 3 | CMBS interest-only
Assets:
Fair value of assets	0		0
Recurring | Level 3 | GNMA interest-only
Assets:
Fair value of assets	0		0
Recurring | Level 3 | Agency securities
Assets:
Fair value of assets	0		0
Recurring | Level 3 | U.S. Treasury securities
Assets:
Fair value of assets			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 - Additional Information (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value Level 3 financial instruments	$ 0	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 200,000	$ (100,000)	$ 800,000	$ 800,000
Deferred tax liabilities	(3,000,000)		(3,000,000)		$ (3,000,000)
Deferred income tax expense (benefit)	(1,300,000)	$ 100,000	100,000	900,000
Deferred tax asset related to capital losses	2,800,000		2,800,000
Deferred tax assets related to interest expense limitation	1,800,000		1,800,000
Settlement pertaining to audit						$ 2,600,000
Incremental income tax expense due to audit				$ 200,000
Unrecognized tax benefits	$ 0		$ 0		$ 0

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Related Party Transactions [Abstract]
Related party relationships	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Unfunded Loan Commitments
Lease liabilities	$ 15,725	$ 15,725
Operating lease, right-of-use asset	14,200	14,200
Operating expenses	500	1,100	$ 1,100
Provision for loan losses
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	94,000	$ 94,000		$ 204,000
Length of additional mortgage loan financing		3 years
Unfunded commitments of mortgage loan receivables held for investment, additional funds		62%
U.S. Treasury Securities Traded, Not Yet Settled
Unfunded Loan Commitments
Treasury bills traded and not yet settled	$ 44,800	$ 44,800

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Future Minimum Operating Lease Obligation (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024 (last six months)	$ 1,104
2025	2,207
2026	2,219
2027	2,232
2028	2,306
Thereafter	11,038
Total undiscounted cash flows	21,106
Present value discount	(5,381)
Lease liabilities	$ 15,725
Weighted average incremental borrowing rate	6.62%
Remaining lease term	9 years 1 month 6 days
Extended lease term	5 years

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Segments (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Net interest income
Interest income		$ 88,516	$ 101,829	$ 184,428	$ 205,625
Interest expense		(54,199)	(61,342)	(112,971)	(122,092)
Net interest income (expense)		34,317	40,487	71,457	83,533
(Provision for) release of loan loss reserves		(5,055)	(6,881)	(10,823)	(11,617)
Net interest income (expense) after provision for (release of) loan loss reserves		29,262	33,606	60,634	71,916
Other income (loss)
Real estate operating income		26,133	25,887	50,019	49,086
Net result from mortgage loan receivables held for sale		(541)	(296)	(454)	(490)
Gain (loss) on real estate, net		12,543	0	12,543	0
Fee and other income		3,638	3,240	7,338	4,881
Net result from derivative transactions		617	4,149	4,637	1,907
Earnings (loss) from investment in unconsolidated ventures		18	217	3	434
Gain (loss) on extinguishment of debt		0	462	177	9,679
Total other income (loss)		42,408	33,659	74,263	65,497
Costs and expenses
Compensation and employee benefits		(13,721)	(14,242)	(34,510)	(36,326)
Operating expenses		(5,178)	(4,987)	(9,822)	(10,243)
Real estate operating expenses		(11,034)	(9,766)	(20,180)	(19,615)
Investment related expenses		(2,288)	(2,661)	(4,281)	(4,181)
Depreciation and amortization		(8,413)	(7,471)	(16,715)	(15,000)
Total costs and expenses		(40,634)	(39,127)	(85,508)	(85,365)
Income tax (expense) benefit		1,089	(46)	(836)	(1,767)
Net income (loss)		32,125	28,092	48,553	50,281
Total assets	[1]	5,048,187		5,048,187		$ 5,512,677
Investment in unconsolidated ventures	[1]	20,005		20,005		6,877
FHLB stock						5,200
Gain on sale of mortgage loans		1,800		2,600
Operating Segment
Costs and expenses
Investment in unconsolidated ventures		20,000		20,000		6,900
Operating Segment | Loans
Net interest income
Interest income		63,811	88,134	137,434	179,008
Interest expense		(25,992)	(30,907)	(55,442)	(59,635)
Net interest income (expense)		37,819	57,227	81,992	119,373
(Provision for) release of loan loss reserves		(5,055)	(6,881)	(10,823)	(11,617)
Net interest income (expense) after provision for (release of) loan loss reserves		32,764	50,346	71,169	107,756
Other income (loss)
Real estate operating income		0	0	0	0
Net result from mortgage loan receivables held for sale		1,223	(296)	2,166	(490)
Gain (loss) on real estate, net		0		0
Fee and other income		2,191	3,163	5,697	4,841
Net result from derivative transactions		(206)	2,784	434	941
Earnings (loss) from investment in unconsolidated ventures		0	0	0	0
Gain (loss) on extinguishment of debt		0	0	0	0
Total other income (loss)		3,208	5,651	8,297	5,292
Costs and expenses
Compensation and employee benefits		0	0	0	0
Operating expenses		0	0	0	0
Real estate operating expenses		0	0	0	0
Investment related expenses		(1,631)	(1,787)	(3,220)	(2,755)
Depreciation and amortization		0	0	0	0
Total costs and expenses		(1,631)	(1,787)	(3,220)	(2,755)
Income tax (expense) benefit		0	0	0	0
Net income (loss)		34,341	54,210	76,246	110,293
Total assets		2,511,630		2,511,630		3,138,794
Operating Segment | Securities
Net interest income
Interest income		8,051	7,825	15,943	16,154
Interest expense		(28)	(464)	(56)	(3,097)
Net interest income (expense)		8,023	7,361	15,887	13,057
(Provision for) release of loan loss reserves		0	0	0	0
Net interest income (expense) after provision for (release of) loan loss reserves		8,023	7,361	15,887	13,057
Other income (loss)
Real estate operating income		0	0	0	0
Net result from mortgage loan receivables held for sale		0	0	0	0
Gain (loss) on real estate, net		0		0
Fee and other income		8	(83)	83	(269)
Net result from derivative transactions		9	674	80	372
Earnings (loss) from investment in unconsolidated ventures		0	0	0	0
Gain (loss) on extinguishment of debt		0	0	0	0
Total other income (loss)		17	591	163	103
Costs and expenses
Compensation and employee benefits		0	0	0	0
Operating expenses		0	0	0	0
Real estate operating expenses		0	0	0	0
Investment related expenses		(46)	(48)	(93)	(96)
Depreciation and amortization		0	0	0	0
Total costs and expenses		(46)	(48)	(93)	(96)
Income tax (expense) benefit		0	0	0	0
Net income (loss)		7,994	7,904	15,957	13,064
Total assets		481,109		481,109		485,533
Operating Segment | Real Estate
Net interest income
Interest income		73	2	182	4
Interest expense		(8,271)	(7,723)	(16,621)	(14,376)
Net interest income (expense)		(8,198)	(7,721)	(16,439)	(14,372)
(Provision for) release of loan loss reserves		0	0	0	0
Net interest income (expense) after provision for (release of) loan loss reserves		(8,198)	(7,721)	(16,439)	(14,372)
Other income (loss)
Real estate operating income		26,133	25,887	50,019	49,086
Net result from mortgage loan receivables held for sale		0	0	0	0
Gain (loss) on real estate, net		12,543		12,543
Fee and other income		1,325	0	1,327	2
Net result from derivative transactions		36	691	207	594
Earnings (loss) from investment in unconsolidated ventures		18	217	3	434
Gain (loss) on extinguishment of debt		0	0	0	0
Total other income (loss)		40,055	26,795	64,099	50,116
Costs and expenses
Compensation and employee benefits		0	0	0	0
Operating expenses			0		0
Real estate operating expenses		(11,034)	(9,766)	(20,180)	(19,615)
Investment related expenses		(259)	(481)	(352)	(575)
Depreciation and amortization		(8,304)	(7,363)	(16,496)	(14,788)
Total costs and expenses		(19,597)	(17,610)	(37,028)	(34,978)
Income tax (expense) benefit		0	0	0	0
Net income (loss)		12,260	1,464	10,632	766
Total assets		738,543		738,543		733,319
Corporate/Other
Net interest income
Interest income		16,581	5,868	30,869	10,459
Interest expense		(19,908)	(22,248)	(40,852)	(44,984)
Net interest income (expense)		(3,327)	(16,380)	(9,983)	(34,525)
(Provision for) release of loan loss reserves		0	0	0	0
Net interest income (expense) after provision for (release of) loan loss reserves		(3,327)	(16,380)	(9,983)	(34,525)
Other income (loss)
Real estate operating income		0	0	0	0
Net result from mortgage loan receivables held for sale		(1,764)	0	(2,620)	0
Gain (loss) on real estate, net		0		0
Fee and other income		114	160	231	307
Net result from derivative transactions		778	0	3,916	0
Earnings (loss) from investment in unconsolidated ventures		0	0	0	0
Gain (loss) on extinguishment of debt		0	462	177	9,679
Total other income (loss)		(872)	622	1,704	9,986
Costs and expenses
Compensation and employee benefits		(13,721)	(14,242)	(34,510)	(36,326)
Operating expenses		(5,178)	(4,987)	(9,822)	(10,243)
Real estate operating expenses		0	0	0	0
Investment related expenses		(352)	(345)	(616)	(755)
Depreciation and amortization		(109)	(108)	(219)	(212)
Total costs and expenses		(19,360)	(19,682)	(45,167)	(47,536)
Income tax (expense) benefit		1,089	(46)	(836)	(1,767)
Net income (loss)		(22,470)	$ (35,486)	(54,282)	$ (73,842)
Total assets		1,316,905		1,316,905		1,155,031
Corporate/Other | Senior Unsecured Notes
Costs and expenses
Senior notes		$ 1,600,000		$ 1,600,000		$ 1,600,000
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - 7% Senior Note due 2031 - Senior Unsecured Notes - Subsequent Event $ in Thousands	Jul. 26, 2024 USD ($)
Subsequent Event [Line Items]
Notes issued	$ 500,000
Stated interest rate on debt instrument	7%