Ladder Capital (LADR) 10-Q 25 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 18, 2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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 (i.e. Q1,Q2,Q3,FY)	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Common Stock, Shares Outstanding		127,637,981
Class B Common Stock
Entity Common Stock, Shares Outstanding		0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	[1]	$ 1,607,204	$ 1,015,678
Restricted cash	[1]	12,301	15,450
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable	[1]	2,039,545	3,155,089
Allowance for credit losses	[1]	(52,276)	(43,165)
Mortgage loan receivables held for sale	[1]	27,506	26,868
Securities	[1]	852,783	485,533
Real estate and related lease intangibles, net	[1]	691,391	726,442
Real estate held for sale	[1]	18,078	0
Investments in and advances to unconsolidated ventures	[1]	19,991	6,877
Derivative instruments	[1]	818	1,454
Accrued interest receivable	[1]	16,704	24,233
Other assets	[1]	145,094	98,218
Total assets	[1]	5,379,139	5,512,677
Liabilities
Debt obligations, net	[1]	3,585,332	3,783,946
Dividends payable	[1]	31,673	32,294
Accrued expenses	[1]	67,065	65,144
Other liabilities	[1]	164,377	99,095
Total liabilities	[1]	3,848,447	3,980,479
Commitments and contingencies (refer to Note 17)	[1]	0	0
Equity
Additional paid-in capital	[1]	1,773,452	1,756,750
Treasury stock, 2,117,776 and 1,115,789 shares, at cost	[1]	(23,053)	(12,001)
Retained earnings (dividends in excess of earnings)	[1]	(209,197)	(197,875)
Accumulated other comprehensive income (loss)	[1]	(8,711)	(13,853)
Total shareholders’ equity	[1]	1,532,619	1,533,148
Noncontrolling interests in consolidated ventures	[1]	(1,927)	(950)
Total equity	[1]	1,530,692	1,532,198
Total liabilities and equity	[1]	5,379,139	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 127,765,243 and 126,911,689 shares outstanding as of September 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	Sep. 30, 2024	Dec. 31, 2023
Treasury stock (in shares)	2,117,776	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)	127,765,243	126,911,689

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net interest income
Interest income	$ 96,092	$ 101,090	$ 280,520	$ 306,715
Interest expense	57,676	62,259	170,647	184,350
Net interest income (expense)	38,416	38,831	109,873	122,365
Provision for (release of) loan loss reserves, net	3,063	7,473	13,886	19,090
Net interest income (expense) after provision for (release of) loan loss reserves	35,353	31,358	95,987	103,275
Other income (loss)
Real estate operating income	25,294	24,761	75,314	73,847
Net result from mortgage loan receivables held for sale	1,092	(629)	638	(1,119)
Gain (loss) on real estate, net	315	8,808	12,858	8,808
Fee and other income	6,609	1,810	13,947	6,691
Net result from derivative transactions	(766)	4,773	3,871	6,680
Earnings (loss) from investment in unconsolidated ventures	(14)	479	(11)	913
Gain on extinguishment of debt	20	921	197	10,600
Total other income (loss)	32,550	40,923	106,814	106,420
Costs and expenses
Compensation and employee benefits	14,407	14,285	48,917	50,612
Operating expenses	4,508	4,775	14,331	15,018
Real estate operating expenses	10,751	9,456	30,930	29,071
Investment related expenses	1,628	2,279	5,909	6,460
Depreciation and amortization	8,146	7,144	24,861	22,144
Total costs and expenses	39,440	37,939	124,948	123,305
Income (loss) before taxes	28,463	34,342	77,853	86,390
Income tax expense (benefit)	901	3,147	1,737	4,913
Net income (loss)	27,562	31,195	76,116	81,477
Net (income) loss attributable to noncontrolling interests in consolidated ventures	$ 351	$ 124	$ 753	$ 412
Earnings per share:
Basic (in dollars per share)	$ 0.22	$ 0.25	$ 0.61	$ 0.66
Diluted (in dollars per share)	$ 0.22	$ 0.25	$ 0.61	$ 0.66
Weighted average shares outstanding:
Basic (in shares)	125,705,754	124,730,343	125,586,075	124,652,426
Diluted (in shares)	125,905,528	124,968,545	125,757,114	124,817,335
Class A Common Stock
Costs and expenses
Net income (loss) attributable to Class A common shareholders	$ 27,913	$ 31,319	$ 76,869	$ 81,889
Earnings per share:
Basic (in dollars per share)	$ 0.22	$ 0.25	$ 0.61	$ 0.66
Diluted (in dollars per share)	$ 0.22	$ 0.25	$ 0.61	$ 0.66
Weighted average shares outstanding:
Basic (in shares)	125,705,754	124,730,343	125,586,075	124,652,426
Diluted (in shares)	125,905,528	124,968,545	125,757,114	124,817,335

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income (loss)	$ 27,562	$ 31,195	$ 76,116	$ 81,477
Gain (loss) on available for sale securities, net of tax:
Unrealized gain (loss) on securities, available for sale	2,041	1,355	5,165	5,537
Reclassification adjustment for (gain) loss included in net income (loss)	0	290	(23)	593
Total other comprehensive income (loss)	2,041	1,645	5,142	6,130
Comprehensive income (loss)	29,603	32,840	81,258	87,607
Comprehensive (income) loss attributable to noncontrolling interest in consolidated ventures	351	124	753	412
Class A Common Stock
Gain (loss) on available for sale securities, net of tax:
Comprehensive income (loss) attributable to Class A common shareholders	$ 29,954	$ 32,964	$ 82,011	$ 88,019

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	15,375				15,375
Grants of restricted stock (in shares)				1,008,000
Grants of restricted stock	0			$ 1		(1)
Purchase of treasury stock (in shares)				(269,000)
Purchase of treasury stock	(2,481)					(2,481)
Re-issuance of treasury stock (in shares)				410,000
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	(7,862)			$ (1)		(7,861)
Forfeitures (in shares)				(50,000)
Dividends declared	(87,521)						(87,521)
Net income (loss)	81,477						81,889		(412)
Other comprehensive income (loss)	6,130							6,130
Ending Balance (in shares) at Sep. 30, 2023				126,912,000
Ending Balance at Sep. 30, 2023	1,538,153			$ 127	1,842,208	(105,943)	(182,637)	(14,879)	(723)
Beginning Balance (in shares) at Jun. 30, 2023				126,932,000
Beginning Balance at Jun. 30, 2023	1,531,500			$ 127	1,839,003	(105,738)	(184,769)	(16,524)	(599)
Increase Decrease in Stockholders' Equity
Amortization of equity based compensation	3,205				3,205
Purchase of treasury stock (in shares)				(19,000)
Purchase of treasury stock	(197)					(197)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)				(1,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(8)			$ 0		(8)
Dividends declared	(29,187)						(29,187)
Net income (loss)	31,195						31,319		(124)
Other comprehensive income (loss)	1,645							1,645
Ending Balance (in shares) at Sep. 30, 2023				126,912,000
Ending Balance at Sep. 30, 2023	1,538,153			$ 127	1,842,208	(105,943)	(182,637)	(14,879)	(723)
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	(224)								(224)
Amortization of equity based compensation	16,592				16,592
Grants of restricted stock (in shares)				1,856,000
Grants of restricted stock	2			$ 2
Purchase of treasury stock (in shares)				(180,000)
Purchase of treasury stock	(2,049)					(2,049)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)				(812,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(8,894)			$ (1)		(8,893)
Forfeitures (in shares)				(11,000)
Forfeitures	0				110	(110)
Dividends declared	(88,191)						(88,191)
Net income (loss)	76,116						76,869		(753)
Other comprehensive income (loss)	5,142							5,142
Ending Balance (in shares) at Sep. 30, 2024			127,765,243	127,765,000
Ending Balance at Sep. 30, 2024	1,530,692	[1]		$ 128	1,773,452	(23,053)	(209,197)	(8,711)	(1,927)
Beginning Balance (in shares) at Jun. 30, 2024				127,866,000
Beginning Balance at Jun. 30, 2024	1,528,495			$ 128	1,770,275	(21,852)	(207,728)	(10,752)	(1,576)
Increase Decrease in Stockholders' Equity
Amortization of equity based compensation	3,177				3,177
Purchase of treasury stock (in shares)				(100,000)
Purchase of treasury stock	(1,191)					(1,191)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)				(1,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(10)			$ 0		(10)
Dividends declared	(29,382)						(29,382)
Net income (loss)	27,562						27,913		(351)
Other comprehensive income (loss)	2,041							2,041
Ending Balance (in shares) at Sep. 30, 2024			127,765,243	127,765,000
Ending Balance at Sep. 30, 2024	$ 1,530,692	[1]		$ 128	$ 1,773,452	$ (23,053)	$ (209,197)	$ (8,711)	$ (1,927)
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024		Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 76,116		$ 81,477
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment of debt	(197)		(10,600)
Depreciation and amortization	24,861		22,144
Non-cash operating lease expense	2		1,457
Unrealized (gain) loss on derivative instruments	1,552		175
Provision for (release of) loan loss reserves, net	13,886		19,090
Amortization of equity based compensation	16,592		15,375
Amortization of deferred financing costs included in interest expense	8,203		9,662
Amortization of premium/discount on mortgage loan financing included in interest expense	(558)		(452)
Amortization of above- and below-market lease intangibles	(1,287)		(1,360)
(Accretion)/amortization of discount, premium and other fees on loans	(10,935)		(14,971)
(Accretion)/amortization of discount and premium on securities	(724)		(796)
Net result from mortgage loan receivables held for sale	(638)		1,119
Realized (gain) loss on securities	(75)		276
(Gain) loss on real estate, net	(12,858)		(8,808)
Realized (gain) loss on sale of derivative instruments	(290)		269
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received	11		(813)
Change in deferred tax asset (liability)	565		2,929
Changes in operating assets and liabilities:
Accrued interest receivable	7,530		1,883
Other assets	2,926		6,941
Accrued expenses and other liabilities	69,360		(2,792)
Net cash provided by (used in) operating activities	194,042		122,205
Cash flows from investing activities:
Origination and funding of mortgage loan receivables held for investment	(71,810)		(61,412)
Repayment of mortgage loan receivables held for investment	1,122,690		531,797
Purchases of securities	(583,018)		(76,557)
Repayment of securities	208,414		172,992
Basis recovery of interest-only securities	2,589		3,066
Proceeds from sales of securities	10,581		17,838
Capital improvements of real estate	(4,846)		(2,640)
Proceeds from sale of real estate	57,645		13,391
Capital contributions and advances to investment in unconsolidated joint ventures	(13,125)		0
Proceeds from FHLB stock	5,175		4,410
Purchase of derivative instruments	(1,164)		(223)
Sale of derivative instruments	539		0
Net cash provided by (used in) investing activities	733,670		602,662
Cash flows from financing activities:
Deferred financing costs paid	(9,567)		(2,384)
Proceeds from borrowings under debt obligations	654,705		744,339
Repayment and repurchase of borrowings under debt obligations	(849,600)		(1,159,993)
Cash dividends paid to Class A common shareholders	(88,813)		(87,732)
Capital distributed to noncontrolling interests in consolidated ventures	(223)		(526)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(8,894)		(7,862)
Purchase of treasury stock	(2,049)		(2,481)
Net cash provided by (used in) financing activities	(304,441)		(516,639)
Net increase (decrease) in cash, cash equivalents and restricted cash	623,271		208,228
Cash, cash equivalents and restricted cash at beginning of period	1,075,942		659,602
Cash, cash equivalents and restricted cash at end of period	1,699,213		867,830
Non-cash investing and financing activities:
Repayment in transit of mortgage loans receivable held for investment (other assets)	(27,519)		47,070
Non-cash disposition of loans via foreclosure	(55,946)		(30,497)
Real estate and real estate held for sale acquired in settlement of mortgage loans receivable held for investment, net	48,796		30,400
Net settlement of sale of real estate, subject to debt - real estate	0		(31,292)
Net settlement of sale of real estate, subject to debt - debt obligations	0		31,292
Transfer of real estate, net into real estate held for sale	18,078		0
Dividends declared, not paid	31,673		31,788
Cash and cash equivalents	1,607,204	[1]	798,391
Restricted cash	12,301		59,523
Short-term unsettled U.S. Treasury securities classified in other assets on the consolidated balance sheet	79,708		9,916
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 1,699,213		$ 867,830
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	9 Months Ended
	Sep. 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 September 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	9 Months Ended
	Sep. 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 charged-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 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 recognized unrealized and realized gain (loss) on securities into fee and other income for the three and nine months ended September 30, 2024. As such, the unrealized (loss) of $(42) thousand and $(20) thousand and realized gain (loss) of $23 thousand and $(276) thousand for the three and nine months ended September 30, 2023, respectively, 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	9 Months Ended
	Sep. 30, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOAN RECEIVABLES	3. MORTGAGE LOAN RECEIVABLES September 30, 2024 ($ in thousands) Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 2,029,102 $ 2,025,754 9.32 % 0.6 Mezzanine loans 13,815 13,791 11.25 % 1.1 Total mortgage loans receivable 2,042,917 2,039,545 9.33 % 0.6 Allowance for credit losses N/A (52,276) Total mortgage loan receivables held for investment, net, at amortized cost 2,042,917 1,987,269 Mortgage loan receivables held for sale: First mortgage loans 31,350 27,506 (4) 4.57 % 7.4 Total $ 2,074,267 $ 2,014,775 (5) 9.27 % 0.7 (1) Includes the impact of interest rate floors. Term SOFR rates in effect as of September 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 1.3 years. (4) As a result of decreases in prevailing rates, the Company recorded a reversal of lower of cost or market adjustment as of September 30, 2024. The adjustment was calculated using a 4.75% discount rate. (5) Net of $3.4 million of deferred origination fees and other items as of September 30, 2024. As of September 30, 2024, $1.8 billion, or 85.8%, 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 $1.8 billion, 100% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of September 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, $31.4 million, or 100%, of the outstanding face amount of the mortgage loan receivables held for sale were at fixed interest rates. For the nine months ended September 30, 2024 and 2023, loan portfolio activity was as follows ($ 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) 71,810 — — Repayment of mortgage loan receivables (2) (1,142,343) — — Non-cash disposition of loans via foreclosure (4) (55,946) — — Net result from mortgage loan receivables held for sale (5) — — 638 Accretion/amortization of discount, premium and other fees 10,935 — — Charge-offs (6) — 5,023 — Release (addition) of provision for current expected credit loss, net (7) — (14,134) — Balance, September 30, 2024 $ 2,039,545 $ (52,276) $ 27,506 (1) Includes funding of commitments on existing mortgage loans. (2) Includes $19.7 million of repayments in transit. (3) Excludes $82.5 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 foreclosures or deeds in lieu of foreclosure (collectively, “foreclosures”) of real estate. (5) Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale. (6) The charge-off related to one loan that was resolved via foreclosure during the three months ended September 30, 2024. The loan was collateralized by an office asset in Oakland, California. (7) 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) 61,412 — — Repayment of mortgage loan receivables (559,947) — — Non-cash disposition of loans via foreclosure (2) (30,497) — — Net result from mortgage loan receivables held for sale (2) — — (1,119) Accretion/amortization of discount, premium and other fees 14,971 — — Release (addition) of provision for current expected credit loss, net (3) — (18,820) — Balance, September 30, 2023 $ 3,371,685 $ (39,575) $ 26,272 (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 September 30, Nine Months Ended September 30, Allowance for Credit Losses 2024 2023 2024 2023 Allowance for credit losses at beginning of period $ 54,107 $ 32,248 $ 43,165 $ 20,755 Provision for (release of) current expected credit loss, net (1) 3,192 7,327 14,134 18,820 Charge-offs (2) (5,023) — (5,023) — Allowance for credit losses at end of period $ 52,276 $ 39,575 $ 52,276 $ 39,575 (1) As of September 30, 2024 and 2023, there were no asset-specific reserves. (2) The charge-off related to one loan that was resolved via foreclosure during the three months ended September 30, 2024. The loan was collateralized by an office property in Oakland, California. Non-Accrual Status (1) September 30, 2024(2) December 31, 2023(3) Amortized cost basis of loans on non-accrual status $ 60,847 $ 14,541 (1) As of September 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 $58.5 million as of December 31, 2023, or 1.9% 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 the Company 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 only accrued the current pay component. During the three months ended September 30, 2024, the loan principal was repaid in full, and the Company received $7.5 million of deferred interest. During the three and nine months ended September 30, 2024, the Company recognized $7.6 million and $7.9 million of interest income related to this loan, respectively. Current Expected Credit Loss (“CECL”) As of September 30, 2024, the Company has a $52.8 million allowance for current expected credit losses, of which $52.3 million pertains to mortgage loan receivables and $0.5 million relates to unfunded commitments included in other liabilities in the consolidated balance sheets. 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. The provision for loan loss reserves for the three and nine months ended September 30, 2024 was $3.1 million and $13.9 million of expense, respectfully. The provision recorded during the three and nine months ended September 30, 2024 is primarily due to continued uncertainty 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. During the three and nine months ended September 30, 2024, the Company charged-off $5.0 million of the existing allowance for credit losses related to a loan that was resolved via foreclosure. The provision for loan loss reserves for the three and nine months ended September 30, 2023 was an increase of the provision of $7.5 million and $19.1 million, respectively. The net increase for the three and nine months ended September 30, 2023 represents an increase in the general reserve of loans held for investment of $7.3 million and $18.8 million, respectively, and an increase related to unfunded commitments of $146 thousand and $270 thousand, respectively. The increase in provision associated with the general reserve during the three and nine months ended September 30, 2023 was primarily due to adverse changes in macroeconomic market conditions affecting commercial real estate, partially offset by a decrease in the size of the Company’s balance sheet first mortgage loan portfolio as a result of repayments. Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The primary credit quality indicator is reviewed by management on a quarterly basis. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of September 30, 2024 and December 31, 2023, respectively ($ in thousands): Amortized Cost Basis by Origination Year as of September 30, 2024 Collateral Type 2024 2023 2022 2021 2020 and Earlier Total (2) Office $ — $ — $ 59,921 $ 578,230 $ 193,469 $ 831,620 Multifamily 37,670 14,592 237,240 401,361 — 690,863 Mixed Use — — 161,714 176,742 — 338,456 Retail — — — 79,223 2,196 81,419 Hospitality — — — 13,056 55,273 68,329 Industrial 14,752 — — — — 14,752 Other — — 14,106 — — 14,106 Manufactured Housing — — — — — — Subtotal mortgage loans receivable 52,422 14,592 472,981 1,248,612 250,938 2,039,545 Individually Impaired loans — — — — — — Total mortgage loans receivable (1) $ 52,422 $ 14,592 $ 472,981 $ 1,248,612 $ 250,938 $ 2,039,545 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 $13.5 million of accrued interest receivable on all loans at September 30, 2024. (2) For the three months ended September 30, 2024, there was a $5.0 million charge-off of an allowance in connection with a foreclosure of one office property in Oakland, California. For the year ended December 31, 2023, there was a $2.7 million charge-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	9 Months Ended
	Sep. 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 September 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 September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses (1) Carrying # of Rating (2) Coupon % Yield % Remaining CMBS $ 850,491 $ 848,394 $ 1,376 $ (10,446) $ 839,324 (3) 88 AAA 6.62 % 6.80 % 2.33 CMBS interest-only(4) 773,268 (4) 3,913 128 (9) 4,032 (5) 7 AAA 0.38 % 7.40 % 0.92 GNMA interest-only(6) 33,337 (4) 165 71 (56) 180 13 AAA 0.34 % 9.46 % 2.51 Agency securities 14 14 — — 14 1 AAA 4.00 % 2.60 % 0.78 Corporate bonds 9,190 9,135 10 — 9,145 1 BB- 3.75 % 6.14 % 0.25 Total debt securities $ 1,666,300 $ 861,621 $ 1,585 $ (10,511) $ 852,695 (7) 110 3.58 % 6.80 % 2.30 Equity securities N/A 160 — (52) 108 1 N/A N/A N/A N/A Allowance for current expected credit losses N/A — — (20) (20) Total securities $ 1,666,300 $ 861,781 $ 1,585 $ (10,583) $ 852,783 111 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 September 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 September 30, 2024 and December 31, 2023, includes $0.2 million and $0.3 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (6) GNMA interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s GNMA interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on securities in the consolidated statements of income. (7) The Company’s investments in debt securities represent an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date. The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 Asset Type Within 1 year 1-5 years 5-10 years Total CMBS $ 90,844 $ 748,480 $ — $ 839,324 CMBS interest-only 1,193 2,839 — 4,032 GNMA interest-only 52 128 — 180 Agency securities 14 — — 14 Corporate bonds 9,145 — — 9,145 Total securities (1) $ 101,248 $ 751,447 $ — $ 852,695 (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 months ended September 30, 2024, the Company did not sell any equity securities. During the nine months ended September 30, 2024, the Company sold $1.8 million of equity securities. During the three and nine months ended September 30, 2023 the Company did not sell any equity securities. The following summarizes the Company’s realized and unrealized gain (loss) on securities, included within “Fee and Other Income” on the Company’s consolidated statements of income for the three and nine months ended September 30, 2024 and September 30, 2023 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Realized gain (loss) on securities $ — $ 23 $ 75 $ (276) Unrealized gain (loss) on securities 5 (42) (22) (20) Total realized and unrealized gain (loss) on securities $ 5 $ (19) $ 53 $ (296) 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 September 30, 2024, the Company held $1.3 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	9 Months Ended
	Sep. 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): September 30, 2024 December 31, 2023 Land $ 177,368 $ 183,194 Building 635,741 647,201 In-place leases and other intangibles 110,676 116,831 Undepreciated real estate and related lease intangibles 923,785 947,226 Less: Accumulated depreciation and amortization (232,394) (220,784) Real estate and related lease intangibles, net(1) $ 691,391 $ 726,442 Below market lease intangibles, net (other liabilities)(2) $ (26,994) $ (28,860) (1) There was unencumbered real estate of $179.3 million and $160.8 million as of September 30, 2024 and December 31, 2023, respectively. (2) Below market lease intangibles is net of $16.8 million and $15.8 million of accumulated amortization as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024, the Company held $18.1 million of undepreciated real estate and lease intangibles held for sale. The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Depreciation expense(1) $ 6,323 $ 5,803 $ 19,058 $ 18,146 Amortization expense 1,823 1,341 5,803 3,998 Total real estate depreciation and amortization expense $ 8,146 $ 7,144 $ 24,861 $ 22,144 (1) 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): September 30, 2024 December 31, 2023 Gross intangible assets(1) $ 113,392 $ 116,831 Accumulated amortization 59,121 55,782 Net intangible assets $ 54,271 $ 61,049 (1) Includes $2.4 million and $2.8 million of unamortized above market lease intangibles, which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of September 30, 2024 and December 31, 2023. The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (93) $ (73) $ (285) $ (216) Increase in operating lease income for amortization of below market lease intangibles acquired 518 526 1,572 1,576 Total $ 425 $ 453 $ 1,287 $ 1,360 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 September 30, 2024 ($ in thousands): Period Ending December 31, Increase/(Decrease) to Operating Lease Income Amortization Expense 2024 (last three months) $ 425 $ 1,633 2025 1,703 5,250 2026 1,717 4,276 2027 1,681 4,128 2028 1,607 3,992 Thereafter 17,432 34,118 Total $ 24,565 $ 53,397 Rent Receivables There were $2.9 million and $1.1 million of rent receivables included in other assets on the consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Operating Lease Income & Tenant Reimbursements The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at September 30, 2024 ($ in thousands): Period Ending December 31, Amount 2024 (last three months) $ 16,012 2025 59,300 2026 50,335 2027 47,703 2028 45,436 Thereafter 163,472 Total $ 382,258 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 $1.8 million and $5.1 million for the three and nine months ended September 30, 2024, respectively and $1.4 million and $3.5 million for the three and nine months ended September 30, 2023, respectively. Tenant reimbursements are included in operating lease income on the Company’s consolidated statements of income. Acquisitions The Company acquired the following properties during the nine months ended September 30, 2024 ($ 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% September 2024 (6) Office Oakland, CA 7,500 100% Total real estate acquisitions $ 48,796 (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. (6) In September 2024, the Company acquired an office property in Oakland, CA via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The $7.5 million fair value was determined by using the sales comparison approach and direct capitalization approach. There was a $5 million charge-off of allowance for credit loss resulting from the acquisition of the property. The Company used a terminal capitalization rate of 7.5%. The key inputs used to determine fair value were determined to be Level 3 inputs. Refer to Note 3, Mortgage Loan Receivables for further details. The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the nine months ended September 30, 2024, all acquisitions were determined to be asset acquisitions. The Company acquired the following properties during the nine months ended September 30, 2023 ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) September 2023 (2) Mixed use New York, NY $ 30,400 100.0% Total real estate acquisitions $ 30,400 (1) Properties were consolidated as of acquisition date. (2) In September 2023, the Company acquired a mixed use portfolio consisting of four properties in New York, NY via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $30.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.5%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs. Sales The Company sold the following properties during the nine months ended September 30, 2024 ($ 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 July 2024 Multifamily Los Angeles, CA 11,770 11,455 315 1 Totals $ 57,645 $ 45,190 $ 12,858 (1) The Company recognized a $0.4 million gain on foreclosure which is recognized in gain (loss) on real estate, net on the consolidated statement of income. The Company sold the following properties during the nine months ended September 30, 2023 ($ in thousands): Sales Date Type Primary Location(s) Sales Proceeds Net Book Value Realized Gain/(Loss) Properties August 2023 Hotel San Diego, CA (1) $ 43,335 $ 34,526 $ 8,808 1 Totals $ 43,335 $ 34,526 $ 8,808 (1)

DEBT OBLIGATIONS, NET

DEBT OBLIGATIONS, NET	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT OBLIGATIONS, NET	6. DEBT OBLIGATIONS, NET The details of the Company’s debt obligations at September 30, 2024 and December 31, 2023 are as follows ($ in thousands): September 30, 2024 Debt Obligations Committed / Carrying Value of Debt Obligations Committed but Unfunded Interest Rate at September 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 $ 200,874 $ 299,126 7.14% — 7.49% 9/27/2025 (2) (3) $ 300,127 $ 300,127 Committed Loan Repurchase Facility 300,000 43,651 256,349 7.44% — 8.19% 12/19/2024 (4) (5) 62,333 62,333 Committed Loan Repurchase Facility 56,000 — 56,000 —% — —% 4/30/2026 (6) (3) — — Committed Loan Repurchase Facility 200,000 — 200,000 7.60% — 7.60% 10/3/2025 (7) (3) 14,592 14,730 Committed Loan Repurchase Facility 100,000 — 100,000 —% —% 1/22/2025 (8) (5) — — Total Committed Loan Repurchase Facilities 1,156,000 244,525 911,475 377,052 377,190 Uncommitted Securities Repurchase Facility N/A (9) — N/A (9) —% — —% N/A N/A (10) — — Total Repurchase Facilities 1,156,000 244,525 911,475 377,052 377,190 Revolving Credit Facility 323,850 — 323,850 —% — —% 1/25/2025 (11) N/A (12) N/A (12) N/A (12) Mortgage Loan Financing 511,046 513,781 — 4.39% — 8.78% 2024-2034 (13) N/A (14) 530,177 735,875 (15) CLO Debt 776,336 776,096 (16) — 6.41% — 8.86% 2024-2026 (17) N/A (3) 1,020,694 1,020,694 Senior Unsecured Notes 2,067,811 2,050,930 (18) — 4.25% — 7.00% 2025-2031 N/A N/A (19) N/A (19) N/A (19) Total Debt Obligations, Net $ 4,835,043 $ 3,585,332 $ 1,235,325 $ 1,927,923 $ 2,133,759 (1) Interest rates on floating rate debt reflect the applicable index in effect as of September 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) Two additional 12-month extension periods at Company’s option. No new advances permitted past 30 days prior to initial maturity. (8) One additional 12-month extension period at Company's option. No new advances permitted during the final 12-month period. (9) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (10) Commercial real estate securities. Eligible collateral does not include the first mortgage commercial real estate loans collateralizing such securities. (11) Four additional 12-month periods at Company’s option. (12) 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. (13) Anticipated repayment dates. (14) Certain of the Company’s real estate investments serve as collateral for the Company’s mortgage loan financing. (15) Represents undepreciated carrying value of commercial real estate collateral. (16) Presented net of unamortized debt issuance costs of $0.2 million at September 30, 2024. (17) Represents the estimated maturity date based on the underlying loan maturities. (18) Presented net of unamortized debt issuance costs of $16.9 million at September 30, 2024. (19) 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 September 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 September 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 September 30, 2024, the Company had total debt obligations of $244.5 million outstanding pursuant to repurchase agreements with two counterparties. One loan repurchase facility was due within 90 days of September 30, 2024 and was amended subsequent to quarter end to extend the maturity date. As of September 30, 2024, no counterparties held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $153.1 million, or 10% of the Company’s total equity. As of September 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 35%. 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 September 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 September 30, 2024 and December 31, 2023, the amounts of unamortized costs relating to the Company’s master repurchase facilities and Revolving Credit Facility were $2.4 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. As of September 30, 2024, the Company has no outstanding borrowings on any of the uncommitted securities repurchase facilities. 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 $513.8 million and $437.8 million, net of unamortized premiums of $3.9 million and $1.8 million as of September 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. Interest expense decreased due to the Company recording $0.2 million and $0.6 million of premium amortization for the three and nine months ended September 30, 2024, respectively, and $0.2 million and $0.5 million of premium amortization for the three and nine months ended September 30, 2023, respectively. These non-recourse debt agreements provide for secured financing at rates ranging from 4.39% to 8.78%, and, as of September 30, 2024, have anticipated maturity dates between 2024 and 2034, with an average term of 3.5 years. The mortgage loans are collateralized by real estate and related lease intangibles, net, of $530.2 million and $474.7 million as of September 30, 2024 and December 31, 2023, respectively. During the three and nine months ended September 30, 2024, the Company executed six and 16 new term debt agreements, respectively, to finance properties in its real estate portfolio with carrying amounts of $13.0 million and $81.9 million, respectively. During the three and nine months ended September 30, 2023, the Company did not execute any term debt agreements. Collateralized Loan Obligations (“CLO”) Debt As of September 30, 2024, the Company had $776.1 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 $0.2 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 September 30, 2024, the Company had no debt outstanding with the FHLB. Tuebor Captive Insurance Company LLC (“Tuebor”) is licensed in Michigan as a captive insurance company and was formerly 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 $879.0 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 September 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 September 30, 2024, the Company had $2.1 billion of unsecured corporate bonds outstanding. These unsecured financings were comprised of $322.0 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”), $633.9 million in aggregate principal amount of 4.75% senior notes due 2029 (the “2029 Notes”) and $500.0 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”). The 2031 Notes were issued during the three months ended September 30, 2024 with an aggregate principal balance of $500.0 million. During the nine months ended September 30, 2024, the Company repurchased $5.8 million of the 2025 Notes and $2.0 million of the 2029 Notes recognizing a net gain on extinguishment of debt of $20 thousand and $0.2 million, respectively. 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 September 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 $871.4 million of the total equity is restricted from payment as a dividend by the Company at September 30, 2024. The Company was in compliance with all covenants as of September 30, 2024. Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by 2024 (last three months) $ 221,458 2025 498,380 2026 89,147 2027 727,825 2028 24,598 Thereafter 1,261,974 Subtotal 2,823,382 Debt issuance costs included in senior unsecured notes (16,881) Debt issuance costs included in mortgage loan financings (1,193) Premiums included in mortgage loan financings (2) 3,928 Total (3) $ 2,809,236 (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 sales proceeds received in excess of loan amounts sold into securitizations that are amortized as a reduction to interest expense using the effective interest method over the life of the underlying loan. (3)

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month Term SOFR $ 90,000 $ 527 $ — 0.87 Futures 10-year Treasury-Note Futures 28,000 169 — 0.25 Total futures 28,000 169 — Options Options N/A (2) 122 — 0.30 Total credit derivatives — 122 — Total derivatives $ 118,000 $ 818 $ — (1) Shown as derivative instruments in the accompanying consolidated balance sheet. (2) The Company held 345 options contracts as of September 30, 2024. 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 sheet. (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 nine months ended September 30, 2024 and 2023 ($ in thousands): Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Contract Type Unrealized Realized Net Result Unrealized Realized Net Result Caps $ (589) $ 421 $ (168) $ (1,220) $ 1,258 $ 38 Futures (311) (282) (593) (376) 4,215 3,839 Options — (5) (5) — (6) (6) Total $ (900) $ 134 $ (766) $ (1,596) $ 5,467 $ 3,871 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Contract Type Unrealized Realized Net Result Unrealized Realized Net Result Caps $ (294) $ 378 $ 84 $ (284) $ 962 $ 678 Futures 99 4,579 4,678 (8) 6,162 6,154 Options 11 — 11 117 (269) (152) Total $ (184) $ 4,957 $ 4,773 $ (175) $ 6,855 $ 6,680 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 $0.7 million and $2.8 million of cash margin as collateral for derivatives as of September 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	9 Months Ended
	Sep. 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 September 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 September 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 $ 818 $ — $ 818 $ — $ (728) $ 90 Total $ 818 $ — $ 818 $ — $ (728) $ 90 (1) Included in restricted cash on consolidated balance sheet. The following table represents offsetting of financial liabilities and derivative liabilities as of September 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 $ 244,525 $ — $ 244,525 $ 244,525 $ 1,463 $ 243,062 Total $ 244,525 $ — $ 244,525 $ 244,525 $ 1,463 $ 243,062 (1) Included in restricted cash on consolidated balance sheet. 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 sheet. 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 sheet.

CONSOLIDATED VARIABLE INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 December 31, 2023 Mortgage loan receivables held for investment, net, at amortized cost $ 1,020,694 $ 1,327,722 Accrued interest receivable 7,169 9,394 Other assets 27,648 4,469 Total assets $ 1,055,511 $ 1,341,585 Debt obligations, net $ 776,096 $ 1,060,719 Accrued expenses 2,393 3,555 Total liabilities 778,489 1,064,274 Net equity in VIEs (eliminated in consolidation) 277,022 277,311 Total equity 277,022 277,311 Total liabilities and equity $ 1,055,511 $ 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	9 Months Ended
	Sep. 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 September 30, 2024, the Company has a remaining amount available for repurchase of $73.6 million, which represents 5.0% in the aggregate of its outstanding Class A common stock, based on the closing price of $11.60 per share on such date. The following tables summarize the Company’s repurchase activity of its Class A common stock during the nine months ended September 30, 2024 and 2023 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2023 $ 44,256 Additional authorizations (2) 31,391 Repurchases paid: January 1, 2024 - January 31, 2024 — — February 1, 2024 - February 29, 2024 — — March 1, 2024 - March 31, 2024 60,000 (647) April 1, 2024 - April 30, 2024 — — May 1, 2024 - May 31, 2024 2,100 (23) June 1, 2024 - June 30, 2024 17,590 (189) July 1, 2024 - July 31, 2024 — — August 1, 2024 - August 31, 2024 — — September 1, 2024 - September 30, 2024 100,001 (1,190) Authorizations remaining as of September 30, 2024 $ 73,598 (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 - March 31, 2023 250,000 (2,285) September 1 - September 30, 2023 19,000 (196) Authorizations remaining as of September 30, 2023 $ 44,256 (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 nine months ended September 30, 2024 and 2023: Declaration Date Dividend per Share March 15, 2024 $ 0.23 June 14, 2024 0.23 September 13, 2024 0.23 Total $ 0.69 March 15, 2023 $ 0.23 June 15, 2023 0.23 September 15, 2023 0.23 Total $ 0.69 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 nine months ended September 30, 2024 and 2023 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Accumulated Other Comprehensive Income (Loss) beginning of period $ (10,752) $ (16,524) $ (13,853) $ (21,009) Gain (loss) on available for sale securities, net of tax 2,041 1,645 5,142 6,130 Accumulated Other Comprehensive Income (Loss) end of period $ (8,711) $ (14,879) $ (8,711) $ (14,879)

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	11. NONCONTROLLING INTERESTS Noncontrolling Interests in Consolidated Ventures As of September 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 $78.0 million, and a single-tenant office building in Oakland County, MI with a book value of $8.8 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 consist of the following: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands except share amounts) 2024 2023 2024 2023 Basic and Diluted Net income (loss) available for Class A common shareholders $ 27,913 $ 31,319 $ 76,869 $ 81,889 Weighted average shares outstanding: Basic 125,705,754 124,730,343 125,586,075 124,652,426 Diluted 125,905,528 124,968,545 125,757,114 124,817,335 The calculation of basic and diluted net income (loss) per share amounts for the three and nine months ended September 30, 2024 and 2023 consist of the following: Three Months Ended September 30, Nine Months Ended September 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 $ 27,913 $ 31,319 $ 76,869 $ 81,889 Denominator : Weighted average number of shares of Class A common stock outstanding 125,705,754 124,730,343 125,586,075 124,652,426 Basic net income (loss) per share of Class A common stock $ 0.22 $ 0.25 $ 0.61 $ 0.66 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 27,913 $ 31,319 $ 76,869 $ 81,889 Diluted net income (loss) attributable to Class A common shareholders 27,913 31,319 76,869 81,889 Denominator: Basic weighted average number of shares of Class A common stock outstanding 125,705,754 124,730,343 125,586,075 124,652,426 Add - dilutive effect of: Incremental shares of unvested Class A restricted stock(1) 199,774 238,202 171,039 164,909 Diluted weighted average number of shares of Class A common stock outstanding (2)(3) 125,905,528 124,968,545 125,757,114 124,817,335 Diluted net income (loss) per share of Class A common stock $ 0.22 $ 0.25 $ 0.61 $ 0.66 The Company applies the treasury stock method. (2) There were 166,571 and 335,482 anti-dilutive shares for the three and nine months ended September 30, 2024, respectively. (3) There were 299,641 and 440,573 anti-dilutive shares for the three and nine months ended September 30, 2023, respectively.

STOCK-BASED AND OTHER COMPENSAT

STOCK-BASED AND OTHER COMPENSATION PLANS	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Stock-based compensation expense $ 3,177 $ 3,205 $ 16,592 $ 15,375 Total Stock-Based Compensation Expense $ 3,177 $ 3,205 $ 16,592 $ 15,375 A summary of the grants is presented below: Three Months Ended September 30, Nine Months Ended September 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 September 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 (1,895,530) 10.91 — Forfeited (9,960) 10.94 — Nonvested/Outstanding at September 30, 2024 2,148,014 $ 12.22 623,788 Exercisable at September 30, 2024 (1) 623,788 (1) The weighted average exercise price of outstanding options is $14.84 at September 30, 2024. At September 30, 2024, there was $12.6 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 29.0 months, with a weighted average remaining vesting period of 22.9 months. 2014 Omnibus Incentive Plan In connection with the IPO Transactions, the 2014 Ladder Capital Corp Omnibus Incentive Equity Plan (the “2014 Omnibus Incentive Plan”) was adopted by the board of directors on February 11, 2014, and provided certain members of management, employees and directors of the Company or its affiliates with additional incentives including grants of stock options, stock appreciation rights, restricted stock, other stock-based awards and other cash-based awards. 2023 Omnibus Incentive Plan At the Company’s Annual Meeting held on June 6, 2023, the stockholders of the Company approved the Ladder Capital Corp 2023 Omnibus Incentive Plan (the “2023 Omnibus Incentive Plan”), effective as of the date of the Annual Meeting (the “Effective Date”). The 2023 Omnibus Incentive Plan superseded and replaced the 2014 Omnibus Incentive Plan in its entirety as of the Effective Date. The aggregate number of shares of the Company’s Class A common stock that will be available for issuance to employees, non-employee directors and consultants of the Company and its affiliates under the 2023 Omnibus Incentive Plan will not exceed 3,000,000 shares of Class A common stock, plus an additional amount, not to exceed 10,253,867 shares of Class A common stock, remaining available for new awards under the 2014 Omnibus Incentive Plan as of the Effective Date, subject to the terms and conditions set forth in the 2023 Omnibus Incentive Plan. Annual Incentive Awards Granted in 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	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 are as follows ($ in thousands): September 30, 2024 Weighted Average Principal Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 850,491 $ 848,394 $ 839,324 Internal model 6.80 % 2.33 CMBS interest-only(1) 773,268 (2) 3,913 4,032 Internal model 7.40 % 0.92 GNMA interest-only(3) 33,337 (2) 165 180 Internal model 9.46 % 2.51 Agency securities(1) 14 14 14 Internal model 2.60 % 0.78 Corporate bonds(1) 9,190 9,135 9,145 Internal model 6.14 % 0.25 Equity securities(3) N/A 160 108 Observable market prices N/A N/A Mortgage loan receivables held for investment, net, at amortized cost(4) 2,042,917 2,039,545 2,024,699 Discounted Cash Flow(5) 9.33 % 0.58 Mortgage loan receivables held for sale 31,350 27,506 27,506 Internal model, third-party inputs(6) 4.57 % 7.44 Nonhedge derivatives(1)(10) 118,000 818 818 Counterparty quotations N/A 0.61 Liabilities: Repurchase agreements - short-term 244,525 244,525 244,525 Cost plus Accrued Interest (7) 7.36 % 0.85 Mortgage loan financing 511,046 513,781 515,597 Discounted Cash Flow 6.04 % 3.17 CLO debt 776,336 776,096 776,096 Discounted Cash Flow(8) 4.16 % 1.19 Senior unsecured notes 2,067,811 2,050,930 1,539,637 Internal model, third-party inputs 5.22 % 3.93 (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 $52.3 million at September 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 since origination. 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 $43.2 million at December 31, 2023. (5) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit spreads since origination. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model. (6) Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (7) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (8) For repurchase agreements - short term, the value approximates the cost plus accrued interest. (9) For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (10) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at September 30, 2024 and December 31, 2023 ($ in thousands): September 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) $ 841,314 $ — $ 830,420 $ — $ 830,420 CMBS interest-only(1) 765,045 (2) — 3,799 — 3,799 GNMA interest-only(3) 33,337 (2) — 180 — 180 Agency securities(1) 14 — 14 — 14 Corporate bonds(1) 9,190 — 9,145 — 9,145 Equity securities N/A 108 — — 108 Nonhedge derivatives(4) 118,000 — 818 — 818 $ 108 $ 844,376 $ — $ 844,484 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) $ 2,042,917 $ — $ — $ 2,024,699 $ 2,024,699 Mortgage loan receivable held for sale(6) 31,350 — — 27,506 27,506 CMBS(7) 9,178 — 8,904 — 8,904 CMBS interest-only(7) 8,223 — 233 — 233 $ — $ 9,137 $ 2,052,205 $ 2,061,342 Liabilities: Repurchase agreements - short-term $ 244,525 $ — $ 244,525 $ — $ 244,525 Mortgage loan financing 511,046 — — 515,597 515,597 CLO debt 776,336 — 776,096 — 776,096 Senior unsecured notes 2,067,811 — — 1,539,637 1,539,637 $ — $ 1,020,621 $ 2,055,234 $ 3,075,855 (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 $52.3 million at September 30, 2024. (6) A lower of cost or market adjustment was recorded as of September 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 September 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	9 Months Ended
	Sep. 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 $0.4 million and $1.2 million for the three and nine months ended September 30, 2024 and $1.2 million and $2.0 million for the three and nine months ended September 30, 2023. As of September 30, 2024 and December 31, 2023, the Company’s net deferred tax assets (liabilities) were $(3.5) million and $(3.0) million, respectively, and are included in other assets (other liabilities) in the Company’s consolidated balance sheets. Deferred income tax expense (benefit) included within the provision for income taxes was $0.5 million and $2.0 million for the three months ended September 30, 2024 and September 30, 2023, respectively. Deferred income tax expense (benefit) included within the provision for income taxes was $0.6 million and $2.9 million for the nine months ended September 30, 2024 and September 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 September 30, 2024, the Company had a deferred tax asset of $3.0 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 September 30, 2024, the Company had $1.9 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 September 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 nine months ended September 30, 2023. The Company does not expect tax expense to have an impact on either short, or long-term liquidity or capital needs. 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. As of September 30, 2024 and December 31, 2023, the Company did not have any unrecognized tax benefits. As of September 30, 2024, the Company has not recognized 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Leases As of September 30, 2024, the Company had a $15.4 million lease liability and a $13.9 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 $1.6 million in operating expenses in its consolidated statements of income relating to operating leases for each of the three and nine months ended September 30, 2024 and September 30, 2023. Future minimum lease payments under non-cancelable operating leases as of September 30, 2024 are as follows ($ in thousands): 2024 (last three months) $ 558 2025 2,207 2026 2,219 2027 2,232 2028 2,306 Thereafter 11,038 Total undiscounted cash flows 20,560 Present value discount (1) (5,122) Lease liabilities (2) $ 15,438 (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 8.8 years. (2) The Company has a five-year extension option, which is not reflected in the total lease liability. Unfunded Loan Commitments As of September 30, 2024, the Company’s off-balance sheet arrangements consisted of $58.4 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. 74% 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 September 30, 2024, the Company had $79.7 million of U.S. Treasury securities traded and not yet settled on its consolidated balance sheets. 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 sheet. 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 at December 31, 2023 was paid during the nine months ended September 30, 2024.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 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 not classified as cash and cash equivalents. 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 September 30, 2024 Loans Securities Real Estate (1) Corporate/Other(2) Company Net interest income Interest income $ 63,799 $ 11,727 $ 86 $ 20,480 $ 96,092 Interest expense (21,718) (4) (7,945) (28,009) (57,676) Net interest income (expense) 42,081 11,723 (7,859) (7,529) 38,416 (Provision for) release of loan loss reserves (3,063) — — — (3,063) Net interest income (expense) after provision for (release of) loan reserves 39,018 11,723 (7,859) (7,529) 35,353 Other income (loss) Real estate operating income — — 25,294 — 25,294 Net result from mortgage loan receivables held for sale (3) 1,143 — — (51) 1,092 Gain (loss) on real estate, net — — 315 — 315 Fee and other income 6,499 17 25 68 6,609 Net result from derivative transactions (249) — (168) (349) (766) Earnings (loss) from investment in unconsolidated ventures — — (14) — (14) Gain (loss) on extinguishment of debt — — — 20 20 Total other income (loss) 7,393 17 25,452 (312) 32,550 Costs and expenses Compensation and employee benefits — — — (14,407) (14,407) Operating expenses — — (4,508) (4,508) Real estate operating expenses — — (10,751) — (10,751) Investment related expenses (691) (45) (97) (795) (1,628) Depreciation and amortization — — (8,036) (110) (8,146) Total costs and expenses (691) (45) (18,884) (19,820) (39,440) Income tax (expense) benefit — — — (901) (901) Segment profit (loss) $ 45,720 $ 11,695 $ (1,291) $ (28,562) $ 27,562 Total assets as of September 30, 2024 $ 2,014,775 $ 852,783 $ 729,460 $ 1,782,121 $ 5,379,139 Three months ended September 30, 2023 Loans Securities Real Estate (1) Corporate/Other(2) Company Net interest income Interest income $ 82,814 $ 7,810 $ 1 $ 10,465 $ 101,090 Interest expense (32,601) (52) (7,677) (21,929) (62,259) Net interest income (expense) 50,213 7,758 (7,676) (11,464) 38,831 (Provision for) release of loan loss reserves (7,473) — — — (7,473) Net interest income (expense) after provision for (release of) loan reserves 42,740 7,758 (7,676) (11,464) 31,358 Other income (loss) Real estate operating income — — 24,761 — 24,761 Net result from mortgage loan receivables held for sale (629) — — — (629) Gain (loss) on real estate, net — — 8,808 — 8,808 Fee and other income 1,518 (15) 134 173 1,810 Net result from derivative transactions 4,449 241 83 — 4,773 Earnings (loss) from investment in unconsolidated ventures — — 479 — 479 Gain (loss) on extinguishment of debt — — — 921 921 Total other income (loss) 5,338 226 34,265 1,094 40,923 Costs and expenses Compensation and employee benefits — — — (14,285) (14,285) Operating expenses — — — (4,775) (4,775) Real estate operating expenses — — (9,456) — (9,456) Investment related expenses (1,704) (48) (190) (337) (2,279) Depreciation and amortization — — (7,034) (110) (7,144) Total costs and expenses (1,704) (48) (16,680) (19,507) (37,939) Income tax (expense) benefit — — — (3,147) (3,147) Segment profit (loss) $ 46,374 $ 7,936 $ 9,909 $ (33,024) $ 31,195 Total assets as of December 31, 2023 $ 3,138,794 $ 485,533 $ 733,319 $ 1,155,031 $ 5,512,677 Nine months ended September 30, 2024 Loans Securities Real Estate (1) Corporate/Other(2) Company Net interest income Interest income $ 201,233 $ 27,670 $ 268 $ 51,349 $ 280,520 Interest expense (77,159) (61) (24,567) (68,860) (170,647) Net interest income (expense) 124,074 27,609 (24,299) (17,511) 109,873 (Provision for) release of loan loss reserves (13,886) — — — (13,886) Net interest income (expense) after provision for (release of) loan reserves 110,188 27,609 (24,299) (17,511) 95,987 Other income (loss) Real estate operating income — — 75,314 — 75,314 Net result from mortgage loan receivables held for sale (3) 3,308 — — (2,670) 638 Gain (loss) on real estate, net — — 12,858 — 12,858 Fee and other income 12,195 100 1,352 300 13,947 Net result from derivative transactions 185 80 38 3,568 3,871 Earnings (loss) from investment in unconsolidated ventures — — (11) — (11) Gain (loss) on extinguishment of debt — — — 197 197 Total other income (loss) 15,688 180 89,551 1,395 106,814 Costs and expenses Compensation and employee benefits — — — (48,917) (48,917) Operating expenses — — (14,331) (14,331) Real estate operating expenses — — (30,930) — (30,930) Investment related expenses (3,910) (138) (449) (1,412) (5,909) Depreciation and amortization — — (24,532) (329) (24,861) Total costs and expenses (3,910) (138) (55,911) (64,989) (124,948) Income tax (expense) benefit — — — (1,737) (1,737) Segment profit (loss) $ 121,966 $ 27,651 $ 9,341 $ (82,842) $ 76,116 Total assets as of September 30, 2024 $ 2,014,775 $ 852,783 $ 729,460 $ 1,782,121 $ 5,379,139 Nine months ended September 30, 2023 Loans Securities Real Estate (1) Corporate/Other(2) Company Net interest income Interest income $ 261,822 $ 23,964 $ 5 $ 20,924 $ 306,715 Interest expense (92,236) (3,149) (22,053) (66,912) (184,350) Net interest income (expense) 169,586 20,815 (22,048) (45,988) 122,365 (Provision for) release of loan loss reserves (19,090) — — — (19,090) Net interest income (expense) after provision for (release of) loan reserves 150,496 20,815 (22,048) (45,988) 103,275 Other income (loss) Real estate operating income — — 73,847 — 73,847 Net result from mortgage loan receivables held for sale (1,119) — — — (1,119) Gain (loss) on real estate, net — — 8,808 — 8,808 Fee and other income 6,363 (284) 135 477 6,691 Net result from derivative transactions 5,390 612 678 — 6,680 Earnings (loss) from investment in unconsolidated ventures — — 913 — 913 Gain (loss) on extinguishment of debt — — — 10,600 10,600 Total other income (loss) 10,634 328 84,381 11,077 106,420 Costs and expenses Compensation and employee benefits — — — (50,612) (50,612) Operating expenses — — — (15,018) (15,018) Real estate operating expenses — — (29,071) — (29,071) Investment related expenses (4,459) (144) (765) (1,092) (6,460) Depreciation and amortization — — (21,822) (322) (22,144) Total costs and expenses (4,459) (144) (51,658) (67,044) (123,305) Income tax (expense) benefit — — — (4,913) (4,913) Segment profit (loss) $ 156,671 $ 20,999 $ 10,675 $ (106,868) $ 81,477 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 September 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 $2.1 billion and $1.6 billion at September 30, 2024 and December 31, 2023, respectively. (3) Includes $0.1 million and $2.7 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 nine months ended September 30, 2024, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the issuance date of the financial statements and determined that no additional disclosure is necessary.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Mortgage Loan Receivables	September 30, 2024 ($ in thousands) Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 2,029,102 $ 2,025,754 9.32 % 0.6 Mezzanine loans 13,815 13,791 11.25 % 1.1 Total mortgage loans receivable 2,042,917 2,039,545 9.33 % 0.6 Allowance for credit losses N/A (52,276) Total mortgage loan receivables held for investment, net, at amortized cost 2,042,917 1,987,269 Mortgage loan receivables held for sale: First mortgage loans 31,350 27,506 (4) 4.57 % 7.4 Total $ 2,074,267 $ 2,014,775 (5) 9.27 % 0.7 (1) Includes the impact of interest rate floors. Term SOFR rates in effect as of September 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 1.3 years. (4) As a result of decreases in prevailing rates, the Company recorded a reversal of lower of cost or market adjustment as of September 30, 2024. The adjustment was calculated using a 4.75% discount rate. (5) Net of $3.4 million of deferred origination fees and other items as of September 30, 2024. December 31, 2023 ($ 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 $9.1 million of deferred origination fees and other items as of December 31, 2023.
Schedule of Mortgage Loan Receivables by Loan Type	For the nine months ended September 30, 2024 and 2023, loan portfolio activity was as follows ($ 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) 71,810 — — Repayment of mortgage loan receivables (2) (1,142,343) — — Non-cash disposition of loans via foreclosure (4) (55,946) — — Net result from mortgage loan receivables held for sale (5) — — 638 Accretion/amortization of discount, premium and other fees 10,935 — — Charge-offs (6) — 5,023 — Release (addition) of provision for current expected credit loss, net (7) — (14,134) — Balance, September 30, 2024 $ 2,039,545 $ (52,276) $ 27,506 (1) Includes funding of commitments on existing mortgage loans. (2) Includes $19.7 million of repayments in transit. (3) Excludes $82.5 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 foreclosures or deeds in lieu of foreclosure (collectively, “foreclosures”) of real estate. (5) Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale. (6) The charge-off related to one loan that was resolved via foreclosure during the three months ended September 30, 2024. The loan was collateralized by an office asset in Oakland, California. (7) 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) 61,412 — — Repayment of mortgage loan receivables (559,947) — — Non-cash disposition of loans via foreclosure (2) (30,497) — — Net result from mortgage loan receivables held for sale (2) — — (1,119) Accretion/amortization of discount, premium and other fees 14,971 — — Release (addition) of provision for current expected credit loss, net (3) — (18,820) — Balance, September 30, 2023 $ 3,371,685 $ (39,575) $ 26,272 (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 September 30, Nine Months Ended September 30, Allowance for Credit Losses 2024 2023 2024 2023 Allowance for credit losses at beginning of period $ 54,107 $ 32,248 $ 43,165 $ 20,755 Provision for (release of) current expected credit loss, net (1) 3,192 7,327 14,134 18,820 Charge-offs (2) (5,023) — (5,023) — Allowance for credit losses at end of period $ 52,276 $ 39,575 $ 52,276 $ 39,575 (1) As of September 30, 2024 and 2023, there were no asset-specific reserves. (2) The charge-off related to one loan that was resolved via foreclosure during the three months ended September 30, 2024. The loan was collateralized by an office property in Oakland, California. Non-Accrual Status (1) September 30, 2024(2) December 31, 2023(3) Amortized cost basis of loans on non-accrual status $ 60,847 $ 14,541 (1) As of September 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 $14.5 million, for which the Company determined no asset-specific reserve was necessary.
Schedule of Individually Impaired Loans	Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The primary credit quality indicator is reviewed by management on a quarterly basis. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of September 30, 2024 and December 31, 2023, respectively ($ in thousands): Amortized Cost Basis by Origination Year as of September 30, 2024 Collateral Type 2024 2023 2022 2021 2020 and Earlier Total (2) Office $ — $ — $ 59,921 $ 578,230 $ 193,469 $ 831,620 Multifamily 37,670 14,592 237,240 401,361 — 690,863 Mixed Use — — 161,714 176,742 — 338,456 Retail — — — 79,223 2,196 81,419 Hospitality — — — 13,056 55,273 68,329 Industrial 14,752 — — — — 14,752 Other — — 14,106 — — 14,106 Manufactured Housing — — — — — — Subtotal mortgage loans receivable 52,422 14,592 472,981 1,248,612 250,938 2,039,545 Individually Impaired loans — — — — — — Total mortgage loans receivable (1) $ 52,422 $ 14,592 $ 472,981 $ 1,248,612 $ 250,938 $ 2,039,545 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 $13.5 million of accrued interest receivable on all loans at September 30, 2024. (2) For the three months ended September 30, 2024, there was a $5.0 million charge-off of an allowance in connection with a foreclosure of one office property in Oakland, California. For the year ended December 31, 2023, there was a $2.7 million charge-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)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses (1) Carrying # of Rating (2) Coupon % Yield % Remaining CMBS $ 850,491 $ 848,394 $ 1,376 $ (10,446) $ 839,324 (3) 88 AAA 6.62 % 6.80 % 2.33 CMBS interest-only(4) 773,268 (4) 3,913 128 (9) 4,032 (5) 7 AAA 0.38 % 7.40 % 0.92 GNMA interest-only(6) 33,337 (4) 165 71 (56) 180 13 AAA 0.34 % 9.46 % 2.51 Agency securities 14 14 — — 14 1 AAA 4.00 % 2.60 % 0.78 Corporate bonds 9,190 9,135 10 — 9,145 1 BB- 3.75 % 6.14 % 0.25 Total debt securities $ 1,666,300 $ 861,621 $ 1,585 $ (10,511) $ 852,695 (7) 110 3.58 % 6.80 % 2.30 Equity securities N/A 160 — (52) 108 1 N/A N/A N/A N/A Allowance for current expected credit losses N/A — — (20) (20) Total securities $ 1,666,300 $ 861,781 $ 1,585 $ (10,583) $ 852,783 111 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 September 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 September 30, 2024 and December 31, 2023, includes $0.2 million and $0.3 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (6) GNMA interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s GNMA interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on securities in the consolidated statements of income. (7) The Company’s investments in debt securities represent an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date. The following summarizes the Company’s realized and unrealized gain (loss) on securities, included within “Fee and Other Income” on the Company’s consolidated statements of income for the three and nine months ended September 30, 2024 and September 30, 2023 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Realized gain (loss) on securities $ — $ 23 $ 75 $ (276) Unrealized gain (loss) on securities 5 (42) (22) (20) Total realized and unrealized gain (loss) on securities $ 5 $ (19) $ 53 $ (296)
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 September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 Asset Type Within 1 year 1-5 years 5-10 years Total CMBS $ 90,844 $ 748,480 $ — $ 839,324 CMBS interest-only 1,193 2,839 — 4,032 GNMA interest-only 52 128 — 180 Agency securities 14 — — 14 Corporate bonds 9,145 — — 9,145 Total securities (1) $ 101,248 $ 751,447 $ — $ 852,695 (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)	9 Months Ended
	Sep. 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): September 30, 2024 December 31, 2023 Land $ 177,368 $ 183,194 Building 635,741 647,201 In-place leases and other intangibles 110,676 116,831 Undepreciated real estate and related lease intangibles 923,785 947,226 Less: Accumulated depreciation and amortization (232,394) (220,784) Real estate and related lease intangibles, net(1) $ 691,391 $ 726,442 Below market lease intangibles, net (other liabilities)(2) $ (26,994) $ (28,860) (1) There was unencumbered real estate of $179.3 million and $160.8 million as of September 30, 2024 and December 31, 2023, respectively. (2) Below market lease intangibles is net of $16.8 million and $15.8 million of accumulated amortization as of September 30, 2024 and December 31, 2023, respectively.
Schedule of Depreciation and Amortization Expense Recorded	The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Depreciation expense(1) $ 6,323 $ 5,803 $ 19,058 $ 18,146 Amortization expense 1,823 1,341 5,803 3,998 Total real estate depreciation and amortization expense $ 8,146 $ 7,144 $ 24,861 $ 22,144 (1)
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): September 30, 2024 December 31, 2023 Gross intangible assets(1) $ 113,392 $ 116,831 Accumulated amortization 59,121 55,782 Net intangible assets $ 54,271 $ 61,049 (1) Includes $2.4 million and $2.8 million of unamortized above market lease intangibles, which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of September 30, 2024 and December 31, 2023. The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (93) $ (73) $ (285) $ (216) Increase in operating lease income for amortization of below market lease intangibles acquired 518 526 1,572 1,576 Total $ 425 $ 453 $ 1,287 $ 1,360
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 September 30, 2024 ($ in thousands): Period Ending December 31, Increase/(Decrease) to Operating Lease Income Amortization Expense 2024 (last three months) $ 425 $ 1,633 2025 1,703 5,250 2026 1,717 4,276 2027 1,681 4,128 2028 1,607 3,992 Thereafter 17,432 34,118 Total $ 24,565 $ 53,397
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 September 30, 2024 ($ in thousands): Period Ending December 31, Amount 2024 (last three months) $ 16,012 2025 59,300 2026 50,335 2027 47,703 2028 45,436 Thereafter 163,472 Total $ 382,258
Schedule of Real Estate Properties Acquired	The Company acquired the following properties during the nine months ended September 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% September 2024 (6) Office Oakland, CA 7,500 100% Total real estate acquisitions $ 48,796 (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. (6) In September 2024, the Company acquired an office property in Oakland, CA via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The $7.5 million fair value was determined by using the sales comparison approach and direct capitalization approach. There was a $5 million charge-off of allowance for credit loss resulting from the acquisition of the property. The Company used a terminal capitalization rate of 7.5%. The key inputs used to determine fair value were determined to be Level 3 inputs. Refer to Note 3, Mortgage Loan Receivables for further details. The Company acquired the following properties during the nine months ended September 30, 2023 ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) September 2023 (2) Mixed use New York, NY $ 30,400 100.0% Total real estate acquisitions $ 30,400 (1) Properties were consolidated as of acquisition date. (2) In September 2023, the Company acquired a mixed use portfolio consisting of four properties in New York, NY via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $30.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.5%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.
Schedule of Properties Sold	The Company sold the following properties during the nine months ended September 30, 2024 ($ 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 July 2024 Multifamily Los Angeles, CA 11,770 11,455 315 1 Totals $ 57,645 $ 45,190 $ 12,858 (1) The Company recognized a $0.4 million gain on foreclosure which is recognized in gain (loss) on real estate, net on the consolidated statement of income. The Company sold the following properties during the nine months ended September 30, 2023 ($ in thousands): Sales Date Type Primary Location(s) Sales Proceeds Net Book Value Realized Gain/(Loss) Properties August 2023 Hotel San Diego, CA (1) $ 43,335 $ 34,526 $ 8,808 1 Totals $ 43,335 $ 34,526 $ 8,808 (1)

DEBT OBLIGATIONS, NET (Tables)

DEBT OBLIGATIONS, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt Obligations	The details of the Company’s debt obligations at September 30, 2024 and December 31, 2023 are as follows ($ in thousands): September 30, 2024 Debt Obligations Committed / Carrying Value of Debt Obligations Committed but Unfunded Interest Rate at September 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 $ 200,874 $ 299,126 7.14% — 7.49% 9/27/2025 (2) (3) $ 300,127 $ 300,127 Committed Loan Repurchase Facility 300,000 43,651 256,349 7.44% — 8.19% 12/19/2024 (4) (5) 62,333 62,333 Committed Loan Repurchase Facility 56,000 — 56,000 —% — —% 4/30/2026 (6) (3) — — Committed Loan Repurchase Facility 200,000 — 200,000 7.60% — 7.60% 10/3/2025 (7) (3) 14,592 14,730 Committed Loan Repurchase Facility 100,000 — 100,000 —% —% 1/22/2025 (8) (5) — — Total Committed Loan Repurchase Facilities 1,156,000 244,525 911,475 377,052 377,190 Uncommitted Securities Repurchase Facility N/A (9) — N/A (9) —% — —% N/A N/A (10) — — Total Repurchase Facilities 1,156,000 244,525 911,475 377,052 377,190 Revolving Credit Facility 323,850 — 323,850 —% — —% 1/25/2025 (11) N/A (12) N/A (12) N/A (12) Mortgage Loan Financing 511,046 513,781 — 4.39% — 8.78% 2024-2034 (13) N/A (14) 530,177 735,875 (15) CLO Debt 776,336 776,096 (16) — 6.41% — 8.86% 2024-2026 (17) N/A (3) 1,020,694 1,020,694 Senior Unsecured Notes 2,067,811 2,050,930 (18) — 4.25% — 7.00% 2025-2031 N/A N/A (19) N/A (19) N/A (19) Total Debt Obligations, Net $ 4,835,043 $ 3,585,332 $ 1,235,325 $ 1,927,923 $ 2,133,759 (1) Interest rates on floating rate debt reflect the applicable index in effect as of September 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) Two additional 12-month extension periods at Company’s option. No new advances permitted past 30 days prior to initial maturity. (8) One additional 12-month extension period at Company's option. No new advances permitted during the final 12-month period. (9) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (10) Commercial real estate securities. Eligible collateral does not include the first mortgage commercial real estate loans collateralizing such securities. (11) Four additional 12-month periods at Company’s option. (12) 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. (13) Anticipated repayment dates. (14) Certain of the Company’s real estate investments serve as collateral for the Company’s mortgage loan financing. (15) Represents undepreciated carrying value of commercial real estate collateral. (16) Presented net of unamortized debt issuance costs of $0.2 million at September 30, 2024. (17) Represents the estimated maturity date based on the underlying loan maturities. (18) Presented net of unamortized debt issuance costs of $16.9 million at September 30, 2024. (19) 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 three months) $ 221,458 2025 498,380 2026 89,147 2027 727,825 2028 24,598 Thereafter 1,261,974 Subtotal 2,823,382 Debt issuance costs included in senior unsecured notes (16,881) Debt issuance costs included in mortgage loan financings (1,193) Premiums included in mortgage loan financings (2) 3,928 Total (3) $ 2,809,236 (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 sales proceeds received in excess of loan amounts sold into securitizations that are amortized as a reduction to interest expense using the effective interest method over the life of the underlying loan. (3)

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month Term SOFR $ 90,000 $ 527 $ — 0.87 Futures 10-year Treasury-Note Futures 28,000 169 — 0.25 Total futures 28,000 169 — Options Options N/A (2) 122 — 0.30 Total credit derivatives — 122 — Total derivatives $ 118,000 $ 818 $ — (1) Shown as derivative instruments in the accompanying consolidated balance sheet. (2) The Company held 345 options contracts as of September 30, 2024. 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 sheet. (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 nine months ended September 30, 2024 and 2023 ($ in thousands): Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Contract Type Unrealized Realized Net Result Unrealized Realized Net Result Caps $ (589) $ 421 $ (168) $ (1,220) $ 1,258 $ 38 Futures (311) (282) (593) (376) 4,215 3,839 Options — (5) (5) — (6) (6) Total $ (900) $ 134 $ (766) $ (1,596) $ 5,467 $ 3,871 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Contract Type Unrealized Realized Net Result Unrealized Realized Net Result Caps $ (294) $ 378 $ 84 $ (284) $ 962 $ 678 Futures 99 4,579 4,678 (8) 6,162 6,154 Options 11 — 11 117 (269) (152) Total $ (184) $ 4,957 $ 4,773 $ (175) $ 6,855 $ 6,680

OFFSETTING ASSETS AND LIABILI_2

OFFSETTING ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Offsetting [Abstract]
Schedule of Offsetting of Financial Assets	The following table represents offsetting of financial assets and derivative assets as of September 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 $ 818 $ — $ 818 $ — $ (728) $ 90 Total $ 818 $ — $ 818 $ — $ (728) $ 90 (1) Included in restricted cash on consolidated balance sheet. 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 sheet.
Schedule of Offsetting of Financial Liabilities	The following table represents offsetting of financial liabilities and derivative liabilities as of September 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 $ 244,525 $ — $ 244,525 $ 244,525 $ 1,463 $ 243,062 Total $ 244,525 $ — $ 244,525 $ 244,525 $ 1,463 $ 243,062 (1) Included in restricted cash on consolidated balance sheet. 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 sheet.

CONSOLIDATED VARIABLE INTERES_2

CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 December 31, 2023 Mortgage loan receivables held for investment, net, at amortized cost $ 1,020,694 $ 1,327,722 Accrued interest receivable 7,169 9,394 Other assets 27,648 4,469 Total assets $ 1,055,511 $ 1,341,585 Debt obligations, net $ 776,096 $ 1,060,719 Accrued expenses 2,393 3,555 Total liabilities 778,489 1,064,274 Net equity in VIEs (eliminated in consolidation) 277,022 277,311 Total equity 277,022 277,311 Total liabilities and equity $ 1,055,511 $ 1,341,585

EQUITY STRUCTURE AND ACCOUNTS (

EQUITY STRUCTURE AND ACCOUNTS (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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: January 1, 2024 - January 31, 2024 — — February 1, 2024 - February 29, 2024 — — March 1, 2024 - March 31, 2024 60,000 (647) April 1, 2024 - April 30, 2024 — — May 1, 2024 - May 31, 2024 2,100 (23) June 1, 2024 - June 30, 2024 17,590 (189) July 1, 2024 - July 31, 2024 — — August 1, 2024 - August 31, 2024 — — September 1, 2024 - September 30, 2024 100,001 (1,190) Authorizations remaining as of September 30, 2024 $ 73,598 (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 - March 31, 2023 250,000 (2,285) September 1 - September 30, 2023 19,000 (196) Authorizations remaining as of September 30, 2023 $ 44,256 (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 nine months ended September 30, 2024 and 2023: Declaration Date Dividend per Share March 15, 2024 $ 0.23 June 14, 2024 0.23 September 13, 2024 0.23 Total $ 0.69 March 15, 2023 $ 0.23 June 15, 2023 0.23 September 15, 2023 0.23 Total $ 0.69
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 nine months ended September 30, 2024 and 2023 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Accumulated Other Comprehensive Income (Loss) beginning of period $ (10,752) $ (16,524) $ (13,853) $ (21,009) Gain (loss) on available for sale securities, net of tax 2,041 1,645 5,142 6,130 Accumulated Other Comprehensive Income (Loss) end of period $ (8,711) $ (14,879) $ (8,711) $ (14,879)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 consist of the following: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands except share amounts) 2024 2023 2024 2023 Basic and Diluted Net income (loss) available for Class A common shareholders $ 27,913 $ 31,319 $ 76,869 $ 81,889 Weighted average shares outstanding: Basic 125,705,754 124,730,343 125,586,075 124,652,426 Diluted 125,905,528 124,968,545 125,757,114 124,817,335
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 nine months ended September 30, 2024 and 2023 consist of the following: Three Months Ended September 30, Nine Months Ended September 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 $ 27,913 $ 31,319 $ 76,869 $ 81,889 Denominator : Weighted average number of shares of Class A common stock outstanding 125,705,754 124,730,343 125,586,075 124,652,426 Basic net income (loss) per share of Class A common stock $ 0.22 $ 0.25 $ 0.61 $ 0.66 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 27,913 $ 31,319 $ 76,869 $ 81,889 Diluted net income (loss) attributable to Class A common shareholders 27,913 31,319 76,869 81,889 Denominator: Basic weighted average number of shares of Class A common stock outstanding 125,705,754 124,730,343 125,586,075 124,652,426 Add - dilutive effect of: Incremental shares of unvested Class A restricted stock(1) 199,774 238,202 171,039 164,909 Diluted weighted average number of shares of Class A common stock outstanding (2)(3) 125,905,528 124,968,545 125,757,114 124,817,335 Diluted net income (loss) per share of Class A common stock $ 0.22 $ 0.25 $ 0.61 $ 0.66 The Company applies the treasury stock method. (2) There were 166,571 and 335,482 anti-dilutive shares for the three and nine months ended September 30, 2024, respectively. (3) There were 299,641 and 440,573 anti-dilutive shares for the three and nine months ended September 30, 2023, respectively.

STOCK-BASED AND OTHER COMPENS_2

STOCK-BASED AND OTHER COMPENSATION PLANS (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Stock-based compensation expense $ 3,177 $ 3,205 $ 16,592 $ 15,375 Total Stock-Based Compensation Expense $ 3,177 $ 3,205 $ 16,592 $ 15,375
Schedule of the Grants	A summary of the grants is presented below: Three Months Ended September 30, Nine Months Ended September 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 September 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 (1,895,530) 10.91 — Forfeited (9,960) 10.94 — Nonvested/Outstanding at September 30, 2024 2,148,014 $ 12.22 623,788 Exercisable at September 30, 2024 (1) 623,788 (1) The weighted average exercise price of outstanding options is $14.84 at September 30, 2024.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 are as follows ($ in thousands): September 30, 2024 Weighted Average Principal Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 850,491 $ 848,394 $ 839,324 Internal model 6.80 % 2.33 CMBS interest-only(1) 773,268 (2) 3,913 4,032 Internal model 7.40 % 0.92 GNMA interest-only(3) 33,337 (2) 165 180 Internal model 9.46 % 2.51 Agency securities(1) 14 14 14 Internal model 2.60 % 0.78 Corporate bonds(1) 9,190 9,135 9,145 Internal model 6.14 % 0.25 Equity securities(3) N/A 160 108 Observable market prices N/A N/A Mortgage loan receivables held for investment, net, at amortized cost(4) 2,042,917 2,039,545 2,024,699 Discounted Cash Flow(5) 9.33 % 0.58 Mortgage loan receivables held for sale 31,350 27,506 27,506 Internal model, third-party inputs(6) 4.57 % 7.44 Nonhedge derivatives(1)(10) 118,000 818 818 Counterparty quotations N/A 0.61 Liabilities: Repurchase agreements - short-term 244,525 244,525 244,525 Cost plus Accrued Interest (7) 7.36 % 0.85 Mortgage loan financing 511,046 513,781 515,597 Discounted Cash Flow 6.04 % 3.17 CLO debt 776,336 776,096 776,096 Discounted Cash Flow(8) 4.16 % 1.19 Senior unsecured notes 2,067,811 2,050,930 1,539,637 Internal model, third-party inputs 5.22 % 3.93 (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 $52.3 million at September 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 since origination. 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 $43.2 million at December 31, 2023. (5) Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit spreads since origination. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model. (6) Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (7) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (8) For repurchase agreements - short term, the value approximates the cost plus accrued interest. (9) For repurchase agreements - long term and CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (10) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
Summary of Financial Assets and Liabilities, both reported at Fair Value on a Recurring Basis or Amortized Cost/Par	The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at September 30, 2024 and December 31, 2023 ($ in thousands): September 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) $ 841,314 $ — $ 830,420 $ — $ 830,420 CMBS interest-only(1) 765,045 (2) — 3,799 — 3,799 GNMA interest-only(3) 33,337 (2) — 180 — 180 Agency securities(1) 14 — 14 — 14 Corporate bonds(1) 9,190 — 9,145 — 9,145 Equity securities N/A 108 — — 108 Nonhedge derivatives(4) 118,000 — 818 — 818 $ 108 $ 844,376 $ — $ 844,484 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) $ 2,042,917 $ — $ — $ 2,024,699 $ 2,024,699 Mortgage loan receivable held for sale(6) 31,350 — — 27,506 27,506 CMBS(7) 9,178 — 8,904 — 8,904 CMBS interest-only(7) 8,223 — 233 — 233 $ — $ 9,137 $ 2,052,205 $ 2,061,342 Liabilities: Repurchase agreements - short-term $ 244,525 $ — $ 244,525 $ — $ 244,525 Mortgage loan financing 511,046 — — 515,597 515,597 CLO debt 776,336 — 776,096 — 776,096 Senior unsecured notes 2,067,811 — — 1,539,637 1,539,637 $ — $ 1,020,621 $ 2,055,234 $ 3,075,855 (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 $52.3 million at September 30, 2024. (6) A lower of cost or market adjustment was recorded as of September 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)	9 Months Ended
	Sep. 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 September 30, 2024 are as follows ($ in thousands): 2024 (last three months) $ 558 2025 2,207 2026 2,219 2027 2,232 2028 2,306 Thereafter 11,038 Total undiscounted cash flows 20,560 Present value discount (1) (5,122) Lease liabilities (2) $ 15,438 (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 8.8 years. (2)

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 Loans Securities Real Estate (1) Corporate/Other(2) Company Net interest income Interest income $ 63,799 $ 11,727 $ 86 $ 20,480 $ 96,092 Interest expense (21,718) (4) (7,945) (28,009) (57,676) Net interest income (expense) 42,081 11,723 (7,859) (7,529) 38,416 (Provision for) release of loan loss reserves (3,063) — — — (3,063) Net interest income (expense) after provision for (release of) loan reserves 39,018 11,723 (7,859) (7,529) 35,353 Other income (loss) Real estate operating income — — 25,294 — 25,294 Net result from mortgage loan receivables held for sale (3) 1,143 — — (51) 1,092 Gain (loss) on real estate, net — — 315 — 315 Fee and other income 6,499 17 25 68 6,609 Net result from derivative transactions (249) — (168) (349) (766) Earnings (loss) from investment in unconsolidated ventures — — (14) — (14) Gain (loss) on extinguishment of debt — — — 20 20 Total other income (loss) 7,393 17 25,452 (312) 32,550 Costs and expenses Compensation and employee benefits — — — (14,407) (14,407) Operating expenses — — (4,508) (4,508) Real estate operating expenses — — (10,751) — (10,751) Investment related expenses (691) (45) (97) (795) (1,628) Depreciation and amortization — — (8,036) (110) (8,146) Total costs and expenses (691) (45) (18,884) (19,820) (39,440) Income tax (expense) benefit — — — (901) (901) Segment profit (loss) $ 45,720 $ 11,695 $ (1,291) $ (28,562) $ 27,562 Total assets as of September 30, 2024 $ 2,014,775 $ 852,783 $ 729,460 $ 1,782,121 $ 5,379,139 Three months ended September 30, 2023 Loans Securities Real Estate (1) Corporate/Other(2) Company Net interest income Interest income $ 82,814 $ 7,810 $ 1 $ 10,465 $ 101,090 Interest expense (32,601) (52) (7,677) (21,929) (62,259) Net interest income (expense) 50,213 7,758 (7,676) (11,464) 38,831 (Provision for) release of loan loss reserves (7,473) — — — (7,473) Net interest income (expense) after provision for (release of) loan reserves 42,740 7,758 (7,676) (11,464) 31,358 Other income (loss) Real estate operating income — — 24,761 — 24,761 Net result from mortgage loan receivables held for sale (629) — — — (629) Gain (loss) on real estate, net — — 8,808 — 8,808 Fee and other income 1,518 (15) 134 173 1,810 Net result from derivative transactions 4,449 241 83 — 4,773 Earnings (loss) from investment in unconsolidated ventures — — 479 — 479 Gain (loss) on extinguishment of debt — — — 921 921 Total other income (loss) 5,338 226 34,265 1,094 40,923 Costs and expenses Compensation and employee benefits — — — (14,285) (14,285) Operating expenses — — — (4,775) (4,775) Real estate operating expenses — — (9,456) — (9,456) Investment related expenses (1,704) (48) (190) (337) (2,279) Depreciation and amortization — — (7,034) (110) (7,144) Total costs and expenses (1,704) (48) (16,680) (19,507) (37,939) Income tax (expense) benefit — — — (3,147) (3,147) Segment profit (loss) $ 46,374 $ 7,936 $ 9,909 $ (33,024) $ 31,195 Total assets as of December 31, 2023 $ 3,138,794 $ 485,533 $ 733,319 $ 1,155,031 $ 5,512,677 Nine months ended September 30, 2024 Loans Securities Real Estate (1) Corporate/Other(2) Company Net interest income Interest income $ 201,233 $ 27,670 $ 268 $ 51,349 $ 280,520 Interest expense (77,159) (61) (24,567) (68,860) (170,647) Net interest income (expense) 124,074 27,609 (24,299) (17,511) 109,873 (Provision for) release of loan loss reserves (13,886) — — — (13,886) Net interest income (expense) after provision for (release of) loan reserves 110,188 27,609 (24,299) (17,511) 95,987 Other income (loss) Real estate operating income — — 75,314 — 75,314 Net result from mortgage loan receivables held for sale (3) 3,308 — — (2,670) 638 Gain (loss) on real estate, net — — 12,858 — 12,858 Fee and other income 12,195 100 1,352 300 13,947 Net result from derivative transactions 185 80 38 3,568 3,871 Earnings (loss) from investment in unconsolidated ventures — — (11) — (11) Gain (loss) on extinguishment of debt — — — 197 197 Total other income (loss) 15,688 180 89,551 1,395 106,814 Costs and expenses Compensation and employee benefits — — — (48,917) (48,917) Operating expenses — — (14,331) (14,331) Real estate operating expenses — — (30,930) — (30,930) Investment related expenses (3,910) (138) (449) (1,412) (5,909) Depreciation and amortization — — (24,532) (329) (24,861) Total costs and expenses (3,910) (138) (55,911) (64,989) (124,948) Income tax (expense) benefit — — — (1,737) (1,737) Segment profit (loss) $ 121,966 $ 27,651 $ 9,341 $ (82,842) $ 76,116 Total assets as of September 30, 2024 $ 2,014,775 $ 852,783 $ 729,460 $ 1,782,121 $ 5,379,139 Nine months ended September 30, 2023 Loans Securities Real Estate (1) Corporate/Other(2) Company Net interest income Interest income $ 261,822 $ 23,964 $ 5 $ 20,924 $ 306,715 Interest expense (92,236) (3,149) (22,053) (66,912) (184,350) Net interest income (expense) 169,586 20,815 (22,048) (45,988) 122,365 (Provision for) release of loan loss reserves (19,090) — — — (19,090) Net interest income (expense) after provision for (release of) loan reserves 150,496 20,815 (22,048) (45,988) 103,275 Other income (loss) Real estate operating income — — 73,847 — 73,847 Net result from mortgage loan receivables held for sale (1,119) — — — (1,119) Gain (loss) on real estate, net — — 8,808 — 8,808 Fee and other income 6,363 (284) 135 477 6,691 Net result from derivative transactions 5,390 612 678 — 6,680 Earnings (loss) from investment in unconsolidated ventures — — 913 — 913 Gain (loss) on extinguishment of debt — — — 10,600 10,600 Total other income (loss) 10,634 328 84,381 11,077 106,420 Costs and expenses Compensation and employee benefits — — — (50,612) (50,612) Operating expenses — — — (15,018) (15,018) Real estate operating expenses — — (29,071) — (29,071) Investment related expenses (4,459) (144) (765) (1,092) (6,460) Depreciation and amortization — — (21,822) (322) (22,144) Total costs and expenses (4,459) (144) (51,658) (67,044) (123,305) Income tax (expense) benefit — — — (4,913) (4,913) Segment profit (loss) $ 156,671 $ 20,999 $ 10,675 $ (106,868) $ 81,477 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 September 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 $2.1 billion and $1.6 billion at September 30, 2024 and December 31, 2023, respectively. (3) Includes $0.1 million and $2.7 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 nine months ended September 30, 2024, respectively.

ORGANIZATION AND OPERATIONS (De

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

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) unconsolidatedVenture	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) unconsolidatedVenture	Sep. 30, 2023 USD ($)
Accounting Policies [Abstract]
Unconsolidated ventures determined to be variable interest entities | unconsolidatedVenture	2		2
Unrealized (loss)	$ (42)		$ (20)
Realized gain (loss)		$ 23		$ (276)

MORTGAGE LOAN RECEIVABLES - Sch

MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2024 loans	Sep. 30, 2024 USD ($) loans	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 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		$ 2,074,267			$ 3,195,576
Allowance for credit losses		(52,276)	$ (39,575)	$ (54,107)	(43,165)	$ (32,248)	$ (20,755)
Carrying Value		$ 2,014,775			3,138,792
Weighted average yield		9.27%	9.61%
Number of non-accrual loans | loans	1	1
Principal balance of loans on non-accrual status		$ 60,847			14,541
Remaining maturity		8 months 12 days	8 months 12 days
Deferred origination fees and other items		$ 3,400			9,100
First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount		2,029,102			3,131,803
Carrying value gross, consumer and commercial real estate		$ 2,025,754			3,122,707
Weighted average yield		9.32%	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		$ 13,815			32,423
Carrying value gross, consumer and commercial real estate		$ 13,791			32,382
Weighted average yield		11.25%	11.46%
Remaining maturity		1 year 1 month 6 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		$ 2,042,917			3,164,226
Carrying value gross, consumer and commercial real estate		$ 2,039,545			3,155,089
Weighted average yield		9.33%	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		$ 2,042,917			3,164,226
Allowance for credit losses		(52,276)	$ (39,575)		(43,165)		$ (20,755)
Carrying Value		$ 1,987,269			3,111,924
Remaining maturity	1 year 9 months 18 days	1 year 3 months 18 days
Mortgage loan receivables held for sale, First Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount		$ 31,350			31,350
Carrying Value		$ 27,506			$ 26,868
Weighted average yield		4.57%	4.57%
Remaining maturity		7 years 4 months 24 days	8 years 2 months 12 days
Cost or market adjustment of interest, percentage		4.75%			5.18%

MORTGAGE LOAN RECEIVABLES - Add

MORTGAGE LOAN RECEIVABLES - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loans	Jun. 30, 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		$ 2,074,267		$ 2,074,267		$ 3,195,576
Allowance for current expected credit losses		52,800		52,800		43,900
General CECL reserve	$ 54,107	52,276	$ 39,575	52,276	$ 39,575	43,165	$ 32,248	$ 20,755
Reserve of unfunded commitments		500		500		700
Provision for loan loss reserves		3,063	7,473	13,886	19,090
Charge-off for uncollectible reserve		5,000		5,000
Increase of reserve on unfunded commitments			146		270
Asset Specific Reserve, Company Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Provision for loans held for investment			7,300		18,800
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		$ 1,800,000		$ 1,800,000		$ 2,800,000
Loans receivable with variable rates of interest		85.80%		85.80%		87.80%
Loans receivable with variable rates of interest, subject to interest rate floors		100%		100%		100%
Outstanding face amount		$ 2,042,917		$ 2,042,917		$ 3,164,226
General CECL reserve		52,276	$ 39,575	52,276	39,575	43,165		$ 20,755
Provision for loan loss reserves				14,134	$ 18,820
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
Percentage of loans receivable with fixed rates of interest		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		$ 2,029,102		$ 2,029,102		$ 3,131,803
Number of loans modified | loans						1
Amortized cost basis						$ 58,500
Loans modified, amount of mortgage loan receivable portfolio						1.90%
Loan, modified, principal payment	$ 2,500					$ 2,500
Common equity interest received				15%
Deferred interest payment		7,500
Accrued interest income		$ 7,600		$ 7,900

MORTGAGE LOAN RECEIVABLES - Act

MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) loans	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Mortgage loan receivables held for investment, net, at amortized cost:
Net result from mortgage loan receivables held for sale	$ 1,092	$ (629)	$ 638	$ (1,119)
Allowance for credit losses
Beginning balance, Allowance for credit losses	(54,107)	(32,248)	(43,165)	(20,755)	$ (20,755)
Charge-offs	5,023	0	5,023	0
Release (addition) of provision for current expected credit loss, net	(3,063)	(7,473)	(13,886)	(19,090)
Ending balance, Allowance for credit losses	$ (52,276)	(39,575)	(52,276)	(39,575)	(43,165)
Loans with related charge-off | loans	1
Total mortgage loans receivable
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable, ending balance	$ 2,039,545		2,039,545
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	3,885,746
Origination of mortgage loan receivables			71,810	61,412
Repayment of mortgage loan receivables			(1,142,343)	(559,947)
Non-cash disposition of loan via foreclosure			(55,946)	(30,497)
Net result from mortgage loan receivables held for sale			0	0
Accretion/amortization of discount, premium and other fees			10,935	14,971
Charge offs			0
Mortgage loans receivable, ending balance		3,371,685		3,371,685	3,155,089
Allowance for credit losses
Beginning balance, Allowance for credit losses			(43,165)	(20,755)	(20,755)
Charge-offs			5,023
Release (addition) of provision for current expected credit loss, net			(14,134)	(18,820)
Ending balance, Allowance for credit losses	(52,276)	(39,575)	(52,276)	(39,575)	(43,165)
Repayments in transit of securities (other assets)			19,700
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	27,391
Origination of mortgage loan receivables			0	0
Repayment of mortgage loan receivables			0	0
Net result from mortgage loan receivables held for sale			638	(1,119)
Accretion/amortization of discount, premium and other fees			0	0
Charge offs			0
Mortgage loans receivable, ending balance	$ 27,506	$ 26,272	27,506	$ 26,272	$ 26,868
Conduit Mortgage Loans
Allowance for credit losses
Proceeds from sales of mortgage loan receivables			$ 82,500

MORTGAGE LOAN RECEIVABLES - Pro

MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($) loans	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) loans	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses at beginning of period	$ 54,107	$ 43,165	$ 32,248	$ 43,165	$ 20,755	$ 20,755
Provision for (release of) current expected credit loss, net	3,192		7,327	14,134	18,820
Charge-offs (2)	(5,023)		0	(5,023)	0
Allowance for credit losses at end of period	52,276		39,575	52,276	39,575	43,165
Amortized cost basis of loans on non-accrual status	60,847			60,847		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		43,165	20,755	20,755
Charge-offs (2)				(5,023)
Allowance for credit losses at end of period	52,276		$ 39,575	52,276	39,575	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		9 Months Ended		12 Months Ended
		Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($) property
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	[1]	$ 2,039,545		$ 2,039,545		$ 3,155,089
Subtotal loans, Year One		52,422		52,422		14,461
Subtotal loans, Year Two		14,592		14,592		919,738
Subtotal loans, Year Three		472,981		472,981		1,784,006
Subtotal loans, Year Four		1,248,612		1,248,612		0
Subtotal loans, Year 5 and Earlier		250,938		250,938		436,884
Subtotal mortgage loans receivable		2,039,545		2,039,545		3,155,089
Individually impaired loans, Year One		0		0		0
Individually impaired loans, Year Two		0		0		0
Individually impaired loans, Year Three		0		0		0
Individually impaired loans, Year Four		0		0		0
Individually impaired loans, Year Five and Earlier		0		0		0
Individually impaired loans		0		0		0
Total loans, Year One		52,422		52,422		14,461
Total loans, Year Two		14,592		14,592		919,738
Total loans, Year Three		472,981		472,981		1,784,006
Total loans, Year Four		1,248,612		1,248,612		0
Total loans, Year Five and Earlier		250,938		250,938		436,884
Accrued interest receivable		13,500		13,500		$ 22,400
Write-off		5,023	$ 0	5,023	$ 0
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]						Accrued interest receivable
Office
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0		0		$ 0
Year Two		0		0		79,148
Year Three		59,921		59,921		614,743
Year Four		578,230		578,230		0
Year Five and Earlier		193,469		193,469		211,674
Total loans		831,620		831,620		905,565
Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		37,670		37,670		14,461
Year Two		14,592		14,592		547,532
Year Three		237,240		237,240		612,489
Year Four		401,361		401,361		0
Year Five and Earlier		0		0		0
Total loans		690,863		690,863		1,174,482
Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0		0		0
Year Two		0		0		193,470
Year Three		161,714		161,714		321,514
Year Four		176,742		176,742		0
Year Five and Earlier		0		0		41,403
Total loans		338,456		338,456		556,387
Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0		0		0
Year Two		0		0		12,934
Year Three		0		0		87,052
Year Four		79,223		79,223		0
Year Five and Earlier		2,196		2,196		9,083
Total loans		81,419		81,419		109,069
Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0		0		0
Year Two		0		0		0
Year Three		0		0		18,589
Year Four		13,056		13,056		0
Year Five and Earlier		55,273		55,273		55,380
Total loans		68,329		68,329		73,969
Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		14,752		14,752		0
Year Two		0		0		22,636
Year Three		0		0		34,746
Year Four		0		0		0
Year Five and Earlier		0		0		119,344
Total loans		14,752		14,752		176,726
Other
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0		0		0
Year Two		0		0		31,363
Year Three		14,106		14,106		11,978
Year Four		0		0		0
Year Five and Earlier		0		0		0
Total loans		14,106		14,106		43,341
Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0		0		0
Year Two		0		0		32,655
Year Three		0		0		82,895
Year Four		0		0		0
Year Five and Earlier		0		0		0
Total loans		0		$ 0		115,550
New York, NY
Financing Receivable, Credit Quality Indicator [Line Items]
Write-off						$ 2,700
Number of real estate properties | property						1
New York, NY | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Number of real estate properties | property			4		4
Oakland, CA
Financing Receivable, Credit Quality Indicator [Line Items]
Write-off		$ 5,000
Number of real estate properties | property		1		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	9 Months Ended
	Sep. 30, 2024 USD ($) security	Sep. 30, 2023	Dec. 31, 2023 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 1,666,300		$ 1,407,340
Amortized Cost Basis	861,621		499,389
Gross Unrealized Gains	1,585		565
Gross Unrealized Losses	(10,511)		(14,545)
Carrying Value	$ 852,695		$ 485,409
# of Securities | security	110		95
Weighted Average Coupon	3.58%		2.55%
Weighted Average Yield	6.80%		6.82%
Remaining Duration (years)	2 years 3 months 18 days	1 year 11 months 23 days
Amortized Cost Basis	$ 160
Gross Unrealized Gains	0
Gross Unrealized Losses	(52)
Carrying Value	$ 108		$ 144
# of Securities | security	1		1
Allowance for current expected credit losses	$ (20)		$ (20)
Total Amortized Cost Basis	861,781		499,549
Total Gross Unrealized Gains	1,585		565
Total real estate securities, Gross Unrealized Losses	(10,583)		(14,581)
Carrying Value	$ 852,783		$ 485,533
Total Number of Securities | security	111		96
CMBS
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 850,491		$ 439,679
Amortized Cost Basis	848,394		439,052
Gross Unrealized Gains	1,376		277
Gross Unrealized Losses	(10,446)		(14,439)
Carrying Value	$ 839,324		$ 424,890
# of Securities | security	88		64
Weighted Average Coupon	6.62%		6.67%
Weighted Average Yield	6.80%		6.83%
Remaining Duration (years)	2 years 3 months 29 days	2 years
Risk retention requirement, amount	$ 8,900		$ 9,000
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	773,268		876,555
Amortized Cost Basis	3,913		6,453
Gross Unrealized Gains	128		169
Gross Unrealized Losses	(9)		(53)
Carrying Value	$ 4,032		$ 6,569
# of Securities | security	7		9
Weighted Average Coupon	0.38%		0.57%
Weighted Average Yield	7.40%		6.61%
Remaining Duration (years)	11 months 1 day	1 year 25 days
Risk retention requirement, amount	$ 200		$ 300
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	33,337		37,053
Amortized Cost Basis	165		214
Gross Unrealized Gains	71		51
Gross Unrealized Losses	(56)		(52)
Carrying Value	$ 180		$ 213
# of Securities | security	13		14
Weighted Average Coupon	0.34%		0.36%
Weighted Average Yield	9.46%		6.12%
Remaining Duration (years)	2 years 6 months 3 days	3 years 7 months 6 days
Agency securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 14		$ 22
Amortized Cost Basis	14		22
Gross Unrealized Gains	0		0
Gross Unrealized Losses	0		(1)
Carrying Value	$ 14		$ 21
# of Securities | security	1		1
Weighted Average Coupon	4%		4%
Weighted Average Yield	2.60%		2.70%
Remaining Duration (years)	9 months 10 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			$ 53,716
# of Securities | security			7
Weighted Average Yield			5.41%
Remaining Duration (years)		25 days
Equity securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis			$ 160
Gross Unrealized Gains			0
Gross Unrealized Losses			$ (16)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 9,190
Amortized Cost Basis	9,135
Gross Unrealized Gains	10
Gross Unrealized Losses	0
Carrying Value	$ 9,145
# of Securities | security	1
Weighted Average Coupon	3.75%
Weighted Average Yield	6.14%
Remaining Duration (years)	3 months

SECURITIES - Securities by Rema

SECURITIES - Securities by Remaining Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Within 1 year	$ 101,248	$ 137,266
1-5 years	751,447	348,038
5-10 years	0	105
Total	852,695	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	90,844	81,343
1-5 years	748,480	343,547
5-10 years	0	0
Total	839,324	424,890
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year	1,193	2,121
1-5 years	2,839	4,448
5-10 years	0	0
Total	4,032	6,569
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year	52	86
1-5 years	128	22
5-10 years	0	105
Total	180	213
Agency securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year	14	0
1-5 years	0	21
5-10 years	0	0
Total	14	21
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year	9,145
1-5 years	0
5-10 years	0
Total	$ 9,145
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year		53,716
1-5 years		0
5-10 years
Total		$ 53,716

SECURITIES - Additional Informa

SECURITIES - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2024		Sep. 30, 2023	Sep. 30, 2024		Sep. 30, 2023	Dec. 31, 2023	[1]
Debt Securities, Available-for-sale [Line Items]
Sale of equity securities	$ 0		$ 0	$ 1,800,000		$ 0
Cash and cash equivalents	1,607,204,000	[1]	$ 798,391,000	1,607,204,000	[1]	$ 798,391,000	$ 1,015,678,000
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	$ 1,300,000,000			$ 1,300,000,000
[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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Realized gain (loss) on securities	$ 0	$ 23	$ 75	$ (276)
Unrealized gain (loss) on securities	5	(42)	(22)	(20)
Total realized and unrealized gain (loss) on securities	$ 5	$ (19)	$ 53	$ (296)

REAL ESTATE AND RELATED LEASE_3

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Real estate and related lease intangibles, net
Less: Accumulated depreciation and amortization		$ (232,394)	$ (220,784)
Real estate and related lease intangibles, net	[1]	691,391	726,442
Below market lease intangibles, net (other liabilities)		(26,994)	(28,860)
Unencumbered real estates		179,300	160,800
Accumulated amortization of below market lease		16,800	15,800
In-place leases and other intangibles
Real estate and related lease intangibles, net
Real estate		110,676	116,831
Undepreciated real estate and related lease intangibles
Real estate and related lease intangibles, net
Real estate		923,785	947,226
Land
Real estate and related lease intangibles, net
Real estate		177,368	183,194
Building
Real estate and related lease intangibles, net
Real estate		$ 635,741	$ 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 ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Real Estate [Line Items]
Unbilled rent receivables	$ 2.9		$ 2.9		$ 1.1
Tenant recoveries	(1.8)	$ (1.4)	(5.1)	$ (3.5)
Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate [Line Items]
Real estate	$ 18.1		$ 18.1

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate [Abstract]
Depreciation expense	$ 6,323	$ 5,803	$ 19,058	$ 18,146
Amortization expense	1,823	1,341	5,803	3,998
Total real estate depreciation and amortization expense	8,146	7,144	24,861	22,144
Depreciation on corporate fixed assets	$ 100	$ 100	$ 300	$ 300

REAL ESTATE AND RELATED LEASE_6

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Unamortized Favorable Lease Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Gross intangible assets	$ 113,392		$ 113,392		$ 116,831
Accumulated amortization	59,121		59,121		55,782
Net intangible assets	54,271		54,271		61,049
Unamortized favorable lease intangibles	2,400		2,400		$ 2,800
Increase in operating lease income for amortization of below market lease intangibles acquired	518	$ 526	1,572	$ 1,576
Total	425	453	1,287	1,360
Above Market Leases
Business Acquisition [Line Items]
Reduction in operating lease income for amortization of above market lease intangibles acquired	$ (93)	$ (73)	$ (285)	$ (216)

REAL ESTATE AND RELATED LEASE_7

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Net intangible assets	$ 54,271	$ 61,049
Increase/(Decrease) to Operating Lease Income
Finite-Lived Intangible Assets [Line Items]
2024 (last three months)	425
2025	1,703
2026	1,717
2027	1,681
2028	1,607
Thereafter	17,432
Net intangible assets	24,565
Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2024 (last three months)	1,633
2025	5,250
2026	4,276
2027	4,128
2028	3,992
Thereafter	34,118
Net intangible assets	$ 53,397

REAL ESTATE AND RELATED LEASE_8

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Future Minimum Rental Payments Receivable (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Real Estate [Abstract]
2024 (last three months)	$ 16,012
2025	59,300
2026	50,335
2027	47,703
2028	45,436
Thereafter	163,472
Total	$ 382,258

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	9 Months Ended
	Sep. 30, 2024 USD ($) property	Jun. 30, 2024 USD ($) property	Apr. 30, 2024 USD ($) property	Feb. 29, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 property
Business Acquisition [Line Items]
Total real estate acquisitions							$ 48,796,000	$ 30,400,000
Property sales							57,645,000	13,391,000
Charge-off for related to acquisition of property						$ 5,000,000	$ 5,000,000
Los Angeles, CA | Multifamily
Business Acquisition [Line Items]
Purchase Price/Fair Value on the Date of Foreclosure		$ 11,455,000		$ 14,110,000
Ownership Interest		100%		100%
Number of properties acquired | property		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
Realized (gain) loss on disposition of loan			$ 400,000
Property sales		$ 6,100,000
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
New York, NY
Business Acquisition [Line Items]
Number of properties acquired | property									1
New York, NY | Mixed Use
Business Acquisition [Line Items]
Purchase Price/Fair Value on the Date of Foreclosure					$ 30,400,000			$ 30,400,000
Ownership Interest					100%			100%
Number of properties acquired | property					4			4
Terminal capitalization rate					5.50%
New York, NY | Mixed Use | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Realized (gain) loss on disposition of loan					$ 0
Oakland, CA
Business Acquisition [Line Items]
Number of properties acquired | property	1					1	1
Oakland, CA | Office
Business Acquisition [Line Items]
Purchase Price/Fair Value on the Date of Foreclosure	$ 7,500,000					$ 7,500,000	$ 7,500,000
Ownership Interest	100%					100%	100%
Terminal capitalization rate	7.50%
Oakland, CA | Office | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Charge-off for related to acquisition of property	$ 5,000,000

REAL ESTATE AND RELATED LEAS_10

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Sold (Details) $ in Thousands		1 Months Ended				3 Months Ended		9 Months Ended
		Jul. 31, 2024 USD ($) property	Jun. 30, 2024 USD ($) property	May 31, 2024 USD ($) property	Aug. 31, 2023 USD ($) property	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Disposal Groups, Including Discontinued Operations [Line Items]
Sales Proceeds								$ 57,645	$ 13,391
Net Book Value	[1]					$ 691,391		691,391		$ 726,442
Realized Gain/(Loss)						315	$ 8,808	12,858	8,808
Amount assumed by buyer included within sales proceeds									31,300
Multifamily | Longview, TX
Disposal Groups, Including Discontinued Operations [Line Items]
Sales Proceeds			$ 6,100
2024 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Sales Proceeds								57,645
Net Book Value						$ 45,190		45,190
Realized Gain/(Loss)								$ 12,858
2024 Disposal Properties | Office | Peoria, IL
Disposal Groups, Including Discontinued Operations [Line Items]
Sales Proceeds				$ 1,227
Net Book Value				2,320
Realized Gain/(Loss)				$ (1,093)
Number of consolidated ventures sold | property				1
2024 Disposal Properties | Multifamily | Los Angeles, CA
Disposal Groups, Including Discontinued Operations [Line Items]
Sales Proceeds		$ 11,770	14,834
Net Book Value		11,455	13,911
Realized Gain/(Loss)		$ 315	$ 923
Number of consolidated ventures sold | property		1	3
2024 Disposal Properties | Multifamily | Longview, TX
Disposal Groups, Including Discontinued Operations [Line Items]
Sales Proceeds			$ 6,080
Net Book Value			6,080
Realized Gain/(Loss)			$ 403
Number of consolidated ventures sold | property			2
2024 Disposal Properties | Retail | Waldorf, MD
Disposal Groups, Including Discontinued Operations [Line Items]
Sales Proceeds			$ 23,734
Net Book Value			11,424
Realized Gain/(Loss)			$ 12,310
Number of consolidated ventures sold | property			1
2023 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Sales Proceeds									43,335
Net Book Value							$ 34,526		34,526
Realized Gain/(Loss)									$ 8,808
2023 Disposal Properties | Hotel | San Diego, CA
Disposal Groups, Including Discontinued Operations [Line Items]
Sales Proceeds					$ 43,335
Net Book Value					34,526
Realized Gain/(Loss)					$ 8,808
Number of consolidated ventures sold | property					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	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) extensionOfMaturityPeriod	Dec. 31, 2023 USD ($) extensionOfMaturityPeriod	Jun. 30, 2024 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Value of Debt Obligations	$ 244,525	$ 606,607
Total	2,809,236
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	244,525	604,999
Committed but Unfunded	911,475	636,998
Carrying Amount of Collateral	377,052	732,795
Fair Value of Collateral	377,190	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	200,874	235,594
Committed but Unfunded	299,126	264,406
Carrying Amount of Collateral	300,127	342,467
Fair Value of Collateral	$ 300,127	$ 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	43,651	118,903
Committed but Unfunded	256,349	181,097
Carrying Amount of Collateral	62,333	174,938
Fair Value of Collateral	$ 62,333	$ 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	0
Committed but Unfunded	56,000
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		$ 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	0	111,340
Committed but Unfunded	200,000	88,660
Carrying Amount of Collateral	14,592	150,280
Fair Value of Collateral	$ 14,730	$ 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	$ 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	$ 0
Carrying Amount of Collateral	0
Fair Value of Collateral	0
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	244,525	606,607
Committed but Unfunded	911,475	736,998
Carrying Amount of Collateral	377,052	735,306
Fair Value of Collateral	377,190	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	$ 511,046	$ 437,384
Carrying Value of Debt Obligations	513,781	437,759
Committed but Unfunded	0	0
Carrying Amount of Collateral	530,177	474,740
Fair Value of Collateral	735,875	625,454
CLO Debt
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	776,300
Unamortized debt issuance costs	200
CLO Debt | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Committed / Principal Amount	776,336	1,062,777
Carrying Value of Debt Obligations	776,096	1,060,719
Committed but Unfunded	0	0
Carrying Amount of Collateral	1,020,694	1,327,722
Fair Value of Collateral	1,020,694	1,327,722
Unamortized debt issuance costs	200	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	16,881
Senior Unsecured Notes | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued	2,067,811	1,575,614
Senior Unsecured Notes	2,050,930	1,563,861
Committed but Unfunded	0	0
Unamortized debt issuance costs	16,900	11,800
Total Debt Obligations, Net
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued	4,835,043	4,856,622
Total	3,585,332	3,783,946
Committed but Unfunded	1,235,325	1,060,848
Carrying Amount of Collateral	1,927,923	2,678,044
Fair Value of Collateral	$ 2,133,759	$ 2,829,037
Minimum | Committed Loan Repurchase Facility | Maturing on 27 September 2025
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	7.14%	7.08%
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	7.44%	7.46%
Minimum | Committed Loan Repurchase Facility | Maturing 30 April 2026
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%
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	7.60%	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	0%
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	6.41%	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	7.49%	7.48%
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	8.19%	8.36%
Maximum | Committed Loan Repurchase Facility | Maturing 30 April 2026
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0%
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	7.60%	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	0%
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	8.78%	9.03%
Maximum | CLO Debt | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	8.86%	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	7%	5.25%

DEBT OBLIGATIONS, NET - Committ

DEBT OBLIGATIONS, NET - Committed Loan and Securities Repurchase Facilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) security agreement	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Obligations outstanding	$ 244,525		$ 606,607
Number of counterparties with repurchase agreements | security	2
Number of counterparties with collateral exceeding borrowed amounts | security	0
Amount of collateral exceeding borrowings	$ 153,100
Amount of collateral exceeding borrowings, as a percentage	10%
Weighted average haircut	35%
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 27 May 2024
Debt Instrument [Line Items]
Consolidated CLO debt obligations		$ 100,000	$ 100,000
Loan Repurchase Facilities
Debt Instrument [Line Items]
Number of facilities due within 90 days | security	1
Specified period facilities are due, greater than 90 days	90 days

DEBT OBLIGATIONS, NET - Revolvi

DEBT OBLIGATIONS, NET - Revolving Credit Facility (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding borrowings	$ 244,525,000	$ 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	Sep. 30, 2024	Dec. 31, 2023
Credit Agreement and Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance expense	$ 2.4	$ 4

DEBT OBLIGATIONS, NET - Uncommi

DEBT OBLIGATIONS, NET - Uncommitted Securities Repurchase Facilities (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Obligations outstanding	$ 244,525,000	$ 606,607,000
Uncommitted Securities Repurchase Facilities
Debt Instrument [Line Items]
Obligations outstanding	$ 0
Minimum | Uncommitted Securities Repurchase Facilities
Debt Instrument [Line Items]
Advance rates	75%
Maximum | Uncommitted Securities Repurchase Facilities
Debt Instrument [Line Items]
Advance rates	95%

DEBT OBLIGATIONS, NET - Mortgag

DEBT OBLIGATIONS, NET - Mortgage Loan Financing (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) agreement	Sep. 30, 2023 USD ($) security	Sep. 30, 2024 USD ($) agreement	Sep. 30, 2023 USD ($) security	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Amortization of discount (premium) on mortgage loan financing included in interest expense			$ (558)	$ (452)
Mortgage loan financing
Debt Instrument [Line Items]
Carrying amount	$ 513,800		513,800		$ 437,800
Net unamortized premiums	3,900		3,900		1,800
Amortization of discount (premium) on mortgage loan financing included in interest expense	(200)	$ (200)	$ (600)	$ (500)
Weighted average term			3 years 6 months
Pledged assets, real estate and lease intangibles, net	$ 530,200		$ 530,200		$ 474,700
Number of agreements	6	0	16	0
Mortgage loan financing | Mortgages Executed Q
Debt Instrument [Line Items]
Outstanding debt balance	$ 13,000		$ 13,000
Mortgage loan financing | Mortgages Executed Y
Debt Instrument [Line Items]
Outstanding debt balance	$ 81,900		$ 81,900
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	8.78%		8.78%

DEBT OBLIGATIONS, NET - Collate

DEBT OBLIGATIONS, NET - Collateralized Loan Obligation Debt (Details) $ in Thousands		Dec. 02, 2021 USD ($) security	Jul. 13, 2021 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt obligations, net	[1]			$ 3,585,332	$ 3,783,946
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt obligations, net				776,096	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				200
Various Dates | CLO Debt
Debt Instrument [Line Items]
Debt obligations, net				776,100
Unamortized debt issuance costs				$ 200	$ 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	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Amount restricted from transfer	$ 879,000,000
Federal Home Loan Bank Advances
Debt Instrument [Line Items]
FHLB borrowings outstanding	$ 0

DEBT OBLIGATIONS, NET - Senior

DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Gain on extinguishment of debt	$ 20,000	$ 921,000	$ 197,000	$ 10,600,000
LCFH | Ladder Capital Finance Corporation
Debt Instrument [Line Items]
Ownership interest in LCFH	100%		100%
Senior Unsecured Notes
Debt Instrument [Line Items]
Senior unsecured notes	$ 2,100,000,000		$ 2,100,000,000
Senior Notes Due 2025 | Senior Unsecured Notes
Debt Instrument [Line Items]
Notes issued	$ 322,000,000		$ 322,000,000
Stated interest rate on debt instrument	5.25%		5.25%
Notes repurchased			$ 5,800,000
Gain on extinguishment of debt			20,000
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
Debt Instrument [Line Items]
Notes issued	$ 500,000,000		$ 500,000,000
Stated interest rate on debt instrument	7%		7%

DEBT OBLIGATIONS, NET - Financi

DEBT OBLIGATIONS, NET - Financial Covenants (Details) $ in Millions	Sep. 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	Sep. 30, 2024 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2024 (last three months)	$ 221,458
2025	498,380
2026	89,147
2027	727,825
2028	24,598
Thereafter	1,261,974
Subtotal	2,823,382
Premiums included in mortgage loan financing	3,928
Total	2,809,236
Senior Unsecured Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(16,881)
Mortgage loan financings
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(1,193)
CLO Debt
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(200)
Consolidated CLO debt obligations	$ 776,300

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) $ in Thousands	Sep. 30, 2024 USD ($) option	Dec. 31, 2023 USD ($) option
Derivative [Line Items]
Notional	$ 118,000	$ 194,900
Fair value, asset	818	1,454
Fair value, liability	0	0
1 Month Term SOFR
Derivative [Line Items]
Notional	90,000	90,000
Fair value, asset	527	908
Fair value, liability	$ 0	$ 0
Remaining Maturity (years)	10 months 13 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	$ 28,000	$ 86,100
Fair value, asset	169	447
Fair value, liability	$ 0	$ 0
Remaining Maturity (years)	3 months	3 months
Futures
Derivative [Line Items]
Notional	$ 28,000	$ 104,900
Fair value, asset	169	545
Fair value, liability	0	0
Options
Derivative [Line Items]
Fair value, asset	122	1
Fair value, liability	$ 0	$ 0
Remaining Maturity (years)	3 months 18 days	18 days
Option contracts held | option	345	104
Total credit derivatives
Derivative [Line Items]
Notional	$ 0
Fair value, asset	122
Fair value, liability	$ 0

DERIVATIVE INSTRUMENTS - Sche_2

DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Unrealized Gain/(Loss)	$ (900)	$ (184)	$ (1,596)	$ (175)
Realized Gain/(Loss)	134	4,957	5,467	6,855
Net Result from Derivative Transactions	(766)	4,773	3,871	6,680
Caps
Derivative [Line Items]
Unrealized Gain/(Loss)	(589)	(294)	(1,220)	(284)
Realized Gain/(Loss)	421	378	1,258	962
Net Result from Derivative Transactions	(168)	84	38	678
Futures
Derivative [Line Items]
Unrealized Gain/(Loss)	(311)	99	(376)	(8)
Realized Gain/(Loss)	(282)	4,579	4,215	6,162
Net Result from Derivative Transactions	(593)	4,678	3,839	6,154
Options
Derivative [Line Items]
Unrealized Gain/(Loss)	0	11	0	117
Realized Gain/(Loss)	(5)	0	(6)	(269)
Net Result from Derivative Transactions	$ (5)	$ 11	$ (6)	$ (152)

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash margins held as collateral for derivatives by counterparties	$ 0.7	$ 2.8

OFFSETTING ASSETS AND LIABILI_3

OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Offsetting of derivative assets
Gross amounts of recognized assets		$ 818	$ 1,454
Gross amounts offset in the balance sheet		0	0
Derivative instruments	[1]	818	1,454
Derivative instruments		818	1,454
Gross amounts not offset in the balance sheet
Financial instruments		0	0
Cash collateral received/(posted)		(728)	(2,846)
Net amount		$ 90	$ (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	Sep. 30, 2024	Dec. 31, 2023
Repurchase agreements
Gross amounts of recognized liabilities	$ 244,525	$ 606,607
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	244,525	606,607
Gross amounts not offset in the balance sheet
Financial instruments collateral	244,525	606,607
Cash collateral posted/(received)	1,463	0
Net amount	243,062	606,607
Total
Gross amounts of recognized liabilities	244,525	606,607
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	244,525	606,607
Gross amounts not offset in the balance sheet
Financial instruments collateral	244,525	606,607
Cash collateral posted/(received)	1,463	0
Net amount	$ 243,062	$ 606,607

CONSOLIDATED VARIABLE INTERES_3

CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) $ in Thousands		Sep. 30, 2024 USD ($) security		Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) security		Sep. 30, 2023 USD ($)	Jun. 30, 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]	$ 16,704			$ 24,233
Other assets	[1]	145,094			98,218
Total assets	[1]	5,379,139			5,512,677
Debt obligations, net	[1]	3,585,332			3,783,946
Accrued expenses	[1]	67,065			65,144
Total liabilities	[1]	3,848,447			3,980,479
Total equity		1,530,692	[1]	$ 1,528,495	1,532,198	[1]	$ 1,538,153	$ 1,531,500	$ 1,533,561
Total liabilities and equity	[1]	5,379,139			5,512,677
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Mortgage loan receivables held for investment, net, at amortized cost		1,020,694			1,327,722
Accrued interest receivable		7,169			9,394
Other assets		27,648			4,469
Total assets		1,055,511			1,341,585
Debt obligations, net		776,096			1,060,719
Accrued expenses		2,393			3,555
Total liabilities		778,489			1,064,274
Net equity in VIEs (eliminated in consolidation)		277,022			277,311
Total equity		277,022			277,311
Total liabilities and equity		$ 1,055,511			$ 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	Sep. 30, 2024	Apr. 24, 2024	Apr. 23, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Remaining amount available for repurchase	$ 73,600
Percentage of aggregate common stock outstanding under Repurchase Program	5%
Closing price (in dollars per share)	$ 11.60
Class A Common Stock
Class of Stock [Line Items]
Additional authorizations		$ 75,000	$ 43,600
Remaining amount available for repurchase	$ 73,598			$ 44,256	$ 44,256	$ 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		9 Months Ended
	Apr. 24, 2024	Sep. 30, 2024	Aug. 31, 2024	Jul. 31, 2024	Jun. 30, 2024	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Apr. 23, 2024
Treasury Stock [Roll Forward]
Repurchases paid													$ (1,191)	$ (197)	$ (2,049)	$ (2,481)
2014 Share Repurchase Authorization Program
Treasury Stock [Roll Forward]
Remaining amount available for repurchase, end of period		$ 73,600											73,600		73,600
2014 Share Repurchase Authorization Program | Class A Common Stock
Class of Stock [Line Items]
Purchase of treasury stock (in shares)		100,001	0	0	17,590	2,100	0	60,000	0	0	19,000	250,000
Treasury Stock [Roll Forward]
Remaining amount available for repurchase, beginning of period										$ 44,256					44,256	46,737
Additional authorizations	$ 31,391
Repurchases paid		$ (1,190)	$ 0	$ 0	$ (189)	$ (23)	$ 0	$ (647)	$ 0	$ 0	$ (196)	$ (2,285)
Remaining amount available for repurchase, end of period		$ 73,598									$ 44,256		$ 73,598	$ 44,256	$ 73,598	$ 44,256
Additional authorizations	$ 75,000																$ 43,600

EQUITY STRUCTURE AND ACCOUNTS_3

EQUITY STRUCTURE AND ACCOUNTS - Schedule of Dividends Declared (Details) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 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	$ 0.23	$ 0.23	$ 0.69	$ 0.69

EQUITY STRUCTURE AND ACCOUNTS_4

EQUITY STRUCTURE AND ACCOUNTS - Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024		Sep. 30, 2023	Sep. 30, 2024		Sep. 30, 2023
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	$ 1,528,495		$ 1,531,500	$ 1,532,198	[1]	$ 1,533,561
Gain (loss) on available for sale securities, net of tax	2,041		1,645	5,142		6,130
Ending Balance	1,530,692	[1]	1,538,153	1,530,692	[1]	1,538,153
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	(10,752)		(16,524)	(13,853)		(21,009)
Gain (loss) on available for sale securities, net of tax	2,041		1,645	5,142		6,130
Ending Balance	$ (8,711)		$ (14,879)	$ (8,711)		$ (14,879)
[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	Sep. 30, 2024 USD ($) property jointVenture
Noncontrolling Interest [Line Items]
Number of consolidated ventures | jointVenture	2
Isla Vista, CA | Student Housing
Noncontrolling Interest [Line Items]
Number of real estate properties | property	40
Property book value	$ 78
Oakland County, MI | Office Building
Noncontrolling Interest [Line Items]
Property book value	$ 8.8
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Weighted average shares outstanding:
Basic (in shares)	125,705,754	124,730,343	125,586,075	124,652,426
Diluted (in shares)	125,905,528	124,968,545	125,757,114	124,817,335
Class A Common Stock
Earnings Per Share
Basic Net income (loss) available for Class A common shareholders	$ 27,913	$ 31,319	$ 76,869	$ 81,889
Diluted Net income (loss) available for Class A common shareholders	$ 27,913	$ 31,319	$ 76,869	$ 81,889
Weighted average shares outstanding:
Basic (in shares)	125,705,754	124,730,343	125,586,075	124,652,426
Diluted (in shares)	125,905,528	124,968,545	125,757,114	124,817,335

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	125,705,754	124,730,343	125,586,075	124,652,426
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0.22	$ 0.25	$ 0.61	$ 0.66
Denominator:
Basic, weighted average number of shares of Class A common stock outstanding (in shares)	125,705,754	124,730,343	125,586,075	124,652,426
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	125,905,528	124,968,545	125,757,114	124,817,335
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ 0.22	$ 0.25	$ 0.61	$ 0.66
Anti-dilutive shares (in shares)	166,571	299,641	335,482	440,573
Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 27,913	$ 31,319	$ 76,869	$ 81,889
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	125,705,754	124,730,343	125,586,075	124,652,426
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0.22	$ 0.25	$ 0.61	$ 0.66
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 27,913	$ 31,319	$ 76,869	$ 81,889
Diluted net income (loss) attributable to Class A common shareholders	$ 27,913	$ 31,319	$ 76,869	$ 81,889
Denominator:
Basic, weighted average number of shares of Class A common stock outstanding (in shares)	125,705,754	124,730,343	125,586,075	124,652,426
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	125,905,528	124,968,545	125,757,114	124,817,335
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ 0.22	$ 0.25	$ 0.61	$ 0.66
Class A Common Stock | Restricted Stock
Denominator:
Incremental shares of unvested Class A restricted stock (in shares)	199,774	238,202	171,039	164,909

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 3,177	$ 3,205	$ 16,592	$ 15,375
Total Stock-Based Compensation Expense	$ 3,177	$ 3,205	$ 16,592	$ 15,375

STOCK-BASED AND OTHER COMPENS_4

STOCK-BASED AND OTHER COMPENSATION PLANS - Schedule of Grants (Details) - Restricted Stock - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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	9 Months Ended
	Sep. 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	$ 12.6
Period of recognition for unrecognized compensation costs	29 months
Remaining vesting period	22 months 27 days
Restricted Stock
Restricted Stock
Nonvested/Outstanding (in shares)	2,197,963
Granted (in shares)	1,855,541
Vested (in shares)	(1,895,530)
Forfeited (in shares)	(9,960)
Nonvested/Outstanding (in shares)	2,148,014
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		9 Months Ended
	Feb. 18, 2024 USD ($) shares	Feb. 18, 2023 USD ($) shares	Feb. 29, 2024 installment	Feb. 28, 2023 installment	Sep. 30, 2024 shares	Sep. 30, 2023 shares	Sep. 30, 2024 shares	Sep. 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	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Assets:
Amortized Cost Basis	$ 861,621	$ 499,389
Fair Value	852,695	485,409
Liabilities:
Allowance for credit losses	(52,276)	(43,165)	$ (54,107)	$ (39,575)	$ (32,248)	$ (20,755)
CMBS
Assets:
Amortized Cost Basis	848,394	439,052
Fair Value	839,324	424,890
CMBS interest-only
Assets:
Amortized Cost Basis	3,913	6,453
Fair Value	4,032	6,569
GNMA interest-only
Assets:
Amortized Cost Basis	165	214
Fair Value	180	213
Agency securities
Assets:
Amortized Cost Basis	14	22
Fair Value	14	21
Corporate bonds
Assets:
Amortized Cost Basis	9,135
Fair Value	$ 9,145
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	$ 14	$ 22
Recurring | CMBS
Assets:
Principal Amount	850,491	439,679
Amortized Cost Basis	848,394	439,052
Fair Value	$ 839,324	$ 424,890
Recurring | CMBS | Internal model, third-party inputs | Yield %
Liabilities:
Financial instruments, measurement input	0.0680	0.0683
Recurring | CMBS | Internal model, third-party inputs | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	2.33	2
Recurring | CMBS interest-only
Assets:
Principal Amount	$ 773,268	$ 876,555
Amortized Cost Basis	3,913	6,453
Fair Value	$ 4,032	$ 6,569
Recurring | CMBS interest-only | Internal model, third-party inputs | Yield %
Liabilities:
Financial instruments, measurement input	0.0740	0.0661
Recurring | CMBS interest-only | Internal model, third-party inputs | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	0.92	1.07
Recurring | GNMA interest-only
Assets:
Principal Amount	$ 33,337	$ 37,053
Amortized Cost Basis	165	214
Fair Value	$ 180	$ 213
Recurring | GNMA interest-only | Internal model, third-party inputs | Yield %
Liabilities:
Financial instruments, measurement input	0.0946	0.0612
Recurring | GNMA interest-only | Internal model, third-party inputs | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	2.51	3.60
Recurring | Agency securities
Assets:
Principal Amount	$ 14	$ 22
Amortized Cost Basis	14	22
Fair Value	$ 14	$ 21
Recurring | Agency securities | Internal model, third-party inputs | Yield %
Liabilities:
Financial instruments, measurement input	0.0260	0.0270
Recurring | Agency securities | Internal model, third-party inputs | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	0.78	1.05
Recurring | Corporate bonds
Assets:
Principal Amount	$ 9,190
Amortized Cost Basis	9,135
Fair Value	$ 9,145
Recurring | Corporate bonds | Internal model, third-party inputs | Yield %
Liabilities:
Financial instruments, measurement input	0.0614
Recurring | Corporate bonds | Internal model, third-party inputs | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	0.25
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	108	144
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Principal Amount	2,042,917	3,164,226
Amortized Cost Basis	2,039,545	3,155,089
Fair Value	2,024,699	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	$ (52,300)	$ (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	0.0933	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	0.58	0.68
Recurring | Mortgage loan  receivables held for sale
Assets:
Principal Amount	$ 31,350	$ 31,350
Amortized Cost Basis	27,506	26,868
Fair Value	$ 27,506	$ 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	7.44	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	$ 118,000	$ 194,900
Amortized Cost Basis	818	1,454
Fair Value	$ 818	$ 1,454
Recurring | Nonhedge derivatives | Counterparty quotations | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	0.61	0.48
Recurring | Repurchase agreements - short-term
Liabilities:
Principal Amount	$ 244,525	$ 337,631
Amortized Cost Basis/Purchase Price	244,525	337,631
Fair Value	$ 244,525	$ 337,631
Recurring | Repurchase agreements - short-term | Cost plus Accrued Interest | Yield %
Liabilities:
Financial instruments, measurement input	0.0736	0.0757
Recurring | Repurchase agreements - short-term | Cost plus Accrued Interest | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	0.85	0.48
Recurring | Repurchase agreements - long-term
Liabilities:
Principal Amount		$ 268,976
Amortized Cost Basis/Purchase Price		268,976
Fair Value		$ 268,976
Recurring | Repurchase agreements - long-term | Discounted Cash Flow Valuation Technique | Yield %
Liabilities:
Financial instruments, measurement input		0.0735
Recurring | Repurchase agreements - long-term | Discounted Cash Flow Valuation Technique | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input		1.74
Recurring | Mortgage loan financing
Liabilities:
Principal Amount	$ 511,046	$ 437,384
Amortized Cost Basis/Purchase Price	513,781	437,759
Fair Value	$ 515,597	$ 425,992
Recurring | Mortgage loan financing | Discounted Cash Flow Valuation Technique | Yield %
Liabilities:
Financial instruments, measurement input	0.0604	0.0587
Recurring | Mortgage loan financing | Discounted Cash Flow Valuation Technique | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	3.17	2.64
Recurring | CLO debt
Liabilities:
Principal Amount	$ 776,336	$ 1,062,777
Amortized Cost Basis/Purchase Price	776,096	1,060,719
Fair Value	$ 776,096	$ 1,060,719
Recurring | CLO debt | Discounted Cash Flow Valuation Technique | Yield %
Liabilities:
Financial instruments, measurement input	0.0416	0.0708
Recurring | CLO debt | Discounted Cash Flow Valuation Technique | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	1.19	1.89
Recurring | Federal Home Loan Bank Advances
Liabilities:
Principal Amount		$ 115,000
Amortized Cost Basis/Purchase Price		115,000
Fair Value		$ 115,000
Recurring | Federal Home Loan Bank Advances | Discounted Cash Flow Valuation Technique | Yield %
Liabilities:
Financial instruments, measurement input		0.0582
Recurring | Federal Home Loan Bank Advances | Discounted Cash Flow Valuation Technique | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input		0.57
Recurring | Senior unsecured notes
Liabilities:
Principal Amount	$ 2,067,811	$ 1,575,614
Amortized Cost Basis/Purchase Price	2,050,930	1,563,861
Fair Value	$ 1,539,637	$ 1,475,303
Recurring | Senior unsecured notes | Internal model, third-party inputs | Yield %
Liabilities:
Financial instruments, measurement input	0.0522	0.0466
Recurring | Senior unsecured notes | Internal model, third-party inputs | Remaining Maturity/Duration (years)
Liabilities:
Financial instruments, measurement input	3.93	3.77

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Assets:
Fair value of assets	$ 2,061,342		$ 3,192,150
Liabilities:
Fair value of liabilities	3,075,855		3,683,621
Allowance for credit losses	(52,276)	$ (54,107)	(43,165)	$ (39,575)	$ (32,248)	$ (20,755)
Repurchase agreements - short-term
Liabilities:
Principal Amount	244,525		337,631
Fair value of liabilities	244,525		337,631
Repurchase agreements - long-term
Liabilities:
Principal Amount			268,976
Fair value of liabilities			268,976
Mortgage loan financing
Liabilities:
Principal Amount	511,046		437,384
Fair value of liabilities	515,597		425,992
CLO debt
Liabilities:
Principal Amount	776,336		1,062,777
Fair value of liabilities	776,096		1,060,719
Federal Home Loan Bank Advances
Liabilities:
Principal Amount			115,000
Fair value of liabilities			115,000
Senior unsecured notes
Liabilities:
Principal Amount	2,067,811		1,575,614
Fair value of liabilities	1,539,637		1,475,303
CMBS
Assets:
Principal Amount	9,178		9,281
Fair value of assets	8,904		8,955
CMBS interest-only
Assets:
Principal Amount	8,223		8,327
Fair value of assets	233		309
Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Principal Amount	2,042,917		3,164,226
Fair value of assets	2,024,699		3,150,843
Mortgage loan  receivables held for sale
Assets:
Principal Amount	31,350		31,350
Fair value of assets	27,506		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
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 | Federal Home Loan Bank Advances
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	9,137		9,264
Liabilities:
Fair value of liabilities	1,020,621		1,667,326
Level 2 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities	244,525		337,631
Level 2 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities			268,976
Level 2 | Mortgage loan financing
Liabilities:
Fair value of liabilities	0		0
Level 2 | CLO debt
Liabilities:
Fair value of liabilities	776,096		1,060,719
Level 2 | Federal Home Loan Bank Advances
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	8,904		8,955
Level 2 | CMBS interest-only
Assets:
Fair value of assets	233		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	2,052,205		3,182,886
Liabilities:
Fair value of liabilities	2,055,234		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
Level 3 | Mortgage loan financing
Liabilities:
Fair value of liabilities	515,597		425,992
Level 3 | CLO debt
Liabilities:
Fair value of liabilities	0		0
Level 3 | Federal Home Loan Bank Advances
Liabilities:
Fair value of liabilities			115,000
Level 3 | Senior unsecured notes
Liabilities:
Fair value of liabilities	1,539,637		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	2,024,699		3,150,843
Level 3 | Mortgage loan  receivables held for sale
Assets:
Fair value of assets	27,506		26,868
Level 3 | FHLB stock
Assets:
Fair value of assets			5,175
Recurring
Assets:
Fair value of assets	844,484		477,743
Recurring | CMBS interest-only
Assets:
Principal Amount	773,268		876,555
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Principal Amount	2,042,917		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	(52,300)		(43,200)
Recurring | CMBS
Assets:
Principal Amount	841,314		430,398
Fair value of assets	830,420		415,935
Recurring | CMBS interest-only
Assets:
Principal Amount	765,045		868,228
Fair value of assets	3,799		6,260
Recurring | GNMA interest-only
Assets:
Principal Amount	33,337		37,053
Fair value of assets	180		213
Recurring | Agency securities
Assets:
Principal Amount	14		22
Fair value of assets	14		21
Recurring | U.S. Treasury securities
Assets:
Principal Amount			54,031
Fair value of assets			53,716
Recurring | Corporate bonds
Assets:
Principal Amount	9,190
Fair value of assets	9,145
Recurring | Equity securities
Assets:
Fair value of assets	108		144
Recurring | Nonhedge derivatives
Assets:
Principal Amount	118,000		194,900
Fair value of assets	818		1,454
Recurring | Level 1
Assets:
Fair value of assets	108		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 | Corporate bonds
Assets:
Fair value of assets	0
Recurring | Level 1 | Equity securities
Assets:
Fair value of assets	108		144
Recurring | Level 1 | Nonhedge derivatives
Assets:
Fair value of assets	0		0
Recurring | Level 2
Assets:
Fair value of assets	844,376		423,883
Recurring | Level 2 | CMBS
Assets:
Fair value of assets	830,420		415,935
Recurring | Level 2 | CMBS interest-only
Assets:
Fair value of assets	3,799		6,260
Recurring | Level 2 | GNMA interest-only
Assets:
Fair value of assets	180		213
Recurring | Level 2 | Agency securities
Assets:
Fair value of assets	14		21
Recurring | Level 2 | U.S. Treasury securities
Assets:
Fair value of assets			0
Recurring | Level 2 | Corporate bonds
Assets:
Fair value of assets	9,145
Recurring | Level 2 | Equity securities
Assets:
Fair value of assets	0		0
Recurring | Level 2 | Nonhedge derivatives
Assets:
Fair value of assets	818		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 | Corporate bonds
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 ($)	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 400,000	$ 1,200,000	$ 1,200,000	$ 2,000,000
Deferred tax liabilities	(3,500,000)		(3,500,000)		$ (3,000,000)
Deferred income tax expense (benefit)	500,000	$ 2,000,000	600,000	2,900,000
Deferred tax asset related to capital losses	3,000,000		3,000,000
Deferred tax assets related to interest expense limitation	1,900,000		1,900,000
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)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Unfunded Loan Commitments
Lease liabilities	$ 15,438		$ 15,438
Operating lease, right-of-use asset	13,900		13,900
Operating expenses	500	$ 500	1,600	$ 1,600
Treasury securities traded and not yet settled	79,708	$ 9,916	79,708	$ 9,916
Provision for loan losses
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	58,400		$ 58,400		$ 204,000
Length of additional mortgage loan financing			3 years
Unfunded commitments of mortgage loan receivables held for investment, additional funds			74%
U.S. Treasury Securities Traded, Not Yet Settled
Unfunded Loan Commitments
Treasury securities traded and not yet settled	$ 79,700		$ 79,700		$ 44,800

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Future Minimum Operating Lease Obligation (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024 (last three months)	$ 558
2025	2,207
2026	2,219
2027	2,232
2028	2,306
Thereafter	11,038
Total undiscounted cash flows	20,560
Present value discount	(5,122)
Lease liabilities	$ 15,438
Weighted average incremental borrowing rate	6.62%
Remaining lease term	8 years 9 months 18 days
Extended lease term	5 years

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Details)	9 Months Ended
	Sep. 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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Net interest income
Interest income		$ 96,092	$ 101,090	$ 280,520	$ 306,715
Interest expense		(57,676)	(62,259)	(170,647)	(184,350)
Net interest income (expense)		38,416	38,831	109,873	122,365
(Provision for) release of loan loss reserves		(3,063)	(7,473)	(13,886)	(19,090)
Net interest income (expense) after provision for (release of) loan loss reserves		35,353	31,358	95,987	103,275
Other income (loss)
Real estate operating income		25,294	24,761	75,314	73,847
Net result from mortgage loan receivables held for sale		1,092	(629)	638	(1,119)
Gain (loss) on real estate, net		315	8,808	12,858	8,808
Fee and other income		6,609	1,810	13,947	6,691
Net result from derivative transactions		(766)	4,773	3,871	6,680
Earnings (loss) from investment in unconsolidated ventures		(14)	479	(11)	913
Gain (loss) on extinguishment of debt		20	921	197	10,600
Total other income (loss)		32,550	40,923	106,814	106,420
Costs and expenses
Compensation and employee benefits		(14,407)	(14,285)	(48,917)	(50,612)
Operating expenses		(4,508)	(4,775)	(14,331)	(15,018)
Real estate operating expenses		(10,751)	(9,456)	(30,930)	(29,071)
Investment related expenses		(1,628)	(2,279)	(5,909)	(6,460)
Depreciation and amortization		(8,146)	(7,144)	(24,861)	(22,144)
Total costs and expenses		(39,440)	(37,939)	(124,948)	(123,305)
Income tax (expense) benefit		(901)	(3,147)	(1,737)	(4,913)
Net income (loss)		27,562	31,195	76,116	81,477
Total assets	[1]	5,379,139		5,379,139		$ 5,512,677
Investment in unconsolidated ventures	[1]	19,991		19,991		6,877
FHLB stock						5,200
Gain on sale of mortgage loans		100		2,700
Operating Segment
Costs and expenses
Investment in unconsolidated ventures		20,000		20,000		6,900
Operating Segment | Loans
Net interest income
Interest income		63,799	82,814	201,233	261,822
Interest expense		(21,718)	(32,601)	(77,159)	(92,236)
Net interest income (expense)		42,081	50,213	124,074	169,586
(Provision for) release of loan loss reserves		(3,063)	(7,473)	(13,886)	(19,090)
Net interest income (expense) after provision for (release of) loan loss reserves		39,018	42,740	110,188	150,496
Other income (loss)
Real estate operating income		0	0	0	0
Net result from mortgage loan receivables held for sale		1,143	(629)	3,308	(1,119)
Gain (loss) on real estate, net		0	0	0	0
Fee and other income		6,499	1,518	12,195	6,363
Net result from derivative transactions		(249)	4,449	185	5,390
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)		7,393	5,338	15,688	10,634
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		(691)	(1,704)	(3,910)	(4,459)
Depreciation and amortization		0	0	0	0
Total costs and expenses		(691)	(1,704)	(3,910)	(4,459)
Income tax (expense) benefit		0	0	0	0
Net income (loss)		45,720	46,374	121,966	156,671
Total assets		2,014,775		2,014,775		3,138,794
Operating Segment | Securities
Net interest income
Interest income		11,727	7,810	27,670	23,964
Interest expense		(4)	(52)	(61)	(3,149)
Net interest income (expense)		11,723	7,758	27,609	20,815
(Provision for) release of loan loss reserves		0	0	0	0
Net interest income (expense) after provision for (release of) loan loss reserves		11,723	7,758	27,609	20,815
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	0	0
Fee and other income		17	(15)	100	(284)
Net result from derivative transactions		0	241	80	612
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	226	180	328
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		(45)	(48)	(138)	(144)
Depreciation and amortization		0	0	0	0
Total costs and expenses		(45)	(48)	(138)	(144)
Income tax (expense) benefit		0	0	0	0
Net income (loss)		11,695	7,936	27,651	20,999
Total assets		852,783		852,783		485,533
Operating Segment | Real Estate
Net interest income
Interest income		86	1	268	5
Interest expense		(7,945)	(7,677)	(24,567)	(22,053)
Net interest income (expense)		(7,859)	(7,676)	(24,299)	(22,048)
(Provision for) release of loan loss reserves		0	0	0	0
Net interest income (expense) after provision for (release of) loan loss reserves		(7,859)	(7,676)	(24,299)	(22,048)
Other income (loss)
Real estate operating income		25,294	24,761	75,314	73,847
Net result from mortgage loan receivables held for sale		0	0	0	0
Gain (loss) on real estate, net		315	8,808	12,858	8,808
Fee and other income		25	134	1,352	135
Net result from derivative transactions		(168)	83	38	678
Earnings (loss) from investment in unconsolidated ventures		(14)	479	(11)	913
Gain (loss) on extinguishment of debt		0	0	0	0
Total other income (loss)		25,452	34,265	89,551	84,381
Costs and expenses
Compensation and employee benefits		0	0	0	0
Operating expenses			0		0
Real estate operating expenses		(10,751)	(9,456)	(30,930)	(29,071)
Investment related expenses		(97)	(190)	(449)	(765)
Depreciation and amortization		(8,036)	(7,034)	(24,532)	(21,822)
Total costs and expenses		(18,884)	(16,680)	(55,911)	(51,658)
Income tax (expense) benefit		0	0	0	0
Net income (loss)		(1,291)	9,909	9,341	10,675
Total assets		729,460		729,460		733,319
Corporate/Other
Net interest income
Interest income		20,480	10,465	51,349	20,924
Interest expense		(28,009)	(21,929)	(68,860)	(66,912)
Net interest income (expense)		(7,529)	(11,464)	(17,511)	(45,988)
(Provision for) release of loan loss reserves		0	0	0	0
Net interest income (expense) after provision for (release of) loan loss reserves		(7,529)	(11,464)	(17,511)	(45,988)
Other income (loss)
Real estate operating income		0	0	0	0
Net result from mortgage loan receivables held for sale		(51)	0	(2,670)	0
Gain (loss) on real estate, net		0	0	0	0
Fee and other income		68	173	300	477
Net result from derivative transactions		(349)	0	3,568	0
Earnings (loss) from investment in unconsolidated ventures		0	0	0	0
Gain (loss) on extinguishment of debt		20	921	197	10,600
Total other income (loss)		(312)	1,094	1,395	11,077
Costs and expenses
Compensation and employee benefits		(14,407)	(14,285)	(48,917)	(50,612)
Operating expenses		(4,508)	(4,775)	(14,331)	(15,018)
Real estate operating expenses		0	0	0	0
Investment related expenses		(795)	(337)	(1,412)	(1,092)
Depreciation and amortization		(110)	(110)	(329)	(322)
Total costs and expenses		(19,820)	(19,507)	(64,989)	(67,044)
Income tax (expense) benefit		(901)	(3,147)	(1,737)	(4,913)
Net income (loss)		(28,562)	$ (33,024)	(82,842)	$ (106,868)
Total assets		1,782,121		1,782,121		1,155,031
Corporate/Other | Senior Unsecured Notes
Costs and expenses
Senior notes		$ 2,100,000		$ 2,100,000		$ 1,600,000
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.