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SEGMENT REPORTING (Tables) | 9 Months Ended
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Sep. 30, 2015
Segment Reporting [Abstract] |
Schedule of segment | The Company evaluates performance based on the following financial measures for each segment ($ in thousands):
| Loans |  | Securities |  | Real Estate(1) |  | Corporate/Other(2) |  | Company Total
Three months ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | $ | 45,195 |  |  | $ | 17,811 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 63,013 |
Interest expense | (6,749 | ) |  | (1,753 | ) |  | (6,365 | ) |  | (14,668 | ) |  | (29,535 | )
Net interest income (expense) | 38,446 |  |  | 16,058 |  |  | (6,365 | ) |  | (14,661 | ) |  | 33,478 |
Provision for loan losses | (150 | ) |  | — |  |  | — |  |  | — |  |  | (150 | )
Net interest income (expense) after provision for loan losses | 38,296 |  |  | 16,058 |  |  | (6,365 | ) |  | (14,661 | ) |  | 33,328 |
Operating lease income | — |  |  | — |  |  | 20,671 |  |  | — |  |  | 20,671 |
Tenant recoveries | — |  |  | — |  |  | 2,847 |  |  | — |  |  | 2,847 |
Sale of loans, net | 15,165 |  |  | — |  |  | — |  |  | — |  |  | 15,165 |
Realized gain on securities | — |  |  | 513 |  |  | — |  |  | — |  |  | 513 |
Unrealized gain (loss) on Agency interest-only securities | — |  |  | 731 |  |  | — |  |  | — |  |  | 731 |
Realized gain on sale of real estate, net | 519 |  |  | — |  |  | 5,887 |  |  | — |  |  | 6,406 |
Fee income | 905 |  |  | 230 |  |  | 6 |  |  | 2,342 |  |  | 3,483 |
Net result from derivative transactions | (13,159 | ) |  | (29,083 | ) |  | — |  |  | — |  |  | (42,242 | )
Earnings (loss) from investment in unconsolidated joint ventures | — |  |  | — |  |  | (25 | ) |  | — |  |  | (25 | )
Total other income | 3,430 |  |  | (27,609 | ) |  | 29,386 |  |  | 2,342 |  |  | 7,549 |
Salaries and employee benefits | (4,525 | ) |  | — |  |  | — |  |  | (13,103 | ) |  | (17,628 | )
Operating expenses | 132 |  |  | — |  |  | (17 | ) |  | (5,066 | ) |  | (4,951 | )
Real estate operating expenses | — |  |  | — |  |  | (8,975 | ) |  | — |  |  | (8,975 | )
Real estate acquisition costs | — |  |  | — |  |  | (470 | ) |  | — |  |  | (470 | )
Fee expense | 156 |  |  | (10 | ) |  | (123 | ) |  | (698 | ) |  | (675 | )
Depreciation and amortization | — |  |  | — |  |  | (9,533 | ) |  | (28 | ) |  | (9,561 | )
Total costs and expenses | (4,237 | ) |  | (10 | ) |  | (19,118 | ) |  | (18,895 | ) |  | (42,260 | )
Tax (expense) benefit | — |  |  | — |  |  | — |  |  | 4,181 |  |  | 4,181 |
Segment profit (loss) | $ | 37,489 |  |  | $ | (11,561 | ) |  | $ | 3,903 |  |  | $ | (27,033 | ) |  | $ | 2,798 |
Total assets as of September 30, 2015 | $ | 2,128,343 |  |  | $ | 2,415,382 |  |  | $ | 871,591 |  |  | $ | 414,645 |  |  | $ | 5,829,961 |
| Loans |  | Securities |  | Real Estate(1) |  | Corporate/Other(2) |  | Company Total
Three months ended September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | $ | 30,348 |  |  | $ | 18,190 |  |  | $ | — |  |  | $ | (79 | ) |  | $ | 48,459 |
Interest expense | (2,748 | ) |  | (1,546 | ) |  | (4,663 | ) |  | (10,971 | ) |  | (19,928 | )
Net interest income (expense) | 27,600 |  |  | 16,644 |  |  | (4,663 | ) |  | (11,050 | ) |  | 28,531 |
Provision for loan losses | (150 | ) |  | — |  |  | — |  |  | — |  |  | (150 | )
Net interest income (expense) after provision for loan losses | 27,450 |  |  | 16,644 |  |  | (4,663 | ) |  | (11,050 | ) |  | 28,381 |
Operating lease income | — |  |  | — |  |  | 12,810 |  |  | — |  |  | 12,810 |
Tenant recoveries | — |  |  | — |  |  | 2,252 |  |  | — |  |  | 2,252 |
Sale of loans, net | 20,414 |  |  | — |  |  | — |  |  | — |  |  | 20,414 |
Realized gain on securities | — |  |  | 14,074 |  |  | — |  |  | — |  |  | 14,074 |
Unrealized gain (loss) on Agency interest-only securities | — |  |  | (1,282 | ) |  | — |  |  | — |  |  | (1,282 | )
Realized gain on sale of real estate, net | 339 |  |  | — |  |  | 8,132 |  |  | — |  |  | 8,471 |
Fee income | 999 |  |  | (96 | ) |  | 92 |  |  | 1,720 |  |  | 2,715 |
Net result from derivative transactions | 2,137 |  |  | (1,012 | ) |  | — |  |  | — |  |  | 1,125 |
Earnings from investment in unconsolidated joint ventures | — |  |  | — |  |  | 225 |  |  | 101 |  |  | 326 |
Gain on assignment of mortgage loan financing | — |  |  | — |  |  | 432 |  |  | — |  |  | 432 |
Total other income | 23,889 |  |  | 11,684 |  |  | 23,943 |  |  | 1,821 |  |  | 61,337 |
Salaries and employee benefits | (4,300 | ) |  | — |  |  | — |  |  | (15,530 | ) |  | (19,830 | )
Operating expenses | (89 | ) |  | — |  |  | — |  |  | (6,101 | ) |  | (6,190 | )
Real estate operating expenses | — |  |  | — |  |  | (7,150 | ) |  | — |  |  | (7,150 | )
Real estate acquisition costs | — |  |  | — |  |  | (1,712 | ) |  | — |  |  | (1,712 | )
Fee expense | (312 | ) |  | (14 | ) |  | (46 | ) |  | (124 | ) |  | (496 | )
Depreciation and amortization | — |  |  | — |  |  | (6,692 | ) |  | (137 | ) |  | (6,829 | )
Total costs and expenses | (4,701 | ) |  | (14 | ) |  | (15,600 | ) |  | (21,892 | ) |  | (42,207 | )
Tax expense | — |  |  | — |  |  | — |  |  | (10,335 | ) |  | (10,335 | )
Segment profit (loss) | $ | 46,638 |  |  | $ | 28,314 |  |  | $ | 3,680 |  |  | $ | (41,456 | ) |  | $ | 37,176 |
Total assets as of December 31, 2014 | $ | 1,939,008 |  |  | $ | 2,815,566 |  |  | $ | 771,129 |  |  | $ | 288,532 |  |  | $ | 5,814,235 |
| Loans |  | Securities |  | Real Estate(1) |  | Corporate/Other(2) |  | Company Total
Nine months ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | $ | 120,932 |  |  | $ | 57,659 |  |  | $ | — |  |  | $ | 44 |  |  | $ | 178,635 |
Interest expense | (17,509 | ) |  | (5,512 | ) |  | (17,670 | ) |  | (43,155 | ) |  | (83,846 | )
Net interest income (expense) | 103,423 |  |  | 52,147 |  |  | (17,670 | ) |  | (43,111 | ) |  | 94,789 |
Provision for loan losses | (450 | ) |  | — |  |  | — |  |  | — |  |  | (450 | )
Net interest income (expense) after provision for loan losses | 102,973 |  |  | 52,147 |  |  | (17,670 | ) |  | (43,111 | ) |  | 94,339 |
Operating lease income | — |  |  | — |  |  | 60,207 |  |  | — |  |  | 60,207 |
Tenant recoveries | — |  |  | — |  |  | 7,883 |  |  | — |  |  | 7,883 |
Sale of loans, net | 59,717 |  |  | — |  |  | — |  |  | — |  |  | 59,717 |
Realized gain on securities | — |  |  | 23,680 |  |  | — |  |  | — |  |  | 23,680 |
Unrealized gain (loss) on Agency interest-only securities | — |  |  | (639 | ) |  | — |  |  | — |  |  | (639 | )
Realized gain on sale of real estate, net | 1,771 |  |  | — |  |  | 19,576 |  |  | — |  |  | 21,347 |
Fee income | 3,990 |  |  | 230 |  |  | 33 |  |  | 6,604 |  |  | 10,857 |
Net result from derivative transactions | (18,335 | ) |  | (36,259 | ) |  | — |  |  | — |  |  | (54,594 | )
Earnings from investment in unconsolidated joint ventures | — |  |  | — |  |  | 464 |  |  | 116 |  |  | 580 |
Total other income | 47,143 |  |  | (12,988 | ) |  | 88,163 |  |  | 6,720 |  |  | 129,038 |
Salaries and employee benefits | (11,436 | ) |  | — |  |  | — |  |  | (35,897 | ) |  | (47,333 | )
Operating expenses | 301 |  |  | — |  |  | (16 | ) |  | (20,772 | ) |  | (20,487 | )
Real estate operating expenses | — |  |  | — |  |  | (27,976 | ) |  | — |  |  | (27,976 | )
Real estate acquisition costs | — |  |  | — |  |  | (1,524 | ) |  | — |  |  | (1,524 | )
Fee expense | (1,642 | ) |  | (31 | ) |  | (230 | ) |  | (1,357 | ) |  | (3,260 | )
Depreciation and amortization | — |  |  | — |  |  | (29,158 | ) |  | (80 | ) |  | (29,238 | )
Total costs and expenses | (12,777 | ) |  | (31 | ) |  | (58,904 | ) |  | (58,106 | ) |  | (129,818 | )
Tax (expense) benefit | — |  |  | — |  |  | — |  |  | (4,101 | ) |  | (4,101 | )
Segment profit (loss) | $ | 137,339 |  |  | $ | 39,128 |  |  | $ | 11,589 |  |  | $ | (98,598 | ) |  | $ | 89,458 |
Total assets as of September 30, 2015 | $ | 2,128,343 |  |  | $ | 2,415,382 |  |  | $ | 871,591 |  |  | $ | 414,645 |  |  | $ | 5,829,961 |
| Loans |  | Securities |  | Real Estate(1) |  | Corporate/Other(2) |  | Company Total
Nine months ended September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | $ | 78,389 |  |  | $ | 52,058 |  |  | $ | — |  |  | $ | (53 | ) |  | $ | 130,394 |
Interest expense | (8,532 | ) |  | (4,349 | ) |  | (11,777 | ) |  | (26,863 | ) |  | (51,521 | )
Net interest income (expense) | 69,857 |  |  | 47,709 |  |  | (11,777 | ) |  | (26,916 | ) |  | 78,873 |
Provision for loan losses | (450 | ) |  | — |  |  | — |  |  | — |  |  | (450 | )
Net interest income (expense) after provision for loan losses | 69,407 |  |  | 47,709 |  |  | (11,777 | ) |  | (26,916 | ) |  | 78,423 |
Operating lease income | — |  |  | — |  |  | 38,827 |  |  | — |  |  | 38,827 |
Tenant recoveries | — |  |  | — |  |  | 6,473 |  |  | — |  |  | 6,473 |
Sale of loans, net | 107,135 |  |  | — |  |  | — |  |  | — |  |  | 107,135 |
Realized gain on securities | — |  |  | 21,259 |  |  | — |  |  | — |  |  | 21,259 |
Unrealized gain (loss) on Agency interest-only securities | — |  |  | 466 |  |  | — |  |  | — |  |  | 466 |
Realized gain on sale of real estate, net | 1,122 |  |  | — |  |  | 23,103 |  |  | — |  |  | 24,225 |
Fee income | 2,352 |  |  | — |  |  | 92 |  |  | 4,772 |  |  | 7,216 |
Net result from derivative transactions | (17,731 | ) |  | (32,704 | ) |  | — |  |  | — |  |  | (50,435 | )
Earnings from investment in unconsolidated joint ventures | — |  |  | — |  |  | 675 |  |  | 987 |  |  | 1,662 |
Gain on assignment of mortgage loan financing | — |  |  | — |  |  | 432 |  |  | — |  |  | 432 |
Total other income | 92,878 |  |  | (10,979 | ) |  | 69,602 |  |  | 5,759 |  |  | 157,260 |
Salaries and employee benefits | (18,800 | ) |  | — |  |  | — |  |  | (47,516 | ) |  | (66,316 | )
Operating expenses | — |  |  | — |  |  | — |  |  | (12,896 | ) |  | (12,896 | )
Real estate operating expenses | — |  |  | — |  |  | (22,131 | ) |  | — |  |  | (22,131 | )
Real estate acquisition costs | — |  |  | — |  |  | (1,712 | ) |  | — |  |  | (1,712 | )
Fee expense | (1,034 | ) |  | (53 | ) |  | (87 | ) |  | (537 | ) |  | (1,711 | )
Depreciation and amortization | — |  |  | — |  |  | (20,863 | ) |  | (411 | ) |  | (21,274 | )
Total costs and expenses | (19,834 | ) |  | (53 | ) |  | (44,793 | ) |  | (61,360 | ) |  | (126,040 | )
Tax expense | — |  |  | — |  |  | — |  |  | (23,823 | ) |  | (23,823 | )
Segment profit (loss) | $ | 142,451 |  |  | $ | 36,677 |  |  | $ | 13,032 |  |  | $ | (106,340 | ) |  | $ | 85,820 |
Total assets as of December 31, 2014 | $ | 1,939,008 |  |  | $ | 2,815,566 |  |  | $ | 771,129 |  |  | $ | 288,532 |  |  | $ | 5,814,235 |
(1) | Includes the Company’s investment in unconsolidated joint ventures that held real estate of $2.8 million and $2.1 million as of September 30, 2015 and December 31, 2014, respectively
(2) | Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to combined consolidated Company totals. This caption also includes the Company’s investment in unconsolidated joint ventures and strategic investments that are not related to the other reportable segments above, including the Company’s investment in unconsolidated joint ventures of $48,771 and $3.9 million as of September 30, 2015 and December 31, 2014, respectively, the Company’s investment in FHLB stock of $77.9 million and $72.3 million as of September 30, 2015 and December 31, 2014, respectively, the Company’s deferred tax asset of $11.4 million and $8.2 million as of September 30, 2015 and December 31, 2014, respectively and the Company’s senior unsecured notes of $612.0 million and $610.1 million as of September 30, 2015 and December 31, 2014, respectively.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8736-108599 + Details
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