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SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2015
Segment Reporting [Abstract] |
SEGMENT REPORTING | 19. SEGMENT REPORTING The Company has determined that it has three reportable segments based on how the chief operating decision maker reviews and manages 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 commercial real estate securities, which include investments in CMBS and U.S. Agency Securities. The real estate segment includes net leased properties, office buildings, a warehouse and condominium units. Corporate/other includes the Company’s investments in joint ventures, other asset management activities and operating expenses. 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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599 Reference 14: 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 + Details
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