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SEGMENT REPORTING (Tables)
 3 Months Ended
Mar. 31, 2020
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):
 
Loans
 
Securities
 
Real
Estate(1)
 
Corporate/Other(2)
 
Company
Total
 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2020
 

 
 

 
 

 
 

 
 

Interest income
$
58,905

 
$
12,863

 
$
8

 
$
813

 
$
72,589

Interest expense
(4,870
)
 
(6,759
)
 
(10,234
)
 
(29,538
)
 
(51,401
)
Net interest income (expense)
54,035

 
6,104

 
(10,226
)
 
(28,725
)
 
21,188

Provision for loan losses
(26,581
)
 
—

 
—

 
—

 
(26,581
)
Net interest income (expense) after provision for loan losses
27,454

 
6,104

 
(10,226
)
 
(28,725
)
 
(5,393
)
 
 
 
 
 
 
 
 
 
 
Operating lease income
—

 
—

 
26,328

 
—

 
26,328

Sale of loans, net
1,005

 
—

 
—

 
—

 
1,005

Realized gain (loss) on securities
—

 
3,011

 
—

 
—

 
3,011

Unrealized gain (loss) on equity securities
—

 
(533
)
 
—

 
—

 
(533
)
Unrealized gain (loss) on Agency interest-only securities
—

 
76

 
—

 
—

 
76

Realized gain on sale of real estate, net
—

 
—

 
10,529

 
—

 
10,529

Impairment of real estate
—

 
—

 
—

 
—

 
—

Fee and other income
1,424

 
401

 
25

 
(331
)
 
1,519

Net result from derivative transactions
(11,351
)
 
(4,084
)
 
—

 
—

 
(15,435
)
Earnings (loss) from investment in unconsolidated joint ventures
—

 
—

 
441

 
—

 
441

Gain (loss) on extinguishment of debt
—

 
—

 
—

 
2,061

 
2,061

Total other income (loss)
(8,922
)
 
(1,129
)
 
37,323

 
1,730

 
29,002

 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
—

 
—

 
—

 
(17,021
)
 
(17,021
)
Operating expenses
—

 
—

 
—

 
(5,794
)
(3)
(5,794
)
Real estate operating expenses
—

 
—

 
(7,948
)
 
—

 
(7,948
)
Fee expense
(1,190
)
 
(72
)
 
(177
)
 
—

 
(1,439
)
Depreciation and amortization
—

 
—

 
(9,984
)
 
(25
)
 
(10,009
)
Total costs and expenses
(1,190
)
 
(72
)
 
(18,109
)
 
(22,840
)
 
(42,211
)
 
 
 
 
 
 
 
 
 
 
Income tax (expense) benefit
—

 
—

 
—

 
4,541

 
4,541

Segment profit (loss)
$
17,342

 
$
4,903

 
$
8,988

 
$
(45,294
)
 
$
(14,061
)
 
 
 
 
 
 
 
 
 
 
Total assets as of March 31, 2020
$
3,530,035

 
$
1,930,605

 
$
1,096,077

 
$
775,155

 
$
7,331,872

 
Loans
 
Securities
 
Real
Estate(1)
 
Corporate/Other(2)
 
Company
Total
 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2019
 

 
 

 
 

 
 

 
 

Interest income
$
73,152

 
$
13,119

 
$
8

 
$
187

 
$
86,466

Interest expense
(14,756
)
 
(2,488
)
 
(8,882
)
 
(25,122
)
 
(51,248
)
Net interest income (expense)
58,396

 
10,631

 
(8,874
)
 
(24,935
)
 
35,218

Provision for loan losses
(300
)
 
—

 
—

 
—

 
(300
)
Net interest income (expense) after provision for loan losses
58,096

 
10,631

 
(8,874
)
 
(24,935
)
 
34,918

 
 
 
 
 
 
 
 
 
 
Operating lease income
—

 
—

 
28,921

 
—

 
28,921

Sale of loans, net
7,079

 
—

 
—

 
—

 
7,079

Realized gain (loss) on securities
—

 
2,865

 
—

 
—

 
2,865

Unrealized gain (loss) on equity securities
—

 
2,078

 
—

 
—

 
2,078

Unrealized gain (loss) on Agency interest-only securities
—

 
11

 
—

 
—

 
11

Realized gain on sale of real estate, net
—

 
—

 
4

 
—

 
4

Impairment of real estate
—

 
—

 
(1,350
)
 
—

 
(1,350
)
Fee and other income
3,310

 
403

 
7

 
965

 
4,685

Net result from derivative transactions
(5,198
)
 
(5,836
)
 
—

 
—

 
(11,034
)
Earnings (loss) from investment in unconsolidated joint ventures
—

 
—

 
959

 
—

 
959

Gain (loss) on extinguishment/defeasance of debt
—

 
—

 
(1,070
)
 
—

 
(1,070
)
Total other income (loss)
5,191

 
(479
)
 
27,471

 
965

 
33,148

 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
—

 
—

 
—

 
(23,574
)
 
(23,574
)
Operating expenses
—

 
—

 
—

 
(5,403
)
(3)
(5,403
)
Real estate operating expenses
—

 
—

 
(5,474
)
 
—

 
(5,474
)
Fee expense
(1,194
)
 
(100
)
 
(418
)
 
—

 
(1,712
)
Depreciation and amortization
—

 
—

 
(10,202
)
 
(25
)
 
(10,227
)
Total costs and expenses
(1,194
)
 
(100
)
 
(16,094
)
 
(29,002
)
 
(46,390
)
 
 
 
 
 
 
 
 
 
 
Income tax (expense) benefit
—

 
—

 
—

 
2,854

 
2,854

Segment profit (loss)
$
62,093

 
$
10,052

 
$
2,503

 
$
(50,118
)
 
$
24,530

 
 
 
 
 
 
 
 
 
 
Total assets as of December 31, 2019
$
3,358,861

 
$
1,721,305

 
$
1,096,514

 
$
492,472

 
$
6,669,152

 
(1)
Includes the Company’s investment in unconsolidated joint ventures that held real estate of $48.7 million and $48.4 million as of March 31, 2020 and December 31, 2019, respectively.
(2)
Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This segment also includes the Company’s investment in unconsolidated joint ventures and strategic investments that are not related to the other reportable segments above, including the Company’s investment in FHLB stock of $61.6 million and $61.6 million as of March 31, 2020 and December 31, 2019, respectively, the Company’s deferred tax asset (liability) of $(14.2) million and $(2.1) million as of March 31, 2020 and December 31, 2019, respectively, and the Company’s senior unsecured notes of $1.9 billion and $1.2 billion as of March 31, 2020 and December 31, 2019, respectively.
(3)
Includes $3.1 million and $2.5 million of professional fees for the three months ended March 31, 2020 and 2019, respectively.