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SEGMENT REPORTING (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023 | Loans |  | Securities |  | Real Estate (1) |  | Corporate/Other(2) |  | Company Total
Interest income | $ | 90,874 |  |  | $ | 10,129 |  |  | $ | 2 |  |  | $ | 2,791 |  |  | $ | 103,796 |
Interest expense | (28,728) |  |  | (2,633) |  |  | (6,653) |  |  | (22,735) |  |  | (60,749) |
Net interest income (expense) | 62,146 |  |  | 7,496 |  |  | (6,651) |  |  | (19,944) |  |  | 43,047 |
(Provision for) release of loan loss reserves | (4,736) |  |  | — |  |  | — |  |  | — |  |  | (4,736) |
Net interest income (expense) after provision for (release of) loan reserves | 57,410 |  |  | 7,496 |  |  | (6,651) |  |  | (19,944) |  |  | 38,311 |
Real estate operating income | — |  |  | — |  |  | 23,199 |  |  | — |  |  | 23,199 |
Net result from mortgage loan receivables held for sale | (194) |  |  | — |  |  | — |  |  | — |  |  | (194) |
Realized gain (loss) on securities | — |  |  | (307) |  |  | — |  |  | — |  |  | (307) |
Unrealized gain (loss) on securities | — |  |  | 117 |  |  | — |  |  | — |  |  | 117 |
Fee and other income | 1,681 |  |  | 4 |  |  | 2 |  |  | 144 |  |  | 1,831 |
Net result from derivative transactions | (1,843) |  |  | (302) |  |  | (97) |  |  | — |  |  | (2,242) |
Earnings (loss) from investment in unconsolidated ventures | — |  |  | — |  |  | 217 |  |  | — |  |  | 217 |
Gain (loss) on extinguishment of debt | — |  |  | — |  |  | — |  |  | 9,217 |  |  | 9,217 |
Total other income (loss) | (356) |  |  | (488) |  |  | 23,321 |  |  | 9,361 |  |  | 31,838 |
Compensation and employee benefits | — |  |  | — |  |  | — |  |  | (22,084) |  |  | (22,084) |
Operating expenses | — |  |  | — |  |  | — |  |  | (5,256) |  |  | (5,256) |
Real estate operating expenses | — |  |  | — |  |  | (9,849) |  |  | — |  |  | (9,849) |
Fee expense | (967) |  |  | (48) |  |  | (93) |  |  | (412) |  |  | (1,520) |
Depreciation and amortization | — |  |  | — |  |  | (7,425) |  |  | (104) |  |  | (7,529) |
Total costs and expenses | (967) |  |  | (48) |  |  | (17,367) |  |  | (27,856) |  |  | (46,238) |
Income tax (expense) benefit | — |  |  | — |  |  | — |  |  | (1,720) |  |  | (1,720) |
Segment profit (loss) | $ | 56,087 |  |  | $ | 6,960 |  |  | $ | (697) |  |  | $ | (40,159) |  |  | $ | 22,191 |
Total assets as of March 31, 2023 | $ | 3,795,773 |  |  | $ | 520,008 |  |  | $ | 699,601 |  |  | $ | 845,144 |  |  | $ | 5,860,526 |
Three months ended March 31, 2022 | Loans |  | Securities |  | Real Estate (1) |  | Corporate/Other(2) |  | Company Total
Interest income | $ | 53,120 |  |  | $ | 3,065 |  |  | $ | — |  |  | $ | 20 |  |  | $ | 56,205 |
Interest expense | (14,283) |  |  | (452) |  |  | (11,479) |  |  | (20,821) |  |  | (47,035) |
Net interest income (expense) | 38,837 |  |  | 2,613 |  |  | (11,479) |  |  | (20,801) |  |  | 9,170 |
(Provision for) release of loan loss reserves | (874) |  |  |  |  | — |  |  | — |  |  | (874) |
Net interest income (expense) after provision for (release of) loan reserves | 37,963 |  |  | 2,613 |  |  | (11,479) |  |  | (20,801) |  |  | 8,296 |
Real estate operating income | — |  |  | — |  |  | 26,354 |  |  | — |  |  | 26,354 |
Net result from mortgage loan receivables held for sale | (949) |  |  | — |  |  | — |  |  | — |  |  | (949) |
Realized gain (loss) on securities | — |  |  | (96) |  |  | — |  |  | — |  |  | (96) |
Unrealized gain (loss) on securities | — |  |  | 17 |  |  | — |  |  | — |  |  | 17 |
Realized gain on sale of real estate, net | — |  |  | — |  |  | 29,154 |  |  | — |  |  | 29,154 |
Fee and other income | 3,377 |  |  | 15 |  |  | 3,707 |  |  | 95 |  |  | 7,194 |
Net result from derivative transactions | 2,337 |  |  | 804 |  |  | (6) |  |  | — |  |  | 3,135 |
Earnings (loss) from investment in unconsolidated joint ventures | — |  |  | — |  |  | 434 |  |  | — |  |  | 434 |
Total other income (loss) | 4,765 |  |  | 740 |  |  | 59,643 |  |  | 95 |  |  | 65,243 |
Compensation and employee benefits | — |  |  | — |  |  | — |  |  | (29,864) |  |  | (29,864) |
Operating expenses(3) | 17 |  |  | — |  |  | — |  |  | (5,525) |  |  | (5,508) |
Real estate operating expenses | — |  |  | — |  |  | (8,992) |  |  | — |  |  | (8,992) |
Fee expense | (799) |  |  | (48) |  |  | (166) |  |  | (975) |  |  | (1,988) |
Depreciation and amortization | — |  |  | — |  |  | (9,334) |  |  | (8) |  |  | (9,342) |
Total costs and expenses | (782) |  |  | (48) |  |  | (18,492) |  |  | (36,372) |  |  | (55,694) |
Income tax (expense) benefit | — |  |  | — |  |  | — |  |  | 1,309 |  |  | 1,309 |
Segment profit (loss) | $ | 41,946 |  |  | $ | 3,305 |  |  | $ | 29,672 |  |  | $ | (55,769) |  |  | $ | 19,154 |
Total assets as of December 31, 2022 | $ | 3,892,382 |  |  | $ | 587,519 |  |  | $ | 706,355 |  |  | $ | 764,917 |  |  | $ | 5,951,173 |
(1)Includes the Company’s investment in unconsolidated ventures that held real estate of $6.3 million and $6.2 million as of March 31, 2023 and December 31, 2022, 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 FHLB stock of $9.6 million as of March 31, 2023 and December 31, 2022, and the Company’s senior unsecured notes of $1.6 billion at March 31, 2023 and December 31, 2022.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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