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SEGMENT REPORTING | 3 Months Ended
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Mar. 31, 2023
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. The real estate segment includes net leased properties, office buildings, student housing portfolios, hotels, industrial buildings, a shopping center and condominium units. Corporate/other includes certain of the Company’s investments in ventures, other asset management activities and operating expenses. 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 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -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 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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