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SEGMENT REPORTING
 3 Months Ended
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, 2023LoansSecuritiesReal 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 reserves57,410 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 income1,681 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, 2022LoansSecuritiesReal 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 reserves37,963 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 income3,377 15 3,707 95 7,194 
Net result from derivative transactions2,337 804 (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.