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MORTGAGE LOAN RECEIVABLES (Tables)
 3 Months Ended
Mar. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule of mortgage loan receivables
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)		Remaining
Maturity
(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,766,258 $3,750,799 9.16 %1.1
Mezzanine loans43,334 43,276 11.11 %1.5
Total mortgage loans receivable3,809,592 3,794,075 9.18 %1.1
Allowance for credit lossesN/A(25,499)
Total mortgage loan receivables held for investment, net, at amortized cost3,809,592 3,768,576 
Mortgage loan receivables held for sale:
First mortgage loans31,350 27,197  4.57 %8.9
Total$3,840,942 $3,795,773 (4)9.14 %1.1
(1)Includes the impact from interest rate floors. March 31, 2023 LIBOR and SOFR rates are used to calculate weighted average yield for floating rate loans.
(2)Excludes non-accrual loans of $53.6 million. Refer to “Non-Accrual Status” below for further details.
(3)The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 2.4 years.
(4)Net of $15.5 million of deferred origination fees and other items as of March 31, 2023.
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)(3)		Remaining
Maturity
(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,841,315 $3,819,860 8.83 %1.3
Mezzanine loans65,950 65,886 10.62 %1.6
Total mortgage loans receivable3,907,265 3,885,746 8.85 %1.3
Allowance for credit lossesN/A(20,755)
Total mortgage loan receivables held for investment, net, at amortized cost3,907,265 3,864,991 
Mortgage loan receivables held for sale:
First mortgage loans31,350 27,391  4.57 %9.2
Total$3,938,615 $3,892,382 (4)8.82 %1.3
(1)Includes the impact from interest rate floors. December 31, 2022 LIBOR rates are used to calculate weighted average yield for floating rate loans.
(2)Excludes non-accrual loans of $53.8 million.
(3)Includes the impact of one loan with a principal balance of $51.5 million, which was extended through 2026 in January 2023.
(4)Net of $21.5 million of deferred origination fees and other items as of December 31, 2022.
Summary of mortgage loan receivables by loan type
For the three months ended March 31, 2023 and 2022, the activity in our loan portfolio was as follows ($ in thousands):
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale
Balance, December 31, 2022$3,885,746 $(20,755)$27,391 
Origination of mortgage loan receivables32,616 — — 
Repayment of mortgage loan receivables(131,272)— — 
Net result from mortgage loan receivables held for sale (1)— — (194)
Accretion/amortization of discount, premium and other fees6,985 — — 
Release (addition) of provision for current expected credit loss, net (2)— (4,744)— 
Balance, March 31, 2023$3,794,075 $(25,499)$27,197 
(1)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale.
(2)Refer to “Allowance for Credit Losses” table below for further detail.

Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale
Balance, December 31, 2021$3,553,737 $(31,752)$— 
Origination of mortgage loan receivables648,507 — 54,850 
Repayment of mortgage loan receivables(349,935)— — 
Net result from mortgage loan receivables held for sale (2)— — (949)
Accretion/amortization of discount, premium and other fees5,162 — — 
Release (addition) of provision for current expected credit loss, net (3)— (580)— 
Balance, March 31, 2022$3,857,471 $(32,332)$53,901 
(1)Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on additions to real estate.
(2)Represents unrealized lower of cost or market adjustment on loans held for sale.
(3)Refer to “Allowance for Credit Losses” table below for further detail.
Schedule of provision for loan losses
Allowance for Credit Losses and Non-Accrual Status ($ in thousands)
Three Months Ended March 31,
Allowance for Credit Losses20232022
Allowance for credit losses at beginning of period$20,755 $31,752 
Provision for (release of) current expected credit loss, net (1)4,744 580 
Allowance for credit losses at end of period$25,499 $32,332 
(1)    There were no asset specific reserves recorded for the three months ended March 31, 2023 or 2022.

Non-Accrual StatusMarch 31, 2023December 31, 2022
Carrying value of loans on non-accrual status, net of asset-specific reserve (1)(2)$53,624 $53,809 
(1)    Includes one loan with an amortized cost basis of $30.5 million, for which the Company determined no asset specific reserve was necessary.
(2)    As of March 31, 2023 and December 31, 2022 the loans on non-accrual status were greater than 90 days past due.
Schedule of individually impaired loans
Loan Portfolio by Geographic Region, Collateral Type and Vintage (amortized cost $ in thousands)
March 31,December 31,
Geographic Region20232022
Northeast$1,163,181 $1,191,337 
South1,101,731 1,080,132 
Southwest650,167 675,069 
Midwest488,728 496,640 
West364,441 416,556 
Subtotal mortgage loans receivable3,768,248 3,859,734 
Individually impaired loans25,827 26,012 
Total mortgage loans receivable$3,794,075 $3,885,746 
Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of March 31, 2023 and December 31, 2022, respectively ($ in thousands):
Amortized Cost Basis by Origination Year as of March 31, 2023
Collateral Type20232022202120202019 and EarlierTotal
Multifamily$14,339 $677,833 $730,370 $— $— $1,422,542 
Office — 78,871 672,894 — 168,387 920,152 
Mixed Use— 202,526 356,226 26,500 92,005 677,257 
Industrial— 37,690 96,952 — 115,275 249,917 
Retail— 60,250 107,783 — 22,098 190,131 
Hospitality— — 45,485 — 92,221 137,706 
Manufactured Housing— 32,559 82,724 — 2,924 118,207 
Other— 32,457 19,879 — — 52,336 
Self-Storage— — — — — — 
Subtotal mortgage loans receivable14,339 1,122,186 2,112,313 26,500 492,910 3,768,248 
Individually Impaired loans— — — — 25,827 25,827 
Total mortgage loans receivable (1)$14,339 $1,122,186 $2,112,313 $26,500 $518,737 $3,794,075 

Amortized Cost Basis by Origination Year as of December 31, 2022
Collateral Type20222021202020192018 and EarlierTotal
Multifamily$702,125 $722,862 $— $— $— $1,424,987 
Office78,754 676,431 29,650 58,684 136,512 980,031 
Mixed Use201,777 351,291 26,500 120,300 — 699,868 
Industrial37,616 96,486 — 115,545 — 249,647 
Retail60,089 107,305 — 12,953 9,126 189,473 
Hospitality— 45,416 — 13,843 78,364 137,623 
Manufactured Housing32,515 82,618 — 2,921 — 118,054 
Other32,353 19,898 — 7,800 — 60,051 
Self-Storage— — — — — — 
Subtotal mortgage loans receivable1,145,229 2,102,307 56,150 332,046 224,002 3,859,734 
Individually Impaired loans— — — — 26,012 26,012 
Total mortgage loans receivable (2)$1,145,229 $2,102,307 $56,150 $332,046 $250,014 $3,885,746 
(1)Not included above is $23.9 million of accrued interest receivable on all loans at March 31, 2023.
(2)Not included above is $23.2 million of accrued interest receivable on all loans at December 31, 2022.