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SEGMENT REPORTING (Tables)
 3 Months Ended
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, 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.