XML 64 R55.htm IDEA: XBRL DOCUMENT v3.23.2
Real Estate Owned - Narrative (Details) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Aug. 03, 2022
Jun. 29, 2021
May 24, 2021
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2021
Mar. 31, 2020
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2017
Dec. 31, 2015
Real Estate [Line Items]                                  
Total carrying value, net       $ 8,295,428,000             $ 8,295,428,000   $ 8,681,990,000        
Debt related to real estate owned, held for investment, net       160,928,000             160,928,000   160,294,000        
Increase in Specific CECL Allowance, net     $ 10,000,000       $ (10,000,000)   $ 20,000,000                
Depreciation and amortization on real estate owned       (2,202,000)     0       (6,188,000) $ (704,000)          
Real estate held for sale, gain (loss) on reclassification                     0            
Total net revenue       5,700,000     5,500,000       3,800,000 4,200,000          
Net realized loss on investment       (81,980,000)     0       (86,604,000) $ 0          
Debt instrument, covenant, unencumbered liquidity, threshold       100,000,000             100,000,000            
Debt instrument, covenant, net worth threshold       600,000,000             600,000,000            
Write-offs, specific CECL allowance, funded                     81,890,000   7,000,000        
Financing receivable, loan specific, realized gain (loss) on writeoff         $ 7,000,000                        
Discontinued Operations, Held-for-Sale                                  
Real Estate [Line Items]                                  
Depreciation and amortization on real estate owned                     $ (4,000,000)            
Hotel Through a Died-in-Lieu Foreclosure                                  
Real Estate [Line Items]                                  
Financing receivable, loan specific, realized gain (loss) on writeoff         4,800,000                        
Secured Overnight Financing Rate                                  
Real Estate [Line Items]                                  
Interest rate for repurchase facility                     2.55%            
Letter of Credit                                  
Real Estate [Line Items]                                  
Maximum amount of borrowings       388,400,000             $ 388,400,000            
Line of credit facility, option To extend, period                     1 year            
Mortgages                                  
Real Estate [Line Items]                                  
Debt related to real estate owned, held for investment, net       160,900,000             $ 160,900,000   160,300,000        
Less: deferred financing costs       3,900,000             3,900,000   4,500,000        
JV Partner                                  
Real Estate [Line Items]                                  
Financing receivable, loan in process $ 164,800,000                                
JV Partner | Joint venture                                  
Real Estate [Line Items]                                  
Equity method investment, ownership percentage 100.00%                                
Subordinate Mortgage Portfolio Segment                                  
Real Estate [Line Items]                                  
Total carrying value, net [1],[2]       463,569,000             463,569,000   560,881,000        
Commercial Mortgage and Subordinated Portfolio Segment                                  
Real Estate [Line Items]                                  
Total carrying value, net       124,700,000             124,700,000   138,300,000        
Increase in Specific CECL Allowance, net                     59,500,000            
Realized loss on investments                           $ 20,000,000      
Write-offs, specific CECL allowance, funded       81,980,000             82,000,000            
Mezzanine Loans | Subordinate Mortgage Portfolio Segment                                  
Real Estate [Line Items]                                  
Increase in Specific CECL Allowance, net                   $ 10,000,000              
Hotel - Washington D.C.                                  
Real Estate [Line Items]                                  
Increase in Specific CECL Allowance, net                           $ 10,000,000      
Net assets acquired       154,000,000             154,000,000   155,900,000        
Hotel - Washington D.C. | Subordinate Mortgage Portfolio Segment                                  
Real Estate [Line Items]                                  
Debt related to real estate owned, held for investment, net     110,000,000                         $ 110,000,000  
Payments for mortgage loans   $ 110,000,000                              
Hotel - Washington D.C. | Junior Mezzanine Loans                                  
Real Estate [Line Items]                                  
Total carrying value, net                               20,000,000  
Hotel - Washington D.C. | Senior Mezzanine Loans                                  
Real Estate [Line Items]                                  
Total carrying value, net                               $ 24,500,000  
Payments to acquire mortgage notes receivable     $ 24,500,000                            
Multifamily Development - Brooklyn, NY | Subordinate Mortgage Portfolio Segment                                  
Real Estate [Line Items]                                  
Debt related to real estate owned, held for investment, net                                 $ 122,200,000
Increase in Specific CECL Allowance, net                             $ 30,000,000    
Multifamily Development - Brooklyn, NY | Commercial Mortgage and Subordinated Portfolio Segment                                  
Real Estate [Line Items]                                  
Increase in Specific CECL Allowance, net             10,000,000                    
Deed-In-Lieu Of Foreclosure                                  
Real Estate [Line Items]                                  
Total carrying value, net $ 226,500,000     331,800,000             331,800,000   $ 302,700,000        
Real estate investment property, net 270,100,000                                
Net realized loss on investment $ 43,600,000                                
Financing receivable, construction and finance costs capitalized       15,200,000             29,100,000            
Residential-for-Sale - Manhattan, NY                                  
Real Estate [Line Items]                                  
Write-offs, specific CECL allowance, funded           $ 7,000,000                      
Residential-for-Sale - Manhattan, NY | Commercial Mortgage and Subordinated Portfolio Segment                                  
Real Estate [Line Items]                                  
Increase in Specific CECL Allowance, net               $ 30,000,000                  
Hotel - Atlanta, GA                                  
Real Estate [Line Items]                                  
Total net revenue       1,400,000             1,400,000            
Real estate investment property, net       $ 77,600,000 $ 75,000,000           $ 77,600,000            
Hotel - Atlanta, GA | Commercial Mortgage and Subordinated Portfolio Segment                                  
Real Estate [Line Items]                                  
Increase in Specific CECL Allowance, net             $ 7,000,000                    
[1] Includes $203,148 and $191,608 pledged as collateral under secured debt arrangements in 2023 and 2022, respectively.
[2] Net of $225,276 and $159,724 CECL Allowance in 2023 and 2022, respectively, comprised of $193,000 and $133,500 Specific CECL Allowance and $32,276 and $26,224 General CECL Allowance, respectively.