Goodwill and Intangibles (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of December 31, 2023 and 2022 (amounts in thousands):


	As of December 31, 2023						As of December 31, 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Domestic servicing rights, at fair value	$	19,384	$	—	$	19,384	$	17,790	$	—	$	17,790
In-place lease intangible assets	96,158		(67,420)		28,738		98,622		(64,246)		34,376
Favorable lease intangible assets	27,928		(11,083)		16,845		26,649		(10,042)		16,607
Total net intangible assets	$	143,470	$	(78,503)	$	64,967	$	143,061	$	(74,288)	$	68,773

Schedule of Activity within Intangible Assets

The following table summarizes the activity within intangible assets for the years ended December 31, 2023 and 2022 (amounts in thousands):


	Domestic Servicing Rights		In-place Lease Intangible Assets		Favorable Lease Intangible Assets		Total
Balance as of January 1, 2022	$	16,780	$	31,991	$	14,793	$	63,564
Acquisition (1)	—		10,083		3,520		13,603
Amortization	—		(7,132)		(1,664)		(8,796)
Impairment (2)	—		(43)		(4)		(47)
Sales	—		(523)		(38)		(561)
Changes in fair value due to changes in inputs and assumptions	1,010		—		—		1,010
Balance as of December 31, 2022	$	17,790	$	34,376	$	16,607	$	68,773
Acquisition (3)	—		2,061		2,280		4,341
Amortization	—		(6,789)		(1,945)		(8,734)

Sales	—		(910)		(97)		(1,007)
Changes in fair value due to changes in inputs and assumptions	1,594		—		—		1,594
Balance as of December 31, 2023	$	19,384	$	28,738	$	16,845	$	64,967

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(1) Represents lease intangibles related to an office building in Texas that were consolidated upon exercising control over a mezzanine loan borrower’s pledged equity interests in May 2022.

(2) Impairment of intangible lease assets is recognized within other expense in our consolidated statement of operations.

(3) Represents lease intangibles related to a deed in lieu of foreclosure on a mortgage loan on the retail portion of a hotel located in Chicago in May 2023 (see Note 5).

Schedule of Future Amortization Expense

The following table sets forth the estimated aggregate amortization of our in-place lease intangible assets and favorable lease intangible assets for the next five years and thereafter (amounts in thousands):


2024	$	7,195
2025	6,099
2026	4,573
2027	4,089
2028	3,943
Thereafter	19,684
Total	$	45,583