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SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2014
Segment Reporting [Abstract]  
Schedule of segment
The Company evaluates performance based on the following financial measures for each segment ($ in thousands):
 
 
Loans
 
Securities
 
Real Estate(1)
 
Corporate/Other(2)
 
Company Total
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2014
 

 
 

 
 

 
 

 
 

Interest income
$
113,943

 
$
73,331

 
$
—

 
$
51

 
$
187,325

Interest expense
(13,205
)
 
(6,588
)
 
(15,984
)
 
(41,797
)
 
(77,574
)
Net interest income (expense)
100,738

 
66,743

 
(15,984
)
 
(41,746
)
 
109,751

Provision for loan losses
(600
)
 
—

 
—

 
—

 
(600
)
Net interest income (expense) after provision for loan losses
100,138

 
66,743

 
(15,984
)
 
(41,746
)
 
109,151

 
 
 
 
 
 
 
 
 
 
Operating lease income
—

 
—

 
56,649

 
—

 
56,649

Tenant recoveries
—

 
—

 
9,183

 
—

 
9,183

Sale of loans, net
145,275

 
—

 
—

 
—

 
145,275

Gain on securities
—

 
26,977

 
—

 
—

 
26,977

Unrealized gain (loss) on Agency interest-only securities
—

 
2,144

 
—

 
—

 
2,144

Sale of real estate, net
1,525

 
—

 
28,235

 
—

 
29,760

Fee income
3,854

 
—

 
5,374

 
2,476

 
11,704

Net result from derivative transactions
(34,599
)
 
(60,199
)
 
—

 
—

 
(94,798
)
Earnings from investment in unconsolidated joint ventures
—

 
—

 
900

 
1,090

 
1,990

Gain on assignment of mortgage loan financing
—

 
—

 
431

 
—

 
431

Loss on extinguishment of debt
—

 
—

 
—

 
(150
)
 
(150
)
Total other income
116,055

 
(31,078
)
 
100,772

 
3,416

 
189,165

 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
(22,400
)
 
—

 
—

 
(59,744
)
 
(82,144
)
Operating expenses
235

 
—

 
—

 
(25,633
)
 
(25,398
)
Real estate operating expenses
—

 
—

 
(32,670
)
 
—

 
(32,670
)
Real estate acquisition costs
—

 
—

 
(2,399
)
 
(4
)
 
(2,403
)
Fee expense
(2,172
)
 
(65
)
 
(83
)
 
(703
)
 
(3,023
)
Depreciation and amortization
—

 
—

 
(28,271
)
 
(176
)
 
(28,447
)
Total costs and expenses
(24,337
)
 
(65
)
 
(63,423
)
 
(86,260
)
 
(174,085
)
 
 
 
 
 
 
 
 
 
 
Tax expense
—

 
—

 
—

 
(26,605
)
 
(26,605
)
Segment profit (loss)
$
191,856

 
$
35,600

 
$
21,365

 
$
(151,195
)
 
$
97,626

 
 
 
 
 
 
 
 
 
 
Total assets as of December 31, 2014
$
1,939,008

 
$
2,815,566

 
$
771,129

 
$
297,958

 
$
5,823,661

 
 
 
 
 
 
 
 
 
 
 
Loans
 
Securities
 
Real Estate(1)
 
Corporate/Other(2)
 
Company Total
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2013
 

 
 

 
 

 
 

 
 

Interest income
$
63,894

 
$
57,636

 
$
—

 
$
48

 
$
121,578

Interest expense
(4,592
)
 
(3,289
)
 
(7,673
)
 
(33,191
)
 
(48,745
)
Net interest income (expense)
59,302

 
54,347

 
(7,673
)
 
(33,143
)
 
72,833

Provision for loan losses
(600
)
 
—

 
—

 
—

 
(600
)
Net interest income (expense) after provision for loan losses
58,702

 
54,347

 
(7,673
)
 
(33,143
)
 
72,233

 
 
 
 
 
 
 
 
 
 
Operating lease income
—

 
—

 
37,394

 
—

 
37,394

Tenant recoveries
—

 
—

 
3,271

 
—

 
3,271

Sale of loans, net
146,708

 
—

 
—

 
—

 
146,708

Gain on securities
—

 
4,231

 
—

 
—

 
4,231

Unrealized gain (loss) on Agency interest-only securities
—

 
(2,665
)
 
—

 
—

 
(2,665
)
Sale of real estate, net
—

 
—

 
13,565

 
—

 
13,565

Fee income
2,963

 
195

 
312

 
4,452

 
7,922

Net result from derivative transactions
15,836

 
12,239

 
—

 
—

 
28,075

Earnings from investment in unconsolidated joint ventures
—

 
—

 
—

 
3,203

 
3,203

Total other income
165,507

 
14,000

 
54,542

 
7,655

 
241,704

 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
(26,250
)
 
—

 
—

 
(34,788
)
 
(61,038
)
Operating expenses
201

 
—

 
(7
)
 
(15,131
)
 
(14,937
)
Real estate operating expenses
—

 
—

 
(17,404
)
 
—

 
(17,404
)
Real estate acquisition costs
—

 
—

 
(3,626
)
 
—

 
(3,626
)
Fee expense
(1,981
)
 
(375
)
 
(33
)
 
(566
)
 
(2,955
)
Depreciation and amortization
—

 
—

 
(20,967
)
 
(547
)
 
(21,514
)
Total costs and expenses
(28,030
)
 
(375
)
 
(42,037
)
 
(51,032
)
 
(121,474
)
 
 
 
 
 
 
 
 
 
 
Tax expense
—

 
—

 
—

 
(3,730
)
 
(3,730
)
Segment profit (loss)
$
196,179

 
$
67,972

 
$
4,832

 
$
(80,250
)
 
$
188,733

 
 
 
 
 
 
 
 
 
 
Total assets as of December 31, 2013
$
979,568

 
$
1,657,246

 
$
626,362

 
$
225,887

 
$
3,489,063

 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2012
 
 
 
 
 
 
 
 
 
Interest income
$
56,835

 
$
80,613

 
$
—

 
$
(1,250
)
 
$
136,198

Interest expense
(9,212
)
 
(15,807
)
 
(3,595
)
 
(7,826
)
 
(36,440
)
Net interest income (expense)
47,623

 
64,806

 
(3,595
)
 
(9,076
)
 
99,758

Provision for loan losses
(449
)
 
—

 
—

 
—

 
(449
)
Net interest income (expense) after provision for loan losses
47,174

 
64,806

 
(3,595
)
 
(9,076
)
 
99,309

 
 
 
 
 
 
 
 
 
 
Operating lease income
—

 
—

 
8,331

 
—

 
8,331

Sale of loans, net
151,661

 
—

 
—

 
—

 
151,661

Gain on securities
—

 
19,014

 
—

 
—

 
19,014

Unrealized gain (loss) on Agency interest-only securities
—

 
(5,681
)
 
—

 
—

 
(5,681
)
Sale of real estate, net
—

 
—

 
1,275

 
—

 
1,275

 
Loans
 
Securities
 
Real Estate(1)
 
Corporate/Other(2)
 
Company Total
 
 
 
 
 
 
 
 
 
 
Fee income
6,886

 
251

 
823

 
828

 
8,788

Net result from derivative transactions
(25,236
)
 
(10,415
)
 
—

 
—

 
(35,651
)
Earnings from investment in unconsolidated joint ventures
—

 
—

 
—

 
1,256

 
1,256

Total other income
133,311

 
3,169

 
10,429

 
2,084

 
148,993

 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
(21,500
)
 
—

 
—

 
(29,590
)
 
(51,090
)
Operating expenses
—

 
—

 
(672
)
 
(8,900
)
 
(9,572
)
Real estate acquisition costs
—

 
—

 
(5,797
)
 
—

 
(5,797
)
Fee expense
(5,635
)
 
(107
)
 
(128
)
 
(294
)
 
(6,164
)
Depreciation and amortization
—

 
—

 
(3,093
)
 
(548
)
 
(3,641
)
Total costs and expenses
(27,135
)
 
(107
)
 
(9,690
)
 
(39,332
)
 
(76,264
)
 
 
 
 
 
 
 
 
 
 
Tax expense
—

 
—

 
—

 
(2,584
)
 
(2,584
)
Segment profit (loss)
$
153,350

 
$
67,868

 
$
(2,856
)
 
$
(48,908
)
 
$
169,454

 
(1)
Includes the Company’s investment in unconsolidated joint ventures that hold real estate of $2.1 million and $2.1 million as of December 31, 2014 and 2013, respectively.
(2)
Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to combined consolidated Company totals.  This caption also includes the Company’s investment in unconsolidated joint ventures and strategic investments that are not related to the other reportable segments above, including the Company’s investment in unconsolidated joint ventures of $3.9 million and $7.1 million as of December 31, 2014 and 2013, respectively, the Company’s investment in FHLB stock of $72.3 million and $49.5 million as of December 31, 2014 and 2013, respectively and the Company’s DTA of $8.3 million as of December 31, 2014 and none as of December 31, 2013.