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SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2015
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, 2015
 

 
 

 
 

 
 

 
 

Interest income
$
165,403

 
$
76,083

 
$
—

 
$
53

 
$
241,539

Interest expense
(24,039
)
 
(7,256
)
 
(23,873
)
 
(58,135
)
 
(113,303
)
Net interest income (expense)
141,364

 
68,827

 
(23,873
)
 
(58,082
)
 
128,236

Provision for loan losses
(600
)
 
—

 
—

 
—

 
(600
)
Net interest income (expense) after provision for loan losses
140,764

 
68,827

 
(23,873
)
 
(58,082
)
 
127,636

 
 
 
 
 
 
 
 
 
 
Operating lease income
—

 
—

 
80,465

 
—

 
80,465

Tenant recoveries
—

 
—

 
9,907

 
—

 
9,907

Sale of loans, net
71,066

 
—

 
—

 
—

 
71,066

Realized gain on securities
—

 
24,007

 
—

 
—

 
24,007

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

 
(1,249
)
 
—

 
—

 
(1,249
)
Realized gain on sale of real estate, net
2,346

 
—

 
38,040

 
—

 
40,386

Fee and other income
5,999

 
230

 
5,989

 
2,987

 
15,205

Net result from derivative transactions
(12,609
)
 
(26,328
)
 
—

 
—

 
(38,937
)
Earnings from investment in unconsolidated joint ventures
—

 
—

 
255

 
116

 
371

Total other income
66,802

 
(3,340
)
 
134,656

 
3,103

 
201,221

 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
(16,531
)
 
—

 
—

 
(45,081
)
 
(61,612
)
Operating expenses
381

 
—

 
—

 
(25,484
)
 
(25,103
)
Real estate operating expenses
—

 
—

 
(35,886
)
 
—

 
(35,886
)
Real estate acquisition costs
—

 
—

 
(1,982
)
 
(1
)
 
(1,983
)
Fee expense
(1,693
)
 
(40
)
 
(470
)
 
(2,318
)
 
(4,521
)
Depreciation and amortization
—

 
—

 
(38,953
)
 
(108
)
 
(39,061
)
Total costs and expenses
(17,843
)
 
(40
)
 
(77,291
)
 
(72,992
)
 
(168,166
)
 
 
 
 
 
 
 
 
 
 
Tax (expense) benefit
—

 
—

 
—

 
(14,557
)
 
(14,557
)
Segment profit (loss)
$
189,723

 
$
65,447

 
$
33,492

 
$
(142,528
)
 
$
146,134

 
 
 
 
 
 
 
 
 
 
Total assets as of December 31, 2015
$
2,310,409

 
$
2,407,217

 
$
868,528

 
$
309,058

 
$
5,895,212

 
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

Realized gain on securities
—

 
26,977

 
—

 
—

 
26,977

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

 
2,144

 
—

 
—

 
2,144

Realized gain on 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
—

 
—

 
432

 
—

 
432

Loss on extinguishment of debt
—

 
—

 
—

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

 
(31,078
)
 
100,773

 
3,416

 
189,166

 
 
 
 
 
 
 
 
 
 
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
—

 
—

 
(2,400
)
 
(4
)
 
(2,404
)
Fee expense
(2,172
)
 
(65
)
 
(83
)
 
(703
)
 
(3,023
)
Depreciation and amortization
—

 
—

 
(28,271
)
 
(176
)
 
(28,447
)
Total costs and expenses
(24,337
)
 
(65
)
 
(63,424
)
 
(86,260
)
 
(174,086
)
 
 
 
 
 
 
 
 
 
 
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

 
$
288,532

 
$
5,814,235

 
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
—

 
—

 
37,395

 
—

 
37,395

Tenant recoveries
—

 
—

 
3,271

 
—

 
3,271

Sale of loans, net
146,708

 
—

 
—

 
—

 
146,708

Realized gain on securities
—

 
4,231

 
—

 
—

 
4,231

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

 
(2,665
)
 
—

 
—

 
(2,665
)
Realized gain on 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

 
54,543

 
7,655

 
241,705

 
 
 
 
 
 
 
 
 
 
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
—

 
—

 
(20,968
)
 
(547
)
 
(21,515
)
Total costs and expenses
(28,030
)
 
(375
)
 
(42,038
)
 
(51,032
)
 
(121,475
)
 
 
 
 
 
 
 
 
 
 
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

 
$
219,040

 
$
3,482,216

 
(1)
Includes the Company’s investment in unconsolidated joint ventures that held real estate of $33.7 million and $2.1 million as of December 31, 2015 and 2014, 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 $48,771 and $3.9 million as of December 31, 2015 and 2014, respectively, the Company’s investment in FHLB stock of $77.9 million and $72.3 million as of December 31, 2015 and 2014, respectively, the Company’s deferred tax asset of $5.0 million and $8.2 million as of December 31, 2015 and 2014, respectively and the Company’s senior unsecured notes of $612.6 million and $610.1 million as of December 31, 2015 and 2014, respectively.