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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
SEGMENT REPORTING
18. SEGMENT REPORTING
 
The Company has determined that it has three reportable segments based on how the chief operating decision maker reviews and manages the business. These reportable segments include loans, securities, and real estate. The loans segment includes mortgage loan receivables held for investment (balance sheet loans) and mortgage loan receivables held for sale (conduit loans). The securities segment is composed of all of the Company’s activities related to commercial real estate securities, which include investments in CMBS and U.S. Agency Securities. The real estate segment includes net leased properties, office buildings, a warehouse and condominium units. Corporate/other includes the Company’s investments in joint ventures, other asset management activities and operating expenses.

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
 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2016
 

 
 

 
 

 
 

 
 

Interest income
$
41,328

 
$
18,256

 
$
—

 
$
17

 
$
59,601

Interest expense
(6,151
)
 
(1,970
)
 
(6,195
)
 
(15,220
)
 
(29,536
)
Net interest income (expense)
35,177

 
16,286

 
(6,195
)
 
(15,203
)
 
30,065

Provision for loan losses
(150
)
 
—

 
—

 
—

 
(150
)
Net interest income (expense) after provision for loan losses
35,027

 
16,286

 
(6,195
)
 
(15,203
)
 
29,915

 
 
 
 
 
 
 
 
 
 
Operating lease income
—

 
—

 
19,294

 
—

 
19,294

Tenant recoveries
—

 
—

 
1,335

 
—

 
1,335

Sale of loans, net
7,830

 
—

 
—

 
—

 
7,830

Realized gain on securities
—

 
(573
)
 
—

 
—

 
(573
)
Unrealized gain (loss) on Agency interest-only securities
—

 
660

 
—

 
—

 
660

Realized gain on sale of real estate, net
641

 
—

 
5,454

 
—

 
6,095

Fee and other income
1,805

 
—

 
342

 
828

 
2,975

Net result from derivative transactions
(16,125
)
 
(34,737
)
 
—

 
—

 
(50,862
)
Earnings from investment in unconsolidated joint ventures
—

 
—

 
(98
)
 
892

 
794

Gain (loss) on extinguishment of debt
—

 
—

 
—

 
5,382

 
5,382

Total other income (expense)
(5,849
)
 
(34,650
)
 
26,327

 
7,102

 
(7,070
)
 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
(1,500
)
 
—

 
—

 
(11,115
)
 
(12,615
)
Operating expenses
—

 
—

 
(422
)
 
(5,873
)
 
(6,295
)
Real estate operating expenses
—

 
—

 
(5,719
)
 
—

 
(5,719
)
Fee expense
(436
)
 
—

 
(114
)
 
(181
)
 
(731
)
Depreciation and amortization
—

 
—

 
(9,797
)
 
(5
)
 
(9,802
)
Total costs and expenses
(1,936
)
 
—

 
(16,052
)
 
(17,174
)
 
(35,162
)
 
 
 
 
 
 
 
 
 
 
Tax (expense) benefit
—

 
—

 
—

 
873

 
873

Segment profit (loss)
$
27,242

 
$
(18,364
)
 
$
4,080

 
$
(24,402
)
 
$
(11,444
)
 
 
 
 
 
 
 
 
 
 
Total assets as of March 31, 2016
$
1,926,164

 
$
2,598,874

 
$
843,085

 
$
287,172

 
$
5,655,295

 
Loans
 
Securities
 
Real
Estate(1)
 
Corporate/Other(2)
 
Company
Total
 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2015
 

 
 

 
 

 
 

 
 

Interest income
$
36,056

 
$
20,321

 
$
—

 
$
6

 
$
56,383

Interest expense
(5,422
)
 
(2,012
)
 
(5,219
)
 
(14,171
)
 
(26,824
)
Net interest income (expense)
30,634

 
18,309

 
(5,219
)
 
(14,165
)
 
29,559

Provision for loan losses
(150
)
 
—

 
—

 
—

 
(150
)
Net interest income (expense) after provision for loan losses
30,484

 
18,309

 
(5,219
)
 
(14,165
)
 
29,409

 
 
 
 
 
 
 
 
 
 
Operating lease income
—

 
—

 
19,147

 
—

 
19,147

Tenant recoveries
—

 
—

 
2,526

 
—

 
2,526

Sale of loans, net
30,027

 
—

 
—

 
—

 
30,027

Realized gain on securities
—

 
12,150

 
—

 
—

 
12,150

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

 
(1,318
)
 
—

 
—

 
(1,318
)
Realized gain on sale of real estate, net
611

 
—

 
7,051

 
—

 
7,662

Fee income
1,484

 
—

 
11

 
2,046

 
3,541

Net result from derivative transactions
(13,950
)
 
(25,189
)
 
—

 
—

 
(39,139
)
Earnings from investment in unconsolidated joint ventures
—

 
—

 
339

 
102

 
441

Total other income
18,172

 
(14,357
)
 
29,074

 
2,148

 
35,037

 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
(2,800
)
 
—

 
—

 
(10,958
)
 
(13,758
)
Operating expenses
69

 
—

 
—

 
(8,872
)
 
(8,803
)
Real estate operating expenses
—

 
—

 
(9,372
)
 
—

 
(9,372
)
Real estate acquisition costs
—

 
—

 
(600
)
 
—

 
(600
)
Fee expense
(891
)
 
(2
)
 
(38
)
 
(192
)
 
(1,123
)
Depreciation and amortization
—

 
—

 
(9,718
)
 
(5
)
 
(9,723
)
Total costs and expenses
(3,622
)
 
(2
)
 
(19,728
)
 
(20,027
)
 
(43,379
)
 
 
 
 
 
 
 
 
 
 
Tax expense
—

 
—

 
—

 
(3,104
)
 
(3,104
)
Segment profit (loss)
$
45,034

 
$
3,950

 
$
4,127

 
$
(35,148
)
 
$
17,963

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

 
$
2,407,217

 
$
868,528

 
$
309,058

 
$
5,895,212

 
(1)
Includes the Company’s investment in unconsolidated joint ventures that held real estate of $33.9 million and $33.7 million as of March 31, 2016 and December 31, 2015, 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 $1.0 million and $48,771 as of March 31, 2016 and December 31, 2015, respectively, the Company’s investment in FHLB stock of $77.9 million and $77.9 million as of March 31, 2016 and December 31, 2015, respectively, the Company’s deferred tax asset of $6.2 million and $5.0 million as of March 31, 2016 and December 31, 2015, respectively and the Company’s senior unsecured notes of $558.1 million and $612.6 million as of March 31, 2016 and December 31, 2015, respectively.