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SEGMENT REPORTING (Tables)
 9 Months Ended
Sep. 30, 2017
Segment Reporting [Abstract]  
Schedule of Company's performance evaluation by 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
 
 
 
 
 
 
 
 
 
 
Three months ended September 30, 2017
 

 
 

 
 

 
 

 
 

Interest income
$
63,417

 
$
9,263

 
$
3

 
$
80

 
$
72,763

Interest expense
(17,502
)
 
(1,456
)
 
(6,785
)
 
(16,864
)
 
(42,607
)
Net interest income (expense)
45,915

 
7,807

 
(6,782
)
 
(16,784
)
 
30,156

Provision for loan losses
—

 
—

 
—

 
—

 
—

Net interest income (expense) after provision for loan losses
45,915

 
7,807

 
(6,782
)
 
(16,784
)
 
30,156

 
 
 
 
 
 
 
 
 
 
Operating lease income
—

 
—

 
22,924

 
—

 
22,924

Tenant recoveries
—

 
—

 
2,382

 
—

 
2,382

Sale of loans, net
(775
)
 
—

 
—

 
—

 
(775
)
Realized gain on securities
—

 
6,688

 
—

 
—

 
6,688

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

 
577

 
—

 
—

 
577

Realized gain (loss) on sale of real estate, net
(159
)
 
—

 
3,387

 
—

 
3,228

Fee and other income
1,447

 
—

 
2,057

 
834

 
4,338

Net result from derivative transactions
990

 
(1,338
)
 
—

 
—

 
(348
)
Earnings (loss) from investment in unconsolidated joint ventures
—

 
—

 
127

 
—

 
127

Total other income (expense)
1,503

 
5,927

 
30,877

 
834

 
39,141

 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
6,700

 
—

 
—

 
(19,955
)
 
(13,255
)
Operating expenses
99

 
—

 
—

 
(4,889
)
 
(4,790
)
Real estate operating expenses
—

 
—

 
(9,351
)
 
—

 
(9,351
)
Fee expense
(992
)
 
(68
)
 
(182
)
 
—

 
(1,242
)
Depreciation and amortization
—

 
—

 
(10,583
)
 
(23
)
 
(10,606
)
Total costs and expenses
5,807

 
(68
)
 
(20,116
)
 
(24,867
)
 
(39,244
)
 
 
 
 
 
 
 
 
 
 
Income tax (expense) benefit
—

 
—

 
—

 
400

 
400

Segment profit (loss)
$
53,225

 
$
13,666

 
$
3,979

 
$
(40,417
)
 
$
30,453

 
 
 
 
 
 
 
 
 
 
Total assets as of September 30, 2017
$
3,964,426

 
$
1,098,471

 
$
1,076,908

 
$
272,235

 
$
6,412,040

 
Loans
 
Securities
 
Real
Estate(1)
 
Corporate/Other(2)
 
Company
Total
 
 
 
 
 
 
 
 
 
 
Three months ended September 30, 2016
 

 
 

 
 

 
 

 
 

Interest income
$
40,639

 
$
19,630

 
$
4

 
$
11

 
$
60,284

Interest expense
(6,281
)
 
(2,902
)
 
(6,276
)
 
(15,226
)
 
(30,685
)
Net interest income (expense)
34,358

 
16,728

 
(6,272
)
 
(15,215
)
 
29,599

Provision for loan losses
—

 
—

 
—

 
—

 
—

Net interest income (expense) after provision for loan losses
34,358

 
16,728

 
(6,272
)
 
(15,215
)
 
29,599

 
 
 
 
 
 
 
 
 
 
Operating lease income
—

 
—

 
19,466

 
—

 
19,466

Tenant recoveries
—

 
—

 
1,185

 
—

 
1,185

Sale of loans, net
19,640

 
—

 
—

 
—

 
19,640

Realized gain on securities
—

 
7,126

 
—

 
—

 
7,126

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

 
(47
)
 
—

 
—

 
(47
)
Realized gain on sale of real estate, net
—

 
—

 
4,649

 
—

 
4,649

Fee and other income
2,230

 
—

 
1,867

 
4,004

 
8,101

Net result from derivative transactions
4,656

 
4,700

 
—

 
—

 
9,356

Earnings from investment in unconsolidated joint ventures
—

 
—

 
(141
)
 
—

 
(141
)
Total other income
26,526

 
11,779

 
27,026

 
4,004

 
69,335

 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
(3,300
)
 
—

 
—

 
(13,996
)
 
(17,296
)
Operating expenses
—

 
—

 
—

 
(4,391
)
 
(4,391
)
Real estate operating expenses
—

 
—

 
(8,392
)
 
—

 
(8,392
)
Fee expense
(1,077
)
 
(15
)
 
(151
)
 
440

 
(803
)
Depreciation and amortization
—

 
—

 
(9,705
)
 
(28
)
 
(9,733
)
Total costs and expenses
(4,377
)
 
(15
)
 
(18,248
)
 
(17,975
)
 
(40,615
)
 
 
 
 
 
 
 
 
 
 
Income tax (expense) benefit
—

 
—

 
—

 
(8,721
)
 
(8,721
)
Segment profit (loss)
$
56,507

 
$
28,492

 
$
2,506

 
$
(37,907
)
 
$
49,598

 
 
 
 
 
 
 
 
 
 
Total assets as of December 31, 2016
$
2,353,977

 
$
2,100,947

 
$
856,363

 
$
267,050

 
$
5,578,337

 
Loans
 
Securities
 
Real
Estate(1)
 
Corporate/Other(2)
 
Company
Total
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30, 2017
 

 
 

 
 

 
 

 
 

Interest income
$
161,738

 
$
34,532

 
$
9

 
$
131

 
$
196,410

Interest expense
(34,818
)
 
(5,179
)
 
(19,709
)
 
(49,919
)
 
(109,625
)
Net interest income (expense)
126,920

 
29,353

 
(19,700
)
 
(49,788
)
 
86,785

Provision for loan losses
—

 
—

 
—

 
—

 
—

Net interest income (expense) after provision for loan losses
126,920

 
29,353

 
(19,700
)
 
(49,788
)
 
86,785

 
 
 
 
 
 
 
 
 
 
Operating lease income
—

 
—

 
64,741

 
—

 
64,741

Tenant recoveries
—

 
—

 
5,121

 
—

 
5,121

Sale of loans, net
(1,774
)
 
—

 
—

 
—

 
(1,774
)
Realized gain on securities
—

 
19,182

 
—

 
—

 
19,182

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

 
1,034

 
—

 
—

 
1,034

Realized gain (loss) on sale of real estate, net
—

 
—

 
7,790

 
—

 
7,790

Fee and other income
4,798

 
—

 
6,040

 
2,540

 
13,378

Net result from derivative transactions
(11,199
)
 
(7,153
)
 
—

 
—

 
(18,352
)
Earnings from investment in unconsolidated joint ventures
—

 
—

 
64

 
—

 
64

Gain (loss) on extinguishment of debt
—

 
—

 
—

 
(54
)
 
(54
)
Total other income (expense)
(8,175
)
 
13,063

 
83,756

 
2,486

 
91,130

 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
—

 
—

 
—

 
(43,786
)
 
(43,786
)
Operating expenses
212

 
—

 
—

 
(16,310
)
 
(16,098
)
Real estate operating expenses
—

 
—

 
(24,861
)
 


 
(24,861
)
Fee expense
(2,798
)
 
(230
)
 
(528
)
 
—

 
(3,556
)
Depreciation and amortization
—

 
—

 
(29,253
)
 
(70
)
 
(29,323
)
Total costs and expenses
(2,586
)
 
(230
)
 
(54,642
)
 
(60,166
)
 
(117,624
)
 
 
 
 
 
 
 
 
 
 
Tax (expense) benefit
—

 
—

 
—

 
3,224

 
3,224

Segment profit (loss)
$
116,159

 
$
42,186

 
$
9,414

 
$
(104,244
)
 
$
63,515

 
 
 
 
 
 
 
 
 
 
Total assets as of September 30, 2017
$
3,964,426

 
$
1,098,471

 
$
1,076,908

 
$
272,235

 
$
6,412,040

 
Loans
 
Securities
 
Real
Estate(1)
 
Corporate/Other(2)
 
Company
Total
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30, 2016
 

 
 

 
 

 
 

 
 

Interest income
$
117,516

 
$
58,088

 
$
5

 
$
41

 
$
175,650

Interest expense
(17,560
)
 
(7,039
)
 
(18,675
)
 
(45,348
)
 
(88,622
)
Net interest income (expense)
99,956

 
51,049

 
(18,670
)
 
(45,307
)
 
87,028

Provision for loan losses
(300
)
 
—

 
—

 
—

 
(300
)
Net interest income (expense) after provision for loan losses
99,656

 
51,049

 
(18,670
)
 
(45,307
)
 
86,728

 
 
 
 
 
 
 
 
 
 
Operating lease income
—

 
—

 
57,845

 
—

 
57,845

Tenant recoveries
—

 
—

 
3,844

 
—

 
3,844

Sale of loans, net
30,265

 
—

 
—

 
—

 
30,265

Realized gain on securities
—

 
9,524

 
—

 
—

 
9,524

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

 
29

 
—

 
—

 
29

Realized gain on sale of real estate, net
—

 
—

 
15,616

 
—

 
15,616

Fee and other income
6,473

 
—

 
5,129

 
5,656

 
17,258

Net result from derivative transactions
(21,139
)
 
(45,009
)
 
—

 
—

 
(66,148
)
Earnings from investment in unconsolidated joint ventures
—

 
—

 
(407
)
 
892

 
485

Loss on extinguishment of debt
—

 
—

 
—

 
5,382

 
5,382

Total other income
15,599

 
(35,456
)
 
82,027

 
11,930

 
74,100

 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
(6,300
)
 
—

 
—

 
(37,043
)
 
(43,343
)
Operating expenses
—

 
—

 
(1
)
 
(15,398
)
 
(15,399
)
Real estate operating expenses
—

 
—

 
(23,244
)
 
—

 
(23,244
)
Fee expense
(1,501
)
 
(33
)
 
(389
)
 
(484
)
 
(2,407
)
Depreciation and amortization
—

 
—

 
(28,704
)
 
(85
)
 
(28,789
)
Total costs and expenses
(7,801
)
 
(33
)
 
(52,338
)
 
(53,010
)
 
(113,182
)
 
 
 
 
 
 
 
 
 
 
Income tax (expense) benefit
—

 
—

 
—

 
(5,547
)
 
(5,547
)
Segment profit (loss)
$
107,454

 
$
15,560

 
$
11,019

 
$
(91,934
)
 
$
42,099

 
 
 
 
 
 
 
 
 
 
Total assets as of December 31, 2016
$
2,353,977

 
$
2,100,947

 
$
856,363

 
$
267,050

 
$
5,578,337

 
(1)
Includes the Company’s investment in unconsolidated joint ventures that held real estate of $35.0 million and $34.0 million as of September 30, 2017 and December 31, 2016, respectively
(2)
Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to 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 FHLB stock of $77.9 million as of September 30, 2017 and December 31, 2016, the Company’s deferred tax asset of $6.7 million and $2.1 million as of September 30, 2017 and December 31, 2016, respectively and the Company’s senior unsecured notes of $1.2 billion and $559.8 million as of September 30, 2017 and December 31, 2016, respectively.