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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2023
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 makers review and manage 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 securities, which include investments in CMBS, U.S. Agency securities, corporate bonds, equity securities and U.S. Treasury securities. The real estate segment includes net leased properties, office buildings, student housing portfolios, hotels, industrial buildings, a shopping center and condominium units. Corporate/other includes certain of the Company’s investments in ventures, other asset management activities and operating expenses.
The Company evaluates performance based on the following financial measures for each segment ($ in thousands):
Year ended December 31, 2023LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$341,840 $32,479 $12 $32,953 $407,284 
Interest expense(122,420)(3,177)(31,443)(88,057)(245,097)
Net interest income (expense)219,420 29,302 (31,431)(55,104)162,187 
(Provision for) release of loan loss reserves(25,096)— — — (25,096)
Net interest income (expense) after provision for (release of) loan reserves194,324 29,302 (31,431)(55,104)137,091 
Real estate operating income— — 96,950 — 96,950 
Net result from mortgage loan receivables held for sale(523)— — — (523)
Realized gain (loss) on securities— (276)— — (276)
Unrealized gain (loss) on securities— 29 — — 29 
Realized gain on sale of real estate, net— — 8,808 — 8,808 
Fee and other income8,237 15 300 626 9,178 
Net result from derivative transactions404 595 482 — 1,481 
Earnings (loss) from investment in unconsolidated ventures— — 758 — 758 
Gain (loss) on extinguishment of debt— — — 10,718 10,718 
Total other income (loss)8,118 363 107,298 11,344 127,123 
Compensation and employee benefits— — — (63,618)(63,618)
Operating expenses— — — (19,503)(19,503)
Real estate operating expenses— — (37,587)— (37,587)
Investment related expenses(6,310)(191)(903)(1,443)(8,847)
Depreciation and amortization— — (29,482)(432)(29,914)
Total costs and expenses(6,310)(191)(67,972)(84,996)(159,469)
Income tax (expense) benefit— — — (4,244)(4,244)
Segment profit (loss)$196,132 $29,474 $7,895 $(133,000)$100,501 
Total assets as of December 31, 2023$3,138,794 $485,533 $733,319 $1,155,031 $5,512,677 
Year ended December 31, 2022LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$269,629 $20,659 $6 $3,226 $293,520 
Interest expense(68,158)(4,620)(36,683)(86,141)(195,602)
Net interest income (expense)201,471 16,039 (36,677)(82,915)97,918 
(Provision for) release of loan loss reserves(3,711)— — — (3,711)
Net interest income (expense) after provision for (release of) loan reserves197,760 16,039 (36,677)(82,915)94,207 
Real estate operating income— — 108,269 — 108,269 
Net result from mortgage loan receivables held for sale(2,511)— — — (2,511)
Realized gain (loss) on securities— (73)— — (73)
Unrealized gain (loss) on securities— (86)— — (86)
Realized gain on sale of real estate, net— — 115,998 — 115,998 
Fee and other income10,149 55 4,355 461 15,020 
Net result from derivative transactions6,755 3,972 1,633 — 12,360 
Earnings (loss) from investment in unconsolidated ventures— — 1,410 — 1,410 
Gain (loss) on extinguishment of debt— — — 685 685 
Total other income (loss)14,393 3,868 231,665 1,146 251,072 
Compensation and employee benefits— — — (75,836)(75,836)
Operating expenses— — — (20,716)(20,716)
Real estate operating expenses— — (38,605)— (38,605)
Investment related expenses(2,325)(277)(954)(3,679)(7,235)
Depreciation and amortization— — (32,632)(41)(32,673)
Total costs and expenses(2,325)(277)(72,191)(100,272)(175,065)
Income tax (expense) benefit— — — (4,909)(4,909)
Segment profit (loss)$209,828 $19,630 $122,797 $(186,950)$165,305 
Total assets as of December 31, 2022$3,892,382 $587,519 $706,355 $764,917 $5,951,173 
Year ended December 31, 2021LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$162,349 $13,101 $1 $648 $176,099 
Interest expense(53,414)(2,403)(36,075)(91,057)(182,949)
Net interest income (expense)108,935 10,698 (36,074)(90,409)(6,850)
(Provision for) release of loan loss reserves8,713 — — 8,713 
Net interest income (expense) after provision for (release of) loan reserves117,648 10,698 (36,074)(90,409)1,863 
Real estate operating income— — 101,564 — 101,564 
Net result from mortgage loan receivables held for sale8,398 — — — 8,398 
Realized gain (loss) on securities— 1,594 — — 1,594 
Unrealized gain (loss) on securities— (91)— — (91)
Realized gain on sale of real estate, net— — 55,766 — 55,766 
Fee and other income10,507 — 50 633 11,190 
Net result from derivative transactions507 1,250 (8)— 1,749 
Earnings (loss) from investment in unconsolidated ventures335 — 1,244 — 1,579 
Total other income (loss)19,747 2,753 158,616 633 181,749 
Compensation and employee benefits— — — (38,347)(38,347)
Operating expenses127 — — (17,799)(17,672)
Real estate operating expenses— — (26,161)— (26,161)
Investment related expenses(2,341)(217)(849)(2,403)(5,810)
Depreciation and amortization— — (37,702)(99)(37,801)
Total costs and expenses(2,214)(217)(64,712)(58,648)(125,791)
Income tax (expense) benefit— — — (928)(928)
Segment profit (loss)$135,181 $13,234 $57,830 $(149,352)$56,893 
Total assets as of December 31, 2021$3,521,986 $703,280 $914,027 $711,959 $5,851,252 
(1)Includes the Company’s investment in unconsolidated ventures that held real estate of $6.9 million and $6.2 million as of December 31, 2023 and December 31, 2022, respectively.
(2)Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This segment also includes the Company’s investment in FHLB stock of $5.2 million as of December 31, 2023 and $9.6 million as of December 31, 2022, and the Company’s senior unsecured notes of $1.6 billion at December 31, 2023 and December 31, 2022.