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REAL ESTATE SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Summary of securities which are classified as available-for-sale The following is a summary of the Company’s securities at December 31, 2021 and December 31, 2020 ($ in thousands):
December 31, 2021
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized Cost BasisGainsLossesCarrying
Value		# of
Securities		Rating (1)Coupon %Yield %Remaining
Duration
(years)
CMBS(2)$691,402  $691,026 $775 $(5,508)$686,293 (3)73 AAA1.57 %1.57 %2.06
CMBS interest-only(2)(4)1,302,551 15,268 617 — 15,885 (5)13 AAA0.45 %5.67 %1.88
GNMA interest-only(4)(6)59,075 518 105 (64)559 14 AA+0.38 %4.97 %3.64
Agency securities(2)557  560 3 — 563 2 AA+2.47 %1.58 %0.69
Total debt securities$2,053,585 $707,372 $1,500 $(5,572)$703,300 102 0.83 %1.67 %2.06
Allowance for current expected credit lossesN/A— — (20)(20)
Total real estate securities$2,053,585  $707,372 $1,500 $(5,592)$703,280 102  

December 31, 2020
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized
Cost Basis		GainsLossesCarrying
Value		# of
Securities		Rating (1)Coupon %Yield %Remaining
Duration
(years)
CMBS(2)$1,015,520  $1,015,282 $1,382 $(13,363)$1,003,301 (3)90 AAA1.56 %1.56 %2.01
CMBS interest-only(2)(4)1,498,181 21,567 672 (26)22,213 (5)15 AAA0.44 %3.53 %2.19
GNMA interest-only(4)(6)75,350 868 232 (100)1,000 11 AA+0.43 %5.06 %3.59
Agency securities(2)586  593 12 — 605 2 AA+2.55 %1.64 %1.26
GNMA permanent securities(2)30,254  30,340 859 — 31,199 5 AA+3.87 %3.49 %1.98
Total debt securities$2,619,891 $1,068,650 $3,157 $(13,489)$1,058,318 123 0.91 %1.66 %2.01
Allowance for current expected credit lossesN/A— — (20)(20)
Total real estate securities$2,619,891  $1,068,650 $3,157 $(13,509)$1,058,298 123  
(1)Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the highest rating is used. Ratings provided were determined by third-party rating agencies as of a particular date, may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time.
(2)CMBS, CMBS interest-only securities, Agency securities, GNMA permanent securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income.
(3)As of December 31, 2021 and December 31, 2020, respectively, includes $9.9 million and $11.1 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(4)The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.
(5)As of December 31, 2021 and December 31, 2020, respectively, includes $0.5 million and $0.7 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(6)Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value
with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income in accordance with ASC 815.
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows
The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2021 and December 31, 2020 ($ in thousands):
 
December 31, 2021
Asset TypeWithin 1 year1-5 years5-10 yearsAfter 10 yearsTotal
CMBS$304,357 $354,670 $10,307 $16,958 $686,292 
CMBS interest-only1,018 14,868 — — 15,886 
GNMA interest-only102 278 179 — 559 
Agency securities503 60 — — 563 
Allowance for current expected credit losses— — — — (20)
Total real estate securities$305,980 $369,876 $10,486 $16,958 $703,280 
 
December 31, 2020
Asset TypeWithin 1 year1-5 years5-10 yearsAfter 10 yearsTotal
CMBS$230,977 $748,953 $23,371 $— $1,003,301 
CMBS interest-only1,572 20,641 — — 22,213 
GNMA interest-only65 647 288 — 1,000 
Agency securities— 605 — — 605 
GNMA permanent securities67 31,132 — — 31,199 
Allowance for current expected credit losses— — — — (20)
Total real estate securities$232,681 $801,978 $23,659 $— $1,058,298