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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENT REPORTING
19. 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, 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 
Sale of loans, net(2,511)— — — (2,511)
Realized gain (loss) on securities— (73)— — (73)
Unrealized gain (loss) on equity securities— (41)— — (41)
Unrealized gain (loss) on Agency interest-only securities— (45)— — (45)
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)
Fee expense(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 
Sale of loans, net8,398 — — — 8,398 
Realized gain (loss) on securities— 1,594 — — 1,594 
Unrealized gain (loss) on Agency interest-only 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 expenses(3)127 — — (17,799)(17,672)
Real estate operating expenses— — (26,161)— (26,161)
Fee expense(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 
Year ended December 31, 2020LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Interest income$205,640 $32,904 $13 $1,292 $239,849 
Interest expense(48,084)(21,554)(39,396)(118,440)(227,474)
Net interest income (expense)157,556 11,349 (39,383)(117,148)12,375 
(Provision for) release of loan loss reserves(18,277)2 — — (18,275)
Net interest income (expense) after provision for (release of) loan reserves139,279 11,351 (39,383)(117,148)(5,900)
Real estate operating income— — 100,248 — 100,248 
Sale of loans, net(1,571)— — — (1,571)
Realized gain (loss) on securities— (12,410)— — (12,410)
Unrealized gain (loss) on equity securities— (132)— — (132)
Unrealized gain (loss) on Agency interest-only securities— 263 — — 263 
Realized gain on sale of real estate, net— — 32,102 — 32,102 
Fee and other income9,142 403 25 3,084 12,654 
Net result from derivative transactions(11,264)(4,006)— — (15,270)
Earnings (loss) from investment in unconsolidated ventures— — 1,821 — 1,821 
Gain (loss) on extinguishment of debt— — — 22,250 22,250 
Total other income (loss)(3,693)(15,882)134,196 25,334 139,955 
Compensation and employee benefits— — — (58,101)(58,101)
Operating expenses(3)3 — — (20,297)(20,294)
Real estate operating expenses— — (28,584)— (28,584)
Fee expense(6,124)(236)(884)— (7,244)
Depreciation and amortization— — (38,980)(99)(39,079)
Total costs and expenses(6,121)(236)(68,448)(78,497)(153,302)
Income tax (expense) benefit— — — 9,789 9,789 
Segment profit (loss)$129,465 $(4,767)$26,365 $(160,523)$(9,458)
Total assets as of December 31, 2020$2,343,070 $1,058,298 $1,031,557 $1,448,304 $5,881,229 
(1)Includes the Company’s investment in unconsolidated ventures that held real estate of $6.2 million, $23.2 million and $46.3 million as of December 31, 2022, 2021 and 2020, 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 unconsolidated ventures and strategic investments that are not related to the other reportable segments above, including the Company’s investment in FHLB stock of $9.6 million as of December 31, 2022, $11.8 million as of December 31, 2021 and $31.0 million as of December 31, 2020 and the Company’s senior unsecured notes of $1.6 billion and $1.6 billion at December 31, 2022 and December 31, 2021, respectively.