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SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022 and December 31, 2021 ($ in thousands):
December 31, 2022
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized Cost BasisGainsLosses (7)Carrying
Value		# of
Securities		Rating (1)Coupon %Yield %Remaining
Duration
(years)
CMBS$562,839  $562,246 $— $(20,913)$541,333 (2)71 AAA5.22 %5.32 %1.06
CMBS interest-only(3)1,026,195 (3)10,498 121 (176)10,443 (4)10 AAA0.41 %3.65 %1.45
GNMA interest-only(5)45,369 (3)285 17 (21)281 14 AAA0.31 %4.23 %3.30
Agency securities36  36 — (1)35 1 AAA4.00 %2.70 %1.54
U.S. Treasury securities36,000 35,374 6 (52)35,328 10 N/AN/A4.17 %0.60
Total debt securities1,670,439 608,439 144 (21,163)587,420 (6)106 2.06 %5.29 %1.07
Equity securitiesN/A160 — (41)119 1 N/AN/AN/AN/A
Allowance for current expected credit lossesN/A— — (20)(20)
Total securities$1,670,439  $608,599 $144 $(21,224)$587,519 107  

December 31, 2021
    Gross Unrealized  Weighted Average
Asset TypeOutstanding
Face Amount		 Amortized
Cost Basis		GainsLosses (7)Carrying
Value		# of
Securities		Rating (1)Coupon %Yield %Remaining
Duration
(years)
CMBS$691,402  $691,026 $775 $(5,508)$686,293 (2)73 AAA1.57 %1.57 %2.06
CMBS interest-only(3)1,302,551 (3)15,268 617 — 15,885 (4)13 AAA0.45 %5.67 %1.88
GNMA interest-only(5)59,075 (3)518 105 (64)559 14 AA+0.38 %4.97 %3.64
Agency securities557  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 (6)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  
(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. The ratings provided were determined by third-party rating agencies. The rates may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time.
(2)As of December 31, 2022 and December 31, 2021, respectively, includes $9.0 million and $9.9 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.
(3)The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.
(4)As of December 31, 2022 and December 31, 2021, respectively, includes $0.4 million and $0.5 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.
(5)Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded
derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income.
(6)The Company’s investments in debt securities represents an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date.
(7)Based on the Company’s analysis, including review of interest rate changes and current levels of subordination, among other factors, the unrealized loss positions are determined to be due to market factors other than credit.
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows
The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2022 and December 31, 2021 ($ in thousands):
 
December 31, 2022
Asset TypeWithin 1 year1-5 years5-10 yearsAfter 10 yearsTotal
CMBS$346,272 $195,061 $— $— $541,333 
CMBS interest-only937 9,506 — — 10,443 
GNMA interest-only40 111 130 — 281 
Agency securities— 35 — — 35 
U.S. Treasury securities32,451 2,877 — — 35,328 
Allowance for current expected credit losses— — — — (20)
Total securities (1)$379,700 $207,590 $130 $— $587,400 
(1) Excluded from the table above are $0.1 million of equity securities.
 
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 securities$305,980 $369,876 $10,486 $16,958 $703,280