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MORTGAGE LOAN RECEIVABLES (Tables)
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule of Mortgage Loan Receivables
December 31, 2023 ($ in thousands)
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)		Remaining
Maturity
(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,131,803 $3,122,707 9.63 %0.7
Mezzanine loans32,423 32,382 11.46 %0.9
Total mortgage loans receivable3,164,226 3,155,089 9.65 %0.7
Allowance for credit losses N/A (43,165)
Total mortgage loan receivables held for investment, net, at amortized cost3,164,226 3,111,924 
Mortgage loan receivables held for sale:
First mortgage loans31,350 26,868 (4)4.57 %8.2
Total$3,195,576 $3,138,792 (5)9.61 %0.7
(1)Includes the impact of interest rate floors. Term SOFR rates in effect as of December 31, 2023 are used to calculate weighted average yield for floating rate loans.
(2)Excludes one non-accrual loan of $14.5 million. Refer to “Non-Accrual Status” below for further details.
(3)The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 1.8 years.
(4)As a result of changes in prevailing rates, the Company recorded a lower of cost or market adjustment as of December 31, 2023. The adjustment was calculated using a 5.18% discount rate.
(5)Net of $9.1 million of deferred origination fees and other items as of December 31, 2023.
December 31, 2022 ($ in thousands)
Outstanding
Face Amount		Carrying
Value		Weighted
Average
Yield (1)(2)(3)		Remaining
Maturity
(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans$3,841,315 $3,819,860 8.83 %1.3
Mezzanine loans65,950 65,886 10.62 %1.6
Total mortgage loans receivable3,907,265 3,885,746 8.85 %1.3
Allowance for credit lossesN/A(20,755)
Total mortgage loan receivables held for investment, net, at amortized cost3,907,265 3,864,991 
Mortgage loan receivables held for sale:
First mortgage loans31,350 27,391 (4)4.57 %9.2
Total$3,938,615 $3,892,382 (5)8.82 %1.3
(1)Includes the impact from interest rate floors. December 31, 2022 LIBOR and SOFR rates are used to calculate weighted average yield for floating rate loans.
(2)Excludes non-accrual loans of $53.8 million.
(3)Includes the impact of one first mortgage loan with a principal balance of $51.5 million, which was extended through 2026 in January 2023.
(4)As a result of rising prevailing rates, the Company recorded a lower of cost or market adjustment as of December 31, 2022. The adjustment was calculated using a 5.16% discount rate.
(5)Net of $21.5 million of deferred origination fees and other items as of December 31, 2022.
Schedule of Mortgage Loan Receivables by Loan Type
For the years ended December 31, 2023, 2022, and 2021, the activity in our loan portfolio was as follows ($ in thousands):
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale
Balance, December 31, 2022$3,885,746 $(20,755)$27,391 
Origination of mortgage loan receivables (1)68,415 — — 
Repayment of mortgage loan receivables (2)(726,710)— — 
Non-cash disposition of loans via foreclosure (3)(91,408)— — 
Net result from mortgage loan receivables held for sale (4)— — (523)
Accretion/amortization of discount, premium and other fees19,046 — — 
Charge offs— 2,700 — 
Release (addition) of provision for current expected credit loss, net (5)— (25,110)— 
Balance, December 31, 2023$3,155,089 $(43,165)$26,868 
(1)Includes funding of commitments on existing mortgage loans.
(2)Excludes $11.8 million of proceeds received from repayments in transit.
(3)Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosure of real estate.
(4)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale.
(5)Refer to “Allowance for Credit Losses” table below for further detail.

Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale
Balance, December 31, 2021$3,553,737 $(31,752)$— 
Origination of mortgage loan receivables (1)1,234,765 — 61,318 
Repayment of mortgage loan receivables(901,082)— (68)
Proceeds from sales of mortgage loan receivables— — (29,151)
Non-cash disposition of loans via foreclosure (2)(10,235)— — 
Net result from mortgage loan receivables held for sale (3)2,197 — (4,708)
Accretion/amortization of discount, premium and other fees20,759 — — 
Charge offs(14,395)14,395 — 
Release (addition) of provision for current expected credit loss, net (4)— (3,398)— 
Balance, December 31, 2022$3,885,746 $(20,755)$27,391 
(1)Includes funding of commitments on existing mortgage loans.
(2)Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosure of real estate.
(3)Represents unrealized lower of cost or market adjustment on loans held for sale.
(4)Refer to “Allowance for Credit Losses” table below for further detail.
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale
Balance, December 31, 2020$2,354,059 $(41,507)$30,518 
Origination of mortgage loan receivables2,309,888 — 220,359 
Purchases of mortgage loan receivables63,600 — — 
Repayment of mortgage loan receivables(1,059,796)— (183)
Proceeds from sales of mortgage loan receivables(46,557)— (259,092)
Non-cash disposition of loan via foreclosure(1)(81,289)— — 
Net result from mortgage loan receivables held for sale— — 8,398 
Accretion/amortization of discount, premium and other fees13,832 — — 
Release of asset-specific loan loss provision via foreclosure(1)— 1,150 — 
Release (addition) of provision for current expected credit loss, net — 8,605 — 
Balance, December 31, 2021$3,553,737 $(31,752)$— 
(1)Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on real estate acquired via foreclosure.
Schedule of Provision for Loan Losses
Allowance for Credit Losses and Non-Accrual Status ($ in thousands)
Year Ended December 31,
Allowance for Credit Losses202320222021
Allowance for credit losses at beginning of period$20,755 $31,752 $41,507 
Provision for (release of) current expected credit loss, net (1)25,110 6,503 (8,605)
Foreclosure of loans subject to asset-specific reserve— — (1,150)
Charge-offs(2,700)(14,395)— 
Recoveries (2)— (3,105)— 
Allowance for credit losses at end of period$43,165 $20,755 $31,752 
(1)There were no asset-specific reserves recorded for the years ended December 31, 2023, 2022, and 2021.
(2)Recoveries are recognized within the consolidated statements of income through “Provision for (release of) loan loss reserves.”

Non-Accrual Status (1)December 31, 2023(2)December 31, 2022(3)(4)
Amortized cost basis of loans on non-accrual status, net of asset-specific reserve$14,541 $53,809 
(1)As of December 31, 2023 and December 31, 2022, the loans on non-accrual status were greater than 90 days past due and are considered collateral dependent.
(2)Comprised of one multi-family with an amortized cost basis of $14.5 million, for which the Company determined no asset-specific reserve was necessary.
(3)Includes two retail loans with an amortized cost basis of $26.0 million and asset-specific reserves of $2.7 million.
(4)Includes one mixed-use loan with an amortized cost basis of $30.5 million, for which the Company determined no asset-specific reserve was necessary.
Schedule of Individually Impaired Loans
Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The primary credit quality indicator is reviewed by management on a quarterly basis. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of December 31, 2023 and December 31, 2022, respectively ($ in thousands):
Amortized Cost Basis by Origination Year as of December 31, 2023
Collateral Type20232022202120202019 and EarlierTotal (1)
Multifamily$14,461 $547,532 $612,489 $— $— $1,174,482 
Office — 79,148 614,743 — 211,674 905,565 
Mixed Use— 193,470 321,514 — 41,403 556,387 
Industrial— 22,636 34,746 — 119,344 176,726 
Manufactured Housing— 32,655 82,895 — — 115,550 
Retail— 12,934 87,052 — 9,083 109,069 
Hospitality— — 18,589 — 55,380 73,969 
Other— 31,363 11,978 — — 43,341 
Subtotal mortgage loans receivable14,461 919,738 1,784,006 — 436,884 3,155,089 
Individually Impaired loans— — — — — — 
Total mortgage loans receivable (2)$14,461 $919,738 $1,784,006 $— $436,884 $3,155,089 
Amortized Cost Basis by Origination Year as of December 31, 2022
Collateral Type20222021202020192018 and EarlierTotal
Multifamily$702,125 $722,862 $— $— $— $1,424,987 
Office78,754 676,431 29,650 58,684 136,512 980,031 
Mixed Use201,777 351,291 26,500 120,300 — 699,868 
Industrial37,616 96,486 — 115,545 — 249,647 
Retail60,089 107,305 — 12,953 9,126 189,473 
Hospitality— 45,416 — 13,843 78,364 137,623 
Manufactured Housing32,515 82,618 — 2,921 — 118,054 
Other32,353 19,898 — 7,800 — 60,051 
Subtotal mortgage loans receivable1,145,229 2,102,307 56,150 332,046 224,002 3,859,734 
Individually Impaired loans— — — — 26,012 26,012 
Total mortgage loans receivable (3)$1,145,229 $2,102,307 $56,150 $332,046 $250,014 $3,885,746 
(1)For the year ended December 31, 2023, there was a $2.7 million of write-off of an asset-specific allowance in connection with a foreclosure of one retail property in New York, NY.
(2)Not included above is $22.4 million of accrued interest receivable on all loans at December 31, 2023.
(3)Not included above is $23.2 million of accrued interest receivable on all loans at December 31, 2022.