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SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Company's Performance Evaluation by Segment
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.