Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

The following tables present segment reporting for the three months ended March 31, 2023 and 2022 (dollars in thousands):


	Senior and Mezzanine Loans and Preferred Equity		CRE Debt Securities		Net Leased and Other Real Estate		Corporate		Total
Three Months Ended March 31, 2023
Net interest income (expense)	$	33,243	$	—	$	—	$	(289)	$	32,954
Property and other income	—		—		22,551		3,056		25,607
Property operating expense	—		—		(5,852)		—		(5,852)
Transaction, investment and servicing expense	(501)		—		(24)		(310)		(835)
Interest expense on real estate	—		—		(5,509)		—		(5,509)
Depreciation and amortization	—		—		(7,938)		(58)		(7,996)
Increase of current expected credit loss reserve	(39,613)		—		—		—		(39,613)

Compensation and benefits	—		—		—		(8,805)		(8,805)
Operating expense	(4)		—		—		(3,469)		(3,473)


Other gain, net	—		—		655		—		655
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	(6,875)		—		3,883		(9,875)		(12,867)
Equity in earnings of unconsolidated ventures	9,055		—		—		—		9,055
Income tax expense	(40)		(5)		(345)		—		(390)
Net income (loss)	$	2,140	$	(5)	$	3,538	$	(9,875)	$	(4,202)


	Senior and Mezzanine Loans and Preferred Equity		CRE Debt Securities		Net Leased and Other Real Estate		Corporate		Total
Three Months Ended March 31, 2022
Net interest income (expense)	$	29,365	$	886	$	—	$	(866)	$	29,385
Property and other income	121		133		24,168		22		24,444

Property operating expense	—		—		(6,724)		—		(6,724)
Transaction, investment and servicing expense	(1,051)		—		(100)		27		(1,124)
Interest expense on real estate	—		—		(7,556)		—		(7,556)
Depreciation and amortization	—		—		(8,551)		(43)		(8,594)
Decrease of current expected credit loss reserve	866		—		—		—		866

Compensation and benefits	—		—		—		(8,225)		(8,225)
Operating expense	(152)		(40)		(32)		(4,125)		(4,349)



Other gain (loss), net	(129)		—		10,369		48		10,288
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	29,020		979		11,574		(13,162)		28,411
Equity in earnings of unconsolidated ventures	25		—		—		—		25
Income tax benefit (expense)	63		—		(99)		—		(36)
Net income (loss)	$	29,108	$	979	$	11,475	$	(13,162)	$	28,400

Summary of Total Assets by Segment

The following table presents total assets by segment as of March 31, 2023 and December 31, 2022 (dollars in thousands):


Total Assets	Senior and Mezzanine Loans and Preferred Equity		CRE Debt Securities(1)		Net Leased and Other Real Estate		Corporate(2)		Total
March 31, 2023	$	3,445,340	$	15,415	$	842,203	$	301,055	$	4,604,013
December 31, 2022	3,580,912		15,459		864,856		289,162		4,750,389

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(1)Includes PE Investments totaling $2.8 million and $3.0 million as of March 31, 2023 and December 31, 2022, respectively.

(2)Includes cash, unallocated receivables and deferred costs and other assets, net.

Schedule of Revenue by Geographic Areas

Geography information on total income and long-lived assets are presented as follows (dollars in thousands):


	Three Months Ended March 31,
	2023		2022
Total income by geography:
United States	$	105,556	$	73,445
Europe	4,722		4,969

Total(1)	$	110,278	$	78,414

Schedule of Long-lived Assets by Geographic Areas


	March 31, 2023		December 31, 2022
Long-lived assets by geography:
United States	$	528,266	$	532,380
Europe	237,589		254,068
Total(2)	$	765,855	$	786,448

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(1)Includes interest income, interest income on mortgage loans held in securitization trusts, property and other income and equity in earnings of unconsolidated ventures.

(2)Long-lived assets are comprised of real estate and real estate-related intangible assets, and excludes financial instruments and assets held for sale.