ACRES Commercial Realty (ACR) 10-K6 Mar 242023 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Mar. 04, 2024	Jun. 30, 2023
Document Information [Line Items]
Entity Registrant Name	ACRES COMMERCIAL REALTY CORP.
Entity Central Index Key	0001332551
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Document Type	10-K
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding (in shares)		7,748,393
Entity Public Float			$ 67,026,118
Entity File Number	1-32733
Entity Tax Identification Number	20-2287134
Entity Address, Address Line One	390 RXR Plaza
Entity Address, City or Town	Uniondale
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11556
City Area Code	516
Local Phone Number	535-0015
Entity Interactive Data Current	Yes
Document Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Name	GRANT THORNTON LLP
Auditor Location	San Francisco, California
Auditor Firm ID	248
Documents Incorporated by Reference	The information required by Part III of this Form 10-K, to the extent not set forth herein or by amendment, is incorporated by reference from the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2023.
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ACR
Security Exchange Name	NYSE
8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock
Trading Symbol	ACRPrC
Security Exchange Name	NYSE
7.875% Series D Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	7.875% Series D Cumulative Redeemable Preferred Stock
Trading Symbol	ACRPrD
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS:
Cash and cash equivalents	$ 83,449	$ 66,232
Restricted cash	8,437	38,579
Accrued interest receivable	11,783	11,969
CRE loans	1,857,093	2,057,590
Less: allowance for credit losses	(28,757)	(18,803)
CRE loans, net	1,828,336	2,038,787
Loan receivable - related party	$ 10,975	$ 11,275
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Investments in unconsolidated entities	$ 1,548	$ 1,548
Properties held for sale	62,605	53,769
Investments in real estate	157,621	120,968
Right of use assets	19,879	20,281
Intangible assets	7,882	8,880
Other assets	3,590	4,364
Total assets	2,196,105	2,376,652
LIABILITIES
Accounts payable and other liabilities	13,963	10,391
Management fee payable - related party	$ 584	$ 898
Other Liability, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Accrued interest payable	$ 8,459	$ 6,921
Borrowings	1,676,200	1,867,033
Lease liabilities	44,276	43,695
Distributions payable	3,262	3,262
Accrued tax liability	121	113
Liabilities held for sale	3,025	3,025
Total liabilities	1,749,890	1,935,338
EQUITY
Common stock, par value $0.001: 41,666,666 shares authorized; 7,878,216 and 8,708,100 shares issued and outstanding (including 416,675 and 583,333 unvested restricted shares)	8	9
Additional paid-in capital	1,169,970	1,174,202
Accumulated other comprehensive loss	(4,801)	(6,394)
Distributions in excess of earnings	(729,391)	(732,359)
Total stockholders’ equity	435,796	435,468
Non-controlling interests	10,419	5,846
Total equity	446,215	441,314
TOTAL LIABILITIES AND EQUITY	2,196,105	2,376,652
8.625% Series C Preferred Stock
EQUITY
Preferred stock, value	5	5
7.875% Series D Preferred Stock
EQUITY
Preferred stock, value	$ 5	$ 5

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	41,666,666	41,666,666
Common stock, shares issued (in shares)	7,878,216	8,708,100
Common stock, shares outstanding (in shares)	7,878,216	8,708,100
Common stock, shares issued, non-vested restricted shares (in shares)	416,675	583,333
Assets of consolidated variable interest entities (VIEs) included in total assets above:
Restricted cash	$ 8,437	$ 38,579
Accrued interest receivable	11,783	11,969
CRE loans	1,828,336	2,038,787
Other assets	3,590	4,364
Total assets of consolidated VIEs	2,196,105	2,376,652
Accounts payable and other liabilities	13,963	10,391
Accrued interest payable	8,459	6,921
Borrowings	1,676,200	1,867,033
Total liabilities of consolidated VIEs	$ 1,749,890	$ 1,935,338
8.625% Series C Preferred Stock
Assets of consolidated variable interest entities (VIEs) included in total assets above:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, coupon authorized	8.625%	8.625%
Preferred stock, shares issued (in shares)	4,800,000	4,800,000
Preferred stock, shares outstanding (in shares)	4,800,000	4,800,000
7.875% Series D Preferred Stock
Assets of consolidated variable interest entities (VIEs) included in total assets above:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	6,800,000	6,800,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, coupon authorized	7.875%	7.875%
Preferred stock, shares issued (in shares)	4,607,857	4,607,857
Preferred stock, shares outstanding (in shares)	4,607,857	4,607,857
VIE, Primary Beneficiary
Assets of consolidated variable interest entities (VIEs) included in total assets above:
Restricted cash	$ 220	$ 38,180
Accrued interest receivable	9,188	8,184
CRE loans	1,466,463	1,456,649
Other assets	71	119
Total assets of consolidated VIEs	1,475,942	1,503,132
Accounts payable and other liabilities	143	93
Accrued interest payable	3,828	3,083
Borrowings	1,204,569	1,233,556
Total liabilities of consolidated VIEs	1,208,540	$ 1,236,732
VIE, Primary Beneficiary \| Pledged as Collateral
Assets of consolidated variable interest entities (VIEs) included in total assets above:
CRE loans	$ 1,466,463

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income:
CRE loans	$ 184,334	$ 125,539	$ 100,774
Securities			161
Other	3,132	735	97
Total interest income	187,466	126,274	101,032
Interest expense	130,791	82,324	61,575
Net interest income	56,675	43,950	39,457
Real estate income	34,311	31,129	10,553
Other revenue	145	91	65
Total revenues	91,131	75,170	50,075
OPERATING EXPENSES
General and administrative	10,512	10,575	11,602
Real estate expenses	38,913	33,854	10,601
Management fees - related party	7,462	7,035	6,089
Equity compensation - related party	2,578	3,562	1,722
Corporate depreciation and amortization	91	85	94
Provision for credit losses, net	10,902	12,295	(21,262)
Total operating expenses	70,458	67,406	8,846
Net interest and other revenues less operating expenses	20,673	7,764	41,229
OTHER INCOME (EXPENSE)
Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives			878
Loss on extinguishment of debt		(460)	(9,006)
Gain on sale of real estate	745	1,870	0
Other income	527	1,588	822
Total other income (expense)	1,272	2,998	(7,306)
INCOME BEFORE TAXES	21,945	10,762	33,923
Income tax expense	(97)	(336)
NET INCOME	21,848	10,426	33,923
Net income allocated to preferred shares	(19,422)	(19,422)	(15,887)
Net loss allocable to non-controlling interest, net of taxes	542	197	0
NET (LOSS) INCOME ALLOCABLE TO COMMON SHARES	$ 2,968	$ (8,799)	$ 18,036
NET INCOME (LOSS) PER COMMON SHARE - BASIC	$ 0.35	$ (1)	$ 1.85
NET INCOME (LOSS) PER COMMON SHARE - DILUTED	$ 0.35	$ (1)	$ 1.85
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC (in shares)	8,416,290	8,811,761	9,736,268
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING -DILUTED(in shares)	8,566,058	8,811,761	9,763,217

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 21,848	$ 10,426	$ 33,923
Other comprehensive income:
Reclassification adjustments associated with net unrealized losses from interest rate swaps included in net income	1,593	1,733	1,851
Total other comprehensive income	1,593	1,733	1,851
Comprehensive income before allocation to preferred shares	23,441	12,159	35,774
Net loss allocated to non-controlling interests shares	542	197	0
Net income allocated to preferred shares	(19,422)	(19,422)	(15,887)
Comprehensive income (loss) allocable to common shares	$ 4,561	$ (7,066)	$ (19,887)

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock 8.625% Series C Preferred Stock	Preferred Stock 7.875% Series D Preferred Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings (Distributions In Excess of Earnings)	Parent	Non-Controlling Interest
Beginning balance at Dec. 31, 2020	$ 334,382	$ 10	$ 5		$ 1,085,941	$ (9,978)	$ (741,596)	$ 334,382
Beginning balance (in shares) at Dec. 31, 2020		10,162,289
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of preferred stock	115,194			$ 5	115,189			115,194
Offering costs	(4,589)				(4,589)			(4,589)
Purchase and retirement of common stock	(18,401)	$ (1)			(18,400)			(18,401)
Purchase and retirement of common stock (in shares)		(1,346,539)
Stock-based compensation (in shares)		333,329
Amortization of stock-based compensation	1,722				1,722			1,722
Net income	33,923						33,923	33,923
Distributions and accrual of cumulative preferred stock dividends	(15,887)						(15,887)	(15,887)
Amortization of terminated derivatives	1,851					1,851		1,851
Ending balance at Dec. 31, 2021	448,195	$ 9	5	5	1,179,863	(8,127)	(723,560)	448,195
Ending balance (in shares) at Dec. 31, 2021		9,149,079
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Offering costs	(101)				(101)			(101)
Conversion of 4.5% convertible senior notes	4				4			4
Exercise of warrants at $0.003 per share	2				2			2
Exercise of warrants (in shares)		74,666
Purchase and retirement of common stock	(9,128)				(9,128)			(9,128)
Purchase and retirement of common stock (in shares)		(848,978)
Stock-based compensation (in shares)		333,333
Amortization of stock-based compensation	3,562				3,562			3,562
Contributions from non-controlling interests	6,043								$ 6,043
Net income	10,426						10,623	10,623	(197)
Distributions and accrual of cumulative preferred stock dividends	(19,422)						(19,422)	(19,422)
Amortization of terminated derivatives	1,733					1,733		1,733
Ending balance at Dec. 31, 2022	$ 441,314	$ 9	5	5	1,174,202	(6,394)	(732,359)	435,468	5,846
Ending balance (in shares) at Dec. 31, 2022	8,708,100	8,708,100
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock	$ (7,410)	$ (1)			(7,409)			(7,410)
Purchase and retirement of common stock (in shares)		(899,085)
Stock-based compensation	599				599			599
Stock-based compensation (in shares)		69,201
Amortization of stock-based compensation	2,578				2,578			2,578
Contributions from non-controlling interests	5,115								5,115
Net income	21,848						22,390	22,390	(542)
Distributions and accrual of cumulative preferred stock dividends	(19,422)						(19,422)	(19,422)
Amortization of terminated derivatives	1,593					1,593		1,593
Ending balance at Dec. 31, 2023	$ 446,215	$ 8	$ 5	$ 5	$ 1,169,970	$ (4,801)	$ (729,391)	$ 435,796	$ 10,419
Ending balance (in shares) at Dec. 31, 2023	7,878,216	7,878,216

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	Dec. 31, 2022	Aug. 31, 2022	Feb. 28, 2022	Aug. 31, 2017
Warrant exercise price per share	$ 0.03
4.50% Convertible Senior Notes
Debt instrument, interest rate, stated percentage	4.50%	4.50%	4.50%	4.50%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 21,848	$ 10,426	$ 33,923
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (reversal of) credit losses, net	10,902	12,295	(21,262)
Depreciation, amortization and accretion	5,191	7,491	13,988
Amortization of stock-based compensation	2,578	3,562	1,722
Loss on the extinguishment of debt	0	460	4,043
Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives	0	0	(878)
Gain on sale of real estate	(745)	(1,870)	0
Changes in operating assets and liabilities:
Decrease (increase) in accrued interest receivable, net of purchased interest	187	(6,138)	1,347
Increase in management fee payable	284	337	119
Increase in accounts payable and other liabilities	3,652	2,743	4,101
Decrease in lease liability	(151)	(94)	(39)
Increase (decrease) in accrued interest payable	885	985	(39)
Decrease in other assets	978	2,500	3,567
Net cash provided by operating activities	45,609	32,697	40,592
CASH FLOWS FROM INVESTING ACTIVITIES:
Origination and purchase of loans	(108,260)	(583,543)	(1,381,660)
Principal payments received on loans and leases	215,955	414,450	1,008,967
Investments in real estate	(38,192)	(81,749)	(28,924)
Proceeds from sale of real estate	14,309	18,729	0
Proceeds from sale of loans	77,203	0	0
Proceeds from sale of loans or assets previously held for sale	0	0	7,915
Proceeds from sale of investment securities available-for-sale	0	0	2,958
Purchase of furniture and fixtures	0	(741)	(61)
Principal payments received on loan - related party	300	300	300
Net cash provided by (used in) investing activities	161,315	(232,554)	(390,505)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of common stock	(7,410)	(9,128)	(18,401)
Proceeds from issuance of preferred shares (net of $101 and $4,589 of underwriting discounts and offering costs)	0	(101)	110,605
Proceeds from exercise of warrants	0	2	0
Proceeds from borrowings:
Securitizations	0	0	1,242,223
Senior secured financing facility	13,500	101,699	173,087
Warehouse financing facilities and repurchase agreements	11,755	405,743	862,681
Senior unsecured notes	0	0	150,000
Mortgages payable	25,069	18,710	0
Payments on borrowings:
Securitizations	(32,183)	(237,189)	(801,622)
Senior secured financing facility	(40,554)	(10,150)	(206,447)
Warehouse financing facilities and repurchase agreements	(171,742)	(145,972)	(805,119)
Convertible senior notes	0	(88,010)	(55,736)
Senior unsecured notes	0	0	(50,000)
Payment of debt issuance costs	(3,977)	(1,488)	(20,818)
Proceeds received from non-controlling interests	5,115	6,043	0
Distributions paid on preferred stock	(19,422)	(19,422)	(14,350)
Net cash (used in) provided by financing activities	(219,849)	20,737	566,103
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(12,925)	(179,120)	216,190
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	104,811	283,931	67,741
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 91,886	$ 104,811	$ 283,931

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Underwriting discounts and offering costs	$ 101	$ 4,589

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ORGANIZATION

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 - ORGANIZATION ACRES Commercial Realty Corp., a Maryland corporation, along with its subsidiaries (collectively, the “Company”), is a REIT that is primarily focused on originating, holding and managing commercial real estate (“CRE”) mortgage loans and equity investments in commercial real estate properties through direct ownership and joint ventures. On July 31, 2020, the Company’s management contract was acquired from Exantas Capital Manager Inc. (the “Prior Manager”), a subsidiary of C-III Capital Partners LLC (“C-III”), by ACRES Capital, LLC (the “Manager”), a subsidiary of ACRES Capital Corp. (collectively, “ACRES”), a private commercial real estate lender exclusively dedicated to nationwide middle market CRE lending with a focus on multifamily, student housing, hospitality, office and industrial property in top United States (“U.S.”) markets (the “ACRES acquisition”). The Company has qualified, and expects to qualify in the current fiscal year, as a REIT. The Company conducts its operations through the use of subsidiaries that it consolidates into its financial statements. The Company’s core assets are consolidated through its investment in ACRES Realty Funding, Inc. (“ACRES RF”), a wholly-owned subsidiary that holds CRE loans, CRE-related securities and investments in CRE securitizations, which are consolidated as VIEs as discussed in Note 3, and special purpose entities.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“GAAP”). The consolidated financial statements include the accounts of the Company, majority-owned or controlled subsidiaries and VIEs for which the Company is considered the primary beneficiary. All inter-company transactions and balances have been eliminated in consolidation. Variable Interest Entities A VIE is defined as an entity in which equity investors (i) do not have a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is defined as the party that (a) has the power to control the activities that most significantly impact the VIE’s economic performance and (b) has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company considers the following criteria in determining whether an entity is a VIE: 1. The equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support provided by any parties, including the equity holders. 2. The equity investors lack one or more of the following essential characteristics of a controlling financial interest. a. The direct ability to make decisions about the entity’s activities through voting rights or similar rights. b. The obligation to absorb the expected losses of the entity. c. The right to receive the expected residual returns of the entity. The equity investors have voting rights that are not proportionate to their economic interests, and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. In determining whether the Company is the primary beneficiary of a VIE, the Company reviews governing contracts, formation documents and any other contractual arrangements for any relevant terms and determines the activities that have the most significant impact on the VIE and who has the power to direct those activities. The Company also looks for kick-out rights, protective rights and participating rights as well as any financial or other support provided to the VIE and the reason for that support, and the terms of any explicit or implicit arrangements that may require the Company to provide future support. The Company then makes a determination based on its power to direct the most significant activities of the VIE and/or a financial interest that is potentially significant. In instances when a VIE is owned by both the Company and related parties, the Company considers whether there is a single party in the related party group that meets both the power and losses or benefits criteria on its own as though no related party relationship existed. If one party within the related party group meets both these criteria, such reporting entity is the primary beneficiary of the VIE and no further analysis is needed. If no party within the related party group on its own meets both the power and losses or benefits criteria, but the related party group as a whole meets these two criteria, the determination of primary beneficiary within the related party group is based upon an analysis of the facts and circumstances with the objective of determining which party is most closely associated with the VIE. Determining the primary beneficiary requires significant judgment. The Company continuously analyzes entities in which it holds variable interests, including when there is a reconsideration event, to determine whether such entities are VIEs and whether such potential VIEs should be consolidated or deconsolidated. Voting Interest Entities A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party or through a simple majority vote. The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework. Basis of Presentation All adjustments necessary to fairly present the Company’s financial position, results of operations and cash flows have been made. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and within the period of financial results. Actual results could differ from those estimates. Estimates affecting the accompanying consolidated financial statements include but are not limited to the net realizable and fair values of the Company’s investments and derivatives, the estimated useful lives used to calculate depreciation, the expected lives over which to amortize premiums and accrete discounts, provisions for or reversals of expected credit losses and the disclosure of contingent liabilities. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities of three months or less at the time of purchase. At December 31, 2023 and 2022 , $ 81.1 million and $ 63.3 million, respectively, of the reported cash balances exceeded the Federal Deposit Insurance Corporation and Securities Investor Protection Corporation deposit insurance limits of $250,000 per respective depository or brokerage institution. However, all of the Company’s cash deposits are held at multiple, established financial institutions, in multiple accounts associated with its parent and respective consolidated subsidiaries, to minimize credit risk exposure. The Company has not experienced, and does not expect, any losses on its cash and cash equivalents. Restricted cash includes required account balance minimums primarily for the Company’s CRE debt securitizations as well as cash held in the syndicated corporate loan collateralized debt obligations (“CDOs”). The following table provides a reconciliation of cash, cash equivalents and restricted cash on the consolidated balance sheets to the total amount shown on the consolidated statements of cash flows (in thousands): December 31, 2023 2022 Cash and cash equivalents $ 83,449 $ 66,232 Restricted cash 8,437 38,579 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 91,886 $ 104,811 Investments in Unconsolidated Entities The Company’s non-controlling investments in unconsolidated entities are included in investments in unconsolidated entities on the consolidated balance sheets and are accounted for under the cost method. Under the cost method, the Company records dividend income when declared to the extent it is not considered a return of capital, which is recorded as a reduction of the cost of the investment. Loans The Company acquires loans through direct origination and occasionally through purchases from third-parties and had historically acquired corporate leveraged loans in the secondary market and through syndications of newly originated loans. Loans are held for investment; therefore, the Company initially records loans at the amount funded for originated loans or at the acquisition price for loans purchased, and subsequently, accounts for them based on their outstanding principal plus or minus unamortized premiums or discounts. The Company may sell a loan held for investment where the credit fundamentals underlying a particular loan have changed in such a manner that the Company’s expected return on investment may decrease. Once the determination has been made by the Company that it no longer will hold the loan for investment, the Company identifies these loans as loans held for sale. Any credit-related write-off considerations prior to the transfer of the loan to loans held for sale are accounted for through the allowance for credit losses on the Company’s consolidated balance sheets. The Company reports its loans held for sale at the lower of amortized cost or fair value. To determine fair value, the Company primarily uses appraisals of underlying collateral obtained from third-parties as a practical expedient. Key assumptions used in those appraisals are reviewed by the Company. If there is a material difference between the value provided by the appraiser and information used by the Company to validate the appraisal, the Company will evaluate the difference with the appraiser, which could result in an updated appraisal. The Company may also use the present value of estimated cash flows, market price, if available, or other determinants of the fair value of the collateral less estimated disposition costs. Any determined changes in the fair value of loans held for sale are recorded in fair value adjustments on financial assets held for sale on the Company’s consolidated statements of operations. Based on a prioritization of inputs used in the valuation of each position, the Company categorizes these investments as either Level 2 or Level 3 in the fair value hierarchy. Loan Interest Income Recognition Interest income on loans includes interest at stated rates adjusted for amortization or accretion of premiums and discounts based on the contractual payment terms of the loan. Premiums and discounts are amortized or accreted into income using the effective yield method. If a loan with a premium or discount is prepaid, the Company immediately recognizes the unamortized portion as a decrease or increase to interest income. In addition, the Company defers loan origination and extension fees and loan origination costs and recognizes them over the life of the related loan against interest income using the straight line method, which approximates the effective yield method. Income recognition is suspended for loans at the earlier of the date at which payments become 90 days past due or when a full recovery of principal and income becomes doubtful. When the ultimate collectability of the principal is in doubt, all payments received are applied to principal under the cost recovery method. On the other hand, when the ultimate collectability of the principal is not in doubt, contractual interest is recorded as interest income when received, under the cash method, until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged. The Company records interest receivable on its loans in accrued interest receivable on its consolidated balance sheets. The Company analyzes the interest receivable balances on a timely basis, or at least quarterly, to determine if they are uncollectible. If an interest receivable amount is deemed uncollectible, then the Company writes off that uncollectible amount of the interest receivable through a reversal of interest income. Preferred Equity Investments Historically, the Company invested in preferred equity investments. Preferred equity investments, which are subordinate to any loans but senior to common equity, depending on the investment’s characteristics, could be accounted for as real estate, joint ventures or as mortgage loans. The Company’s preferred equity investments were accounted for as CRE loans held for investment, were carried at cost, net of unamortized loan fees and origination costs, and were included within CRE loans on the Company’s consolidated balance sheets. The Company accreted or amortized any discounts or premiums over the life of the related loan utilizing the effective interest method. Interest and fees were recognized as income subject to recoverability, which was substantiated by obtaining annual appraisals on the underlying property. Allowance for Credit Losses The Company maintains an allowance for credit loss on its loans held for investment. The Company determines its allowance for credit losses by measuring the current expected credit losses (“CECL”) on the loan portfolio on a quarterly basis. The Company utilizes a probability of default and loss given default methodology together with collateral-specific data for each loan over a reasonable and supportable forecast period after which it reverts to its historical mean loss ratio, utilizing a blended approach sourced from its own historical losses and the market losses from an engaged third-party’s database, to be applied for the remaining estimable period. The CECL model requires the Company to make significant judgments, including: (i) the selection of a reasonable and supportable forecast period, (ii) the selection and weighting of appropriate macroeconomic forecast scenarios, (iii) the determination of the risk characteristics in which to pool financial assets, and (iv) the appropriate historical loss data to use in the model. Unfunded commitments are not considered in the CECL reserve if they are unconditionally cancellable by the Company. The Company measures the loan portfolio’s credit losses by grouping loans based on similar risk characteristics under CECL, which is typically based on the loan’s collateral type. The Company regularly evaluates the risk characteristics of its loan portfolio to determine whether a different pooling methodology is more accurate. Further, if the Company determines that foreclosure of a loan’s collateral is probable or repayment of the loan is expected through sale or operation of the collateral and the borrower is experiencing financial difficulty, expected credit losses are measured as the difference between the current fair value of the collateral and the amortized cost of the loan. Fair value may be determined based on (i) the present value of estimated cash flows; (ii) the market price, if available; or (iii) the fair value of the collateral less estimated disposition costs. While a loan exhibiting credit quality deterioration may remain on accrual status, the loan is placed on nonaccrual status at such time as (i) management believes that scheduled debt service payments will not be met within the coming 12 months; (ii) the loan becomes 90 days past due; (iii) management determines the borrower is incapable of, or has ceased efforts toward, curing the cause of the credit deterioration; or (iv) the net realizable value of the loan’s underlying collateral approximates the Company’s carrying value for such loan. While on nonaccrual status, the Company recognizes interest income only when an actual payment is received if a credit analysis supports the borrower’s principal repayment capacity. When a loan is placed on nonaccrual, previously accrued and uncollected interest is reversed from interest income. The Company utilizes the contractual life of its loans to estimate the period over which it measures expected credit losses. Estimates for prepayments and extensions are incorporated into the inputs for the Company’s CECL model. Modifications to loan terms may result an increase in the allowance for credit losses. In order to calculate the historical mean loss ratio applied to the loan portfolio, the Company utilizes historical losses from its full underwriting history, along with the market loss history of a selected population of loans from a third-party’s database that are similar to the Company’s loan types, loan sizes, durations, interest rate structure and general loan-to-collateral value (“LTV”) profiles. The Company may make adjustments to the historical loss history for qualitative or environmental factors if it believes there is evidence that the estimate for expected credit losses should be increased or decreased. The Company records write-offs against the allowance for credit losses if it deems that all or a portion of a loan’s balance is uncollectible. If the Company receives cash in excess of some or all of the amounts it previously wrote off, it records the recovery by increasing the allowance for credit losses. As part of the evaluation of the loan portfolio, the Company assesses the performance of each loan and assigns a risk rating based on the collective evaluation of several factors, including but not limited to: collateral performance relative to underwritten plan, time since origination, current implied and/or re-underwritten LTV ratios, risk inherent in the loan structure and exit plan. Loans are rated “1” through “5,” from the least risk to the greatest risk, in connection with this review. Operating Revenue at Properties Through its investments in real estate, the Company earns revenue associated with rental operations and hospitality operations, which are presented in real estate income on the consolidated statements of operations. The Company’s rental operating revenue consists of fixed contractual base rent arising from tenant leases at the Company’s office and student housing properties under operating leases. Revenue is recognized on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded in the Company’s consolidated balance sheets. The Company moves to cash basis operating lease income recognition in the period in which collectability of all lease payments is no longer considered probable. At such time, any uncollectible receivable balance will be written off. Hospitality operating revenue consists of amounts derived from hotel operations, including room sales and other hotel revenues. The Company recognizes hospitality operating revenue when guest rooms are occupied, services have been provided or fees have been earned. Revenues are recorded net of any sales, occupancy or other taxes collected from customers on behalf of third parties. The following provides additional detail on room revenue and other operating revenue: • Room revenue is recognized when the Company’s hotel satisfies its performance obligation of providing a hotel room. The hotel reservation defines the terms of the agreement including an agreed-upon rate and length of stay. Payment is typically due and paid in full at the end of the stay with some customers prepaying for their rooms prior to the stay. Payments received from a customer prior to arrival are recorded as an advance deposit and are recognized as revenue at the time of occupancy. • Other operating revenue is recognized at the time when the goods or services are provided to the customer or when the performance obligation is satisfied. Payment is due at the time that goods or services are rendered or billed. Investments in Real Estate The Company acquires investments in real estate through direct equity investments and as a result of its lending activities (i.e. through foreclosure or the receipt of the deed-in-lieu of foreclosure on a property). Acquired investments in real estate assets are recorded initially at fair value in accordance with GAAP. The Company allocates the purchase price of its acquired assets and assumed liabilities based on the relative fair values of the assets acquired and liabilities assumed. The Company accounts for leases that it acquires as operating leases. The Company evaluates whether property obtained as a result of its lending activities should be identified as held for sale. If a property is determined to be held for sale, all of the acquired assets and assumed liabilities will be recorded in property held for sale on the consolidation balance sheet and recorded at the lower of cost or fair value, see the “Assets and Liabilities Held for Sale” section below. Once a property is classified as held for sale, depreciation expense is no longer recorded. Investments in real estate are carried net of accumulated depreciation. The Company depreciates real property, building and tenant improvements and furniture, fixtures, and equipment using the straight-line method over the estimated useful lives of the assets unless the asset is designated as held for sale. The Company amortizes any acquired intangible assets using the straight-line method over the estimated useful lives of the intangible assets. The Company amortizes the value allocated to lease right of use assets and related in-place lease liabilities, when determined to be operating leases, using the straight-line method over the remaining lease term. The value allocated to any associated above or below market lease intangible asset or liability is amortized to lease expense over the remaining lease term. Ordinary repairs and maintenance are expensed as incurred. Costs related to the improvement of the real property are capitalized and depreciated over their useful lives. Costs related to the development and construction of real property are capitalized to construction in progress during the period beginning with the commencement of development and ending with the completion of construction. The Company depreciates investments in real estate and amortizes related intangible assets over the estimated useful lives of the assets as follows: Category Term Building 35 to 40 years Building improvements 5 to 39 years Site improvements 10 years Tenant improvements Shorter of lease term or expected useful life Furniture, fixtures and equipment 1 to 12 years Right of use assets 7 to 94 years Intangible assets 90 days to 18 years Lease liabilities 7 to 94 years Leases The value of the operating leases are determined through the discounted cash flow method and are recognized on the consolidated balance sheets as offsetting right of use assets and lease liabilities. The operating lease for the Company’s office space is amortized over the lease term using the effective-interest method. The Company’s operating lease for office equipment is amortized over the lease term using the straight-line method. Assets and Liabilities Held for Sale The Company classifies long-lived assets or a disposal group to be sold as held for sale in the period in which all of the following criteria are met: • management, having the authority to approve the action, commits to a plan to sell the asset or the disposal group; • the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; • an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated; • the sale of the asset or disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond the Company’s control extend the period of time required to sell the asset or disposal group beyond one year; • the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and • actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A long-lived asset or disposal group that is classified as held for sale is initially measured at the lower of its cost or fair value less any costs to sell. Any loss resulting from the transfer of long-lived assets or disposal groups to assets held for sale is recognized in the period in which the held for sale criteria are met. The fair values of assets held for sale are assessed each reporting period and changes in such fair values are reported as an adjustment to the carrying value of the asset or disposal group with an offset to fair value adjustments on financial assets held for sale on the Company’s consolidated statements of operations, to the extent that any subsequent changes in fair value do not exceed the cost basis of the asset or disposal group. Additionally, upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group, if material, in the line items assets or liabilities held for sale, respectively, on the consolidated balance sheets. Comprehensive Income (Loss) Comprehensive income (loss) for the Company includes net income and the change in net unrealized gains (losses) on available-for-sale securities and derivative instruments that were used to hedge exposure to interest rate fluctuations. Income Taxes The Company operates in such a manner as to qualify as a REIT under the provisions of the Internal Revenue Code of 1986, as amended (the “Code”); therefore, applicable REIT taxable income is included in the taxable income of its shareholders, to the extent distributed by the Company. To maintain REIT status for federal income tax purposes, the Company is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other qualification requirements as defined under the Code. As a REIT, the Company is not subject to federal corporate income tax to the extent that it distributes 100 % of its REIT taxable income each year. Taxable income, from non-REIT activities managed through the Company’s taxable REIT subsidiaries (“TRSs”), is subject to federal, state and local income taxes. The Company’s TRS’ income taxes are accounted for under the asset and liability method. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and tax basis of assets and liabilities. The Company evaluates the realizability of its deferred tax assets and liabilities and recognizes a valuation allowance if, based on available evidence, it is more likely than not that some or all of its deferred tax assets will not be realized. In evaluating the realizability of the deferred tax asset or liability, the Company will consider the expected future taxable income, existing and projected book to tax differences as well as tax planning strategies. This analysis is inherently subjective, as it is based on forecasted earning and business and economic activity. Changes in estimates of deferred tax asset realizability, if any, are included in income tax (expense) benefit on the consolidated statements of operations. In addition, several of the Company’s foreign TRSs, are organized as exempted companies incorporated with limited liability under the laws of the Cayman Islands. Despite their status as TRSs, they generally will not be subject to corporate tax on their earnings and no provision for income taxes is required. However, because they are either controlled foreign corporations or passive foreign investment companies (in which the Company has made a Qualified Electing Fund election), the Company will generally be required to include its share of current taxable income from the foreign TRSs in its calculation of REIT taxable income. The Company accounts for taxes assessed by a governmental authority that is directly imposed on a revenue-producing transaction (e.g., sales, use, value added) on a net (excluded from revenue) basis. The Company established a full valuation allowance against its net deferred tax asset that was tax effected at $ 21.1 million and $ 21.2 million, at December 31, 2023 and 2022, respectively, as the Company believed it was more likely than not that all of the deferred tax assets would not be realized. This assessment was based on the Company’s cumulative historical losses and uncertainties as to the amount of taxable income that would be generated in future years in its TRSs. The Company evaluates and recognizes tax positions only if it is more likely than not that the position will be sustained upon examination by the appropriate taxing authority. A tax position that meets this threshold is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company classifies any tax penalties as other operating expenses and any interest as interest expense. The Company does not have any unrecognized tax benefits that would affect the Company’s financial position. Stock Based Compensation Issuances of restricted stock and options are initially measured at fair value on the grant date and expensed monthly on a straight-line basis over the service period to equity compensation expense on the consolidated statements of operations, with a corresponding entry to additional paid-in capital on the consolidated balance sheets. In accordance with GAAP, the fair value of all unvested issuances of restricted stock and options is not remeasured after the initial grant date. Earnings per Share The Company presents both basic and diluted earnings per share (“EPS”). Basic EPS excludes dilution and is computed by dividing net income (loss) allocable to common shareholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount. Fair Value Measurements In analyzing the fair value of its investments accounted for on a fair value basis, the Company uses the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company determines fair value based on quoted prices when available or, if quoted prices are not available, through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The hierarchy defines three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices for identical instruments in active markets. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value inputs are observable. Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable, for example, when there is little or no market activity for an investment at the end of the period, unobservable inputs may be used. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. Transfers between levels are determined by the Company at the end of the reporting period. However, the Company expects that changes in classifications between levels will be rare. Reference Rate Reform Historically, the Company has used LIBOR as the benchmark interest rate for its floating-rate whole loans and the Company has been exposed to LIBOR through its floating-rate borrowings. In March 2021, the United Kingdom’s, or U.K.’s, Financial Conduct Authority (“FCA”) announced that it would cease publication of the one-week and the two-month USD LIBOR immediately after December 31, 2021, and cease publication of the remaining tenors immediately after June 30, 2023. In July 2021, the U.S. Federal Reserve, in conjunction with the Alternative Reference Rates C

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
VARIABLE INTEREST ENTITIES	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 3 - VARIABLE INTEREST ENTITIES The Company has evaluated its loans, investments in unconsolidated entities, liabilities to subsidiary trusts issuing preferred securities (consisting of unsecured junior subordinated notes), securitizations, guarantees and other financial contracts in order to determine if they are variable interests in VIEs. The Company regularly monitors these legal interests and contracts and, to the extent it has determined that it has a variable interest, analyzes the related entity for potential consolidation. Consolidated VIEs (the Company is the primary beneficiary) Based on management’s analysis, the Company was the primary beneficiary of two and five VIEs at December 31, 2023 and 2022, respectively (collectively, the “Consolidated VIEs”). The Consolidated VIEs are CRE securitizations and CDOs that were formed on behalf of the Company to invest in real estate-related securities, commercial mortgage-backed securities (“CMBS”), syndicated corporate loans and corporate bonds that were financed by the issuance of debt securities. By financing these assets with long-term borrowings through the issuance of debt securities, the Company seeks to generate attractive risk-adjusted equity returns and to match the term of its assets and liabilities. The primary beneficiary determination for each of these VIEs was made at each VIE’s inception and is continually assessed. In April 2022, the Company contributed an initial investment of $ 13.0 million for a 72.1 % interest in Charles Street-ACRES FSU Student Venture, LLC (the “FSU Student Venture”). The FSU Student Venture, a joint venture between the Company and two unrelated third parties, was formed for the purpose of developing a student housing project. The FSU Student Venture was determined not to be a VIE as there was sufficient equity at risk, it does not have disproportionate voting rights and its members all have the following characteristics: (1) the power to direct activities, (2) the obligation to absorb losses and (3) the right to receive residual returns. However, the Company consolidated the FSU Student Venture due to its 72.1 % interest that provides the Company with unilateral control over all major decisions of the joint venture. The portion of the joint venture that the Company does not own is presented as non-controlling interest at and for the periods presented in the Company’s consolidated financial statements. The Company has exposure to losses on its securitizations to the extent of its investments in the subordinated debt and preferred equity of each securitization. The Company is entitled to receive payments of principal and interest on the debt securities it holds and, to the extent revenues exceed debt service requirements and other expenses of the securitizations, distributions with respect to its preferred equity interests. As a result of consolidation, the debt and equity interests the Company holds in these securitizations have been eliminated, and the Company’s consolidated balance sheets reflect the assets held, debt issued by the securitizations to third parties and any accrued payables to third parties. The Company’s operating results and cash flows include the gross amounts related to the securitizations’ assets and liabilities as opposed to the Company’s net economic interests in the securitizations. Assets and liabilities related to the securitizations are disclosed, in the aggregate, on the Company’s consolidated balance sheets. For a discussion of the debt issued through the securitizations see Note 11. Creditors of the Company’s Consolidated VIEs have no recourse to the general credit of the Company, nor to each other. During the years ended December 31, 2023, 2022 and 2021, the Company did not provide any financial support to any of its VIEs nor does it have any requirement to do so, although it may choose to do so in the future to maximize future cash flows on such investments by the Company. There are no explicit arrangements that obligate the Company to provide financial support to any of its Consolidated VIEs. The following table shows the classification and carrying values of assets and liabilities of the Company’s Consolidated VIEs at December 31, 2023 (in thousands): ASSETS Restricted cash $ 220 Accrued interest receivable 9,188 CRE loans, pledged as collateral (1) 1,466,463 Other assets 71 Total assets (2) $ 1,475,942 LIABILITIES Accounts payable and other liabilities $ 143 Accrued interest payable 3,828 Borrowings 1,204,569 Total liabilities $ 1,208,540 (1) Excludes allowance for credit losses. (2) Assets of each of the Consolidated VIEs may only be used to settle the obligations of each respective VIE. Unconsolidated VIEs (the Company is not the primary beneficiary, but has a variable interest) Based on management’s analysis, the Company is not the primary beneficiary of the VIEs discussed below since it does not have both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Accordingly, the following VIEs are not consolidated in the Company’s financial statements at December 31, 2023. The Company continuously reassesses whether it is deemed to be the primary beneficiary of its unconsolidated VIEs. The Company’s maximum exposure to risk for each of these unconsolidated VIEs is set forth in the “Maximum Exposure to Loss” column in the table below. Unsecured Junior Subordinated Debentures The Company has a 100 % interest in the common shares of Resource Capital Trust I (“RCT I”) and RCC Trust II (“RCT II”), respectively, with a value of $ 1.5 million in the aggregate, or 3.0 % of each trust, at December 31, 2023. RCT I and RCT II were formed for the purposes of providing debt financing to the Company. The Company completed a qualitative analysis to determine whether it is the primary beneficiary of each of the trusts and determined that it was not the primary beneficiary of either trust because it does not have the power to direct the activities most significant to the trusts, which include the collection of principal and interest through servicing rights. Accordingly, neither trust is consolidated into the Company’s consolidated financial statements. The Company records its investments in RCT I and RCT II’s common shares of $ 774,000 each as investments in unconsolidated entities using the cost method, recording dividend income when declared by RCT I and RCT II. The trusts each hold subordinated debentures, for which the Company is the obligor, in the amount of $ 25.8 million for each of RCT I and RCT II. The debentures were funded by the issuance of trust preferred securities of RCT I and RCT II. The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs at December 31, 2023 (in thousands): Unsecured Junior Subordinated Debentures Maximum Exposure to Loss ASSETS Accrued interest receivable $ 32 $ — Investments in unconsolidated entities 1,548 $ 1,548 Total assets 1,580 LIABILITIES Accrued interest payable 433 N/A Borrowings 51,548 N/A Total liabilities 51,981 Net (liability) asset $ ( 50,401 ) At December 31, 2023 , there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to any of its unconsolidated VIEs.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 4 - SUPPLEMENTAL CASH FLOW INFORMATION The following table summarizes the Company’s supplemental disclosure of cash flow information (in thousands): Years Ended December 31, 2023 2022 2021 Supplemental cash flows: Interest expense paid in cash $ 124,047 $ 70,025 $ 42,345 Income taxes paid in cash 101 228 — Non-cash operating activities include the following: Acquisition of other right of use assets $ — $ ( 299 ) $ ( 479 ) Assumption of other operating lease liabilities — 299 479 Non-cash investing activities include the following: Proceeds from the receipt of deed-in-lieu of foreclosure on loan $ 20,900 $ 14,299 $ 17,600 Properties held for sale assets related to the receipt of deed-in-lieu of foreclosure ( 20,900 ) ( 14,299 ) ( 17,600 ) Non-cash financing activities include the following: Incentive compensation paid in common stock $ 598 $ — $ — Distributions on preferred stock accrued but not paid 3,262 3,262 3,262 Capitalized amortization of deferred debt issuance costs 1,127 — — Capitalized interest 1,160 — —

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
RESTRICTED CASH	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
RESTRICTED CASH	NOTE 5 - RESTRICTED CASH The following table summarizes the Company’s restricted cash (in thousands): December 31, 2023 2022 Restricted cash: Cash held in escrow for construction loan $ 7,620 $ — Cash held by consolidated CRE securitizations 220 38,180 Restricted cash held in various escrow accounts 269 274 Restricted cash held in deposit accounts 328 125 Total $ 8,437 $ 38,579

LOANS

LOANS	12 Months Ended
LOANS	Dec. 31, 2023
Loans Held For Investment [Abstract]
LOANS	NOTE 6 - LOANS The following is a summary of the Company’s loans (dollars in thousands, except amounts in footnotes): Description Quantity Principal Unamortized (Discount) Premium, net (1) Amortized Cost Allowance for Credit Losses Carrying Value Contractual Interest Rates (2) Maturity Dates (3)(4) At December 31, 2023: CRE loans held for investment: Whole loans (5)(6)(7) 69 $ 1,858,265 $ ( 5,872 ) $ 1,852,393 $ ( 24,057 ) $ 1,828,336 1M BR plus 2.50 % to 1M BR plus 8.61 % January 2024 to January 2027 Mezzanine loan (5) 1 4,700 — 4,700 ( 4,700 ) — 10.00 % June 2028 Total CRE loans held for investment $ 1,862,965 $ ( 5,872 ) $ 1,857,093 $ ( 28,757 ) $ 1,828,336 At December 31, 2022: CRE loans held for investment: Whole loans (5)(6) 81 $ 2,065,504 $ ( 12,614 ) $ 2,052,890 $ ( 14,103 ) $ 2,038,787 1M BR plus 2.85 % to 1M BR plus 8.50 % January 2023 to July 2026 Mezzanine loan (5) 1 4,700 — 4,700 ( 4,700 ) — 10.00 % June 2028 Total CRE loans held for investment $ 2,070,204 $ ( 12,614 ) $ 2,057,590 $ ( 18,803 ) $ 2,038,787 (1) Amounts include unamortized loan origination fees of $ 5.8 million and $ 12.3 million and deferred amendment fees of $ 110,000 and $ 308,000 at December 31, 2023 and 2022, respectively. (2) Benchmark rates ("BR") comprise one-month LIBOR or one-month Term SOFR. At December 31, 2023, all of the Company's whole loans used one-month Term SOFR. Weighted-average one-month benchmark rates were 5.39 % and 4.21 % at December 31, 2023 and 2022, respectively. Additionally, weighted-average benchmark floors were 0.70 % and 0.68 % at December 31, 2023 and 2022, respectively. (3) Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms, that may be available to the borrowers. (4) Maturity dates exclude three whole loans, with amortized costs of $ 41.2 million , in maturity default at December 31, 2023 and three whole loans, with amortized costs of $ 51.6 million, in maturity default at December 31, 2022. (5) Substantially all loans are pledged as collateral under various borrowings at December 31, 2023 and 2022. (6) CRE whole loans had $ 109.4 million and $ 158.2 million in unfunded loan commitments at December 31, 2023 and 2022, respectively. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the applicable loan agreement, and any necessary approvals have been obtained. (7) In December 2023, the Company sold at par four hotel loans with a par value of $ 77.2 million. The following is a summary of the Company’s CRE loans held for investment by property type (dollars in thousands, except amounts in the footnotes): December 31, 2023 December 31, 2022 Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Multifamily $ 1,453,681 79.6 % $ 1,531,697 75.2 % Office (1)(2) 247,410 13.5 % 269,201 13.2 % Hotel 70,857 3.9 % 178,160 8.7 % Self-Storage 48,363 2.6 % 51,704 2.5 % Retail (3) 8,025 0.4 % 8,025 0.4 % Total $ 1,828,336 100 % $ 2,038,787 100 % (1) Includes two whole loans in maturity default with carrying values of $ 33.1 million at December 31, 2023 and two whole loans in maturity default with carrying values of $ 42.5 million at December 31, 2022. (2) Includes one mezzanine loan with a par value of $ 4.7 million that is fully reserved at both December 31, 2023 and 2022, respectively. (3) Comprises one whole loan in maturity default at both December 31, 2023 and 2022. The following is a summary of the Company’s CRE loans held for investment by geographic location (dollars in thousands, except amounts in the footnotes): December 31, 2023 December 31, 2022 Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Southwest (1) $ 484,902 26.6 % $ 472,327 23.2 % Southeast 401,624 22.0 % 438,403 21.5 % Mountain 275,120 15.0 % 329,828 16.2 % Mid Atlantic 236,104 12.9 % 248,740 12.2 % Pacific 169,789 9.3 % 191,706 9.4 % Northeast (2) 161,172 8.8 % 170,236 8.3 % East North Central (3) 60,401 3.3 % 125,211 6.1 % West North Central 39,224 2.1 % 62,336 3.1 % Total $ 1,828,336 100 % $ 2,038,787 100 % (1) Includes one whole loan in maturity default with carrying values of $ 19.1 million and $ 20.7 million at December 31, 2023 and 2022, respectively. (2) Includes one whole loan in maturity default with a carrying value of $ 8.0 million at both December 31, 2023 and 2022. Also includes one mezzanine loan with a par value of $ 4.7 million that is fully reserved at both December 31, 2023 and 2022. (3) Includes one whole loan in maturity default with a carrying value of $ 14.0 million at December 31, 2023 and one whole loan in maturity default with a carrying value of $ 21.7 million at December 31, 2022. The following is a summary of the contractual maturities of the Company’s CRE loans held for investment, at amortized cost (in thousands, except amounts in the footnotes): Description 2024 2025 2026 and Thereafter Total At December 31, 2023: Whole loans (1) $ 916,985 $ 814,772 $ 79,484 $ 1,811,241 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 916,985 $ 814,772 $ 84,184 $ 1,815,941 Description 2023 2024 2025 and Thereafter Total At December 31, 2022: Whole loans (1) $ 268,120 $ 882,175 $ 851,031 $ 2,001,326 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 268,120 $ 882,175 $ 855,731 $ 2,006,026 (1) Maturity dates exclude three whole loans with amortized costs of $ 41.2 million in maturity default at December 31, 2023 and three whole loans with amortized costs of $ 51.6 million in maturity default at December 31, 2022. (2) At December 31, 2023 , the amortized costs of the CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $ 80.4 million, $ 101.7 million and $ 1.6 billion in 2024, 2025 and 2026 and thereafter, respectively. At December 31, 2022 , the amortized costs of the CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $ 113.8 million, $ 68.6 million and $ 1.8 billion in 2023, 2024 and 2025 and thereafter, respectively. No single loan or investment represented more than 10% of the Company’s total assets and no single investment group generated over 10% of its total revenue. Principal Paydowns Receivable Principal paydowns receivable represents loan principal payments that have been received by the Company’s servicers and trustees but have not been remitted to the Company. At both December 31, 2023 and 2022 , the Company had no loan principal paydowns receivable.

FINANCING RECEIVABLES

FINANCING RECEIVABLES	12 Months Ended
FINANCING RECEIVABLES	Dec. 31, 2023
Receivables [Abstract]
FINANCING RECEIVABLES	NOTE 7 - FINANCING RECEIVABLES The following tables show the activity in the allowance for credit losses for the years ended December 31, 2023 and 2022 (in thousands): Years Ended December 31, 2023 2022 Allowance for credit losses at beginning of year $ 18,803 $ 8,805 Provision for credit losses 10,902 12,295 Charge offs ( 948 ) ( 2,297 ) Allowance for credit losses at end of year $ 28,757 $ 18,803 During the year ended December 31, 2023, the Company recorded provisions for expected credit losses of $ 10.9 million , primarily driven by increased modeled portfolio credit risk compounded by ongoing macroeconomic uncertainty in the commercial real estate market. In June 2023, the Company received the deed-in-lieu of foreclosure on an office loan in the East North Central region with a principal balance of $ 22.8 million, which resulted in a charge off of $ 948,000 against the allowance for credit losses (see Note 8). During the year ended December 31, 2022, the Company recorded provisions for expected credit losses of $ 12.3 million, primarily driven by macroeconomic factors, including expected increases in inflation, short-term interest rates that collateralize the Company's loans, energy prices and continued global supply chain dislocation trending negative, compounded by an increase in portfolio credit risk indicated in property-level cash flows. In addition to the Company’s general estimate of credit losses, the Company may also be required to individually evaluate collateral-dependent loans for credit losses if it has determined that foreclosure or sale of the loan or the underlying collateral is probable. At both December 31, 2023 and 2022 , $ 4.7 million of the Company’s allowance for credit losses resulted from collateral-dependent loans that were individually evaluated for credit losses, details of which follow: At both December 31, 2023 and 2022, the Company individually evaluated the following loans: • One office mezzanine loan in the Northeast region, with a principal balance of $ 4.7 million at both December 31, 2023 and 2022. The Company fully reserved this loan in the fourth quarter of 2022, and it continues to be fully reserved at December 31, 2023. The loan entered payment default in February 2023 and has been placed on nonaccrual status. • One retail loan in the Northeast region, with a principal balance of $ 8.0 million at both December 31, 2023 and 2022, for which foreclosure was determined to be probable. The loan was modified in February 2021 to extend its maturity to December 2021. In December 2021, the loan entered payment default and has been placed on nonaccrual status. During the year ended December 31, 2023 , the borrower filed for bankruptcy and the third-party winning bidder from the auction sale is anticipated to close during fiscal year 2024 at a purchase price of $ 8.3 million. As a requirement of the auction sale, the winning bidder posted a 10 % non-refundable deposit. The sale price and an as-is appraised value are in excess of the loan's principal, and, as such, the loan had no allowance for CECL at both December 31, 2023 and 2022. • One office loan in the Southwest region, with a principal balance of $ 19.1 million and $ 20.7 million at December 31, 2023 and 2022 , respectively, for which foreclosure was determined to be probable. The loan had an initial maturity of March 2022, was modified three times to extend its maturity to June 2022 and has since entered into payment default. However, in exchange for payments, comprising principal paydowns, interest payments and the reimbursement of certain legal fees, received between October 2022 and January 2024, the Company has agreed to temporarily defer its right to foreclose on the property until April 2024 and continues to accrue interest on the loan. In February 2024, the Company had cash escrows of $ 4.8 million available to support debt service payments for the loan. Additionally, at both December 31, 2023 and 2022, this loan had an as-is appraised value in excess of its principal and interest balances, and, as such, had no CECL allowance. Also, at December 31, 2023, the Company individually evaluated one additional loan, which had not been evaluated in the prior year: • One office loan in the East North Central region with a principal balance of $ 14.0 million at December 31, 2023. During the year ended December 31, 2023, the loan entered into payment default and has been placed on nonaccrual status. The loan had an as-is appraised value in excess of its principal and interest balances, and, as such, had no allowance for CECL at December 31, 2023. Credit quality indicators Commercial Real Estate Loans CRE loans are collateralized by a diversified mix of real estate properties and are assessed for credit quality based on the collective evaluation of several factors, including but not limited to: collateral performance relative to underwritten plan, time since origination, current implied and/or re-underwritten LTV ratios, loan structure and exit plan. Depending on the loan’s performance against these various factors, loans are rated on a scale from 1 to 5, with loans rated 1 representing loans with the highest credit quality and loans rated 5 representing loans with the lowest credit quality. The factors evaluated provide general criteria to monitor credit migration in the Company’s loan portfolio; as such, a loan’s rating may improve or worsen, depending on new information received. The criteria set forth below should be used as general guidelines and, therefore, not every loan will have all of the characteristics described in each category below. Risk Rating Risk Characteristics 1 Property performance has surpassed underwritten expectations. Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high quality tenant mix. 2 Property performance is consistent with underwritten expectations and covenants and performance criteria are being met or exceeded. Occupancy is stabilized, near stabilized or is on track with underwriting. 3 Property performance lags behind underwritten expectations. Occupancy is not stabilized and the property has some tenancy rollover. 4 Property performance significantly lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers. Occupancy is not stabilized and the property has a large amount of tenancy rollover. 5 Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Expected sale proceeds would not be sufficient to pay off the loan at maturity. The property has a material vacancy rate and significant rollover of remaining tenants. An updated appraisal is required upon designation and updated on an as-needed basis. All CRE loans are evaluated for any credit deterioration by debt asset management and certain finance personnel on at least a quarterly basis. Mezzanine loans may experience greater credit risks due to their nature as subordinated investments. For the purpose of calculating the quarterly provision for credit losses under CECL, the Company pools CRE loans based on the underlying collateral property type and utilizes a probability of default and loss given default methodology for approximately one year after which it immediately reverts to a historical mean loss ratio. Credit risk profiles of CRE loans at amortized cost were as follows (in thousands, except amounts in the footnote): Rating 1 Rating 2 Rating 3 Rating 4 Rating 5 Total (1) At December 31, 2023: Whole loans, floating-rate $ — $ 973,424 581,032 $ 256,785 $ 41,152 $ 1,852,393 Mezzanine loan — — — — 4,700 4,700 Total $ — $ 973,424 $ 581,032 $ 256,785 $ 45,852 $ 1,857,093 At December 31, 2022: Whole loans, floating-rate $ — $ 1,635,376 $ 309,491 $ 85,226 $ 22,797 $ 2,052,890 Mezzanine loan — — — — 4,700 4,700 Total $ — $ 1,635,376 $ 309,491 $ 85,226 $ 27,497 $ 2,057,590 (1) The total amortized cost of CRE loans excluded accrued interest receivable of $ 11.8 million and $ 11.9 million at December 31, 2023 and 2022, respectively. Credit risk profiles of CRE loans by origination year at amortized cost were as follows (in thousands, except amounts in footnotes): 2023 2022 2021 2020 2019 Prior Total (1) At December 31, 2023: Whole loans, floating-rate: (2) Rating 2 $ 63,634 $ 212,175 $ 636,487 $ 22,556 $ 38,572 $ — $ 973,424 Rating 3 — 168,791 364,369 34,232 — 13,640 581,032 Rating 4 — 82,918 123,333 — 5,645 44,889 256,785 Rating 5 — 14,000 — — 19,127 8,025 41,152 Total whole loans, floating-rate 63,634 477,884 1,124,189 56,788 63,344 66,554 1,852,393 Mezzanine loan (rating 5) — — — — — 4,700 4,700 Total $ 63,634 $ 477,884 $ 1,124,189 $ 56,788 $ 63,344 $ 71,254 $ 1,857,093 Current Period Gross Write-Offs $ — $ — $ — $ — $ ( 948 ) $ — $ ( 948 ) 2022 2021 2020 2019 2018 Prior Total (1) At December 31, 2022: Whole loans, floating-rate: (2) Rating 2 $ 526,606 $ 1,003,060 $ 64,944 $ 26,977 $ 13,789 $ — $ 1,635,376 Rating 3 — 192,490 44,657 27,881 44,463 — 309,491 Rating 4 — — — 20,742 64,484 — 85,226 Rating 5 — — — 22,797 — — 22,797 Total whole loans, floating-rate 526,606 1,195,550 109,601 98,397 122,736 — 2,052,890 Mezzanine loan (rating 4) — — — — 4,700 — 4,700 Total $ 526,606 $ 1,195,550 $ 109,601 $ 98,397 $ 127,436 $ — $ 2,057,590 Current Period Gross Write-Offs $ — $ — $ — $ — $ — $ ( 2,297 ) $ ( 2,297 ) (1) The total amortized cost of CRE loans excluded accrued interest receivable of $ 11.8 million and $ 11.9 million at December 31, 2023 and 2022, respectively. (2) Acquired CRE whole loans are grouped within each loan’s year of issuance. The Company had one additional mezzanine loan that was included in assets held for sale, and that loan had no carrying value at December 31, 2023 and 2022 . Loan Portfolios Aging Analysis The following table presents the CRE loan portfolio aging analysis as of the dates indicated for CRE loans at amortized cost (in thousands, except amounts in footnotes): 30-59 Days 60-89 Days Greater than 90 (1) Total Past Due Current (2) Total Loans Receivable (3) Total Loans > 90 Days and Accruing At December 31, 2023: Whole loans, floating-rate $ — $ — $ 41,152 $ 41,152 $ 1,811,241 $ 1,852,393 $ 19,127 Mezzanine loan (4) — — 4,700 4,700 — 4,700 — Total $ — $ — $ 45,852 $ 45,852 $ 1,811,241 $ 1,857,093 $ 19,127 At December 31, 2022: Whole loans, floating-rate $ — $ — $ 28,767 $ 28,767 $ 2,024,123 $ 2,052,890 $ — Mezzanine loan (4) — — — — 4,700 4,700 — Total $ — $ — $ 28,767 $ 28,767 $ 2,028,823 $ 2,057,590 $ — (1) During the years ended December 31, 2023, 2022 and 2021 , the Company recognized interest income of $ 4.3 million, $ 1.8 million and $ 2.0 million, respectively, on three CRE whole loans with principal payments past due greater than 90 days at December 31, 2023. (2) Includes one CRE whole loan with an amortized cost of $ 22.8 million in maturity default at December 31, 2022. (3) The total amortized cost of CRE loans excluded accrued interest receivable of $ 11.8 million and $ 11.9 million at December 31, 2023 and 2022, respectively. (4) Fully reserved at both December 31, 2023 and 2022 . At December 31, 2023, the Company had three CRE whole loans, with total amortized costs of $ 41.2 million, and one mezzanine loan, with a total amortized cost of $ 4.7 million, in payment default. At December 31, 2022, the Company had three CRE whole loans, with total amortized costs of $ 51.6 million, in payment default. Loan Modifications The Company is required to disclose modifications where it determined the borrower is experiencing financial difficulty and modified the agreement to: (i) forgive principal, (ii) reduce the interest rate, (iii) cause an other-than-insignificant payment delay, (iv) extend the loan term or (v) any combination thereof. During the year ended December 31, 2023 , the Company entered into one CRE whole loan modification that requires disclosure pursuant to guidance adopted during the year ended December 31, 2023. Terms of the modification are as follows: (i) extended the maturity from December 2023 to December 2025 , (ii) reduced its interest rate from BR+ 500 to BR+ 250 , and (iii) modified its payment terms and will accrue to the lesser of net operating cash flow or BR+ 250 . Any unpaid interest will be due at loan payoff. At December 31, 2023 , this loan had an amortized cost of $ 44.9 million, which represented 2.4 % of the total amortized cost of the portfolio. During the year ended December 31, 2022, the Company entered into three agreements that extended one CRE whole loan for a borrower experiencing financial difficulty. At December 31, 2022, this loan had an amortized cost of $ 20.7 million, which represented 1.0 % of the total amortized cost of the portfolio. At December 31, 2023, this loan was in payment default.

INVESTMENTS IN REAL ESTATE AND

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES	12 Months Ended
	Dec. 31, 2023
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Abstract]
Investments In Real Estate And Other Acquired Assets And Assumed Liabilities	NOTE 8 - INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES At December 31, 2023 , the Company held investments in six real estate properties, four of which are included in investments in real estate, and two of which are included in properties held for sale on the consolidated balance sheets. In February 2023, the Company sold a hotel property in the Northeast region that was previously designated as a property held for sale. The hotel property sold for $ 15.1 million with selling costs of $ 845,000 , resulting in a gain of $ 745,000 . In June 2023, the Company received the deed-in-lieu of foreclosure on an office property in the East North Central region. The Company determined that the acquisition of the property should be accounted for as an asset acquisition, and the acquisition-date fair value of $ 20.9 million was determined using a third-party valuation. Additionally on the date of transfer, the Company acquired cash and receivables and assumed trade payables, resulting in a charge off of the loan against the Company's allowance for credit losses of $ 948,000 . At December 31, 2023, the property was reported as property held for sale on the consolidated balance sheets. The following table summarizes the book value of the Company’s acquired assets and assumed liabilities (in thousands, except amounts in the footnotes): December 31, 2023 December 31, 2022 Cost Basis Accumulated Depreciation & Amortization Carrying Value Cost Basis Accumulated Depreciation & Amortization Carrying Value Assets acquired: Investments in real estate, equity: Investments in real estate (1) $ 162,662 $ ( 5,041 ) $ 157,621 $ 123,219 $ ( 2,251 ) $ 120,968 Right of use assets (2)(3) 19,664 ( 478 ) 19,186 19,664 ( 205 ) 19,459 Intangible assets (4) 11,474 ( 3,592 ) 7,882 11,474 ( 2,594 ) 8,880 Subtotal 193,800 ( 9,111 ) 184,689 154,357 ( 5,050 ) 149,307 Investments in real estate from lending activities: Properties held for sale (5) 62,605 — 62,605 53,769 — 53,769 Total 256,405 ( 9,111 ) 247,294 208,126 ( 5,050 ) 203,076 Liabilities assumed: Investments in real estate, equity: Mortgages payable 40,297 1,489 41,786 18,089 155 18,244 Other liabilities 247 ( 220 ) 27 247 ( 183 ) 64 Lease liabilities (3)(6) 43,538 — 43,538 43,260 ( 393 ) 42,867 Subtotal 84,082 1,269 85,351 61,596 ( 421 ) 61,175 Investments in real estate from lending activities: Liabilities held for sale (7) 3,025 — 3,025 3,025 — 3,025 Total 87,107 1,269 88,376 64,621 ( 421 ) 64,200 Total net investments in real estate and properties held for sale (8) $ 169,298 $ 158,918 $ 143,505 $ 138,876 (1) Includes $ 38.4 million , which is not depreciable, at both December 31, 2023 and 2022. Also includes $ 44.9 million and $ 9.9 million of construction in progress for the student housing construction project, which is also not depreciable until placed in service, at December 31, 2023 and 2022, respectively. (2) Primarily comprises a $ 19.2 million right of use asset, associated with an acquired ground lease of $ 43.2 million (see below) accounted for as an operating lease at December 31, 2023. At December 31, 2022, the value of the right of use asset was $ 19.0 million associated to the ground lease with a value of $ 42.4 million. Amortization is booked to real estate expenses on the consolidated statements of operations. (3) Refer to Note 9 for additional information on the Company’s remaining operating leases. (4) Primarily comprises a franchise intangible of $ 4.7 million and $ 5.3 million, a management contract intangible of $ 2.9 million and $ 3.1 million, and a customer list intangible of $ 223,000 and $ 427,000 at December 31, 2023 and 2022, respectively. (5) At December 31, 2022, properties held for sale includes two properties originally acquired in November 2020 and July 2022. At December 31, 2023, properties held for sale included the November 2020 acquisition, as well as the property acquired via deed-in-lieu of foreclosure in June 2023. (6) Primarily comprises a $ 43.2 million ground lease with a remaining term of 93 years . Lease expenses for the years ended December 31, 2023 and 2022 were $ 2.7 million and $ 1.1 million, respectively. (7) Comprises an operating lease liability. (8) Excludes items of working capital, either acquired or assumed. The Company acquired a ground lease with its equity investment in a hotel property in April 2022. This ground lease has an associated above-market lease intangible liability. The ground lease confers to the Company the right to use the land on which its hotel operates, and the ground lease payments increase 3.00 % per year until 2116. The Company acquired the original 99-year lease with 94 years remaining. At December 31, 2023, 93 years remain in its term. For the years ended December 31, 2023 and 2022, t he Company recorded lease payments of $ 1.7 million and $ 1.3 million, respectively, amortization related to the right of use asset of $ 203,000 and $ 153,000 , respectively, and accretion related to its ground lease liability of $ 2.5 million and $ 341,000 , respectively. During the years ended December 31, 2023, 2022 and 2021 , the Company recorded amortization expense of $ 998,000 , $ 2.1 million and $ 1.2 million, respectively, on its intangible assets. The Company expects to record amortization expense of $ 961,000 , $ 793,000 , $ 748,000 , $ 748,000 and $ 748,000 during the 2024, 2025, 2026, 2027 and 2028 fiscal years, respectively, on its intangible assets.

LEASES

LEASES	12 Months Ended
LEASES	Dec. 31, 2023
Leases [Abstract]
LEASES	NOTE 9 - LEASES In addition to the ground lease discussed in Note 8, the Company has operating leases for office space and office equipment. The leases have terms that expire between January 2024 and September 2029 . The leases on the office space and office equipment contain options for early termination granted to the Company and the lessor. Lease payments are determined as follows: • Office space: payments are made on a fixed schedule, escalating annually, and include the Company’s responsibility for a percentage of increases in the building’s property taxes and operating expenses over the base year. • Office equipment: payments are made on a fixed schedule. The following table summarizes the Company’s operating leases (in thousands): December 31, 2023 December 31, 2022 Operating Leases: Right of use assets $ 693 $ 822 Lease liabilities $ ( 738 ) $ ( 828 ) Weighted average remaining lease term: 5.8 years 6.7 years Weighted average discount rate (1) : 8.70 % 8.71 % (1) The market discount rate is used, when readily determinable, in calculating the present value of lease payments for the operating lease liability. Otherwise, the incremental borrowing rate on the commencement date is used. The following table summarizes the Company’s operating lease costs and cash payments during the periods indicated (in thousands): Year Ended December 31, 2023 Year Ended December 31, 2022 Lease Cost: Operating lease cost $ 194 $ 68 Other Information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 151 $ 94 The following table summarizes the Company’s operating leases cash flow obligations on an undiscounted, annual basis (in thousands): Operating Leases 2024 $ 157 2025 161 2026 165 2027 167 2028 171 Thereafter 132 Subtotal 953 Less: impact of discount ( 215 ) Total $ 738

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	12 Months Ended
INVESTMENTS IN UNCONSOLIDATED ENTITIES	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 10 - INVESTMENTS IN UNCONSOLIDATED ENTITIES The Company’s investments in unconsolidated entities at December 31, 2023 and 2022 comprised a 100 % interest in the common shares of RCT I and RCT II with a value of $ 1.5 million in the aggregate, or 3.0 % of each trust. The Company records its investments in RCT I’s and RCT II’s common shares as investments in unconsolidated entities using the cost method, recording dividend income when declared by RCT I and RCT II. During the years ended December 31, 2023, 2022 and 2021 , the Company recorded dividends from its investments in RCT I’s and RCT II’s common shares, reported in other revenue on the consolidated statements of operations, of $ 145,000 , $ 91,000 , and $ 65,000 , respectively.

BORROWINGS

BORROWINGS	12 Months Ended
BORROWINGS	Dec. 31, 2023
Debt Disclosure [Abstract]
BORROWINGS	NOTE 11 - BORROWINGS The Company historically has financed the acquisition of its investments, including investment securities and loans, through the use of secured and unsecured borrowings. Certain information with respect to the Company’s borrowings is summarized in the following table (dollars in thousands, except amounts in footnotes): Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At December 31, 2023: ACR 2021-FL1 Senior Notes $ 643,040 $ 2,243 $ 640,797 6.98 % 12.5 years $ 770,460 ACR 2021-FL2 Senior Notes 567,000 3,227 563,773 7.28 % 13.1 years 700,000 Senior secured financing facility 64,495 2,927 61,568 9.14 % 4.1 years 157,722 CRE - term warehouse financing facilities (1) 170,861 2,273 168,588 7.96 % 1.6 years 254,081 Mortgages payable 43,779 1,993 41,786 8.92 % 11.3 years 83,739 5.75 % Senior Unsecured Notes 150,000 1,860 148,140 5.75 % 2.6 years — Unsecured junior subordinated debentures 51,548 — 51,548 9.60 % 12.7 years — Total $ 1,690,723 $ 14,523 $ 1,676,200 7.28 % 10.4 years $ 1,966,002 Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At December 31, 2022: ACR 2021-FL1 Senior Notes $ 675,223 $ 3,826 $ 671,397 5.81 % 13.5 years $ 802,643 ACR 2021-FL2 Senior Notes 567,000 4,841 562,159 6.13 % 14.1 years 700,000 Senior secured financing facility 91,549 3,659 87,890 7.94 % 5.0 years 196,837 CRE - term warehouse financing facilities (1) 330,849 2,561 328,288 6.85 % 1.8 years 453,550 Mortgage payable 18,710 466 18,244 8.08 % 2.3 years 25,400 5.75 % Senior Unsecured Notes 150,000 2,493 147,507 5.75 % 3.6 years — Unsecured junior subordinated debentures 51,548 — 51,548 8.52 % 13.7 years — Total $ 1,884,879 $ 17,846 $ 1,867,033 6.29 % 10.3 years $ 2,178,430 (1) Principal outstanding includes accrued interest payable of $ 539,000 and $ 894,000 at December 31, 2023 and 2022 , respectively. Securitizations The following table sets forth certain information with respect to the Company’s consolidated securitizations at December 31, 2023 (in thousands): Closing Date Maturity Date Reinvestment Period End (1) Total Note Paydowns from Closing Date through December 31, 2023 ACR 2021-FL1 May 2021 June 2036 May 2023 $ 32,183 ACR 2021-FL2 December 2021 January 2037 December 2023 $ — (1) The reinvestment period is the period in which principal proceeds received may be used to acquire CRE loans for reinvestment into the securitization. The investments held by the Company’s securitizations collateralize the securitizations’ borrowings and, as a result, are not available to the Company, its creditors, or stockholders. All senior notes of the securitizations held by the Company at both December 31, 2023 and 2022 were eliminated in consolidation. XAN 2019-RSO7 In April 2019, the Company closed Exantas Capital Corp. 2019-RSO7, Ltd. (“XAN 2019-RSO7”), a $ 687.2 million CRE debt securitization transaction that provided financing for CRE loans. In May 2021, the Company exercised the optional redemption of XAN 2019-RSO7, and all of the outstanding senior notes were paid off from the sales proceeds of certain of the securitization’s assets. XAN 2020-RSO8 In March 2020, the Company closed XAN 2020-RSO8, a $ 522.6 million CRE debt securitization transaction that provided financing for CRE loans. In March 2022, the Company exercised the optional redemption of XAN 2020-RSO8, and all of the outstanding senior notes were paid off from the sales proceeds of certain of the securitization’s assets. XAN 2020-RSO9 In September 2020, the Company closed XAN 2020-RSO9, a $ 297.0 million CRE debt securitization transaction that provided financing for CRE loans. In February 2022, the Company exercised the optional redemption of XAN 2020-RSO9, and all of the outstanding senior notes were paid off from the sales proceeds of certain of the securitization’s assets. ACR 2021-FL1 In May 2021, the Company closed ACRES Commercial Realty 2021-FL1 Issuer, Ltd. (“ACR 2021-FL1”), a $ 802.6 million CRE debt securitization transaction that provided financing for CRE loans. ACR 2021-FL1 issued a total of $ 675.2 million of non-recourse, floating-rate notes to third parties at par. Additionally, ACRES RF retained 100 % of the Class F and Class G notes and a subsidiary of ACRES RF retained 100 % of the outstanding preference shares. The preference shares are subordinated in right of payment to all other securities issued by ACR 2021-FL1. ACR 2021-F1 included a reinvestment period, which ended in May 2023, that allowed it to acquire CRE loans for reinvestment into the securitization using uninvested principal proceeds. At closing, the senior notes issued to investors consisted of the following classes: (i) $ 431.4 million of Class A notes bearing interest at one-month LIBOR plus 1.20 %; (ii) $ 100.3 million of Class A-S notes bearing interest at one-month LIBOR plus 1.60 %; (iii) $ 37.1 million of Class B notes bearing interest at one-month LIBOR plus 1.80 %; (iv) $ 43.1 million of Class C notes bearing interest at one-month LIBOR plus 2.00 %; (v) $ 50.2 million of Class D notes bearing interest at one-month LIBOR plus 2.65 %; and (vi) $ 13.0 million of Class E notes bearing interest at one-month LIBOR plus 3.10 %. The non-recourse, floating-rate notes initially charged one-month Term LIBOR but converted to one-month Term SOFR in June 2023. All of the notes issued mature in June 2036 , although the Company has the right to call the notes beginning on the payment date in May 2023 and thereafter. During the year ended December 31, 2023, the Company did not exercise this right. ACR 2021-FL2 In December 2021, the Company closed ACRES Commercial Realty 2021-FL2 Issuer, Ltd. (“ACR 2021-FL2”), a CRE debt securitization transaction that can finance up to $ 700.0 million of CRE loans. ACR 2021-FL2 issued a total of $ 567.0 million of non-recourse, floating-rate notes to third parties at par. Additionally, ACRES RF retained 100 % of the Class F and Class G notes and a subsidiary of ACRES RF retained 100 % of the outstanding preference shares. The preference shares are subordinated in right of payment to all other securities issued by ACR 2021-FL2. Additionally, ACR 2021-FL2 included a reinvestment period, which ended in December 2023, that allowed it to acquire CRE loans for reinvestment into the securitization using uninvested principal proceeds. At closing, the senior notes issued to investors consisted of the following classes: (i) $ 385.0 million of Class A notes bearing interest at one-month LIBOR plus 1.40 %; (ii) $ 30.6 million of Class A-S notes bearing interest at one-month LIBOR plus 1.75 %; (iii) $ 38.5 million of Class B notes bearing interest at one-month LIBOR plus 2.25 %; (iv) $ 47.3 million of Class C notes bearing interest at one-month LIBOR plus 2.65 %; (v) $ 51.6 million of Class D notes bearing interest at one-month LIBOR plus 3.10 %; and (vi) $ 14.0 million of Class E notes bearing interest at one-month LIBOR plus 4.00 %. The non-recourse, floating-rate notes initially charged one-month Term LIBOR but converted to one-month Term SOFR in June 2023. All of the notes issued mature in January 2037 , although the Company has the right to call the notes beginning on the payment date in December 2023 and thereafter. During the year ended December 31, 2023, the Company did not exercise this right. Corporate Debt Unsecured Junior Subordinated Debentures During 2006, the Company formed RCT I and RCT II for the sole purpose of issuing and selling capital securities representing preferred beneficial interests. RCT I and RCT II are not consolidated into the Company’s consolidated financial statements because the Company is not deemed to be the primary beneficiary of these entities. In connection with the issuance and sale of the capital securities, the Company issued junior subordinated debentures to RCT I and RCT II of $ 25.8 million each, representing the Company’s maximum exposure to loss. The debt issuance costs associated with the junior subordinated debentures for RCT I and RCT II were included in borrowings and were amortized into interest expense on the consolidated statements of operations using the effective yield method over a ten year period. There were no unamortized debt issuance costs associated with the junior subordinated debentures for RCT I and RCT II outstanding at December 31, 2023 and 2022. The interest rates for RCT I and RCT II, at December 31, 2023, were 9.61 % and 9.60 % , respectively. The interest rates for RCT I and RCT II, at December 31, 2022 , were 8.68 % and 8.36 %, respectively. The rights of holders of common securities of RCT I and RCT II are subordinate to the rights of the holders of capital securities only in the event of a default; otherwise, the common securities’ economic and voting rights are pari passu with the capital securities. The capital and common securities of RCT I and RCT II are subject to mandatory redemption upon the maturity or call of the junior subordinated debentures held by each. Unless earlier dissolved, RCT I will dissolve in May 2041 and RCT II will dissolve in September 2041. The junior subordinated debentures are the sole assets of RCT I and RCT II, which mature in June 2036 and October 2036 , respectively, and may currently be called at par. 4.50% Convertible Senior Notes The Company issued $ 143.8 million aggregate principal of its 4.50 % convertible senior notes due 2022 (“4.50% Convertible Senior Notes”) in August 2017. During the year ended December 31, 2021, the Company repurchased $ 55.7 million of its 4.50% Convertible Senior Notes, resulting in a charge to earnings of $ 1.5 million, comprising an extinguishment of debt charge of $ 1.2 million in connection with the acceleration of the market discount and interest expense of $ 304,000 in connection with the acceleration of deferred debt issuance costs. In February 2022, the Company repurchased $ 39.8 million of its 4.50 % Convertible Senior Notes, resulting in a charge to earnings of $ 574,000 , comprising an extinguishment of debt charge of $ 460,000 in connection with the acceleration of the market discount and interest expense of $ 114,000 in connection with the acceleration of deferred debt costs. In August 2022, the remaining $ 48.2 million of the 4.50 % Convertible Senior Notes were paid off upon maturity at par. Senior Unsecured Notes 5.75% Senior Unsecured Notes Due 2026 On August 16, 2021, the Company issued $ 150.0 million of its 5.75 % senior unsecured notes due 2026 (the “5.75% Senior Unsecured Notes”) pursuant to its Indenture, dated August 16, 2021 (the “Base Indenture”), between it and Wells Fargo, now Computershare Trust Company, N.A. (“CTC”), as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated August 16, 2021, between it and Wells Fargo, now CTC, (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). Prior to May 15, 2026, the Company may at its option redeem the 5.75% Senior Unsecured Notes, in whole or in part, at a redemption price equal to the sum of (i) 100 % of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date, and (ii) a make-whole premium. On or after May 15, 2026, the Company may at its option redeem the 5.75% Senior Unsecured Notes, at any time, in whole or in part, on not less than 15 nor more than 60 days’ prior notice, at a redemption price equal to 100% of the principal amount of the 5.75% Senior Unsecured Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date . The Indenture contains restrictive covenants that, among other things, require the Company to maintain certain financial ratios. The foregoing limitations are subject to exceptions as set forth in the Supplemental Indenture. At December 31, 2023 , the Company was in compliance with these covenants. The Indenture provides for customary events of default that include, among other things (subject in certain cases to customary grace and cure periods): (i) non-payment of principal or interest, (ii) breach of certain covenants contained in the Indenture or the 5.75% Senior Unsecured Notes, (iii) an event of default or acceleration of certain other indebtedness of the Company or a subsidiary in which the Company has invested at least $ 75 million in capital within the applicable grace period and (iv) certain events of bankruptcy or insolvency. Generally, if an event of default occurs (subject to certain exceptions), CTC or the holders of at least 25 % in aggregate principal amount of the then outstanding 5.75% Senior Unsecured Notes may declare all of the notes to be due and payable. 12.00% Senior Unsecured Notes In July 2020, the Company entered into a Note and Warrant Purchase Agreement (the “Note and Warrant Purchase Agreement”) with Oaktree Capital Management, L.P. (“Oaktree”) and Massachusetts Mutual Life Insurance Company (“MassMutual”) pursuant to which the Company could issue to Oaktree and MassMutual from time to time up to $ 125.0 million aggregate principal amount of 12.00 % Senior Unsecured Notes. The 12.00% Senior Unsecured Notes had an annual interest rate of 12.00 %, payable up to 3.25 % (at the election of the Company) as pay-in-kind interest and the remainder as cash interest. In July 2020, the Company issued $ 50.0 million aggregate principal amount of the 12.00% Senior Unsecured Notes. In August 2021, the Company entered into an agreement with that provided for the redemption in full of the outstanding balance of the 12.00% Senior Unsecured Notes with payment to Oaktree and MassMutual for an aggregate $ 55.3 million, which consisted of (i) principal in the amount of $ 50.0 million, (ii) interest in the amount of $ 329,000 and (iii) a make-whole amount of $ 5.0 million. In connection with the redemption, the Company recorded a charge to earnings of $ 8.0 million, comprising an extinguishment of debt charge of $ 7.8 million in connection with (i) the $ 5.0 million net make-whole amount and (ii) the $ 2.8 million acceleration of the remaining market discount; and interest expense of $ 218,000 in connection with the acceleration of deferred debt issuance costs. The Company did not issue any additional notes under this agreement and it expired as of July 31, 2022. Financing Arrangements Borrowings under the Company’s financing arrangements are guaranteed by the Company or one or more of its subsidiaries. The following table sets forth certain information with respect to these arrangements (dollars in thousands, except amounts in footnotes): December 31, 2023 December 31, 2022 Outstanding Borrowings Value of Collateral Number of Positions as Collateral Weighted Average Interest Rate Outstanding Borrowings Value of Collateral Number of Positions as Collateral Weighted Average Interest Rate Senior Secured Financing Facility Massachusetts Mutual Life Insurance Company (1) $ 61,568 $ 157,722 7 9.14 % $ 87,890 $ 196,837 8 7.94 % CRE - Term Warehouse Financing Facilities (2) JPMorgan Chase Bank, N.A. (3) 74,694 125,044 4 7.82 % 186,783 255,095 11 6.74 % Morgan Stanley Mortgage Capital Holdings LLC (4) 93,894 129,037 7 8.07 % 141,505 198,455 10 7.00 % Mortgages Payable ReadyCap Commercial, LLC (5) 19,365 25,400 1 9.16 % 18,244 25,400 1 8.08 % Oceanview Life and Annuity Company (6)(7) 7,330 58,339 1 11.37 % — — — —% Florida Pace Funding Agency (6)(8) 15,091 — — 7.26 % — — — —% Total $ 271,942 $ 495,542 $ 434,422 $ 675,787 (1) Includes $ 2.9 million and $ 3.7 million of deferred debt issuance costs at December 31, 2023 and 2022, respectively. (2) Outstanding borrowings include accrued interest payable. (3) Includes $ 1.6 million and $ 1.1 million of deferred debt issuance costs at December 31, 2023 and 2022, respectively. (4) Includes $ 647,000 and $ 1.4 million of deferred debt issuance costs at December 31, 2023 and 2022, respectively. (5) Includes $ 259,000 and $ 466,000 of deferred debt issuance costs at December 31, 2023 and 2022, respectively. (6) Outstanding borrowings are collateralized by a student housing construction project. Value of collateral and number of positions as collateral related to Oceanview Life and Annuity Company also applies to Florida Pace Funding Agency. (7) Includes $ 1.3 million of deferred debt issuance costs at December 31, 2023 . There were no deferred debt issuance costs at December 31, 2022. (8) Includes $ 419,000 of deferred debt issuance costs at December 31, 2023 . There were no deferred debt issuance costs at December 31, 2022. The following table shows information about the amount at risk under the Company's financing arrangements (dollars in thousands): Amount at Risk Weighted Average Remaining Maturity Weighted Average Interest Rate At December 31, 2023: Senior Secured Financing Facility (1) Massachusetts Mutual Life Insurance Company $ 93,518 4.1 years 9.14 % CRE - Term Warehouse Financing Facilities (1)(2) JPMorgan Chase Bank, N. A. $ 49,570 2.6 years 7.82 % Morgan Stanley Mortgage Capital Holdings LLC $ 35,471 0.8 years 8.07 % Mortgages Payable ReadyCap Commercial, LLC (3) $ 5,672 1.3 years 9.16 % Oceanview Life and Annuity Company (4)(5) $ 34,180 1.1 years 11.37 % Florida Pace Funding Agency (4)(5) — 29.6 years 7.26 % (1) Equal to the total of the estimated fair value of securities or loans sold and accrued interest receivable, minus the total of the financing agreement liabilities and accrued interest payable. (2) The Company is required to maintain a total minimum unencumbered liquidity balance of $ 15.0 million. (3) Equal to the total of the estimated fair value of real estate property investment financed, minus the total of the mortgage payable agreement liability and accrued interest payable. (4) Equal to the total of the estimated fair value of real estate property investment financed, minus the total of the construction loans agreement liabilities and accrued interest payable. Amount at risk related to Oceanview Life and Annuity Company also applies to Florida Pace Funding Agency. (5) Outstanding borrowings are collateralized by a student housing construction project. The Company was in compliance with all financial covenants in each agreement at December 31, 2023. Senior Secured Financing Facility On July 31, 2020, an indirect, wholly owned subsidiary (“Holdings”), along with its direct wholly owned subsidiary (the “Borrower”), of the Company entered into a $ 250.0 million Loan and Servicing Agreement (the “MassMutual Loan Agreement”) with MassMutual and the other lenders party thereto (the “Lenders”). The asset-based revolving loan facility (the “MassMutual Facility”) provided under the MassMutual Loan Agreement has been used to finance the Company’s core CRE lending business. The MassMutual Facility initially had an interest rate of 5.75 % per annum payable monthly and matured on July 31, 2027 . The Company paid a commitment fee as well as other reasonable closing costs. During the first two years , an unused commitment fee of 0.50 % per annum (payable monthly ) on unused commitments under the MassMutual Loan Agreement was payable for each day on which less than 75 % of the total commitment was drawn. In connection with the MassMutual Loan Agreement, the Company entered into a Guaranty (the “MassMutual Guaranty”) among the Company, Exantas Real Estate Funding 2018-RSO6 Investor, LLC (“RSO6”), Exantas Real Estate Funding 2019-RSO7 Investor, LLC (“RSO7”) and Exantas Real Estate Funding 2020-RSO8 Investor, LLC (“RSO8”), each an indirect, wholly owned subsidiary of the Company, in favor of the secured parties under the MassMutual Loan Agreement. RSO6, RSO7 and RSO8 no longer exist. Pursuant to the MassMutual Guaranty, the Company fully guaranteed all payments and performance of Holdings and the Borrower under the MassMutual Loan Agreement. Additionally, the Company, and previously RSO6, RSO7 and RSO8, made certain representations and warranties and agreed to not incur debt or liens, each subject to certain exceptions, and agreed to provide the Lenders with certain information. In September 2020, the MassMutual Loan Agreement was amended pursuant to which (i) the initial portfolio assets were revised and an agreed advance rate for each initial portfolio asset (each, an “Initial Portfolio Asset Advance Rate”) was set, and (ii) the revolving loan facility under the MassMutual Loan Agreement was amended to require the initial lender (currently MassMutual) to provide a specific advance rate for any future eligible portfolio assets and to limit the aggregate total amount of advances outstanding at any time to both the total facility amount and, in lieu of a 55 % LTV, a borrowing base as of any required date of determination equal to the sum of, in each case, the product of the advance rate for such eligible portfolio asset (including in respect of the initial portfolio assets, the applicable Initial Portfolio Asset Advance Rate therefor) and the then determined value of such eligible portfolio asset. The MassMutual Loan Agreement was further amended in several instances pursuant to which (i) MassMutual consented to the formation of certain subsidiaries to hold real estate and (ii) such subsidiaries agreed to enter into guaranty agreements in favor of the secured parties under the MassMutual Loan Agreement. In July 2022, Holdings, the Borrower and the Lenders entered into the Fifth Amendment to the MassMutual Loan Agreement (the “July 2022 Amendment”) to (i) extend the availability period from July 31, 2022 to August 31, 2022 and (ii) amend the interest rate on the outstanding principal amount of the borrowings, with respect to borrowings made in connection with eligible portfolio assets transferred to any borrower after the effective date of the July 2022 Amendment to the rate per annum determined by the initial lender or otherwise 5.75 % per annum. In August 2022, Holdings, the Borrower and the Lenders entered into the Sixth Amendment to the MassMutual Loan Agreement to extend the availability period from August 31, 2022 to October 15, 2022 . In December 2022, Holdings, the Borrower and the Lenders entered into an Amended and Restated Loan and Servicing Agreement, which amends and restates the existing loan and servicing agreement, and reflects a senior secured term loan facility, not to exceed $ 500.0 million, composed of individual loan series issued upon mutual agreement of the Borrower and Lenders. Each loan series will be available for three months after the closing date agreed upon by the Borrower and Lender (“Commitment Period”), subject to the maximum dollar amount agreed upon for that series. The Commitment Period is subject to immediate termination upon the occurrence of an event of default. Each loan series will have a final maturity of five years from the issuance date for the loan series unless an additional time is mutually agreed upon by Lenders and Borrower. The advance rate on portfolio assets will be mutually agreed upon by Lenders and Borrower. Each loan series will have its own mutually agreed upon interest rate equal to one-month Term SOFR plus the applicable spread. The Amended and Restated Loan and Servicing Agreement contains events of default, subject to certain materiality thresholds and grace periods, customary for this type of financing arrangement. The remedies for such events of default are also customary for this type of transaction and include declaring the final maturity date to have occurred and advances due and liquidation of the assets securing the series. Pursuant to the Amended and Restated Loan and Servicing Agreement, the Borrower’s obligations under the MassMutual Loan Agreement are secured by the Borrower’s assets and Holdings’ equity interests in the Borrower, including all distributions, proceeds and profits from Holdings’ interests in the Borrower. CRE - Term Warehouse Financing Facilities In February 2012, a wholly-owned subsidiary entered into a master repurchase and securities agreement (the “2012 Facility”) with Wells Fargo to finance the origination of CRE loans. In July 2018, the subsidiary entered into an amended and restated master repurchase agreement (the “2018 Facility”), in exchange for an extension fee and other reasonable costs, that maintained the $ 250.0 million maximum facility amount and extended the term of the facility to July 2020 with three one-year extension options exercisable at the Company’s discretion. In October 2021, the 2018 Facility matured. In April 2018, the Company’s indirect wholly-owned subsidiary entered into a master repurchase agreement (the “Barclays Facility”) with Barclays to finance the origination of CRE loans. In connection with the Barclays Facility, the Company entered into a guaranty agreement (the “Barclays Guaranty”) pursuant to which the Company fully guaranteed all payments and performance under the Barclays Facility. In October 2021, the Barclays Facility and the Barclays Guaranty were amended to extend the revolving period of the facility to October 2022 and to modify the guaranty to limit financial covenants to be applicable when there are outstanding transactions. The Barclays Facility had a maximum facility amount of $ 250.0 million and charged interest of one-month LIBOR plus market spreads. In February 2022, the Company amended the Barclays Facility to add market terms regarding the replacement of LIBOR upon determination of a benchmark transition event. In October 2022, the Barclays Facility matured. In October 2018, an indirect wholly-owned subsidiary of the Company entered into a master repurchase agreement (the “JPMorgan Chase Facility”) with JPMorgan Chase to finance the origination of CRE loans. In connection with the JPMorgan Chase Facility, the Company entered into a guarantee agreement (the “JPMorgan Chase Guarantee”) pursuant to which the Company fully guaranteed all payments and performance under the JPMorgan Chase Facility. The JPMorgan Chase Facility has a maximum facility amount of $ 250.0 million, charges interest of one-month benchmark plus market spreads and had an initial maturity date of October 2024 . In May 2020, the Company entered into an amendment to the JPMorgan Chase Guarantee that revised its minimum equity financial covenant as of February 29, 2020. In October 2020, the Company entered into an amendment to the JPMorgan Chase Guarantee that revised a covenant definition so that credit losses are determined in accordance with a risk rating-based methodology. In September and October 2021, the JPMorgan Chase Facility was amended twice, resulting in (i) the extension of the JPMorgan Chase Facility’s maturity date to October 2024, (ii) an update to the Company’s tangible net worth requirement and minimum liquidity covenant as set forth in the guarantee agreement and (iii) a modification of market terms regarding the replacement of LIBOR upon determination of a benchmark transition event. In November 2022, the JPMorgan Chase Facility was amended for the following: (i) EBITDA to interest expense ratio, (ii) maximum ratio of total indebtedness to its total equity, and (iii) minimum unencumbered liquidity requirement, each through September 2023. In July 2023, the JPMorgan Chase Facility was amended to extend the maturity date to July 2026, as well as to extend the amendments to (i) EBITDA to interest expense ratio, (ii) maximum ratio of total indebtedness to its total equity and (iii) minimum unencumbered liquidity requirement, each through December 2024. The JPMorgan Chase Facility contains margin call provisions that provide JPMorgan Chase with certain rights if the value of purchased assets declines. Under these circumstances, JPMorgan Chase may require the Company to transfer cash in an amount necessary to eliminate such margin deficit or repurchase the asset(s) that resulted in the margin call. In connection with the JPMorgan Chase Facility, the Company guaranteed the payment and performance under the JPMorgan Chase Facility pursuant to the JPMorgan Chase Guarantee subject to a limit of 25 % of the then currently unpaid aggregate repurchase price of all purchased assets. The JPMorgan Chase Guarantee includes certain financial covenants required of the Company, including required liquidity, required capital, ratios of total indebtedness to equity and EBITDA requirements. Also, ACRES RF, the direct owner of the wholly-owned subsidiary borrower, executed a pledge agreement with JPMorgan Chase pursuant to which it pledged and granted to JPMorgan Chase a continuing security interest in any and all of its right, title and interest in and to the wholly-owned subsidiary, including all distributions, proceeds, payments, income and profits from its interests in the wholly-owned subsidiary. The JPMorgan Chase Facility specifies events of default, subject to certain materiality thresholds and grace periods, customary for this type of financing arrangement. The remedies for such events of default are also customary for this type of financing arrangement and include the acceleration of the principal amount outstanding under the JPMorgan Chase Facility and the liquidation by JPMorgan Chase of purchased assets then subject to the JPMorgan Chase Facility. In November 2021, an indirect, wholly-owned subsidiary of the Company entered into a $ 250.0 million Master Repurchase and Securities Contract Agreement with Morgan Stanley, to be used to finance the Company’s commercial real estate lending business (the “Morgan Stanley Facility”). Each repurchase transaction will specify its own terms, such as identification of the assets subject to the transaction, sale price, repurchase price and rate. In January 2022, the Morgan Stanley Facility was amended to add market terms regarding the replacement of LIBOR upon determination of a benchmark transition event. In November 2022, the Morgan Stanley Facility was amended for the following: (i) EBITDA to interest expense ratio, (ii) maximum ratio of total indebtedness to its total equity, and (iii) minimum unencumbered liquidity requirement, each through March 2024. In November 2023, this facility was amended to extend the amendments to (i) EBITDA to interest expense ratio, (ii) maximum ratio of total indebtedness to its total equity and (iii) minimum unencumbered liquidity requirement, each through the quarter ending December 2024. The Morgan Stanley Facility has a maximum facility amount of $ 250.0 million, charges interest of one-month benchmark plus market spreads and matures in November 2024 . The Company also has the right to request a one-year extension. The Morgan Stanley Facility contains margin call provisions that provide Morgan Stanley with certain rights if the value of purchased assets declines. Under these circumstances, Morgan Stanley may require the subsidiary to transfer cash in an amount necessary to eliminate such margin deficit or repurchase the asset(s) that resulted in the margin call. The Company guaranteed its subsidiary’s payment and performance under the Morgan Stanley Facility pursuant to a guaranty agreement (the “Morgan Stanley Guaranty”), subject to a limit of 25 % of the then currently unpaid aggregate repurchase price of all purchased assets. The Morgan Stanley Guaranty includes certain financial covenants required of the Company, including required liquidity, required capital, ratios of total indebtedness to equity and EBITDA requirements. Also, the subsidiary’s direct parent, ACRES RF, executed a Pledge Agreement with Morgan Stanley pursuant to which ACRES RF pledged and granted to Morgan Stanley a continuing security interest in any and all of ACRES RF’s right, title and interest in and to the subsidiary, including all distributions, proceeds, payments, income and profits from ACRES RF’s interests in the subsidiary. The Morgan Stanley Facility specifies events of default, subject to certain materiality thresholds and grace periods, customary for this type of financing arrangement. The remedies for such events of default are also customary for this type of financing arrangement and include acceleration of the principal amount outstanding under the Morgan Stanley Facility and liquidation by Morgan Stanley of purchased assets then subject to the Morgan Stanley Facility. Mortgages Payable In April 2022, Chapel Drive West, LLC, a wholly owned subsidiary of the FSU Student Venture, entered into a Loan Agreement (the “Mortgage”) with ReadyCap Commercial, LLC (“ReadyCap”) to finance the acquisition of a student housing comple

SHARE ISSUANCE AND REPURCHASES

SHARE ISSUANCE AND REPURCHASES	12 Months Ended
SHARE ISSUANCE AND REPURCHASES	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
SHARE ISSUANCE AND REPURCHASES	NOTE 12 - SHARE ISSUANCE AND REPURCHASES In May 2021, and subsequently in June 2021, the Company issued a total of 4.6 million shares of 7.875 % Series D Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”) at a public offering price of $ 25.00 per share. The Company received net proceeds of $ 110.4 million after $ 4.6 million of underwriting discounts and other offering expenses. Dividends are payable quarterly in arrears at the end of January, April, July and October. The Series D Preferred Stock has no maturity date and the Company is not required to redeem the Series D Preferred Stock at any time. On or after May 21, 2026, the Company may, at its option, redeem the Series D Preferred Stock, in whole or part, at any time and from time to time, for cash at $ 25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. On October 4, 2021, the Company and the Manager entered into an Equity Distribution Agreement with JonesTrading Institutional Services LLC, as placement agent (“JonesTrading”), pursuant to which the Company may issue and sell from time to time up to 2.2 million shares of the Series D Preferred Stock. Sales of the Series D Preferred Stock may be made in transactions that are deemed to be “at the market” offerings, as defined in Rule 415 of the Securities Act of 1933, as amended, including without limitation, sales made directly on the New York Stock Exchange, on any other existing trading market for the shares or to or through a market maker. Subject to the terms of the Company’s notice, JonesTrading may also sell the shares by any other method permitted by law, including but not limited to in privately negotiated transactions. The Company will pay JonesTrading a commission up to 3.0 % of the gross proceeds from the sales of the Series D Preferred Stock pursuant to the agreement. The terms and conditions of the agreement include various representations and warranties, conditions to closing, indemnification rights and obligations of the parties and termination provisions. During the years ended December 31, 2023 and 2022, the Company did not issue any Series D Preferred Stock through this agreement. During the year ended December 31, 2021, the Company received net proceeds of $ 194,000 from the issuance of 7,857 shares of Series D Preferred Stock governed by the agreement. On or after July 30, 2024, the Company may, at its option, redeem its 8.625 % Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”), in whole or in part, at any time and from time to time, for cash at $ 25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. Effective July 30, 2024 and thereafter, the Company will pay cumulative distributions on the Series C Preferred Stock at a floating rate equal to three-month LIBOR plus a spread of 5.927 % per annum based on the $ 25.00 liquidation preference, provided that such floating rate shall not be less than the initial rate of 8.625 % at any date of determination. At December 31, 2023 , the Company had 4.8 million shares of Series C Preferred Stock and 4.6 million shares of Series D Preferred Stock outstanding, with weighted average issuance prices, excluding offering costs, of $ 25.00 . In November 2021, the Board authorized and approved the continued use of its existing share repurchase program to repurchase an additional $ 20.0 million of the outstanding shares of the Company's common stock. Under the share repurchase program, the Company intends to repurchase shares through open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 and 10b5-1 of the Exchange Act. In November 2023, the Board authorized and approved the repurchase of an additional $ 10.0 million of outstanding shares of both common and preferred stock. During the years ended December 31, 2023 and 2022 , the Company repurchased $ 7.4 million and $ 9.1 million of its common stock, representing 899,085 and 848,978 shares, respectively. At December 31, 2023 , $ 9.8 million of common and preferred stock remains available under this repurchase plan. In connection with the Note and Warrant Purchase Agreement, the 12.00% Senior Unsecured Notes gave Oaktree and MassMutual warrants to purchase an aggregate of up to 1,166,653 shares of common stock at an exercise price of $ 0.03 per share, subject to certain potential adjustments. In July 2020, concurrently with the issuance of the 12.00% Senior Unsecured Notes, the Company issued to Oaktree warrants to purchase 391,995 shares of common stock for an aggregate purchase price of $ 42.0 million and issued to MassMutual warrants to purchase 74,666 shares of common stock for an aggregate purchase price of $ 8.0 million. The warrants are recorded in additional paid-in capital on the consolidated balance sheets at their fair value of $ 3.1 million at issuance. The warrants are immediately exercisable on issuance and expire seven years from the issuance date. The warrants can be exercised at with cash or as a net exercise. In July 2022, MassMutual exercised their warrants to purchase 74,666 shares. At December 31, 2023 , the Oaktree warrants have not been exercised.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
SHARE-BASED COMPENSATION	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	NOTE 13 - SHARE-BASED COMPENSATION In June 2021, the Company’s shareholders approved the ACRES Commercial Realty Corp. Third Amended and Restated Omnibus Equity Compensation Plan (the “Omnibus Plan”) and the ACRES Commercial Realty Corp. Manager Incentive Plan (the “Manager Plan” and together with the Omnibus Plan, the “Plans”). The Omnibus Plan was amended to (i) increase the number of shares authorized for issuance by an additional 1,100,000 shares of common stock less any shares of common stock issued or subject to awards granted under the Manager Plan; and (ii) extend the expiration date of the Omnibus Plan from June 2029 to June 2031 . The maximum number of shares that may be subject to awards granted under the Plans, determined on a combined basis, will be 1,700,817 shares of common stock. The Omnibus Plan and the Manager Plan are administered by the compensation committee of the Company’s Board (the “Compensation Committee”). In 2020, the Compensation Committee and the Board created parameters for equity awards, whereby they are no longer discretionary but are now based upon the Company’s achievement of performance parameters using book value of the common stock as the appropriate benchmark. See Note 17 for a description of awards made under the Manager Plan. The Company recognized stock-based compensation expense of $ 2.6 million, $ 3.6 million and $ 1.7 million during the years ended December 31, 2023, 2022 and 2021, respectively, related to restricted stock. Under the Company’s Fourth Amended and Restated Management Agreement, as amended (“Management Agreement”), incentive compensation is paid quarterly. Up to 75 % of the incentive compensation is paid in cash and at least 25 % is paid in the form of an award of common stock recorded in management fees on the consolidated statements of operations. During the year ended December 31, 2023 , the Company incurred incentive compensation expense payable to the Manager of $ 895,000 , of which 50 % was payable in cash and 50 % was payable in common stock. At December 31, 2023, $ 38,000 was included in Management fee payable - related party on the consolidated balance sheets. During the year ended December 31, 2022, the Company incurred incentive compensation expense payable to the Manager of $ 340,000 , of which 50 % was payable in cash and 50 % was payable in common stock. No incentive compensation was paid to the Manager for the year ended December 31, 2021. The Company issued 69,201 shares of common stock to the Manager during the year ended December 31, 2023, pertaining to the portions of the fourth quarter 2022, first quarter 2023, second quarter 2023 and third quarter 2023 incentive compensation that was payable in shares. In January 2024, the Company issued 1,911 shares of common stock to the Manager pertaining to the portion of the fourth quarter 2023 incentive compensation that was payable at December 31, 2023. Shares of common stock issued under the Management Agreement for incentive compensation vest immediately upon issuance. The following table summarizes the Company’s restricted common stock transactions under both the Plans and Management Agreement: Manager Directors Total Number of Shares Weighted-Average Grant-Date Fair Value Unvested shares at January 1, 2023 524,999 58,334 583,333 $ 14.22 Issued 69,201 — 69,201 8.45 Vested ( 219,199 ) ( 16,660 ) ( 235,859 ) 12.81 Unvested shares at December 31, 2023 375,001 41,674 416,675 $ 14.07 The unvested restricted common stock shares are expected to vest during the following years: Shares 2024 166,658 2025 166,671 2026 83,346 Total 416,675 At December 31, 2023 , total unrecognized compensation costs relating to unvested restricted stock was $ 1.9 million based on the grant date fair value of shares granted. The cost is expected to be recognized over a weighted average period of 2.0 years.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
EARNINGS PER SHARE	Dec. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 14 - EARNINGS PER SHARE The following table presents a reconciliation of basic and diluted earnings (losses) per common share for the periods presented (dollars in thousands, except per share amounts): Years Ended December 31, 2023 2022 2021 Net income $ 21,848 $ 10,426 $ 33,923 Net income allocated to preferred shares ( 19,422 ) ( 19,422 ) ( 15,887 ) Net loss allocable to non-controlling interest, net of taxes 542 197 — Net income (loss) allocable to common shares $ 2,968 $ ( 8,799 ) $ 18,036 Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 8,024,295 8,380,490 9,269,607 Weighted average number of warrants outstanding (1) 391,995 431,271 466,661 Total weighted average number of common shares outstanding - basic 8,416,290 8,811,761 9,736,268 Effect of dilutive securities - unvested restricted stock 149,768 — 26,949 Weighted average number of common shares outstanding - diluted 8,566,058 8,811,761 9,763,217 Net income (loss) per common share - basic $ 0.35 $ ( 1.00 ) $ 1.85 Net income (loss) per common share - diluted $ 0.35 $ ( 1.00 ) $ 1.85 (1) See Note 12 for further details regarding the warrants.

DISTRIBUTIONS

DISTRIBUTIONS	12 Months Ended
DISTRIBUTIONS	Dec. 31, 2023
Distributions [Abstract]
DISTRIBUTIONS	NOTE 15 - DISTRIBUTIONS In order to qualify as a REIT, the Company must currently distribute at least 90 % of its taxable income. In addition, the Company must distribute 100 % of its taxable income in order to not be subject to corporate federal income taxes on retained income. The Company anticipates it will distribute substantially all of its taxable income to its stockholders. Because taxable income differs from cash flow from operations due to non-cash revenues or expenses (such as provisions for loan and lease losses and depreciation) and tax loss carryforwards, in certain circumstances the Company may generate operating cash flow in excess of its distributions or, alternatively, may be required to borrow funds to make sufficient distribution payments. The Company’s 2024 distributions are, and will be, determined by the Company’s Board, which will also consider the composition of any distributions declared, including the option of paying a portion in cash and the balance in additional shares of common stock. For the years ended December 31, 2023, 2022 and 2021 , the Company did no t pay any common share distributions. The following table presents distributions declared (on a per share basis) for the years ended December 31, 2023, 2022 and 2021 with respect to the Company’s Series C Preferred Stock and Series D Preferred Stock: Series C Preferred Stock Series D Preferred Stock Date Paid Total Distribution Paid Distribution Per Share Date Paid Total Distribution Paid Distribution Per Share (in thousands) (in thousands) 2023 December 31 January 30, 2024 $ 2,588 $ 0.5390625 January 30, 2024 $ 2,268 $ 0.4921875 September 30 October 30 2,587 0.5390625 October 30 2,268 0.4921875 June 30 July 31 2,588 0.5390625 July 31 2,268 0.4921875 March 31 May 1 2,587 0.5390625 May 1 2,268 0.4921875 2022 December 31 January 30, 2023 $ 2,587 $ 0.5390625 January 30, 2023 $ 2,268 $ 0.4921875 September 30 October 31 2,587 0.5390625 October 31 2,268 0.4921875 June 30 August 1 2,588 0.5390625 August 1 2,268 0.4921875 March 31 May 2 2,588 0.5390625 May 2 2,268 0.4921875 2021 December 31 January 31, 2022 $ 2,588 $ 0.5390625 January 31, 2022 $ 2,268 $ 0.4921875 September 30 November 1 2,588 0.5390625 November 1 2,264 0.4921875 June 30 July 30 2,588 0.5390625 July 30 1,736 0.3773440 March 31 April 30 2,588 0.5390625 N/A N/A N/A

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Dec. 31, 2023
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 16 - ACCUMULATED OTHER COMPREHENSIVE LOSS Th e following table presents the changes in net unrealized loss on derivatives, the sole component of accumulated other comprehensive loss, for the year ended December 31, 2023 (in thousands): Accumulated Other Comprehensive Loss - Net Unrealized Gain on Derivatives Balance at January 1, 2023 $ ( 6,394 ) Amounts reclassified from accumulated other comprehensive loss (1) 1,593 Balance at December 31, 2023 $ ( 4,801 ) (1) Amounts reclassified from accumulated other comprehensive loss are reclassified to interest expense on the Company’s consolidated statements of operations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 17 - RELATED PARTY TRANSACTIONS Management Agreement In March 2005, the Company entered into a Management Agreement, which was last amended on February 15, 2024, with the Manager pursuant to which the Manager provides the day-to-day management of the Company’s operations. The Management Agreement requires the Manager to manage the Company’s business affairs in conformity with the policies and investment guidelines established by the Company’s Board. The Manager provides its services under the supervision and direction of the Company’s Board. The Manager is responsible for the selection, purchase and sale of the Company’s portfolio investments, its financing activities and providing investment advisory services. The Manager and its affiliates also provide the Company with a Chief Financial Officer and a sufficient number of additional accounting, finance, tax and investor relations professionals. The Manager receives fees and is reimbursed for its expenses as follows: • A monthly base management fee equal to 1/12th of the amount of the Company’s equity multiplied by 1.50 %; provided, however, that for each calendar month through July 31, 2022, such fee was equal to a minimum of $ 442,000 . Under the Management Agreement, “equity” is equal to the net proceeds from issuances of shares of capital stock (or the value of common shares upon the conversion of convertible securities), after deducting any underwriting discounts and commissions and other expenses and costs relating to such issuance, plus or minus the Company’s retained earnings (excluding non-cash equity compensation incurred in current or prior periods) less all amounts the Company has paid for common stock and preferred stock repurchases. The calculation is adjusted for one-time events due to changes in GAAP, as well as other non-cash charges, upon approval of the Company’s independent directors. • Incentive compensation, calculated quarterly until the quarter ended December 31, 2022 as follows: (A) 20 % of the amount by which the Company’s EAD (as defined in the Management Agreement) for a quarter exceeds the product of (i) the weighted average of (x) the book value divided by 10,293,783 and (y) the per share price (including the conversion price, if applicable) paid for the Company’s common shares in each offering (or issuance, upon the conversion of convertible securities) by it subsequent to September 30, 2017, multiplied by (ii) the greater of (x) 1.75 % and (y) 0.4375 % plus one-fourth of the Ten Year Treasury Rate for such quarter ; multiplied by (B) the weighted average number of common shares outstanding during such quarter; subject to adjustment (a) to exclude events pursuant to changes in GAAP or the application of GAAP as well as non-recurring or unusual transactions or events, after discussion between the Manager and the independent directors and approval by a majority of the independent directors in the case of non-recurring or unusual transactions or events, and (b) to deduct an amount equal to any fees paid directly by a TRS (or any subsidiary thereof) to employees, agents and/or affiliates of the Manager with respect to profits of such TRS (or subsidiary thereof) generated from the services of such employees, agents and/or affiliates, the fee structure of which shall have been approved by a majority of the independent directors and which fees may not exceed 20 % of the net income (before such fees) of such TRS (or subsidiary thereof). With respect to each fiscal quarter commencing with the quarter ended December 31, 2022, an incentive management fee calculated and payable in arrears in an amount, not less than zero , equal to: • for the first full calendar quarter ended December 31, 2022 , the product of (a) 20 % and (b) the excess of (i) EAD of the Company for such calendar quarter, over (ii) the product of (A) the Company’s book value equity as of the end of such calendar quarter, and (B) 7 % per annum; • for each of the second, third and fourth full calendar quarters following the calendar quarter ended December 31, 2022, the excess of (1) the product of (a) 20 % and (b) the excess of (i) EAD of the Company for the calendar quarter(s) following September 30, 2022, over (ii) the product of (A) the Company’s book value equity in the calendar quarter(s) following September 30, 2022, and (B) 7 % per annum, over (2) the sum of any incentive compensation paid to the Manager with respect to the prior calendar quarter(s) following September 30, 2022 (other than the most recent calendar quarter); and • for each calendar quarter thereafter, the excess of (1) the product of (a) 20 % and (b) the excess of (i) EAD of the Company for the previous 12-month period, over (ii) the product of (A) the Company’s book value equity in the previous 12-month period, and (B) 7 % per annum, over (2) the sum of any incentive compensation paid to the Manager with respect to the first three calendar quarters of such previous 12-month period; provided , however, that no incentive compensation shall be payable with respect to any calendar quarter unless EAD for the 12 most recently completed calendar quarters (or such lesser number of completed calendar quarters from September 30, 2022) in the aggregate is greater than zero. • Per loan underwriting and review fees in connection with valuations of and potential investments in certain subordinate commercial mortgage pass-through certificates, in amounts approved by a majority of the independent directors. • Reimbursement of expenses for personnel of the Manager or its affiliates for their services in connection with the making of fixed-rate commercial real estate loans by the Company, in an amount equal to one percent of the principal amount of each such loan made. • Reimbursement of out-of-pocket expenses and certain other costs incurred by the Manager and its affiliates that relate directly to the Company and its operations. • Reimbursement of the Manager’s and its affiliates’ expenses for (A) wages, salaries and benefits of the Company’s Chief Financial Officer, and (B) a portion of the wages, salaries and benefits of accounting, finance, tax and investor relations professionals, in proportion to such personnel’s percentage of time allocated to its operations. Incentive compensation is calculated and payable quarterly to the Manager to the extent it is earned. Up to 75 % of the incentive compensation is payable in cash and at least 25 % is payable in the form of an award of common stock. The Manager may elect to receive more than 25 % of its incentive compensation in common stock. All shares are fully vested upon issuance, however, the Manager may not sell such shares for one year after the incentive compensation becomes due and payable unless the Management Agreement is terminated. Shares payable as incentive compensation are valued as follows: • if such shares are traded on a securities exchange, at the average of the closing prices of the shares on such exchange over the 30 -day period ending three days prior to the issuance of such shares; • if such shares are actively traded over-the-counter, at the average of the closing bid or sales price as applicable over the 30 -day period ending three days prior to the issuance of such shares; and • if there is no active market for such shares, at the fair market value as reasonably determined in good faith by the Board of the Company. The Management Agreement’s current contract term ends on July 31, 2024 and the agreement provides for automatic one year renewals on such date and on each July 31 thereafter until terminated. The Company’s Board reviews the Manager’s performance annually. The Management Agreement may be terminated annually upon the affirmative vote of at least two-thirds of the Company’s independent directors, or by the affirmative vote of the holders of at least a majority of the outstanding shares of its common stock, based upon unsatisfactory performance that is materially detrimental to the Company or a determination by its independent directors that the management fees payable to the Manager are not fair, subject to the Manager’s right to prevent such a compensation termination by accepting a mutually acceptable reduction of management fees. The Company’s Board must provide 180 days’ prior notice of any such termination. If the Company terminates the Management Agreement, the Manager is entitled to a termination fee equal to four times the sum of the average annual base management fee and the average annual incentive compensation earned by the Manager during the two 12-month periods immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter before the date of termination. The Company may also terminate the Management Agreement for cause with 30 days’ prior written notice from its Board. No termination fee is payable in the event of a termination for cause. The Management Agreement defines cause as: • the Manager’s continued material breach of any provision of the Management Agreement following a period of 30 days after written notice thereof; • the Manager’s fraud, misappropriation of funds, or embezzlement against the Company; • the Manager’s gross negligence in the performance of its duties under the Management Agreement; • the dissolution, bankruptcy or insolvency, or the filing of a voluntary bankruptcy petition, by the Manager; or • a change of control (as defined in the Management Agreement) of the Manager if a majority of the Company’s independent directors determines, at any point during the 18 months following the change of control, that the change of control was detrimental to the ability of the Manager to perform its duties in substantially the same manner conducted before the change of control. Cause does not include unsatisfactory performance that is materially detrimental to the Company’s business. The Manager may terminate the Management Agreement at its option, (A) in the event that the Company defaults in the performance or observance of any material term, condition or covenant contained in the Management Agreement and such default continues for a period of 30 days after written notice thereof, or (B) without payment of a termination fee by the Company, if it becomes regulated as an investment company under the Investment Company Act of 1940, with such termination deemed to occur immediately before such event. Relationship with ACRES Capital Corp. and certain of its Subsidiaries Relationship with ACRES Capital Corp. and certain of its Subsidiaries. The Manager is a subsidiary of ACRES Capital Corp., of which Andrew Fentress, the Company’s Chairman, serves as Managing Partner and Mark Fogel, the Company’s President, Chief Executive Officer and Director, serves as Chief Executive Officer and President. Mr. Fentress and Mr. Fogel are also shareholders and board members of ACRES Capital Corp. Effective on July 31, 2020, the Company has a Management Agreement with the Manager pursuant to which the Manager provides the day-to-day management of the Company’s operations and receives management fees. For the years ended December 31, 2023, 2022 and 2021 , the Manager earned base management fees of $ 6.6 million, $ 6.7 million and $ 6.1 million, respectively. For the years ended December 31, 2023 and 2022 , the Manager earned incentive management fees of $ 895,000 and $ 340,000 , respectively, of which 50 % was payable in cash and 50 % was payable in common stock. At December 31, 2023 and 2022 , $ 546,000 and $ 558,000 , respectively, of base management fees were payable by the Company to the Manager. At December 31, 2023 and 2022 , $ 38,000 and $ 340,000 , respectively, of incentive management fees were payable by the Company to the Manager. No incentive compensation was earned or payable at year end for the year ended December 31, 2021. The Manager and its affiliates provided the Company with a Chief Financial Officer and a sufficient number of additional accounting, finance, tax and investor relations professionals. The Company reimbursed the Manager’s expenses for (a) the wages, salaries and benefits of the Chief Financial Officer, and (b) a portion of the wages, salaries and benefits of accounting, finance, tax and investor relations professionals, in proportion to such personnel’s percentage of time allocated to the Company’s operations. The Company reimbursed out-of-pocket expenses and certain other costs incurred by the Manager that related directly to the Company’s operations. For the years ended December 31, 2023, 2022 and 2021 , the Company reimbursed the Manager $ 3.8 million, $ 5.1 million and $ 4.7 million, respectively, for all such compensation and costs. At December 31, 2023 and 2022 , the Company had payables to the Manager pursuant to the Management Agreement totaling $ 686,000 and $ 179,000 , respectively, related to such compensation and costs. The Company’s base management fee payable and expense reimbursements payable were recorded in management fee payable and accounts payable and other liabilities on the consolidated balance sheets, respectively. On July 31, 2020, ACRES RF, a direct, wholly owned subsidiary of the Company, provided a $ 12.0 million loan (the “ACRES Loan”) to ACRES Capital Corp. evidenced by the Promissory Note from ACRES Capital Corp. The ACRES Loan accrues interest at 3.00 % per annum payable monthly. The monthly amortization payment is $ 25,000 . The ACRES Loan matures in July 2026 , subject to two one-year extensions (at ACRES Capital Corp.’s option) subject to the payment of a 0.5 % extension fee to ACRES RF on the outstanding principal amount of the ACRES Loan. During the years ended December 31, 2023, 2022 and 2021 , the Company recorded interest income of $ 339,000 , $ 348,000 and $ 357,000 , respectively, on the ACRES Loan in other income on the consolidated statements of operations. At December 31, 2023 and 2022 , the ACRES Loan had a principal balance of $ 11.0 million and $ 11.3 million recorded in loan receivable - related party on the consolidated balance sheets. At December 31, 2023 and 2022 , the ACRES loan had no interest receivable. During the year ended December 31, 2022, the Company originated one CRE whole loan with a par value of $ 38.6 million that was refinanced from a loan originated by affiliates of the Manager. The Company did no t originate any loans that were refinanced from loans originated by affiliates of the Manager during the years ended December 31, 2023 and 2021. During the year ended December 31, 2022, the Company acquired 100 % equity in one property for $ 38.6 million, that previously served as collateral for a loan held by an affiliate of the Manager prior to the acquisition. During the year ended December 31, 2021, the Company acquired 100 % equity in one property for $ 14.2 million, which previously served as collateral for a loan held by an affiliate of the Manager prior to the acquisition. At December 31, 2023 , the Company retained equity in two securitization entities that were structured for the Company by the Manager. Under the Management Agreement, the Manager was not separately compensated by the Company for executing this transaction and was not separately compensated for managing the securitization entity and its assets. During the year ended December 31, 2022, the Company co-originated and entered into joint funding agreements with ACRES Loan Origination, LLC, an affiliate of ACRES Capital Corp. and the Manager, on four loan originations, with total initial fundings of $ 97.2 million. During the year ended December 31, 2023, one loan, with a current par balance of $ 26.2 million, was sold. Relationship with ACRES Capital Servicing LLC. Under the MassMutual Loan Agreement, ACRES Capital Servicing LLC (“ACRES Capital Servicing”), an affiliate of ACRES Capital Corp. and the Manager, serves as the portfolio servicer. Additionally, ACRES Capital Servicing served as the special servicer of XAN 2019-RSO7, XAN 2020-RSO8, and XAN 2020-RSO9 and serves as special servicer of ACR 2021-FL1, and ACR 2021-FL2. During the years ended December 31, 2023, 2022 and 2021 , ACRES Capital Servicing received no portfolio servicing fees. During the years ended December 31, 2023, 2022 and 2021, ACRES Capital Servicing earned $ 67,000 , $ 74,000 and $ 14,000 , respectively, in special servicing fees, of which $ 19,000 , $ 51,000 and $ 14,000 were recorded as a reduction to interest income in the consolidated statements of operations. Relationship with ACRES Commercial Mortgage, LLC . During the year ended December 31, 2023 , subsequent to approval from its Board, the Company purchased a participation for $ 22.5 million in one CRE whole loan from ACRES Commercial Mortgage, LLC, an affiliate of ACRES Capital Corp and the Manager. Relationship with ACRES Collateral Manager, LLC. ACRES Collateral Manager, LLC, an affiliate of ACRES Capital Corp. and the Manager, serves as the collateral manager of ACR 2021-FL1 and ACR 2021-FL2, a role for which it waived its fee. Relationship with ACRES Development Management, LLC. ACRES Development Management, LLC (“DevCo”) is a wholly owned subsidiary of ACRES Capital Corp., the parent of the Manager. DevCo acts in various capacities as a co-developer or owner’s representative for direct equity investments within the Company’s portfolio. In November 2021, December 2021 and April 2022, the joint venture entities of the three CRE equity investments acquired through direct investment entered into development agreements with DevCo (the “Development Agreements”). Pursuant to the Development Agreements, DevCo agreed to manage the development of the projects associated with each equity investment in accordance with a development standard in exchange for fees equal to between 1.25 % and 1.5 % of all project costs. During the years ended December 31, 2023 and 2022, $ 464,000 and $ 22,000 , respectively, in fees were earned by DevCo for services rendered under the Development Agreements. No fees were incurred or paid to DevCo for services rendered under the Development Agreements during the year ended December 31, 2021. Relationship with ACRES Share Holdings, LLC. During the year ended December 31, 2023 , the Company issued 69,201 shares to ACRES Share Holdings, LLC, a subsidiary of the Manager, in connection with the incentive compensation payable to the Manager under the Management Agreement. In January 2024, the Company issued 1,911 shares to ACRES Share Holdings, LLC in connection with incentive compensation payable to the Manager at December 31, 2023. The shares vested fully upon issuance pursuant to the Management Agreement. During the year ended December 31, 2022, ACRES Share Holdings, LLC was granted 299,999 shares under the Manager Plan. These shares will vest 25 % for four years , on each anniversary of the issuance date. See Note 13 for additional details. Relationship with Resource Real Estate Opportunity REIT In July 2020, ACRES and the Company entered into agreements with Resource America pursuant to which Resource America provided office space and other office-related services as well as performed an internal audit program. In September 2020, the sublease was assigned from Resource America to Resource Real Estate Opportunity REIT and the internal audit engagement letter was assigned from Resource America to Resource NewCo LLC, a subsidiary of Resource Real Estate Opportunity REIT. A former non-employee director of the Company was an executive at, and a director of, Resource Real Estate Opportunity REIT. During the year ended December 31, 2021, the Company incurred $ 67,000 of expenses in connection with these agreements. These agreements were terminated as of March 31, 2021 . Resource America and its subsidiaries ceased being related party as of June 2021.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 18 - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company had no financial instruments carried at fair value on a recurring basis at either December 31, 2023 or 2022. The Company measures the fair value of certain assets on a non-recurring basis when events or changes in circumstances indicate that the carrying value of the assets may be impaired. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-downs of an asset's value due to impairment. In June 2023, the Company received the deed-in-lieu of foreclosure on a property that formerly collateralized a CRE whole loan and upon acquisition was immediately classified as a property held for sale on the Company's consolidated balance sheets (See Note 8). The property was appraised and determined to have a fair value of $ 20.9 million at the time of acquisition. Fair value was determined using a discounted cash flow valuation technique, with the significant unobservable inputs being an internal rate of return of 9.25 % and a terminal cap rate of 7.50 %. The valuation of this property held for sale fell under Level 3 of the fair value hierarchy as described in Note 2. The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair values of the Company’s short-term financial instruments such as cash and cash equivalents, restricted cash, accrued interest receivable, principal paydowns receivable, accrued interest payable and distributions payable approximate their carrying values on the consolidated balance sheets. The fair values of the Company’s assets and liabilities are estimated as follows: CRE whole loans. The fair values of the Company’s loans held for investment are measured by discounting the expected future cash flows using the current interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Par values of loans with variable interest rates are expected to approximate fair value unless evidence of credit deterioration exists, in which case the fair value approximates the par value less the loan’s allowance estimated through individual evaluation. The Company’s floating-rate CRE loans had interest rates from 7.88 % to 13.96 % and 7.03 % to 12.67 % at December 31, 2023 and 2022, respectively. CRE mezzanine loan. Historically, this was measured by discounting the expected remaining cash flows using the current interest rates at which similar instruments would be originated for the same remaining maturity. The Company’s mezzanine loan was discounted at a rate of 10.00 %. The Company's mezzanine loan had no carrying or fair value at December 31, 2023 or 2022. Loan receivable- related party . This is estimated using a discounted cash flow model. Senior notes in CRE securitizations, 5.75% Senior Unsecured Notes and junior subordinated notes. These are estimated using a discounted cash flow model with implied yields based on trades for similar securities. Senior secured financing facility, warehouse financing facilities and mortgages payable. These are variable rate debt instruments indexed to either LIBOR or Term SOFR that reset periodically and, as a result, their carrying value approximates their fair value, excluding deferred debt issuance costs. At December 31, 2023, all variable-rate debt instruments are indexed to SOFR. The fair values of the Company’s financial and non-financial instruments that are not reported at fair value on the consolidated balance sheets are reported in the following table (in thousands, except amount in footnotes): Fair Value Measurements Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets of Liabilities Significant Other Observable Inputs Significant Unobservable Inputs At December 31, 2023: Assets: CRE whole loans $ 1,828,336 $ 1,858,265 $ — $ — $ 1,858,265 Loan receivable - related party 10,975 8,598 — — 8,598 Liabilities: Senior notes in CRE securitizations 1,204,570 1,163,048 — — 1,163,048 Senior secured financing facility 61,568 64,495 — — 64,495 Warehouse financing facilities 168,588 170,861 — — 170,861 Mortgages payable 41,786 43,779 — — 43,779 5.75 % Senior Unsecured Notes 148,140 138,795 — — 138,795 Junior subordinated notes 51,548 38,406 — — 38,406 At December 31, 2022: Assets: CRE whole loans $ 2,038,787 $ 2,065,504 $ — $ — $ 2,065,504 Loan receivable - related party 11,275 9,672 — — 9,672 Liabilities: Senior notes in CRE securitizations 1,233,556 1,179,313 — — 1,179,313 Senior secured financing facility 87,890 91,549 — — 91,549 Warehouse financing facilities 328,288 330,848 — — 330,848 Mortgage payable 18,244 18,710 — — 18,710 5.75 % Senior Unsecured Notes 147,507 138,435 — — 138,435 Junior subordinated notes 51,548 35,821 — — 35,821

MARKET RISK AND DERIVATIVE INST

MARKET RISK AND DERIVATIVE INSTRUMENTS	12 Months Ended
MARKET RISK AND DERIVATIVE INSTRUMENTS	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
MARKET RISK AND DERIVATIVE INSTRUMENTS	NOTE 19 - MARKET RISK AND DERIVATIVE INSTRUMENTS The Company is affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as “market risks.” When deemed appropriate, the Company used derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative instruments were interest rate risk and market price risk. The Company also historically managed its interest rate risk with interest rate swaps. Interest rate swaps are contracts between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. The Company seeks to manage the extent to which net income changes as a function of changes in interest rates by matching adjustable-rate assets with variable-rate borrowings. The Company classified its interest rate swap contracts as cash flow hedges, which are hedges that eliminate the risk of changes in the cash flows of a financial asset or liability. The Company terminated all of its interest rate swap positions associated with its financed CMBS portfolio in April 2020. At termination, the Company realized a loss of $ 11.8 million. At December 31, 2023 and 2022, the Company had losses of $ 5.0 million and $ 6.6 million, respectively, recorded in accumulated other comprehensive loss, which will be amortized into earnings over the remaining life of the debt. During the years ended December 31, 2023, 2022 and 2021, the Company recorded amortization expense, reported in interest expense on the consolidated statements of operations, of $ 1.7 million , $ 1.8 million and $ 1.9 million, respectively. At December 31, 2023 and 2022, the Company had an unrealized gain of $ 164,000 and $ 256,000 , respectively, attributable to two terminated interest rate swaps in accumulated other comprehensive loss on the consolidated balance sheets, to be accreted into earnings over the remaining life of the debt. During each of the three years ended December 31, 2023, 2022 and 2021, the Company recorded accretion income, reported in interest expense on the consolidated statements of operations, of $ 91,000 , to accrete the accumulated other comprehensive income on the terminated swap agreements. The following table presents the effect of the derivative instruments on the consolidated statements of operations during the years ended December 31, 2023, 2022 and 2021: Realized and Unrealized Loss (1) Consolidated Statements of Operations Location Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Interest rate swap contracts, hedging Interest expense $ ( 1,593 ) $ ( 1,733 ) $ ( 1,851 ) (1) Negative values indicate a decrease to the associated consolidated statements of operations line items.

OFFSETTING OF FINANCIAL ASSETS

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES	12 Months Ended
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES	Dec. 31, 2023
Offsetting [Abstract]
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES	NOTE 20 - OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES The following table presents a summary of the Company’s offsetting of financial liabilities and derivative liabilities (in thousands, except amounts in footnotes): (i) (ii) (iii) = (i) - (ii) (iv) of Recognized Consolidated Consolidated Financial (1) Cash Collateral (v) = (iii) - (iv) At December 31, 2023: Warehouse financing facilities (2) $ 168,588 $ — $ 168,588 $ 168,588 $ — $ — At December 31, 2022: Warehouse financing facilities (2) $ 328,288 $ — $ 328,288 $ 328,288 $ — $ — (1) Amounts represent financial instruments pledged that are available to be offset against liability balances associated with term warehouse financing facilities, repurchase agreements and derivatives. (2) The combined fair value of securities and loans pledged against the Company’s various warehouse financing facilities and repurchase agreements was $ 254.1 million and $ 453.6 million at December 31, 2023 and 2022 , respectively. All balances associated with warehouse financing facilities are presented on a gross basis on the Company’s consolidated balance sheets. Certain of the Company’s warehouse financing facilities are governed by underlying agreements that generally provide for a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 21 - INCOME TAXES The following table details the components of income taxes at the Company’s TRSs (in thousands): Years Ended December 31, 2023 2022 2021 Income tax expense: Current: Federal $ — $ — $ — State 1 13 — Total current 1 13 — Deferred: Federal — — — State — — — Total deferred — — — Total $ 1 $ 13 $ — A reconciliation of the income tax expense based upon the statutory tax rate to the effective income tax rate was as follows for the Company’s TRSs for the years presented (in thousands): Years Ended December 31, 2023 2022 2021 Income tax (benefit) expense: Statutory tax $ ( 70 ) $ ( 178 ) $ ( 66 ) State and local taxes, net of federal benefit ( 42 ) 313 ( 59 ) True-up of prior period tax expense ( 6 ) — — Valuation allowance 310 ( 64 ) 125 Discontinued operations adjustment — — — Other items ( 191 ) ( 58 ) — Total $ 1 $ 13 $ — The components of deferred tax assets and liabilities were as follows for the Company’s TRSs (in thousands): December 31, 2023 2022 Deferred tax assets related to: Federal, state and local loss carryforwards $ 13,924 $ 14,018 Amortization of intangibles 35 — Capital loss carryforward 288 309 Equity investments 5,874 6,657 Interest expense limitation 163(j) 1,035 527 Total deferred tax assets 21,156 21,511 Valuation allowance ( 21,102 ) ( 21,171 ) Total deferred tax assets, net of valuation allowance $ 54 $ 340 Deferred tax liabilities related to: Amortization of intangibles $ — $ ( 254 ) Unrealized gains ( 50 ) ( 86 ) Accrued expenses ( 4 ) — Total deferred tax liabilities $ ( 54 ) $ ( 340 ) Deferred tax assets, net $ — $ — At December 31, 2023 and 2022 , the Company had $ 60.2 million and $ 60.1 million, respectively, of gross federal and $ 1.6 million and $ 1.8 million, respectively, of gross state and local net operating loss ("NOL") carryforwards (a collective deferred tax asset of $ 13.9 million and $ 14.0 million , respectively) reported in other assets in the Company’s consolidated balance sheets. At December 31, 2023, $ 20.4 million of the NOL carryforwards have an indefinite carryforward period and $ 39.8 million of the NOL carryforwards begin to expire in 2044 . The Company also generated a gross capital loss carryforward of $ 1.0 million (tax effected expense of $ 288,000 at December 31, 2023) in 2021 and 2020. Due to changes in management’s focus regarding the non-core asset classes, the Company determined that it no longer expected to have sufficient forecasted taxable income to completely realize the tax benefits of the deferred tax assets at December 31, 2023 and 2022. Therefore, a full valuation allowance with a tax effected expense of $ 21.1 million and $ 21.2 million has been recorded against the deferred tax asset at December 31, 2023 and 2022, respectively. Management will continue to assess its estimate of the amount of deferred tax assets that the Company will be able to utilize. The Company is subject to examination by the Internal Revenue Service for calendar years including and subsequent to 2020, and is subject to examination by state and local jurisdictions for calendar years including and subsequent to 2020.

QUARTERLY RESULTS

QUARTERLY RESULTS	12 Months Ended
QUARTERLY RESULTS	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY RESULTS	NOTE 22 - QUARTERLY RESULTS The following is a presentation of the quarterly results of operations: March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) (in thousands, except per share data) Year ended December 31, 2023: Interest income $ 45,329 $ 47,148 $ 48,208 $ 46,781 Interest expense 31,375 32,442 33,555 33,419 Net interest income $ 13,954 $ 14,706 $ 14,653 $ 13,362 Net income $ 2,293 $ 5,558 $ 7,567 $ 6,430 Net income allocated to preferred shares ( 4,855 ) ( 4,856 ) ( 4,855 ) ( 4,856 ) Net loss allocated to non-controlling interest, net of taxes 146 115 158 123 Net (loss) income allocable to common shares $ ( 2,416 ) $ 817 $ 2,870 $ 1,697 Net (loss) income per common share - basic $ ( 0.28 ) $ 0.10 $ 0.34 $ 0.21 Net (loss) income per common share - diluted $ ( 0.28 ) $ 0.10 $ 0.33 $ 0.20 March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) (in thousands, except per share data) Year ended December 31, 2022: Interest income $ 22,676 $ 27,019 $ 34,065 $ 42,514 Interest expense 14,907 15,745 22,939 28,733 Net interest income $ 7,769 $ 11,274 $ 11,126 $ 13,781 Net income (loss) $ 2,084 $ 5,522 $ 5,486 $ ( 2,666 ) Net income allocated to preferred shares ( 4,855 ) ( 4,856 ) ( 4,855 ) ( 4,856 ) Net loss allocated to non-controlling interest, net of taxes — 24 82 91 Net (loss) income allocable to common shares $ ( 2,771 ) $ 690 $ 713 $ ( 7,431 ) Net (loss) income per common share - basic $ ( 0.30 ) $ 0.08 $ 0.08 $ ( 0.87 ) Net (loss) income per common share - diluted $ ( 0.30 ) $ 0.08 $ 0.08 $ ( 0.87 )

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 23 - COMMITMENTS AND CONTINGENCIES The Company may become involved in litigation on various matters due to the nature of the Company’s business activities. The resolution of these matters may result in adverse judgments, fines, penalties, injunctions and other relief against the Company as well as monetary payments or other agreements and obligations. In addition, the Company may enter into settlements on certain matters in order to avoid the additional costs of engaging in litigation. Except as discussed below, the Company is unaware of any contingencies arising from such litigation that would require accrual or disclosure in the consolidated financial statements at December 31, 2023. Primary Capital Mortgage, LLC (“PCM”) is subject to potential litigation related to claims for repurchases or indemnifications on loans that PCM has sold to third parties. At December 31, 2023 and 2022 , no such litigation demand was outstanding. Reserves for such potential litigation demands are included in the reserve for mortgage repurchases and indemnifications that totaled $ 1.1 million and $ 1.2 million at December 31, 2023 and 2022, respectively. The reserves for mortgage repurchases and indemnifications are included in accounts payable and other liabilities on the consolidated balance sheets. At December 31, 2023, the Company has substantially completed disposing of PCM's business. The Company did no t have any general litigation reserve at December 31, 2023 or 2022. Other Contingencies PCM is subject to additional claims for repurchases or indemnifications on loans that PCM has sold to investors. At both December 31, 2023 and 2022 , outstanding demands for indemnification, repurchase or make whole payments totaled $ 3.3 million. The Company’s estimated exposure for such outstanding claims, as well as unasserted claims, is included in its reserve for mortgage repurchases and indemnifications. Other Guarantees In January 2023, Chapel Drive East, LLC, a wholly owned subsidiary of the FSU Student Venture, entered into a loan agreement (the "Construction Loan Agreement") with Oceanview Life and Annuity Company ("Oceanview") to finance the construction of a student housing complex (the "Construction Loan"). In connection with the Company's investment in the student housing complex, ACRES RF entered into guarantees related to the Construction Loan. Pursuant to the guarantees, Jason Pollack, Frank Dellaglio and ACRES RF (collectively, the "Guarantors"), for the benefit of Oceanview, provided limited "bad boy" guaranties to Oceanview pursuant to the Construction Loan Agreement until the earlier of the payment in full of the indebtedness or the date of a sale of the property pursuant to a foreclosure of the mortgage or deed or other transfer in lieu of foreclosure is accepted by Oceanview. The Guarantors also entered into a Completion Guaranty Agreement for the benefit of Oceanview to guaranty the timely completion of the project in accordance with the Construction Loan Agreement, as well as a Carry Guaranty Agreement, for the benefit of Oceanview to guaranty and unconditional payment by Chapel Drive East, LLC of all customary or necessary costs and expenses incurred in connection with the operation, maintenance and management of the property and an Environmental Indemnity Agreement jointly and severally in favor of Oceanview whereby the Guarantors serving as Indemnitors provided environmental representations and warranties, covenants and indemnifications (collectively the "Guaranties"). The Guaranties include certain financial covenants required of ACRES RF, including required net worth and liquidity requirements. Unfunded Commitments Unfunded commitments on the Company’s originated CRE loans generally fall into two categories: (1) pre-approved capital improvement projects; and (2) new or additional construction costs subject, in each case, to the borrower meeting specified criteria. Upon completion of the improvements or construction, the Company would receive additional interest income on the advanced amount. Whole loans had $ 109.4 million and $ 158.2 million in unfunded loan commitments at December 31, 2023 and 2022 , respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 24 - SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this report and determined that, except for the subsequent events referred to in Note 7, Note 13 and Note 17, there have not been any events that have occurred that would require adjustments to or disclosures in the consolidated financial statements.

Schedule II Valuation and Quali

Schedule II Valuation and Qualifying Accounts	12 Months Ended
Schedule II Valuation and Qualifying Accounts	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
SCHEDULE II Valuation and Qualifying Accounts	SCHEDULE II ACRES Commercial Realty Corp. Valuation and Qualifying Accounts (in thousands) Balance at Beginning of Period Charge to Expense Loans Charged off/Recovered Balance at End of Period Allowance for credit losses: Year Ended December 31, 2023 $ 18,803 $ 10,902 $ ( 948 ) $ 28,757 Year Ended December 31, 2022 $ 8,805 $ 12,295 $ ( 2,297 ) $ 18,803 Year Ended December 31, 2021 $ 34,310 $ ( 21,262 ) $ ( 4,243 ) $ 8,805

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
Schedule III Real Estate and Accumulated Depreciation	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III Real Estate and Accumulated Depreciation	SCHEDULE III ACRES Commercial Realty Corp. Real Estate and Accumulated Depreciation (in thousands) Initial Cost to Company Gross Amount of Which Carried at Close of Period Encumbrances Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition - Improvements Land Buildings and Improvements Total Accumulated Depreciation Year of Construction Date Acquired Life on Which Depreciation in Latest Statements of Comprehensive Income is Computed Hotel property, Northeast region (held for sale) (1)(2)(3)(4) $ 16,567 $ — $ 30,944 $ 5,437 $ — $ 36,381 $ 36,381 $ ( 2,823 ) 2000 November 2020 34.8 years Office property, Northeast region (4) N/A 8,189 4,706 220 8,189 4,926 13,115 ( 630 ) 1999 October 2021 38.6 years Unimproved land, Northeast region N/A 14,203 — 1,915 14,203 1,883 16,086 — N/A November 2021 N/A Student housing property, Southeast region (4) 43,779 15,976 19,114 42,922 15,976 62,036 78,012 ( 964 ) 2003 April 2022 38.4 years Hotel property, East North Central region (3)(4) 16,921 — 51,353 4,096 — 55,449 55,449 ( 3,448 ) 1982 April 2022 36.4 years Office property, East North Central region (held for sale) (1)(2) N/A — 20,900 — — 20,900 20,900 — 1896 June 2023 N/A Total $ 77,267 $ 38,368 $ 127,017 $ 54,590 $ 38,368 $ 181,575 $ 219,943 $ ( 7,865 ) (1) The property is being held for sale and is evaluated at the lower of cost or fair value. (2) The property was acquired through a deed in lieu of foreclosure transaction. (3) The property is included as collateral on our senior secured financing facility. (4) The life on which depreciation in latest statements of comprehensive income is computed was calculated as the weighted average of the useful lives of the building, site improvements and tenant improvements, which comprise the investments in the properties. SCHEDULE III ACRES Commercial Realty Corp. Real Estate and Accumulated Depreciation - (Continued) (in thousands) The following table rolls forward our gross investments in real estate and the related accumulated depreciation: Years Ended December 31, 2023 2022 2021 Investments in Real Estate: Balance at beginning of period $ 158,760 $ 75,989 $ 30,944 Additions during period: Acquisitions through deed-in-lieu of foreclosure 20,900 13,442 17,889 Other acquisitions — 86,444 27,065 Improvements, etc. 53,761 731 134 Deductions during period: Other ( 13,478 ) ( 17,846 ) ( 43 ) Balance at close of period $ 219,943 $ 158,760 $ 75,989 Accumulated Depreciation: Balance at beginning of period $ ( 3,464 ) $ ( 1,204 ) $ ( 112 ) Additions during period: Depreciation expense ( 4,401 ) ( 2,260 ) ( 1,092 ) Balance at close of period $ ( 7,865 ) $ ( 3,464 ) $ ( 1,204 )

Schedule IV Mortgage Loans on R

Schedule IV Mortgage Loans on Real Estate	12 Months Ended
Schedule IV Mortgage Loans on Real Estate	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SCHEDULE IV Mortgage Loans on Real Estate	SCHEDULE IV ACRES Commercial Realty Corp. Mortgage Loans on Real Estate At December 31, 2023 (in thousands, except amounts in footnotes) Type of Loan/ Description / Interest (1) Maturity (2) Periodic (3) Prior Face Net (4) Principal CRE whole loans: CRE whole loans in excess of 3% of the carrying amount of total loans Borrower A Multifamily/Rock Hill, SC 1M BR + 3.41 % 0.10 % 2025 I/O — $ 70,256 $ 70,021 $ — CRE whole loans less than 3% of the carrying amount of total loans CRE whole loan (5) Multifamily/ 1M BR + 2.86 % - 4.36 % 0.05 % - 4.00 % 2024 - 2027 I/O & P/I — 1,406,600 1,402,059 — CRE whole loan (5)(6) Office/ 1M BR + 2.50 % - 5.75 % 0.10 % - 2.40 % 2024 - 2026 I/O & P/I — 252,892 252,093 33,127 CRE whole loan Hotel/ 1M BR + 6.25 % - 8.61 % 0.05 % - 3.02 % 2024 I/O — 71,493 71,408 — CRE whole loan Self-Storage/ 1M BR + 3.96 % - 5.50 % 0.10 % - 4.50 % 2024 - 2026 I/O — 48,999 48,787 — CRE whole loan (6) Retail/ 1M BR + 4.76 % 2.05 % I/O — 8,025 8,025 8,025 Total CRE whole loans 1,858,265 1,852,393 41,152 Mezzanine loans: Mezzanine loans less than 3% of the carrying amount of total loans Mezzanine loans (7)(8) Various/Diversified 10.00 % 2028 42,772 4,700 42,772 Total mezzanine loans 42,772 4,700 42,772 Total loans 1,901,037 1,857,093 83,924 Allowance for credit losses ( 28,757 ) Total loans, net $ 1,828,336 (1) The benchmark rate, “BR” comprises the Term Secured Overnight Financing Rate (“SOFR”), which is used as a benchmark on our CRE whole loans. (2) Maturity dates exclude extension options that may be available to borrower. (3) I/O = interest only, P/I = principal and interest. (4) The net carrying amount of loans includes an individually determined allowance for credit losses of $ 4.7 million and a general allowance for credit losses of $ 24.1 million at December 31, 2023. (5) Includes three office loans and two multifamily loans with total par of $ 92.2 million that are amortizing loans. (6) Maturity dates exclude two office loans and one retail loan in maturity default at December 31, 2023. (7) Includes one mezzanine loan with a par of $ 4.7 million that had an individually determined reserve of $ 4.7 million. (8) Includes one mezzanine loan with a par of $ 38.1 million and a carrying value of zero in default at December 31, 2023. SCHEDULE IV ACRES Commercial Realty Corp. Mortgage Loans on Real Estate - (Continued) At December 31, 2023 (in thousands) The following table reconciles our CRE loans carrying amounts for the periods indicated: Years Ended December 31, 2023 2022 2021 Balance at beginning of year $ 2,038,787 $ 1,873,746 $ 1,507,682 Additions during the period: New loans originated or acquired 62,968 523,259 1,367,157 Funding of existing loan commitments 45,749 66,296 29,855 Amortization of loan origination and extension fees and loan origination costs, net 7,539 8,189 8,337 (Provision for) reversal of credit losses, net ( 10,902 ) ( 12,295 ) 21,262 Loans charged-off 948 2,297 4,243 Capitalized interest and loan acquisition costs — — 228 Deductions during the period: Payoff, paydown and sale of loans ( 293,158 ) ( 399,550 ) ( 1,028,916 ) Deed in lieu of foreclosure ( 22,797 ) ( 14,000 ) ( 19,900 ) Capitalized origination and extension fees ( 798 ) ( 6,858 ) ( 16,202 ) Loss on discounted payoff — ( 2,297 ) — Balance at end of year $ 1,828,336 $ 2,038,787 $ 1,873,746

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“GAAP”). The consolidated financial statements include the accounts of the Company, majority-owned or controlled subsidiaries and VIEs for which the Company is considered the primary beneficiary. All inter-company transactions and balances have been eliminated in consolidation.
Variable Interest Entities	Variable Interest Entities A VIE is defined as an entity in which equity investors (i) do not have a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is defined as the party that (a) has the power to control the activities that most significantly impact the VIE’s economic performance and (b) has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company considers the following criteria in determining whether an entity is a VIE: 1. The equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support provided by any parties, including the equity holders. 2. The equity investors lack one or more of the following essential characteristics of a controlling financial interest. a. The direct ability to make decisions about the entity’s activities through voting rights or similar rights. b. The obligation to absorb the expected losses of the entity. c. The right to receive the expected residual returns of the entity. The equity investors have voting rights that are not proportionate to their economic interests, and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. In determining whether the Company is the primary beneficiary of a VIE, the Company reviews governing contracts, formation documents and any other contractual arrangements for any relevant terms and determines the activities that have the most significant impact on the VIE and who has the power to direct those activities. The Company also looks for kick-out rights, protective rights and participating rights as well as any financial or other support provided to the VIE and the reason for that support, and the terms of any explicit or implicit arrangements that may require the Company to provide future support. The Company then makes a determination based on its power to direct the most significant activities of the VIE and/or a financial interest that is potentially significant. In instances when a VIE is owned by both the Company and related parties, the Company considers whether there is a single party in the related party group that meets both the power and losses or benefits criteria on its own as though no related party relationship existed. If one party within the related party group meets both these criteria, such reporting entity is the primary beneficiary of the VIE and no further analysis is needed. If no party within the related party group on its own meets both the power and losses or benefits criteria, but the related party group as a whole meets these two criteria, the determination of primary beneficiary within the related party group is based upon an analysis of the facts and circumstances with the objective of determining which party is most closely associated with the VIE. Determining the primary beneficiary requires significant judgment. The Company continuously analyzes entities in which it holds variable interests, including when there is a reconsideration event, to determine whether such entities are VIEs and whether such potential VIEs should be consolidated or deconsolidated.
Voting Interest Entities	Voting Interest Entities A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party or through a simple majority vote. The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework.
Basis of Presentation	Basis of Presentation All adjustments necessary to fairly present the Company’s financial position, results of operations and cash flows have been made.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and within the period of financial results. Actual results could differ from those estimates. Estimates affecting the accompanying consolidated financial statements include but are not limited to the net realizable and fair values of the Company’s investments and derivatives, the estimated useful lives used to calculate depreciation, the expected lives over which to amortize premiums and accrete discounts, provisions for or reversals of expected credit losses and the disclosure of contingent liabilities.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities of three months or less at the time of purchase. At December 31, 2023 and 2022 , $ 81.1 million and $ 63.3 million, respectively, of the reported cash balances exceeded the Federal Deposit Insurance Corporation and Securities Investor Protection Corporation deposit insurance limits of $250,000 per respective depository or brokerage institution. However, all of the Company’s cash deposits are held at multiple, established financial institutions, in multiple accounts associated with its parent and respective consolidated subsidiaries, to minimize credit risk exposure. The Company has not experienced, and does not expect, any losses on its cash and cash equivalents. Restricted cash includes required account balance minimums primarily for the Company’s CRE debt securitizations as well as cash held in the syndicated corporate loan collateralized debt obligations (“CDOs”). The following table provides a reconciliation of cash, cash equivalents and restricted cash on the consolidated balance sheets to the total amount shown on the consolidated statements of cash flows (in thousands): December 31, 2023 2022 Cash and cash equivalents $ 83,449 $ 66,232 Restricted cash 8,437 38,579 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 91,886 $ 104,811
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities The Company’s non-controlling investments in unconsolidated entities are included in investments in unconsolidated entities on the consolidated balance sheets and are accounted for under the cost method. Under the cost method, the Company records dividend income when declared to the extent it is not considered a return of capital, which is recorded as a reduction of the cost of the investment.
Loans and Loan Interest Income Recognition	Loans The Company acquires loans through direct origination and occasionally through purchases from third-parties and had historically acquired corporate leveraged loans in the secondary market and through syndications of newly originated loans. Loans are held for investment; therefore, the Company initially records loans at the amount funded for originated loans or at the acquisition price for loans purchased, and subsequently, accounts for them based on their outstanding principal plus or minus unamortized premiums or discounts. The Company may sell a loan held for investment where the credit fundamentals underlying a particular loan have changed in such a manner that the Company’s expected return on investment may decrease. Once the determination has been made by the Company that it no longer will hold the loan for investment, the Company identifies these loans as loans held for sale. Any credit-related write-off considerations prior to the transfer of the loan to loans held for sale are accounted for through the allowance for credit losses on the Company’s consolidated balance sheets. The Company reports its loans held for sale at the lower of amortized cost or fair value. To determine fair value, the Company primarily uses appraisals of underlying collateral obtained from third-parties as a practical expedient. Key assumptions used in those appraisals are reviewed by the Company. If there is a material difference between the value provided by the appraiser and information used by the Company to validate the appraisal, the Company will evaluate the difference with the appraiser, which could result in an updated appraisal. The Company may also use the present value of estimated cash flows, market price, if available, or other determinants of the fair value of the collateral less estimated disposition costs. Any determined changes in the fair value of loans held for sale are recorded in fair value adjustments on financial assets held for sale on the Company’s consolidated statements of operations. Based on a prioritization of inputs used in the valuation of each position, the Company categorizes these investments as either Level 2 or Level 3 in the fair value hierarchy. Loan Interest Income Recognition Interest income on loans includes interest at stated rates adjusted for amortization or accretion of premiums and discounts based on the contractual payment terms of the loan. Premiums and discounts are amortized or accreted into income using the effective yield method. If a loan with a premium or discount is prepaid, the Company immediately recognizes the unamortized portion as a decrease or increase to interest income. In addition, the Company defers loan origination and extension fees and loan origination costs and recognizes them over the life of the related loan against interest income using the straight line method, which approximates the effective yield method. Income recognition is suspended for loans at the earlier of the date at which payments become 90 days past due or when a full recovery of principal and income becomes doubtful. When the ultimate collectability of the principal is in doubt, all payments received are applied to principal under the cost recovery method. On the other hand, when the ultimate collectability of the principal is not in doubt, contractual interest is recorded as interest income when received, under the cash method, until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged. The Company records interest receivable on its loans in accrued interest receivable on its consolidated balance sheets. The Company analyzes the interest receivable balances on a timely basis, or at least quarterly, to determine if they are uncollectible. If an interest receivable amount is deemed uncollectible, then the Company writes off that uncollectible amount of the interest receivable through a reversal of interest income.
Preferred Equity Investments	Preferred Equity Investments Historically, the Company invested in preferred equity investments. Preferred equity investments, which are subordinate to any loans but senior to common equity, depending on the investment’s characteristics, could be accounted for as real estate, joint ventures or as mortgage loans. The Company’s preferred equity investments were accounted for as CRE loans held for investment, were carried at cost, net of unamortized loan fees and origination costs, and were included within CRE loans on the Company’s consolidated balance sheets. The Company accreted or amortized any discounts or premiums over the life of the related loan utilizing the effective interest method. Interest and fees were recognized as income subject to recoverability, which was substantiated by obtaining annual appraisals on the underlying property.
Allowance for Credit Losses	Allowance for Credit Losses The Company maintains an allowance for credit loss on its loans held for investment. The Company determines its allowance for credit losses by measuring the current expected credit losses (“CECL”) on the loan portfolio on a quarterly basis. The Company utilizes a probability of default and loss given default methodology together with collateral-specific data for each loan over a reasonable and supportable forecast period after which it reverts to its historical mean loss ratio, utilizing a blended approach sourced from its own historical losses and the market losses from an engaged third-party’s database, to be applied for the remaining estimable period. The CECL model requires the Company to make significant judgments, including: (i) the selection of a reasonable and supportable forecast period, (ii) the selection and weighting of appropriate macroeconomic forecast scenarios, (iii) the determination of the risk characteristics in which to pool financial assets, and (iv) the appropriate historical loss data to use in the model. Unfunded commitments are not considered in the CECL reserve if they are unconditionally cancellable by the Company. The Company measures the loan portfolio’s credit losses by grouping loans based on similar risk characteristics under CECL, which is typically based on the loan’s collateral type. The Company regularly evaluates the risk characteristics of its loan portfolio to determine whether a different pooling methodology is more accurate. Further, if the Company determines that foreclosure of a loan’s collateral is probable or repayment of the loan is expected through sale or operation of the collateral and the borrower is experiencing financial difficulty, expected credit losses are measured as the difference between the current fair value of the collateral and the amortized cost of the loan. Fair value may be determined based on (i) the present value of estimated cash flows; (ii) the market price, if available; or (iii) the fair value of the collateral less estimated disposition costs. While a loan exhibiting credit quality deterioration may remain on accrual status, the loan is placed on nonaccrual status at such time as (i) management believes that scheduled debt service payments will not be met within the coming 12 months; (ii) the loan becomes 90 days past due; (iii) management determines the borrower is incapable of, or has ceased efforts toward, curing the cause of the credit deterioration; or (iv) the net realizable value of the loan’s underlying collateral approximates the Company’s carrying value for such loan. While on nonaccrual status, the Company recognizes interest income only when an actual payment is received if a credit analysis supports the borrower’s principal repayment capacity. When a loan is placed on nonaccrual, previously accrued and uncollected interest is reversed from interest income. The Company utilizes the contractual life of its loans to estimate the period over which it measures expected credit losses. Estimates for prepayments and extensions are incorporated into the inputs for the Company’s CECL model. Modifications to loan terms may result an increase in the allowance for credit losses. In order to calculate the historical mean loss ratio applied to the loan portfolio, the Company utilizes historical losses from its full underwriting history, along with the market loss history of a selected population of loans from a third-party’s database that are similar to the Company’s loan types, loan sizes, durations, interest rate structure and general loan-to-collateral value (“LTV”) profiles. The Company may make adjustments to the historical loss history for qualitative or environmental factors if it believes there is evidence that the estimate for expected credit losses should be increased or decreased. The Company records write-offs against the allowance for credit losses if it deems that all or a portion of a loan’s balance is uncollectible. If the Company receives cash in excess of some or all of the amounts it previously wrote off, it records the recovery by increasing the allowance for credit losses. As part of the evaluation of the loan portfolio, the Company assesses the performance of each loan and assigns a risk rating based on the collective evaluation of several factors, including but not limited to: collateral performance relative to underwritten plan, time since origination, current implied and/or re-underwritten LTV ratios, risk inherent in the loan structure and exit plan. Loans are rated “1” through “5,” from the least risk to the greatest risk, in connection with this review.
Operating Revenue at Properties	Operating Revenue at Properties Through its investments in real estate, the Company earns revenue associated with rental operations and hospitality operations, which are presented in real estate income on the consolidated statements of operations. The Company’s rental operating revenue consists of fixed contractual base rent arising from tenant leases at the Company’s office and student housing properties under operating leases. Revenue is recognized on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded in the Company’s consolidated balance sheets. The Company moves to cash basis operating lease income recognition in the period in which collectability of all lease payments is no longer considered probable. At such time, any uncollectible receivable balance will be written off. Hospitality operating revenue consists of amounts derived from hotel operations, including room sales and other hotel revenues. The Company recognizes hospitality operating revenue when guest rooms are occupied, services have been provided or fees have been earned. Revenues are recorded net of any sales, occupancy or other taxes collected from customers on behalf of third parties. The following provides additional detail on room revenue and other operating revenue: • Room revenue is recognized when the Company’s hotel satisfies its performance obligation of providing a hotel room. The hotel reservation defines the terms of the agreement including an agreed-upon rate and length of stay. Payment is typically due and paid in full at the end of the stay with some customers prepaying for their rooms prior to the stay. Payments received from a customer prior to arrival are recorded as an advance deposit and are recognized as revenue at the time of occupancy. • Other operating revenue is recognized at the time when the goods or services are provided to the customer or when the performance obligation is satisfied. Payment is due at the time that goods or services are rendered or billed.
Investments in Real Estate	Investments in Real Estate The Company acquires investments in real estate through direct equity investments and as a result of its lending activities (i.e. through foreclosure or the receipt of the deed-in-lieu of foreclosure on a property). Acquired investments in real estate assets are recorded initially at fair value in accordance with GAAP. The Company allocates the purchase price of its acquired assets and assumed liabilities based on the relative fair values of the assets acquired and liabilities assumed. The Company accounts for leases that it acquires as operating leases. The Company evaluates whether property obtained as a result of its lending activities should be identified as held for sale. If a property is determined to be held for sale, all of the acquired assets and assumed liabilities will be recorded in property held for sale on the consolidation balance sheet and recorded at the lower of cost or fair value, see the “Assets and Liabilities Held for Sale” section below. Once a property is classified as held for sale, depreciation expense is no longer recorded. Investments in real estate are carried net of accumulated depreciation. The Company depreciates real property, building and tenant improvements and furniture, fixtures, and equipment using the straight-line method over the estimated useful lives of the assets unless the asset is designated as held for sale. The Company amortizes any acquired intangible assets using the straight-line method over the estimated useful lives of the intangible assets. The Company amortizes the value allocated to lease right of use assets and related in-place lease liabilities, when determined to be operating leases, using the straight-line method over the remaining lease term. The value allocated to any associated above or below market lease intangible asset or liability is amortized to lease expense over the remaining lease term. Ordinary repairs and maintenance are expensed as incurred. Costs related to the improvement of the real property are capitalized and depreciated over their useful lives. Costs related to the development and construction of real property are capitalized to construction in progress during the period beginning with the commencement of development and ending with the completion of construction. The Company depreciates investments in real estate and amortizes related intangible assets over the estimated useful lives of the assets as follows: Category Term Building 35 to 40 years Building improvements 5 to 39 years Site improvements 10 years Tenant improvements Shorter of lease term or expected useful life Furniture, fixtures and equipment 1 to 12 years Right of use assets 7 to 94 years Intangible assets 90 days to 18 years Lease liabilities 7 to 94 years
Leases	Leases The value of the operating leases are determined through the discounted cash flow method and are recognized on the consolidated balance sheets as offsetting right of use assets and lease liabilities. The operating lease for the Company’s office space is amortized over the lease term using the effective-interest method. The Company’s operating lease for office equipment is amortized over the lease term using the straight-line method.
Assets and Liabilities Held for Sale	Assets and Liabilities Held for Sale The Company classifies long-lived assets or a disposal group to be sold as held for sale in the period in which all of the following criteria are met: • management, having the authority to approve the action, commits to a plan to sell the asset or the disposal group; • the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; • an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated; • the sale of the asset or disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond the Company’s control extend the period of time required to sell the asset or disposal group beyond one year; • the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and • actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A long-lived asset or disposal group that is classified as held for sale is initially measured at the lower of its cost or fair value less any costs to sell. Any loss resulting from the transfer of long-lived assets or disposal groups to assets held for sale is recognized in the period in which the held for sale criteria are met. The fair values of assets held for sale are assessed each reporting period and changes in such fair values are reported as an adjustment to the carrying value of the asset or disposal group with an offset to fair value adjustments on financial assets held for sale on the Company’s consolidated statements of operations, to the extent that any subsequent changes in fair value do not exceed the cost basis of the asset or disposal group. Additionally, upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group, if material, in the line items assets or liabilities held for sale, respectively, on the consolidated balance sheets.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) for the Company includes net income and the change in net unrealized gains (losses) on available-for-sale securities and derivative instruments that were used to hedge exposure to interest rate fluctuations.
Income Taxes	Income Taxes The Company operates in such a manner as to qualify as a REIT under the provisions of the Internal Revenue Code of 1986, as amended (the “Code”); therefore, applicable REIT taxable income is included in the taxable income of its shareholders, to the extent distributed by the Company. To maintain REIT status for federal income tax purposes, the Company is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other qualification requirements as defined under the Code. As a REIT, the Company is not subject to federal corporate income tax to the extent that it distributes 100 % of its REIT taxable income each year. Taxable income, from non-REIT activities managed through the Company’s taxable REIT subsidiaries (“TRSs”), is subject to federal, state and local income taxes. The Company’s TRS’ income taxes are accounted for under the asset and liability method. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and tax basis of assets and liabilities. The Company evaluates the realizability of its deferred tax assets and liabilities and recognizes a valuation allowance if, based on available evidence, it is more likely than not that some or all of its deferred tax assets will not be realized. In evaluating the realizability of the deferred tax asset or liability, the Company will consider the expected future taxable income, existing and projected book to tax differences as well as tax planning strategies. This analysis is inherently subjective, as it is based on forecasted earning and business and economic activity. Changes in estimates of deferred tax asset realizability, if any, are included in income tax (expense) benefit on the consolidated statements of operations. In addition, several of the Company’s foreign TRSs, are organized as exempted companies incorporated with limited liability under the laws of the Cayman Islands. Despite their status as TRSs, they generally will not be subject to corporate tax on their earnings and no provision for income taxes is required. However, because they are either controlled foreign corporations or passive foreign investment companies (in which the Company has made a Qualified Electing Fund election), the Company will generally be required to include its share of current taxable income from the foreign TRSs in its calculation of REIT taxable income. The Company accounts for taxes assessed by a governmental authority that is directly imposed on a revenue-producing transaction (e.g., sales, use, value added) on a net (excluded from revenue) basis. The Company established a full valuation allowance against its net deferred tax asset that was tax effected at $ 21.1 million and $ 21.2 million, at December 31, 2023 and 2022, respectively, as the Company believed it was more likely than not that all of the deferred tax assets would not be realized. This assessment was based on the Company’s cumulative historical losses and uncertainties as to the amount of taxable income that would be generated in future years in its TRSs. The Company evaluates and recognizes tax positions only if it is more likely than not that the position will be sustained upon examination by the appropriate taxing authority. A tax position that meets this threshold is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company classifies any tax penalties as other operating expenses and any interest as interest expense. The Company does not have any unrecognized tax benefits that would affect the Company’s financial position.
Stock Based Compensation	Stock Based Compensation Issuances of restricted stock and options are initially measured at fair value on the grant date and expensed monthly on a straight-line basis over the service period to equity compensation expense on the consolidated statements of operations, with a corresponding entry to additional paid-in capital on the consolidated balance sheets. In accordance with GAAP, the fair value of all unvested issuances of restricted stock and options is not remeasured after the initial grant date.
Earnings Per Share	Earnings per Share The Company presents both basic and diluted earnings per share (“EPS”). Basic EPS excludes dilution and is computed by dividing net income (loss) allocable to common shareholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount.
Fair Value Measurements	Fair Value Measurements In analyzing the fair value of its investments accounted for on a fair value basis, the Company uses the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company determines fair value based on quoted prices when available or, if quoted prices are not available, through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The hierarchy defines three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices for identical instruments in active markets. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value inputs are observable. Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable, for example, when there is little or no market activity for an investment at the end of the period, unobservable inputs may be used. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. Transfers between levels are determined by the Company at the end of the reporting period. However, the Company expects that changes in classifications between levels will be rare.
Reference Rate Reform	Reference Rate Reform Historically, the Company has used LIBOR as the benchmark interest rate for its floating-rate whole loans and the Company has been exposed to LIBOR through its floating-rate borrowings. In March 2021, the United Kingdom’s, or U.K.’s, Financial Conduct Authority (“FCA”) announced that it would cease publication of the one-week and the two-month USD LIBOR immediately after December 31, 2021, and cease publication of the remaining tenors immediately after June 30, 2023. In July 2021, the U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee composed of large U.S. financial institutions, identified Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for LIBOR. Following this announcement, the Company began to transition the contractual benchmark rates of existing floating-rate whole loans and borrowings to alternate rates. At December 31, 2023, the Company's entire portfolio of floating rate whole loans and floating rate borrowings have transitioned to SOFR.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Adopted in 2023 In March 2022, the FASB issued an amendment eliminating certain previously issued accounting guidance for TDRs and enhancing disclosure requirements surrounding refinancings, restructurings, and write-offs. Current GAAP provides an exception to the general recognition and measurement guidance for loan restructurings if they meet specific criteria to be considered TDRs. If a modification is a TDR, incremental expected losses are recorded in the allowance for credit losses upon modification and specific disclosures are required. The new amendment eliminates the TDR recognition and measurement guidance and requires the reporting entity to evaluate whether the modification represents a new loan or a continuation of an existing loan, consistent with accounting for other loan modifications. The amendment also requires public business entities to disclose current-period gross write-offs by year of origination for certain financing receivables and net investments in leases. The Company adopted this guidance during the year ended December 31, 2023 and the adoption did no t have a material impact on the Company's consolidated financial statements. Accounting Standards to be Adopted in Future Periods In November 2023, the FASB issued guidance to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. The guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. The guidance is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company is in the process of evaluating the impact of this guidance, however, the Company does not expect a material impact to its consolidated financial statements. In December 2023, the FASB issued guidance to improve the transparency of income tax disclosures. This guidance is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is in the process of evaluating the impact of this guidance, however, the Company does not expect a material impact to its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2023
Accounting Policies [Abstract]
Reconciliation of cash, cash equivalents and restricted cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash on the consolidated balance sheets to the total amount shown on the consolidated statements of cash flows (in thousands): December 31, 2023 2022 Cash and cash equivalents $ 83,449 $ 66,232 Restricted cash 8,437 38,579 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 91,886 $ 104,811
Schedule of Investments in Real Estate and Amortizes Intangible Assets Over The Estimated Useful Lives of Assets	The Company depreciates investments in real estate and amortizes related intangible assets over the estimated useful lives of the assets as follows: Category Term Building 35 to 40 years Building improvements 5 to 39 years Site improvements 10 years Tenant improvements Shorter of lease term or expected useful life Furniture, fixtures and equipment 1 to 12 years Right of use assets 7 to 94 years Intangible assets 90 days to 18 years Lease liabilities 7 to 94 years

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
VARIABLE INTEREST ENTITIES (Tables)	Dec. 31, 2023
VIE, Primary Beneficiary
Schedule of variable interest entities	The following table shows the classification and carrying values of assets and liabilities of the Company’s Consolidated VIEs at December 31, 2023 (in thousands): ASSETS Restricted cash $ 220 Accrued interest receivable 9,188 CRE loans, pledged as collateral (1) 1,466,463 Other assets 71 Total assets (2) $ 1,475,942 LIABILITIES Accounts payable and other liabilities $ 143 Accrued interest payable 3,828 Borrowings 1,204,569 Total liabilities $ 1,208,540 (1) Excludes allowance for credit losses. (2) Assets of each of the Consolidated VIEs may only be used to settle the obligations of each respective VIE.
VIE, Not Primary Beneficiary
Schedule of variable interest entities	The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs at December 31, 2023 (in thousands): Unsecured Junior Subordinated Debentures Maximum Exposure to Loss ASSETS Accrued interest receivable $ 32 $ — Investments in unconsolidated entities 1,548 $ 1,548 Total assets 1,580 LIABILITIES Accrued interest payable 433 N/A Borrowings 51,548 N/A Total liabilities 51,981 Net (liability) asset $ ( 50,401 )

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule Of Supplemental Cash Flows and Other Significant Noncash Transactions	The following table summarizes the Company’s supplemental disclosure of cash flow information (in thousands): Years Ended December 31, 2023 2022 2021 Supplemental cash flows: Interest expense paid in cash $ 124,047 $ 70,025 $ 42,345 Income taxes paid in cash 101 228 — Non-cash operating activities include the following: Acquisition of other right of use assets $ — $ ( 299 ) $ ( 479 ) Assumption of other operating lease liabilities — 299 479 Non-cash investing activities include the following: Proceeds from the receipt of deed-in-lieu of foreclosure on loan $ 20,900 $ 14,299 $ 17,600 Properties held for sale assets related to the receipt of deed-in-lieu of foreclosure ( 20,900 ) ( 14,299 ) ( 17,600 ) Non-cash financing activities include the following: Incentive compensation paid in common stock $ 598 $ — $ — Distributions on preferred stock accrued but not paid 3,262 3,262 3,262 Capitalized amortization of deferred debt issuance costs 1,127 — — Capitalized interest 1,160 — —

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	12 Months Ended
RESTRICTED CASH (Tables)	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Schedule of restricted cash	The following table summarizes the Company’s restricted cash (in thousands): December 31, 2023 2022 Restricted cash: Cash held in escrow for construction loan $ 7,620 $ — Cash held by consolidated CRE securitizations 220 38,180 Restricted cash held in various escrow accounts 269 274 Restricted cash held in deposit accounts 328 125 Total $ 8,437 $ 38,579

LOANS (Tables)

LOANS (Tables)	12 Months Ended
LOANS (Tables)	Dec. 31, 2023
Loans Held For Investment [Abstract]
Summary of loans held for Investments	The following is a summary of the Company’s loans (dollars in thousands, except amounts in footnotes): Description Quantity Principal Unamortized (Discount) Premium, net (1) Amortized Cost Allowance for Credit Losses Carrying Value Contractual Interest Rates (2) Maturity Dates (3)(4) At December 31, 2023: CRE loans held for investment: Whole loans (5)(6)(7) 69 $ 1,858,265 $ ( 5,872 ) $ 1,852,393 $ ( 24,057 ) $ 1,828,336 1M BR plus 2.50 % to 1M BR plus 8.61 % January 2024 to January 2027 Mezzanine loan (5) 1 4,700 — 4,700 ( 4,700 ) — 10.00 % June 2028 Total CRE loans held for investment $ 1,862,965 $ ( 5,872 ) $ 1,857,093 $ ( 28,757 ) $ 1,828,336 At December 31, 2022: CRE loans held for investment: Whole loans (5)(6) 81 $ 2,065,504 $ ( 12,614 ) $ 2,052,890 $ ( 14,103 ) $ 2,038,787 1M BR plus 2.85 % to 1M BR plus 8.50 % January 2023 to July 2026 Mezzanine loan (5) 1 4,700 — 4,700 ( 4,700 ) — 10.00 % June 2028 Total CRE loans held for investment $ 2,070,204 $ ( 12,614 ) $ 2,057,590 $ ( 18,803 ) $ 2,038,787 (1) Amounts include unamortized loan origination fees of $ 5.8 million and $ 12.3 million and deferred amendment fees of $ 110,000 and $ 308,000 at December 31, 2023 and 2022, respectively. (2) Benchmark rates ("BR") comprise one-month LIBOR or one-month Term SOFR. At December 31, 2023, all of the Company's whole loans used one-month Term SOFR. Weighted-average one-month benchmark rates were 5.39 % and 4.21 % at December 31, 2023 and 2022, respectively. Additionally, weighted-average benchmark floors were 0.70 % and 0.68 % at December 31, 2023 and 2022, respectively. (3) Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms, that may be available to the borrowers. (4) Maturity dates exclude three whole loans, with amortized costs of $ 41.2 million , in maturity default at December 31, 2023 and three whole loans, with amortized costs of $ 51.6 million, in maturity default at December 31, 2022. (5) Substantially all loans are pledged as collateral under various borrowings at December 31, 2023 and 2022. (6) CRE whole loans had $ 109.4 million and $ 158.2 million in unfunded loan commitments at December 31, 2023 and 2022, respectively. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the applicable loan agreement, and any necessary approvals have been obtained. (7) In December 2023, the Company sold at par four hotel loans with a par value of $ 77.2 million. The following is a summary of the Company’s CRE loans held for investment by property type (dollars in thousands, except amounts in the footnotes): December 31, 2023 December 31, 2022 Property Type Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Multifamily $ 1,453,681 79.6 % $ 1,531,697 75.2 % Office (1)(2) 247,410 13.5 % 269,201 13.2 % Hotel 70,857 3.9 % 178,160 8.7 % Self-Storage 48,363 2.6 % 51,704 2.5 % Retail (3) 8,025 0.4 % 8,025 0.4 % Total $ 1,828,336 100 % $ 2,038,787 100 % (1) Includes two whole loans in maturity default with carrying values of $ 33.1 million at December 31, 2023 and two whole loans in maturity default with carrying values of $ 42.5 million at December 31, 2022. (2) Includes one mezzanine loan with a par value of $ 4.7 million that is fully reserved at both December 31, 2023 and 2022, respectively. (3) Comprises one whole loan in maturity default at both December 31, 2023 and 2022. The following is a summary of the Company’s CRE loans held for investment by geographic location (dollars in thousands, except amounts in the footnotes): December 31, 2023 December 31, 2022 Geographic Location Carrying Value % of Loan Portfolio Carrying Value % of Loan Portfolio Southwest (1) $ 484,902 26.6 % $ 472,327 23.2 % Southeast 401,624 22.0 % 438,403 21.5 % Mountain 275,120 15.0 % 329,828 16.2 % Mid Atlantic 236,104 12.9 % 248,740 12.2 % Pacific 169,789 9.3 % 191,706 9.4 % Northeast (2) 161,172 8.8 % 170,236 8.3 % East North Central (3) 60,401 3.3 % 125,211 6.1 % West North Central 39,224 2.1 % 62,336 3.1 % Total $ 1,828,336 100 % $ 2,038,787 100 % (1) Includes one whole loan in maturity default with carrying values of $ 19.1 million and $ 20.7 million at December 31, 2023 and 2022, respectively. (2) Includes one whole loan in maturity default with a carrying value of $ 8.0 million at both December 31, 2023 and 2022. Also includes one mezzanine loan with a par value of $ 4.7 million that is fully reserved at both December 31, 2023 and 2022. (3) Includes one whole loan in maturity default with a carrying value of $ 14.0 million at December 31, 2023 and one whole loan in maturity default with a carrying value of $ 21.7 million at December 31, 2022.
Summary of Contractual Maturities of Commercial Real Estate Loans at Amortized Cost	The following is a summary of the contractual maturities of the Company’s CRE loans held for investment, at amortized cost (in thousands, except amounts in the footnotes): Description 2024 2025 2026 and Thereafter Total At December 31, 2023: Whole loans (1) $ 916,985 $ 814,772 $ 79,484 $ 1,811,241 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 916,985 $ 814,772 $ 84,184 $ 1,815,941 Description 2023 2024 2025 and Thereafter Total At December 31, 2022: Whole loans (1) $ 268,120 $ 882,175 $ 851,031 $ 2,001,326 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 268,120 $ 882,175 $ 855,731 $ 2,006,026 (1) Maturity dates exclude three whole loans with amortized costs of $ 41.2 million in maturity default at December 31, 2023 and three whole loans with amortized costs of $ 51.6 million in maturity default at December 31, 2022. (2) At December 31, 2023 , the amortized costs of the CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $ 80.4 million, $ 101.7 million and $ 1.6 billion in 2024, 2025 and 2026 and thereafter, respectively. At December 31, 2022 , the amortized costs of the CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $ 113.8 million, $ 68.6 million and $ 1.8 billion in 2023, 2024 and 2025 and thereafter, respectively.

FINANCING RECEIVABLES (Tables)

FINANCING RECEIVABLES (Tables)	12 Months Ended
FINANCING RECEIVABLES (Tables)	Dec. 31, 2023
Receivables [Abstract]
Activity in Allowance for Credit Losses	The following tables show the activity in the allowance for credit losses for the years ended December 31, 2023 and 2022 (in thousands): Years Ended December 31, 2023 2022 Allowance for credit losses at beginning of year $ 18,803 $ 8,805 Provision for credit losses 10,902 12,295 Charge offs ( 948 ) ( 2,297 ) Allowance for credit losses at end of year $ 28,757 $ 18,803
Credit quality indicators for bank loans and commercial real estate loans	The criteria set forth below should be used as general guidelines and, therefore, not every loan will have all of the characteristics described in each category below. Risk Rating Risk Characteristics 1 Property performance has surpassed underwritten expectations. Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high quality tenant mix. 2 Property performance is consistent with underwritten expectations and covenants and performance criteria are being met or exceeded. Occupancy is stabilized, near stabilized or is on track with underwriting. 3 Property performance lags behind underwritten expectations. Occupancy is not stabilized and the property has some tenancy rollover. 4 Property performance significantly lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers. Occupancy is not stabilized and the property has a large amount of tenancy rollover. 5 Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Expected sale proceeds would not be sufficient to pay off the loan at maturity. The property has a material vacancy rate and significant rollover of remaining tenants. An updated appraisal is required upon designation and updated on an as-needed basis. All CRE loans are evaluated for any credit deterioration by debt asset management and certain finance personnel on at least a quarterly basis. Mezzanine loans may experience greater credit risks due to their nature as subordinated investments. For the purpose of calculating the quarterly provision for credit losses under CECL, the Company pools CRE loans based on the underlying collateral property type and utilizes a probability of default and loss given default methodology for approximately one year after which it immediately reverts to a historical mean loss ratio. Credit risk profiles of CRE loans at amortized cost were as follows (in thousands, except amounts in the footnote): Rating 1 Rating 2 Rating 3 Rating 4 Rating 5 Total (1) At December 31, 2023: Whole loans, floating-rate $ — $ 973,424 581,032 $ 256,785 $ 41,152 $ 1,852,393 Mezzanine loan — — — — 4,700 4,700 Total $ — $ 973,424 $ 581,032 $ 256,785 $ 45,852 $ 1,857,093 At December 31, 2022: Whole loans, floating-rate $ — $ 1,635,376 $ 309,491 $ 85,226 $ 22,797 $ 2,052,890 Mezzanine loan — — — — 4,700 4,700 Total $ — $ 1,635,376 $ 309,491 $ 85,226 $ 27,497 $ 2,057,590 (1) The total amortized cost of CRE loans excluded accrued interest receivable of $ 11.8 million and $ 11.9 million at December 31, 2023 and 2022, respectively. Credit risk profiles of CRE loans by origination year at amortized cost were as follows (in thousands, except amounts in footnotes): 2023 2022 2021 2020 2019 Prior Total (1) At December 31, 2023: Whole loans, floating-rate: (2) Rating 2 $ 63,634 $ 212,175 $ 636,487 $ 22,556 $ 38,572 $ — $ 973,424 Rating 3 — 168,791 364,369 34,232 — 13,640 581,032 Rating 4 — 82,918 123,333 — 5,645 44,889 256,785 Rating 5 — 14,000 — — 19,127 8,025 41,152 Total whole loans, floating-rate 63,634 477,884 1,124,189 56,788 63,344 66,554 1,852,393 Mezzanine loan (rating 5) — — — — — 4,700 4,700 Total $ 63,634 $ 477,884 $ 1,124,189 $ 56,788 $ 63,344 $ 71,254 $ 1,857,093 Current Period Gross Write-Offs $ — $ — $ — $ — $ ( 948 ) $ — $ ( 948 ) 2022 2021 2020 2019 2018 Prior Total (1) At December 31, 2022: Whole loans, floating-rate: (2) Rating 2 $ 526,606 $ 1,003,060 $ 64,944 $ 26,977 $ 13,789 $ — $ 1,635,376 Rating 3 — 192,490 44,657 27,881 44,463 — 309,491 Rating 4 — — — 20,742 64,484 — 85,226 Rating 5 — — — 22,797 — — 22,797 Total whole loans, floating-rate 526,606 1,195,550 109,601 98,397 122,736 — 2,052,890 Mezzanine loan (rating 4) — — — — 4,700 — 4,700 Total $ 526,606 $ 1,195,550 $ 109,601 $ 98,397 $ 127,436 $ — $ 2,057,590 Current Period Gross Write-Offs $ — $ — $ — $ — $ — $ ( 2,297 ) $ ( 2,297 ) (1) The total amortized cost of CRE loans excluded accrued interest receivable of $ 11.8 million and $ 11.9 million at December 31, 2023 and 2022, respectively. (2) Acquired CRE whole loans are grouped within each loan’s year of issuance. The Company had one additional mezzanine loan that was included in assets held for sale, and that loan had no carrying value at December 31, 2023 and 2022 .
Loan portfolios aging analysis	The following table presents the CRE loan portfolio aging analysis as of the dates indicated for CRE loans at amortized cost (in thousands, except amounts in footnotes): 30-59 Days 60-89 Days Greater than 90 (1) Total Past Due Current (2) Total Loans Receivable (3) Total Loans > 90 Days and Accruing At December 31, 2023: Whole loans, floating-rate $ — $ — $ 41,152 $ 41,152 $ 1,811,241 $ 1,852,393 $ 19,127 Mezzanine loan (4) — — 4,700 4,700 — 4,700 — Total $ — $ — $ 45,852 $ 45,852 $ 1,811,241 $ 1,857,093 $ 19,127 At December 31, 2022: Whole loans, floating-rate $ — $ — $ 28,767 $ 28,767 $ 2,024,123 $ 2,052,890 $ — Mezzanine loan (4) — — — — 4,700 4,700 — Total $ — $ — $ 28,767 $ 28,767 $ 2,028,823 $ 2,057,590 $ — (1) During the years ended December 31, 2023, 2022 and 2021 , the Company recognized interest income of $ 4.3 million, $ 1.8 million and $ 2.0 million, respectively, on three CRE whole loans with principal payments past due greater than 90 days at December 31, 2023. (2) Includes one CRE whole loan with an amortized cost of $ 22.8 million in maturity default at December 31, 2022. (3) The total amortized cost of CRE loans excluded accrued interest receivable of $ 11.8 million and $ 11.9 million at December 31, 2023 and 2022, respectively. (4) Fully reserved at both December 31, 2023 and 2022 .

INVESTMENTS IN REAL ESTATE AN_2

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Abstract]
Schedule of Acquired Assets and Assumed Liabilities	The following table summarizes the book value of the Company’s acquired assets and assumed liabilities (in thousands, except amounts in the footnotes): December 31, 2023 December 31, 2022 Cost Basis Accumulated Depreciation & Amortization Carrying Value Cost Basis Accumulated Depreciation & Amortization Carrying Value Assets acquired: Investments in real estate, equity: Investments in real estate (1) $ 162,662 $ ( 5,041 ) $ 157,621 $ 123,219 $ ( 2,251 ) $ 120,968 Right of use assets (2)(3) 19,664 ( 478 ) 19,186 19,664 ( 205 ) 19,459 Intangible assets (4) 11,474 ( 3,592 ) 7,882 11,474 ( 2,594 ) 8,880 Subtotal 193,800 ( 9,111 ) 184,689 154,357 ( 5,050 ) 149,307 Investments in real estate from lending activities: Properties held for sale (5) 62,605 — 62,605 53,769 — 53,769 Total 256,405 ( 9,111 ) 247,294 208,126 ( 5,050 ) 203,076 Liabilities assumed: Investments in real estate, equity: Mortgages payable 40,297 1,489 41,786 18,089 155 18,244 Other liabilities 247 ( 220 ) 27 247 ( 183 ) 64 Lease liabilities (3)(6) 43,538 — 43,538 43,260 ( 393 ) 42,867 Subtotal 84,082 1,269 85,351 61,596 ( 421 ) 61,175 Investments in real estate from lending activities: Liabilities held for sale (7) 3,025 — 3,025 3,025 — 3,025 Total 87,107 1,269 88,376 64,621 ( 421 ) 64,200 Total net investments in real estate and properties held for sale (8) $ 169,298 $ 158,918 $ 143,505 $ 138,876 (1) Includes $ 38.4 million , which is not depreciable, at both December 31, 2023 and 2022. Also includes $ 44.9 million and $ 9.9 million of construction in progress for the student housing construction project, which is also not depreciable until placed in service, at December 31, 2023 and 2022, respectively. (2) Primarily comprises a $ 19.2 million right of use asset, associated with an acquired ground lease of $ 43.2 million (see below) accounted for as an operating lease at December 31, 2023. At December 31, 2022, the value of the right of use asset was $ 19.0 million associated to the ground lease with a value of $ 42.4 million. Amortization is booked to real estate expenses on the consolidated statements of operations. (3) Refer to Note 9 for additional information on the Company’s remaining operating leases. (4) Primarily comprises a franchise intangible of $ 4.7 million and $ 5.3 million, a management contract intangible of $ 2.9 million and $ 3.1 million, and a customer list intangible of $ 223,000 and $ 427,000 at December 31, 2023 and 2022, respectively. (5) At December 31, 2022, properties held for sale includes two properties originally acquired in November 2020 and July 2022. At December 31, 2023, properties held for sale included the November 2020 acquisition, as well as the property acquired via deed-in-lieu of foreclosure in June 2023. (6) Primarily comprises a $ 43.2 million ground lease with a remaining term of 93 years . Lease expenses for the years ended December 31, 2023 and 2022 were $ 2.7 million and $ 1.1 million, respectively. (7) Comprises an operating lease liability. (8) Excludes items of working capital, either acquired or assumed.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
LEASES (Tables)	Dec. 31, 2023
Leases [Abstract]
Summary of Operating Leases	The following table summarizes the Company’s operating leases (in thousands): December 31, 2023 December 31, 2022 Operating Leases: Right of use assets $ 693 $ 822 Lease liabilities $ ( 738 ) $ ( 828 ) Weighted average remaining lease term: 5.8 years 6.7 years Weighted average discount rate (1) : 8.70 % 8.71 % (1) The market discount rate is used, when readily determinable, in calculating the present value of lease payments for the operating lease liability. Otherwise, the incremental borrowing rate on the commencement date is used.
Summary of Operating Lease Costs and Cash Payments	The following table summarizes the Company’s operating lease costs and cash payments during the periods indicated (in thousands): Year Ended December 31, 2023 Year Ended December 31, 2022 Lease Cost: Operating lease cost $ 194 $ 68 Other Information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 151 $ 94
Summary of Operating Leases Cash Flow Obligations on Undiscounted, Annual Basis	The following table summarizes the Company’s operating leases cash flow obligations on an undiscounted, annual basis (in thousands): Operating Leases 2024 $ 157 2025 161 2026 165 2027 167 2028 171 Thereafter 132 Subtotal 953 Less: impact of discount ( 215 ) Total $ 738

BORROWINGS (Tables)

BORROWINGS (Tables)	12 Months Ended
BORROWINGS (Tables)	Dec. 31, 2023
Debt Disclosure [Abstract]
Information with respect to borrowings	Certain information with respect to the Company’s borrowings is summarized in the following table (dollars in thousands, except amounts in footnotes): Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At December 31, 2023: ACR 2021-FL1 Senior Notes $ 643,040 $ 2,243 $ 640,797 6.98 % 12.5 years $ 770,460 ACR 2021-FL2 Senior Notes 567,000 3,227 563,773 7.28 % 13.1 years 700,000 Senior secured financing facility 64,495 2,927 61,568 9.14 % 4.1 years 157,722 CRE - term warehouse financing facilities (1) 170,861 2,273 168,588 7.96 % 1.6 years 254,081 Mortgages payable 43,779 1,993 41,786 8.92 % 11.3 years 83,739 5.75 % Senior Unsecured Notes 150,000 1,860 148,140 5.75 % 2.6 years — Unsecured junior subordinated debentures 51,548 — 51,548 9.60 % 12.7 years — Total $ 1,690,723 $ 14,523 $ 1,676,200 7.28 % 10.4 years $ 1,966,002 Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At December 31, 2022: ACR 2021-FL1 Senior Notes $ 675,223 $ 3,826 $ 671,397 5.81 % 13.5 years $ 802,643 ACR 2021-FL2 Senior Notes 567,000 4,841 562,159 6.13 % 14.1 years 700,000 Senior secured financing facility 91,549 3,659 87,890 7.94 % 5.0 years 196,837 CRE - term warehouse financing facilities (1) 330,849 2,561 328,288 6.85 % 1.8 years 453,550 Mortgage payable 18,710 466 18,244 8.08 % 2.3 years 25,400 5.75 % Senior Unsecured Notes 150,000 2,493 147,507 5.75 % 3.6 years — Unsecured junior subordinated debentures 51,548 — 51,548 8.52 % 13.7 years — Total $ 1,884,879 $ 17,846 $ 1,867,033 6.29 % 10.3 years $ 2,178,430 (1) Principal outstanding includes accrued interest payable of $ 539,000 and $ 894,000 at December 31, 2023 and 2022 , respectively.
Schedule of securitizations	The following table sets forth certain information with respect to the Company’s consolidated securitizations at December 31, 2023 (in thousands): Closing Date Maturity Date Reinvestment Period End (1) Total Note Paydowns from Closing Date through December 31, 2023 ACR 2021-FL1 May 2021 June 2036 May 2023 $ 32,183 ACR 2021-FL2 December 2021 January 2037 December 2023 $ — (1) The reinvestment period is the period in which principal proceeds received may be used to acquire CRE loans for reinvestment into the securitization.
Senior secured warehouse financing facilities and mortgage payable	The following table sets forth certain information with respect to these arrangements (dollars in thousands, except amounts in footnotes): December 31, 2023 December 31, 2022 Outstanding Borrowings Value of Collateral Number of Positions as Collateral Weighted Average Interest Rate Outstanding Borrowings Value of Collateral Number of Positions as Collateral Weighted Average Interest Rate Senior Secured Financing Facility Massachusetts Mutual Life Insurance Company (1) $ 61,568 $ 157,722 7 9.14 % $ 87,890 $ 196,837 8 7.94 % CRE - Term Warehouse Financing Facilities (2) JPMorgan Chase Bank, N.A. (3) 74,694 125,044 4 7.82 % 186,783 255,095 11 6.74 % Morgan Stanley Mortgage Capital Holdings LLC (4) 93,894 129,037 7 8.07 % 141,505 198,455 10 7.00 % Mortgages Payable ReadyCap Commercial, LLC (5) 19,365 25,400 1 9.16 % 18,244 25,400 1 8.08 % Oceanview Life and Annuity Company (6)(7) 7,330 58,339 1 11.37 % — — — —% Florida Pace Funding Agency (6)(8) 15,091 — — 7.26 % — — — —% Total $ 271,942 $ 495,542 $ 434,422 $ 675,787 (1) Includes $ 2.9 million and $ 3.7 million of deferred debt issuance costs at December 31, 2023 and 2022, respectively. (2) Outstanding borrowings include accrued interest payable. (3) Includes $ 1.6 million and $ 1.1 million of deferred debt issuance costs at December 31, 2023 and 2022, respectively. (4) Includes $ 647,000 and $ 1.4 million of deferred debt issuance costs at December 31, 2023 and 2022, respectively. (5) Includes $ 259,000 and $ 466,000 of deferred debt issuance costs at December 31, 2023 and 2022, respectively. (6) Outstanding borrowings are collateralized by a student housing construction project. Value of collateral and number of positions as collateral related to Oceanview Life and Annuity Company also applies to Florida Pace Funding Agency. (7) Includes $ 1.3 million of deferred debt issuance costs at December 31, 2023 . There were no deferred debt issuance costs at December 31, 2022. (8) Includes $ 419,000 of deferred debt issuance costs at December 31, 2023 . There were no deferred debt issuance costs at December 31, 2022.
Schedule of amount at risk under credit facility	The following table shows information about the amount at risk under the Company's financing arrangements (dollars in thousands): Amount at Risk Weighted Average Remaining Maturity Weighted Average Interest Rate At December 31, 2023: Senior Secured Financing Facility (1) Massachusetts Mutual Life Insurance Company $ 93,518 4.1 years 9.14 % CRE - Term Warehouse Financing Facilities (1)(2) JPMorgan Chase Bank, N. A. $ 49,570 2.6 years 7.82 % Morgan Stanley Mortgage Capital Holdings LLC $ 35,471 0.8 years 8.07 % Mortgages Payable ReadyCap Commercial, LLC (3) $ 5,672 1.3 years 9.16 % Oceanview Life and Annuity Company (4)(5) $ 34,180 1.1 years 11.37 % Florida Pace Funding Agency (4)(5) — 29.6 years 7.26 % (1) Equal to the total of the estimated fair value of securities or loans sold and accrued interest receivable, minus the total of the financing agreement liabilities and accrued interest payable. (2) The Company is required to maintain a total minimum unencumbered liquidity balance of $ 15.0 million. (3) Equal to the total of the estimated fair value of real estate property investment financed, minus the total of the mortgage payable agreement liability and accrued interest payable. (4) Equal to the total of the estimated fair value of real estate property investment financed, minus the total of the construction loans agreement liabilities and accrued interest payable. Amount at risk related to Oceanview Life and Annuity Company also applies to Florida Pace Funding Agency. (5) Outstanding borrowings are collateralized by a student housing construction project.
Schedule of contractual obligations and commitments	Contractual maturity dates of the Company’s borrowings’ principal outstanding by category and year are presented in the table below (in thousands, except amounts in footnotes): Total 2024 2025 2026 2027 2028 and Thereafter At December 31, 2023: CRE securitizations $ 1,210,040 $ — $ — $ — $ — $ 1,210,040 Senior Secured Financing Facility 64,495 — — — 50,995 13,500 CRE - term warehouse financing facilities (1) 170,861 94,541 — 76,320 — — Mortgages payable 43,779 — 28,269 — — 15,510 5.75% Senior Unsecured Notes 150,000 — — 150,000 — — Unsecured junior subordinated debentures 51,548 — — — — 51,548 Total $ 1,690,723 $ 94,541 $ 28,269 $ 226,320 $ 50,995 $ 1,290,598 (1) Includes accrued interest payable in the balances of principal outstanding.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
SHARE-BASED COMPENSATION (Tables)	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of restricted common stock transactions	The following table summarizes the Company’s restricted common stock transactions under both the Plans and Management Agreement: Manager Directors Total Number of Shares Weighted-Average Grant-Date Fair Value Unvested shares at January 1, 2023 524,999 58,334 583,333 $ 14.22 Issued 69,201 — 69,201 8.45 Vested ( 219,199 ) ( 16,660 ) ( 235,859 ) 12.81 Unvested shares at December 31, 2023 375,001 41,674 416,675 $ 14.07
Summary of unvested restricted common stock expected to vest	The unvested restricted common stock shares are expected to vest during the following years: Shares 2024 166,658 2025 166,671 2026 83,346 Total 416,675

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
EARNINGS PER SHARE (Tables)	Dec. 31, 2023
Earnings Per Share [Abstract]
Reconciliation of basic and diluted (losses) earnings per common share	The following table presents a reconciliation of basic and diluted earnings (losses) per common share for the periods presented (dollars in thousands, except per share amounts): Years Ended December 31, 2023 2022 2021 Net income $ 21,848 $ 10,426 $ 33,923 Net income allocated to preferred shares ( 19,422 ) ( 19,422 ) ( 15,887 ) Net loss allocable to non-controlling interest, net of taxes 542 197 — Net income (loss) allocable to common shares $ 2,968 $ ( 8,799 ) $ 18,036 Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 8,024,295 8,380,490 9,269,607 Weighted average number of warrants outstanding (1) 391,995 431,271 466,661 Total weighted average number of common shares outstanding - basic 8,416,290 8,811,761 9,736,268 Effect of dilutive securities - unvested restricted stock 149,768 — 26,949 Weighted average number of common shares outstanding - diluted 8,566,058 8,811,761 9,763,217 Net income (loss) per common share - basic $ 0.35 $ ( 1.00 ) $ 1.85 Net income (loss) per common share - diluted $ 0.35 $ ( 1.00 ) $ 1.85 (1) See Note 12 for further details regarding the warrants.

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	12 Months Ended
DISTRIBUTIONS (Tables)	Dec. 31, 2023
Distributions [Abstract]
Distributions Declared	The following table presents distributions declared (on a per share basis) for the years ended December 31, 2023, 2022 and 2021 with respect to the Company’s Series C Preferred Stock and Series D Preferred Stock: Series C Preferred Stock Series D Preferred Stock Date Paid Total Distribution Paid Distribution Per Share Date Paid Total Distribution Paid Distribution Per Share (in thousands) (in thousands) 2023 December 31 January 30, 2024 $ 2,588 $ 0.5390625 January 30, 2024 $ 2,268 $ 0.4921875 September 30 October 30 2,587 0.5390625 October 30 2,268 0.4921875 June 30 July 31 2,588 0.5390625 July 31 2,268 0.4921875 March 31 May 1 2,587 0.5390625 May 1 2,268 0.4921875 2022 December 31 January 30, 2023 $ 2,587 $ 0.5390625 January 30, 2023 $ 2,268 $ 0.4921875 September 30 October 31 2,587 0.5390625 October 31 2,268 0.4921875 June 30 August 1 2,588 0.5390625 August 1 2,268 0.4921875 March 31 May 2 2,588 0.5390625 May 2 2,268 0.4921875 2021 December 31 January 31, 2022 $ 2,588 $ 0.5390625 January 31, 2022 $ 2,268 $ 0.4921875 September 30 November 1 2,588 0.5390625 November 1 2,264 0.4921875 June 30 July 30 2,588 0.5390625 July 30 1,736 0.3773440 March 31 April 30 2,588 0.5390625 N/A N/A N/A

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Dec. 31, 2023
Equity [Abstract]
Schedule of accumulated other comprehensive loss	Th e following table presents the changes in net unrealized loss on derivatives, the sole component of accumulated other comprehensive loss, for the year ended December 31, 2023 (in thousands): Accumulated Other Comprehensive Loss - Net Unrealized Gain on Derivatives Balance at January 1, 2023 $ ( 6,394 ) Amounts reclassified from accumulated other comprehensive loss (1) 1,593 Balance at December 31, 2023 $ ( 4,801 ) (1) Amounts reclassified from accumulated other comprehensive loss are reclassified to interest expense on the Company’s consolidated statements of operations.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value financial and non-financial instruments not reported at fair value	The fair values of the Company’s financial and non-financial instruments that are not reported at fair value on the consolidated balance sheets are reported in the following table (in thousands, except amount in footnotes): Fair Value Measurements Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets of Liabilities Significant Other Observable Inputs Significant Unobservable Inputs At December 31, 2023: Assets: CRE whole loans $ 1,828,336 $ 1,858,265 $ — $ — $ 1,858,265 Loan receivable - related party 10,975 8,598 — — 8,598 Liabilities: Senior notes in CRE securitizations 1,204,570 1,163,048 — — 1,163,048 Senior secured financing facility 61,568 64,495 — — 64,495 Warehouse financing facilities 168,588 170,861 — — 170,861 Mortgages payable 41,786 43,779 — — 43,779 5.75 % Senior Unsecured Notes 148,140 138,795 — — 138,795 Junior subordinated notes 51,548 38,406 — — 38,406 At December 31, 2022: Assets: CRE whole loans $ 2,038,787 $ 2,065,504 $ — $ — $ 2,065,504 Loan receivable - related party 11,275 9,672 — — 9,672 Liabilities: Senior notes in CRE securitizations 1,233,556 1,179,313 — — 1,179,313 Senior secured financing facility 87,890 91,549 — — 91,549 Warehouse financing facilities 328,288 330,848 — — 330,848 Mortgage payable 18,244 18,710 — — 18,710 5.75 % Senior Unsecured Notes 147,507 138,435 — — 138,435 Junior subordinated notes 51,548 35,821 — — 35,821

MARKET RISK AND DERIVATIVE IN_2

MARKET RISK AND DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
MARKET RISK AND DERIVATIVE INSTRUMENTS (Tables)	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
The effect of derivative instruments on the statement of income	The following table presents the effect of the derivative instruments on the consolidated statements of operations during the years ended December 31, 2023, 2022 and 2021: Realized and Unrealized Loss (1) Consolidated Statements of Operations Location Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Interest rate swap contracts, hedging Interest expense $ ( 1,593 ) $ ( 1,733 ) $ ( 1,851 ) (1) Negative values indicate a decrease to the associated consolidated statements of operations line items.

OFFSETTING OF FINANCIAL ASSET_2

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Tables)	12 Months Ended
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Tables)	Dec. 31, 2023
Offsetting [Abstract]
Offsetting financial liabilities	The following table presents a summary of the Company’s offsetting of financial liabilities and derivative liabilities (in thousands, except amounts in footnotes): (i) (ii) (iii) = (i) - (ii) (iv) of Recognized Consolidated Consolidated Financial (1) Cash Collateral (v) = (iii) - (iv) At December 31, 2023: Warehouse financing facilities (2) $ 168,588 $ — $ 168,588 $ 168,588 $ — $ — At December 31, 2022: Warehouse financing facilities (2) $ 328,288 $ — $ 328,288 $ 328,288 $ — $ — (1) Amounts represent financial instruments pledged that are available to be offset against liability balances associated with term warehouse financing facilities, repurchase agreements and derivatives. (2) The combined fair value of securities and loans pledged against the Company’s various warehouse financing facilities and repurchase agreements was $ 254.1 million and $ 453.6 million at December 31, 2023 and 2022 , respectively.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Components of income taxes	The following table details the components of income taxes at the Company’s TRSs (in thousands): Years Ended December 31, 2023 2022 2021 Income tax expense: Current: Federal $ — $ — $ — State 1 13 — Total current 1 13 — Deferred: Federal — — — State — — — Total deferred — — — Total $ 1 $ 13 $ —
Reconciliation between federal statutory income tax rate and effective income tax rate	A reconciliation of the income tax expense based upon the statutory tax rate to the effective income tax rate was as follows for the Company’s TRSs for the years presented (in thousands): Years Ended December 31, 2023 2022 2021 Income tax (benefit) expense: Statutory tax $ ( 70 ) $ ( 178 ) $ ( 66 ) State and local taxes, net of federal benefit ( 42 ) 313 ( 59 ) True-up of prior period tax expense ( 6 ) — — Valuation allowance 310 ( 64 ) 125 Discontinued operations adjustment — — — Other items ( 191 ) ( 58 ) — Total $ 1 $ 13 $ —
Components of deferred tax assets and liabilities	The components of deferred tax assets and liabilities were as follows for the Company’s TRSs (in thousands): December 31, 2023 2022 Deferred tax assets related to: Federal, state and local loss carryforwards $ 13,924 $ 14,018 Amortization of intangibles 35 — Capital loss carryforward 288 309 Equity investments 5,874 6,657 Interest expense limitation 163(j) 1,035 527 Total deferred tax assets 21,156 21,511 Valuation allowance ( 21,102 ) ( 21,171 ) Total deferred tax assets, net of valuation allowance $ 54 $ 340 Deferred tax liabilities related to: Amortization of intangibles $ — $ ( 254 ) Unrealized gains ( 50 ) ( 86 ) Accrued expenses ( 4 ) — Total deferred tax liabilities $ ( 54 ) $ ( 340 ) Deferred tax assets, net $ — $ —

QUARTERLY RESULTS (Tables)

QUARTERLY RESULTS (Tables)	12 Months Ended
QUARTERLY RESULTS (Tables)	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Quarterly results of operations	The following is a presentation of the quarterly results of operations: March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) (in thousands, except per share data) Year ended December 31, 2023: Interest income $ 45,329 $ 47,148 $ 48,208 $ 46,781 Interest expense 31,375 32,442 33,555 33,419 Net interest income $ 13,954 $ 14,706 $ 14,653 $ 13,362 Net income $ 2,293 $ 5,558 $ 7,567 $ 6,430 Net income allocated to preferred shares ( 4,855 ) ( 4,856 ) ( 4,855 ) ( 4,856 ) Net loss allocated to non-controlling interest, net of taxes 146 115 158 123 Net (loss) income allocable to common shares $ ( 2,416 ) $ 817 $ 2,870 $ 1,697 Net (loss) income per common share - basic $ ( 0.28 ) $ 0.10 $ 0.34 $ 0.21 Net (loss) income per common share - diluted $ ( 0.28 ) $ 0.10 $ 0.33 $ 0.20 March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) (in thousands, except per share data) Year ended December 31, 2022: Interest income $ 22,676 $ 27,019 $ 34,065 $ 42,514 Interest expense 14,907 15,745 22,939 28,733 Net interest income $ 7,769 $ 11,274 $ 11,126 $ 13,781 Net income (loss) $ 2,084 $ 5,522 $ 5,486 $ ( 2,666 ) Net income allocated to preferred shares ( 4,855 ) ( 4,856 ) ( 4,855 ) ( 4,856 ) Net loss allocated to non-controlling interest, net of taxes — 24 82 91 Net (loss) income allocable to common shares $ ( 2,771 ) $ 690 $ 713 $ ( 7,431 ) Net (loss) income per common share - basic $ ( 0.30 ) $ 0.08 $ 0.08 $ ( 0.87 ) Net (loss) income per common share - diluted $ ( 0.30 ) $ 0.08 $ 0.08 $ ( 0.87 )

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Cash balance in excess of federal deposit Insurance limit, amount	$ 81,100,000	$ 63,300,000
Percentage of REIT taxable income distributed to stockholders not subject to federal corporate tax	100%
Provision for Income Tax	$ 97,000	336,000
Operating loss carryforwards, valuation allowance, tax expense impact	$ 21,100,000	$ 21,200,000
Accounting standards adopted	true
Accounting standards adopted date	Dec. 31, 2023
Accounting standards adopted material effect	false
Foreign TRS
Summary Of Significant Accounting Policies [Line Items]
Provision for Income Tax	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 83,449	$ 66,232
Restricted cash	8,437	38,579
Total cash, cash equivalents and restricted cash shown on the Company's consolidated statements of cash flows	$ 91,886	$ 104,811	$ 283,931	$ 67,741

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Investments in Real Estate and Amortizes Intangible Assets Over The Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Site improvements	10 years
Tenant improvements	Shorter of lease term or expected useful life
Maximum
Summary Of Significant Accounting Policies [Line Items]
Building	40 years
Building improvements	39 years
Furniture, fixtures and equipment	12 years
Right of use assets	94 years
Intangible assets	18 years
Lease liabilities	94 years
Minimum
Summary Of Significant Accounting Policies [Line Items]
Building	35 years
Building improvements	5 years
Furniture, fixtures and equipment	1 year
Right of use assets	7 years
Intangible assets	90 days
Lease liabilities	7 years

VARIABLE INTEREST ENTITIES (Con

VARIABLE INTEREST ENTITIES (Consolidated VIEs) (the Company is the primary beneficiary) (Details) - VIE, Primary Beneficiary	12 Months Ended
	Dec. 31, 2023 USD ($) Entity	Dec. 31, 2022 USD ($) Entity	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Number of consolidated VIEs \| Entity	2	5
Financial support, amount \| $	$ 0	$ 0	$ 0

VARIABLE INTEREST ENTITIES (Cha

VARIABLE INTEREST ENTITIES (Charles Street-ACRES FSU Student Venture, LLC) (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Investments in unconsolidated entities		$ 1,548	$ 1,548
Charles Street-ACRES FSU Student Venture, LLC \| VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Ownership percentage in VIE	72.10%
Investments in unconsolidated entities	$ 13,000

VARIABLE INTEREST ENTITIES (Sch

VARIABLE INTEREST ENTITIES (Schedule of Carrying Value of Assets and Liabilities of Consolidated VIEs) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS:
Restricted cash	$ 8,437	$ 38,579
Accrued interest receivable	11,783	11,969
CRE loans	1,828,336	2,038,787
Other assets	3,590	4,364
Total assets	2,196,105	2,376,652
LIABILITIES
Accounts payable and other liabilities	13,963	10,391
Accrued interest payable	8,459	6,921
Borrowings	1,676,200	1,867,033
Total liabilities	1,749,890	1,935,338
VIE, Primary Beneficiary
ASSETS:
Restricted cash	220	38,180
Accrued interest receivable	9,188	8,184
CRE loans	1,466,463	1,456,649
Other assets	71	119
Total assets	1,475,942	1,503,132
LIABILITIES
Accounts payable and other liabilities	143	93
Accrued interest payable	3,828	3,083
Borrowings	1,204,569	1,233,556
Total liabilities	1,208,540	$ 1,236,732
Pledged as Collateral \| VIE, Primary Beneficiary
ASSETS:
CRE loans	$ 1,466,463

VARIABLE INTEREST ENTITIES (Unc

VARIABLE INTEREST ENTITIES (Unconsolidated VIEs) (the Company is not the primary beneficiary, but has a variable interest) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 1,548,000	$ 1,548,000
Borrowings	$ 1,676,200,000	$ 1,867,033,000
VIE, Not Primary Beneficiary \| Investment in RCT I and II
Variable Interest Entity [Line Items]
Ownership percentage in VIE	100%
Investments in unconsolidated entities	$ 1,500,000
VIE, Not Primary Beneficiary \| Interest in RCT I
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 774,000
Percentage of value of trusts owned	3%
Borrowings	$ 25,800,000
VIE, Not Primary Beneficiary \| Interest in RCT II
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 774,000
Percentage of value of trusts owned	3%
Borrowings	$ 25,800,000

VARIABLE INTEREST ENTITIES (S_2

VARIABLE INTEREST ENTITIES (Schedule of Classification, Carrying Value, and Maximum Exposure to Loss of Unconsolidated VIEs) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS:
Total assets	$ 2,196,105	$ 2,376,652
LIABILITIES
Total liabilities	1,749,890	$ 1,935,338
VIE, Not Primary Beneficiary \| Interest Receivable
LIABILITIES
Maximum Exposure to Loss	0
VIE, Not Primary Beneficiary \| Investments in Unconsolidated Entities
LIABILITIES
Maximum Exposure to Loss	1,548
Unsecured Junior Subordinated Debentures \| VIE, Not Primary Beneficiary
ASSETS:
Accrued interest receivable	32
Investments in unconsolidated entities	1,548
Total assets	1,580
LIABILITIES
Accrued interest payable	433
Borrowings	51,548
Total liabilities	51,981
Net (liability) asset	$ (50,401)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental cash flows:
Interest expense paid in cash	$ 124,047	$ 70,025	$ 42,345
Income taxes paid in cash	101	228
Non-cash operating activities include the following:
Acquisition of other right of use assets		(299)	(479)
Assumption of other operating lease liabilities		299	479
Non-cash investing activities include the following:
Proceeds from the receipt of deed-in-lieu of foreclosure on loan	20,900	14,299	17,600
Properties held for sale assets related to the receipt of deed-in-lieu of foreclosure	(20,900)	(14,299)	(17,600)
Non-cash financing activities include the following:
Incentive compensation paid in common stock	598
Capitalized amortization of deferred debt issuance costs	1,127
Capitalized interest	1,160
Preferred Stock
Non-cash financing activities include the following:
Distributions accrued but not paid	$ 3,262	$ 3,262	$ 3,262

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 8,437	$ 38,579
Cash held in escrow for construction loan
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	7,620	0
Cash held by consolidated CRE securitizations
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	220	38,180
Restricted cash held in various escrow accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	269	274
Restricted cash held in deposit accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 328	$ 125

LOANS (Summary of Loans) (Detai

LOANS (Summary of Loans) (Details)	12 Months Ended
LOANS (Summary of Loans) (Details)	Dec. 31, 2023 USD ($) Note Loan	Dec. 31, 2022 USD ($) Loan Note	Dec. 31, 2021 USD ($)
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 1,857,093,000	$ 2,057,590,000
Less: allowance for credit losses	(28,757,000)	(18,803,000)	$ (8,805,000)
Recorded investment	$ 44,900,000	$ 20,700,000
Mezzanine loan
Receivables With Imputed Interest [Line Items]
Number of bank loans \| Note	1	1
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 1,862,965,000	$ 2,070,204,000
Unamortized (Discount) Premium, net	(5,872,000)	(12,614,000)
Amortized Cost, Loans held for investment	1,857,093,000	2,057,590,000
Less: allowance for credit losses	(28,757,000)	(18,803,000)
Carrying Value, Loans held for investment	1,828,336,000	2,038,787,000
Loan origination fees	5,800,000	12,300,000
Deferred amendment fees	$ 110,000	$ 308,000
Concentration of loan portfolio risk	100%	100%
Commercial Real Estate Loans \| Multifamily
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 1,453,681,000	$ 1,531,697,000
Concentration of loan portfolio risk	79.60%	75.20%
Commercial Real Estate Loans \| Office
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 247,410,000	$ 269,201,000
Concentration of loan portfolio risk	13.50%	13.20%
Commercial Real Estate Loans \| Hotel
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 70,857,000	$ 178,160,000
Concentration of loan portfolio risk	3.90%	8.70%
Quantity \| Loan	4
Loan sold, par value	$ 77,200,000
Commercial Real Estate Loans \| Self Storage
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 48,363,000	$ 51,704,000
Concentration of loan portfolio risk	2.60%	2.50%
Commercial Real Estate Loans \| Retail
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 8,025,000	$ 8,025,000
Concentration of loan portfolio risk	0.40%	0.40%
Commercial Real Estate Loans \| Southwest
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 484,902,000	$ 472,327,000
Concentration of loan portfolio risk	26.60%	23.20%
Commercial Real Estate Loans \| Southeast
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 401,624,000	$ 438,403,000
Concentration of loan portfolio risk	22%	21.50%
Commercial Real Estate Loans \| Mountain
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 275,120,000	$ 329,828,000
Concentration of loan portfolio risk	15%	16.20%
Commercial Real Estate Loans \| Mid Atlantic
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 236,104,000	$ 248,740,000
Concentration of loan portfolio risk	12.90%	12.20%
Commercial Real Estate Loans \| Pacific
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 169,789,000	$ 191,706,000
Concentration of loan portfolio risk	9.30%	9.40%
Commercial Real Estate Loans \| Northeast
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 161,172,000	$ 170,236,000
Concentration of loan portfolio risk	8.80%	8.30%
Commercial Real Estate Loans \| East North Central
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 60,401,000	$ 125,211,000
Concentration of loan portfolio risk	3.30%	6.10%
Commercial Real Estate Loans \| West North Central
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 39,224,000	$ 62,336,000
Concentration of loan portfolio risk	2.10%	3.10%
Commercial Real Estate Loans \| Whole Loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 1,858,265,000	$ 2,065,504,000
Unamortized (Discount) Premium, net	(5,872,000)	(12,614,000)
Amortized Cost, Loans held for investment	1,852,393,000	2,052,890,000
Less: allowance for credit losses	(24,057,000)	(14,103,000)
Carrying Value, Loans held for investment	$ 1,828,336,000	$ 2,038,787,000
Quantity \| Loan	69	81
Loans held for investment, unfunded loan commitments	$ 109,400,000	$ 158,200,000
Commercial Real Estate Loans \| Whole Loans \| Benchmark Rate
Receivables With Imputed Interest [Line Items]
Loan Receivable Interest Rate Floor	5.39%	4.21%
Commercial Real Estate Loans \| Whole Loans \| Benchmark Rate \| Minimum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	2.50%	2.85%
Commercial Real Estate Loans \| Whole Loans \| Benchmark Rate \| Maximum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	8.61%	8.50%
Commercial Real Estate Loans \| Mezzanine loan
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 4,700,000	$ 4,700,000
Amortized Cost, Loans held for investment	4,700,000	4,700,000
Less: allowance for credit losses	$ (4,700,000)	$ (4,700,000)
Quantity \| Loan	1	1
Contractual Interest Rates	10%	10%
Commercial Real Estate Loans \| Mezzanine loan \| Benchmark Rate
Receivables With Imputed Interest [Line Items]
Loan Receivable Interest Rate Floor	0.70%	0.68%
Commercial Real Estate Loans \| Whole Loans in Default
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 41,200,000	$ 51,600,000
Quantity \| Loan	3	3
Commercial Real Estate Loans \| Whole Loans in Default \| Office
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 33,100,000	$ 42,500,000
Quantity \| Loan	2	2
Commercial Real Estate Loans \| Whole Loans in Default \| Retail
Receivables With Imputed Interest [Line Items]
Quantity \| Loan	1	1
Commercial Real Estate Loans \| Whole Loans in Default \| Southwest
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 19,100,000	$ 20,700,000
Quantity \| Loan	1	1
Commercial Real Estate Loans \| Whole Loans in Default \| Northeast
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 8,000,000	$ 8,000,000
Quantity \| Loan	1	1
Commercial Real Estate Loans \| Whole Loans in Default \| East North Central
Receivables With Imputed Interest [Line Items]
Carrying Value, Loans held for investment	$ 14,000,000	$ 21,700,000
Quantity \| Loan	1	1
Commercial Real Estate Loans \| Mazzanine Loans In Payment Defaults
Receivables With Imputed Interest [Line Items]
Number of bank loans \| Loan	1	1
Recorded investment	$ 4,700,000	$ 4,700,000

LOANS (Commercial Real Estate L

LOANS (Commercial Real Estate Loans, at Amortized Cost) (Details) $ in Thousands	Dec. 31, 2023 USD ($) Loan	Dec. 31, 2022 USD ($) Loan
Receivables With Imputed Interest [Line Items]
CRE loans	$ 1,857,093	$ 2,057,590
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
CRE loans	1,857,093	2,057,590
Commercial Real Estate Loans \| Whole Loans in Default
Receivables With Imputed Interest [Line Items]
CRE loans	$ 41,200	$ 51,600
Number of loans \| Loan	3	3
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
2024	$ 916,985	$ 268,120
2025	814,772	882,175
2026 and Thereafter	84,184	855,731
Amortized Cost, Loans held for investment	1,815,941	2,006,026
Commercial Real Estate Loans \| Whole Loans
Receivables With Imputed Interest [Line Items]
2024	916,985	268,120
2025	814,772	882,175
2026 and Thereafter	79,484	851,031
Amortized Cost, Loans held for investment	1,811,241	2,001,326
Commercial Real Estate Loans \| Whole Loans \| Whole Loan in Extension Option
Receivables With Imputed Interest [Line Items]
2024	80,400	113,800
2025	101,700	68,600
2026 and Thereafter	1,600,000	1,800,000
Commercial Real Estate Loans \| Mezzanine loan
Receivables With Imputed Interest [Line Items]
2026 and Thereafter	4,700	4,700
Amortized Cost, Loans held for investment	$ 4,700	$ 4,700

LOANS (Details)

LOANS (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Principal paydowns receivable	$ 0	$ 0

FINANCING RECEIVABLES (Activity

FINANCING RECEIVABLES (Activity in Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Allowance for credit losses at beginning of year	$ 18,803	$ 8,805
Provision for (reversal of) credit losses, net	10,902	12,295	$ (21,262)
Charge offs	(948)	(2,297)
Allowance for credit losses at end of year	$ 28,757	$ 18,803	$ 8,805

FINANCING RECEIVABLES (Details)

FINANCING RECEIVABLES (Details)	1 Months Ended		6 Months Ended	12 Months Ended
FINANCING RECEIVABLES (Details)	Jun. 30, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jun. 30, 2022 Contract	Dec. 31, 2023 USD ($) Note Loan Contract	Dec. 31, 2022 USD ($) Loan Note Contract	Dec. 31, 2021 USD ($)	Feb. 29, 2024 USD ($)
Accounts Notes And Loans Receivable [Line Items]
Reversal of credit losses, net				$ 10,902,000	$ 12,295,000	$ (21,262,000)
Financing Receivable, Allowance for Credit Loss				28,757,000	18,803,000	$ 8,805,000
Charge offs				948,000	2,297,000
Recorded investment				$ 44,900,000	$ 20,700,000
Percentage of total amortization cost				2.40%	1%
Proceeds from Sale of Property Held-for-sale		$ 15,100,000
Selling costs of property held for sale		845,000
Gain (Loss) on Disposition of Property Plant Equipment		$ 745,000
Subsequent Event
Accounts Notes And Loans Receivable [Line Items]
Cash escrows							$ 4,800,000
Extended Maturity
Accounts Notes And Loans Receivable [Line Items]
No of extension agreements \| Contract				1	3
Extended Maturity \| Minimum
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, modified, maturity month and year				2023-12
Extended Maturity \| Maximum
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, modified, maturity month and year				2025-12
Reduction in Interest Rate \| Benchmark Rate
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, modified, interest rate				250%
Reduction in Interest Rate \| Minimum \| Benchmark Rate
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, modified, interest rate				250%
Reduction in Interest Rate \| Maximum \| Benchmark Rate
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, modified, interest rate				500%
Collateral Dependent Loans
Accounts Notes And Loans Receivable [Line Items]
Financing Receivable, Allowance for Credit Loss				$ 4,700,000	$ 4,700,000
Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
Number of bank loans \| Note				1	1
Northeast Region \| Office Loan
Accounts Notes And Loans Receivable [Line Items]
Principal balance individually evaluated	$ 22,800,000
Charge offs	$ 948,000
Northeast Region \| Retail Loan
Accounts Notes And Loans Receivable [Line Items]
Number of loans individually evaluated \| Loan				1	1
Principal balance individually evaluated				$ 8,000,000	$ 8,000,000
Financing receivable, purchase price				$ 8,300,000
Financing receivable non refundable deposit percentage				10%
Northeast Region \| Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
Number of loans individually evaluated \| Loan				1	1
Principal balance individually evaluated				$ 4,700,000	$ 4,700,000
Southwest region \| Office Loan
Accounts Notes And Loans Receivable [Line Items]
Number of loans individually evaluated \| Loan				1	1
Principal balance individually evaluated				$ 19,100,000	$ 20,700,000
East North Central Region \| Office Loan
Accounts Notes And Loans Receivable [Line Items]
Number of loans individually evaluated \| Loan				1
Principal balance individually evaluated				$ 14,000,000
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Reversal of credit losses, net				10,900,000	12,300,000
Financing Receivable, Allowance for Credit Loss				28,757,000	18,803,000
Commercial Real Estate Loans \| Extended Maturity
Accounts Notes And Loans Receivable [Line Items]
No of extension agreements \| Contract			3
Commercial Real Estate Loans \| Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
Financing Receivable, Allowance for Credit Loss				$ 4,700,000	$ 4,700,000
Commercial Real Estate Loans \| Whole Loans In Maturity Default
Accounts Notes And Loans Receivable [Line Items]
Number of bank loans \| Loan					1
Recorded investment					$ 22,800,000
Commercial Real Estate Loans \| Whole Loan In Payment Defaults
Accounts Notes And Loans Receivable [Line Items]
Number of bank loans \| Loan				3	3
Commercial Real Estate Loans \| Mazzanine Loans In Payment Defaults
Accounts Notes And Loans Receivable [Line Items]
Number of bank loans \| Loan				1	1
Recorded investment				$ 4,700,000	$ 4,700,000
Commercial Real Estate Loans \| Four Whole Loans In Maturity Default
Accounts Notes And Loans Receivable [Line Items]
Recorded investment				$ 41,200,000
Commercial Real Estate Loans \| Three Whole Loans In Maturity Default
Accounts Notes And Loans Receivable [Line Items]
Recorded investment					$ 51,600,000

FINANCING RECEIVABLES (Credit R

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
CRE loans	$ 1,857,093	$ 2,057,590
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	1,857,093	2,057,590
Commercial Real Estate Loans \| Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	1,852,393	2,052,890
Commercial Real Estate Loans \| Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
CRE loans	4,700	4,700
Rating 1 \| Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	0	0
Rating 1 \| Commercial Real Estate Loans \| Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	0	0
Rating 1 \| Commercial Real Estate Loans \| Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
CRE loans	0	0
Rating 2 \| Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	973,424	1,635,376
Rating 2 \| Commercial Real Estate Loans \| Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	973,424	1,635,376
Rating 2 \| Commercial Real Estate Loans \| Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
CRE loans	0	0
Rating 3 \| Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	581,032	309,491
Rating 3 \| Commercial Real Estate Loans \| Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	581,032	309,491
Rating 3 \| Commercial Real Estate Loans \| Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
CRE loans	0	0
Rating 4 \| Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	256,785	85,226
Rating 4 \| Commercial Real Estate Loans \| Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	256,785	85,226
Rating 4 \| Commercial Real Estate Loans \| Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
CRE loans	0	0
Rating 5 \| Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	45,852	27,497
Rating 5 \| Commercial Real Estate Loans \| Whole Loans
Accounts Notes And Loans Receivable [Line Items]
CRE loans	41,152	22,797
Rating 5 \| Commercial Real Estate Loans \| Mezzanine loan
Accounts Notes And Loans Receivable [Line Items]
CRE loans	$ 4,700	$ 4,700

FINANCING RECEIVABLES (Credit_2

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Recorded investment excluded accrued interest receivable	$ 11.8	$ 11.9

FINANCING RECEIVABLES (Credit_3

FINANCING RECEIVABLES (Credit Risk Profiles of CRE Loans by Origination Year at Amortized Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year write offs, 2019	$ (948)
Loans and receivables by origination year write offs, Prior	0	$ (2,297)
Loans and receivables by origination year write offs, Total	(948)	(2,297)
Commercial Real Estate Loans
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2023/2022	63,634	526,606
Loans and receivables by origination year, 2022/2021	477,884	1,195,550
Loans and receivables by origination year, 2021/2020	1,124,189	109,601
Loans and receivables by origination year, 2020/2019	56,788	98,397
Loans and receivables by origination year, 2019/2018	63,344	127,436
Loans and receivables by origination year, Prior	71,254	0
Loans and receivables by origination year, Total	1,857,093	2,057,590
Commercial Real Estate Loans \| Whole Loans
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2023/2022	63,634	526,606
Loans and receivables by origination year, 2022/2021	477,884	1,195,550
Loans and receivables by origination year, 2021/2020	1,124,189	109,601
Loans and receivables by origination year, 2020/2019	56,788	98,397
Loans and receivables by origination year, 2019/2018	63,344	122,736
Loans and receivables by origination year, Prior	66,554	0
Loans and receivables by origination year, Total	1,852,393	2,052,890
Commercial Real Estate Loans \| Whole Loans \| Rating 2
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2023/2022	63,634	526,606
Loans and receivables by origination year, 2022/2021	212,175	1,003,060
Loans and receivables by origination year, 2021/2020	636,487	64,944
Loans and receivables by origination year, 2020/2019	22,556	26,977
Loans and receivables by origination year, 2019/2018	38,572	13,789
Loans and receivables by origination year, Prior	0	0
Loans and receivables by origination year, Total	973,424	1,635,376
Commercial Real Estate Loans \| Whole Loans \| Rating 3
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2023/2022	0	0
Loans and receivables by origination year, 2022/2021	168,791	192,490
Loans and receivables by origination year, 2021/2020	364,369	44,657
Loans and receivables by origination year, 2020/2019	34,232	27,881
Loans and receivables by origination year, 2019/2018	0	44,463
Loans and receivables by origination year, Prior	13,640	0
Loans and receivables by origination year, Total	581,032	309,491
Commercial Real Estate Loans \| Whole Loans \| Rating 4
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2023/2022	0	0
Loans and receivables by origination year, 2022/2021	82,918	0
Loans and receivables by origination year, 2021/2020	123,333	0
Loans and receivables by origination year, 2020/2019	0	20,742
Loans and receivables by origination year, 2019/2018	5,645	64,484
Loans and receivables by origination year, Prior	44,889	0
Loans and receivables by origination year, Total	256,785	85,226
Commercial Real Estate Loans \| Whole Loans \| Rating 5
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2023/2022	0	0
Loans and receivables by origination year, 2022/2021	14,000	0
Loans and receivables by origination year, 2021/2020	0	0
Loans and receivables by origination year, 2020/2019	0	22,797
Loans and receivables by origination year, 2019/2018	19,127	0
Loans and receivables by origination year, Prior	8,025	0
Loans and receivables by origination year, Total	41,152	22,797
Commercial Real Estate Loans \| Mezzanine loan \| Rating 4
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2023/2022		0
Loans and receivables by origination year, 2022/2021		0
Loans and receivables by origination year, 2021/2020		0
Loans and receivables by origination year, 2020/2019		0
Loans and receivables by origination year, 2019/2018		4,700
Loans and receivables by origination year, Prior		0
Loans and receivables by origination year, Total		$ 4,700
Commercial Real Estate Loans \| Mezzanine loan \| Rating 5
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2023/2022	0
Loans and receivables by origination year, 2022/2021	0
Loans and receivables by origination year, 2021/2020	0
Loans and receivables by origination year, 2020/2019	0
Loans and receivables by origination year, 2019/2018	0
Loans and receivables by origination year, Prior	4,700
Loans and receivables by origination year, Total	$ 4,700

FINANCING RECEIVABLES (Credit_4

FINANCING RECEIVABLES (Credit Risk Profiles of CRE Loans by Origination Year at Amortized Costs) (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Recorded investment excluded accrued interest receivable	$ 11.8	$ 11.9

FINANCING RECEIVABLES (Loan Por

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	$ 1,857,093	$ 2,057,590
Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	1,857,093	2,057,590
Total Loans > 90 Days and Accruing	19,127	0
Commercial Real Estate Loans \| Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	1,852,393	2,052,890
Total Loans > 90 Days and Accruing	19,127	0
Commercial Real Estate Loans \| Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	4,700	4,700
Total Loans > 90 Days and Accruing	0	0
Commercial Real Estate Loans \| 30-59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Loans \| 30-59 Days \| Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Loans \| 30-59 Days \| Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Loans \| 60-89 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Loans \| 60-89 Days \| Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Loans \| 60-89 Days \| Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	0	0
Commercial Real Estate Loans \| Greater than 90 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	45,852	28,767
Commercial Real Estate Loans \| Greater than 90 Days \| Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	41,152	28,767
Commercial Real Estate Loans \| Greater than 90 Days \| Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	4,700	0
Commercial Real Estate Loans \| Total Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	45,852	28,767
Commercial Real Estate Loans \| Total Past Due \| Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	41,152	28,767
Commercial Real Estate Loans \| Total Past Due \| Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	4,700	0
Commercial Real Estate Loans \| Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	1,811,241	2,028,823
Commercial Real Estate Loans \| Current \| Whole Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	1,811,241	2,024,123
Commercial Real Estate Loans \| Current \| Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans Receivable	$ 0	$ 4,700

FINANCING RECEIVABLES (Loan P_2

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Parenthetical) (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023 USD ($) Loan	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) Loan	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) Loan	Dec. 31, 2022 USD ($) Loan	Dec. 31, 2021 USD ($)
Financing Receivable Recorded Investment Past Due [Line Items]
Interest income	$ 46,781	$ 48,208	$ 47,148	$ 45,329	$ 42,514	$ 34,065	$ 27,019	$ 22,676	$ 187,466	$ 126,274	$ 101,032
Recorded investment	44,900				20,700				44,900	20,700
Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Interest income									4,300	1,800	$ 2,000
Recorded investment excluded accrued interest receivable	$ 11,800				$ 11,900				$ 11,800	$ 11,900
Commercial Real Estate Loans \| Greater than 90 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Number of bank loans \| Loan	3								3
Commercial Real Estate Loans \| Whole Loans In Maturity Default
Financing Receivable Recorded Investment Past Due [Line Items]
Number of bank loans \| Loan					1					1
Recorded investment					$ 22,800					$ 22,800

INVESTMENTS IN REAL ESTATE AN_3

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Details)	1 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Feb. 28, 2023 USD ($)	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Number of real estate properties \| Property			6
Allowance for credit losses			$ 28,757,000	$ 18,803,000	$ 8,805,000
Investments in real estate			157,621,000	120,968,000
Lease Expense			151,000	94,000
Amortization expense on intangible assets			998,000	2,100,000	$ 1,200,000
Amortization expense on intangible assets during 2024			961,000
Amortization expense on intangible assets during 2025			793,000
Amortization expense on intangible assets during 2026			748,000
Amortization expense on intangible assets during 2027			748,000
Amortization expense on intangible assets during 2028			$ 748,000
Proceeds from Sale of Property Held-for-sale		$ 15,100,000
Selling costs of property held for sale		845,000
Gain (Loss) on Disposition of Property Plant Equipment		$ 745,000
Investments in Real Estate
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Number of real estate properties \| Property			4
Properties Held for Sale
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Number of real estate properties \| Property			2
Ground Lease \| Above-market Leases
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Offsetting amortization on right of use assets and amortization lease liability			$ 203,000	153,000
Offsetting amortization on right of use assets accretion and amortization lease liability			$ 2,500,000	341,000
Second Ground Lease \| Above-market Leases
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Original term of operating lease acquired			99 years
Remaining term of operating lease acquired			94 years
Lease Expense			$ 1,700,000	1,300,000
Operating lease, remaining lease term			93 years
Percentage of increase in ground lease payments			3%
CRE Whole Loan
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Fair value of assets acquired	$ 20,900,000
Allowance for credit losses	$ 948,000
Investments In Real Estate Equity
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Investments in real estate			$ 157,621,000	$ 120,968,000

INVESTMENTS IN REAL ESTATE AN_4

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Schedule of Acquired Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Investment in Real Estate, Carrying Value	$ 157,621	$ 120,968
Right of use Assets, Carrying Value	19,879	20,281
Assets Acquired, Cost Basis	256,405	208,126
Assets Acquired, Accumulated Depreciation & Amortization	(9,111)	(5,050)
Assets Acquired, Carrying Value	247,294	203,076
Other Liabilities, Carrying Value	584	898
Liabilities Assumed, Cost Basis	87,107	64,621
Liabilities Assumed, Accumulated Depreciation & Amortization	1,269	(421)
Liabilities Assumed, Carrying Value	88,376	64,200
Assets Acquired and Liabilities Assumed, Cost Basis	169,298	143,505
Asset Acquired and Liabilities Assumed, Carrying Value	158,918	138,876
Investments In Real Estate Equity
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Investment in Real Estate, Cost Basis	162,662	123,219
Investment in Real Estate Accumulated Depreciation & Amortization	(5,041)	(2,251)
Investment in Real Estate, Carrying Value	157,621	120,968
Right of use Assets, Cost Basis	19,664	19,664
Right of use Assets Accumulated Depreciation & Amortization	(478)	(205)
Right of use Assets, Carrying Value	19,186	19,459
Intangible Assets, Cost Basis	11,474	11,474
Intangible Assets, Accumulated Depreciation & Amortization	(3,592)	(2,594)
Intangible Assets, Carrying Value	7,882	8,880
Assets Acquired, Cost Basis	193,800	154,357
Assets Acquired, Accumulated Depreciation & Amortization	(9,111)	(5,050)
Assets Acquired, Carrying Value	184,689	149,307
Mortgages payable, Cost	40,297	18,089
Mortgages payable, Accumulated Depreciation & Amortization	1,489	155
Mortgages payable, Carrying Value	41,786	18,244
Other Liabilities, Cost Basis	247	247
Other Liabilities, Accumulated Depreciation & Amortization	(220)	(183)
Other Liabilities, Carrying Value	27	64
Lease Liabilities, Cost Basis	43,538	43,260
Lease liabilities, Accumulated Depreciation & Amortization		(393)
Lease liabilities, Carrying Value	43,538	42,867
Liabilities Assumed, Cost Basis	84,082	61,596
Liabilities Assumed, Accumulated Depreciation & Amortization	1,269	(421)
Liabilities Assumed, Carrying Value	85,351	61,175
Investments In Real Estate From Lending Activities
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Property Held for Sale, Cost Basis	62,605	53,769
Property Held for Sale, Carrying Value	62,605	53,769
Liabilities held for sale liabilities, Cost Basis	3,025	3,025
Liabilities held for sale liabilities, Carrying Value	$ 3,025	$ 3,025

INVESTMENTS IN REAL ESTATE AN_5

INVESTMENTS IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Schedule of Acquired Assets and Assumed Liabilities (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Right of use assets	$ 19,879,000	$ 20,281,000
Lease Expense	$ 151,000	94,000
Land Lease
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Operating lease, remaining lease term	93 years
Lease Expense	$ 2,700,000	1,100,000
Investments In Real Estate Equity [Member]
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Right of use assets	19,186,000	19,459,000
Ground leases	43,200,000	42,400,000
Intangible assets	7,882,000	8,880,000
Investments In Real Estate Equity [Member] \| Management Contract
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Carrying value intangible assets	2,900,000	3,100,000
Investments In Real Estate Equity [Member] \| Franchise Rights
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Carrying value intangible assets	4,700,000	5,300,000
Investments In Real Estate Equity [Member] \| Customer Lists
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Carrying value intangible assets	223,000	427,000
Investments In Real Estate Equity [Member] \| Land
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Investments in real estate	38,400,000
Construction inprogress in real estate	44,900,000	9,900,000
Investments In Real Estate From Lending Activities
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Ground leases	43,200,000
Acquired Ground Lease
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Right of use assets	$ 19,200,000	$ 19,000,000

LEASES (Details)

LEASES (Details) - Office Space and Office Equipment	12 Months Ended
LEASES (Details) - Office Space and Office Equipment	Dec. 31, 2023
Minimum
Lessee Lease Description [Line Items]
Operating lease expiration date	2024-01
Maximum
Lessee Lease Description [Line Items]
Operating lease expiration date	2029-09

LEASES (Summary of Operating Le

LEASES (Summary of Operating Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Right of use assets	$ 693	$ 822
Lease liabilities	$ (738)	$ (828)
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Lease liabilities	Lease liabilities
Weighted average remaining lease term:	5 years 9 months 18 days	6 years 8 months 12 days
Weighted average discount rate:	8.70%	8.71%

LEASES (Summary of Operating _2

LEASES (Summary of Operating Lease Costs and Cash Payments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease Cost:
Operating lease cost	$ 194	$ 68
Other Information:
Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases	$ 151	$ 94

LEASES (Summary of Operating _3

LEASES (Summary of Operating Leases Cash Flow Obligations on Undiscounted, Annual Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 157
2025	161
2026	165
2027	167
2028	171
Thereafter	132
Subtotal	953
Less: impact of discount	(215)
Total	$ 738	$ 828
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Lease liabilities	Lease liabilities

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) - USD ($)	12 Months Ended
INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 1,548,000	$ 1,548,000
VIE, Not Primary Beneficiary \| Investment in RCT I and II
Schedule Of Equity Method Investments [Line Items]
Ownership percentage in VIE	100%	100%
Investments in unconsolidated entities	$ 1,500,000	$ 1,500,000
Dividends from investments in unconsolidated entities	$ 145,000	$ 91,000	$ 65,000
VIE, Not Primary Beneficiary \| Interest in RCT I
Schedule Of Equity Method Investments [Line Items]
Percentage of value of trusts owned	3%	3%
VIE, Not Primary Beneficiary \| Interest in RCT II
Schedule Of Equity Method Investments [Line Items]
Percentage of value of trusts owned	3%	3%

BORROWINGS (Schedule of Debt) (

BORROWINGS (Schedule of Debt) (Details) - USD ($)	12 Months Ended
BORROWINGS (Schedule of Debt) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Outstanding	$ 1,690,723,000	$ 1,884,879,000
Unamortized Issuance Costs and Discounts	14,523,000	17,846,000
Outstanding Borrowings	$ 1,676,200,000	$ 1,867,033,000
Weighted Average Borrowing Rate	7.28%	6.29%
Weighted Average Remaining Maturity	10 years 4 months 24 days	10 years 3 months 18 days
Value of Collateral	$ 1,966,002,000	$ 2,178,430,000
ACR 2021-FL1 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	643,040,000	675,223,000
Unamortized Issuance Costs and Discounts	2,243,000	3,826,000
Outstanding Borrowings	$ 640,797,000	$ 671,397,000
Weighted Average Borrowing Rate	6.98%	5.81%
Weighted Average Remaining Maturity	12 years 6 months	13 years 6 months
Value of Collateral	$ 770,460,000	$ 802,643,000
ACR 2021-FL2 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	567,000,000	567,000,000
Unamortized Issuance Costs and Discounts	3,227,000	4,841,000
Outstanding Borrowings	$ 563,773,000	$ 562,159,000
Weighted Average Borrowing Rate	7.28%	6.13%
Weighted Average Remaining Maturity	13 years 1 month 6 days	14 years 1 month 6 days
Value of Collateral	$ 700,000,000	$ 700,000,000
Senior Secured Financing Facility
Debt Instrument [Line Items]
Principal Outstanding	64,495	91,549,000
Unamortized Issuance Costs and Discounts	2,927,000	3,659,000
Outstanding Borrowings	$ 61,568,000	$ 87,890,000
Weighted Average Borrowing Rate	9.14%	7.94%
Weighted Average Remaining Maturity	4 years 1 month 6 days	5 years
Value of Collateral	$ 157,722,000	$ 196,837,000
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Principal Outstanding	170,861,000	330,849,000
Unamortized Issuance Costs and Discounts	2,273,000	2,561,000
Outstanding Borrowings	$ 168,588,000	$ 328,288,000
Weighted Average Borrowing Rate	7.96%	6.85%
Weighted Average Remaining Maturity	1 year 7 months 6 days	1 year 9 months 18 days
Value of Collateral	$ 254,081,000	$ 453,550,000
5.75% Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Outstanding	150,000,000	150,000,000
Unamortized Issuance Costs and Discounts	1,860,000	2,493,000
Outstanding Borrowings	$ 148,140,000	$ 147,507,000
Weighted Average Borrowing Rate	5.75%	5.75%
Weighted Average Remaining Maturity	2 years 7 months 6 days	3 years 7 months 6 days
Value of Collateral	$ 0	$ 0
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Principal Outstanding	51,548,000	51,548,000
Unamortized Issuance Costs and Discounts	0	0
Outstanding Borrowings	$ 51,548,000	$ 51,548,000
Weighted Average Borrowing Rate	9.60%	8.52%
Weighted Average Remaining Maturity	12 years 8 months 12 days	13 years 8 months 12 days
Value of Collateral	$ 0	$ 0
Mortgages Payable
Debt Instrument [Line Items]
Principal Outstanding	43,779,000	18,710,000
Unamortized Issuance Costs and Discounts	1,993,000	466,000
Outstanding Borrowings	$ 41,786,000	$ 18,244,000
Weighted Average Borrowing Rate	8.92%	8.08%
Weighted Average Remaining Maturity	11 years 3 months 18 days	2 years 3 months 18 days
Value of Collateral	$ 83,739,000	$ 25,400,000

BORROWINGS (Schedule of Debt)_2

BORROWINGS (Schedule of Debt) (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2022	Feb. 28, 2022	Aug. 16, 2021	Aug. 31, 2017
Debt Instrument [Line Items]
Interest income	$ 184,334,000	$ 125,539,000	$ 100,774,000
Accrued interest payable	8,459,000	6,921,000
Unamortized issuance costs and discounts	14,523,000	17,846,000
Outstanding Borrowings	$ 1,676,200,000	$ 1,867,033,000
4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		4.50%		4.50%	4.50%		4.50%
5.75% Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%	5.75%				5.75%
Unamortized issuance costs and discounts	$ 1,860,000	$ 2,493,000
Outstanding Borrowings	148,140,000	147,507,000
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Accrued interest payable	539,000	894,000
Unamortized issuance costs and discounts	2,273,000	2,561,000
Outstanding Borrowings	168,588,000	328,288,000
ACR 2021-FL1 Senior Notes
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	2,243,000	3,826,000
Outstanding Borrowings	$ 640,797,000	$ 671,397,000

BORROWINGS (Securitization) (De

BORROWINGS (Securitization) (Details) $ in Thousands	12 Months Ended
BORROWINGS (Securitization) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
ACR 2021-FL1 Senior Notes
Debt Instrument [Line Items]
Closing Date	2021-05
Maturity Date	2036-06
End of Designated Principal Reinvestment Period	2023-05
Total Note Paydowns from Closing Date through December 31, 2021	$ 32,183
ACR 2021-FL2 Senior Notes
Debt Instrument [Line Items]
Closing Date	2021-12
Maturity Date	2037-01
End of Designated Principal Reinvestment Period	2023-12
Total Note Paydowns from Closing Date through December 31, 2021	$ 0

BORROWINGS (XAN 2019-RSO7) (Det

BORROWINGS (XAN 2019-RSO7) (Details) $ in Millions	Apr. 30, 2019 USD ($)
XAN 2019-RSO7 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 687.2

BORROWINGS (XAN 2020-RSO8) (Det

BORROWINGS (XAN 2020-RSO8) (Details) $ in Millions	Mar. 31, 2020 USD ($)
XAN 2020-RSO8 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 522.6

BORROWINGS (XAN 2020-RSO9) (Det

BORROWINGS (XAN 2020-RSO9) (Details) $ in Millions	Sep. 30, 2020 USD ($)
XAN 2020-RSO9 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 297

BORROWINGS (ACR 2021-FL1) (Deta

BORROWINGS (ACR 2021-FL1) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Face amount of debt issued		$ 271,942	$ 434,422
ACR 2021-FL1 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 802,600
Face amount of debt issued	$ 675,200
Maturity Date		2036-06
ACR 2021-FL1 Senior Notes \| Subsidiary of ACRES Realty Funding, Inc \| Preferred Stock
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100%
ACR 2021-FL1 Senior Notes \| Debt Instrument, Class F \| Subsidiary of ACRES Realty Funding, Inc
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100%
ACR 2021-FL1 Senior Notes \| Debt Instrument, Class G \| Subsidiary of ACRES Realty Funding, Inc
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100%
ACR 2021-FL1 Senior Notes \| Debt Instrument, Class A
Debt Instrument [Line Items]
Face amount of debt issued	$ 431,400
ACR 2021-FL1 Senior Notes \| Debt Instrument, Class A \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%
ACR 2021-FL1 Senior Notes \| Debt Instrument, Class A-S
Debt Instrument [Line Items]
Face amount of debt issued	$ 100,300
ACR 2021-FL1 Senior Notes \| Debt Instrument, Class A-S \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
ACR 2021-FL1 Senior Notes \| Debt Instrument, Class B
Debt Instrument [Line Items]
Face amount of debt issued	$ 37,100
ACR 2021-FL1 Senior Notes \| Debt Instrument, Class B \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.80%
ACR 2021-FL1 Senior Notes \| Debt Instrument, Class C
Debt Instrument [Line Items]
Face amount of debt issued	$ 43,100
ACR 2021-FL1 Senior Notes \| Debt Instrument, Class C \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2%
ACR 2021-FL1 Senior Notes \| Debt Instrument, Class D
Debt Instrument [Line Items]
Face amount of debt issued	$ 50,200
ACR 2021-FL1 Senior Notes \| Debt Instrument, Class D \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.65%
ACR 2021-FL1 Senior Notes \| Debt Instrument, Class E
Debt Instrument [Line Items]
Face amount of debt issued	$ 13,000
ACR 2021-FL1 Senior Notes \| Debt Instrument, Class E \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	3.10%

BORROWINGS (ACR 2021-FL2) (Deta

BORROWINGS (ACR 2021-FL2) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Face amount of debt issued		$ 271,942	$ 434,422
ACR 2021-FL2 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 700,000
Face amount of debt issued	$ 567,000
Maturity Date		2037-01
ACR 2021-FL2 Senior Notes \| Subsidiary of ACRES Realty Funding, Inc \| Preferred Stock
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100%
ACR 2021-FL2 Senior Notes \| Debt Instrument, Class A
Debt Instrument [Line Items]
Face amount of debt issued	$ 385,000
ACR 2021-FL2 Senior Notes \| Debt Instrument, Class A \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
ACR 2021-FL2 Senior Notes \| Debt Instrument, Class A-S
Debt Instrument [Line Items]
Face amount of debt issued	$ 30,600
ACR 2021-FL2 Senior Notes \| Debt Instrument, Class A-S \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
ACR 2021-FL2 Senior Notes \| Debt Instrument, Class B
Debt Instrument [Line Items]
Face amount of debt issued	$ 38,500
ACR 2021-FL2 Senior Notes \| Debt Instrument, Class B \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
ACR 2021-FL2 Senior Notes \| Debt Instrument, Class C
Debt Instrument [Line Items]
Face amount of debt issued	$ 47,300
ACR 2021-FL2 Senior Notes \| Debt Instrument, Class C \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.65%
ACR 2021-FL2 Senior Notes \| Debt Instrument, Class D
Debt Instrument [Line Items]
Face amount of debt issued	$ 51,600
ACR 2021-FL2 Senior Notes \| Debt Instrument, Class D \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	3.10%
ACR 2021-FL2 Senior Notes \| Debt Instrument, Class F \| Subsidiary of ACRES Realty Funding, Inc
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100%
ACR 2021-FL2 Senior Notes \| Debt Instrument, Class G \| Subsidiary of ACRES Realty Funding, Inc
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100%
ACR 2021-FL2 Senior Notes \| Debt Instrument, Class E
Debt Instrument [Line Items]
Face amount of debt issued	$ 14,000
ACR 2021-FL2 Senior Notes \| Debt Instrument, Class E \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	4%

BORROWINGS (Unsecured Junior Su

BORROWINGS (Unsecured Junior Subordinated Debentures) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2016	Dec. 31, 2022
Debt Instrument [Line Items]
Face amount of debt issued	$ 271,942,000		$ 434,422,000
Unsecured Junior Subordinated Debentures \| RCT I entity
Debt Instrument [Line Items]
Face amount of debt issued		$ 25,800,000
Debt issuance costs, amortization period (in years)		10 years
Interest rate at period end	9.61%		8.68%
Unamortized debt issuance costs	$ 0		$ 0
Maturity Date	2036-06
Unsecured Junior Subordinated Debentures \| RCT II entity
Debt Instrument [Line Items]
Face amount of debt issued		$ 25,800,000
Debt issuance costs, amortization period (in years)		10 years
Interest rate at period end	9.60%		8.36%
Unamortized debt issuance costs	$ 0		$ 0
Maturity Date	2036-10

BORROWINGS (4.50% Convertible S

BORROWINGS (4.50% Convertible Senior Notes) (Details) - USD ($)	1 Months Ended		3 Months Ended								12 Months Ended
	Aug. 31, 2022	Feb. 28, 2022	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2017
Debt Instrument [Line Items]
Face amount of debt issued			$ 271,942,000				$ 434,422,000				$ 271,942,000	$ 434,422,000
Loss on extinguishment of debt												(460,000)	$ (9,006,000)
Interest expense			$ 33,419,000	$ 33,555,000	$ 32,442,000	$ 31,375,000	$ 28,733,000	$ 22,939,000	$ 15,745,000	$ 14,907,000	$ 130,791,000	$ 82,324,000	61,575,000
4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Face amount of debt issued														$ 143,800,000
Debt instrument, interest rate, stated percentage	4.50%	4.50%					4.50%					4.50%		4.50%
Repurchase of convertible senior notes		$ 39,800,000											55,700,000
Charge to earnings		574,000											1,500,000
Loss on extinguishment of debt		460,000											1,200,000
Interest expense		$ 114,000											$ 304,000
Repayments of Notes Payable	$ 48,200,000

BORROWINGS (5.75% Senior Unsecu

BORROWINGS (5.75% Senior Unsecured Notes Due 2026) (Details) - USD ($)		12 Months Ended
	Aug. 16, 2021	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Face amount of debt issued		$ 271,942,000	$ 434,422,000
5.75% Senior Unsecured Notes
Debt Instrument [Line Items]
Face amount of debt issued	$ 150,000,000
Debt instrument, interest rate, stated percentage	5.75%	5.75%	5.75%
Percentage of principal amount to be redeemed	100%
Debt instrument redemption term		Prior to May 15, 2026, the Company may at its option redeem the 5.75% Senior Unsecured Notes, in whole or in part, at a redemption price equal to the sum of (i) 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date, and (ii) a make-whole premium. On or after May 15, 2026, the Company may at its option redeem the 5.75% Senior Unsecured Notes, at any time, in whole or in part, on not less than 15 nor more than 60 days’ prior notice, at a redemption price equal to 100% of the principal amount of the 5.75% Senior Unsecured Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date
Minimum invested amount in capital	$ 75,000,000
Minimum percentage of aggregate principal amount	25%

BORROWINGS (12.00% Senior Unsec

BORROWINGS (12.00% Senior Unsecured Notes) (Details) - USD ($)	1 Months Ended		3 Months Ended								12 Months Ended
	Aug. 31, 2021	Jul. 31, 2020	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Face amount of debt issued			$ 271,942,000				$ 434,422,000				$ 271,942,000	$ 434,422,000
Loss on extinguishment of debt												(460,000)	$ (9,006,000)
Interest expense			$ 33,419,000	$ 33,555,000	$ 32,442,000	$ 31,375,000	$ 28,733,000	$ 22,939,000	$ 15,745,000	$ 14,907,000	$ 130,791,000	$ 82,324,000	$ 61,575,000
Note and Warrant Purchase Agreement \| Oaktree and MassMutual
Debt Instrument [Line Items]
Warrants expiration term		7 years
Note and Warrant Purchase Agreement \| Oaktree and MassMutual \| 12.00% Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, maximum borrowing capacity		$ 125,000,000
Debt instrument, interest rate, stated percentage		12%
Debt instrument, pay-in-kind interest rate maximum percentage		3.25%
Face amount of debt issued	$ 50,000,000	$ 50,000,000
Debt instrument redemption interest amount	329,000
Debt instrument make-whole amount	5,000,000
Debt instrument, charge to earnings in connection with redemption	8,000,000
Debt instrument, redemption amount	55,300,000
Loss on extinguishment of debt	7,800,000
Debt instrument net make-whole amount	5,000,000
Debt instrument, acceleration of remaining market discount	2,800,000
Interest expense	$ 218,000

BORROWINGS (Senior Secured Fina

BORROWINGS (Senior Secured Financing, Term Warehouse Financing Facilities and Mortgage Payable) (Details) $ in Thousands	Dec. 31, 2023 USD ($) Loan	Dec. 31, 2022 USD ($) Loan
Debt Instrument [Line Items]
Outstanding Borrowings	$ 271,942	$ 434,422
Value of Collateral	$ 495,542	$ 675,787
Weighted Average Interest Rate	7.28%	6.29%
Mortgages Payable \| Readycap Commercial, LLC
Debt Instrument [Line Items]
Outstanding Borrowings	$ 19,365	$ 18,244
Value of Collateral	$ 25,400	$ 25,400
Number of Positions as Collateral \| Loan	1	1
Weighted Average Interest Rate	9.16%	8.08%
Mortgages Payable \| Oceanview Life and Annuity Company
Debt Instrument [Line Items]
Outstanding Borrowings, Unamortized Issuance Costs and Discounts	$ 7,330
Value of Collateral	$ 58,339
Number of Positions as Collateral \| Loan	1
Weighted Average Interest Rate	11.37%
Mortgages Payable \| Florida Pace Funding Agency
Debt Instrument [Line Items]
Outstanding Borrowings, Unamortized Issuance Costs and Discounts	$ 15,091
Weighted Average Interest Rate	7.26%
Senior Secured Financing Facility \| Massachusetts Mutual Life Insurance Company
Debt Instrument [Line Items]
Outstanding Borrowings, Unamortized Issuance Costs and Discounts	$ 61,568	$ 87,890
Value of Collateral	$ 157,722	$ 196,837
Number of Positions as Collateral \| Loan	7	8
Weighted Average Interest Rate	9.14%	7.94%
CRE - Term Warehouse Financing Facilities \| JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings	$ 74,694	$ 186,783
Value of Collateral	$ 125,044	$ 255,095
Number of Positions as Collateral \| Loan	4	11
Weighted Average Interest Rate	7.82%	6.74%
CRE - Term Warehouse Financing Facilities \| Morgan Stanley Mortgage Capital Holdings LLC
Debt Instrument [Line Items]
Outstanding Borrowings	$ 93,894	$ 141,505
Value of Collateral	$ 129,037	$ 198,455
Number of Positions as Collateral \| Loan	7	10
Weighted Average Interest Rate	8.07%	7%

BORROWINGS (Senior Secured Fi_2

BORROWINGS (Senior Secured Financing, Term Warehouse Financing Facilities and Mortgage Payable) (Parenthetical) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	$ 14,523,000	$ 17,846,000
Mortgages Payable \| Readycap Commercial, LLC
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	259,000	466,000
Mortgages Payable \| Oceanview Life and Annuity Company
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	1,300,000	0
Mortgages Payable \| Florida Pace Funding Agency
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	419,000	0
Senior Secured Financing Facility \| Massachusetts Mutual Life Insurance Company
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	2,900,000	3,700,000
CRE - Term Warehouse Financing Facilities \| JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	1,600,000	1,100,000
CRE - Term Warehouse Financing Facilities \| Morgan Stanley Mortgage Capital Holdings LLC
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	$ 647,000	$ 1,400,000

BORROWINGS (Amount at Risk Unde

BORROWINGS (Amount at Risk Under Financing Arrangements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	10 years 4 months 24 days	10 years 3 months 18 days
Weighted Average Interest Rate	7.28%	6.29%
Senior Secured Financing Facility
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	4 years 1 month 6 days	5 years
Weighted Average Interest Rate	9.14%	7.94%
Senior Secured Financing Facility \| Massachusetts Mutual Life Insurance Company [Member]
Debt Instrument [Line Items]
Amount at Risk	$ 93,518
Weighted Average Remaining Maturity	4 years 1 month 6 days
Weighted Average Interest Rate	9.14%
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	1 year 7 months 6 days	1 year 9 months 18 days
Weighted Average Interest Rate	7.96%	6.85%
CRE - Term Warehouse Financing Facilities \| JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Amount at Risk	$ 49,570
Weighted Average Remaining Maturity	2 years 7 months 6 days
Weighted Average Interest Rate	7.82%
CRE - Term Warehouse Financing Facilities \| Morgan Stanley Mortgage Capital Holdings LLC
Debt Instrument [Line Items]
Amount at Risk	$ 35,471
Weighted Average Remaining Maturity	9 months 18 days
Weighted Average Interest Rate	8.07%
Mortgages \| Readycap Commercial L L C [Member]
Debt Instrument [Line Items]
Amount at Risk	$ 5,672
Weighted Average Remaining Maturity	1 year 3 months 18 days
Weighted Average Interest Rate	9.16%	8.08%
Mortgages \| Oceanview Life and Annuity Company
Debt Instrument [Line Items]
Amount at Risk	$ 34,180
Weighted Average Remaining Maturity	1 year 1 month 6 days
Weighted Average Interest Rate	11.37%
Mortgages \| Florida Pace Funding Agency
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	29 years 7 months 6 days
Weighted Average Interest Rate	7.26%

BORROWINGS (Amount at Risk Un_2

BORROWINGS (Amount at Risk Under Financing Arrangements) (Parenthetical) (Details) $ in Millions	Dec. 31, 2023 USD ($)
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Minimum balance of unencumbered liquidity to be maintained	$ 15

BORROWINGS (Senior Secured Fi_3

BORROWINGS (Senior Secured Financing Facility) (Details) - USD ($)		1 Months Ended
	Jul. 31, 2020	Dec. 31, 2022	Aug. 31, 2022	Jul. 31, 2022	Dec. 31, 2023
Debt Instrument [Line Items]
Face amount of debt issued		$ 434,422,000			$ 271,942,000
Loan and Servicing Agreement \| Senior Secured Financing Facility
Debt Instrument [Line Items]
Debt instrument, commitment period of each loan series		3 months
Debt instrument, final maturity period of each loan series		5 years
Loan and Servicing Agreement \| Senior Secured Financing Facility \| Maximum
Debt Instrument [Line Items]
Face amount of debt issued		$ 500,000,000
Loan and Servicing Agreement \| Senior Secured Financing Facility \| MassMutual and Other Lenders
Debt Instrument [Line Items]
Face amount of debt issued	$ 250,000,000
Debt instrument, interest rate, stated percentage	5.75%
Debt instrument, initial availability period	2 years
Debt instrument, unused commitment fee	0.50%
Debt instrument, frequency of commitment fee payment	monthly
Maximum commitment drawn percentage to be maintained to avoid unused commitment fee	75%
Percentage of loan to collateral value	55%
Loan and Servicing Agreement \| Senior Secured Financing Facility \| MassMutual and Other Lenders \| If Borrower Obtains Rating of BBB or Higher by October 31, 2020
Debt Instrument [Line Items]
Debt instrument, maturity date	Jul. 31, 2027
Fifth Amendment Mass Mutual Loan Agreement [Member] \| Senior Secured Financing Facility
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				5.75%
Debt Instrument Initial Availability Date				Jul. 31, 2022
Extended availability date				Aug. 31, 2022
Sixth Amendment MassMutual Loan Agreement \| Senior Secured Financing Facility
Debt Instrument [Line Items]
Debt Instrument Initial Availability Date			Aug. 31, 2022
Extended availability date			Oct. 15, 2022

BORROWINGS (CRE - Term Warehous

BORROWINGS (CRE - Term Warehouse Financing Facilities) (Details) - CRE - Term Warehouse Financing Facilities		1 Months Ended
	Nov. 08, 2021 USD ($)	Oct. 31, 2021	Oct. 31, 2018 USD ($)	Jul. 31, 2018 USD ($) Extension	Apr. 30, 2018 USD ($)
Master Repurchase and Securities Agreement \| Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Maximum facility amount				$ 250,000,000
Maturity Date				2020-07
Number of options to extend \| Extension				3
Option to extend, term				1 year
Master Repurchase and Securities Agreement \| Morgan Stanley Mortgage Capital Holdings LLC
Debt Instrument [Line Items]
Maximum facility amount			$ 250,000,000
Master Repurchase Agreement \| Barclays Bank PLC
Debt Instrument [Line Items]
Maximum facility amount					$ 250,000,000
Maturity Date		2022-10
Master Repurchase Agreement \| JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Maximum facility amount			$ 250,000,000
Maturity Date			2024-10
Guaranty Agreement, maximum percentage of then current unpaid aggregate repurchase price of all purchased assets			25%
Master Repurchase and Securities Contract Agreement \| Morgan Stanley Mortgage Capital Holdings LLC
Debt Instrument [Line Items]
Maximum facility amount	$ 250,000,000
Maturity Date	2024-11
Option to extend, term	1 year
Guaranty Agreement, maximum percentage of then current unpaid aggregate repurchase price of all purchased assets	25%

BORROWINGS (Mortgage Payable) (

BORROWINGS (Mortgage Payable) (Details) - Loan Agreement - Mortgages - Readycap Commercial, LLC $ in Millions	1 Months Ended
	Oct. 31, 2022 Extension	Apr. 30, 2022 USD ($)
Debt Instrument [Line Items]
Maximum facility amount		$ 20.4
Advanced in initial funding		$ 18.7
Maturity Date	2025-04
Number of options to extend \| Extension	2
Option to extend, term	1 year
Basis spread on variable rate	3.80%
30 Day Average SOFR Rate
Debt Instrument [Line Items]
Basis spread on variable rate		3.80%

BORROWINGS (Construction Loan)

BORROWINGS (Construction Loan) (Details) - Constraction Loan Agreement $ in Millions	1 Months Ended
	Jan. 31, 2023 USD ($) Extension
Oceanview Life and Annuity Company
Debt Instrument [Line Items]
Maximum facility amount	$ 48
Maturity Date	2025-02
Number of options to extend \| Extension	3
Option to extend, term	1 year
Oceanview Life and Annuity Company \| one-month SOFR Rate
Debt Instrument [Line Items]
Basis spread on variable rate	6%
Florida Pace Funding Agency
Debt Instrument [Line Items]
Maximum facility amount	$ 15.5
Borrowing Rate	7.26%
Maturity Date	2053-07

BORROWINGS (Contractual Commitm

BORROWINGS (Contractual Commitments) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total	$ 1,690,723
2024	94,541
2025	28,269
2026	226,320
2027	50,995
2028 and Thereafter	1,290,598
CRE securitizations
Debt Instrument [Line Items]
Total	1,210,040
2024	0
2025	0
2026	0
2027	0
2028 and Thereafter	1,210,040
Senior Secured Financing Facility
Debt Instrument [Line Items]
Total	64,495
2024	0
2025	0
2026	0
2027	50,995
2028 and Thereafter	13,500
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Total	170,861
2024	94,541
2025	0
2026	76,320
2027	0
2028 and Thereafter	0
Mortgages Payable
Debt Instrument [Line Items]
Total	43,779
2024	0
2025	28,269
2026	0
2027	0
2028 and Thereafter	15,510
5.75% Senior Unsecured Notes
Debt Instrument [Line Items]
Total	150,000
2024	0
2025	0
2026	150,000
2027	0
2028 and Thereafter	0
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Total	51,548
2024	0
2025	0
2026	0
2027	0
2028 and Thereafter	$ 51,548

SHARE ISSUANCE AND REPURCHASES

SHARE ISSUANCE AND REPURCHASES (Details) - USD ($)		2 Months Ended	12 Months Ended
SHARE ISSUANCE AND REPURCHASES (Details) - USD ($)	Jul. 31, 2020	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2023	Jul. 31, 2022	Nov. 30, 2021	Oct. 04, 2021
Class Of Stock [Line Items]
Proceeds from issuance of preferred stock, net			$ 0	$ (101,000)	$ 110,605,000
Shares repurchased during period, value			$ 7,400,000	$ 9,100,000
Shares repurchased during period, shares			899,085	848,978
Warrant Exercise price				$ 0.03
Equity and Debt Securities Repurchase Program
Class Of Stock [Line Items]
Stock repurchase program, authorized amount (up to)						$ 10,000,000		$ 20,000,000
Stock repurchase program, remaining authorized repurchase amount			$ 9,800,000
Note and Warrant Purchase Agreement \| Oaktree and MassMutual
Class Of Stock [Line Items]
Warrant Exercise price	$ 0.03
Warrants recorded in additional paid-in capital, fair value	$ 3,100,000
Warrants expiration term	7 years
Note and Warrant Purchase Agreement \| Oaktree
Class Of Stock [Line Items]
Warrants issued to purchase common stock	391,995
Purchase price of common stock for warrants issued	$ 42,000,000
Note and Warrant Purchase Agreement \| MassMutual
Class Of Stock [Line Items]
Warrants issued to purchase common stock	74,666
Purchase price of common stock for warrants issued	$ 8,000,000
Warrants to purchase additional shares of common stock							74,666
Note and Warrant Purchase Agreement \| Maximum \| Oaktree and MassMutual
Class Of Stock [Line Items]
Aggregate purchase of common stock warrants	1,166,653
Series D Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares outstanding (in shares)			4,600,000
Series D Preferred Stock \| Equity Distribution Agreement
Class Of Stock [Line Items]
Preferred stock, shares issued (in shares)					7,857
Proceeds from issuance of preferred stock, net					$ 194,000
Series D Preferred Stock \| Equity Distribution Agreement \| Maximum \| JonesTrading Institutional Services LLC
Class Of Stock [Line Items]
Number of shares that may be issued or sold from time to time under agreement									2,200,000
Commission fee payable of gross proceeds from sale of stock in percentage									3%
7.875% Series D Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares issued (in shares)		4,600,000	4,607,857	4,607,857
Preferred stock, coupon authorized		7.875%	7.875%	7.875%
Offering price		$ 25
Preferred stock, liquidation preference (in dollars per share)			$ 25	$ 25
Proceeds from issuance of preferred stock, net		$ 110,400,000
Underwriting discounts and other offering expenses		$ 4,600,000
Preferred stock, shares outstanding (in shares)			4,607,857	4,607,857
8.625% Series C Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares issued (in shares)			4,800,000	4,800,000
Preferred stock, coupon authorized			8.625%	8.625%
Preferred stock, liquidation preference (in dollars per share)			$ 25	$ 25
Preferred stock, shares outstanding (in shares)			4,800,000	4,800,000
Preferred stock, weighted average issuance price (in dollars per share)			$ 25
8.625% Series C Preferred Stock \| London Interbank Offered Rate (LIBOR)
Class Of Stock [Line Items]
Dividend payment rate, variable, basis spread on variable rate			5.927%

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
SHARE-BASED COMPENSATION (Details) - USD ($)	Jun. 30, 2021	May 31, 2021	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation costs related to unvested restricted stock			$ 1,900,000	$ 1,900,000
Cost is expected to be recognized over a weighted average period				2 years
Percentage of incentive management fee payable in cash pursuant to the management agreement				50%	50%
Percentage incentive management fee payable in common stock pursuant to the management agreement				50%	50%
Incentive Compensation Shares Payable			1,911	69,201
Manager Pursuant To Management Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive management fee pursuant to the management agreement				$ 895,000	$ 340,000	$ 0
Cash awards, percentage (up to)				75%
Common stock awards, percentage (at least)				25%
ACRES Commercial Realty Corp \| Manager Pursuant To Management Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive compensation payable and Servicing fees payable			$ 38,000	$ 38,000
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized stock-based compensation expense				$ 2,600,000	$ 3,600,000	$ 1,700,000
2007 Omnibus Equity Compensation Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of share authorized for issue (in shares)			1,100,000	1,100,000
Share based compensation expiration period	2031-06	2029-06
Common shares granted			1,700,817	1,700,817

SHARE-BASED COMPENSATION (Commo

SHARE-BASED COMPENSATION (Common Stock Activity) (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	583,333
Issued (shares)	69,201
Vested (shares)	(235,859)
Unvested shares, end of period (in shares)	416,675
Weighted-Average Grant-Date Fair Value, beginning of period (in shares) \| $ / shares	$ 14.22
Weighted-Average Grant-Date Fair Value, Issued \| $ / shares	8.45
Weighted-Average Grant-Date Fair Value, Vested \| $ / shares	12.81
Weighted-Average Grant-Date Fair Value, end of period (in shares) \| $ / shares	$ 14.07
Manager
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	524,999
Issued (shares)	69,201
Vested (shares)	(219,199)
Unvested shares, end of period (in shares)	375,001
Directors
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	58,334
Vested (shares)	(16,660)
Unvested shares, end of period (in shares)	41,674

SHARE-BASED COMPENSATION (Com_2

SHARE-BASED COMPENSATION (Common Stock Expected to Vest) (Details) - Restricted Stock - shares	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
2024	166,658
2025	166,671
2026	83,346
Total	416,675	583,333

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income	$ 6,430	$ 7,567	$ 5,558	$ 2,293	$ (2,666)	$ 5,486	$ 5,522	$ 2,084	$ 21,848	$ 10,426	$ 33,923
Net income allocated to preferred shares	(4,856)	(4,855)	(4,856)	(4,855)	(4,856)	(4,855)	(4,856)	(4,855)	(19,422)	(19,422)	(15,887)
Net loss allocable to non-controlling interest, net of taxes	123	158	115	146	91	82	24		542	197	0
Net income (loss) allocable to common shares	$ 1,697	$ 2,870	$ 817	$ (2,416)	$ (7,431)	$ 713	$ 690	$ (2,771)	$ 2,968	$ (8,799)	$ 18,036
Weighted average number of common shares outstanding:
Weighted average number of common shares outstanding - basic									8,024,295	8,380,490	9,269,607
Weighted average number of warrants outstanding									391,995	431,271	466,661
Total weighted average number of common shares outstanding - basic									8,416,290	8,811,761	9,736,268
Effect of dilutive securities - unvested restricted stock									149,768	0	26,949
Weighted average number of common shares outstanding - diluted									8,566,058	8,811,761	9,763,217
Net (loss) income per common share - basic	$ 0.21	$ 0.34	$ 0.1	$ (0.28)	$ (0.87)	$ 0.08	$ 0.08	$ (0.3)	$ 0.35	$ (1)	$ 1.85
Net (loss) income per common share - diluted	$ 0.2	$ 0.33	$ 0.1	$ (0.28)	$ (0.87)	$ 0.08	$ 0.08	$ (0.3)	$ 0.35	$ (1)	$ 1.85

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - $ / shares	12 Months Ended
DISTRIBUTIONS (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
REIT required taxable income distribution, percentage (at least)	90%
REIT taxable income distribution required for exempt federal income taxes, percentage	100%
Common Stock
Class of Stock [Line Items]
Dividend per share (in dollars per share)	$ 0	$ 0	$ 0

DISTRIBUTIONS (Distributions De

DISTRIBUTIONS (Distributions Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Series D Preferred Stock
Class Of Stock [Line Items]
Date Paid	Jan. 30, 2024	Oct. 30, 2023	Jul. 31, 2023	May 01, 2023	Jan. 30, 2023	Oct. 31, 2022	Aug. 01, 2022	May 02, 2022	Jan. 31, 2022	Nov. 01, 2021	Jul. 30, 2021
Total Distribution Paid	$ 2,268	$ 2,268	$ 2,268	$ 2,268	$ 2,268	$ 2,268	$ 2,268	$ 2,268	$ 2,268	$ 2,264	$ 1,736
Distribution Per Share	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.4921875	$ 0.3773440
Series C Preferred Stock
Class Of Stock [Line Items]
Date Paid	Jan. 30, 2024	Oct. 30, 2023	Jul. 31, 2023	May 01, 2023	Jan. 30, 2023	Oct. 31, 2022	Aug. 01, 2022	May 02, 2022	Jan. 31, 2022	Nov. 01, 2021	Jul. 30, 2021	Apr. 30, 2021
Total Distribution Paid	$ 2,588	$ 2,587	$ 2,588	$ 2,587	$ 2,587	$ 2,587	$ 2,588	$ 2,588	$ 2,588	$ 2,588	$ 2,588	$ 2,588
Distribution Per Share	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 435,468
Ending balance	435,796
Net Unrealized Gain on Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(6,394)
Amounts reclassified from accumulated other comprehensive loss	1,593
Ending balance	$ (4,801)

RELATED PARTY TRANSACTIONS (Man

RELATED PARTY TRANSACTIONS (Management Agreement) (Details)	3 Months Ended					12 Months Ended
RELATED PARTY TRANSACTIONS (Management Agreement) (Details)	Dec. 31, 2023 USD ($) shares	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) Period shares
Related Party Transaction [Line Items]
Investment management fee equity multiplier	1.50%					1.50%
Minimum monthly compensation amount included in base management fees payable	$ 442,000					$ 442,000
Incentive compensation multiplier	20%					20%
Incentive compensation multiplier, weighted average shares \| shares	10,293,783					10,293,783
Incentive compensation, weighted average price share multiplier, one	1.75%					1.75%
Weighted average price share multiplier	0.4375%					0.4375%
Weighted average price share multiplier, description					one-fourth of the Ten Year Treasury Rate for such quarter
Incentive compensation, maximum percentage of net income before such fees	20%					20%
Incentive compensation paid in common stock minimum holding period before sale						1 year
Average closing price period for shares traded on a securities exchange						30 days
Average closing price time period before issuance for shares traded on a securities exchange						3 days
Average closing price period for shares traded over-the-counter						30 days
Average closing price time period before issuance for shares traded over-the-counter						3 days
Renewal period						1 year
Management agreement, required termination notice period						180 days
Number of 12-month periods for measurement of termination fee for investment management agreement \| Period						2
Management agreement, required termination notice period, with cause						30 days
Management agreement, termination fee payable with cause	$ 0					$ 0
Management agreement, termination for cause terms, continued material breach of provision of agreement, period						30 days
Management agreement, termination for cause terms, period following change in control, change in control detrimental to manager						18 months
Minimum
Related Party Transaction [Line Items]
Percentage of incentive compensation manager may elect to receive in common stock	25%					25%
Manager \| Fixed-Rate Commercial Real Estate Loans Held For Sale
Related Party Transaction [Line Items]
Percentage of reimbursement out-of-pocket expenses on principal amount of loan issued						1%
Manager pursuant to the Management Agreement
Related Party Transaction [Line Items]
Incentive compensation multiplier	20%	20%	20%	20%	20%	20%
Incentive compensation	$ 0				$ 0
Incentive compensation multiplier per annum	7%	7%	7%	7%	7%
Manager pursuant to the Management Agreement \| ACRES Commercial Realty Corp
Related Party Transaction [Line Items]
Deferred compensation arrangement with individual, cash awards, percentage						75%
Deferred compensation arrangement with individual, common stock awards, percentage						25%

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Relationship with ACRES Capital Corp and Certain of its Subsidiaries) (Details)		1 Months Ended	3 Months Ended								12 Months Ended
	Jul. 31, 2020 USD ($) Extension	Jan. 31, 2024 shares	Dec. 31, 2023 USD ($) Loan shares	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) Loan shares	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) Loan Entity shares	Dec. 31, 2022 USD ($) Loan Property shares	Dec. 31, 2021 USD ($) Property
Related Party Transaction [Line Items]
Base management fees paid by the Company											$ 7,462,000	$ 7,035,000	$ 6,089,000
Incentive Compensation Shares Payable \| shares			1,911								69,201
General and administrative											$ 10,512,000	10,575,000	11,602,000
Interest income			$ 46,781,000	$ 48,208,000	$ 47,148,000	$ 45,329,000	$ 42,514,000	$ 34,065,000	$ 27,019,000	$ 22,676,000	187,466,000	126,274,000	101,032,000
Accrued interest receivable			11,783,000				11,969,000				11,783,000	11,969,000
Commercial Real Estate Loans
Related Party Transaction [Line Items]
Interest income											4,300,000	1,800,000	2,000,000
Loans refinanced by affiliates											0	$ 38,600,000	$ 0
Percentage of interest acquired in property												100%	100%
Number of properties acquired \| Property												1	1
Acquisition price of property served as collateral for loan prior to acquisition							38,600,000					$ 38,600,000	$ 14,200,000
Manager Pursuant To Management Agreement
Related Party Transaction [Line Items]
Incentive compensation			0				0
Manager Pursuant To Management Agreement \| Manager
Related Party Transaction [Line Items]
Incentive compensation											38,000	340,000
Manager Pursuant To Management Agreement \| ACRES Commercial Realty Corp
Related Party Transaction [Line Items]
Base management fees paid by the Company											6,600,000	6,700,000	6,100,000
Incentive compensation											$ 895,000	340,000	0
Incentive compensation payable in cash percentage											50%
Incentive compensation payable in common stock percentage											50%
Total indebtedness			546,000				558,000				$ 546,000	558,000
General and administrative											3,800,000	5,100,000	4,700,000
Manager Pursuant To Management Agreement \| ACRES Commercial Realty Corp \| Other Liabilities
Related Party Transaction [Line Items]
Total indebtedness			686,000				179,000				$ 686,000	179,000
ACRES Capital Corp
Related Party Transaction [Line Items]
Number of securitization entities \| Entity											2
ACRES Capital Corp \| XAN 2020-RSO9 Senior Notes
Related Party Transaction [Line Items]
Portfolio servicing fees											$ 0	0	0
Special servicing fees											67,000	74,000	14,000
ACRES Capital Corp \| Interest Income \| XAN 2020-RSO9 Senior Notes
Related Party Transaction [Line Items]
Special servicing fees											19,000	51,000	14,000
ACRES Capital Corp \| ACRES Commercial Realty Corp \| Loan Evidenced by Promissory Note
Related Party Transaction [Line Items]
Related party transaction, loan amount	$ 12,000,000
Related party transaction, interest rate	3%
Related party transaction, monthly amortization payment	$ 25,000
Related party debt, maturity month and year	2026-07
Number of options to extend \| Extension	2
Related party debt, extension term	1 year
Related party debt, percentage of extension fee	0.50%
Principal balance			11,000,000				11,300,000				11,000,000	11,300,000
Accrued interest receivable			$ 0				$ 0				0	0
ACRES Capital Corp \| ACRES Commercial Realty Corp \| Loan Evidenced by Promissory Note \| Other Income
Related Party Transaction [Line Items]
Interest income											339,000	348,000	357,000
DevCo
Related Party Transaction [Line Items]
Fees payments											$ 464,000	$ 22,000	$ 0
DevCo \| Minimum
Related Party Transaction [Line Items]
Market rate for fees											1.25%
DevCo \| Maximum
Related Party Transaction [Line Items]
Market rate for fees											1.50%
ACRES Share Holdings, LLC
Related Party Transaction [Line Items]
Incentive Compensation Shares Payable \| shares											69,201
ACRES Share Holdings, LLC \| Manager
Related Party Transaction [Line Items]
Common shares granted \| shares							299,999					299,999
Shares of common stock vest percentage												25%
Vest in installments												4 years
ACRES Share Holdings, LLC \| Subsequent Event
Related Party Transaction [Line Items]
Incentive Compensation Shares Payable \| shares		1,911
ACRES Loan Origination, LLC \| Joint Funding Agreements
Related Party Transaction [Line Items]
Related party transaction, loan amount							$ 97,200,000					$ 97,200,000
Related party transaction, loan sold											$ 26,200,000
Number of loan \| Loan			1				4				1	4
ACRES Capital, LLC \| Commercial Real Estate Loans
Related Party Transaction [Line Items]
Loans refinanced by affiliates											$ 22,500,000
Number of loan \| Loan			1								1

RELATED PARTY TRANSACTIONS (R_2

RELATED PARTY TRANSACTIONS (Relationship with Resource Real Estate Opportunity REIT) (Details) - Resource Real Estate Opportunity REIT - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Related Party Transaction [Line Items]
Expense in connection with agreement		$ 67,000
Agreement termination date	Mar. 31, 2021

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	1 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of real estate owned property	$ 20,900,000
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments carried at fair value		$ 0	$ 0
Expected Future Cash Flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Internal rate of return	9.25%
Terminal cap rate	7.50%
Mezzanine loan \| Expected Future Cash Flows \| Measurement Input, Discount Rate \| VIE, Not Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate		0.1000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings outstanding		$ 64,495,000	$ 91,549,000
Minimum \| Level 3 \| Loans Pledged as Collateral \| Expected Future Cash Flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, interest rate, stated percentage		7.88%	7.03%
Maximum \| Level 3 \| Loans Pledged as Collateral \| Expected Future Cash Flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, interest rate, stated percentage		13.96%	12.67%

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	$ 1,828,336	$ 2,038,787
Mortgages payable	1,690,723	1,884,879
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party	0	0
Senior notes in CRE securitizations	0	0
Senior secured financing facility	0	0
Warehouse financing facilities	0	0
Mortgages payable	0	0
Junior subordinated notes	0	0
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) \| CRE Whole Loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	0	0
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) \| 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party	0	0
Senior notes in CRE securitizations	0	0
Senior secured financing facility	0	0
Warehouse financing facilities	0	0
Mortgages payable	0	0
Junior subordinated notes	0	0
Significant Other Observable Inputs (Level 2) \| CRE Whole Loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	0	0
Significant Other Observable Inputs (Level 2) \| 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes	0	0
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party	8,598	9,672
Senior notes in CRE securitizations	1,163,048	1,179,313
Senior secured financing facility	64,495	91,549
Warehouse financing facilities	170,861	330,848
Mortgages payable	43,779	18,710
Junior subordinated notes	38,406	35,821
Significant Unobservable Inputs (Level 3) \| CRE Whole Loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	1,858,265	2,065,504
Significant Unobservable Inputs (Level 3) \| 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes	138,795	138,435
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party	10,975	11,275
Senior notes in CRE securitizations	1,204,570	1,233,556
Senior secured financing facility	61,568	87,890
Warehouse financing facilities	168,588	328,288
Mortgages payable	41,786	18,244
Junior subordinated notes	51,548	51,548
Carrying Value \| CRE Whole Loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	1,828,336	2,038,787
Carrying Value \| 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes	148,140	147,507
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party	8,598	9,672
Senior notes in CRE securitizations	1,163,048	1,179,313
Senior secured financing facility	64,495	91,549
Warehouse financing facilities	170,861	330,848
Mortgages payable	43,779	18,710
Junior subordinated notes	38,406	35,821
Fair Value \| CRE Whole Loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	1,858,265	2,065,504
Fair Value \| 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes	$ 138,795	$ 138,435

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unamortized issuance costs and discounts	$ 14,523	$ 17,846
5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage	5.75%	5.75%

MARKET RISK AND DERIVATIVE IN_3

MARKET RISK AND DERIVATIVE INSTRUMENTS (Details) - Terminated interest rate swap	1 Months Ended	12 Months Ended
	Apr. 30, 2020 USD ($)	Dec. 31, 2023 USD ($) Derivative	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Derivatives, Fair Value [Line Items]
Realized loss on derivatives, net	$ (11,800,000)
Amortization expense reported in interest expense		$ 1,700,000	$ 1,800,000	$ 1,900,000
Gain (loss) on derivatives		(5,000,000)	(6,600,000)
Unrealized gains (loss) on derivatives, net		$ 164,000	256,000
Number of hedges terminated \| Derivative		2
Interest expense to fully amortize		$ 91,000	$ 91,000	$ 91,000

MARKET RISK AND DERIVATIVE IN_4

MARKET RISK AND DERIVATIVE INSTRUMENTS (Fair Value and Classification of Derivatives) (Details) - Interest rate swaps - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Realized and Unrealized Loss	$ (1,593)	$ (1,733)	$ (1,851)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense	Interest Expense	Interest Expense

OFFSETTING OF FINANCIAL LIABILI

OFFSETTING OF FINANCIAL LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Warehouse financing facilities
Gross Amounts of Recognized Liabilities	$ 168,588	$ 328,288
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Presented on the Consolidated Balance Sheets	168,588	328,288
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	168,588	328,288
Gross Amounts Not Offset on the Consolidated Balance Sheets- Cash Collateral Pledged	0	0
Net Amount	0	0
Fair value of securities pledged against term warehouse financing facilities	$ 254,100	$ 453,600

INCOME TAXES (Components of Inc

INCOME TAXES (Components of Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred:
Total	$ 97	$ 336
Taxable REIT Subsidiaries ("TRSs")
Current:
Federal	0	0	$ 0
State	1	13	0
Total current	1	13	0
Deferred:
Federal	0	0	0
State	0	0	0
Total deferred	0	0	0
Total	$ 1	$ 13	$ 0

INCOME TAXES (Reconciliation Be

INCOME TAXES (Reconciliation Between Federal Statutory Income Tax Rate and Effective Income Tax Rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Total	$ 97	$ 336
Taxable REIT Subsidiaries ("TRSs")
Income Taxes [Line Items]
Statutory tax	(70)	(178)	$ (66)
State and local taxes, net of federal benefit	(42)	313	(59)
True-up of prior period tax expense	(6)	0	0
Valuation allowance	310	(64)	125
Discontinued operations adjustment	0	0	0
Other items	(191)	(58)	0
Total	$ 1	$ 13	$ 0

INCOME TAXES (Components of Def

INCOME TAXES (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets related to:
Federal, state and local loss carryforwards	$ 13,924,000	$ 14,018,000
Amortization of intangibles	35,000	0
Capital loss carryforward	288,000	309,000
Equity investments	5,874,000	6,657,000
Interest expense limitation 163(j)	1,035,000	527,000
Total deferred tax assets	21,156,000	21,511,000
Valuation allowance	(21,102,000)	(21,171,000)
Total deferred tax assets, net of valuation allowance	54,000	340,000
Deferred tax liabilities related to:
Amortization of intangibles	0	(254,000)
Unrealized gains	(50,000)	(86,000)
Accrued expenses	(4,000)	0
Total deferred tax liabilities	(54,000)	(340,000)
Deferred tax assets, net	$ 0	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
INCOME TAXES (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Deferred tax assets, operating loss carryforwards, domestic	$ 60,200,000	$ 60,100,000
Deferred tax assets, operating loss carryforwards, state and local	1,600,000	1,800,000
Operating loss carryforwards not subject to expiration	20,400,000
Operating loss carryforwards subject to expiration	$ 39,800,000
Operating loss carryforwards expiration year	2044
Capital loss carryforward	$ 288,000	309,000
Operating loss carryforwards, valuation allowance, tax expense impact	21,100,000	21,200,000
Other Assets
Income Taxes [Line Items]
Net operating loss carryforwards	$ 13,900,000	$ 14,000,000
Capital Loss Carryforward
Income Taxes [Line Items]
Gross capital loss carryforward			$ 1,000,000	$ 1,000,000

QUARTERLY RESULTS (Details)

QUARTERLY RESULTS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Interest income	$ 46,781	$ 48,208	$ 47,148	$ 45,329	$ 42,514	$ 34,065	$ 27,019	$ 22,676	$ 187,466	$ 126,274	$ 101,032
Interest expense	33,419	33,555	32,442	31,375	28,733	22,939	15,745	14,907	130,791	82,324	61,575
Net interest income	13,362	14,653	14,706	13,954	13,781	11,126	11,274	7,769	56,675	43,950	39,457
Net income (loss)	6,430	7,567	5,558	2,293	(2,666)	5,486	5,522	2,084	21,848	10,426	33,923
Net income allocated to preferred shares	(4,856)	(4,855)	(4,856)	(4,855)	(4,856)	(4,855)	(4,856)	(4,855)	(19,422)	(19,422)	(15,887)
Net loss allocated to non-controlling interest, net of taxes	123	158	115	146	91	82	24		542	197	0
NET (LOSS) INCOME ALLOCABLE TO COMMON SHARES	$ 1,697	$ 2,870	$ 817	$ (2,416)	$ (7,431)	$ 713	$ 690	$ (2,771)	$ 2,968	$ (8,799)	$ 18,036
Net (loss) income per common share - basic	$ 0.21	$ 0.34	$ 0.1	$ (0.28)	$ (0.87)	$ 0.08	$ 0.08	$ (0.3)	$ 0.35	$ (1)	$ 1.85
Net (loss) income per common share - diluted	$ 0.2	$ 0.33	$ 0.1	$ (0.28)	$ (0.87)	$ 0.08	$ 0.08	$ (0.3)	$ 0.35	$ (1)	$ 1.85

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Estimated litigation liability	$ 0	$ 0
Commercial Real Estate Loans \| Whole Loans
Loss Contingencies [Line Items]
Loans held for investment, unfunded loan commitments	109,400,000	158,200,000
Indemnification Agreement
Loss Contingencies [Line Items]
Estimated litigation liability	1,100,000	1,200,000
PCM
Loss Contingencies [Line Items]
Outstanding demands to indemnify purchaser of residential mortgage loans	3,300,000	3,300,000
PCM \| Indemnification Agreement
Loss Contingencies [Line Items]
Outstanding litigation demands	$ 0	$ 0

Schedule II Valuation and Qua_2

Schedule II Valuation and Qualifying Accounts (Details) - Allowance for Credit Losses - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 18,803	$ 8,805	$ 34,310
Charge to Expense	10,902	12,295	(21,262)
Loans Charged off/Recovered	(948)	(2,297)	(4,243)
Balance at End of Period	$ 28,757	$ 18,803	$ 8,805

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 77,267
Initial Cost to Company, Land	38,368
Initial Cost to Company, Buildings and Improvements	127,017
Costs Capitalized Subsequent to Acquisition - Improvements	54,590
Gross Amount of Which Carried at Close of Period, Land	38,368
Gross Amount of Which Carried at Close of Period, Buildings and Improvements	181,575
Total	219,943	$ 158,760	$ 75,989	$ 30,944
Accumulated Depreciation	(7,865)	$ (3,464)	$ (1,204)	$ (112)
Hotel property, Northeast Region (Held for Sale)
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	16,567
Initial Cost to Company, Buildings and Improvements	30,944
Costs Capitalized Subsequent to Acquisition - Improvements	5,437
Gross Amount of Which Carried at Close of Period, Buildings and Improvements	36,381
Total	36,381
Accumulated Depreciation	$ (2,823)
Year of Construction	2000
Date Acquired	Nov. 30, 2020
Life on Which Depreciation in Latest Statements of Comprehensive Income is Computed	34 years 9 months 18 days
Office Property, Northeast Region
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 8,189
Initial Cost to Company, Buildings and Improvements	4,706
Costs Capitalized Subsequent to Acquisition - Improvements	220
Gross Amount of Which Carried at Close of Period, Land	8,189
Gross Amount of Which Carried at Close of Period, Buildings and Improvements	4,926
Total	13,115
Accumulated Depreciation	$ (630)
Year of Construction	1999
Date Acquired	Oct. 31, 2021
Life on Which Depreciation in Latest Statements of Comprehensive Income is Computed	38 years 7 months 6 days
Unimproved Land, Northeast Region
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 14,203
Costs Capitalized Subsequent to Acquisition - Improvements	1,915
Gross Amount of Which Carried at Close of Period, Land	14,203
Gross Amount of Which Carried at Close of Period, Buildings and Improvements	1,883
Total	$ 16,086
Date Acquired	Nov. 30, 2021
Student Housing Property, Southeast Region
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 43,779
Initial Cost to Company, Land	15,976
Initial Cost to Company, Buildings and Improvements	19,114
Costs Capitalized Subsequent to Acquisition - Improvements	42,922
Gross Amount of Which Carried at Close of Period, Land	15,976
Gross Amount of Which Carried at Close of Period, Buildings and Improvements	62,036
Total	78,012
Accumulated Depreciation	$ (964)
Year of Construction	2003
Date Acquired	Apr. 30, 2022
Life on Which Depreciation in Latest Statements of Comprehensive Income is Computed	38 years 4 months 24 days
Hotel property, East North Central Region
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 16,921
Initial Cost to Company, Buildings and Improvements	51,353
Costs Capitalized Subsequent to Acquisition - Improvements	4,096
Gross Amount of Which Carried at Close of Period, Buildings and Improvements	55,449
Total	55,449
Accumulated Depreciation	$ (3,448)
Year of Construction	1982
Date Acquired	Apr. 30, 2022
Life on Which Depreciation in Latest Statements of Comprehensive Income is Computed	36 years 4 months 24 days
Office Property East North Central Region (Held for Sale)
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	$ 20,900
Gross Amount of Which Carried at Close of Period, Buildings and Improvements	20,900
Total	$ 20,900
Year of Construction	1896
Date Acquired	Jun. 30, 2023

Schedule III Real Estate and _3

Schedule III Real Estate and Accumulated Depreciation - Schedule of Rolls Forward our Gross Investments in Real Estate and the Related Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments in Real Estate:
Balance at beginning of period	$ 158,760	$ 75,989	$ 30,944
Additions during period:
Acquisitions through deed-in-lieu of foreclosure	20,900	13,442	17,889
Other acquisitions		86,444	27,065
Improvements, etc.	53,761	731	134
Deductions during period:
Other	(13,478)	(17,846)	(43)
Balance at close of period	219,943	158,760	75,989
Accumulated Depreciation:
Balance at beginning of period	(3,464)	(1,204)	(112)
Additions during period:
Depreciation expense	(4,401)	(2,260)	(1,092)
Balance at close of period	$ (7,865)	$ (3,464)	$ (1,204)

Schedule IV Mortgage Loans on_2

Schedule IV Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Mortgage Loans on Real Estate [Line Items]
CRE whole loans	$ 1,901,037
Net Carrying Amount of Loans	1,857,093
Allowance for credit losses	(28,757)
Total loans net	1,828,336	$ 2,038,787	$ 1,873,746	$ 1,507,682
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 83,924
Multifamily
Mortgage Loans on Real Estate [Line Items]
Quantity \| Loan	2
Diversified \| Multifamily
Mortgage Loans on Real Estate [Line Items]
CRE whole loans	$ 92,200
CRE Whole loans
Mortgage Loans on Real Estate [Line Items]
CRE whole loans	1,858,265
Net Carrying Amount of Loans	1,852,393
Principal Amount of Loans Subject to Delinquent Principal or Interest	41,152
Allowance for credit losses individually determined	4,700
Allowance for credit losses general	24,100
CRE Whole loans \| Rock Hill, SC \| Multifamily \| Borrower A
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
CRE whole loans	70,256
Net Carrying Amount of Loans	70,021
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Variable rate basis, floor	0.10%
Maturity Date	2025
CRE Whole loans \| Rock Hill, SC \| Multifamily \| Borrower A \| Benchmark Rate (BR)
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.41%
CRE Whole loans \| Diversified \| Multifamily
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
CRE whole loans	1,406,600
Net Carrying Amount of Loans	1,402,059
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
CRE Whole loans \| Diversified \| Multifamily \| Minimum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	0.05%
Maturity Date	2024
CRE Whole loans \| Diversified \| Multifamily \| Maximum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	4%
Maturity Date	2027
CRE Whole loans \| Diversified \| Multifamily \| Benchmark Rate (BR) \| Minimum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	2.86%
CRE Whole loans \| Diversified \| Multifamily \| Benchmark Rate (BR) \| Maximum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	4.36%
CRE Whole loans \| Diversified \| Hotel
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
CRE whole loans	71,493
Net Carrying Amount of Loans	$ 71,408
Maturity Date	2024
CRE Whole loans \| Diversified \| Hotel \| Minimum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	0.05%
CRE Whole loans \| Diversified \| Hotel \| Maximum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	3.02%
CRE Whole loans \| Diversified \| Hotel \| Benchmark Rate (BR) \| Minimum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	6.25%
CRE Whole loans \| Diversified \| Hotel \| Benchmark Rate (BR) \| Maximum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	8.61%
CRE Whole loans \| Diversified \| Office Building
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
CRE whole loans	252,892
Net Carrying Amount of Loans	252,093
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 33,127
CRE Whole loans \| Diversified \| Office Building \| Minimum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	0.10%
Maturity Date	2024
CRE Whole loans \| Diversified \| Office Building \| Maximum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	2.40%
Maturity Date	2026
CRE Whole loans \| Diversified \| Office Building \| Benchmark Rate (BR) \| Minimum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	2.50%
CRE Whole loans \| Diversified \| Office Building \| Benchmark Rate (BR) \| Maximum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	5.75%
CRE Whole loans \| Diversified \| Self Storage
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
CRE whole loans	48,999
Net Carrying Amount of Loans	$ 48,787
CRE Whole loans \| Diversified \| Self Storage \| Minimum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	0.10%
Maturity Date	2024
CRE Whole loans \| Diversified \| Self Storage \| Maximum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	4.50%
Maturity Date	2026
CRE Whole loans \| Diversified \| Self Storage \| Benchmark Rate (BR) \| Minimum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.96%
CRE Whole loans \| Diversified \| Self Storage \| Benchmark Rate (BR) \| Maximum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	5.50%
CRE Whole loans \| Diversified \| Retail Site
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
CRE whole loans	8,025
Net Carrying Amount of Loans	8,025
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 8,025
CRE Whole loans \| Diversified \| Retail Site \| Benchmark Rate (BR) \| Minimum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	4.76%
CRE Whole loans \| Diversified \| Retail Site \| Benchmark Rate (BR) \| Maximum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	2.05%
Mezzanine loans less than 3% of the carrying amount of total loans \| Diversified \| Various
Mortgage Loans on Real Estate [Line Items]
CRE whole loans	$ 42,772
Net Carrying Amount of Loans	4,700
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 42,772
Variable rate basis, floor	10%
Maturity Date	2028
Mezzanine loan
Mortgage Loans on Real Estate [Line Items]
CRE whole loans	$ 42,772
Net Carrying Amount of Loans	4,700
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 42,772
Office Loan
Mortgage Loans on Real Estate [Line Items]
Quantity \| Loan	3
One Mezzanine Loan
Mortgage Loans on Real Estate [Line Items]
CRE whole loans	$ 38,100
Total loans net	0
Allowance for credit losses individually determined	$ 4,700
Quantity \| Loan	1
One Mezzanine Loan with Individually Determined Reserve
Mortgage Loans on Real Estate [Line Items]
CRE whole loans	$ 4,700

Schedule IV Mortgage Loans on_3

Schedule IV Mortgage Loans on Real Estate - Reconciliation of Loans and Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year	$ 2,038,787	$ 1,873,746	$ 1,507,682
Additions during the period:
New loans originated or acquired	62,968	523,259	1,367,157
Funding of existing loan commitments	45,749	66,296	29,855
Amortization of loan origination and extension fees and loan origination costs, net	7,539	8,189	8,337
Provision for (reversal of) credit losses, net	(10,902)	(12,295)	21,262
Loans charged-off	948	2,297	4,243
Capitalized interest and loan acquisition costs			228
Deductions during the period:
Payoff,paydown and sale of loans	(293,158)	(399,550)	(1,028,916)
Deed in lieu of foreclosure	(22,797)	(14,000)	(19,900)
Capitalized origination and extension fees	(798)	(6,858)	(16,202)
Loss on discounted payoff	0	(2,297)
Balance at end of year	$ 1,828,336	$ 2,038,787	$ 1,873,746