ACRES Commercial Realty (ACR) 10-K 11 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 05, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	EXANTAS CAPITAL CORP.
Entity Central Index Key	1,332,551
Trading Symbol	XAN
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, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding (in shares)		31,852,998
Entity Public Float			$ 306,188,522

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS:
Cash and cash equivalents	$ 82,816	$ 181,490
Restricted cash	12,658	22,874
Accrued interest receivable	8,198	6,859
CRE loans, net of allowances of $1,401 and $5,328	1,551,967	1,284,822
Investment securities available-for-sale	418,998	211,737
Principal paydowns receivable	32,083	76,129
Investments in unconsolidated entities	1,548	12,051
Derivatives, at fair value	985	602
Other assets	4,015	7,793
Assets held for sale (amounts include $17,000 and $61,841 of legacy CRE loans held for sale in continuing operations, see Note 23)	17,645	107,718
Total assets	2,130,913	1,912,075
LIABILITIES
Accounts payable and other liabilities	7,550	5,153
Management fee payable	938	1,035
Accrued interest payable	4,224	4,387
Borrowings	1,554,223	1,163,485
Distributions payable	7,265	5,581
Preferred stock redemption liability		50,000
Derivatives, at fair value	1,043	76
Accrued tax liability	31	540
Liabilities held for sale (see Note 23)	1,820	10,342
Total liabilities	1,577,094	1,240,599
STOCKHOLDERS' EQUITY
Common stock, par value $0.001: 125,000,000 shares authorized; 31,657,499 and 31,429,892 shares issued and outstanding (including 422,671 and 483,073 unvested restricted shares)	32	31
Additional paid-in capital	1,082,677	1,187,911
Accumulated other comprehensive (loss) income	(3,057)	1,297
Distributions in excess of earnings	(525,838)	(517,773)
Total stockholders' equity	553,819	671,476
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	2,130,913	1,912,075
8.25% Series B Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, par value $0.001		5
8.625% Series C Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, par value $0.001	$ 5	$ 5

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Financing receivable, allowance for credit losses	$ 1,401	$ 5,328
Legacy CRE whole loans held for sale	$ 418,998	$ 211,737
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares issued (in shares)	31,657,499	31,429,892
Common stock, shares outstanding (in shares)	31,657,499	31,429,892
Common stock, shares issued, non-vested restricted shares (in shares)	422,671	483,073
Assets of consolidated variable interest entities (VIEs) included in total assets above:
Restricted cash	$ 6,189	$ 20,846
Accrued interest receivable	3,548	3,347
CRE loans, pledged as collateral and net of allowances of $763 and $1,330	700,223	603,110
Principal paydowns receivable	31,914	72,207
Other assets	157	86
Total assets of consolidated VIEs	742,031	699,596
Accounts payable and other liabilities	75	96
Accrued interest payable	709	592
Borrowings	501,045	416,655
Total liabilities of consolidated VIEs	501,829	417,343
Discontinued Operations, Held-for-sale | Legacy CRE Whole Loans
Legacy CRE whole loans held for sale	$ 17,000	$ 61,841
8.25% Series B 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	8.25%	8.25%
Preferred stock, shares issued (in shares)	0	4,613,596
Preferred stock, shares outstanding (in shares)	0	4,613,596
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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest income:
CRE loans	$ 103,800	$ 88,268	$ 85,229
Securities	18,600	8,501	22,384
Other	379	2,549	5,005
Total interest income	122,779	99,318	112,618
Interest expense	67,616	57,657	53,747
Net interest income	55,163	41,661	58,871
Other revenue	$ 120	$ 2,048	$ 3,809
Type of Revenue [Extensible List]	us-gaap:ProductAndServiceOtherMember	us-gaap:ProductAndServiceOtherMember	us-gaap:ProductAndServiceOtherMember
Total revenues	$ 55,283	$ 43,709	$ 62,680
OPERATING EXPENSES
Management fees	11,250	13,117	12,991
Equity compensation	2,717	2,738	3,025
General and administrative	10,666	15,846	15,197
Depreciation and amortization	77	139	1,566
Impairment losses	934	177	26,470
(Recovery of) provision for loan and lease losses, net	(1,595)	1,772	17,765
Total operating expenses	24,049	33,789	77,014
Net interest and other revenues less operating expenses	31,234	9,920	(14,334)
OTHER INCOME (EXPENSE)
Equity in earnings of unconsolidated entities	217	39,545	5,973
Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives	639	18,334	4,066
Net realized and unrealized gain (loss) on investment securities, trading	53	(954)	2,398
Fair value adjustments on financial assets held for sale	(7,176)	(1,831)
Loss on extinguishment of debt	0	(10,365)	0
Other income (expense)	1,996	(579)	1,555
Total other (expense) income	(4,271)	44,150	13,992
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES	26,963	54,070	(342)
Income tax benefit (expense)	343	(6,613)	(10,992)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	27,306	47,457	(11,334)
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX	121	(14,116)	(19,260)
NET INCOME (LOSS)	27,427	33,341	(30,594)
Net income allocated to preferred shares	(12,972)	(24,057)	(24,091)
Consideration paid (in excess of) less than carrying value for preferred shares	(7,482)	(3,803)	1,500
Net loss allocable to non-controlling interest, net of taxes	0	196	229
NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES	$ 6,973	$ 5,677	$ (52,956)
NET INCOME (LOSS) PER COMMON SHARE - BASIC:
CONTINUING OPERATIONS (in dollars per share)	$ 0.22	$ 0.64	$ (1.10)
DISCONTINUED OPERATIONS (in dollars per share)	0	(0.46)	(0.63)
TOTAL NET INCOME (LOSS) PER COMMON SHARE - BASIC (in dollars per share)	0.22	0.18	(1.73)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED:
CONTINUING OPERATIONS (in dollars per share)	0.22	0.64	(1.10)
DISCONTINUED OPERATIONS (in dollars per share)	0	(0.46)	(0.63)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per shares)	$ 0.22	$ 0.18	$ (1.73)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC (in shares)	31,198,319	30,836,400	30,539,369
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED (in shares)	31,383,102	31,075,787	30,539,369

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 27,427	$ 33,341	$ (30,594)
Other comprehensive (loss) income:
Reclassification adjustments for realized gains on investment securities available-for-sale included in net income	(135)	(534)	(1,916)
Unrealized (losses) gains on investment securities available-for-sale, net	(4,180)	(1,870)	5,850
Reclassification adjustments associated with unrealized (gains) losses from interest rate hedges included in net income	(22)	18	(5)
Unrealized (losses) gains on derivatives, net	(17)	602	118
Total other comprehensive (loss) income	(4,354)	(1,784)	4,047
Comprehensive income (loss) before allocation to non-controlling interests and preferred shares	23,073	31,557	(26,547)
Net income allocated to preferred shares	(12,972)	(24,057)	(24,091)
Consideration paid (in excess of) less than carrying value for preferred shares	(7,482)	(3,803)	1,500
Net loss allocable to non-controlling interests	0	196	229
Comprehensive income (loss) allocable to common shares	$ 2,619	$ 3,893	$ (48,909)

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Preferred StockSeries A Preferred Stock	Preferred Stock8.25% Series B Preferred Stock	Preferred Stock8.625% Series C Preferred Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Distributions in Excess of Earnings	Total Stockholders' Equity	Noncontrolling Interest
Beginning balance at Dec. 31, 2015	$ 826,760	$ 32	$ 1	$ 6	$ 5	$ 1,228,346	$ (2,923)		$ (406,603)	$ 818,864	$ 7,896
Beginning balance (in shares) at Dec. 31, 2015		31,562,724
Deconsolidation of VIEs at Dec. 31, 2015	(23,851)						1,957		(16,932)	(14,975)	(8,876)
Adjusted beginning balance at Dec. 31, 2015	802,909	$ 32	1	6	5	1,228,346	(966)		(423,535)	803,889	(980)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from dividend reinvestment and stock purchase plan	117					117				117
Proceeds from dividend reinvestment and stock purchase plan (in shares)		9,980
Discount on 8.00% Convertible Senior Notes	19					19				19
Stock-based compensation		307,070
Amortization of stock-based compensation	3,964					3,964				3,964
Purchase and retirement of common shares	(9,480)	$ (1)				(9,479)				(9,480)
Purchase and retirement of common shares (in shares)		(813,834)
Forfeiture of unvested stock (in shares)		(15,920)
Net income (loss)	(30,594)							$ (30,365)		(30,365)	(229)
Distributions on preferred stock	(24,091)							(24,091)		(24,091)
Preferred stock redemption	(3,115)					(4,615)		1,500		(3,115)
Securities available-for-sale, fair value adjustment, net	3,934						3,934			3,934
Designated derivatives, fair value adjustment	113						113			113
Distributions on common stock	(40,686)							52,956	(93,642)	(40,686)
Ending balance at Dec. 31, 2016	703,090	$ 31	1	6	5	1,218,352	3,081		(517,177)	704,299	(1,209)
Ending balance (in shares) at Dec. 31, 2016		31,050,020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Offering costs	(385)					(385)				(385)
Equity component of 4.50% Convertible Senior Notes	14,231					14,231				14,231
Stock-based compensation	539					539				539
Stock-based compensation		422,622
Amortization of stock-based compensation	3,172					3,172				3,172
Purchase and retirement of common shares	(150)					(150)				(150)
Purchase and retirement of common shares (in shares)		(16,137)
Forfeiture of unvested stock (in shares)		(26,613)
Net income (loss)	33,341							33,537		33,537	(196)
Distributions on preferred stock	(24,057)							(24,057)		(24,057)
Preferred stock redemption	(50,049)		$ (1)	(1)		(46,244)		(3,803)		(50,049)
Securities available-for-sale, fair value adjustment, net	(2,403)						(2,403)			(2,403)
Designated derivatives, fair value adjustment	619						619			619
Distributions on common stock	(6,273)							(5,677)	(596)	(6,273)
Repurchase of conversion option	(194)					(194)				(194)
Contributions from (distributions to), net non-controlling interests	(5)					(1,410)				(1,410)	$ 1,405
Ending balance at Dec. 31, 2017	$ 671,476	$ 31		5	5	1,187,911	1,297		(517,773)	671,476
Ending balance (in shares) at Dec. 31, 2017	31,429,892	31,429,892
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 1	$ 1								1
Stock-based compensation		239,589
Amortization of stock-based compensation	2,717					2,717				2,717
Purchase and retirement of common shares (in shares)		(7,134)
Forfeiture of unvested stock	(70)					(70)				(70)
Forfeiture of unvested stock (in shares)		(4,848)
Net income (loss)	27,427							27,427		27,427
Distributions on preferred stock	(12,972)							(12,972)		(12,972)
Preferred stock redemption	(115,368)			$ (5)		(107,881)		(7,482)		(115,368)
Securities available-for-sale, fair value adjustment, net	(4,315)						(4,315)			(4,315)
Designated derivatives, fair value adjustment	(39)						(39)			(39)
Distributions on common stock	(15,038)							$ (6,973)	(8,065)	(15,038)
Ending balance at Dec. 31, 2018	$ 553,819	$ 32			$ 5	$ 1,082,677	$ (3,057)		$ (525,838)	$ 553,819
Ending balance (in shares) at Dec. 31, 2018	31,657,499	31,657,499

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY Parenthetical	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
8.00% Convertible Senior Notes
Debt instrument, interest rate, stated percentage	8.00%	8.00%	8.00%
4.50% Convertible Senior Notes
Debt instrument, interest rate, stated percentage	4.50%	4.50%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$ 27,427	$ 33,341	$ (30,594)
Net (income) loss from discontinued operations, net of tax		(121)	14,116	19,260
NET INCOME (LOSS) FROM CONTINUING OPERATIONS		27,306	47,457	(11,334)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) continuing operating activities:
(Recovery of) provision for loan and lease losses, net		(1,595)	1,772	17,765
Depreciation, amortization and accretion		2,908	3,150	(16,458)
Amortization of stock-based compensation		2,717	2,738	3,025
Deferred income tax (benefit) expense		(27)	4,763	8,293
Provision for deferred taxes		0	0	11,294
Sale of and principal payments on syndicated corporate loans held for sale		102	1,471	0
Sale of and principal payments on investment securities, trading, net		241	4,493	269
Net realized and unrealized (gain) loss on investment securities, trading		(53)	954	(2,398)
Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives		(639)	(18,334)	(4,066)
Fair value adjustments on financial assets held for sale		7,176	1,831	0
Loss on extinguishment of debt		0	10,365	0
Gain on sale of real estate		0	0	(64)
Settlement of derivative instruments		0	0	(72)
Impairment losses		934	177	26,470
Equity in earnings of unconsolidated entities		(217)	(39,545)	(5,973)
Return on investment from investments in unconsolidated entities		411	50,046	0
Changes in operating assets and liabilities:
(Increase) decrease in accrued interest receivable, net of purchased interest		(1,196)	170	738
(Decrease) increase in management fee payable		(97)	881	185
Increase in accounts payable and other liabilities		52	750	447
Decrease in accrued interest payable		(163)	(592)	(91)
Decrease (increase) in other assets		9,843	2,932	(3,071)
Net cash provided by continuing operating activities		47,703	75,479	24,959
Net cash provided by (used in) discontinued operating activities		505	146,931	(43,866)
Net cash provided by (used in) operating activities		48,208	222,410	(18,907)
CASH FLOWS FROM INVESTING ACTIVITIES:
Deconsolidation of VIEs, net	[1]	0	0	(16,615)
Origination and purchase of loans		(826,155)	(555,359)	(238,189)
Principal payments received on loans and leases		631,597	610,536	337,656
Proceeds from sale of loans		16,709	0	556
Purchase of investment securities available-for-sale		(242,557)	(172,081)	(17,428)
Principal payments on investment securities available-for-sale		21,055	56,715	100,802
Proceeds from sale of investment securities available-for-sale		12,081	40,048	2,818
Acquisition of legacy collateralized debt obligation assets		0	0	(67,781)
Acquisition of the remaining interest in Life Care Funding, LLC		0	(5)	0
Proceeds from the sale of an investment in unconsolidated entity		0	16,159	0
Return of capital from (investments in) unconsolidated entities		10,374	48,603	(119)
Settlement of derivative instruments		(46)	(1,491)	1,013
Purchase of furniture and fixtures		0	0	(28)
Net cash (used in) provided by continuing investing activities		(376,942)	43,125	105,046
Net cash provided by discontinued investing activities		29,712	19,070	161,501
Net cash (used in) provided by investing activities		(347,230)	62,195	266,547
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuances of common stock and dividend reinvestment and stock purchase plan (net of offering costs of $0, $385 and $0)		0	0	115
Repurchase of common stock		0	0	(9,480)
Retirement of common stock		(69)	(149)	0
Repurchase of preferred stock		(165,340)	0	(3,114)
Net proceeds from repurchase agreements		376,487	24,882	119,420
Proceeds from borrowings:
Securitizations		397,452	251,449	0
Convertible senior notes		0	121,589	0
Payments on borrowings:
Securitizations		(311,701)	(317,021)	(276,397)
Convertible senior notes		(70,453)	(108,690)	0
Payment of debt issuance costs		(10,531)	(8,278)	(1,977)
Settlement of derivative instruments		643	0	0
Distribution paid on subordinated note		(31)	0	0
Distributions paid on preferred stock		(15,257)	(24,057)	(24,158)
Distributions paid on common stock		(11,068)	(6,252)	(52,409)
Net cash provided by (used in) continuing financing activities		190,132	(66,527)	(248,000)
Net cash (used in) provided by discontinued financing activities		0	(133,139)	538
Net cash provided by (used in) financing activities		190,132	(199,666)	(247,462)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(108,890)	84,939	178
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD		204,364	119,425	119,247
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD		95,474	204,364	119,425
SUPPLEMENTAL DISCLOSURE:
Interest expense paid in cash		57,548	48,902	46,959
Income taxes paid in cash		0	517	4,051
Northport TRS, LLC
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of an investment in unconsolidated entity		$ 0	$ 0	$ 2,361
[1]	Cash and cash equivalents and restricted cash as of January 1, 2016 decreased by $472,000 and $17.1 million, respectively, due to the adoption of the amendments to the consolidation accounting guidance resulting in the deconsolidation of five VIEs. In the fourth quarter of 2016, one VIE was reconsolidated as a result of its substantial liquidation, resulting in the increase of restricted cash of $934,000.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	Jan. 02, 2016	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Total Deconsolidated VIEs
Cash and cash equivalents decrease	$ 472,000
Decrease in restricted cash	$ 17,100,000
VIE, Primary Beneficiary
Increase in restricted cash		$ 934,000
Common Stock
Offering costs on stock issuance			$ 0	$ 385,000	$ 0

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 - ORGANIZATION Exantas Capital Corp., a Maryland corporation, and its subsidiaries (collectively, the "Company") is a real estate investment trust ("REIT") that is primarily focused on originating, holding and managing commercial mortgage loans and commercial real estate-related debt investments. The Company is externally managed by Exantas Capital Manager Inc. (the "Manager"), which is an indirect wholly-owned subsidiary of C-III Capital Partners LLC ("C-III"), a leading commercial real estate ("CRE") investment management and services company engaged in a broad range of activities. C-III is the beneficial owner of approximately 2.4% of the Company's outstanding common shares at December 31, 2018. The Company has qualified, and expects to qualify in the current fiscal year, as a REIT. In November 2016, the Company received approval from its board of directors (the "Board") to execute a strategic plan (the "Plan") to focus its strategy on CRE debt investments. The Plan contemplated disposing of certain loans underwritten prior to 2010 ("legacy CRE loans"), exiting underperforming non-core asset classes (residential real estate-related assets and commercial finance assets) and establishing a dividend policy based on sustainable earnings. As a result, the Company evaluated its residential mortgage and middle market lending segments' assets and liabilities and determined both met all of the criteria to be classified as held for sale in the fourth quarter of 2016. As a result of the reclassification, these segments are reported as discontinued operations and have been excluded from continuing operations. See Note 23 for further discussion. 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 RCC Real Estate, Inc. ("RCC Real Estate"), 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. Additionally, the Company consolidates investments in wholly and partially-owned qualifying REIT subsidiaries and taxable REIT subsidiaries ("TRS") that historically held whole and partially-owned equity investments in collateralized debt obligations ("CDOs"), collateralized loan obligations ("CLOs"), investments in asset-backed securities ("ABS"), an asset management service provider, life settlement contracts, middle market secured corporate loans, residential mortgage loans, residential mortgage-backed securities ("RMBS") and syndicated corporate loans.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
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 United States of America ("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 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. 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 the 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 life used on investments to calculate depreciation, amortization and accretion of premiums and discounts, respectively, provisions for loan losses, valuation of servicing assets 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, 2018 and 2017, approximately $80.4 million and $177.5 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 to minimize credit risk exposure. Restricted cash includes required account balance minimums primarily for the Company's CRE CDO securitizations and derivative instruments as well as cash held in the syndicated corporate loan 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 (dollars in thousands): December 31, 2018 2017 Cash and cash equivalents $ 82,816 $ 181,490 Restricted cash 12,658 22,874 Total cash, cash equivalents and restricted cash shown on the Company's consolidated statements of cash flows $ 95,474 $ 204,364 Investment 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 may be accounted for under the equity method or the cost method. Under the equity method, capital contributions, distributions, profits and losses of the entities are allocated in accordance with the terms of the entities' operating agreements. Such allocations may differ from the stated percentage interests, if any, as a result of preferred returns and allocation formulas as described in the entities' operating agreements. For non-controlling investments in unconsolidated entities qualifying for equity method treatment with substantive profit-sharing arrangements, the hypothetical liquidation at book value ("HLBV") method may be used for recognizing earnings. Under the HLBV method, earnings are calculated and recognized based on the change in how the unconsolidated entity would allocate and distribute its cash if it were to liquidate the carrying value of its assets and liabilities on the beginning and end dates of the earnings period; excluding contributions made or distributions received. The Company may account for an investment that does not qualify for equity method accounting using 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. Investment Securities The Company classifies its investment portfolio as trading or available-for-sale. The Company, from time to time, may sell any of its investments due to changes in market conditions or in accordance with its investment strategy. The Company reports its investment securities, trading and investment securities available-for-sale at fair value. To determine fair value, the Company uses an independent third-party valuation firm utilizing data available in the market as well as appropriate prepayment, default and recovery rates. The Company evaluates the reasonableness of the valuation it receives by using a dealer quote, bid, or internal model. If there is a material difference between the value indicated by the third-party valuation firm and the dealer quote, bid or internal model, the Company will evaluate the difference, which could result in an updated valuation from the third-party or a revised dealer quote. 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. Any changes in fair value to the Company's investment securities, trading are recorded on the Company's consolidated statements of operations as net realized and unrealized (loss) gain on investment securities, trading. Any changes in fair value to the Company's investment securities available-for-sale are recorded on the Company's consolidated balance sheets as a component of accumulated other comprehensive income in stockholders' equity. On a quarterly basis, the Company evaluates its available-for-sale securities for other-than-temporary impairment. An available-for-sale security is impaired when its fair value has declined below its amortized cost basis. When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an other-than-temporary impairment in the value of the security. An impairment will be considered other-than-temporary based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) the Company does not expect to recover the security's cost basis (i.e., a credit loss). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is other-than-temporary and will be recognized currently in earnings and equal to the entire difference between fair value and amortized cost. If a credit loss exists, but the Company does not intend nor is it more likely than not that it will be required to sell before recovery, the impairment is other-than-temporary and will be separated into (i) the estimated amount relating to the credit loss, and (ii) the amount relating to all other factors. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss recognized in other comprehensive income. Estimating cash flows and determining whether there is other-than-temporary impairment require management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts. Investment security transactions are recorded on the trade date. Realized gains and losses on investment securities are determined on the specific identification method. Investment Security Interest Income Recognition Interest income on the Company's mortgage-backed securities ("MBS") and other ABS is accrued using the effective yield method based on the actual coupon rate and the outstanding principal amount of the underlying mortgages or other assets. Premiums and discounts are amortized or accreted into interest income over the expected lives of the securities also using the effective yield method, adjusted for the effects of estimated prepayments. For an investment purchased at par, the effective yield is the contractual interest rate on the investment. If the investment is purchased at a discount or at a premium, the effective yield is computed based on the contractual interest rate increased for the accretion of a purchase discount or decreased for the amortization of a purchase premium. The effective yield method requires the Company to make estimates of future prepayment rates for its investments that can be contractually prepaid before their contractual maturity date so that the purchase discount can be accreted, or the purchase premium can be amortized, over the estimated remaining life of the investment. The prepayment estimates that the Company uses directly impact the estimated remaining lives of its investments. Actual prepayment estimates are reviewed at each quarter end or more frequently if the Company becomes aware of any material information that would lead it to believe that an adjustment is necessary. For MBS and other ABS that are not of high credit quality or can be prepaid in such a way that the Company would not recover substantially all of its initial investment, changes in the original or most recent cash flow projections may result in a prospective change in interest income recognized. For MBS and other ABS that are of high credit quality, changes in the original or most recent cash flow projections may result in an immediate cumulative adjustment in interest income recognized. Loans The Company acquires loans through direct origination, through the acquisition of participations in CRE loans 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 them at their acquisition price, 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 impairment considerations prior to the transfer to loans held for sale are accounted for through the allowance for loan losses on the Company's consolidated balance sheets. At December 31, 2018 and 2017, the Company has disclosed certain legacy CRE loans in assets held for sale on its 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 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, in the opinion of management, 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. Preferred Equity Investment Preferred equity investments, which are subordinate to any loans but senior to common equity, depending on the investment's characteristics, may be accounted for as real estate, joint ventures or as mortgage loans. The Company's preferred equity investment is accounted for as a CRE loan held for investment, is carried at cost, net of unamortized loan fees and origination costs, and is included within CRE loans on the Company's consolidated balance sheets. The Company accretes or amortizes any discounts or premiums over the life of the related loan utilizing the effective interest method. Interest and fees are recognized as income subject to recoverability, which is substantiated by obtaining annual appraisals on the underlying property. Allowance for Loan Losses The Company maintains an allowance for loan loss on its loans held for investment. In September 2017, the Company refined its process for the computation of its general reserve for loan losses to more fully align with the results of its risk rating process. CRE loans that are held for investment are carried at cost, net of unamortized acquisition premiums or discounts, loan fees and origination costs as applicable, unless the loans are deemed impaired. The Company evaluates each loan classified as held for investment for impairment at least quarterly. In connection with this evaluation, 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 reunderwritten loan-to-collateral value ("LTV") ratios, risk inherent in the loan structure and exit plan. Loans are rated "1" through "5," from less risk to greatest risk, in connection with this review. Loans with a risk rating of "5" are individually measured for impairment on a quarterly basis. The general reserve, established for loans not determined to be impaired individually, is based on the Company's loan risk ratings. The Company records a general reserve equal to 1.5% of the aggregate face values of loans with a risk rating of "3," plus 5.0% of the aggregate face values of loans with a risk rating of "4." The Company considers a loan to be impaired if at least one of two conditions exists. The first condition is if, based on the Company's evaluation as part of the loan risk rating process, management believes that a loss event has occurred that makes it probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The second condition is if the loan is deemed to be a troubled-debt restructuring ("TDR") where a concession has been given to a borrower in financial difficulty. These TDRs may not have an associated specific loan loss allowance if the principal and interest amount is considered recoverable based on current market conditions, appraisals of the underlying collateral, expected collateral performance and/or guarantees made by the borrowers. When a loan is impaired under either of these two conditions, the allowance for loan losses is increased by the amount of the excess of the amortized cost basis of the loan over its fair value. Fair value may be determined based on the present value of estimated cash flows; or market price, if available; or on the fair value of the collateral less estimated disposition costs. When a loan, or a portion thereof, is considered uncollectible and pursuit of collection is not warranted, the Company will record a charge-off or write-down of the loan against the allowance for loan losses. An impaired loan may remain on accrual status during the period in which the Company is pursuing repayment of the loan; however, the loan would be placed on non-accrual 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 impairment; or (iv) the net realizable value of the loan's underlying collateral approximates the Company's carrying value for such loan. While on non-accrual 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 non-accrual, previously accrued interest is reversed from interest income. Loans that experience insignificant payment delays or payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays or payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is re-measured on a quarterly basis by comparing the fair value of the loan to its cost basis. The fair value is determined using unobservable inputs including estimates of selling costs (Level 3). Long-Lived and Intangible Assets Long-lived assets and certain identifiable intangibles to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. The review of recoverability is based on an estimate of the future undiscounted cash flows (excluding interest charges) expected to result from the long-lived asset's use and eventual disposition compared to the carrying value of the asset. If impairment has occurred, the loss will be measured as the excess of the carrying amount of the asset over the fair value of the asset. During the year ended December 31, 2017, the Company recorded impairment charges on a pre-tax basis of $177,000 with respect to its intangible assets, reported in impairment losses on its consolidated statements of operations. During the year ended December 31, 2016, the Company recorded an impairment charge on a pre-tax basis of $3.7 million with respect to its intangible assets, reported in depreciation and amortization on its consolidated statement of operations. The Company did not record any impairment charges on any long-lived or intagible assets during the year ended December 31, 2018. 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. Legacy CRE loans included as assets held for sale were measured at the lower of cost or fair value on the date the legacy CRE loans were transferred to assets held for sale. Any specific loan loss reserves for legacy CRE loans transferred to assets held for sale were measured and charged off on the date of transfer, establishing a new cost basis for the loans. 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. See Note 23. Discontinued Operations The results of operations of a component or a group of components of the Company that either has been disposed of or is classified as held for sale is reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company's operations and financial results. 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, derivative instruments used to hedge exposure to interest rate fluctuations and protect against declines in the market value of assets resulting from general market trends as well as translation of currency as a result of the Company's investment in the equity of foreign CDOs and CLOs. 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 TRSs, are 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. The Company also has TRSs incorporated in Ireland, which are generally exempt from federal and state income tax at the corporate level because their activities in the United States are limited to trading in stock and securities for their own account. Therefore, 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 of approximately $58.4 million (tax effected $15.3 million) at December 31, 2018 as the Company believed it was more likely than not that some or 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. 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. U.S. Tax Cuts and Jobs Act In December 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act ("TCJA"). The TCJA makes broad and complex changes to the Code, including, but not limited to: (i) reducing the U.S. federal corporate tax rate from 35% to 21%; (ii) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (iii) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (iv) requiring a cur

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 3 - VARIABLE INTEREST ENTITIES The Company has evaluated its securities, 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 five and seven VIEs at December 31, 2018 and 2017, respectively (for each period, collectively, the "Consolidated VIEs"). The Consolidated VIEs are CRE securitizations, CDOs and CLOs that were formed on behalf of the Company to invest in real estate-related securities, commercial mortgage-backed securities ("CMBS"), syndicated corporate loans, corporate bonds and ABS and were financed by the issuance of debt securities. The Manager with the help of C-III Asset Management LLC ("C3AM"), a subsidiary of C-III, manage the CRE-related entities. 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. 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 10. Creditors of the Company's Consolidated VIEs have no recourse to the general credit of the Company, nor to each other. During the year ended December 31, 2018, 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, 2018 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 5,000 $ 1,189 $ 6,189 Accrued interest receivable 3,548 — 3,548 CRE loans, pledged as collateral 700,223 — 700,223 Principal paydowns receivable 31,914 — 31,914 Other assets 157 — 157 Total assets (1) $ 740,842 $ 1,189 $ 742,031 LIABILITIES Accounts payable and other liabilities $ 75 $ — $ 75 Accrued interest payable 709 — 709 Borrowings 501,045 — 501,045 Total liabilities $ 501,829 $ — $ 501,829 (1) 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, 2018. 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% of each trust, at December 31, 2018. 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 or not 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 and protection of collateral 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 Company will continuously reassess whether it is deemed to be the primary beneficiary of the trusts. Wells Fargo Commercial Mortgage Trust 2017-C40 In October 2017, the Company purchased 95% of the Class E, F, G, H and J certificates of Wells Fargo Commercial Mortgage Trust 2017-C40 ("C40"), a B-piece investment in a Wells Fargo Commercial Mortgage Securities, Inc., private-label, $705.4 million securitization. C40 is managed by C3AM, a related party that is not under common control. The Company determined that although its investment in C40 represented a variable interest, its investment did not provide the Company with a controlling financial interest. The Company accounted for its various investments in C40 as investment securities available-for-sale on its consolidated financial statements. Prospect Hackensack JV LLC In March 2018, the Company invested $19.2 million in the preferred equity of Prospect Hackensack JV LLC ("Prospect Hackensack"), a joint venture between the Company and an unrelated third party ("Managing Member"). Prospect Hackensack was formed for the purpose of acquiring and operating a multifamily CRE property. The Managing Member manages the daily operations of the property. The Company determined that although its investment in Prospect Hackensack represented a variable interest, its investment did not provide the Company with a controlling financial interest. The Company accounts for its investment in Prospect Hackensack's preferred equity as a CRE loan on its consolidated financial statements. The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company's unconsolidated VIEs at December 31, 2018 (in thousands): Unsecured Junior Subordinated Debentures C40 Prospect Hackensack Total Maximum Exposure to Loss ASSETS Accrued interest receivable $ 58 $ 173 $ — $ 231 $ — CRE loans — — 19,555 19,555 $ 19,555 Investment securities available-for-sale (1) — 20,795 — 20,795 $ 21,309 Investments in unconsolidated entities 1,548 — — 1,548 $ 1,548 Total assets 1,606 20,968 19,555 42,129 LIABILITIES Accrued interest payable 292 — — 292 N/A Borrowings 51,548 — — 51,548 N/A Total liabilities 51,840 — — 51,840 N/A Net (liability) asset $ (50,234 ) $ 20,968 $ 19,555 $ (9,711 ) N/A (1) The Company's investment in C40 is carried at fair value and its maximum exposure to loss is the amortized cost of the investment. At December 31, 2018, 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
	Dec. 31, 2018
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, except amounts in footnote): Years Ended December 31, 2018 2017 2016 Non-cash discontinued operating activities include the following: Interest expense paid by third party (1) $ — $ — $ (107 ) Operating liabilities assumed by third party (1) $ — $ — $ (192 ) Non-cash continuing investing activities include the following: Retained beneficial interest in unconsolidated securitization entities $ — $ — $ (22,476 ) Loans acquired through securitizations called or liquidated $ — $ — $ (157,070 ) Securities acquired through securitizations called or liquidated $ — $ — $ (40,892 ) Non-cash continuing financing activities include the following: Proceeds from the private exchange of convertible senior notes $ — $ 22,161 $ — Payments on the private exchange of convertible senior notes $ — $ (22,161 ) $ — Distributions on common stock accrued but not paid $ 5,540 $ 1,571 $ 1,550 Distributions on preferred stock accrued but not paid $ 1,725 $ 4,010 $ 4,010 Non-cash discontinued financing activities include the following: Senior secured revolving credit facility assumed by third party (1) $ — $ — $ (122,000 ) Senior secured revolving credit facility paid down by third party (1) $ — $ — $ (22,000 ) (1) In August 2016, the Company completed the sale of Northport TRS, LLC. The Purchaser assumed $122.0 million and paid down $22.0 million of principal and $107,000 of interest expense on the Company's behalf of the senior secured revolving credit agreement. The Purchaser assumed $192,000 of accounts payable and accrued legal fees recorded to complete the sale.

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Dec. 31, 2018
Cash And Cash Equivalents [Abstract]
RESTRICTED CASH	NOTE 5 - RESTRICTED CASH The following table summarizes the Company's restricted cash (in thousands): December 31, 2018 2017 Restricted cash: Cash held by consolidated CRE securitizations, CDOs and CLOs $ 6,190 $ 20,846 Restricted cash pledged with minimum reserve balance requirements 21 25 Margin posted to central clearinghouse on interest rate swaps 6,447 1,903 Cash held in escrow — 100 Total $ 12,658 $ 22,874

LOANS

LOANS	12 Months Ended
	Dec. 31, 2018
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 Loan Losses Carrying Value (2) Contractual Interest Rates (3) Maturity Dates (4)(5)(6) At December 31, 2018: CRE loans held for investment: Whole loans (7)(8) 79 $ 1,538,759 $ (9,646 ) $ 1,529,113 $ (1,401 ) $ 1,527,712 1M LIBOR plus 2.70% to 1M LIBOR plus 6.25% January 2019 to January 2022 Mezzanine loan 1 4,700 — 4,700 — 4,700 10.00% June 2028 Preferred equity investment (9)(10) 1 19,718 (163 ) 19,555 — 19,555 11.50% April 2025 Total CRE loans held for investment 1,563,177 (9,809 ) 1,553,368 (1,401 ) 1,551,967 Total loans 81 $ 1,563,177 $ (9,809 ) $ 1,553,368 $ (1,401 ) $ 1,551,967 At December 31, 2017: CRE loans held for investment: Whole loans (7) 70 $ 1,297,164 $ (7,014 ) $ 1,290,150 $ (5,328 ) $ 1,284,822 1M LIBOR plus 3.60% to 1M LIBOR plus 6.25% February 2018 to January 2021 Total CRE loans held for investment 1,297,164 (7,014 ) 1,290,150 (5,328 ) 1,284,822 Total loans $ 1,297,164 $ (7,014 ) $ 1,290,150 $ (5,328 ) $ 1,284,822 (1) Amounts include unamortized loan origination fees of $9.6 million and $6.7 million and deferred amendment fees of $171,000 and $268,000 being amortized over the life of the loans at December 31, 2018 and 2017, respectively. (2) Substantially all loans are pledged as collateral under various borrowings at December 31, 2018 and 2017. (3) LIBOR refers to the London Interbank Offered Rate. (4) Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms, which may be available to the borrowers. (5) Maturity dates exclude one whole loan, with an amortized cost of $7.0 million, in default at December 31, 2017. (6) Maturity dates exclude one whole loan, with an amortized cost of $11.5 million, in maturity default and performing with respect to debt service due in accordance with a forbearance agreement at December 31, 2018. The loan was classified as an asset held for sale and in maturity default at December 31, 2017. (7) Whole loans had $108.1 million and $84.1 million in unfunded loan commitments at December 31, 2018 and 2017, respectively. These unfunded loan commitments are advanced as the borrowers formally request additional funding as permitted under the loan agreement and any necessary approvals have been obtained. (8) At June 30, 2018, two legacy CRE loans with amortized costs of $28.3 million were reclassified to whole loans from assets held for sale as the Company intends to hold these loans to maturity. In December 2018, one legacy CRE loan with an amortized cost and carrying value of $16.8 million paid off at par. (9) The interest rate on the Company's preferred equity investment pays currently at 8.00%. The remaining interest is deferred until maturity. (10) Beginning in April 2023, the Company has the right to unilaterally force the sale of the underlying property. The following is a summary of the contractual maturities, assuming full exercise of the extension options available to the borrowers, of the Company's CRE loans held for investment, at amortized cost (in thousands, except amounts in footnotes): Description 2019 2020 2021 and Thereafter Total At December 31, 2018: Whole loans (1) $ 10,379 $ 182,422 $ 1,324,797 $ 1,517,598 Mezzanine loan — — 4,700 4,700 Preferred equity investment — — 19,555 19,555 Total CRE loans $ 10,379 $ 182,422 $ 1,349,052 $ 1,541,853 Description 2018 2019 2020 and Thereafter Total At December 31, 2017: Whole loans (2) $ — $ 148,622 $ 1,134,528 $ 1,283,150 (1) Excludes one whole loan, with an amortized cost of $11.5 million, in maturity default and performing with respect to debt service due in accordance with a forbearance agreement at December 31, 2018. The loan was classified as an asset held for sale and in maturity default at December 31, 2017. (2) Excludes one whole loan, with an amortized cost of $7.0 million, in default at December 31, 2017. At December 31, 2018, approximately 32.3%, 20.9% and 17.1% of the Company's CRE loan portfolio was concentrated in the Southwest, Mountain and Pacific regions, respectively, based on carrying value, as defined by the National Council of Real Estate Investment Fiduciaries. At December 31, 2017, approximately 28.0%, 24.3% and 12.5% of the Company's CRE loan portfolio was concentrated in the Southwest, Pacific and Mountain regions, respectively, based on carrying value. 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 December 31, 2018, the Company had $32.1 million of loan principal paydowns receivable, all of which was received in cash by the Company during January 2019. At December 31, 2017, the Company had $75.9 million of loan principal paydowns receivable, all of which was received by the Company during January 2018.

FINANCING RECEIVABLES

FINANCING RECEIVABLES	12 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
FINANCING RECEIVABLES	NOTE 7 - FINANCING RECEIVABLES The following tables show the activity in the allowance for loan losses for the years ended December 31, 2018 and 2017 and the allowance for loan losses and recorded investments in loans at December 31, 2018 and 2017 (in thousands): Years Ended December 31, 2018 2017 Commercial Real Estate Loans Commercial Real Estate Loans Allowance for loan losses: Allowance for loan losses at beginning of year $ 5,328 $ 3,829 (Recovery of) provision for loan losses, net (1,595 ) 1,499 Loans charged-off (2,332 ) — Allowance for loan losses at end of year $ 1,401 $ 5,328 December 31, 2018 2017 Commercial Real Estate Loans Commercial Real Estate Loans Allowance for loan losses ending balance: Individually evaluated for impairment $ — $ 2,500 Collectively evaluated for impairment $ 1,401 $ 2,828 Loans: Amortized cost ending balance: Individually evaluated for impairment $ 24,255 $ 7,000 Collectively evaluated for impairment $ 1,529,113 $ 1,283,150 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 reunderwritten 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 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. Loans that are performing according to their underwritten plans generally will not require an allowance for loan loss. Risk Rating Risk Characteristics 1 • • 2 • • 3 • • 4 • • 5 • may be • The property has a material vacancy rate • All CRE loans are evaluated for any credit deterioration by debt asset management and certain finance personnel on at least a quarterly basis. Whole loans are first individually evaluated for impairment; and to the extent not deemed impaired, a general reserve is established. The allowance for loan loss is computed as (i) 1.5% of the aggregate face values of loans rated as a 3, plus (ii) 5.0% of the aggregate face values of loans rated as a 4, plus (iii) specific allowances measured and determined on loans individually evaluated, which are loans rated as a 5. While the overall risk rating is generally not the sole factor used in determining whether a loan is impaired, a loan with a higher overall risk rating would tend to have more adverse indicators of impairment, and therefore would be more likely to experience a credit loss. The Company's mezzanine loan and preferred equity investment are evaluated individually for impairment. Credit risk profiles of CRE loans at amortized cost and legacy CRE loans held for sale at the lower of cost or fair value were as follows (in thousands, except amounts in footnotes): Rating 1 Rating 2 Rating 3 (1) Rating 4 Rating 5 (2) Held for Sale (3) Total At December 31, 2018: Whole loans $ — $ 1,447,206 $ 77,067 $ 4,840 $ — $ — $ 1,529,113 Mezzanine loan (4) — 4,700 — — — — 4,700 Preferred equity investment (4) — 19,555 — — — — 19,555 Legacy CRE loans held for sale — — — — — 17,000 17,000 Total $ — $ 1,471,461 $ 77,067 $ 4,840 $ — $ 17,000 $ 1,570,368 At December 31, 2017: Whole loans $ 65,589 $ 1,040,883 $ 171,841 $ 4,837 $ 7,000 $ — $ 1,290,150 Legacy CRE loans held for sale — — — — — 63,783 63,783 Total $ 65,589 $ 1,040,883 $ 171,841 $ 4,837 $ 7,000 $ 63,783 $ 1,353,933 (1) Includes one whole loan, with an amortized cost of $11.5 million that was in maturity default at December 31, 2018. The loan is performing with respect to debt service due in accordance with a forbearance agreement at December 31, 2018. (2) Includes one CRE whole loan, with an amortized cost of $7.0 million that was in default at December 31, 2017. (3) Includes one and two legacy CRE loans that were in default with total carrying values of $17.0 million and $22.5 million at December 31, 2018 and 2017, respectively. (4) The Company's mezzanine loan and preferred equity investment are evaluated individually for impairment. At December 31, 2017 the Company had one CRE whole loan designated as an impaired loan with a risk rating of 5 due to short term vacancy/tenant concerns and a past due maturity of February 2017. The loan had an amortized cost of $7.0 million and a carrying value of $4.5 million at December 31, 2017. In September 2018, the note was sold for $4.7 million. Except as previously discussed, all of the Company's CRE loans, its mezzanine loan and its preferred equity investment were current with respect to contractual principal and interest at December 31, 2018. 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 and legacy CRE loans held for sale at the lower of cost or fair value (in thousands, except amounts in footnotes): 30-59 Days 60-89 Days Greater than 90 Days (1)(2) Total Past Due (3) Current Total Loans Receivable Total Loans > 90 Days and Accruing (2) At December 31, 2018: Whole loans $ — $ — $ 11,516 $ 11,516 $ 1,517,597 $ 1,529,113 $ 11,516 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investment — — — — 19,555 19,555 — Legacy CRE loans held for sale — — 17,000 17,000 — 17,000 — Total $ — $ — $ 28,516 $ 28,516 $ 1,541,852 $ 1,570,368 $ 11,516 At December 31, 2017: Whole loans $ — $ — $ 7,000 $ 7,000 $ 1,283,150 $ 1,290,150 $ — Legacy CRE loans held for sale 11,516 — 11,000 22,516 41,267 63,783 — Total $ 11,516 $ — $ 18,000 $ 29,516 $ 1,324,417 $ 1,353,933 $ — (1) Includes one whole loan, with an amortized cost of $11.5 million, that was in maturity default at December 31, 2018. The loan is performing with respect to debt service due in accordance with a forbearance agreement at December 31, 2018. (2) Includes one whole loan, with an amortized cost of $7.0 million, that was in default at December 31, 2017. (3) Includes one and two legacy CRE loans that were in default with total carrying values of $17.0 million and $22.5 million at December 31, 2018 and 2017, respectively. Impaired Loans The Company did not have any impaired loans at December 31, 2018. The following tables show impaired loans at December 31, 2017 (in thousands): Recorded Balance Unpaid Principal Balance Specific Allowance Average Investment in Impaired Loans Interest Income Recognized At December 31, 2017: Loans without a specific valuation allowance: Whole loans $ — $ — $ — $ — $ — Loans with a specific valuation allowance: Whole loans $ 7,000 $ 7,000 $ (2,500 ) $ 7,000 $ — Total: Whole loans $ 7,000 $ 7,000 $ (2,500 ) $ 7,000 $ — Troubled- Debt Restructurings There were no TDRs for the years ended December 31, 2018 and 2017.

INVESTMENT SECURITIES AVAILABLE

INVESTMENT SECURITIES AVAILABLE-FOR-SALE	12 Months Ended
	Dec. 31, 2018
Available For Sale Securities [Abstract]
INVESTMENT SECURITIES AVAILABLE-FOR-SALE	NOTE 8 - INVESTMENT SECURITIES AVAILABLE-FOR-SALE The following table summarizes the Company's investment securities available-for-sale, including those pledged as collateral. As of December 31. 2017, ABS may include, but are not limited to the Company's investments in securities backed by syndicated corporate loans and other loan obligations. Investment securities available-for-sale are carried at fair value (in thousands, except amounts in the footnote): Amortized Cost Unrealized Gains Unrealized Losses Fair Value (1) At December 31, 2018: CMBS, fixed rate $ 121,487 $ 559 $ (2,307 ) $ 119,739 CMBS, floating rate 301,132 253 (2,126 ) 299,259 Total $ 422,619 $ 812 $ (4,433 ) $ 418,998 At December 31, 2017: CMBS, fixed rate $ 97,886 $ 1,325 $ (1,174 ) $ 98,037 CMBS, floating rate 112,920 622 — 113,542 ABS 259 — (101 ) 158 Total $ 211,065 $ 1,947 $ (1,275 ) $ 211,737 (1) At December 31, 2018 and 2017, $388.4 million and $169.6 million, respectively, of investment securities available-for-sale were pledged as collateral under related financings. The following table summarizes the estimated payoff dates of the Company's investment securities available-for-sale according to their estimated weighted average life classifications (in thousands, except percentages): December 31, 2018 December 31, 2017 Amortized Cost (2) Fair Value (2) Weighted Average Coupon Amortized Cost (2) Fair Value (2) Weighted Average Coupon Less than one year (1) $ 126,446 $ 126,014 5.76% $ 25,475 $ 25,275 5.50% Greater than one year and less than five years 98,220 97,083 5.21% 126,273 127,104 4.54% Greater than five years and less than ten years 197,953 195,901 4.06% 59,317 59,358 3.74% Total $ 422,619 $ 418,998 4.76% $ 211,065 $ 211,737 4.41% (1) The Company expects that the payoff dates of these CMBS and ABS will either be extended or that they will be paid in full. (2) Includes CMBS positions subject to other-than-temporary-impairment that have no stated coupon rates that are excluded from the calculation of the weighted average coupon rate. The positions with less than one year of projected lives had amortized costs of approximately zero and $46,000 and fair values of approximately zero and $20,000 at December 31, 2018 and 2017, respectively. The positions with greater than one year and less than five years of projected lives had amortized costs of $105,000 and $59,000 and fair values of approximately zero and $171,000 at December 31, 2018 and 2017, respectively. There were no positions subject to other-than-temporary-impairment with projected lives of greater than five years and less than ten years at December 31, 2018 and 2017. At December 31, 2018, the contractual maturities of the CMBS investment securities available-for-sale range from June 2022 to August 2061. The following table summarizes the fair value, gross unrealized losses and number of securities aggregated by investment category and the length of time that individual investment securities available-for-sale have been in a continuous unrealized loss position during the periods specified (in thousands, except number of securities): Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities At December 31, 2018: CMBS $ 329,441 $ (4,001 ) 49 $ 6,757 $ (432 ) 7 $ 336,198 $ (4,433 ) 56 Total $ 329,441 $ (4,001 ) 49 $ 6,757 $ (432 ) 7 $ 336,198 $ (4,433 ) 56 At December 31, 2017: CMBS $ 49,016 $ (888 ) 12 $ 1,308 $ (286 ) 4 $ 50,324 $ (1,174 ) 16 ABS 158 (101 ) 1 — — — 158 (101 ) 1 Total $ 49,174 $ (989 ) 13 $ 1,308 $ (286 ) 4 $ 50,482 $ (1,275 ) 17 The unrealized losses in the above table are considered to be temporary impairments due to market factors and are not reflective of credit deterioration. The Company recognized $934,000 and $20.9 million of other-than-temporary impairments on its investment securities available-for-sale during the years ended December 31, 2018 and 2016. In December 2018, a $934,000 impairment was recorded on one CMBS resulting from a collateral shortfall in the securitization. The Company recognized no other-than-temporary impairments on its investment securities available-for-sale during the year ended December 31, 2017. The other-than-temporary impairment losses recognized during the year ended December 31, 2016 consisted of the following: The Company recognized an other-than-temporary impairment of $19.9 million on its investment in Resource Real Estate Funding CDO 2007-1, Ltd. ("RREF CDO 2007-1"), resulting from updated appraisals that indicated adverse changes in projected cash flows that would make the amortized cost basis unrecoverable, in total. The Company recorded an other-than-temporary impairment of $241,000 on three RMBS positions, classified as investment securities available-for-sale, after it was determined the Company would not be able to recover the full amortized cost basis of these securities due to adverse changes in the projected cash flows. One CMBS position, classified as an investment security available-for-sale with a face value of $4.0 million, was identified as a position the Company would sell before it could recover the amortized cost basis. As such, the Company recorded an other-than-temporary impairment of $732,000. The following table summarizes the Company's sales of investment securities available-for-sale (in thousands, except positions sold and redeemed and amounts in footnotes): Positions Sold Positions Redeemed Par Amount Sold/Redeemed Amortized Cost Realized Gain (Loss) Proceeds Year Ended December 31, 2018: CMBS 1 — $ 14,929 $ 11,676 $ 352 $ 12,028 ABS 2 — 411 265 (217 ) 48 Total 3 — $ 15,340 $ 11,941 $ 135 $ 12,076 Year Ended December 31, 2017: CMBS 2 — $ 7,350 $ 6,650 $ (238 ) $ 6,412 ABS - structured notes 3 — 24,267 19,258 632 17,608 ABS 5 — 8,306 4,319 1,356 5,675 RMBS 3 — 153,519 1,274 (158 ) 1,116 Total 13 — $ 193,442 $ 31,501 $ 1,592 $ 30,811 Year Ended December 31, 2016: CMBS 1 — $ 4,000 $ 3,257 $ (450 ) $ 2,807 ABS 1 — 10,830 9,004 418 9,422 Total 2 — $ 14,830 $ 12,261 $ (32 ) $ 12,229

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	12 Months Ended
	Dec. 31, 2018
Equity Method Investments And Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 9 - INVESTMENTS IN UNCONSOLIDATED ENTITIES The following table summarizes the Company's investments in unconsolidated entities at December 31, 2018 and 2017 and equity in earnings of unconsolidated entities for the years ended December 31, 2018, 2017 and 2016 (in thousands, except percentages and amounts in footnote): Equity in Earnings (Losses) of Unconsolidated Entities December 31, Years Ended December 31, Ownership % at December 31, 2018 2018 2017 2018 2017 2016 Pelium Capital (1) — % $ — $ 10,503 $ (182 ) $ (1,856 ) $ 3,991 RCM Global LLC (2) — % — — (12 ) (274 ) 14 Investment in LCC Preferred Stock (3) — % — — 411 41,465 943 RRE VIP Borrower, LLC (4) — % — — — 45 58 Pearlmark Mezzanine Realty Partners IV, L.P. (5) — % — — — 165 968 Other — % — — — — (1 ) Subtotal — 10,503 217 39,545 5,973 Investment in RCT I and II (6) 3.0 % 1,548 1,548 (3,200 ) (2,687 ) (2,560 ) Total $ 1,548 $ 12,051 $ (2,983 ) $ 36,858 $ 3,413 (1) During the years ended December 31, 2018 and 2017, the Company received distributions of $10.4 million and $13.6 million on its investment in Pelium Capital Partners, L.P. ("Pelium Capital"). In December 2018, Pelium Capital was fully liquidated. (2) In December 2018, RCM Global LLC was fully liquidated. (3) The Company's investment in LEAF Commercial Capital, Inc. ("LCC") liquidated in July 2017 as a result of the sale of LCC. Earnings for the year ended December 31, 2018 were related to the receipt of a distribution of funds formerly held in escrow accounts established as part of the sale. (4) The Company sold its investment in RRE VIP Borrower, LLC ("RRE VIP Borrower") in December 2014. Earnings for the years ended December 31, 2017 and 2016 were related to insurance premium refunds with respect to the underlying sold properties in the portfolio. (5) The Company sold its investment in Pearlmark Mezzanine Realty Partners IV, L.P. ("Pearlmark Mezz") in May 2017. (6) During the years ended December 31, 2018, 2017 and 2016, distributions from the trusts were recorded in interest expense on the Company's consolidated statements of operations as the investments are accounted for under the cost method.

BORROWINGS

BORROWINGS	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
BORROWINGS	NOTE 10 - BORROWINGS The Company historically has financed the acquisition of its investments, including investment securities and loans, through the use of secured and unsecured borrowings in the form of securitized notes, repurchase agreements, secured term facilities, warehouse facilities, convertible senior notes and trust preferred securities issuances. Certain information with respect to the Company's borrowings is summarized in the following table (in thousands, except percentages, time periods and 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, 2018: RCC 2017-CRE5 Senior Notes $ 109,250 $ 1,121 $ 108,129 3.76% 15.6 years $ 228,031 XAN 2018-RSO6 Senior Notes 397,452 4,536 392,916 3.55% 16.5 years 514,225 Unsecured junior subordinated debentures 51,548 — 51,548 6.61% 17.7 years — 4.50% Convertible Senior Notes 143,750 13,504 130,246 4.50% 3.6 years — 8.00% Convertible Senior Notes 21,182 238 20,944 8.00% 1.0 year — CRE - term repurchase facilities (1) 512,716 5,269 507,447 4.47% 2.0 years 696,215 Trust certificates - term repurchase facility (2) 47,451 279 47,172 6.41% 1.7 years 118,780 CMBS - short term repurchase agreements (3) 295,821 — 295,821 3.63% 19 days 395,868 Total $ 1,579,170 $ 24,947 $ 1,554,223 4.21% 6.9 years $ 1,953,119 Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At December 31, 2017: RCC 2015-CRE3 Senior Notes $ 85,788 $ 396 $ 85,392 4.50% 14.2 years $ 149,828 RCC 2015-CRE4 Senior Notes 90,883 407 90,476 3.65% 14.6 years 180,066 RCC 2017-CRE5 Senior Notes 244,280 3,493 240,787 2.51% 16.6 years 369,534 Unsecured junior subordinated debentures 51,548 — 51,548 5.49% 18.7 years — 4.50% Convertible Senior Notes 143,750 16,626 127,124 4.50% 4.6 years — 6.00% Convertible Senior Notes 70,453 928 69,525 6.00% 335 days — 8.00% Convertible Senior Notes 21,182 466 20,716 8.00% 2.0 years — CRE - term repurchase facilities (1) 292,511 1,013 291,498 3.82% 222 days 432,125 Trust certificates - term repurchase facility (2) 76,714 570 76,144 5.97% 2.1 years 214,375 CMBS - short term repurchase agreements (3) 82,647 — 82,647 2.79% 14 days 131,522 CMBS - term repurchase facilities (4) 27,628 — 27,628 3.05% 121 days 38,060 Total $ 1,187,384 $ 23,899 $ 1,163,485 4.00% 7.3 years $ 1,515,510 (1) Principal outstanding includes accrued interest payable of $911,000 and $534,000 at December 31, 2018 and 2017, respectively. (2) Principal outstanding includes accrued interest payable of $118,000 and $203,000 at December 31, 2018 and 2017, respectively. (3) Principal outstanding includes accrued interest payable of $773,000 and $279,000 at December 31, 2018 and 2017, respectively. (4) Principal outstanding includes accrued interest payable of $46,000 at December 31, 2017. Securitizations The following table sets forth certain information with respect to the Company's consolidated securitizations at December 31, 2018: Securitization Closing Date Maturity Date End of Designated Principal Reinvestment Period (1) Total Note Paydowns from Closing Date through December 31, 2018 RCC 2017-CRE5 July 2017 July 2034 July 2020 $ 142,199 XAN 2018-RSO6 June 2018 June 2035 December 2020 $ — (1) The designated principal reinvestment period is the period in which principal repayments can be utilized to purchase loans held outside of the respective securitization that represent the funded commitments of existing collateral in the respective securitization that were not funded as of the date the respective securitization was closed. 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 December 31, 2018 and 2017 are eliminated in consolidation. RCC 2014-CRE2 In July 2014, the Company closed Resource Capital Corp. 2014-CRE2, Ltd. ( " ") RCC 2015-CRE3 In February 2015, the Company closed Resource Capital Corp. 2015-CRE3, Ltd. ("RCC 2015-CRE3") RCC 2015-CRE4 In August 2015, the Company closed Resource Capital Corp. 2015-CRE4, Ltd. ("RCC 2015-CRE4") RCC 2017-CRE5 In July 2017, the Company closed Resource Capital Corp. 2017-CRE5, Ltd. ("RCC 2017-CRE5") At closing, the senior notes issued to investors consisted of the following classes: (i) $203.4 million of Class A notes bearing interest at one-month LIBOR plus 0.80%, increasing to 1.05% in April 2022; (ii) $48.0 million of Class B notes bearing interest at one-month LIBOR plus 2.00%, increasing to 2.50% in July 2022; and (iii) $49.9 million of Class C notes bearing interest at one-month LIBOR plus 3.50%, increasing to 4.00% in July 2022. All of the notes issued mature in July 2034, although the Company has the right to call the notes anytime after July 2019. There is no reinvestment period in RCC 2017-CRE5; however, principal repayments, for a period ending in July 2020, may be used to purchase funding participations with respect to existing collateral held outside of the securitization. XAN 2018-RSO6 In June 2018, the Company closed Exantas Capital Corp. 2018-RSO6, Ltd. ("XAN 2018-RSO6") At closing, the senior notes issued to investors consisted of the following classes: (i) $290.5 million of Class A notes bearing interest at one-month LIBOR plus 0.83%, increasing to 1.08% in May 2023; (ii) $39.2 million of Class B notes bearing interest at one-month LIBOR plus 1.15%, increasing to 1.65% in July 2023; (iii) $30.2 million of Class C notes bearing interest at one-month LIBOR plus 1.85%, increasing to 2.35% in July 2023; (iv) $45.0 million of Class D notes bearing interest at one-month LIBOR plus 2.50%, increasing to 3.00% in September 2023; (v) $18.0 million of Class E notes bearing interest at one-month LIBOR plus 4.00%; and (vi) $21.9 million of Class F notes bearing interest at one-month LIBOR plus 5.00%. All of the notes issued mature in June 2035, although the Company has the right to call the notes any time after July 2020 until maturity. 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, 2018 and 2017. The interest rates for RCT I and RCT II, at December 31, 2018, were 6.75% and 6.47%, respectively. The interest rates for RCT I and RCT II, at December 31, 2017, were 5.64% and 5.33%, 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 In August 2017, the Company issued $143.8 million aggregate principal amount of its 4.50% convertible senior notes due 2022 ("4.50% Convertible Senior Notes"). The gross proceeds were utilized to pay $3.9 million in debt issuance costs and to extinguish a portion of the Company's 6.00% convertible senior notes due 2018 ("6.00% Convertible Senior Notes") and 8.00% convertible senior notes due 2020 ("8.00% Convertible Senior Notes"), resulting in net proceeds of $13.5 million. In addition, the Company recorded a discount of $14.2 million (the offset of which was recorded in additional paid-in capital) on the 4.50% Convertible Senior Notes that reflects the difference between the proceeds received less the fair value of the notes as if they were issued without a conversion feature. The market discounts and the deferred debt issuance costs are amortized into interest expense on the consolidated statements of operations on an effective interest basis over the period ending in August 2022. Interest on the 4.50% Convertible Senior Notes is paid semi-annually in February and August. Unless earlier repurchased or converted, the 4.50% Convertible Senior Notes become due and payable on August 15, 2022. Holders of 4.50% Convertible Senior Notes may require the Company to repurchase all or a portion of the 4.50% Convertible Senior Notes at a purchase price equal to the principal amount plus accrued and unpaid interest in August 2022, or upon the occurrence of certain defined fundamental changes. The 4.50% Convertible Senior Notes are convertible at the option of the holder at a current conversion rate of 79.2009 common shares per $1,000 principal amount, following the trigger of the $0.10 dividend threshold, of 4.50% Convertible Senior Notes (equivalent to an initial conversion price of $12.78 per common share). Upon conversion of the 4.50% Convertible Senior Notes, a holder will receive cash, the Company's common shares or a combination of cash and the Company's common shares, at the Company's election. 6.00% Convertible Senior Notes In October 2013, the Company issued $115.0 million aggregate principal amount of its 6.00% Convertible Senior Notes. The Company received approximately $111.1 million of net proceeds after deducting the underwriting discount and costs. The Company extinguished $44.5 million aggregate principal of its 6.00% Convertible Senior Notes in conjunction with the issuance of its 4.50% Convertible Senior Notes. As a result of the extinguishment, approximately $381,000 of amortization of the remaining deferred debt issuance costs and $491,000 of amortization of the remaining discount were accelerated. The Company recorded a $2.3 million loss during the year ended December 31, 2017 related to the extinguishment of the 6.00% Convertible Senior Notes, which represents the difference between the redemption price and the remaining book value of the extinguished notes. In December 2018, the 6.00% Convertible Senior Notes were paid off upon maturity. 8.00% Convertible Senior Notes In January 2015, the Company issued $100.0 million aggregate principal amount of its 8.00% Convertible Senior Notes. After deducting a $1.0 million underwriting discount and deferred debt issuance costs totaling $2.1 million, the Company received approximately $97.0 million of net proceeds. In addition, the Company recorded a discount of $2.5 million (the offset of which was recorded in additional paid-in capital) on the 8.00% Convertible Senior Notes that reflects the difference between the stated value of the debt and the fair value of the notes as if they were issued without a conversion feature. The market discounts and the deferred debt issuance costs are amortized into interest expense on the consolidation statements of operations on a straight line basis over the period ended in January 2020. Interest on the 8.00% Convertible Senior Notes is paid semi-annually in January and July. Unless earlier repurchased or converted, the 8.00% Convertible Senior Notes become due and payable on January 15, 2020. Holders of 8.00% Convertible Senior Notes may require the Company to repurchase all or a portion of the 8.00% Convertible Senior Notes at a purchase price equal to the principal amount plus accrued and unpaid interest on January 2020, or upon the occurrence of certain defined fundamental changes. The 8.00% Convertible Senior Notes are convertible at the option of the holder at a current conversion rate of 46.9308 common shares per $1,000 principal amount, following the trigger of the $0.16 dividend threshold, of 8.00% Convertible Senior Notes (equivalent to an initial conversion price of $21.36 per common share). Upon conversion of the 8.00% Convertible Senior Notes, a holder will receive cash, the Company's common shares or a combination of cash and the Company's common shares, at the Company's election. The Company extinguished $78.8 million aggregate principal of its 8.00% Convertible Senior Notes in conjunction with the issuance of the 4.50% Convertible Senior Notes. As a result of the extinguishment, approximately $836,000 of amortization of the remaining deferred debt issuance costs and $1.4 million of amortization of the remaining discount were accelerated. The Company recorded a loss of $8.1 million related to the extinguishment of the 8.00% Convertible Senior Notes, which represents the difference between the redemption price and the remaining book value of the extinguished notes. Repurchase and Credit Facilities Borrowings under the Company's repurchase agreements are guaranteed by the Company or one of its subsidiaries. The following table sets forth certain information with respect to the Company's repurchase agreements (in thousands, except percentages and amounts in footnotes): December 31, 2018 December 31, 2017 Outstanding Borrowings (1) Value of Collateral Number of Positions as Collateral Weighted Average Interest Rate Outstanding Borrowings (1) Value of Collateral Number of Positions as Collateral Weighted Average Interest Rate CRE - Term Repurchase Facilities Wells Fargo Bank, N.A. (2) $ 154,478 $ 226,530 13 4.33% $ 179,347 $ 268,003 19 3.68 % Morgan Stanley Bank, N.A. (3) 37,113 62,457 3 5.09% 112,151 164,122 9 4.05 % Barclays Bank PLC (4) 240,416 308,389 11 4.51% — — — —% JPMorgan Chase Bank, N.A. (5) 75,440 98,839 5 4.30% — — — —% Trust Certificates - Term Repurchase Facilities RSO Repo SPE Trust 2015 (6) — — — —% 26,548 89,121 2 6.98 % RSO Repo SPE Trust 2017 (7) 47,172 118,780 2 6.41% 49,596 125,254 2 5.43 % CMBS - Short-Term Repurchase Agreements RBC Capital Markets, LLC 246,476 313,644 33 3.64% 72,131 97,745 6 2.77 % JP Morgan Securities LLC 42,040 73,066 13 3.57% 10,516 33,777 2 2.93 % Deutsche Bank Securities Inc. (8) 7,305 9,158 5 3.98% — — — —% CMBS - Term Repurchase Facilities Wells Fargo Bank, N.A. — — — —% 12,272 14,984 8 2.45 % Deutsche Bank AG (8) — — — —% 15,356 23,076 14 3.53 % Total $ 850,440 $ 1,210,863 $ 477,917 $ 816,082 (1) Outstanding borrowings include accrued interest payable. (2) Includes $1.6 million and $565,000 of deferred debt issuance costs at December 31, 2018 and 2017, respectively. (3) Includes $167,000 and $448,000 of deferred debt issuance costs at December 31, 2018 and 2017, respectively. (4) Includes $1.5 million of deferred debt issuance costs at December 31, 2018. (5) Includes $2.0 million of deferred debt issuance costs at December 31, 2018. (6) Includes $133,000 of deferred debt issuance costs at (7) Includes $204,000 and $320,000 deferred debt issuance costs at December 31, 2018 and 2017, respectively. (8) In May 2018, the facility's term was rolled from a one-year basis, with extensions at the buyer's option, to a three-month basis. At June 30, 2018, the facility was reclassified from CMBS - term repurchase facilities to CMBS - short term repurchase agreements. The following table shows information about the amount at risk under the repurchase facilities (in thousands, except percentages and time periods): Amount at Risk (1) Weighted Average Remaining Maturity Weighted Average Interest Rate At December 31, 2018: CRE - Term Repurchase Facilities Wells Fargo Bank, N. A. $ 71,398 1.6 years 4.33% Morgan Stanley Bank, N. A. $ 25,485 253 days 5.09% Barclays Bank PLC $ 67,826 2.3 years 4.51% JPMorgan Chase Bank, N. A. $ 21,788 2.8 years 4.30% Trust Certificates - Term Repurchase Facilities RSO Repo SPE Trust 2017 $ 71,439 1.7 years 6.41% CMBS - Short-Term Repurchase Agreements RBC Capital Markets, LLC $ 67,182 18 days 3.64% JP Morgan Securities LLC $ 31,226 17 days 3.57% Deutsche Bank Securities Inc. $ 1,868 56 days 3.98% (1) Equal to the total of the estimated fair value of securities or loans sold and accrued interest receivable, minus the total of the repurchase agreement liabilities and accrued interest payable. The Company was in compliance with all covenants in each of the respective agreements at December 31, 2018. CRE - Term Repurchase Facilities In February 2012, a wholly-owned subsidiary entered into a master repurchase and securities agreement (the "2012 Facility") with Wells Fargo Bank, N.A. ("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 $400.0 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. The 2018 Facility charges interest rates of one-month LIBOR plus spreads from 1.75% to 2.50%. The 2018 Facility, consistent with the 2012 Facility, contains customary events of default. The remedies for such events of default are also customary for this type of transaction and include the acceleration of all obligations of the Company to repay the purchase price for purchased assets. The 2018 Facility, consistent with the 2012 Facility, also contains margin call provisions relating to a decline in the market value of a security. Under these circumstances, Wells Fargo may require the Company to transfer cash in an amount sufficient to eliminate any margin deficit resulting from such a decline. Consistent with the guaranty agreement dated February 2012, the Company continues to guarantee the payment and performance of its subsidiaries' obligations to the lender through an amended and restated guaranty agreement dated in July 2018 (the "2018 Guaranty"), including all reasonable expenses that are incurred by the lender in connection with the enforcement of the 2018 Facility. The 2018 Guaranty includes covenants that, among other requirements, stipulate certain thresholds, including: required liquidity, required capital, total indebtedness to total equity, EBITDA to interest expense and total indebtedness. In September 2015, an indirect wholly-owned subsidiary of the Company entered into a master repurchase and securities agreement (the "Morgan Stanley Facility") with Morgan Stanley Bank, N.A. ("Morgan Stanley") to finance the origination of CRE loans. In September 2018, the Company entered into an amendment to the Morgan Stanley Facility, which reduced its maximum capacity to $67.9 million and extended the maturity date through September 2019. The Morgan Stanley Facility charges an interest rate of one-month LIBOR plus an applicable spread ranging from 2.25% to 2.75%. In September 2015, the Company entered into a guaranty agreement (the "Morgan Stanley Guaranty") with Morgan Stanley. As of December 31, 2018, the Company has entered into two amendments to the Morgan Stanley Guaranty, which have amended certain defined terms and the required capital amount and EBITDA to interest expense ratio covenants. The Morgan Stanley Facility contains customary 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 the acceleration of the principal amount outstanding under the Morgan Stanley Facility and the liquidation of assets subject to the facility by Morgan Stanley. The Company obtained a waiver for violation of certain financial covenants at December 31, 2016. The Company was in compliance with all covenants under the terms of the Morgan Stanley Facility at December 31, 2018. In April 2018, the Company's indirect wholly-owned subsidiary entered into a master repurchase agreement (the "Barclays Facility") with Barclays Bank PLC ("Barclays") to finance the Company's core CRE lending business. The Barclays Facility has a maximum facility amount of $250.0 million, charges interest of one-month LIBOR plus a spread between 2.00% and 2.50% and matures in April 2021, subject to certain one-year extension options in accordance with the facility's terms. The Company paid a structuring fee as well as other reasonable closing costs. The Barclays Facility contains margin call provisions that provide Barclays with certain rights when there has been a decline in the value of purchased assets. Under these circumstances, Barclays may require the Company to transfer cash in an amount necessary to eliminate such margin deficit or repurchase the asset that resulted in the margin call. In connection with the Barclays Facility, the Company fully guaranteed all payments and performance under the Barclays Facility pursuant to a guaranty agreement (the "Barclays Guaranty"). The Barclays Guaranty includes certain financial covenants required of the Company, including required liquidity, required capital, ratios of total indebtedness to equity and EBITDA requirements. Also, RCC Real Estate, the direct owner of the wholly-owned subsidiary borrower, executed a pledge and security agreement with Barclays whereby it agreed to pledge and grant to Barclays 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 Barclays , subject to certain materiality thresholds and grace periods, customary for this type of financing arrangement. principal outstanding under Barclay liquidation by Barclays of purchased assets then subject to the Barclays In October 2018, an indirect wholly-owned subsidiary of the Company entered into a master repurchase agreement (the "JPMorgan Chase Facility") with JPMorgan Chase Bank, N.A. ("JPMorgan Chase") to finance the origination of CRE loans. The JPMorgan Chase Facility has a maximum facility amount of $250.0 million 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 a guarantee agreement (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, RCC Real Estate, 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. Trust Certificates - Term Repurchase Facilities In November 2015, a subsidiary entered into a repurchase and securities agreement (the "2015 Term Repurchase Trust Facility 2015") with RSO Repo SPE Trust 2015, a structure that provides financing under a structured sale of trust certificates to qualified institutional buyers through an offering led by Wells Fargo Securities, LLC ("Wells Fargo Securities"). In July 2018, the 2015 Term Repurchase Trust Facility was paid off as a result of the exercise of the optional redemption of RCC 2015-CRE4. In September 2017, a subsidiary entered into a repurchase and securities agreement (the "2017 Term Repurchase Trust Facility") with RSO Repo SPE Trust 2017, a structure that provides financing under a structured sale of trust certificates to qualified institutional buyers through an offering led by Wells Fargo Securities. The 2017 Term Repurchase Trust Facility sold trust certificates of $49.9 million with an initial three year term that expires in September 2020, and charges an interest rate of one-month LIBOR plus an applicable spread of 3.95%. Subsequent to March 2019, the Company has the ability to prepay the 2017 Term Repurchase Trust Facility at any time without penalty. The 2017 Term Repurchase Trust Facility contains events of default. The remedies for such events of default include: immediate repayment of the repurchase obligations and retainment of all income received on the purchased asset and the pledged collateral. The Company was in compliance with all financial covenants under the terms of the facility at December 31, 2018. CMBS - Short-Term Repurchase Agreements In March 2005, a subsidiary entered into a master repurchase agreement with Deutsche Bank Securities Inc. to finance the purchase of CMBS and the origination of CRE loans. There is no stated maximum amount or maturity date of the facility and the repurchase agreement includes monthly resets of interest rates. In February 2012, a subsidiary entered into a master repurchase and securities agreement with Wells Fargo Securities to finance the purchase of CMBS. There is no stated maximum amount of the facility or maturity date and the repurchase agreement includes monthly resets of interest rates. The Company guaranteed the subsidiary's performance of its obligations under the repurchase agreement. In November 2012, a subsidiary entered into a master repurchase and securities agreement (the "JP Morgan Securities Facility") with JP Morgan Securities LLC to finance the purchase of CMBS. In April 2017, the Company entered into the first amendment of the JP Morgan Securities Facility which amended the minimum shareholder's equity of the guarantor and maximum leverage ratio covenants. In August 2017, a subsidiary entered into a master repurchase and securities agreement with RBC Capital Markets, LLC to finance the purchase of CMBS. CMBS - Term Repurchase Facilities In February 2011, two of the Company's wholly-owned subsidiaries entered into a master repurchase and securities contract (the "2011 Facility") and a guaranty agreement (the "2011 Guaranty") with Wells Fargo. In March 2018, the Company paid off the 2011 Facility and allowed it to mature on March 31, 2018. Contractual maturity dates of the Company's borrowings' principal outstanding by category and year are presented in the table below (in thousands): Total 2019 2020 2021 2022 2023 and Thereafter At December 31, 2018: CRE securitizations $ 506,702 $ — $ — $ — $ — $ 506,702 Unsecured junior subordinated debentures 51,548 — — — — 51,548 4.50% Convertible Senior Notes 143,750 — — — 143,750 — 8.00% Convertible Senior Notes 21,182 — 21,182 — — — Repurchase and credit facilities 855,988 333,100 203,575 319,313 — — Total $ 1,579,170 $ 333,100 $ 224,757 $ 319,313 $ 143,750 $ 558,250

SHARE ISSUANCE AND REPURCHASE

SHARE ISSUANCE AND REPURCHASE	12 Months Ended
	Dec. 31, 2018
Stockholders Equity Note [Abstract]
SHARE ISSUANCE AND REPURCHASE	NOTE 11 - SHARE ISSUANCE AND REPURCHASE In January 2018, the Company redeemed all shares of its 8.50% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock") and 930,983 shares of its 8.25% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Stock") at redemption prices of $25.00 per share plus accrued but unpaid distributions. The total redemption cost of $50.0 million was reported as a preferred stock redemption liability on the consolidated balance sheets and a preferred stock redemption charge of $3.8 million was recognized during the year ended December 31, 2017. In March 2018, the Company redeemed all remaining shares of its Series B Preferred Stock at a redemption price of $25.00 per share, or $115.3 million, plus accrued but unpaid distributions, resulting in a preferred stock redemption charge of $7.5 million on the consolidated statement of operations for the year ended December 31, 2018. 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. Under a share repurchase plan authorized by the Board in August 2015, the Company was authorized to repurchase up to $50.0 million of its outstanding equity and debt securities. In March 2016, the Company's Board approved a new securities repurchase plan for up to $50.0 million of its outstanding securities, which replaced the August 2015 repurchase plan. During the years ended December 31, 2018 and 2017, the Company did not repurchase any shares of its common or preferred stock through this program. During the year ended December 31, 2016, the Company repurchased $9.2 million of its common stock, representing approximately 800,000 shares, and $3.1 million of its outstanding Series B Preferred Stock, representing approximately 196,000 shares. At December 31, 2018, $44.9 million remains available under this repurchase plan. At December 31, 2018, the Company had 4.8 million shares of Series C Preferred Stock outstanding, with a weighted average offering price, excluding offering costs, of $25.00.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
SHARE-BASED COMPENSATION	NOTE 12 - SHARE-BASED COMPENSATION In July 2007, the Company's shareholders approved the 2007 Omnibus Equity Compensation Plan (the "2007 Plan"). The 2007 Plan authorized the issuance of up to 500,000 shares of common stock in the form of options to purchase common stock, stock awards, performance shares and stock appreciation rights. In June 2011, the 2007 Plan was amended to: (i) increase the number of shares authorized for issuance under the 2007 Plan from 500,000 shares to 1,350,000 shares; (ii) extend the expiration of the 2007 Plan to June 2021; (iii) provide that the administrator making certain determinations after a change of control, as defined in the 2007 Plan, will be comprised of the same persons who constitute the administrator immediately before the change of control; and (iv) make other clarifying and updating amendments to the 2007 Plan. In May 2014, the 2007 Plan was amended to: (i) increase the number of shares authorized for issuance under the 2007 Plan from 1,350,000 shares to 3,275,000 shares; (ii) extend the expiration of the 2007 Plan to May 2024; and (iii) make other clarifying and updating amendments to the 2007 Plan. The following table summarizes the Company's restricted common stock transactions: Non-Employee Directors Non-Employees (1) Former Employees Total Unvested shares at January 1, 2018 34,565 419,541 28,967 483,073 Issued 30,234 209,355 — 239,589 Vested (33,193 ) (238,792 ) (23,158 ) (295,143 ) Forfeited — (4,848 ) — (4,848 ) Unvested shares at December 31, 2018 31,606 385,256 5,809 422,671 (1) Non-employees are employees of C-III or Resource America, Inc. ("Resource America"). The Company is required to value any unvested shares of restricted common stock granted to non-employees at the current market price. The fair values at grant date of the shares of restricted common stock granted to non-employees during the years ended December 31, 2018, 2017 and 2016 were $2.0 million, $2.7 million and $2.3 million, respectively. The fair values at grant date of the shares of restricted common stock issued to the Company's eight non-employee directors during the years ended December 31, 2018, 2017 and 2016 were $255,000, $325,000 and $290,000, respectively. At December 31, 2018, the total unrecognized restricted common stock expense for non-employees was $1.1 million, with a weighted average amortization period remaining of 1.8 years. At December 31, 2017, the total unrecognized restricted common stock expense for non-employees was $1.4 million, with a weighted average amortization period remaining of 2.0 years. The following table summarizes restricted common stock grants during the year ended December 31, 2018: Grant Date Shares Vesting per Year Vesting Date(s) January 18, 2018 209,355 33.3% January 18, 2019, January 18, 2020 and January 18, 2021 February 1, 2018 3,727 100% February 1, 2019 March 8, 2018 16,302 100% March 8, 2019 June 1, 2018 3,493 100% June 1, 2019 June 6, 2018 3,510 100% June 6, 2019 October 1, 2018 3,202 100% October 1, 2019 The following table summarizes the status of the Company's vested stock options at December 31, 2018: Vested Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Vested at January 1, 2018 10,000 $ 25.60 Vested — — Exercised — — Forfeited — — Expired — — Vested at December 31, 2018 10,000 $ 25.60 2.38 $ — There were no options granted during the years ended December 31, 2018 or 2017. The outstanding stock options have contractual terms of ten years and will expire in 2021. The components of equity compensation expense for the periods presented are as follows (in thousands): Years Ended December 31, 2018 2017 2016 Restricted shares granted to non-employees (1)(2) $ 2,427 $ 2,456 $ 2,758 Restricted shares granted to non-employee directors 290 282 267 Total equity compensation expense (3) $ 2,717 $ 2,738 $ 3,025 (1) Non-employees are employees of C-III or Resource America. (2) Amounts include $691,000 of equity compensation expense, for the year ended December 31, 2016, associated with the accelerated stock vesting of former executives of the Company. (3) Amounts exclude equity compensation expense for employees of Primary Capital Mortgage ("PCM"), which is included in net income (loss) from discontinued operations, net of tax on the consolidated statement of operations during the years ended December 31, 2017 and 2016. Under the Company's Third Amended and Restated Management Agreement ("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 the management fees on the consolidated statements of operations. The Manager received no incentive management fee for the years ended December 31, 2018 and 2016. The Manager earned approximately 51,300 shares as incentive compensation valued at approximately $539,000 for the year ended December 31, 2017. All equity awards, apart from incentive compensation under the Management Agreement, are discretionary in nature and subject to approval by the compensation committee of the Company's Board.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 13 - EARNINGS PER SHARE The following table presents a reconciliation of basic and diluted earnings (losses) per share for the periods presented as follows (in thousands, except share and per share amounts): Years Ended December 31, 2018 2017 2016 Net income (loss) from continuing operations $ 27,306 $ 47,457 $ (11,334 ) Net income allocated to preferred shares (12,972 ) (24,057 ) (24,091 ) Carrying value (less than) in excess of consideration paid for preferred shares (7,482 ) (3,803 ) 1,500 Net loss allocable to non-controlling interest, net of taxes — 196 229 Net income (loss) from continuing operations allocable to common shares 6,852 19,793 (33,696 ) Net income (loss) from discontinued operations, net of tax 121 (14,116 ) (19,260 ) Net income (loss) allocable to common shares $ 6,973 $ 5,677 $ (52,956 ) Net income (loss) per common share - basic Weighted average number of shares outstanding 31,198,319 30,836,400 30,539,369 Continuing operations $ 0.22 $ 0.64 $ (1.10 ) Discontinued operations — (0.46 ) (0.63 ) Net income (loss) per common share - basic $ 0.22 $ 0.18 $ (1.73 ) Net income (loss) per common share - diluted: Weighted average number of shares outstanding 31,198,319 30,836,400 30,539,369 Additional shares due to assumed conversion of dilutive instruments 184,783 239,387 — Adjusted weighted-average number of common shares outstanding 31,383,102 31,075,787 30,539,369 Continuing operations $ 0.22 $ 0.64 $ (1.10 ) Discontinued operations — (0.46 ) (0.63 ) Net income (loss) per common share - diluted $ 0.22 $ 0.18 $ (1.73 ) Potentially dilutive shares excluded from calculation due to anti-dilutive effect (1) 14,800,564 11,238,408 9,002,864 (1) Potentially dilutive shares issuable in connection with the potential conversion of the Company's 4.50% Convertible Senior Notes, 6.00% Convertible Senior Notes and 8.00% Convertible Senior Notes (see Note 10) were not included in the calculation of diluted net income (loss) per share because the effect would be anti-dilutive.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in each component of accumulated other comprehensive income (loss) for the year ended December 31, 2018 (in thousands): Net Unrealized Gain on Derivatives Net Unrealized (Loss) Gain on Investment Securities Available-for-Sale Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2018 $ 602 $ 695 $ 1,297 Other comprehensive loss before reclassifications (17 ) (4,180 ) (4,197 ) Amounts reclassified from accumulated other comprehensive income (1) (22 ) (135 ) (157 ) Balance at December 31, 2018 $ 563 $ (3,620 ) $ (3,057 ) (1) Amounts reclassified from accumulated other comprehensive income are reclassified to net realized and unrealized gain on investment securities available-for-sale and loans and derivatives on the Company's consolidated statements of operations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 15 - RELATED PARTY TRANSACTIONS Management Agreement In March 2005, the Company entered into a Management Agreement, which was last amended and restated on December 14, 2017, 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 provides 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 the base management fee was fixed at $937,500 per month for each of the 15 successive months beginning on October 1, 2017. 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), less offering-related costs, 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 as follows: (A) 20% of the amount by which the Company's core earnings (as defined in the Management Agreement) for a quarter exceeds the product of (i) the weighted average of (x) the per share book value of the Company's common shares at September 30, 2017 (subject to adjustments for certain items of income or loss on operations or gain or loss on resolutions under the Plan from October 1, 2017 through December 31, 2018) 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). • 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 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, (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, and (C) personnel principally devoted to its ancillary operating subsidiaries. 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% in 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 March 31, 2019 and the agreement provides for automatic one year renewals on such date and on each March 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 C-III and certain of its Subsidiaries Relationship with C-III and certain of its Subsidiaries. The Manager is a wholly-owned subsidiary of Resource America, which is a wholly-owned subsidiary of C-III, a leading CRE investment management and services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, zoning due diligence, investment sales and multifamily property management. C-III is indirectly controlled and partially owned by Island Capital Group LLC ("Island Capital"), of which Andrew L. Farkas, the Company's Chairman, is the managing member. Mr. Farkas is also chairman and chief executive officer of C-III. In addition, Robert C. Lieber, the Company's Chief Executive Officer, is an executive managing director of both C-III and Island Capital. Matthew J. Stern, the Company's President, is an executive managing director of both C-III and Island Capital. Jeffrey P. Cohen, who is a member of the Company's Board, is president of C-III and president of Island Capital. These officers and the Company's other executive officers are also officers of the Company's Manager, Resource America, C-III and/or affiliates of those companies. At December 31, 2018, C-III was the beneficial owner of 766,718, or 2.4%, of the Company's outstanding common shares. The Company has entered into a Management Agreement, amended and restated on December 14, 2017, with the Manager pursuant to which the Manager provides the day-to-day management of the Company's operations and receives substantial fees. For the years ended December 31, 2018, 2017 and 2016, the Manager earned base management fees of $11.3 million, $10.8 million and $12.4 million, respectively. No incentive management fees were earned for the years ended December 31, 2018 and 2016. For the year ended December 31, 2017, the Manager earned incentive management fees of $2.2 million, of which $1.6 million was paid in cash and approximately $539,000 was paid in common stock. At December 31, 2018 and 2017, $938,000 and $1.0 million, respectively, of base management fees were payable by the Company to the Manager. The Manager and its affiliates provide the Company with a Chief Financial Officer and a sufficient number of additional accounting, finance, tax and investor relations professionals. The Company reimburses the Manager's and its affiliates' expenses for (a) the wages, salaries and benefits of the Chief Financial Officer, (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, and (c) personnel principally devoted to the Company's ancillary operating subsidiaries. The Company reimburses out-of-pocket expenses and certain other costs incurred by the Manager and its affiliates that relate directly to the Company's operations. For the years ended December 31, 2018, 2017 and 2016, the Company reimbursed the Manager $5.0 million, $5.7 million and $5.0 million, respectively, for all such compensation and costs. At December 31, 2018 and 2017, the Company had payables to Resource America and its subsidiaries pursuant to the Management Agreement totaling approximately $333,000 and $629,000, respectively. The Company's base management fee payable and expense reimbursements payable are recorded in management fee payable and accounts payable and other liabilities on the consolidated balance sheets, respectively. At December 31, 2018, the Company retained equity in five securitizations that were structured for the Company by the Manager, although three of the securitizations were substantially liquidated as of December 31, 2018. Under the Management Agreement, the Manager was not separately compensated by the Company for executing these transactions and is not separately compensated for managing the securitizations entities and their assets. In May 2016, the Company entered into a letter agreement with Resource America pursuant to which the Company irrevocably waived its right to terminate the second amended and restated management agreement as a result of a "Change of Control" (as defined in the Management Agreement) resulting from the acquisition of Resource America by C-III. Upon consummation of that acquisition, Resource America paid a $1.5 million fee to the Company for the waiver, which was recorded in other income (expense) on the consolidated statements of operations for the year ended December 31, 2016. Relationship with Resource Real Estate, LLC. Resource Real Estate, LLC ("Resource Real Estate"), an indirect wholly-owned subsidiary of Resource America and C-III, originates, finances and manages the Company's CRE loan portfolio. The Company reimburses Resource Real Estate for loan origination costs associated with all loans originated. At December 31, 2018 and 2017, the Company had net receivables from Resource Real Estate for loan deposits of $26,000 and $185,000, respectively. Resource Real Estate served as special servicer for the following liquidated real estate securitization transactions, which provided financing for CRE loans: (i) Resource Capital Corp. CRE Notes 2013, Ltd. ("RCC CRE Notes 2013"), a $307.8 million securitization that closed in December 2013 and liquidated in December 2016; (ii) RCC 2014-CRE2, a $353.9 million securitization that closed in July 2014 and liquidated in August 2017; (iii) RCC 2015-CRE3, a $346.2 million securitization that closed in February 2015 and liquidated in August 2018; and (iv) RCC 2015-CRE4, a $312.9 million securitization that closed in August 2015 and liquidated in July 2018. Resource Real Estate serves as special servicer for RCC 2017-CRE5, a $376.7 million securitization that closed in July 2017. With respect to each specialty service mortgage loan, Resource Real Estate receives a special servicing fee, payable monthly and on an asset-by-asset basis, equal to the product of (a) the special servicing fee rate, 0.25% per annum, multiplied by (b) the outstanding principal balance of such specially serviced mortgage loan. Resource Real Estate did not earn any special servicing fees during the years ended December 31, 2018, 2017 and 2016. Relationship with C3AM and C-III Commercial Mortgage LLC. C3AM serves as the primary servicer for RCC 2017-CRE5 and XAN 2018-RSO6, a $514.2 million securitization that closed in June 2018, and receives a servicing fee, payable monthly and on an asset-by-asset basis, equal to the product of (a) the servicing fee rate, 0.05% per annum, multiplied by (b) the outstanding principal balance of each mortgage loan. C3AM serves as special servicer for C40 and XAN 2018-RSO6, under which it receives a special servicing fee equal to the product of (a) the special servicing fee rate, 0.25% per annum, multiplied by (b) the outstanding principal balance of such specially serviced mortgage loan. During the years ended December 31, 2018 and 2017, C3AM earned approximately $321,000 and $96,000, respectively. C3AM earned no servicing fees during the year ended December 31, 2016. The Company had payables to C3AM of approximately $26,000 and $14,000 at December 31, 2018 and 2017, respectively. In October 2017, C-III Commercial Mortgage LLC contributed loans to collateralize C40, amounting to 10.2% of the total collateral pool value to the securitization.

DISTRIBUTIONS

DISTRIBUTIONS	12 Months Ended
	Dec. 31, 2018
Distributions [Abstract]
DISTRIBUTIONS	NOTE 16 - DISTRIBUTIONS For the years ended December 31, 2018, 2017 and 2016, the Company declared and subsequently paid dividends of $0.475, $0.20 and $1.31 per common share, respectively. 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), 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 2019 dividends will be determined by the Company's Board, which will also consider the composition of any dividends declared, including the option of paying a portion in cash and the balance in additional shares of common stock. The following tables present dividends declared (on a per share basis) for the years ended December 31, 2018, 2017 and 2016 and for the period from January 1, 2018 through March 26, 2018 with respect to the Company's Series B Preferred Stock: Common Stock Date Paid Total Dividend Paid Dividend Per Share (in thousands) 2018 March 31 April 27 $ 1,584 $ 0.05 June 30 July 27 $ 3,165 $ 0.10 September 30 October 26 $ 4,749 $ 0.15 December 31 January 25, 2019 $ 5,540 $ 0.175 2017 March 31 April 27 $ 1,568 $ 0.05 June 30 July 28 $ 1,567 $ 0.05 September 30 October 27 $ 1,566 $ 0.05 December 31 January 26, 2018 $ 1,572 $ 0.05 2016 March 31 April 28 $ 13,073 $ 0.42 June 30 July 28 $ 13,051 $ 0.42 September 30 October 28 $ 13,012 $ 0.42 December 31 January 27, 2017 $ 1,550 $ 0.05 Series A Preferred Stock Series B Preferred Stock Series C Preferred Stock Date Paid Total Dividend Paid Dividend Per Share Date Paid Total Dividend Paid Dividend Per Share Date Paid Total Dividend Paid Dividend Per Share (in thousands) (in thousands) (in thousands) 2018 March 26 N/A N/A N/A March 26 $ 1,480 $ 0.32083 N/A N/A N/A March 31 N/A N/A N/A N/A N/A N/A April 30 $ 2,588 $ 0.539063 June 30 N/A N/A N/A N/A N/A N/A July 30 $ 2,588 $ 0.539063 September 30 N/A N/A N/A N/A N/A N/A October 30 $ 2,588 $ 0.539063 December 31 N/A N/A N/A N/A N/A N/A January 30, 2019 $ 2,588 $ 0.539063 2017 March 31 May 1 $ 568 $ 0.531250 May 1 $ 2,859 $ 0.515625 May 1 $ 2,588 $ 0.539063 June 30 July 31 $ 568 $ 0.531250 July 31 $ 2,859 $ 0.515625 July 31 $ 2,588 $ 0.539063 September 30 October 30 $ 568 $ 0.531250 October 30 $ 2,859 $ 0.515625 October 30 $ 2,588 $ 0.539063 December 31 January 30, 2018 $ 568 $ 0.531250 January 30, 2018 $ 2,859 $ 0.515625 January 30, 2018 $ 2,588 $ 0.539063 2016 March 31 May 2 $ 568 $ 0.531250 May 2 $ 2,859 $ 0.515625 May 2 $ 2,588 $ 0.539063 June 30 August 1 $ 568 $ 0.531250 August 1 $ 2,859 $ 0.515625 August 1 $ 2,588 $ 0.539063 September 30 October 31 $ 568 $ 0.531250 October 31 $ 2,859 $ 0.515625 October 31 $ 2,588 $ 0.539063 December 31 January 30, 2017 $ 568 $ 0.531250 January 30, 2017 $ 2,859 $ 0.515625 January 30, 2017 $ 2,588 $ 0.539063

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 17 - FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the Company's financial instruments carried at fair value on a recurring basis based upon the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Total At December 31, 2018: Assets: Investment securities available-for-sale $ — $ — $ 418,998 $ 418,998 Derivatives — 985 — 985 Total assets at fair value $ — $ 985 $ 418,998 $ 419,983 Liabilities: Derivatives $ — $ 1,043 $ — $ 1,043 Total liabilities at fair value $ — $ 1,043 $ — $ 1,043 At December 31, 2017: Assets: Investment securities available-for-sale $ — $ — $ 211,737 $ 211,737 Derivatives — 602 — 602 Total assets at fair value $ — $ 602 $ 211,737 $ 212,339 Liabilities: Derivatives $ — $ 76 $ — $ 76 Total liabilities at fair value $ — $ 76 $ — $ 76 In accordance with guidance on fair value measurements and disclosures, the Company is not required to disclose quantitative information with respect to unobservable inputs contained in fair value measurements that are not developed by the Company. As a consequence, the Company has not disclosed such information associated with fair values obtained for investment securities available-for-sale and derivatives from third-party pricing sources. The following table presents additional information about the Company's assets that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs (in thousands): CMBS ABS Total Balance, January 1, 2018 $ 211,579 $ 158 $ 211,737 Included in earnings 2,360 (217 ) 2,143 Purchases 242,342 — 242,342 Sales (12,028 ) (48 ) (12,076 ) Paydowns (20,862 ) — (20,862 ) Capitalized interest — 7 7 Included in OCI (4,393 ) 100 (4,293 ) Balance, December 31, 2018 $ 418,998 $ — $ 418,998 The Company reclassified investment securities, trading and loans held for sale, measured at fair value utilizing Level 3 inputs, into other assets on its consolidated balance sheets that did not have any balances at December 31, 2018 and had balances of $178,000 and $13,000, respectively, at December 31, 2017. The following table summarizes the Company's financial instruments measured at fair value on a nonrecurring basis based upon the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Total At December 31, 2018: Assets: Legacy CRE loans held for sale $ — $ — $ 17,000 $ 17,000 Total assets at fair value $ — $ — $ 17,000 $ 17,000 Liabilities: Pearlmark Mezz indemnification $ — $ — $ 703 $ 703 Total liabilities at fair value $ — $ — $ 703 $ 703 At December 31, 2017: Assets: Legacy CRE loans held for sale $ — $ — $ 22,500 $ 22,500 Impaired loans — — 4,500 $ 4,500 Total assets at fair value $ — $ — $ 27,000 $ 27,000 Liabilities: Pearlmark Mezz indemnification $ — $ — $ 703 $ 703 Total liabilities at fair value $ — $ — $ 703 $ 703 Legacy CRE loans are measured at the lower of cost or fair value on a nonrecurring basis. To determine fair value of the legacy CRE loans, the Company primarily uses appraisals obtained from third-parties as a practical expedient. 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. During the years ended December 31, 2018 and 2017, losses of $7.2 million and $1.9 million, respectively, were recorded on one legacy CRE loan, which included protective advances to cover borrower operating losses of $1.7 million and $442,000, respectively, to adjust the loan to its adjusted appraised value, less estimated costs to repair the underlying collateral. There were no nonrecurring fair value losses on loans held for sale during the year ended December 31, 2016. The overall capitalization rate used in the updated analysis was 8.14% and 8.00% at December 31, 2018 and 2017, respectively. Impaired loans consist of CRE loans for which an impairment analysis was conducted on a quarterly basis. For the Company's CRE loans for which there is no primary market, fair value may be determined based on the present value of estimated cash flows; or market price, if available; or on the fair value of the collateral less estimated disposition costs; and these loans are classified as Level 3. The capitalization and discount rates used in the appraisal of the underlying asset of the impaired loan were 9.00% and 11.00%, respectively, at December 31, 2017. There were no impaired loans at December 31, 2018. There were no nonrecurring fair value losses for specifically impaired loans for the years ended December 31, 2018 and 2017. For the year ended December 31, 2016, there was $18.3 million of nonrecurring fair value losses for specifically impaired loans. The Company's Pearlmark Mezz indemnification, classified as Level 3, was valued by a third-party valuation service. 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 investment securities available-for-sale are reported in Note 8. The fair values of the Company's derivative instruments are reported in Note 18. 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. Fair values of loans with variable interest rates are expected to approximate fair value. Fair values of loans with fixed rates are calculated using the net present values of future cash flows, discounted at market rates. The Company's CRE loans have variable interest rates from 5.08% to 8.63% and 5.06% to 7.63% at December 31, 2018 and 2017, respectively. The fair value of the Company's mezzanine loan is measured by discounting the expected cash flows using the future expected coupon rate. The Company's mezzanine loan is discounted at a rate of 10.63%. The fair value of the Company's preferred equity investment is measured by discounting the expected cash flows using the future expected coupon rates. The Company's preferred equity investment is discounted at a rate of 12.78%. Senior notes in CRE securitizations are valued using dealer quotes, typically sourced from the dealer who underwrote the applicable CRE securitization. The fair values of the junior subordinated notes RCT I and RCT II are estimated by using a discounted cash flow model with discount rates of 11.34% and 11.34%, respectively. The fair value of the convertible notes is determined using a discounted cash flow model that discounts the expected future cash flows using current interest rates on similar debts that do not have a conversion option. The 8.00% Convertible Senior Notes are discounted at a rate of 4.92% and the 4.50% Convertible Senior Notes are discounted at a rate of 7.17%. Repurchase agreements are variable rate debt instruments indexed to LIBOR that reset periodically and, as a result, their carrying value approximates their fair value, excluding deferred debt issuance costs. The fair values of the Company's remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported in the following table (in thousands): Fair Value Measurements Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At December 31, 2018: Assets: CRE whole loans held for investment $ 1,527,712 $ 1,538,759 $ — $ — $ 1,538,759 CRE mezzanine loan $ 4,700 $ 4,700 $ — $ — $ 4,700 CRE preferred equity investment $ 19,555 $ 19,718 $ — $ — $ 19,718 Legacy CRE loans held for sale $ 17,000 $ 17,000 $ — $ — $ 17,000 Liabilities: Senior notes in CRE securitizations $ 501,045 $ 498,897 $ — $ — $ 498,897 Junior subordinated notes $ 51,548 $ 27,800 $ — $ — $ 27,800 Convertible senior notes $ 151,190 $ 164,932 $ — $ — $ 164,932 Repurchase agreements $ 850,440 $ 855,783 $ — $ — $ 855,783 At December 31, 2017: Assets: CRE whole loans held for investment $ 1,284,822 $ 1,294,664 $ — $ — $ 1,294,664 Legacy CRE loans held for sale $ 61,841 $ 62,841 $ — $ — $ 62,841 Liabilities: Senior notes in CRE securitizations $ 416,655 $ 420,084 $ — $ — $ 420,084 Junior subordinated notes $ 51,548 $ 26,574 $ — $ — $ 26,574 Convertible senior notes $ 217,365 $ 235,385 $ — $ — $ 235,385 Repurchase agreements $ 477,917 $ 479,383 $ — $ — $ 479,383

MARKET RISK AND DERIVATIVE INST

MARKET RISK AND DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
MARKET RISK AND DERIVATIVE INSTRUMENTS	NOTE 18 - 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 uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risk managed by the Company through the use of derivative instruments is interest rate risk. The Company may hold various derivatives in the ordinary course of business, including 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. A significant market risk to the Company is interest rate risk. Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond the Company's control. Changes in the general level of interest rates can affect net interest income, which is the difference between the interest income earned on interest-earning assets and the interest expense incurred in connection with the interest-bearing liabilities. Changes in the level of interest rates also can affect the value of the Company's interest-earning assets and the Company's ability to realize gains from the sale of these assets. A decline in the value of the Company's interest-earning assets pledged as collateral for borrowings could result in the counterparties demanding additional collateral pledges or liquidation of some of the existing collateral to reduce borrowing levels. 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 seeks to mitigate the potential impact on net income (loss) of adverse fluctuations in interest rates incurred on its borrowings by entering into hedging agreements. The Company classifies its interest rate risk hedges 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 records changes in fair value of derivatives designated and effective as cash flow hedges in accumulated other comprehensive income, and records changes in fair value of derivatives designated and ineffective as cash flow hedges in earnings. At December 31, 2018 and 2017, the Company had 16 and seven, respectively, interest rate swap contracts outstanding whereby the Company paid a weighted average fixed rate of 2.54% and 2.08%, respectively, and received a variable rate equal to one-month LIBOR. The aggregate notional amount of these contracts was $81.1 million and $41.8 million at December 31, 2018 and 2017, respectively. The counterparty for the Company's designated interest rate hedge contracts at December 31, 2018 and 2017 was Wells Fargo. At December 31, 2018 and 2017, the estimated fair value of the Company's assets related to interest rate swaps was $985,000 and $602,000, respectively. At December 31, 2018, the estimated fair value of the Company's liabilities related to interest rate swaps was $1.0 million. The Company had no interest rate swaps in a liability position at December 31, 2017. The Company had aggregate unrealized gains of $563,000 and $602,000 on the interest rate swaps at December 31, 2018 and 2017, respectively, which were recorded in accumulated other comprehensive income on the consolidated balance sheets. At December 31, 2018, the Company had an unrealized gain of $621,000 attributable to two terminated interest rate swaps in accumulated other comprehensive income on the consolidated balance sheets, to be amortized into earnings over the remaining life of the remaining debt. The Company recognized interest expense of $22,000 into earnings during the year ended December 31, 2018. In April 2016, an interest rate swap contract was terminated at the Company's request, resulting in an unrealized loss that was amortized into interest expense over the remaining life of the swap term. The Company recognized interest expense of $18,000 and $54,000 during the years ended December 31, 2017 and 2016, respectively, to fully amortize the accumulated other comprehensive loss on the terminated swap agreement. During the years ended December 31, 2008, 2007 and 2006, the Company terminated 18 interest rate swaps. During the year ended December 31, 2016, the Company recognized expense of $39,000 into earnings related to the amortization of gains and losses on the 18 terminated swap contracts. These contracts were fully amortized at December 31, 2016. The Company had a master netting agreement with Wells Fargo at December 31, 2018. Regulations promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 mandate that the Company clear certain new interest rate swap transactions through a central counterparty. Transactions that are centrally cleared result in the Company facing a clearing house, rather than a swap dealer, as counterparty. Central clearing requires the Company to post collateral in the form of initial and variation margin to satisfy potential future obligations. At December 31, 2018 and 2017, the Company had centrally cleared interest rate swap contracts with a fair value in an asset position of $985,000 and $602,000, respectively. At December 31, 2018, the Company had centrally cleared interest rate swap contracts with a fair value in a liability position of $1.0 million. There were no centrally cleared interest rate swap contracts with a fair value in a liability position at December 31, 2017. The following tables present the fair values of the Company's derivative instruments on the Company's consolidated balance sheets at December 31, 2018 and 2017 and the related effect of the derivative instruments on the consolidated statements of operations during the years ended December 31, 2018, 2017 and 2016: Fair Value of Derivative Instruments (in thousands) Asset Derivatives At December 31, 2018 Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts, hedging (1) $ 31,725 Derivatives, at fair value $ 985 Liability Derivatives Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts, hedging (1) $ 49,326 Derivatives, at fair value $ 1,043 Interest rate swap contracts, hedging $ 81,051 Accumulated other comprehensive income $ 563 Asset Derivatives At December 31, 2017 Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts, hedging (1) $ 41,750 Derivatives, at fair value $ 602 Liability Derivatives Notional Amount Consolidated Balance Sheets Location Fair Value Forward contracts - foreign currency, hedging (2)(3) $ 3,602 Derivatives, at fair value $ 76 Interest rate swap contracts, hedging $ 41,750 Accumulated other comprehensive income $ 602 (1) Interest rate swap contracts are accounted for as cash flow hedges. (2) Foreign currency forward contracts are accounted for as fair value hedges. (3) Notional amount presented is translated on a currency converted basis. The base currency notional amount of the Company's foreign currency hedging forward contracts in a liability position was €3.0 million at December 31, 2017. The Effect of Derivative Instruments on the Consolidated Statements of Operations (in thousands) Derivatives Year Ended December 31, 2018 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ (169 ) Derivatives Year Ended December 31, 2017 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ (130 ) Forward contracts - foreign currency, hedging Net realized and unrealized gain (loss) on investment securities available-for-sale and loans and derivatives $ (1,896 ) Derivatives Year Ended December 31, 2016 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ (119 ) Forward contracts - foreign currency, hedging Net realized and unrealized gain (loss) on investment securities available-for-sale and loans and derivatives $ 764 (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
	Dec. 31, 2018
Offsetting [Abstract]
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES	NOTE 19 - OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES The following table presents a summary of the Company's offsetting of derivative assets (in thousands, except amounts in the footnote): (i) Gross Amounts (ii) Gross Amounts Offset on the (iii) = (i) - (ii) Net Amounts of Assets Presented on the (iv) Gross Amounts Not Offset on the Consolidated Balance Sheets of Recognized Assets Consolidated Balance Sheets Consolidated Balance Sheets Financial Instruments Cash Collateral Pledged (v) = (iii) - (iv) Net Amount At December 31, 2018: Derivatives, at fair value $ 985 $ — $ 985 $ — $ — $ 985 At December 31, 2017: Derivatives, at fair value (1) $ 602 $ — $ 602 $ — $ — $ 602 (1) The Company posted cash margin of $1.9 million related to interest rate swap contracts outstanding at December 31, 2017. The following table presents a summary of the Company's offsetting of financial liabilities and derivative liabilities (in thousands, except amounts in footnotes): (i) Gross Amounts (ii) Gross Amounts Offset on the (iii) = (i) - (ii) Net Amounts of Liabilities Presented on the (iv) Gross Amounts Not Offset on the Consolidated Balance Sheets of Recognized Liabilities Consolidated Balance Sheets Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Pledged (v) = (iii) - (iv) Net Amount At December 31, 2018: Derivatives, at fair value (2) $ 1,043 $ — $ 1,043 $ — $ 1,043 $ — Repurchase agreements and term facilities (3) 850,440 — 850,440 850,440 — — Total $ 851,483 $ — $ 851,483 $ 850,440 $ 1,043 $ — At December 31, 2017: Derivatives, at fair value $ 76 $ — $ 76 $ — $ — $ 76 Repurchase agreements and term facilities (3) 477,917 — 477,917 477,917 — — Total $ 477,993 $ — $ 477,993 $ 477,917 $ — $ 76 (1) Amounts represent financial instruments pledged that are available to be offset against liability balances associated with term facilities, repurchase agreements and derivatives. (2) The Company posted cash margin of $2.3 million related to interest rate swap contracts outstanding at December 31, 2018. (3) The combined fair value of securities and loans pledged against the Company's various repurchase agreements and term facilities was $1.2 billion and $816.1 million at December 31, 2018 and 2017, respectively. All balances associated with repurchase agreements and derivatives are presented on a gross basis on the Company's consolidated balance sheets. Certain of the Company's repurchase agreements and derivative transactions 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
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 20 - INCOME TAXES The following table details the components of income taxes (in thousands): Years Ended December 31, 2018 2017 2016 Income tax (benefit) expense: Current: Federal $ — $ 994 $ 1,733 State (316 ) 856 966 Total current (316 ) 1,850 2,699 Deferred: Federal (27 ) 3,475 6,707 State — 1,288 1,586 Total deferred (27 ) 4,763 8,293 Total $ (343 ) $ 6,613 $ 10,992 A reconciliation of the income tax expense (benefit) based upon the statutory tax rate to the effective income tax rate is as follows for the years presented (in thousands): Years Ended December 31, 2018 2017 2016 Income tax (benefit) expense: Statutory tax $ (220 ) $ 9,301 $ (1,103 ) State and local taxes, net of federal benefit (1,007 ) 1,415 1,005 Permanent adjustments (3 ) 37 — True-up of prior period tax expense (4 ) (2,010 ) (256 ) Valuation allowance 5,348 (2,203 ) 11,294 Tax reform — 4,918 — Tax reform - valuation allowance — (4,918 ) — Discontinued operations adjustment (4,344 ) — — Other items (113 ) 73 52 Total $ (343 ) $ 6,613 $ 10,992 The components of deferred tax assets and liabilities are as follows (in thousands): December 31, 2018 2017 Deferred tax assets related to: Federal, state and local loss carryforwards $ 9,847 $ 2,261 Accrued expenses 106 393 Charitable contribution carryforward 13 — Amortization of intangibles 406 416 Unrealized gains 1,721 1,702 Partnership investment 3,385 5,301 Total deferred tax assets 15,478 10,073 Valuation allowance (15,285 ) (9,927 ) Total deferred tax assets, net of valuation allowance $ 193 $ 146 Deferred tax liabilities related to: Investment in securities $ (193 ) $ (89 ) Depreciation — (57 ) Total deferred tax liabilities $ (193 ) $ (146 ) Deferred tax assets, net $ — $ — At December 31, 2018 and 2017, excluding discontinued operations, the Company had $33.4 million and $4.8 million, respectively, of gross federal and $3.6 million and $1.6 million, respectively, of gross state and local net operating tax loss carryforwards, or $37.0 million and $6.4 million, respectively, (deferred tax asset of $9.8 million and $2.3 million, respectively) in total. 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, 2018 and 2017. Therefore, a gross valuation allowance of $58.4 million and $37.0 million (tax effected expense of $15.3 million and $9.9 million) has been recorded against the deferred tax asset at December 31, 2018 and 2017, 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 2016, and is subject to examination by state and local jurisdictions for calendar years including and subsequent to 2014.

QUARTERLY RESULTS

QUARTERLY RESULTS	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY RESULTS	NOTE 21 - 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, 2018: Interest income (1) $ 25,957 $ 29,660 $ 31,836 $ 35,326 Interest expense (1) 14,384 16,159 17,322 19,751 Net interest income $ 11,573 $ 13,501 $ 14,514 $ 15,575 Net (loss) income from continuing operations $ (137 ) $ 9,189 $ 8,260 $ 9,994 Net income (loss) from discontinued operations 247 (450 ) 364 (40 ) Net income 110 8,739 8,624 9,954 Net income allocated to preferred shares (5,210 ) (2,587 ) (2,588 ) (2,587 ) Carrying value less than consideration paid for preferred shares (7,482 ) — — — Net (loss) income allocable to common shares $ (12,582 ) $ 6,152 $ 6,036 $ 7,367 Net (loss) income per common share from continuing operations - basic $ (0.41 ) $ 0.21 $ 0.18 $ 0.24 Net income (loss) per common share from discontinued operations - basic 0.01 (0.01 ) 0.01 — Total net (loss) income per common share - basic $ (0.40 ) $ 0.20 $ 0.19 $ 0.24 Net (loss) income per common share from continuing operations - diluted $ (0.41 ) $ 0.21 $ 0.18 $ 0.23 Net income (loss) per common share from discontinued operations - diluted 0.01 (0.01 ) 0.01 — Total net (loss) income per common share - diluted $ (0.40 ) $ 0.20 $ 0.19 $ 0.23 March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) (in thousands, except per share data) Year Ended December 31, 2017: Interest income (1) $ 25,471 $ 23,635 $ 23,983 $ 26,229 Interest expense (1) 14,254 14,347 13,853 15,203 Net interest income $ 11,217 $ 9,288 $ 10,130 $ 11,026 Net income from continuing operations $ 9,174 $ 12,568 $ 24,745 $ 970 Net loss from discontinued operations (561 ) (4,184 ) (6,087 ) (3,284 ) Net income (loss) 8,613 8,384 18,658 (2,314 ) Net income allocated to preferred shares (6,014 ) (6,015 ) (6,014 ) (6,014 ) Carrying value in excess of consideration paid for preferred shares — — — (3,803 ) Net loss allocable to non-controlling interest, net of taxes 101 95 — — Net income (loss) allocable to common shares $ 2,700 $ 2,464 $ 12,644 $ (12,131 ) Net income (loss) per common share from continuing operations - basic $ 0.11 $ 0.22 $ 0.61 $ (0.28 ) Net loss per common share from discontinued operations - basic (0.02 ) (0.14 ) (0.20 ) (0.11 ) Total net income (loss) per common share - basic $ 0.09 $ 0.08 $ 0.41 $ (0.39 ) Net income (loss) per common share from continuing operations - diluted $ 0.11 $ 0.22 $ 0.61 $ (0.28 ) Net loss per common share from discontinued operations - diluted (0.02 ) (0.14 ) (0.20 ) (0.11 ) Total net income (loss) per common share - diluted $ 0.09 $ 0.08 $ 0.41 $ (0.39 ) (1) Certain reclassifications have been made to the 2018 and 2017 consolidated financial statements, including the impact of discontinued operations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 22 - 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, 2018. Open Litigation Matters Six separate shareholder derivative suits (the "New York State Actions") purporting to assert claims on behalf of the Company were filed in the Supreme Court of New York on the following dates: December 2015 (the "Reaves Action"), February 2017 (the "Caito Action"), March 2017 (the "Simpson Action"), March 2017 (the "Heckel Action"), May 2017 (the "Schwartz Action") and August 2017 (the "Greff Action"). Plaintiffs in the Schwartz Action and Greff Action made demands on the Company's Board before filing suit, but plaintiffs in the Reaves Action, Caito Action, Simpson Action and Heckel Action did not. All of the shareholder derivative suits are substantially similar and allege that certain of the Company's current and former officers and directors breached their fiduciary duties, wasted corporate assets and/or were unjustly enriched. Certain complaints assert additional claims against the Manager and Resource America for unjust enrichment based on allegations that the Manager received excessive management fees from the Company. In June 2017, the Court stayed the Reaves Action, Caito Action, Simpson Action and Heckel Action in favor of the federal shareholder derivative litigation described below. The Company's time to respond to the complaints in the Schwartz Action and Greff Action is presently stayed by stipulation of the parties. The Company believes that the plaintiffs in each of the New York State Actions lack standing to assert claims derivatively on its behalf, and it intends to seek the dismissal of any New York State Action as to which the stay is lifted. Four separate shareholder derivative suits purporting to assert claims on behalf of the Company were filed in the United States District Court for the Southern District of New York (the "Court") on the following dates by shareholders who declined to make a demand on the Board prior to filing suit: January 2017 (the "Greenberg Action"), January 2017 (the "Canoles Action"), January 2017 (the "DeCaro Action") and April 2017 (the "Gehan Action"). In May 2017, the Court consolidated the Greenberg Action, Canoles Action, DeCaro Action and Gehan Action as the "Federal Demand Futile Actions" and, in July 2017, appointed lead counsel and directed that a consolidated complaint be filed. Following consolidation, the plaintiffs in the Canoles Action and Gehan Action voluntarily dismissed their suits. The consolidated complaint in the Federal Demand Futile Actions, filed in August 2017, alleged claims for breach of fiduciary duty, corporate waste, unjust enrichment, and violations of Section 14(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In April 2018, the consolidated complaint in the Federal Demand Futile Actions was dismissed the plaintiffs thereafter filed an appeal. Three additional shareholder derivative suits purporting to assert claims on behalf of the Company were filed in the Court on the following dates by shareholders who served demands on the Board to bring litigation and allege that their demands were wrongfully refused: February 2017 (the "McKinney Action"), March 2017 (the "Sherek/Speigel Action") and April 2017 (the "Sebenoler Action"). In May 2017, the Court consolidated the McKinney Action, Sherek/Speigel Action and Sebenoler Action as the "Federal Demand Refused Actions." A consolidated complaint was filed on June 30, 2017, alleging claims for breach of fiduciary duty, unjust enrichment, and violations of Section 14(a) of the Exchange Act. The consolidated complaint in the Federal Demand Refused Actions was dismissed in February 2018 but the plaintiffs thereafter filed an appeal. In November 2018, following participation in a mediation program ordered by the appellate court, the parties to the Federal Demand Futile Actions and Federal Demand Refused Actions (collectively, the "Federal Actions") reached an agreement, in principle, to settle the Federal Actions, subject to a variety of terms and conditions including the execution of a settlement agreement and Court approval. Thereafter, in January 2019, the parties to the Federal Actions executed a stipulation and agreement of settlement (the "Settlement Agreement"). On March 7, 2019, the Court granted the parties' motion for an indicative ruling, holding that if the Federal Actions are remanded by the appellate court back to the district court, the Court would grant preliminary approval of the Settlement Agreement. It is expected that the Federal Actions will be remanded, and the Court will conduct settlement approval proceedings. Under the Settlement Agreement, if approved by the Court, the Company would implement certain corporate governance changes and pay $550,000 in plaintiffs' attorneys' fees to be funded by the Company's insurers and the defendants would receive a release from liability for certain claims, including all claims asserted in the Federal Actions. Among other terms and conditions, the Settlement Agreement provides that the defendants deny any and all allegations of wrongdoing and maintain that they have acted lawfully and in accordance with their fiduciary duties at all times. The Settlement Agreement further provides that the judgments dismissing the Federal Actions shall remain valid and binding unless reversed by an appellate court. In August 2017, Robert Canoles filed a shareholder derivative suit in Maryland Circuit Court against certain of the Company's current and former officers and directors, as well as the Manager and Resource America (the "Canoles Action"). Mr. Canoles had previously filed his suit in the Court, but voluntarily dismissed that action after the Court declined to appoint his counsel as lead counsel in the Federal Demand Futile Actions. The complaint in the Canoles Action, as amended in October 2017, asserts a variety of claims, including claims for breach of fiduciary duty, unjust enrichment and corporate waste, which are based on allegations substantially similar to those at issue in the Federal Demand Futile Actions. The Canoles Action was stayed by the Maryland Circuit Court in favor of the federal shareholder litigation described above. The Company believes that Canoles lacks standing to assert claims derivatively on its behalf. In the event that the stay is lifted, the Company intends to seek the dismissal of the Canoles Action on that basis if the stay is lifted. In September 2017, Michael Hafkey filed a shareholder derivative suit in the United States District Court for the District of Maryland against certain of the Company's former officers and directors and the Manager (the "Hafkey Action"). The complaint asserts a breach of fiduciary duty claim that is substantially similar to the claims at issue in the Federal Demand Refused Actions. Mr. Hafkey previously made a demand on the Board to investigate this claim, which was ultimately denied. The Hafkey Action was stayed by the Maryland District Court in favor of the Federal Actions described above. The Company believes that Hafkey lacks standing to assert claims derivatively on its behalf. In the event that the stay is lifted, the Company intends to seek the dismissal of the Hafkey Action. In April 2018, the Company funded $2.0 million into escrow in connection with the proposed settlement of outstanding litigation, which was settled in August 2018. The Company did not have any general litigation reserve at December 31, 2018, and it had a $2.2 million general litigation reserve, including estimated legal costs, at December 31, 2017. PCM is subject to litigation related to claims for repurchases or indemnifications on loans that PCM has sold to third parties. At December 31, 2018, no such litigation demand was outstanding. At December 31, 2017, such litigation demands totaled approximately $6.5 million. Reserves for such litigation demands are included in the reserve for mortgage repurchases and indemnifications that totaled $1.7 million and $5.7 million at December 31, 2018 and 2017, respectively. The reserves for mortgage repurchases and indemnifications are included in liabilities held for sale on the consolidated balance sheets. Settled Litigation Matters PCM was the subject of a lawsuit brought by a purchaser of residential mortgage loans alleging breaches of representations and warranties made on loans sold to the purchaser. The asserted repurchase claims related to loans sold to the purchaser that were subsequently sold by the purchaser to either the Federal National Mortgage Association or Federal Home Loan Mortgage Corporation and loans sold to the purchaser that were subsequently securitized and sold as RMBS by the purchaser to RMBS investors. This matter was settled on January 8, 2018. The Company previously disclosed a securities litigation against the Company and certain of its current and former officers and directors titled Levin v. Resource Capital Corp. Other Contingencies In May 2017, the Company received proceeds of $16.2 million from the sale of its equity interest in Pearlmark Mezz, an unconsolidated entity. As part of the sale of Pearlmark Mezz, the Company entered into an indemnification agreement pursuant to which the Company agreed to indemnify the purchaser against realized losses of up to $4.3 million on one mezzanine loan until its final maturity date in 2020. At December 31, 2018, the Company had a contingent liability, reported in accounts payable and other liabilities on its consolidated balance sheets, of $703,000 outstanding as a reserve for probable indemnification losses. The Company did not record any additional reserve for probable losses during the year ended December 31, 2018. PCM is subject to additional claims for repurchases or indemnifications on loans that PCM has sold to investors. At December 31, 2018 and 2017, outstanding demands for indemnification, repurchase or make whole payments totaled $3.3 million and $3.3 million, respectively. The Company's estimated exposure for such outstanding claims, as well as unasserted claims, is included in its reserve for mortgage repurchases and indemnifications. 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 $108.1 million and $84.1 million in unfunded loan commitments at December 31, 2018 and 2017, respectively.

DISCONTINUED OPERATIONS AND ASS

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE	12 Months Ended
	Dec. 31, 2018
Discontinued Operations And Disposal Groups [Abstract]
DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE	NOTE 23 - DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE In November 2016, the Company received approval from its Board to execute the Plan to focus its strategy on CRE debt investments. The Plan contemplated disposing of certain legacy CRE loans and exiting underperforming non-core asset classes. Non-real estate businesses identified for sale were the residential mortgage and middle market lending segments as well as the Company's life settlement policy portfolio, Life Care Funding, LLC ("LCF"). The Company reclassified the operating results of the residential mortgage and middle market lending segments as discontinued operations and excluded from continuing operations for all periods presented. In addition, the Company transferred the assets and liabilities of LCF and non-performing legacy CRE loans to held for sale in the fourth quarter of 2016. As of December 31, 2018, the Company has disposed of substantially all of the non-CRE businesses identified for sale. The following table summarizes the operating results of the residential mortgage and middle market lending segments' discontinued operations as reported separately as net income (loss) from discontinued operations, net of tax for the years ended December 31, 2018, 2017 and 2016 (in thousands): Years Ended December 31, 2018 2017 2016 REVENUES Interest income: Loans $ 580 $ 3,319 $ 25,325 Other 13 107 50 Total interest income 593 3,426 25,375 Interest expense — — 6,181 Net interest income 593 3,426 19,194 Gain on sale of residential mortgage loans 337 2,833 19,061 Fee income 70 3,507 1,221 Total revenues 1,000 9,766 39,476 OPERATING EXPENSES Equity compensation — 433 939 General and administrative 1,300 23,717 30,570 Depreciation and amortization — — 563 Provision for loan loss — — 12,989 Total operating expenses 1,300 24,150 45,061 (300 ) (14,384 ) (5,585 ) OTHER INCOME (EXPENSE) Net realized and unrealized gain (loss) on investment securities available-for-sale and loans and derivatives 421 145 (11,850 ) Fair value adjustments on financial assets held for sale — 123 — Total other income (expense) 421 268 (11,850 ) INCOME (LOSS) FROM DISCONTINUED OPERATIONS BEFORE TAXES 121 (14,116 ) (17,435 ) Income tax expense — — — NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAXES 121 (14,116 ) (17,435 ) Loss from disposal of discontinued operations — — (1,825 ) TOTAL INCOME (LOSS) FROM DISCONTINUED OPERATIONS $ 121 $ (14,116 ) $ (19,260 ) The assets and liabilities of business segments classified as discontinued operations and other assets and liabilities classified as held for sale are reported separately in the accompanying consolidated financial statements and are summarized as follows at December 31, 2018 and 2017 (in thousands, except amounts in footnotes): December 31, 2018 2017 ASSETS Restricted cash $ — $ 138 Accrued interest receivable — 67 Loans held for sale (1) 17,000 93,063 Other assets (2) 645 14,450 Total assets held for sale $ 17,645 $ 107,718 LIABILITIES Accounts payable and other liabilities $ 1,820 $ 10,283 Management fee payable — 56 Accrued interest payable — 3 Total liabilities held for sale $ 1,820 $ 10,342 (1) Includes a directly originated middle market loan with a carrying value of $2.0 million at December 31, 2017. In July 2018 substantially all of the assets of the borrower were sold, resulting in $2.1 million of loan repayments. (2) Includes the Company's investment in life settlement contracts of $5.1 million at December 31, 2017. In 2018, substantially all of the life settlement contracts were sold or matured and there were no life settlement contracts remaining at December 31, 2018. In 2018, the Company sold its remaining syndicated middle market loans and its remaining directly originated middle market loan paid off in excess of its carrying value as a result of which the Company recognized a $390,000 net realized gain for the year ended December 31, 2018. The following table summarizes the loans held for sale in the residential mortgage and middle market lending segments as well as the non-performing legacy CRE loans transferred to held for sale in the fourth quarter of 2016. The loans held for sale are carried at the lower of cost or fair value (in thousands, except quantities and amounts in footnotes): Loan Description Number of Loans Amortized Cost Carrying Value At December 31, 2018: Legacy CRE loan (1) 1 $ 21,666 $ 17,000 Mezzanine loan (2) 1 — — Total loans held for sale 2 $ 21,666 $ 17,000 At December 31, 2017: Legacy CRE loans (1) 5 $ 63,783 $ 61,841 Mezzanine loan (2) 1 — — Middle market loans (3) 5 41,199 29,308 Residential mortgage loans (4)(5) 14 1,914 1,914 Total loans held for sale 25 $ 106,896 $ 93,063 (1) Two legacy CRE loans with amortized costs of $28.3 million were reclassified as CRE loans on the consolidated balance sheets at June 30, 2018 as the Company intends to hold these loans to maturity. (2) The mezzanine loan has a par value of $38.1 million and was acquired at a fair value of zero as a result of the liquidations of Resource Real Estate Funding CDO 2006-1, Ltd. in April 2016 and RREF CDO 2007-1 in November 2016. The mezzanine loan is comprised of two tranches, maturing in November 2018 and September 2021. (3) Includes a directly originated middle market loan with a fair value of $2.0 million at December 31, 2017. In July 2018, substantially all of the assets of the borrower were sold, resulting in $2.1 million of loan repayments. The loan's fair value was supported by a third party valuation market prepared at December 31, 2017. (4) The fair value option was elected for residential mortgage loans held for sale. (5) The Company's residential mortgage loan portfolio was comprised of both agency loans and non-agency jumbo loans. The fair values of the agency loan portfolio were generally classified as Level 2 in the fair value hierarchy, as those values were determined based on quoted market prices for similar assets or upon other observable inputs. The fair values of the jumbo loan portfolio were generally classified as Level 3 in the fair value hierarchy, as those values were generally based upon valuation techniques that utilize unobservable inputs that reflect the assumptions that a market participant would use in pricing those assets.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 24 - SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this report and determined that 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
	Dec. 31, 2018
Valuation And Qualifying Accounts [Abstract]
SCHEDULE II Valuation and Qualifying Accounts	SCHEDULE II Exantas Capital Corp. Valuation and Qualifying Accounts (in thousands) Balance at Beginning of Period Charge to Expense Loans Charged off/Recovered Deconsolidation of VIEs Transfer to Loans Held For Sale Balance at End of Period Allowance for loan and lease loss: Year ended December 31, 2018 $ 5,328 $ (1,595 ) $ (2,332 ) $ — $ — $ 1,401 Year ended December 31, 2017 $ 3,829 $ 1,499 $ — $ — $ — $ 5,328 Year ended December 31, 2016 $ 41,839 $ 18,167 $ — $ (40,414 ) $ (15,763 ) $ 3,829

Schedule IV Mortgage Loans on R

Schedule IV Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2018
Mortgage Loans On Real Estate [Abstract]
SCHEDULE IV Mortgage Loans on Real Estate	SCHEDULE IV Exantas Capital Corp. Mortgage Loans on Real Estate At (in thousands, except amount in footnotes) Type of Loan/ Borrower Description / Location Interest Payment Rates Maturity Date (1) Periodic Payment Terms (2) Prior Liens Face Amount of Loans Net Carrying Amount of Loans (3) Principal Amount of Loans Subject to Delinquent Principal or Interest CRE whole loans: CRE whole loans in excess of 3% of the carrying amount of total loans Borrower A Hotel/Phoenix, AZ LIBOR + 3.75% FLOOR 1.92% 2021 I/O — 56,470 55,917 — CRE whole loans less than 3% of the carrying amount of total loans CRE whole loan Multifamily/ Various LIBOR + 2.70% - 5.30% FLOOR 0.20% - 2.25% 2019-2021 I/O — 973,062 966,921 — CRE whole loan Office/ Various LIBOR + 2.82% - 5.50% FLOOR 0.20% - 2.25% 2019-2022 I/O — 204,443 203,393 — CRE whole loan Hotel/ Various LIBOR + 4.05% - 6.25% FLOOR 0.75% - 2.05% 2019-2021 I/O — 121,875 121,172 — CRE whole loan (4) Retail/ Various LIBOR + 3.25% - 5.65% FLOOR 0.15% - 2.15% 2019-2021 I/O — 105,230 104,629 11,516 CRE whole loan Other/ Various LIBOR + 3.50% - 5.75% FLOOR 0.45% - 2.25% 2019-2022 I/O — 77,679 77,081 — Total CRE whole loans 1,538,759 1,529,113 11,516 Legacy CRE loans: Legacy CRE loans less than 3% of the carrying amount of total loans (5) 21,666 17,000 21,666 Total legacy CRE loans 21,666 17,000 21,666 Mezzanine loans: Mezzanine loans less than 3% of the carrying amount of total loans 42,772 4,700 38,072 Total mezzanine loans 42,772 4,700 38,072 Preferred equity: Preferred Equity less than 3% of the carrying amount of total loans 19,718 19,555 — Total preferred equity 19,718 19,555 — General allowance for loan and lease loss (1,401 ) Total loans $ 1,622,915 $ 1,568,967 $ 71,254 (1) Maturity dates exclude extension options that may be available to borrower. (2) I/O = interest only (3) The net carrying amount of loans includes an allowance for loan loss of $1.4 million at December 31, 2018, all allocated to CRE whole loans. (4) Includes one loan in forbearance at December 31, 2018. (5) Includes one loan in default at December 31, 2018. The following table reconciles our CRE loans carrying amounts for the periods indicated (in thousands): Years Ended December 31, 2018 2017 2016 Balance at beginning of year $ 1,346,663 $ 1,444,456 $ 1,650,268 Additions during the period: New loan originations funded 780,556 528,865 173,008 Funding of existing loan commitments 51,365 31,563 67,219 Origination fee amortization 5,537 4,813 5,979 Protective advances on legacy CRE loans held for sale 1,724 442 — Recovery of (provision for) loan and lease losses, net 1,595 (1,499 ) (18,168 ) Settled loans held for sale fair value adjustments 1,000 12,655 — Capitalized interest 518 — — Deductions during the period: Payoff and paydown of loans (592,438 ) (559,438 ) (356,526 ) Loans held for sale payoffs (12,000 ) (107,492 ) — Capitalized origination fees (8,329 ) (5,760 ) (1,967 ) Loans held for sale fair value adjustments (7,224 ) (1,942 ) — Deconsolidation — — (231,354 ) Acquisition of loans from the liquidations of collateralized debt obligations — — 155,997 Balance at end of year $ 1,568,967 $ 1,346,663 $ 1,444,456

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
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 United States of America ("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 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.
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 the 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 life used on investments to calculate depreciation, amortization and accretion of premiums and discounts, respectively, provisions for loan losses, valuation of servicing assets 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, 2018 and 2017, approximately $80.4 million and $177.5 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 to minimize credit risk exposure. Restricted cash includes required account balance minimums primarily for the Company's CRE CDO securitizations and derivative instruments as well as cash held in the syndicated corporate loan 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 (dollars in thousands): December 31, 2018 2017 Cash and cash equivalents $ 82,816 $ 181,490 Restricted cash 12,658 22,874 Total cash, cash equivalents and restricted cash shown on the Company's consolidated statements of cash flows $ 95,474 $ 204,364
Investment in Unconsolidated Entities	Investment 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 may be accounted for under the equity method or the cost method. Under the equity method, capital contributions, distributions, profits and losses of the entities are allocated in accordance with the terms of the entities' operating agreements. Such allocations may differ from the stated percentage interests, if any, as a result of preferred returns and allocation formulas as described in the entities' operating agreements. For non-controlling investments in unconsolidated entities qualifying for equity method treatment with substantive profit-sharing arrangements, the hypothetical liquidation at book value ("HLBV") method may be used for recognizing earnings. Under the HLBV method, earnings are calculated and recognized based on the change in how the unconsolidated entity would allocate and distribute its cash if it were to liquidate the carrying value of its assets and liabilities on the beginning and end dates of the earnings period; excluding contributions made or distributions received. The Company may account for an investment that does not qualify for equity method accounting using 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.
Investment Securities	Investment Securities The Company classifies its investment portfolio as trading or available-for-sale. The Company, from time to time, may sell any of its investments due to changes in market conditions or in accordance with its investment strategy. The Company reports its investment securities, trading and investment securities available-for-sale at fair value. To determine fair value, the Company uses an independent third-party valuation firm utilizing data available in the market as well as appropriate prepayment, default and recovery rates. The Company evaluates the reasonableness of the valuation it receives by using a dealer quote, bid, or internal model. If there is a material difference between the value indicated by the third-party valuation firm and the dealer quote, bid or internal model, the Company will evaluate the difference, which could result in an updated valuation from the third-party or a revised dealer quote. 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. Any changes in fair value to the Company's investment securities, trading are recorded on the Company's consolidated statements of operations as net realized and unrealized (loss) gain on investment securities, trading. Any changes in fair value to the Company's investment securities available-for-sale are recorded on the Company's consolidated balance sheets as a component of accumulated other comprehensive income in stockholders' equity. On a quarterly basis, the Company evaluates its available-for-sale securities for other-than-temporary impairment. An available-for-sale security is impaired when its fair value has declined below its amortized cost basis. When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an other-than-temporary impairment in the value of the security. An impairment will be considered other-than-temporary based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) the Company does not expect to recover the security's cost basis (i.e., a credit loss). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is other-than-temporary and will be recognized currently in earnings and equal to the entire difference between fair value and amortized cost. If a credit loss exists, but the Company does not intend nor is it more likely than not that it will be required to sell before recovery, the impairment is other-than-temporary and will be separated into (i) the estimated amount relating to the credit loss, and (ii) the amount relating to all other factors. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss recognized in other comprehensive income. Estimating cash flows and determining whether there is other-than-temporary impairment require management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts. Investment security transactions are recorded on the trade date. Realized gains and losses on investment securities are determined on the specific identification method.
Investment Security Interest Income Recognition	Investment Security Interest Income Recognition Interest income on the Company's mortgage-backed securities ("MBS") and other ABS is accrued using the effective yield method based on the actual coupon rate and the outstanding principal amount of the underlying mortgages or other assets. Premiums and discounts are amortized or accreted into interest income over the expected lives of the securities also using the effective yield method, adjusted for the effects of estimated prepayments. For an investment purchased at par, the effective yield is the contractual interest rate on the investment. If the investment is purchased at a discount or at a premium, the effective yield is computed based on the contractual interest rate increased for the accretion of a purchase discount or decreased for the amortization of a purchase premium. The effective yield method requires the Company to make estimates of future prepayment rates for its investments that can be contractually prepaid before their contractual maturity date so that the purchase discount can be accreted, or the purchase premium can be amortized, over the estimated remaining life of the investment. The prepayment estimates that the Company uses directly impact the estimated remaining lives of its investments. Actual prepayment estimates are reviewed at each quarter end or more frequently if the Company becomes aware of any material information that would lead it to believe that an adjustment is necessary. For MBS and other ABS that are not of high credit quality or can be prepaid in such a way that the Company would not recover substantially all of its initial investment, changes in the original or most recent cash flow projections may result in a prospective change in interest income recognized. For MBS and other ABS that are of high credit quality, changes in the original or most recent cash flow projections may result in an immediate cumulative adjustment in interest income recognized.
Loans and Loan Interest Income Recognition	Loans The Company acquires loans through direct origination, through the acquisition of participations in CRE loans 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 them at their acquisition price, 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 impairment considerations prior to the transfer to loans held for sale are accounted for through the allowance for loan losses on the Company's consolidated balance sheets. At December 31, 2018 and 2017, the Company has disclosed certain legacy CRE loans in assets held for sale on its 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 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, in the opinion of management, 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.
Preferred Equity Investment	Preferred Equity Investment Preferred equity investments, which are subordinate to any loans but senior to common equity, depending on the investment's characteristics, may be accounted for as real estate, joint ventures or as mortgage loans. The Company's preferred equity investment is accounted for as a CRE loan held for investment, is carried at cost, net of unamortized loan fees and origination costs, and is included within CRE loans on the Company's consolidated balance sheets. The Company accretes or amortizes any discounts or premiums over the life of the related loan utilizing the effective interest method. Interest and fees are recognized as income subject to recoverability, which is substantiated by obtaining annual appraisals on the underlying property.
Allowance for Loan Losses	Allowance for Loan Losses The Company maintains an allowance for loan loss on its loans held for investment. In September 2017, the Company refined its process for the computation of its general reserve for loan losses to more fully align with the results of its risk rating process. CRE loans that are held for investment are carried at cost, net of unamortized acquisition premiums or discounts, loan fees and origination costs as applicable, unless the loans are deemed impaired. The Company evaluates each loan classified as held for investment for impairment at least quarterly. In connection with this evaluation, 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 reunderwritten loan-to-collateral value ("LTV") ratios, risk inherent in the loan structure and exit plan. Loans are rated "1" through "5," from less risk to greatest risk, in connection with this review. Loans with a risk rating of "5" are individually measured for impairment on a quarterly basis. The general reserve, established for loans not determined to be impaired individually, is based on the Company's loan risk ratings. The Company records a general reserve equal to 1.5% of the aggregate face values of loans with a risk rating of "3," plus 5.0% of the aggregate face values of loans with a risk rating of "4." The Company considers a loan to be impaired if at least one of two conditions exists. The first condition is if, based on the Company's evaluation as part of the loan risk rating process, management believes that a loss event has occurred that makes it probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The second condition is if the loan is deemed to be a troubled-debt restructuring ("TDR") where a concession has been given to a borrower in financial difficulty. These TDRs may not have an associated specific loan loss allowance if the principal and interest amount is considered recoverable based on current market conditions, appraisals of the underlying collateral, expected collateral performance and/or guarantees made by the borrowers. When a loan is impaired under either of these two conditions, the allowance for loan losses is increased by the amount of the excess of the amortized cost basis of the loan over its fair value. Fair value may be determined based on the present value of estimated cash flows; or market price, if available; or on the fair value of the collateral less estimated disposition costs. When a loan, or a portion thereof, is considered uncollectible and pursuit of collection is not warranted, the Company will record a charge-off or write-down of the loan against the allowance for loan losses. An impaired loan may remain on accrual status during the period in which the Company is pursuing repayment of the loan; however, the loan would be placed on non-accrual 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 impairment; or (iv) the net realizable value of the loan's underlying collateral approximates the Company's carrying value for such loan. While on non-accrual 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 non-accrual, previously accrued interest is reversed from interest income. Loans that experience insignificant payment delays or payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays or payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is re-measured on a quarterly basis by comparing the fair value of the loan to its cost basis. The fair value is determined using unobservable inputs including estimates of selling costs (Level 3).
Long-Lived and Intangible Assets	Long-Lived and Intangible Assets Long-lived assets and certain identifiable intangibles to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. The review of recoverability is based on an estimate of the future undiscounted cash flows (excluding interest charges) expected to result from the long-lived asset's use and eventual disposition compared to the carrying value of the asset. If impairment has occurred, the loss will be measured as the excess of the carrying amount of the asset over the fair value of the asset. During the year ended December 31, 2017, the Company recorded impairment charges on a pre-tax basis of $177,000 with respect to its intangible assets, reported in impairment losses on its consolidated statements of operations. During the year ended December 31, 2016, the Company recorded an impairment charge on a pre-tax basis of $3.7 million with respect to its intangible assets, reported in depreciation and amortization on its consolidated statement of operations. The Company did not record any impairment charges on any long-lived or intagible assets during the year ended December 31, 2018.
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. Legacy CRE loans included as assets held for sale were measured at the lower of cost or fair value on the date the legacy CRE loans were transferred to assets held for sale. Any specific loan loss reserves for legacy CRE loans transferred to assets held for sale were measured and charged off on the date of transfer, establishing a new cost basis for the loans. 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. See Note 23.
Discontinued Operations	Discontinued Operations The results of operations of a component or a group of components of the Company that either has been disposed of or is classified as held for sale is reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company's operations and financial results.
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, derivative instruments used to hedge exposure to interest rate fluctuations and protect against declines in the market value of assets resulting from general market trends as well as translation of currency as a result of the Company's investment in the equity of foreign CDOs and CLOs.
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 TRSs, are 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. The Company also has TRSs incorporated in Ireland, which are generally exempt from federal and state income tax at the corporate level because their activities in the United States are limited to trading in stock and securities for their own account. Therefore, 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 of approximately $58.4 million (tax effected $15.3 million) at December 31, 2018 as the Company believed it was more likely than not that some or 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. 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. U.S. Tax Cuts and Jobs Act In December 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act ("TCJA"). The TCJA makes broad and complex changes to the Code, including, but not limited to: (i) reducing the U.S. federal corporate tax rate from 35% to 21%; (ii) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (iii) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (iv) requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; (v) eliminating the corporate alternative minimum tax ("AMT") and changing how existing AMT credits can be realized; (vi) creating the base erosion anti-abuse tax, a new minimum tax; (vii) creating a new limitation on deductible interest expense; and (viii) changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017. The SEC staff issued guidance which provides insight on accounting for the tax effects of the TCJA. The guidance provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting under Financial Accounting Standards Board ("FASB") guidance. In accordance with the SEC guidance, a company must reflect the income tax effects of those aspects of the TCJA for which the accounting under the FASB guidance is complete. To the extent that a company's accounting for certain income tax effects of the TCJA is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply the FASB guidance on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the TCJA. In 2018, the Company completed its analysis of the provisions items of the TCJA under the SEC guidance, resulting in immaterial adjustments primarily related to cumulative temporary differences.
Stock Based Compensation	Stock Based Compensation Issuances of restricted stock and options are accounted for using the fair value based methodology whereby the fair value of the award is measured on the grant date and expensed monthly to equity compensation expense on the consolidated statements of operations with a corresponding entry to additional paid-in capital on the consolidated balance sheets. For issuances to the Company's Manager and to non-employees, the unvested stock and options are adjusted quarterly to reflect changes in fair value as performance under the agreement is completed. For issuances to the Company's eight non-employee directors receiving stock based compensation or to any former direct employees of the Company's subsidiaries, the amount is not remeasured under the fair value-based method. The compensation for each of these issuances is amortized over the service period on a straight line basis and included in equity compensation expense on the consolidated statements of operations.
Net Income (Loss) Per Share	Net Income (Loss) Per Share The Company calculates basic income per share by dividing net income for the period by the weighted average number of shares of its common stock, including vested restricted stock and participating securities, outstanding for that period. Diluted income per share takes into account the effect of dilutive investments, such as stock options, unvested restricted stock and convertible notes, but uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted average number of shares outstanding.
Derivative Instruments	Derivative Instruments The Company's policies permit it to enter into derivative contracts, including interest rate swaps and interest rate caps, to add stability to its interest expense and to manage its exposure to interest rate movements or other identified risks. The Company has designated these transactions as cash flow hedges. The contracts or hedge instruments are evaluated at inception and at subsequent consolidated balance sheets dates to determine if they qualify for hedge accounting, which requires that the Company recognize all derivatives on the consolidated balance sheets at fair value. The Company records changes in the estimated fair value of the derivative in other comprehensive income to the extent that it is effective. Any ineffective portion of a derivative's change in fair value is immediately recognized in earnings. The Company may also enter into forward currency contracts. Forward contracts represent future commitments to either purchase or to deliver loans, securities or a quantity of a currency at a predetermined future date, at a predetermined rate or price and are used to manage interest rate risk on loan commitments and mortgage loans held for sale as well as currency risk with respect to the Company's long positions in foreign currency-denominated investment securities. Derivative assets and liabilities, are reported at fair value, and are valued by a third-party pricing agent using an income approach with models that use, as their primary inputs, readily observable market parameters. This valuation process considers factors including interest rate yield curves, time value, credit factors and volatility factors. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company assesses the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and, if material, categorizes those derivatives within Level 3 of the fair value hierarchy.
Fair Value Measurement	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 followed 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. Assets or liabilities that are both designated for sale or disposition and reported as discontinued operations are disclosed in Note 23.
Recent Accounting Standards	Recent Accounting Standards Accounting Standards Adopted in In May 2017, the FASB issued guidance to clarify which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Modification accounting should be applied unless all of the following three criteria are met: (i) the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified; (ii) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; (iii) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. Adoption did not have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance provides a screen to determine when an integrated set of assets and activities (a "set") is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. If the screen is not met, the guidance requires that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output; and remove the evaluation of whether a market participant could replace missing elements. The guidance also narrows the definition of an output to: the result of inputs and processes applied to those inputs that provide goods or services to customers, investment income (such as dividends or interest), or other revenues. Adoption did not have a material impact on the Company's consolidated financial statements. In November 2016, the FASB issued guidance to reduce the diversity in practice of the classification and presentation of changes in restricted cash on the statement of cash flows. The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Adoption did not have a material impact on the Company's consolidated financial statements. In August 2016, the FASB issued new guidance to reduce the diversity in practice around the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. The guidance addresses the following eight specific cash flow issues: debt prepayments or extinguishment costs; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); settlement of zero-coupon debt instruments or other debt instruments with insignificant coupon rates; distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. Adoption did not have a material impact on the Company's consolidated financial statements. In January 2016, the FASB issued guidance to address certain aspects of recognition, measurement, presentation and disclosure of financial instruments in order to provide users of financial statements with more decision-useful information. The guidance requires equity investments to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. Adoption did not have a material impact on the Company's consolidated financial statements. In May 2014, the FASB issued guidance that establishes key principles by which an entity determines the amount and timing of revenue recognized from customer contracts. At issuance, the guidance was effective for the first interim or annual period beginning after December 15, 2016. In August 2015, the FASB issued additional guidance that delayed the previous effective date by one year, resulting in the original guidance becoming effective for the first interim or annual period beginning after December 15, 2017. In 2016, the FASB issued multiple amendments to the accounting standard to provide further clarification. Exclusions from the scope of this guidance include revenues resulting from loans, investment securities available-for-sale, investment securities, trading, investments in unconsolidated entities and leases. Adoption did not have a material impact on the Company's consolidated financial statements. Accounting Standards to be Adopted in Future Periods In August 2018, the FASB issued guidance to modify the fair value measurement disclosure requirements, including: disclosures on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, the policy for timing of transfers between levels and the narrative description of measurement uncertainty. The guidance is effective for annual reporting periods beginning after December 15, 2019, and interim periods within that reporting period. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance. In June 2018, the FASB issued guidance to simplify the accounting for share-based payment transactions for acquiring goods and services from nonemployees by including these payments in the scope of the guidance for share-based payments to employees. The guidance is effective for annual reporting periods beginning after December 15, 2018, and interim periods within that reporting period. Early adoption is permitted. The Company evaluated the applicability of this guidance and determined that, currently, adoption does not have a material impact on its consolidated financial statements. In February 2018, the FASB issued guidance to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The guidance is effective for annual reporting periods beginning after December 15, 2018, and interim periods within that reporting period. Early adoption is permitted. The Company evaluated the applicability of this guidance and determined that, currently, adoption does not have a material impact on its consolidated financial statements. In August 2017, the FASB issued guidance to improve the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities. Additionally, the guidance simplifies the application of the hedge accounting guidance via certain targeted improvements. In October 2018, the FASB updated the guidance to add a benchmark interest rate permitted for hedge accounting purposes. The guidance is effective for annual reporting periods beginning after December 15, 2018, and interim periods within that reporting period. Early adoption is permitted. The Company evaluated the applicability of this guidance and determined that, currently, adoption does not have a material impact on its consolidated financial statements. In January 2017, the FASB issued guidance to add the Securities and Exchange Commission ("SEC") Staff Announcement "Disclosure of the Impact that Recently Issued Accounting Standards will have on the Financial Statements of a Registrant when such Standards are Adopted in a Future Period (in accordance with Staff Accounting Bulletin Topic 11.M)." The announcement applies to the May 2014 guidance on revenue recognition from contracts with customers, the February 2016 guidance on leases and the June 2016 guidance on how credit losses for financial assets at amortized cost and certain other instruments that are measured at fair value through net income are determined. The announcement provides the SEC staff view that a registrant should evaluate certain recent accounting standards that have not yet been adopted to determine appropriate financial statement disclosures about the potential material effects of those recent accounting standards. If a registrant does not know or cannot reasonably estimate the impact that adoption of the recent accounting standards referenced in this announcement is expected to have on the financial statements, then the registrant should make a statement to that effect and consider the additional qualitative financial statement disclosures to assist the reader in assessing the significance of the impact that the recent accounting standards will have on the financial statements of the registrant when adopted. In June 2016, the FASB issued guidance which will change how credit losses for most financial assets and certain other instruments that are measured at fair value through net income are determined. The new guidance will replace the current incurred loss approach with an expected loss model for instruments measured at amortized cost. For available-for-sale debt securities, the guidance requires recording allowances rather than reducing the carrying amount, as it is currently under the other-than-temporary impairment model. It also simplifies the accounting model for credit-impaired debt securities and loans. In November 2018, the FASB issued amendments to the guidance, including the clarification that operating leases are excluded from the scope of the guidance. This guidance is effective for annual reporting periods beginning after December 15, 2019, and interim periods within that reporting period. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods within that reporting period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company is in the process of evaluating the impact of this new guidance and expects that the adoption will result in a higher provision for loan losses. In February 2016, the FASB issued guidance requiring lessees to recognize a lease liability and a right-of-use asset for all leases. Lessor accounting will remain largely unchanged. The guidance will also require new qualitative and quantitative disclosures to help financial statement users better understand the timing, amount and uncertainty of cash flows arising from leases. This guidance will be effective for reporting periods beginning on or after December 15, 2018, and interim periods within that reporting period. Early adoption is permitted. The Company has evaluated the applicability of this guidance and determined that, currently, adoption does not have a material impact on its consolidated financial statements.
Reclassifications	Reclassifications Certain reclassifications have been made to the 2017 and 2016 consolidated financial statements to conform to the 2018 presentation, including the reclassification of investment securities, trading, loans held for sale and direct financing leases to other assets on the consolidated balance sheets. These reclassifications had no effect on the reported consolidated statements of operations.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of cash and cash equivalents	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 (dollars in thousands): December 31, 2018 2017 Cash and cash equivalents $ 82,816 $ 181,490 Restricted cash 12,658 22,874 Total cash, cash equivalents and restricted cash shown on the Company's consolidated statements of cash flows $ 95,474 $ 204,364

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 5,000 $ 1,189 $ 6,189 Accrued interest receivable 3,548 — 3,548 CRE loans, pledged as collateral 700,223 — 700,223 Principal paydowns receivable 31,914 — 31,914 Other assets 157 — 157 Total assets (1) $ 740,842 $ 1,189 $ 742,031 LIABILITIES Accounts payable and other liabilities $ 75 $ — $ 75 Accrued interest payable 709 — 709 Borrowings 501,045 — 501,045 Total liabilities $ 501,829 $ — $ 501,829 (1) 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, 2018 (in thousands): Unsecured Junior Subordinated Debentures C40 Prospect Hackensack Total Maximum Exposure to Loss ASSETS Accrued interest receivable $ 58 $ 173 $ — $ 231 $ — CRE loans — — 19,555 19,555 $ 19,555 Investment securities available-for-sale (1) — 20,795 — 20,795 $ 21,309 Investments in unconsolidated entities 1,548 — — 1,548 $ 1,548 Total assets 1,606 20,968 19,555 42,129 LIABILITIES Accrued interest payable 292 — — 292 N/A Borrowings 51,548 — — 51,548 N/A Total liabilities 51,840 — — 51,840 N/A Net (liability) asset $ (50,234 ) $ 20,968 $ 19,555 $ (9,711 ) N/A (1) The Company's investment in C40 is carried at fair value and its maximum exposure to loss is the amortized cost of the investment.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of other significant noncash transactions	The following table summarizes the Company's supplemental disclosure of cash flow information (in thousands, except amounts in footnote): Years Ended December 31, 2018 2017 2016 Non-cash discontinued operating activities include the following: Interest expense paid by third party (1) $ — $ — $ (107 ) Operating liabilities assumed by third party (1) $ — $ — $ (192 ) Non-cash continuing investing activities include the following: Retained beneficial interest in unconsolidated securitization entities $ — $ — $ (22,476 ) Loans acquired through securitizations called or liquidated $ — $ — $ (157,070 ) Securities acquired through securitizations called or liquidated $ — $ — $ (40,892 ) Non-cash continuing financing activities include the following: Proceeds from the private exchange of convertible senior notes $ — $ 22,161 $ — Payments on the private exchange of convertible senior notes $ — $ (22,161 ) $ — Distributions on common stock accrued but not paid $ 5,540 $ 1,571 $ 1,550 Distributions on preferred stock accrued but not paid $ 1,725 $ 4,010 $ 4,010 Non-cash discontinued financing activities include the following: Senior secured revolving credit facility assumed by third party (1) $ — $ — $ (122,000 ) Senior secured revolving credit facility paid down by third party (1) $ — $ — $ (22,000 ) (1) In August 2016, the Company completed the sale of Northport TRS, LLC. The Purchaser assumed $122.0 million and paid down $22.0 million of principal and $107,000 of interest expense on the Company's behalf of the senior secured revolving credit agreement. The Purchaser assumed $192,000 of accounts payable and accrued legal fees recorded to complete the sale.

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2018
Cash And Cash Equivalents [Abstract]
Schedule of restricted cash	The following table summarizes the Company's restricted cash (in thousands): December 31, 2018 2017 Restricted cash: Cash held by consolidated CRE securitizations, CDOs and CLOs $ 6,190 $ 20,846 Restricted cash pledged with minimum reserve balance requirements 21 25 Margin posted to central clearinghouse on interest rate swaps 6,447 1,903 Cash held in escrow — 100 Total $ 12,658 $ 22,874

LOANS (Tables)

LOANS (Tables)	12 Months Ended
	Dec. 31, 2018
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 Loan Losses Carrying Value (2) Contractual Interest Rates (3) Maturity Dates (4)(5)(6) At December 31, 2018: CRE loans held for investment: Whole loans (7)(8) 79 $ 1,538,759 $ (9,646 ) $ 1,529,113 $ (1,401 ) $ 1,527,712 1M LIBOR plus 2.70% to 1M LIBOR plus 6.25% January 2019 to January 2022 Mezzanine loan 1 4,700 — 4,700 — 4,700 10.00% June 2028 Preferred equity investment (9)(10) 1 19,718 (163 ) 19,555 — 19,555 11.50% April 2025 Total CRE loans held for investment 1,563,177 (9,809 ) 1,553,368 (1,401 ) 1,551,967 Total loans 81 $ 1,563,177 $ (9,809 ) $ 1,553,368 $ (1,401 ) $ 1,551,967 At December 31, 2017: CRE loans held for investment: Whole loans (7) 70 $ 1,297,164 $ (7,014 ) $ 1,290,150 $ (5,328 ) $ 1,284,822 1M LIBOR plus 3.60% to 1M LIBOR plus 6.25% February 2018 to January 2021 Total CRE loans held for investment 1,297,164 (7,014 ) 1,290,150 (5,328 ) 1,284,822 Total loans $ 1,297,164 $ (7,014 ) $ 1,290,150 $ (5,328 ) $ 1,284,822 (1) Amounts include unamortized loan origination fees of $9.6 million and $6.7 million and deferred amendment fees of $171,000 and $268,000 being amortized over the life of the loans at December 31, 2018 and 2017, respectively. (2) Substantially all loans are pledged as collateral under various borrowings at December 31, 2018 and 2017. (3) LIBOR refers to the London Interbank Offered Rate. (4) Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms, which may be available to the borrowers. (5) Maturity dates exclude one whole loan, with an amortized cost of $7.0 million, in default at December 31, 2017. (6) Maturity dates exclude one whole loan, with an amortized cost of $11.5 million, in maturity default and performing with respect to debt service due in accordance with a forbearance agreement at December 31, 2018. The loan was classified as an asset held for sale and in maturity default at December 31, 2017. (7) Whole loans had $108.1 million and $84.1 million in unfunded loan commitments at December 31, 2018 and 2017, respectively. These unfunded loan commitments are advanced as the borrowers formally request additional funding as permitted under the loan agreement and any necessary approvals have been obtained. (8) At June 30, 2018, two legacy CRE loans with amortized costs of $28.3 million were reclassified to whole loans from assets held for sale as the Company intends to hold these loans to maturity. In December 2018, one legacy CRE loan with an amortized cost and carrying value of $16.8 million paid off at par. (9) The interest rate on the Company's preferred equity investment pays currently at 8.00%. The remaining interest is deferred until maturity. (10) Beginning in April 2023, the Company has the right to unilaterally force the sale of the underlying property.
Summary of Contractual Maturities of Commercial Real Estate Loans at Amortized Cost	The following is a summary of the contractual maturities, assuming full exercise of the extension options available to the borrowers, of the Company's CRE loans held for investment, at amortized cost (in thousands, except amounts in footnotes): Description 2019 2020 2021 and Thereafter Total At December 31, 2018: Whole loans (1) $ 10,379 $ 182,422 $ 1,324,797 $ 1,517,598 Mezzanine loan — — 4,700 4,700 Preferred equity investment — — 19,555 19,555 Total CRE loans $ 10,379 $ 182,422 $ 1,349,052 $ 1,541,853 Description 2018 2019 2020 and Thereafter Total At December 31, 2017: Whole loans (2) $ — $ 148,622 $ 1,134,528 $ 1,283,150 (1) Excludes one whole loan, with an amortized cost of $11.5 million, in maturity default and performing with respect to debt service due in accordance with a forbearance agreement at December 31, 2018. The loan was classified as an asset held for sale and in maturity default at December 31, 2017. (2) Excludes one whole loan, with an amortized cost of $7.0 million, in default at December 31, 2017.

FINANCING RECEIVABLES (Tables)

FINANCING RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
Allowance for loan losses and recorded investments in loans	The following tables show the activity in the allowance for loan losses for the years ended December 31, 2018 and 2017 and the allowance for loan losses and recorded investments in loans at December 31, 2018 and 2017 (in thousands): Years Ended December 31, 2018 2017 Commercial Real Estate Loans Commercial Real Estate Loans Allowance for loan losses: Allowance for loan losses at beginning of year $ 5,328 $ 3,829 (Recovery of) provision for loan losses, net (1,595 ) 1,499 Loans charged-off (2,332 ) — Allowance for loan losses at end of year $ 1,401 $ 5,328 December 31, 2018 2017 Commercial Real Estate Loans Commercial Real Estate Loans Allowance for loan losses ending balance: Individually evaluated for impairment $ — $ 2,500 Collectively evaluated for impairment $ 1,401 $ 2,828 Loans: Amortized cost ending balance: Individually evaluated for impairment $ 24,255 $ 7,000 Collectively evaluated for impairment $ 1,529,113 $ 1,283,150
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. Loans that are performing according to their underwritten plans generally will not require an allowance for loan loss. Risk Rating Risk Characteristics 1 • • 2 • • 3 • • 4 • • 5 • may be • The property has a material vacancy rate • All CRE loans are evaluated for any credit deterioration by debt asset management and certain finance personnel on at least a quarterly basis. Whole loans are first individually evaluated for impairment; and to the extent not deemed impaired, a general reserve is established. The allowance for loan loss is computed as (i) 1.5% of the aggregate face values of loans rated as a 3, plus (ii) 5.0% of the aggregate face values of loans rated as a 4, plus (iii) specific allowances measured and determined on loans individually evaluated, which are loans rated as a 5. While the overall risk rating is generally not the sole factor used in determining whether a loan is impaired, a loan with a higher overall risk rating would tend to have more adverse indicators of impairment, and therefore would be more likely to experience a credit loss. The Company's mezzanine loan and preferred equity investment are evaluated individually for impairment. Credit risk profiles of CRE loans at amortized cost and legacy CRE loans held for sale at the lower of cost or fair value were as follows (in thousands, except amounts in footnotes): Rating 1 Rating 2 Rating 3 (1) Rating 4 Rating 5 (2) Held for Sale (3) Total At December 31, 2018: Whole loans $ — $ 1,447,206 $ 77,067 $ 4,840 $ — $ — $ 1,529,113 Mezzanine loan (4) — 4,700 — — — — 4,700 Preferred equity investment (4) — 19,555 — — — — 19,555 Legacy CRE loans held for sale — — — — — 17,000 17,000 Total $ — $ 1,471,461 $ 77,067 $ 4,840 $ — $ 17,000 $ 1,570,368 At December 31, 2017: Whole loans $ 65,589 $ 1,040,883 $ 171,841 $ 4,837 $ 7,000 $ — $ 1,290,150 Legacy CRE loans held for sale — — — — — 63,783 63,783 Total $ 65,589 $ 1,040,883 $ 171,841 $ 4,837 $ 7,000 $ 63,783 $ 1,353,933 (1) Includes one whole loan, with an amortized cost of $11.5 million that was in maturity default at December 31, 2018. The loan is performing with respect to debt service due in accordance with a forbearance agreement at December 31, 2018. (2) Includes one CRE whole loan, with an amortized cost of $7.0 million that was in default at December 31, 2017. (3) Includes one and two legacy CRE loans that were in default with total carrying values of $17.0 million and $22.5 million at December 31, 2018 and 2017, respectively. (4) The Company's mezzanine loan and preferred equity investment are evaluated individually for impairment.
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 and legacy CRE loans held for sale at the lower of cost or fair value (in thousands, except amounts in footnotes): 30-59 Days 60-89 Days Greater than 90 Days (1)(2) Total Past Due (3) Current Total Loans Receivable Total Loans > 90 Days and Accruing (2) At December 31, 2018: Whole loans $ — $ — $ 11,516 $ 11,516 $ 1,517,597 $ 1,529,113 $ 11,516 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investment — — — — 19,555 19,555 — Legacy CRE loans held for sale — — 17,000 17,000 — 17,000 — Total $ — $ — $ 28,516 $ 28,516 $ 1,541,852 $ 1,570,368 $ 11,516 At December 31, 2017: Whole loans $ — $ — $ 7,000 $ 7,000 $ 1,283,150 $ 1,290,150 $ — Legacy CRE loans held for sale 11,516 — 11,000 22,516 41,267 63,783 — Total $ 11,516 $ — $ 18,000 $ 29,516 $ 1,324,417 $ 1,353,933 $ — (1) Includes one whole loan, with an amortized cost of $11.5 million, that was in maturity default at December 31, 2018. The loan is performing with respect to debt service due in accordance with a forbearance agreement at December 31, 2018. (2) Includes one whole loan, with an amortized cost of $7.0 million, that was in default at December 31, 2017. (3) Includes one and two legacy CRE loans that were in default with total carrying values of $17.0 million and $22.5 million at December 31, 2018 and 2017, respectively.
Impaired loans	The following tables show impaired loans at December 31, 2017 (in thousands): Recorded Balance Unpaid Principal Balance Specific Allowance Average Investment in Impaired Loans Interest Income Recognized At December 31, 2017: Loans without a specific valuation allowance: Whole loans $ — $ — $ — $ — $ — Loans with a specific valuation allowance: Whole loans $ 7,000 $ 7,000 $ (2,500 ) $ 7,000 $ — Total: Whole loans $ 7,000 $ 7,000 $ (2,500 ) $ 7,000 $ —

INVESTMENT SECURITIES AVAILAB_2

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Tables)	12 Months Ended
	Dec. 31, 2018
Available For Sale Securities [Abstract]
Available-for-sale securities	The following table summarizes the Company's investment securities available-for-sale, including those pledged as collateral. As of December 31. 2017, ABS may include, but are not limited to the Company's investments in securities backed by syndicated corporate loans and other loan obligations. Investment securities available-for-sale are carried at fair value (in thousands, except amounts in the footnote): Amortized Cost Unrealized Gains Unrealized Losses Fair Value (1) At December 31, 2018: CMBS, fixed rate $ 121,487 $ 559 $ (2,307 ) $ 119,739 CMBS, floating rate 301,132 253 (2,126 ) 299,259 Total $ 422,619 $ 812 $ (4,433 ) $ 418,998 At December 31, 2017: CMBS, fixed rate $ 97,886 $ 1,325 $ (1,174 ) $ 98,037 CMBS, floating rate 112,920 622 — 113,542 ABS 259 — (101 ) 158 Total $ 211,065 $ 1,947 $ (1,275 ) $ 211,737 (1) At December 31, 2018 and 2017, $388.4 million and $169.6 million, respectively, of investment securities available-for-sale were pledged as collateral under related financings.
Estimated maturities of available-for-sale securities	The following table summarizes the estimated payoff dates of the Company's investment securities available-for-sale according to their estimated weighted average life classifications (in thousands, except percentages): December 31, 2018 December 31, 2017 Amortized Cost (2) Fair Value (2) Weighted Average Coupon Amortized Cost (2) Fair Value (2) Weighted Average Coupon Less than one year (1) $ 126,446 $ 126,014 5.76% $ 25,475 $ 25,275 5.50% Greater than one year and less than five years 98,220 97,083 5.21% 126,273 127,104 4.54% Greater than five years and less than ten years 197,953 195,901 4.06% 59,317 59,358 3.74% Total $ 422,619 $ 418,998 4.76% $ 211,065 $ 211,737 4.41% (1) The Company expects that the payoff dates of these CMBS and ABS will either be extended or that they will be paid in full. (2) Includes CMBS positions subject to other-than-temporary-impairment that have no stated coupon rates that are excluded from the calculation of the weighted average coupon rate. The positions with less than one year of projected lives had amortized costs of approximately zero and $46,000 and fair values of approximately zero and $20,000 at December 31, 2018 and 2017, respectively. The positions with greater than one year and less than five years of projected lives had amortized costs of $105,000 and $59,000 and fair values of approximately zero and $171,000 at December 31, 2018 and 2017, respectively. There were no positions subject to other-than-temporary-impairment with projected lives of greater than five years and less than ten years at December 31, 2018 and 2017.
Gross unrealized loss and fair value of securities	The following table summarizes the fair value, gross unrealized losses and number of securities aggregated by investment category and the length of time that individual investment securities available-for-sale have been in a continuous unrealized loss position during the periods specified (in thousands, except number of securities): Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities At December 31, 2018: CMBS $ 329,441 $ (4,001 ) 49 $ 6,757 $ (432 ) 7 $ 336,198 $ (4,433 ) 56 Total $ 329,441 $ (4,001 ) 49 $ 6,757 $ (432 ) 7 $ 336,198 $ (4,433 ) 56 At December 31, 2017: CMBS $ 49,016 $ (888 ) 12 $ 1,308 $ (286 ) 4 $ 50,324 $ (1,174 ) 16 ABS 158 (101 ) 1 — — — 158 (101 ) 1 Total $ 49,174 $ (989 ) 13 $ 1,308 $ (286 ) 4 $ 50,482 $ (1,275 ) 17
Summary of investment securities available-for-sale	The following table summarizes the Company's sales of investment securities available-for-sale (in thousands, except positions sold and redeemed and amounts in footnotes): Positions Sold Positions Redeemed Par Amount Sold/Redeemed Amortized Cost Realized Gain (Loss) Proceeds Year Ended December 31, 2018: CMBS 1 — $ 14,929 $ 11,676 $ 352 $ 12,028 ABS 2 — 411 265 (217 ) 48 Total 3 — $ 15,340 $ 11,941 $ 135 $ 12,076 Year Ended December 31, 2017: CMBS 2 — $ 7,350 $ 6,650 $ (238 ) $ 6,412 ABS - structured notes 3 — 24,267 19,258 632 17,608 ABS 5 — 8,306 4,319 1,356 5,675 RMBS 3 — 153,519 1,274 (158 ) 1,116 Total 13 — $ 193,442 $ 31,501 $ 1,592 $ 30,811 Year Ended December 31, 2016: CMBS 1 — $ 4,000 $ 3,257 $ (450 ) $ 2,807 ABS 1 — 10,830 9,004 418 9,422 Total 2 — $ 14,830 $ 12,261 $ (32 ) $ 12,229

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2018
Equity Method Investments And Joint Ventures [Abstract]
Schedule of unconsolidated entities	The following table summarizes the Company's investments in unconsolidated entities at December 31, 2018 and 2017 and equity in earnings of unconsolidated entities for the years ended December 31, 2018, 2017 and 2016 (in thousands, except percentages and amounts in footnote): Equity in Earnings (Losses) of Unconsolidated Entities December 31, Years Ended December 31, Ownership % at December 31, 2018 2018 2017 2018 2017 2016 Pelium Capital (1) — % $ — $ 10,503 $ (182 ) $ (1,856 ) $ 3,991 RCM Global LLC (2) — % — — (12 ) (274 ) 14 Investment in LCC Preferred Stock (3) — % — — 411 41,465 943 RRE VIP Borrower, LLC (4) — % — — — 45 58 Pearlmark Mezzanine Realty Partners IV, L.P. (5) — % — — — 165 968 Other — % — — — — (1 ) Subtotal — 10,503 217 39,545 5,973 Investment in RCT I and II (6) 3.0 % 1,548 1,548 (3,200 ) (2,687 ) (2,560 ) Total $ 1,548 $ 12,051 $ (2,983 ) $ 36,858 $ 3,413 (1) During the years ended December 31, 2018 and 2017, the Company received distributions of $10.4 million and $13.6 million on its investment in Pelium Capital Partners, L.P. ("Pelium Capital"). In December 2018, Pelium Capital was fully liquidated. (2) In December 2018, RCM Global LLC was fully liquidated. (3) The Company's investment in LEAF Commercial Capital, Inc. ("LCC") liquidated in July 2017 as a result of the sale of LCC. Earnings for the year ended December 31, 2018 were related to the receipt of a distribution of funds formerly held in escrow accounts established as part of the sale. (4) The Company sold its investment in RRE VIP Borrower, LLC ("RRE VIP Borrower") in December 2014. Earnings for the years ended December 31, 2017 and 2016 were related to insurance premium refunds with respect to the underlying sold properties in the portfolio. (5) The Company sold its investment in Pearlmark Mezzanine Realty Partners IV, L.P. ("Pearlmark Mezz") in May 2017. (6) During the years ended December 31, 2018, 2017 and 2016, distributions from the trusts were recorded in interest expense on the Company's consolidated statements of operations as the investments are accounted for under the cost method.

BORROWINGS (Tables)

BORROWINGS (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Information with respect to borrowings	Certain information with respect to the Company's borrowings is summarized in the following table (in thousands, except percentages, time periods and 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, 2018: RCC 2017-CRE5 Senior Notes $ 109,250 $ 1,121 $ 108,129 3.76% 15.6 years $ 228,031 XAN 2018-RSO6 Senior Notes 397,452 4,536 392,916 3.55% 16.5 years 514,225 Unsecured junior subordinated debentures 51,548 — 51,548 6.61% 17.7 years — 4.50% Convertible Senior Notes 143,750 13,504 130,246 4.50% 3.6 years — 8.00% Convertible Senior Notes 21,182 238 20,944 8.00% 1.0 year — CRE - term repurchase facilities (1) 512,716 5,269 507,447 4.47% 2.0 years 696,215 Trust certificates - term repurchase facility (2) 47,451 279 47,172 6.41% 1.7 years 118,780 CMBS - short term repurchase agreements (3) 295,821 — 295,821 3.63% 19 days 395,868 Total $ 1,579,170 $ 24,947 $ 1,554,223 4.21% 6.9 years $ 1,953,119 Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At December 31, 2017: RCC 2015-CRE3 Senior Notes $ 85,788 $ 396 $ 85,392 4.50% 14.2 years $ 149,828 RCC 2015-CRE4 Senior Notes 90,883 407 90,476 3.65% 14.6 years 180,066 RCC 2017-CRE5 Senior Notes 244,280 3,493 240,787 2.51% 16.6 years 369,534 Unsecured junior subordinated debentures 51,548 — 51,548 5.49% 18.7 years — 4.50% Convertible Senior Notes 143,750 16,626 127,124 4.50% 4.6 years — 6.00% Convertible Senior Notes 70,453 928 69,525 6.00% 335 days — 8.00% Convertible Senior Notes 21,182 466 20,716 8.00% 2.0 years — CRE - term repurchase facilities (1) 292,511 1,013 291,498 3.82% 222 days 432,125 Trust certificates - term repurchase facility (2) 76,714 570 76,144 5.97% 2.1 years 214,375 CMBS - short term repurchase agreements (3) 82,647 — 82,647 2.79% 14 days 131,522 CMBS - term repurchase facilities (4) 27,628 — 27,628 3.05% 121 days 38,060 Total $ 1,187,384 $ 23,899 $ 1,163,485 4.00% 7.3 years $ 1,515,510 (1) Principal outstanding includes accrued interest payable of $911,000 and $534,000 at December 31, 2018 and 2017, respectively. (2) Principal outstanding includes accrued interest payable of $118,000 and $203,000 at December 31, 2018 and 2017, respectively. (3) Principal outstanding includes accrued interest payable of $773,000 and $279,000 at December 31, 2018 and 2017, respectively. (4) Principal outstanding includes accrued interest payable of $46,000 at December 31, 2017.
Schedule of securitizations	The following table sets forth certain information with respect to the Company's consolidated securitizations at December 31, 2018: Securitization Closing Date Maturity Date End of Designated Principal Reinvestment Period (1) Total Note Paydowns from Closing Date through December 31, 2018 RCC 2017-CRE5 July 2017 July 2034 July 2020 $ 142,199 XAN 2018-RSO6 June 2018 June 2035 December 2020 $ — (1) The designated principal reinvestment period is the period in which principal repayments can be utilized to purchase loans held outside of the respective securitization that represent the funded commitments of existing collateral in the respective securitization that were not funded as of the date the respective securitization was closed.
Repurchase and mortgage finance facilities	The following table sets forth certain information with respect to the Company's repurchase agreements (in thousands, except percentages and amounts in footnotes): December 31, 2018 December 31, 2017 Outstanding Borrowings (1) Value of Collateral Number of Positions as Collateral Weighted Average Interest Rate Outstanding Borrowings (1) Value of Collateral Number of Positions as Collateral Weighted Average Interest Rate CRE - Term Repurchase Facilities Wells Fargo Bank, N.A. (2) $ 154,478 $ 226,530 13 4.33% $ 179,347 $ 268,003 19 3.68 % Morgan Stanley Bank, N.A. (3) 37,113 62,457 3 5.09% 112,151 164,122 9 4.05 % Barclays Bank PLC (4) 240,416 308,389 11 4.51% — — — —% JPMorgan Chase Bank, N.A. (5) 75,440 98,839 5 4.30% — — — —% Trust Certificates - Term Repurchase Facilities RSO Repo SPE Trust 2015 (6) — — — —% 26,548 89,121 2 6.98 % RSO Repo SPE Trust 2017 (7) 47,172 118,780 2 6.41% 49,596 125,254 2 5.43 % CMBS - Short-Term Repurchase Agreements RBC Capital Markets, LLC 246,476 313,644 33 3.64% 72,131 97,745 6 2.77 % JP Morgan Securities LLC 42,040 73,066 13 3.57% 10,516 33,777 2 2.93 % Deutsche Bank Securities Inc. (8) 7,305 9,158 5 3.98% — — — —% CMBS - Term Repurchase Facilities Wells Fargo Bank, N.A. — — — —% 12,272 14,984 8 2.45 % Deutsche Bank AG (8) — — — —% 15,356 23,076 14 3.53 % Total $ 850,440 $ 1,210,863 $ 477,917 $ 816,082 (1) Outstanding borrowings include accrued interest payable. (2) Includes $1.6 million and $565,000 of deferred debt issuance costs at December 31, 2018 and 2017, respectively. (3) Includes $167,000 and $448,000 of deferred debt issuance costs at December 31, 2018 and 2017, respectively. (4) Includes $1.5 million of deferred debt issuance costs at December 31, 2018. (5) Includes $2.0 million of deferred debt issuance costs at December 31, 2018. (6) Includes $133,000 of deferred debt issuance costs at (7) Includes $204,000 and $320,000 deferred debt issuance costs at December 31, 2018 and 2017, respectively. (8) In May 2018, the facility's term was rolled from a one-year basis, with extensions at the buyer's option, to a three-month basis. At June 30, 2018, the facility was reclassified from CMBS - term repurchase facilities to CMBS - short term repurchase agreements.
Schedule of amount at risk under credit facility	The following table shows information about the amount at risk under the repurchase facilities (in thousands, except percentages and time periods): Amount at Risk (1) Weighted Average Remaining Maturity Weighted Average Interest Rate At December 31, 2018: CRE - Term Repurchase Facilities Wells Fargo Bank, N. A. $ 71,398 1.6 years 4.33% Morgan Stanley Bank, N. A. $ 25,485 253 days 5.09% Barclays Bank PLC $ 67,826 2.3 years 4.51% JPMorgan Chase Bank, N. A. $ 21,788 2.8 years 4.30% Trust Certificates - Term Repurchase Facilities RSO Repo SPE Trust 2017 $ 71,439 1.7 years 6.41% CMBS - Short-Term Repurchase Agreements RBC Capital Markets, LLC $ 67,182 18 days 3.64% JP Morgan Securities LLC $ 31,226 17 days 3.57% Deutsche Bank Securities Inc. $ 1,868 56 days 3.98% (1) Equal to the total of the estimated fair value of securities or loans sold and accrued interest receivable, minus the total of the repurchase agreement liabilities and accrued interest payable.
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): Total 2019 2020 2021 2022 2023 and Thereafter At December 31, 2018: CRE securitizations $ 506,702 $ — $ — $ — $ — $ 506,702 Unsecured junior subordinated debentures 51,548 — — — — 51,548 4.50% Convertible Senior Notes 143,750 — — — 143,750 — 8.00% Convertible Senior Notes 21,182 — 21,182 — — — Repurchase and credit facilities 855,988 333,100 203,575 319,313 — — Total $ 1,579,170 $ 333,100 $ 224,757 $ 319,313 $ 143,750 $ 558,250

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of restricted common stock transactions	The following table summarizes the Company's restricted common stock transactions: Non-Employee Directors Non-Employees (1) Former Employees Total Unvested shares at January 1, 2018 34,565 419,541 28,967 483,073 Issued 30,234 209,355 — 239,589 Vested (33,193 ) (238,792 ) (23,158 ) (295,143 ) Forfeited — (4,848 ) — (4,848 ) Unvested shares at December 31, 2018 31,606 385,256 5,809 422,671 (1) Non-employees are employees of C-III or Resource America, Inc. ("Resource America").
Schedule of restricted stock granted	The following table summarizes restricted common stock grants during the year ended December 31, 2018: Grant Date Shares Vesting per Year Vesting Date(s) January 18, 2018 209,355 33.3% January 18, 2019, January 18, 2020 and January 18, 2021 February 1, 2018 3,727 100% February 1, 2019 March 8, 2018 16,302 100% March 8, 2019 June 1, 2018 3,493 100% June 1, 2019 June 6, 2018 3,510 100% June 6, 2019 October 1, 2018 3,202 100% October 1, 2019
Summary of stock option transactions	The following table summarizes the status of the Company's vested stock options at December 31, 2018: Vested Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Vested at January 1, 2018 10,000 $ 25.60 Vested — — Exercised — — Forfeited — — Expired — — Vested at December 31, 2018 10,000 $ 25.60 2.38 $ —
Summary of share based compensation expense	The components of equity compensation expense for the periods presented are as follows (in thousands): Years Ended December 31, 2018 2017 2016 Restricted shares granted to non-employees (1)(2) $ 2,427 $ 2,456 $ 2,758 Restricted shares granted to non-employee directors 290 282 267 Total equity compensation expense (3) $ 2,717 $ 2,738 $ 3,025 (1) Non-employees are employees of C-III or Resource America. (2) Amounts include $691,000 of equity compensation expense, for the year ended December 31, 2016, associated with the accelerated stock vesting of former executives of the Company. (3) Amounts exclude equity compensation expense for employees of Primary Capital Mortgage ("PCM"), which is included in net income (loss) from discontinued operations, net of tax on the consolidated statement of operations during the years ended December 31, 2017 and 2016.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Reconciliation of basic and diluted (losses) earnings per share	The following table presents a reconciliation of basic and diluted earnings (losses) per share for the periods presented as follows (in thousands, except share and per share amounts): Years Ended December 31, 2018 2017 2016 Net income (loss) from continuing operations $ 27,306 $ 47,457 $ (11,334 ) Net income allocated to preferred shares (12,972 ) (24,057 ) (24,091 ) Carrying value (less than) in excess of consideration paid for preferred shares (7,482 ) (3,803 ) 1,500 Net loss allocable to non-controlling interest, net of taxes — 196 229 Net income (loss) from continuing operations allocable to common shares 6,852 19,793 (33,696 ) Net income (loss) from discontinued operations, net of tax 121 (14,116 ) (19,260 ) Net income (loss) allocable to common shares $ 6,973 $ 5,677 $ (52,956 ) Net income (loss) per common share - basic Weighted average number of shares outstanding 31,198,319 30,836,400 30,539,369 Continuing operations $ 0.22 $ 0.64 $ (1.10 ) Discontinued operations — (0.46 ) (0.63 ) Net income (loss) per common share - basic $ 0.22 $ 0.18 $ (1.73 ) Net income (loss) per common share - diluted: Weighted average number of shares outstanding 31,198,319 30,836,400 30,539,369 Additional shares due to assumed conversion of dilutive instruments 184,783 239,387 — Adjusted weighted-average number of common shares outstanding 31,383,102 31,075,787 30,539,369 Continuing operations $ 0.22 $ 0.64 $ (1.10 ) Discontinued operations — (0.46 ) (0.63 ) Net income (loss) per common share - diluted $ 0.22 $ 0.18 $ (1.73 ) Potentially dilutive shares excluded from calculation due to anti-dilutive effect (1) 14,800,564 11,238,408 9,002,864 (1) Potentially dilutive shares issuable in connection with the potential conversion of the Company's 4.50% Convertible Senior Notes, 6.00% Convertible Senior Notes and 8.00% Convertible Senior Notes (see Note 10) were not included in the calculation of diluted net income (loss) per share because the effect would be anti-dilutive.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of accumulated other comprehensive income (loss)	The following table presents the changes in each component of accumulated other comprehensive income (loss) for the year ended December 31, 2018 (in thousands): Net Unrealized Gain on Derivatives Net Unrealized (Loss) Gain on Investment Securities Available-for-Sale Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2018 $ 602 $ 695 $ 1,297 Other comprehensive loss before reclassifications (17 ) (4,180 ) (4,197 ) Amounts reclassified from accumulated other comprehensive income (1) (22 ) (135 ) (157 ) Balance at December 31, 2018 $ 563 $ (3,620 ) $ (3,057 ) (1) Amounts reclassified from accumulated other comprehensive income are reclassified to net realized and unrealized gain on investment securities available-for-sale and loans and derivatives on the Company's consolidated statements of operations.

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Distributions [Abstract]
Dividends Declared	The following tables present dividends declared (on a per share basis) for the years ended December 31, 2018, 2017 and 2016 and for the period from January 1, 2018 through March 26, 2018 with respect to the Company's Series B Preferred Stock: Common Stock Date Paid Total Dividend Paid Dividend Per Share (in thousands) 2018 March 31 April 27 $ 1,584 $ 0.05 June 30 July 27 $ 3,165 $ 0.10 September 30 October 26 $ 4,749 $ 0.15 December 31 January 25, 2019 $ 5,540 $ 0.175 2017 March 31 April 27 $ 1,568 $ 0.05 June 30 July 28 $ 1,567 $ 0.05 September 30 October 27 $ 1,566 $ 0.05 December 31 January 26, 2018 $ 1,572 $ 0.05 2016 March 31 April 28 $ 13,073 $ 0.42 June 30 July 28 $ 13,051 $ 0.42 September 30 October 28 $ 13,012 $ 0.42 December 31 January 27, 2017 $ 1,550 $ 0.05 Series A Preferred Stock Series B Preferred Stock Series C Preferred Stock Date Paid Total Dividend Paid Dividend Per Share Date Paid Total Dividend Paid Dividend Per Share Date Paid Total Dividend Paid Dividend Per Share (in thousands) (in thousands) (in thousands) 2018 March 26 N/A N/A N/A March 26 $ 1,480 $ 0.32083 N/A N/A N/A March 31 N/A N/A N/A N/A N/A N/A April 30 $ 2,588 $ 0.539063 June 30 N/A N/A N/A N/A N/A N/A July 30 $ 2,588 $ 0.539063 September 30 N/A N/A N/A N/A N/A N/A October 30 $ 2,588 $ 0.539063 December 31 N/A N/A N/A N/A N/A N/A January 30, 2019 $ 2,588 $ 0.539063 2017 March 31 May 1 $ 568 $ 0.531250 May 1 $ 2,859 $ 0.515625 May 1 $ 2,588 $ 0.539063 June 30 July 31 $ 568 $ 0.531250 July 31 $ 2,859 $ 0.515625 July 31 $ 2,588 $ 0.539063 September 30 October 30 $ 568 $ 0.531250 October 30 $ 2,859 $ 0.515625 October 30 $ 2,588 $ 0.539063 December 31 January 30, 2018 $ 568 $ 0.531250 January 30, 2018 $ 2,859 $ 0.515625 January 30, 2018 $ 2,588 $ 0.539063 2016 March 31 May 2 $ 568 $ 0.531250 May 2 $ 2,859 $ 0.515625 May 2 $ 2,588 $ 0.539063 June 30 August 1 $ 568 $ 0.531250 August 1 $ 2,859 $ 0.515625 August 1 $ 2,588 $ 0.539063 September 30 October 31 $ 568 $ 0.531250 October 31 $ 2,859 $ 0.515625 October 31 $ 2,588 $ 0.539063 December 31 January 30, 2017 $ 568 $ 0.531250 January 30, 2017 $ 2,859 $ 0.515625 January 30, 2017 $ 2,588 $ 0.539063

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair value of financial instruments measured on recurring basis	The following table presents the Company's financial instruments carried at fair value on a recurring basis based upon the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Total At December 31, 2018: Assets: Investment securities available-for-sale $ — $ — $ 418,998 $ 418,998 Derivatives — 985 — 985 Total assets at fair value $ — $ 985 $ 418,998 $ 419,983 Liabilities: Derivatives $ — $ 1,043 $ — $ 1,043 Total liabilities at fair value $ — $ 1,043 $ — $ 1,043 At December 31, 2017: Assets: Investment securities available-for-sale $ — $ — $ 211,737 $ 211,737 Derivatives — 602 — 602 Total assets at fair value $ — $ 602 $ 211,737 $ 212,339 Liabilities: Derivatives $ — $ 76 $ — $ 76 Total liabilities at fair value $ — $ 76 $ — $ 76
Fair value assets unobservable input reconciliation	The following table presents additional information about the Company's assets that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs (in thousands): CMBS ABS Total Balance, January 1, 2018 $ 211,579 $ 158 $ 211,737 Included in earnings 2,360 (217 ) 2,143 Purchases 242,342 — 242,342 Sales (12,028 ) (48 ) (12,076 ) Paydowns (20,862 ) — (20,862 ) Capitalized interest — 7 7 Included in OCI (4,393 ) 100 (4,293 ) Balance, December 31, 2018 $ 418,998 $ — $ 418,998
Fair value assets and liabilities measured on nonrecurring basis	The following table summarizes the Company's financial instruments measured at fair value on a nonrecurring basis based upon the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Total At December 31, 2018: Assets: Legacy CRE loans held for sale $ — $ — $ 17,000 $ 17,000 Total assets at fair value $ — $ — $ 17,000 $ 17,000 Liabilities: Pearlmark Mezz indemnification $ — $ — $ 703 $ 703 Total liabilities at fair value $ — $ — $ 703 $ 703 At December 31, 2017: Assets: Legacy CRE loans held for sale $ — $ — $ 22,500 $ 22,500 Impaired loans — — 4,500 $ 4,500 Total assets at fair value $ — $ — $ 27,000 $ 27,000 Liabilities: Pearlmark Mezz indemnification $ — $ — $ 703 $ 703 Total liabilities at fair value $ — $ — $ 703 $ 703
Fair value financial instruments not reported at fair value	The fair values of the Company's remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported in the following table (in thousands): Fair Value Measurements Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At December 31, 2018: Assets: CRE whole loans held for investment $ 1,527,712 $ 1,538,759 $ — $ — $ 1,538,759 CRE mezzanine loan $ 4,700 $ 4,700 $ — $ — $ 4,700 CRE preferred equity investment $ 19,555 $ 19,718 $ — $ — $ 19,718 Legacy CRE loans held for sale $ 17,000 $ 17,000 $ — $ — $ 17,000 Liabilities: Senior notes in CRE securitizations $ 501,045 $ 498,897 $ — $ — $ 498,897 Junior subordinated notes $ 51,548 $ 27,800 $ — $ — $ 27,800 Convertible senior notes $ 151,190 $ 164,932 $ — $ — $ 164,932 Repurchase agreements $ 850,440 $ 855,783 $ — $ — $ 855,783 At December 31, 2017: Assets: CRE whole loans held for investment $ 1,284,822 $ 1,294,664 $ — $ — $ 1,294,664 Legacy CRE loans held for sale $ 61,841 $ 62,841 $ — $ — $ 62,841 Liabilities: Senior notes in CRE securitizations $ 416,655 $ 420,084 $ — $ — $ 420,084 Junior subordinated notes $ 51,548 $ 26,574 $ — $ — $ 26,574 Convertible senior notes $ 217,365 $ 235,385 $ — $ — $ 235,385 Repurchase agreements $ 477,917 $ 479,383 $ — $ — $ 479,383

MARKET RISK AND DERIVATIVE IN_2

MARKET RISK AND DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair value of derivative instruments	The following tables present the fair values of the Company's derivative instruments on the Company's consolidated balance sheets at December 31, 2018 and 2017 and the related effect of the derivative instruments on the consolidated statements of operations during the years ended December 31, 2018, 2017 and 2016: Fair Value of Derivative Instruments (in thousands) Asset Derivatives At December 31, 2018 Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts, hedging (1) $ 31,725 Derivatives, at fair value $ 985 Liability Derivatives Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts, hedging (1) $ 49,326 Derivatives, at fair value $ 1,043 Interest rate swap contracts, hedging $ 81,051 Accumulated other comprehensive income $ 563 Asset Derivatives At December 31, 2017 Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts, hedging (1) $ 41,750 Derivatives, at fair value $ 602 Liability Derivatives Notional Amount Consolidated Balance Sheets Location Fair Value Forward contracts - foreign currency, hedging (2)(3) $ 3,602 Derivatives, at fair value $ 76 Interest rate swap contracts, hedging $ 41,750 Accumulated other comprehensive income $ 602 (1) Interest rate swap contracts are accounted for as cash flow hedges. (2) Foreign currency forward contracts are accounted for as fair value hedges. (3) Notional amount presented is translated on a currency converted basis. The base currency notional amount of the Company's foreign currency hedging forward contracts in a liability position was €3.0 million at December 31, 2017.
The effect of derivative instruments on the statement of income	The Effect of Derivative Instruments on the Consolidated Statements of Operations (in thousands) Derivatives Year Ended December 31, 2018 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ (169 ) Derivatives Year Ended December 31, 2017 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ (130 ) Forward contracts - foreign currency, hedging Net realized and unrealized gain (loss) on investment securities available-for-sale and loans and derivatives $ (1,896 ) Derivatives Year Ended December 31, 2016 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ (119 ) Forward contracts - foreign currency, hedging Net realized and unrealized gain (loss) on investment securities available-for-sale and loans and derivatives $ 764 (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
	Dec. 31, 2018
Offsetting [Abstract]
Offsetting financial assets and derivative assets	The following table presents a summary of the Company's offsetting of derivative assets (in thousands, except amounts in the footnote): (i) Gross Amounts (ii) Gross Amounts Offset on the (iii) = (i) - (ii) Net Amounts of Assets Presented on the (iv) Gross Amounts Not Offset on the Consolidated Balance Sheets of Recognized Assets Consolidated Balance Sheets Consolidated Balance Sheets Financial Instruments Cash Collateral Pledged (v) = (iii) - (iv) Net Amount At December 31, 2018: Derivatives, at fair value $ 985 $ — $ 985 $ — $ — $ 985 At December 31, 2017: Derivatives, at fair value (1) $ 602 $ — $ 602 $ — $ — $ 602 (1) The Company posted cash margin of $1.9 million related to interest rate swap contracts outstanding at December 31, 2017.
Offsetting financial liabilities and derivative 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) Gross Amounts (ii) Gross Amounts Offset on the (iii) = (i) - (ii) Net Amounts of Liabilities Presented on the (iv) Gross Amounts Not Offset on the Consolidated Balance Sheets of Recognized Liabilities Consolidated Balance Sheets Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Pledged (v) = (iii) - (iv) Net Amount At December 31, 2018: Derivatives, at fair value (2) $ 1,043 $ — $ 1,043 $ — $ 1,043 $ — Repurchase agreements and term facilities (3) 850,440 — 850,440 850,440 — — Total $ 851,483 $ — $ 851,483 $ 850,440 $ 1,043 $ — At December 31, 2017: Derivatives, at fair value $ 76 $ — $ 76 $ — $ — $ 76 Repurchase agreements and term facilities (3) 477,917 — 477,917 477,917 — — Total $ 477,993 $ — $ 477,993 $ 477,917 $ — $ 76 (1) Amounts represent financial instruments pledged that are available to be offset against liability balances associated with term facilities, repurchase agreements and derivatives. (2) The Company posted cash margin of $2.3 million related to interest rate swap contracts outstanding at December 31, 2018. (3) The combined fair value of securities and loans pledged against the Company's various repurchase agreements and term facilities was $1.2 billion and $816.1 million at December 31, 2018 and 2017, respectively.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Components of income taxes	The following table details the components of income taxes (in thousands): Years Ended December 31, 2018 2017 2016 Income tax (benefit) expense: Current: Federal $ — $ 994 $ 1,733 State (316 ) 856 966 Total current (316 ) 1,850 2,699 Deferred: Federal (27 ) 3,475 6,707 State — 1,288 1,586 Total deferred (27 ) 4,763 8,293 Total $ (343 ) $ 6,613 $ 10,992
Reconciliation between federal statutory income tax rate and effective income tax rate	A reconciliation of the income tax expense (benefit) based upon the statutory tax rate to the effective income tax rate is as follows for the years presented (in thousands): Years Ended December 31, 2018 2017 2016 Income tax (benefit) expense: Statutory tax $ (220 ) $ 9,301 $ (1,103 ) State and local taxes, net of federal benefit (1,007 ) 1,415 1,005 Permanent adjustments (3 ) 37 — True-up of prior period tax expense (4 ) (2,010 ) (256 ) Valuation allowance 5,348 (2,203 ) 11,294 Tax reform — 4,918 — Tax reform - valuation allowance — (4,918 ) — Discontinued operations adjustment (4,344 ) — — Other items (113 ) 73 52 Total $ (343 ) $ 6,613 $ 10,992
Components of deferred tax assets and liabilities	The components of deferred tax assets and liabilities are as follows (in thousands): December 31, 2018 2017 Deferred tax assets related to: Federal, state and local loss carryforwards $ 9,847 $ 2,261 Accrued expenses 106 393 Charitable contribution carryforward 13 — Amortization of intangibles 406 416 Unrealized gains 1,721 1,702 Partnership investment 3,385 5,301 Total deferred tax assets 15,478 10,073 Valuation allowance (15,285 ) (9,927 ) Total deferred tax assets, net of valuation allowance $ 193 $ 146 Deferred tax liabilities related to: Investment in securities $ (193 ) $ (89 ) Depreciation — (57 ) Total deferred tax liabilities $ (193 ) $ (146 ) Deferred tax assets, net $ — $ —

QUARTERLY RESULTS (Tables)

QUARTERLY RESULTS (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018: Interest income (1) $ 25,957 $ 29,660 $ 31,836 $ 35,326 Interest expense (1) 14,384 16,159 17,322 19,751 Net interest income $ 11,573 $ 13,501 $ 14,514 $ 15,575 Net (loss) income from continuing operations $ (137 ) $ 9,189 $ 8,260 $ 9,994 Net income (loss) from discontinued operations 247 (450 ) 364 (40 ) Net income 110 8,739 8,624 9,954 Net income allocated to preferred shares (5,210 ) (2,587 ) (2,588 ) (2,587 ) Carrying value less than consideration paid for preferred shares (7,482 ) — — — Net (loss) income allocable to common shares $ (12,582 ) $ 6,152 $ 6,036 $ 7,367 Net (loss) income per common share from continuing operations - basic $ (0.41 ) $ 0.21 $ 0.18 $ 0.24 Net income (loss) per common share from discontinued operations - basic 0.01 (0.01 ) 0.01 — Total net (loss) income per common share - basic $ (0.40 ) $ 0.20 $ 0.19 $ 0.24 Net (loss) income per common share from continuing operations - diluted $ (0.41 ) $ 0.21 $ 0.18 $ 0.23 Net income (loss) per common share from discontinued operations - diluted 0.01 (0.01 ) 0.01 — Total net (loss) income per common share - diluted $ (0.40 ) $ 0.20 $ 0.19 $ 0.23 March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) (in thousands, except per share data) Year Ended December 31, 2017: Interest income (1) $ 25,471 $ 23,635 $ 23,983 $ 26,229 Interest expense (1) 14,254 14,347 13,853 15,203 Net interest income $ 11,217 $ 9,288 $ 10,130 $ 11,026 Net income from continuing operations $ 9,174 $ 12,568 $ 24,745 $ 970 Net loss from discontinued operations (561 ) (4,184 ) (6,087 ) (3,284 ) Net income (loss) 8,613 8,384 18,658 (2,314 ) Net income allocated to preferred shares (6,014 ) (6,015 ) (6,014 ) (6,014 ) Carrying value in excess of consideration paid for preferred shares — — — (3,803 ) Net loss allocable to non-controlling interest, net of taxes 101 95 — — Net income (loss) allocable to common shares $ 2,700 $ 2,464 $ 12,644 $ (12,131 ) Net income (loss) per common share from continuing operations - basic $ 0.11 $ 0.22 $ 0.61 $ (0.28 ) Net loss per common share from discontinued operations - basic (0.02 ) (0.14 ) (0.20 ) (0.11 ) Total net income (loss) per common share - basic $ 0.09 $ 0.08 $ 0.41 $ (0.39 ) Net income (loss) per common share from continuing operations - diluted $ 0.11 $ 0.22 $ 0.61 $ (0.28 ) Net loss per common share from discontinued operations - diluted (0.02 ) (0.14 ) (0.20 ) (0.11 ) Total net income (loss) per common share - diluted $ 0.09 $ 0.08 $ 0.41 $ (0.39 ) (1) Certain reclassifications have been made to the 2018 and 2017 consolidated financial statements, including the impact of discontinued operations.

DISCONTINUED OPERATIONS AND A_2

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE (Tables)	12 Months Ended
	Dec. 31, 2018
Discontinued Operations And Disposal Groups [Abstract]
Disposal groups, including discontinued operations	The following table summarizes the operating results of the residential mortgage and middle market lending segments' discontinued operations as reported separately as net income (loss) from discontinued operations, net of tax for the years ended December 31, 2018, 2017 and 2016 (in thousands): Years Ended December 31, 2018 2017 2016 REVENUES Interest income: Loans $ 580 $ 3,319 $ 25,325 Other 13 107 50 Total interest income 593 3,426 25,375 Interest expense — — 6,181 Net interest income 593 3,426 19,194 Gain on sale of residential mortgage loans 337 2,833 19,061 Fee income 70 3,507 1,221 Total revenues 1,000 9,766 39,476 OPERATING EXPENSES Equity compensation — 433 939 General and administrative 1,300 23,717 30,570 Depreciation and amortization — — 563 Provision for loan loss — — 12,989 Total operating expenses 1,300 24,150 45,061 (300 ) (14,384 ) (5,585 ) OTHER INCOME (EXPENSE) Net realized and unrealized gain (loss) on investment securities available-for-sale and loans and derivatives 421 145 (11,850 ) Fair value adjustments on financial assets held for sale — 123 — Total other income (expense) 421 268 (11,850 ) INCOME (LOSS) FROM DISCONTINUED OPERATIONS BEFORE TAXES 121 (14,116 ) (17,435 ) Income tax expense — — — NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAXES 121 (14,116 ) (17,435 ) Loss from disposal of discontinued operations — — (1,825 ) TOTAL INCOME (LOSS) FROM DISCONTINUED OPERATIONS $ 121 $ (14,116 ) $ (19,260 ) The assets and liabilities of business segments classified as discontinued operations and other assets and liabilities classified as held for sale are reported separately in the accompanying consolidated financial statements and are summarized as follows at December 31, 2018 and 2017 (in thousands, except amounts in footnotes): December 31, 2018 2017 ASSETS Restricted cash $ — $ 138 Accrued interest receivable — 67 Loans held for sale (1) 17,000 93,063 Other assets (2) 645 14,450 Total assets held for sale $ 17,645 $ 107,718 LIABILITIES Accounts payable and other liabilities $ 1,820 $ 10,283 Management fee payable — 56 Accrued interest payable — 3 Total liabilities held for sale $ 1,820 $ 10,342 (1) Includes a directly originated middle market loan with a carrying value of $2.0 million at December 31, 2017. In July 2018 substantially all of the assets of the borrower were sold, resulting in $2.1 million of loan repayments. (2) Includes the Company's investment in life settlement contracts of $5.1 million at December 31, 2017. In 2018, substantially all of the life settlement contracts were sold or matured and there were no life settlement contracts remaining at December 31, 2018.
Summary of loans held-for-sale	The following table summarizes the loans held for sale in the residential mortgage and middle market lending segments as well as the non-performing legacy CRE loans transferred to held for sale in the fourth quarter of 2016. The loans held for sale are carried at the lower of cost or fair value (in thousands, except quantities and amounts in footnotes): Loan Description Number of Loans Amortized Cost Carrying Value At December 31, 2018: Legacy CRE loan (1) 1 $ 21,666 $ 17,000 Mezzanine loan (2) 1 — — Total loans held for sale 2 $ 21,666 $ 17,000 At December 31, 2017: Legacy CRE loans (1) 5 $ 63,783 $ 61,841 Mezzanine loan (2) 1 — — Middle market loans (3) 5 41,199 29,308 Residential mortgage loans (4)(5) 14 1,914 1,914 Total loans held for sale 25 $ 106,896 $ 93,063 (1) Two legacy CRE loans with amortized costs of $28.3 million were reclassified as CRE loans on the consolidated balance sheets at June 30, 2018 as the Company intends to hold these loans to maturity. (2) The mezzanine loan has a par value of $38.1 million and was acquired at a fair value of zero as a result of the liquidations of Resource Real Estate Funding CDO 2006-1, Ltd. in April 2016 and RREF CDO 2007-1 in November 2016. The mezzanine loan is comprised of two tranches, maturing in November 2018 and September 2021. (3) Includes a directly originated middle market loan with a fair value of $2.0 million at December 31, 2017. In July 2018, substantially all of the assets of the borrower were sold, resulting in $2.1 million of loan repayments. The loan's fair value was supported by a third party valuation market prepared at December 31, 2017. (4) The fair value option was elected for residential mortgage loans held for sale. (5) The Company's residential mortgage loan portfolio was comprised of both agency loans and non-agency jumbo loans. The fair values of the agency loan portfolio were generally classified as Level 2 in the fair value hierarchy, as those values were determined based on quoted market prices for similar assets or upon other observable inputs. The fair values of the jumbo loan portfolio were generally classified as Level 3 in the fair value hierarchy, as those values were generally based upon valuation techniques that utilize unobservable inputs that reflect the assumptions that a market participant would use in pricing those assets.

ORGANIZATION (Details)

ORGANIZATION (Details)	Dec. 31, 2018
Exantas Capital Corp | C-III Capital Partners LLC
Variable Interest Entity [Line Items]
Ownership percentage	2.40%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2018USD ($)Director	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Summary Of Significant Accounting Policies [Line Items]
Cash balance in excess of federal deposit Insurance limit, amount	$ 80,400,000	$ 177,500,000
Cash and cash equivalents	82,816,000	181,490,000
Restricted cash	12,658,000	22,874,000
Total cash, cash equivalents and restricted cash shown on the Company's consolidated statements of cash flows	95,474,000	204,364,000	$ 119,425,000	$ 119,247,000
Impairment charges	$ 0	177,000	3,700,000
Percentage of REIT taxable income distributed to stockholders not subject to federal corporate tax	100.00%
Provision for Income Tax	$ (343,000)	6,613,000	$ 10,992,000
Operating loss carryforwards, valuation allowance	58,400,000	37,000,000
Operating loss carryforwards, valuation allowance, tax expense impact	$ 15,300,000	$ 9,900,000
U.S. federal corporate tax rate	21.00%	35.00%
Number of non-executive directors granted shares | Director	8
Foreign TRS
Summary Of Significant Accounting Policies [Line Items]
Provision for Income Tax	$ 0
Commercial Real Estate Loans | Rating 3
Summary Of Significant Accounting Policies [Line Items]
Financing receivable, allowance for credit losses, percentage of aggregate par amount of loans	1.50%
Commercial Real Estate Loans | Rating 4
Summary Of Significant Accounting Policies [Line Items]
Financing receivable, allowance for credit losses, percentage of outstanding par amount of loans	5.00%

VARIABLE INTEREST ENTITIES (Con

VARIABLE INTEREST ENTITIES (Consolidated VIEs) (the Company is the primary beneficiary) (Details) - VIE, Primary Beneficiary	12 Months Ended
	Dec. 31, 2018USD ($)entity	Dec. 31, 2017USD ($)entity
Variable Interest Entity [Line Items]
Number of consolidated VIEs | entity	5	7
Financial support, amount | $	$ 0	$ 0

VARIABLE INTEREST ENTITIES (Sch

VARIABLE INTEREST ENTITIES (Schedule of Carrying Value of Assets and Liabilities of Consolidated VIEs) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS:
Restricted cash	$ 6,189	$ 20,846
CRE loans, pledged as collateral	700,223	603,110
Other assets	157	86
Total assets of consolidated VIEs	742,031	699,596
LIABILITIES
Accounts payable and other liabilities	75	96
Accrued interest payable	709	592
Borrowings	501,045	416,655
Total liabilities of consolidated VIEs	501,829	$ 417,343
VIE, Primary Beneficiary
ASSETS:
Restricted cash	6,189
Accrued interest receivable	3,548
CRE loans, pledged as collateral	700,223
Principal paydowns receivable	31,914
Other assets	157
Total assets of consolidated VIEs	742,031
LIABILITIES
Accounts payable and other liabilities	75
Accrued interest payable	709
Borrowings	501,045
Total liabilities of consolidated VIEs	501,829
CRE Securitizations | VIE, Primary Beneficiary
ASSETS:
Restricted cash	5,000
Accrued interest receivable	3,548
CRE loans, pledged as collateral	700,223
Principal paydowns receivable	31,914
Other assets	157
Total assets of consolidated VIEs	740,842
LIABILITIES
Accounts payable and other liabilities	75
Accrued interest payable	709
Borrowings	501,045
Total liabilities of consolidated VIEs	501,829
Other | VIE, Primary Beneficiary
ASSETS:
Restricted cash	1,189
Accrued interest receivable	0
CRE loans, pledged as collateral	0
Principal paydowns receivable	0
Other assets	0
Total assets of consolidated VIEs	1,189
LIABILITIES
Accounts payable and other liabilities	0
Accrued interest payable	0
Borrowings	0
Total liabilities of consolidated VIEs	$ 0

VARIABLE INTEREST ENTITIES (Unc

VARIABLE INTEREST ENTITIES (Unconsolidated VIEs) (the Company is not the primary beneficiary, but has a variable interest) (Details) - USD ($)	1 Months Ended		12 Months Ended
	Mar. 31, 2018	Oct. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Investments in unconsolidated entities			$ 1,548,000	$ 12,051,000
Borrowings			1,554,223,000	$ 1,163,485,000
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying amount of private-label securitization			$ (9,711,000)
VIE, Not Primary Beneficiary | Investment in RCT I and II
Variable Interest Entity [Line Items]
Ownership percentage in VIE			100.00%
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			3.00%
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			3.00%
Borrowings			$ 25,800,000
VIE, Not Primary Beneficiary | C40
Variable Interest Entity [Line Items]
Ownership percentage in VIE		95.00%
Carrying amount of private-label securitization		$ 705,400,000	20,968,000
VIE, Not Primary Beneficiary | Prospect Hackensack
Variable Interest Entity [Line Items]
Carrying amount of private-label securitization			$ 19,555,000
Payments to acquire interest in joint venture	$ 19,200,000

VARIABLE INTEREST ENTITIES (S_2

VARIABLE INTEREST ENTITIES (Schedule of Classification, Carrying Value, and Maximum Exposure to Loss of Unconsolidated VIEs) (Details) - VIE, Not Primary Beneficiary - USD ($) $ in Thousands	Dec. 31, 2018	Oct. 31, 2017
ASSETS:
Accrued interest receivable	$ 231
CRE loans	19,555
Investment securities available-for-sale	20,795
Investments in unconsolidated entities	1,548
Total assets	42,129
LIABILITIES
Accrued interest payable	292
Borrowings	51,548
Total liabilities	51,840
Net (liability) asset	(9,711)
Interest Receivable
ASSETS:
Maximum Exposure to Loss	0
Loans Pledged as Collateral
ASSETS:
Maximum Exposure to Loss	19,555
Available-for-sale Securities
ASSETS:
Maximum Exposure to Loss	21,309
Investments in Unconsolidated Entities
ASSETS:
Maximum Exposure to Loss	1,548
Unsecured Junior Subordinated Debentures
ASSETS:
Accrued interest receivable	58
CRE loans	0
Investment securities available-for-sale	0
Investments in unconsolidated entities	1,548
Total assets	1,606
LIABILITIES
Accrued interest payable	292
Borrowings	51,548
Total liabilities	51,840
Net (liability) asset	(50,234)
C40
ASSETS:
Accrued interest receivable	173
CRE loans	0
Investment securities available-for-sale	20,795
Investments in unconsolidated entities	0
Total assets	20,968
LIABILITIES
Accrued interest payable	0
Borrowings	0
Total liabilities	0
Net (liability) asset	20,968	$ 705,400
Prospect Hackensack
ASSETS:
Accrued interest receivable	0
CRE loans	19,555
Investment securities available-for-sale	0
Investments in unconsolidated entities	0
Total assets	19,555
LIABILITIES
Accrued interest payable	0
Borrowings	0
Total liabilities	0
Net (liability) asset	$ 19,555

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended								12 Months Ended
		Aug. 31, 2016	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Non-cash discontinued operating activities include the following:
Interest expense paid by third party			$ (19,751)	$ (17,322)	$ (16,159)	$ (14,384)	$ (15,203)	$ (13,853)	$ (14,347)	$ (14,254)	$ (67,616)	$ (57,657)	$ (53,747)
Operating liabilities assumed by third party			(1,577,094)				(1,240,599)				(1,577,094)	(1,240,599)
Non-cash discontinued financing activities include the following:
Senior secured revolving credit facility assumed by third party		$ (122,000)
Senior secured revolving credit facility paid down by third party		(22,000)
Interest expense paid by third party
Non-cash discontinued operating activities include the following:
Interest expense paid by third party		(107,000)
Operating liabilities assumed by third party
Non-cash discontinued operating activities include the following:
Operating liabilities assumed by third party		$ (192,000)
Discontinued Operations
Non-cash discontinued financing activities include the following:
Senior secured revolving credit facility assumed by third party	[1]										0	0	(122,000)
Senior secured revolving credit facility paid down by third party	[1]										0	0	(22,000)
Discontinued Operations | Interest expense paid by third party
Non-cash discontinued operating activities include the following:
Interest expense paid by third party	[1]										0	0	(107)
Discontinued Operations | Operating liabilities assumed by third party
Non-cash discontinued operating activities include the following:
Operating liabilities assumed by third party	[1]		0				0				0	0	(192)
Continuing Operations
Non-cash continuing investing activities include the following:
Retained beneficial interest in unconsolidated securitization entities											0	0	(22,476)
Loans acquired through securitizations called or liquidated											0	0	(157,070)
Securities acquired through securitizations called or liquidated											0	0	(40,892)
Non-cash continuing financing activities include the following:
Proceeds from the private exchange of convertible senior notes											0	22,161	0
Payments on the private exchange of convertible senior notes											0	(22,161)	0
Continuing Operations | Common Stock
Non-cash continuing financing activities include the following:
Distributions accrued but not paid			5,540				1,571				5,540	1,571	1,550
Continuing Operations | Preferred Stock
Non-cash continuing financing activities include the following:
Distributions accrued but not paid			$ 1,725				$ 4,010				$ 1,725	$ 4,010	$ 4,010
[1]	In August 2016, the Company completed the sale of Northport TRS, LLC. The Purchaser assumed $122.0 million and paid down $22.0 million of principal and $107,000 of interest expense on the Company's behalf of the senior secured revolving credit agreement. The Purchaser assumed $192,000 of accounts payable and accrued legal fees recorded to complete the sale

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION (Parenthetical) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Aug. 31, 2016	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Non-cash discontinued financing activities include the following:
Senior secured revolving credit facility assumed by third party	$ 122,000
Senior secured revolving credit facility paid down by third party	22,000
Non-cash discontinued operating activities include the following:
Interest expense paid by third party		$ 19,751	$ 17,322	$ 16,159	$ 14,384	$ 15,203	$ 13,853	$ 14,347	$ 14,254	$ 67,616	$ 57,657	$ 53,747
Operating liabilities assumed by third party		$ 1,577,094				$ 1,240,599				$ 1,577,094	$ 1,240,599
Interest expense paid by third party
Non-cash discontinued operating activities include the following:
Interest expense paid by third party	107,000
Operating liabilities assumed by third party
Non-cash discontinued operating activities include the following:
Operating liabilities assumed by third party	$ 192,000

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 12,658	$ 22,874
Cash held in escrow	0	100
Cash held by consolidated CRE securitizations, CDOs and CLOs
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	6,190	20,846
Restricted cash pledged with minimum reserve balance requirements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	21	25
Margin posted to central clearinghouse on interest rate swaps
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 6,447	$ 1,903

LOANS (Summary of Loans) (Detai

LOANS (Summary of Loans) (Details) $ in Thousands	1 Months Ended
	Dec. 31, 2018USD ($)Loan	Jun. 30, 2018USD ($)Loan	Dec. 31, 2017USD ($)Loan
Receivables With Imputed Interest [Line Items]
Quantity | Loan	81
Principal, Total loans	$ 1,563,177		$ 1,297,164
Unamortized (Discount) Premium, net	(9,809)		(7,014)
Amortized Cost, Total loans	1,553,368		1,290,150
Allowance for Loan Losses	(1,401)		(5,328)
Carrying Value, Total loans	1,551,967		1,284,822
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
Unamortized (Discount) Premium, net	(9,809)		(7,014)
Allowance for Loan Losses	(1,401)		(5,328)
Principal, Loans held for investment	1,563,177		1,297,164
Amortized Cost, Loans held for investment	1,553,368		1,290,150
Carrying Value, Loans held for investment	1,551,967		1,284,822
Loan origination fees	9,600		6,700
Deferred amendment fees	171,000		268,000
Amortized Cost, Loans held for investment	$ 1,553,368		$ 1,290,150
Commercial Real Estate Loans | CRE whole loans
Receivables With Imputed Interest [Line Items]
Quantity | Loan	79		70
Unamortized (Discount) Premium, net	$ (9,646)		$ (7,014)
Allowance for Loan Losses	(1,401)		(5,328)
Principal, Loans held for investment	1,538,759		1,297,164
Amortized Cost, Loans held for investment	1,529,113		1,290,150
Carrying Value, Loans held for investment	1,527,712		1,284,822
Amortized Cost, Loans held for investment	1,529,113		1,290,150
Loans held for investment, unfunded loan commitments	$ 108,100		$ 84,100
Commercial Real Estate Loans | CRE whole loans | London Interbank Offered Rate (LIBOR) | Minimum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	2.70%		3.60%
Commercial Real Estate Loans | CRE whole loans | London Interbank Offered Rate (LIBOR) | Maximum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	6.25%		6.25%
Commercial Real Estate Loans | Mezzanine loan
Receivables With Imputed Interest [Line Items]
Quantity | Loan	1
Principal, Loans held for investment	$ 4,700
Amortized Cost, Loans held for investment	4,700
Carrying Value, Loans held for investment	$ 4,700
Contractual Interest Rates	10.00%
Amortized Cost, Loans held for investment	$ 4,700
Commercial Real Estate Loans | Preferred equity investment
Receivables With Imputed Interest [Line Items]
Quantity | Loan	1
Unamortized (Discount) Premium, net	$ (163)
Allowance for Loan Losses	0
Principal, Loans held for investment	19,718
Amortized Cost, Loans held for investment	19,555
Carrying Value, Loans held for investment	$ 19,555
Contractual Interest Rates	11.50%
Amortized Cost, Loans held for investment	$ 19,555
Loans receivable, contracted interest rate	8.00%
Commercial Real Estate Loans | Whole Loans in Default
Receivables With Imputed Interest [Line Items]
Quantity | Loan	1		1
Amortized Cost, Loans held for investment	$ 11,500		$ 7,000
Amortized Cost, Loans held for investment	$ 11,500		$ 7,000
Commercial Real Estate Loans | Whole Loans Classified as Held-for-sale
Receivables With Imputed Interest [Line Items]
Quantity | Loan	1
Amortized Cost, Loans held for investment	$ 11,500
Amortized Cost, Loans held for investment	$ 11,500
Commercial Real Estate Loans | Whole Loans Reclassified from Held-for-sale
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment		$ 28,300
Amortized Cost, Loans held for investment		$ 28,300
Number of loans transferred to held-to-maturity | Loan	1	2
Amortized cost and carrying value paid off at par	$ 16,800

LOANS (Commercial Real Estate L

LOANS (Commercial Real Estate Loans, at Amortized Cost) (Details) $ in Thousands	Dec. 31, 2018USD ($)Loan	Dec. 31, 2017USD ($)Loan
Receivables With Imputed Interest [Line Items]
Number of loans | Loan	81
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 1,553,368	$ 1,290,150
Commercial Real Estate Loans | Whole Loans in Default
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 11,500	$ 7,000
Number of loans | Loan	1	1
Commercial Real Estate Debt Investments
Receivables With Imputed Interest [Line Items]
2,019	$ 10,379
2,020	182,422
2021 and Thereafter	1,349,052
Amortized Cost, Loans held for investment	1,541,853
Commercial Real Estate Debt Investments | CRE whole loans
Receivables With Imputed Interest [Line Items]
2,019	10,379
2,020	182,422	$ 148,622
2021 and Thereafter	1,324,797	1,134,528
Amortized Cost, Loans held for investment	1,517,598	$ 1,283,150
Commercial Real Estate Debt Investments | Mezzanine loan
Receivables With Imputed Interest [Line Items]
2021 and Thereafter	4,700
Amortized Cost, Loans held for investment	4,700
Commercial Real Estate Debt Investments | Preferred equity investment
Receivables With Imputed Interest [Line Items]
2021 and Thereafter	19,555
Amortized Cost, Loans held for investment	$ 19,555

LOANS (Details)

LOANS (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Loans receivable–related party	$ 32.1	$ 75.9
Commercial Real Estate Loans | Southwest Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	32.30%	28.00%
Commercial Real Estate Loans | Mountain Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	20.90%	12.50%
Commercial Real Estate Loans | Pacific Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	17.10%	24.30%

FINANCING RECEIVABLES (Allowanc

FINANCING RECEIVABLES (Allowance for Loan Losses and Recorded Investments in Loans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Allowance for loan losses:
(Recovery of) provision for loan and lease losses, net	$ (1,595)	$ 1,772	$ 17,765
Commercial Real Estate Loans
Allowance for loan losses:
Allowance for loan losses at beginning of year	5,328	3,829
(Recovery of) provision for loan and lease losses, net	(1,595)	1,499
Loans charged-off	(2,332)
Allowance for loan losses at end of year	1,401	5,328	$ 3,829
Allowance for loan losses ending balance:
Individually evaluated for impairment		2,500
Collectively evaluated for impairment	1,401	2,828
Loans: Amortized cost ending balance:
Individually evaluated for impairment	24,255	7,000
Collectively evaluated for impairment	$ 1,529,113	$ 1,283,150

FINANCING RECEIVABLES (Credit R

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Details) - Commercial Real Estate Loans - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Financing Receivables [Line Items]
Loans and receivables	$ 1,570,368	$ 1,353,933
Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,529,113	1,290,150
Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	4,700
Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	19,555
Legacy CRE Whole Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables, held for sale	$ 17,000	63,783
Rating 3
Schedule Of Financing Receivables [Line Items]
Allowance for credit losses, percentage of aggregate par amount of loans	1.50%
Loans and receivables	$ 77,067	171,841
Rating 3 | Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	$ 77,067	171,841
Rating 4
Schedule Of Financing Receivables [Line Items]
Allowance for credit losses, percentage of aggregate carrying amount of loans	5.00%
Loans and receivables	$ 4,840	4,837
Rating 4 | Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	4,840	4,837
Rating 1
Schedule Of Financing Receivables [Line Items]
Loans and receivables		65,589
Rating 1 | Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables		65,589
Rating 2
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,471,461	1,040,883
Rating 2 | Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,447,206	1,040,883
Rating 2 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	4,700
Rating 2 | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	19,555
Rating 5
Schedule Of Financing Receivables [Line Items]
Loans and receivables		7,000
Rating 5 | Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables		7,000
Held for Sale
Schedule Of Financing Receivables [Line Items]
Loans and receivables	17,000	63,783
Held for Sale | Legacy CRE Whole Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables, held for sale	$ 17,000	$ 63,783

FINANCING RECEIVABLES (Details)

FINANCING RECEIVABLES (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)Loan	Dec. 31, 2017USD ($)Loan
Accounts Notes And Loans Receivable [Line Items]
Impaired loans		$ 0
Troubled-debt restructurings		0	$ 0
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Amortized Cost, Loans held for investment		$ 1,553,368,000	$ 1,290,150,000
Commercial Real Estate Loans | Whole Loans In Technical Default
Accounts Notes And Loans Receivable [Line Items]
Number of defaulted loans | Loan		1
Recorded investment		$ 11,500,000
Commercial Real Estate Loans | Whole loans
Accounts Notes And Loans Receivable [Line Items]
Number of defaulted loans | Loan			1
Recorded investment			$ 7,000,000
Amortized Cost, Loans held for investment		$ 1,529,113,000	$ 1,290,150,000
Commercial Real Estate Loans | Legacy CRE Whole Loans
Accounts Notes And Loans Receivable [Line Items]
Number of defaulted loans | Loan		1	2
Recorded investment		$ 17,000,000	$ 22,500,000
Commercial Real Estate Loans | Legacy CRE Whole Loans | Rating 5
Accounts Notes And Loans Receivable [Line Items]
Number of impaired loans | loan | Loan		1
Amortized Cost, Loans held for investment		$ 7,000,000
Carrying value		$ 4,500,000
Financing receivable, significant sales	$ 4,700,000

FINANCING RECEIVABLES (Loan Por

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Details) $ in Thousands	Dec. 31, 2018USD ($)Loan	Dec. 31, 2017USD ($)Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	$ 28,516	$ 29,516
Current	1,541,852	1,324,417
Total Loans Receivable	1,570,368	1,353,933
Total Loans Greater Than 90 days and Accruing	11,516	0
30-59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	11,516
60-89 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Greater than 90 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	28,516	18,000
Commercial Real Estate Loans | Whole loans
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	11,516	7,000
Current	1,517,597	1,283,150
Total Loans Receivable	1,529,113	1,290,150
Total Loans Greater Than 90 days and Accruing	11,516	$ 0
Number of defaulted loans | Loan		1
Recorded investment		$ 7,000
Commercial Real Estate Loans | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0
Current	4,700
Total Loans Receivable	4,700
Total Loans Greater Than 90 days and Accruing	0
Commercial Real Estate Loans | Preferred equity investment
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0
Current	19,555
Total Loans Receivable	19,555
Total Loans Greater Than 90 days and Accruing	0
Commercial Real Estate Loans | Legacy CRE loans held for sale
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	17,000	22,516
Current	0	41,267
Total Loans Receivable	17,000	63,783
Total Loans Greater Than 90 days and Accruing	$ 0	$ 0
Number of defaulted loans | Loan	1	2
Recorded investment	$ 17,000	$ 22,500
Commercial Real Estate Loans | Whole Loans In Technical Default
Financing Receivable Recorded Investment Past Due [Line Items]
Number of defaulted loans | Loan	1
Recorded investment	$ 11,500
Commercial Real Estate Loans | 30-59 Days | Whole loans
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Commercial Real Estate Loans | 30-59 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0
Commercial Real Estate Loans | 30-59 Days | Preferred equity investment
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0
Commercial Real Estate Loans | 30-59 Days | Legacy CRE loans held for sale
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	11,516
Commercial Real Estate Loans | 60-89 Days | Whole loans
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Commercial Real Estate Loans | 60-89 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0
Commercial Real Estate Loans | 60-89 Days | Preferred equity investment
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0
Commercial Real Estate Loans | 60-89 Days | Legacy CRE loans held for sale
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Commercial Real Estate Loans | Greater than 90 Days | Whole loans
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	11,516	7,000
Commercial Real Estate Loans | Greater than 90 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0
Commercial Real Estate Loans | Greater than 90 Days | Preferred equity investment
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0
Commercial Real Estate Loans | Greater than 90 Days | Legacy CRE loans held for sale
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	$ 17,000	$ 11,000

FINANCING RECEIVABLES (Impaired

FINANCING RECEIVABLES (Impaired Loans) (Details) - Commercial Real Estate Loans - Whole loans $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Financing Receivable Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	$ 0
Loans with a specific valuation allowance, Recorded balance	7,000
Recorded Balance	7,000
Loans without a specific valuation allowance, Unpaid Principal Balance	0
Loans with a specific valuation allowance, Unpaid Principal Balance	7,000
Recorded Balance	7,000
Specific Allowance	(2,500)
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0
Loans with a specific valuation allowance, Average Investment in Impaired Loans	7,000
Average Investment in Impaired Loans	7,000
Loans without a specific valuation allowance, Interest Income Recognized	0
Loans with a specific valuation allowance, Interest Income Recognized	0
Interest Income Recognized	$ 0

INVESTMENT SECURITIES AVAILAB_3

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 422,619	$ 211,065
Unrealized Gains	812	1,947
Unrealized Losses	(4,433)	(1,275)
Fair Value	418,998	211,737
CMBS, Fixed Rate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	121,487	97,886
Unrealized Gains	559	1,325
Unrealized Losses	(2,307)	(1,174)
Fair Value	119,739	98,037
CMBS, Floating Rate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	301,132	112,920
Unrealized Gains	253	622
Unrealized Losses	(2,126)
Fair Value	$ 299,259	113,542
ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		259
Unrealized Gains		0
Unrealized Losses		(101)
Fair Value		$ 158

INVESTMENT SECURITIES AVAILAB_4

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Available For Sale Securities [Abstract]
Assets pledged as collateral	$ 388.4	$ 169.6

INVESTMENT SECURITIES AVAILAB_5

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Estimated Maturities of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Amortized Cost
Less than one year	$ 126,446	$ 25,475
Greater than one year and less than five years	98,220	126,273
Greater than five years and less than ten years	197,953	59,317
Total	422,619	211,065
Fair Value
Less than one year	126,014	25,275
Greater than one year and less than five years	97,083	127,104
Greater than five years and less than ten years	195,901	59,358
Total	$ 418,998	$ 211,737
Weighted Average Coupon
Less than one year	5.76%	5.50%
Greater than one year and less than five years	5.21%	4.54%
Greater than five years and less than ten years	4.06%	3.74%
Total	4.76%	4.41%

INVESTMENT SECURITIES AVAILAB_6

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Estimated Maturities of Available-For-Sale Securities) (Parenthetical) (Details)	Dec. 31, 2018USD ($)position	Dec. 31, 2017USD ($)position
Amortized Cost
Less than one year	$ 126,446,000	$ 25,475,000
Greater than one year and less than five years	98,220,000	126,273,000
Fair Value
Less than one year	126,014,000	25,275,000
Greater than one year and less than five years	97,083,000	127,104,000
CMBS
Amortized Cost
Less than one year	0	46,000
Greater than one year and less than five years	105,000	59,000
Fair Value
Less than one year	0	20,000
Greater than one year and less than five years	$ 0	$ 171,000
Number of positions other than temporary impairment greater than five years | position	0	0
Number of positions other than temporary impairment less than ten years | position	0	0

INVESTMENT SECURITIES AVAILAB_7

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Gross Unrealized Loss and Fair Value of Securities) (Details) $ in Thousands	Dec. 31, 2018USD ($)security	Dec. 31, 2017USD ($)security
Debt Securities, Available-for-sale [Line Items]
Fair Value, less than 12 months	$ 329,441	$ 49,174
Unrealized Losses, less than 12 months	$ (4,001)	$ (989)
Number of Securities, less than 12 months | security	49	13
Fair Value, more than 12 months	$ 6,757	$ 1,308
Unrealized losses, more than 12 Months	$ (432)	$ (286)
Number of Securities, more than 12 Months | security	7	4
Fair Value, total	$ 336,198	$ 50,482
Unrealized losses, total	$ (4,433)	$ (1,275)
Number of Securities, total | security	56	17
CMBS
Debt Securities, Available-for-sale [Line Items]
Fair Value, less than 12 months	$ 329,441	$ 49,016
Unrealized Losses, less than 12 months	$ (4,001)	$ (888)
Number of Securities, less than 12 months | security	49	12
Fair Value, more than 12 months	$ 6,757	$ 1,308
Unrealized losses, more than 12 Months	$ (432)	$ (286)
Number of Securities, more than 12 Months | security	7	4
Fair Value, total	$ 336,198	$ 50,324
Unrealized losses, total	$ (4,433)	$ (1,174)
Number of Securities, total | security	56	16
ABS
Debt Securities, Available-for-sale [Line Items]
Fair Value, less than 12 months		$ 158
Unrealized Losses, less than 12 months		$ (101)
Number of Securities, less than 12 months | security		1
Fair Value, more than 12 months		$ 0
Unrealized losses, more than 12 Months		$ 0
Number of Securities, more than 12 Months | security		0
Fair Value, total		$ 158
Unrealized losses, total		$ (101)
Number of Securities, total | security		1

INVESTMENT SECURITIES AVAILAB_8

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details)	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)security
Debt Securities, Available-for-sale [Abstract]
Other than temporary impairment losses, investments	$ 934,000	$ 0	$ 20,900,000
Other than temporary impairment losses, investments	934,000	$ 177,000	26,470,000
RREF CDO 2007-1 | VIE, Not Primary Beneficiary
Debt Securities, Available-for-sale [Abstract]
Impairment losses			19,900,000
CMBS
Debt Securities, Available-for-sale [Abstract]
Impairment losses	$ 934,000
Other than temporary impairment losses, investments			732,000
Available-for-sale securities, at par			$ 4,000,000
Available-for-sale securities, intended for sale, number of securities | security			1
RMBS
Debt Securities, Available-for-sale [Abstract]
Other than temporary impairment losses, investments			$ 241,000
Number of impaired securities | security			3

INVESTMENT SECURITIES AVAILAB_9

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Sale of Available-for-Sale Debt Securities) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)position	Dec. 31, 2017USD ($)position	Dec. 31, 2016USD ($)position
Debt Securities, Available-for-sale [Line Items]
Positions Sold/Redeemed | position	3	13	2
Par Amount Sold/Redeemed	$ 15,340	$ 193,442	$ 14,830
Amortized Cost	11,941	31,501	12,261
Realized Gain (Loss)	135	1,592	(32)
Proceeds from sale of investment securities available-for-sale	12,081	40,048	2,818
Proceeds, excluding interest received	$ 12,076
Proceeds, including amounts received in cash for sale in previous year		$ 30,811
Proceeds, including amounts not yet received in cash			$ 12,229
CMBS
Debt Securities, Available-for-sale [Line Items]
Positions Sold/Redeemed | position	1	2	1
Par Amount Sold/Redeemed	$ 14,929	$ 7,350	$ 4,000
Amortized Cost	11,676	6,650	3,257
Realized Gain (Loss)	352	(238)	(450)
Proceeds from sale of investment securities available-for-sale	$ 12,028	$ 6,412	$ 2,807
ABS
Debt Securities, Available-for-sale [Line Items]
Positions Sold/Redeemed | position	2	5	1
Par Amount Sold/Redeemed	$ 411	$ 8,306	$ 10,830
Amortized Cost	265	4,319	9,004
Realized Gain (Loss)	(217)	1,356	418
Proceeds from sale of investment securities available-for-sale	$ 48	$ 5,675	$ 9,422
ABS | ABS - structured notes
Debt Securities, Available-for-sale [Line Items]
Positions Sold/Redeemed | position		3
Par Amount Sold/Redeemed		$ 24,267
Amortized Cost		19,258
Realized Gain (Loss)		632
Proceeds from sale of investment securities available-for-sale		$ 17,608
RMBS
Debt Securities, Available-for-sale [Line Items]
Positions Sold/Redeemed | position		3
Par Amount Sold/Redeemed		$ 153,519
Amortized Cost		1,274
Realized Gain (Loss)		(158)
Proceeds from sale of investment securities available-for-sale		$ 1,116

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Schedule of Unconsolidated Entities) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 1,548	$ 12,051
Equity in Earnings (Losses) of Unconsolidated Entities		(2,983)	36,858	$ 3,413
Pelium Capital
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]		10,503
Equity in Earnings (Losses) of Unconsolidated Entities	[1]	(182)	(1,856)	3,991
RCM Global LLC
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Losses) of Unconsolidated Entities	[2]	(12)	(274)	14
Investment in LCC Preferred Stock
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Losses) of Unconsolidated Entities	[3]	411	41,465	943
RRE VIP Borrower, LLC
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Losses) of Unconsolidated Entities	[4]		45	58
Pearlmark Mezzanine Realty Partners IV, L.P.
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Losses) of Unconsolidated Entities	[5]		165	968
Other
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Losses) of Unconsolidated Entities				(1)
Investments in Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities			10,503
Equity in Earnings (Losses) of Unconsolidated Entities		$ 217	39,545	5,973
Investment in RCT I and II
Schedule of Equity Method Investments [Line Items]
Ownership percentage in VIE	[6]	3.00%
Investments in unconsolidated entities	[6]	$ 1,548	1,548
Equity in Earnings (Losses) of Unconsolidated Entities	[6]	$ (3,200)	$ (2,687)	$ (2,560)
[1]	During the years ended December 31, 2018 and 2017, the Company received distributions of $10.4 million and $13.6 million on its investment in Pelium Capital Partners, L.P. ("Pelium Capital"). In December 2018, Pelium Capital was fully liquidated.
[2]	In December 2018, RCM Global LLC was fully liquidated.
[3]	The Company's investment in LEAF Commercial Capital, Inc. ("LCC") liquidated in July 2017 as a result of the sale of LCC. Earnings for the year ended December 31, 2018 were related to the receipt of a distribution of funds formerly held in escrow accounts established as part of the sale.
[4]	The Company sold its investment in RRE VIP Borrower, LLC ("RRE VIP Borrower") in December 2014. Earnings for the years ended December 31, 2017 and 2016 were related to insurance premium refunds with respect to the underlying sold properties in the portfolio.
[5]	The Company sold its investment in Pearlmark Mezzanine Realty Partners IV, L.P. ("Pearlmark Mezz") in May 2017.
[6]	During the years ended December 31, 2018, 2017 and 2016, distributions from the trusts were recorded in interest expense on the Company's consolidated statements of operations as the investments are accounted for under the cost method.

INVESTMENTS IN UNCONSOLIDATED_4

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Schedule of Unconsolidated Entities) (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Return on investment from investments in unconsolidated entities	$ (10,374)	$ (48,603)	$ 119
Pelium Capital
Schedule of Equity Method Investments [Line Items]
Return on investment from investments in unconsolidated entities	$ 10,400	$ 13,600

BORROWINGS (Schedule of Debt) (

BORROWINGS (Schedule of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal Outstanding	$ 1,579,170	$ 1,187,384
Unamortized Issuance Costs and Discounts	24,947	23,899
Outstanding Borrowings	$ 1,554,223	$ 1,163,485
Weighted Average Borrowing Rate	4.21%	4.00%
Weighted Average Remaining Maturity	6 years 10 months 24 days	7 years 3 months 18 days
Value of Collateral	$ 1,953,119	$ 1,515,510
Accrued interest costs	4,224	4,387
RCC 2015-CRE3 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding		85,788
Unamortized Issuance Costs and Discounts		396
Outstanding Borrowings		$ 85,392
Weighted Average Borrowing Rate		4.50%
Weighted Average Remaining Maturity		14 years 2 months 12 days
Value of Collateral		$ 149,828
RCC 2015-CRE4 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding		90,883
Unamortized Issuance Costs and Discounts		407
Outstanding Borrowings		$ 90,476
Weighted Average Borrowing Rate		3.65%
Weighted Average Remaining Maturity		14 years 7 months 6 days
Value of Collateral		$ 180,066
RCC 2017-CRE5 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	109,250	244,280
Unamortized Issuance Costs and Discounts	1,121	3,493
Outstanding Borrowings	$ 108,129	$ 240,787
Weighted Average Borrowing Rate	3.76%	2.51%
Weighted Average Remaining Maturity	15 years 7 months 6 days	16 years 7 months 6 days
Value of Collateral	$ 228,031	$ 369,534
XAN 2018-RSO6 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	397,452
Unamortized Issuance Costs and Discounts	4,536
Outstanding Borrowings	$ 392,916
Weighted Average Borrowing Rate	3.55%
Weighted Average Remaining Maturity	16 years 6 months
Value of Collateral	$ 514,225
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Principal Outstanding	51,548	51,548
Unamortized Issuance Costs and Discounts	0	0
Outstanding Borrowings	$ 51,548	$ 51,548
Weighted Average Borrowing Rate	6.61%	5.49%
Weighted Average Remaining Maturity	17 years 8 months 12 days	18 years 8 months 12 days
Value of Collateral	$ 0	$ 0
4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	143,750	143,750
Unamortized Issuance Costs and Discounts	13,504	16,626
Outstanding Borrowings	$ 130,246	$ 127,124
Weighted Average Borrowing Rate	4.50%	4.50%
Weighted Average Remaining Maturity	3 years 7 months 6 days	4 years 7 months 6 days
Value of Collateral	$ 0	$ 0
Interest rate, stated percentage	4.50%	4.50%
8.00% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	$ 21,182	$ 21,182
Unamortized Issuance Costs and Discounts	238	466
Outstanding Borrowings	$ 20,944	$ 20,716
Weighted Average Borrowing Rate	8.00%	8.00%
Weighted Average Remaining Maturity	1 year	2 years
Value of Collateral		$ 0
Interest rate, stated percentage	8.00%	8.00%	8.00%
CRE - Term Repurchase Facilities
Debt Instrument [Line Items]
Principal Outstanding	$ 512,716	$ 292,511
Unamortized Issuance Costs and Discounts	5,269	1,013
Outstanding Borrowings	$ 507,447	$ 291,498
Weighted Average Borrowing Rate	4.47%	3.82%
Weighted Average Remaining Maturity	2 years	222 days
Value of Collateral	$ 696,215	$ 432,125
Accrued interest costs	911	534
Trust Certificates - Term Repurchase Facility
Debt Instrument [Line Items]
Principal Outstanding	47,451	76,714
Unamortized Issuance Costs and Discounts	279	570
Outstanding Borrowings	$ 47,172	$ 76,144
Weighted Average Borrowing Rate	6.41%	5.97%
Weighted Average Remaining Maturity	1 year 8 months 12 days	2 years 1 month 6 days
Value of Collateral	$ 118,780	$ 214,375
Accrued interest costs	118	203
CMBS - Short Term Repurchase Agreements
Debt Instrument [Line Items]
Principal Outstanding	295,821	82,647
Unamortized Issuance Costs and Discounts	0	0
Outstanding Borrowings	$ 295,821	$ 82,647
Weighted Average Borrowing Rate	3.63%	2.79%
Weighted Average Remaining Maturity	19 days	14 days
Value of Collateral	$ 395,868	$ 131,522
Accrued interest costs	$ 773	279
6.00% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding		70,453
Unamortized Issuance Costs and Discounts		928
Outstanding Borrowings		$ 69,525
Weighted Average Borrowing Rate		6.00%
Weighted Average Remaining Maturity		335 days
Value of Collateral		$ 0
Interest rate, stated percentage	6.00%	6.00%
CMBS - Term Repurchase Facilities
Debt Instrument [Line Items]
Principal Outstanding		$ 27,628
Unamortized Issuance Costs and Discounts		0
Outstanding Borrowings		$ 27,628
Weighted Average Borrowing Rate		3.05%
Weighted Average Remaining Maturity		121 days
Value of Collateral		$ 38,060
Accrued interest costs		$ 46

BORROWINGS (Securitization) (De

BORROWINGS (Securitization) (Details)	12 Months Ended
	Dec. 31, 2018USD ($)
RCC 2017-CRE5 Senior Notes
Debt Instrument [Line Items]
Closing Date	2017-07
Maturity Date	2034-07
End of Designated Principal Reinvestment Period	2020-07
Total Note Paydowns from Closing Date through December 31, 2018	$ 142,199
XAN 2018-RSO6 Senior Notes
Debt Instrument [Line Items]
Closing Date	2018-06
Maturity Date	2035-06
End of Designated Principal Reinvestment Period	2020-12
Total Note Paydowns from Closing Date through December 31, 2018	$ 0

BORROWINGS (RCC 2014-CRE2) (Det

BORROWINGS (RCC 2014-CRE2) (Details) - USD ($) $ in Millions	Jul. 31, 2014	Jul. 30, 2014
RCC 2014-CRE2
Debt Instrument [Line Items]
Closing transaction amount	$ 353.9	$ 353.9

BORROWINGS (RCC 2015-CRE3 and C

BORROWINGS (RCC 2015-CRE3 and CRE4) (Details) - USD ($) $ in Millions	Aug. 31, 2015	Feb. 28, 2015
RCC 2015-CRE3 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount		$ 346.2
RCC 2015-CRE4 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 312.9

BORROWINGS (RCC 2017-CRE5) (Det

BORROWINGS (RCC 2017-CRE5) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Face amount of debt issued		$ 850,440	$ 477,917
RCC 2017-CRE5 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 376,700
Maturity Date		2034-07
RCC 2017-CRE5 Senior Notes | Preferred Stock | Unrelated Investors | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding preferred shares	100.00%
RCC 2017-CRE5 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Face amount of debt issued	$ 251,400
RCC 2017-CRE5 Senior Notes | Senior Notes | Class C Notes | Unrelated Investors | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100.00%
RCC 2017-CRE5 Senior Notes | Debt Instrument, Class A
Debt Instrument [Line Items]
Face amount of debt issued	$ 203,400
RCC 2017-CRE5 Senior Notes | Debt Instrument, Class A | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.80%
RCC 2017-CRE5 Senior Notes | Debt Instrument, Class A | London Interbank Offered Rate (LIBOR) | April 2022
Debt Instrument [Line Items]
Basis spread on variable rate	1.05%
RCC 2017-CRE5 Senior Notes | Debt Instrument, Class B
Debt Instrument [Line Items]
Face amount of debt issued	$ 48,000
RCC 2017-CRE5 Senior Notes | Debt Instrument, Class B | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
RCC 2017-CRE5 Senior Notes | Debt Instrument, Class B | London Interbank Offered Rate (LIBOR) | July 2022
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
RCC 2017-CRE5 Senior Notes | Debt Instrument, Class C
Debt Instrument [Line Items]
Face amount of debt issued	$ 49,900
RCC 2017-CRE5 Senior Notes | Debt Instrument, Class C | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
RCC 2017-CRE5 Senior Notes | Debt Instrument, Class C | London Interbank Offered Rate (LIBOR) | July 2022
Debt Instrument [Line Items]
Basis spread on variable rate	4.00%

BORROWINGS (XAN 2018-RSO6) (Det

BORROWINGS (XAN 2018-RSO6) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Face amount of debt issued		$ 850,440	$ 477,917
XAN 2018-RSO6 | Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 514,200
Maturity Date		2035-06
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class A
Debt Instrument [Line Items]
Face amount of debt issued	$ 290,500
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class A | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.83%
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class A | London Interbank Offered Rate (LIBOR) | May 2023
Debt Instrument [Line Items]
Basis spread on variable rate	1.08%
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class B
Debt Instrument [Line Items]
Face amount of debt issued	$ 39,200
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class B | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.15%
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class B | London Interbank Offered Rate (LIBOR) | July 2023
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class C
Debt Instrument [Line Items]
Face amount of debt issued	$ 30,200
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class C | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.85%
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class C | London Interbank Offered Rate (LIBOR) | July 2023
Debt Instrument [Line Items]
Basis spread on variable rate	2.35%
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class D
Debt Instrument [Line Items]
Face amount of debt issued	$ 45,000
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class D | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class D | London Interbank Offered Rate (LIBOR) | September 2023
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class E
Debt Instrument [Line Items]
Face amount of debt issued	$ 18,000
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class E | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	4.00%
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class F
Debt Instrument [Line Items]
Face amount of debt issued	$ 21,900
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class F | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	5.00%
XAN 2018-RSO6 | Senior Notes | Unrelated Investors
Debt Instrument [Line Items]
Face amount of debt issued	$ 405,000
XAN 2018-RSO6 | Senior Notes | Preferred Stock | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding preferred shares	100.00%
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class D | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	16.70%
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class E | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100.00%
XAN 2018-RSO6 | Senior Notes | Debt Instrument, Class F | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100.00%

BORROWINGS (Unsecured Junior Su

BORROWINGS (Unsecured Junior Subordinated Debentures) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2016	Dec. 31, 2017
Debt Instrument [Line Items]
Face amount of debt issued	$ 850,440,000		$ 477,917,000
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	6.75%		5.64%
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	6.47%		5.33%
Maturity Date	2036-10

BORROWINGS (4.50% Convertible S

BORROWINGS (4.50% Convertible Senior Notes) (Details)	1 Months Ended		12 Months Ended
	Aug. 31, 2017USD ($)$ / shares	Jan. 31, 2015USD ($)$ / shares	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)$ / shares	Oct. 31, 2013USD ($)
Debt Instrument [Line Items]
Face amount of debt issued			$ 850,440,000	$ 477,917,000
Payment of debt issuance costs			$ 10,531,000	$ 8,278,000	$ 1,977,000
Dividend Per Share (in dollars per share) | $ / shares			$ 0.475	$ 0.20	$ 1.31
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%
Payment of debt issuance costs	3,900,000
Unamortized discount	$ 14,200,000
Frequency of periodic payment			Interest on the 4.50% Convertible Senior Notes is paid semi-annually in February and August.
Convertible senior notes become due date	Aug. 15, 2022
Shares issuable upon conversion (in shares)	79.2009
Conversion principal amount	$ 1,000
Dividend Per Share (in dollars per share) | $ / shares	$ 0.10
Initial conversion price | $ / shares	$ 12.78
6.00% Convertible Senior Notes
Debt Instrument [Line Items]
Face amount of debt issued						$ 115,000,000
Debt instrument, interest rate, stated percentage			6.00%	6.00%
8.00% Convertible Senior Notes
Debt Instrument [Line Items]
Face amount of debt issued		$ 100,000,000
Debt instrument, interest rate, stated percentage			8.00%	8.00%	8.00%
Unamortized discount		$ 1,000,000
Frequency of periodic payment			Interest on the 8.00% Convertible Senior Notes is paid semi-annually in January and July.
Convertible senior notes become due date		Jan. 15, 2020
Conversion principal amount		$ 1,000
Dividend Per Share (in dollars per share) | $ / shares		$ 0.16
Initial conversion price | $ / shares		$ 21.36
Six Percent And Eight Percent Convertible Senior Notes
Debt Instrument [Line Items]
Proceeds from issuance of senior long-term debt	$ 13,500,000

BORROWINGS (6.00% Convertible S

BORROWINGS (6.00% Convertible Senior Notes) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2013	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 31, 2017
Debt Instrument [Line Items]
Face amount of debt issued		$ 850,440,000	$ 477,917,000
Loss on extinguishment of debt		$ 0	$ (10,365,000)	$ 0
6.00% Convertible Senior Notes
Debt Instrument [Line Items]
Face amount of debt issued	$ 115,000,000
Debt instrument, interest rate, stated percentage		6.00%	6.00%
Reissuance of debt	111,100,000
Extinguishment of debt, amount	44,500,000
Amortization of debt issuance costs	381,000
Loss on extinguishment of debt	2,300,000
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%
Amortization of debt discount	$ 491,000

BORROWINGS (8.00% Convertible S

BORROWINGS (8.00% Convertible Senior Notes) (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2015USD ($)$ / shares	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)$ / shares
Debt Instrument [Line Items]
Face amount of debt issued		$ 850,440,000	$ 477,917,000
Dividend Per Share (in dollars per share) | $ / shares		$ 0.475	$ 0.20	$ 1.31
Loss on extinguishment of debt		$ 0	$ (10,365,000)	$ 0
8.00% Convertible Senior Notes
Debt Instrument [Line Items]
Face amount of debt issued	$ 100,000,000
Debt instrument, interest rate, stated percentage		8.00%	8.00%	8.00%
Unamortized discount	1,000,000
Unamortized issuance costs and discounts	2,100,000
Reissuance of debt	97,000,000
Discount adjustment, fair value without conversion feature	$ 2,500,000
Frequency of periodic payment		Interest on the 8.00% Convertible Senior Notes is paid semi-annually in January and July.
Convertible senior notes become due date	Jan. 15, 2020
Conversion ratio	46.9308
Conversion principal amount	$ 1,000
Dividend Per Share (in dollars per share) | $ / shares	$ 0.16
Initial conversion price | $ / shares	$ 21.36
Extinguishment of debt, amount	$ 78,800,000
Amortization of debt issuance costs	836,000
Amortization of debt discount	1,400,000
Loss on extinguishment of debt	$ 8,100,000

BORROWINGS (Repurchase and Cred

BORROWINGS (Repurchase and Credit Facilities) (Details) $ in Thousands	1 Months Ended
	May 31, 2018	Apr. 30, 2018	Sep. 30, 2017	Dec. 31, 2018USD ($)Loan	Dec. 31, 2017USD ($)Loan
Debt Instrument [Line Items]
Outstanding Borrowings				$ 850,440	$ 477,917
Value of Collateral				$ 1,210,863	$ 816,082
Weighted Average Interest Rate				4.21%	4.00%
Unamortized issuance costs and discounts				$ 24,947	$ 23,899
RBC Capital Markets, LLC
Debt Instrument [Line Items]
Outstanding Borrowings				246,476	72,131
Value of Collateral				$ 313,644	$ 97,745
Number of Positions as Collateral | Loan				33	6
Weighted Average Interest Rate				3.64%	2.77%
JP Morgan Securities LLC
Debt Instrument [Line Items]
Outstanding Borrowings				$ 42,040	$ 10,516
Value of Collateral				$ 73,066	$ 33,777
Number of Positions as Collateral | Loan				13	2
Weighted Average Interest Rate				3.57%	2.93%
Deutsche Bank Securities Inc.
Debt Instrument [Line Items]
Outstanding Borrowings				$ 7,305	$ 0
Value of Collateral				$ 9,158	$ 0
Number of Positions as Collateral | Loan				5	0
Weighted Average Interest Rate				3.98%	0.00%
Deutsche Bank AG
Debt Instrument [Line Items]
Term basis	3 months	1 year
CRE - Term Repurchase Facilities | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings				$ 154,478	$ 179,347
Value of Collateral				$ 226,530	$ 268,003
Number of Positions as Collateral | Loan				13	19
Weighted Average Interest Rate				4.33%	3.68%
Unamortized issuance costs and discounts				$ 1,600	$ 565
CRE - Term Repurchase Facilities | Morgan Stanley Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings				37,113	112,151
Value of Collateral				$ 62,457	$ 164,122
Number of Positions as Collateral | Loan				3	9
Weighted Average Interest Rate				5.09%	4.05%
Unamortized issuance costs and discounts				$ 167	$ 448
CRE - Term Repurchase Facilities | Barclays Bank PLC
Debt Instrument [Line Items]
Outstanding Borrowings				240,416	0
Value of Collateral				$ 308,389	$ 0
Number of Positions as Collateral | Loan				11	0
Weighted Average Interest Rate				4.51%	0.00%
Unamortized issuance costs and discounts				$ 1,500
CRE - Term Repurchase Facilities | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings				75,440	$ 0
Value of Collateral				$ 98,839	$ 0
Number of Positions as Collateral | Loan				5	0
Weighted Average Interest Rate				4.30%	0.00%
Unamortized issuance costs and discounts				$ 2,000
Trust Certificates - Term Repurchase Facility | RSO Repo SPE Trust 2015
Debt Instrument [Line Items]
Outstanding Borrowings				0	$ 26,548
Value of Collateral				$ 0	$ 89,121
Number of Positions as Collateral | Loan				0	2
Weighted Average Interest Rate				0.00%	6.98%
Unamortized issuance costs and discounts					$ 133
Trust Certificates - Term Repurchase Facility | RSO Repo SPE Trust 2017
Debt Instrument [Line Items]
Outstanding Borrowings				$ 47,172	49,596
Value of Collateral				$ 118,780	$ 125,254
Number of Positions as Collateral | Loan				2	2
Weighted Average Interest Rate				6.41%	5.43%
Unamortized issuance costs and discounts				$ 204	$ 320
Term basis			3 years
CMBS - Term Repurchase Facilities | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings				0	12,272
Value of Collateral				$ 0	$ 14,984
Number of Positions as Collateral | Loan				0	8
Weighted Average Interest Rate				0.00%	2.45%
CMBS - Term Repurchase Facilities | Deutsche Bank AG
Debt Instrument [Line Items]
Outstanding Borrowings				$ 0	$ 15,356
Value of Collateral				$ 0	$ 23,076
Number of Positions as Collateral | Loan				0	14
Weighted Average Interest Rate				0.00%	3.53%

BORROWINGS (Amount at Risk Unde

BORROWINGS (Amount at Risk Under Repurchase Facilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	6 years 10 months 24 days	7 years 3 months 18 days
Weighted Average Interest Rate	4.21%	4.00%
RBC Capital Markets, LLC
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.64%	2.77%
JP Morgan Securities LLC
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.57%	2.93%
Deutsche Bank Securities Inc.
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.98%	0.00%
CRE - Term Repurchase Facilities
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	2 years	222 days
Weighted Average Interest Rate	4.47%	3.82%
Trust Certificates - Term Repurchase Facility
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	1 year 8 months 12 days	2 years 1 month 6 days
Weighted Average Interest Rate	6.41%	5.97%
Linked and Non-linked Transactions | CMBS - Short-Term Repurchase Agreements | RBC Capital Markets, LLC
Debt Instrument [Line Items]
Amount at Risk	$ 67,182
Weighted Average Remaining Maturity	18 days
Weighted Average Interest Rate	3.64%
Linked and Non-linked Transactions | CMBS - Short-Term Repurchase Agreements | JP Morgan Securities LLC
Debt Instrument [Line Items]
Amount at Risk	$ 31,226
Weighted Average Remaining Maturity	17 days
Weighted Average Interest Rate	3.57%
Linked and Non-linked Transactions | CMBS - Short-Term Repurchase Agreements | Deutsche Bank Securities Inc.
Debt Instrument [Line Items]
Amount at Risk	$ 1,868
Weighted Average Remaining Maturity	56 days
Weighted Average Interest Rate	3.98%
Linked and Non-linked Transactions | CRE - Term Repurchase Facilities | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Amount at Risk	$ 71,398
Weighted Average Remaining Maturity	1 year 7 months 6 days
Weighted Average Interest Rate	4.33%
Linked and Non-linked Transactions | CRE - Term Repurchase Facilities | Morgan Stanley Bank, N.A.
Debt Instrument [Line Items]
Amount at Risk	$ 25,485
Weighted Average Remaining Maturity	253 days
Weighted Average Interest Rate	5.09%
Linked and Non-linked Transactions | CRE - Term Repurchase Facilities | Barclays Bank PLC
Debt Instrument [Line Items]
Amount at Risk	$ 67,826
Weighted Average Remaining Maturity	2 years 3 months 18 days
Weighted Average Interest Rate	4.51%
Linked and Non-linked Transactions | CRE - Term Repurchase Facilities | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Amount at Risk	$ 21,788
Weighted Average Remaining Maturity	2 years 9 months 18 days
Weighted Average Interest Rate	4.30%
Linked and Non-linked Transactions | Trust Certificates - Term Repurchase Facility | RSO Repo SPE Trust 2017
Debt Instrument [Line Items]
Amount at Risk	$ 71,439
Weighted Average Remaining Maturity	1 year 8 months 12 days
Weighted Average Interest Rate	6.41%

BORROWINGS (CRE - Term Repurcha

BORROWINGS (CRE - Term Repurchase Facilities) (Details) - Line of Credit - CRE - Term Repurchase Facilities	1 Months Ended
	Oct. 31, 2018USD ($)extension	Jul. 31, 2018USD ($)extension	Apr. 30, 2018USD ($)	Sep. 30, 2015	Sep. 30, 2018USD ($)
Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Maximum facility amount		$ 400,000,000
Maturity Date		2020-07
Number of options to extend | extension		3
Option to extend, term		1 year
Morgan Stanley Bank, N.A.
Debt Instrument [Line Items]
Maximum facility amount					$ 67,900,000
Maturity Date				2019-09
Barclays Bank PLC
Debt Instrument [Line Items]
Maximum facility amount			$ 250,000,000
Maturity Date			2021-04
Option to extend, term			1 year
JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Maximum facility amount	$ 250,000,000
Maturity Date	2021-10
Number of options to extend | extension	2
Option to extend, term	1 year
Guaranty Agreement, maximum percentage of then current unpaid aggregate repurchase price of all purchased assets	25.00%
London Interbank Offered Rate (LIBOR) | Wells Fargo Bank, N.A. | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
London Interbank Offered Rate (LIBOR) | Wells Fargo Bank, N.A. | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
London Interbank Offered Rate (LIBOR) | Morgan Stanley Bank, N.A. | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
London Interbank Offered Rate (LIBOR) | Morgan Stanley Bank, N.A. | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				2.75%
London Interbank Offered Rate (LIBOR) | Barclays Bank PLC | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
London Interbank Offered Rate (LIBOR) | Barclays Bank PLC | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			2.50%
London Interbank Offered Rate (LIBOR) | JPMorgan Chase Bank, N.A. | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
London Interbank Offered Rate (LIBOR) | JPMorgan Chase Bank, N.A. | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%

BORROWINGS (Trust Certificates

BORROWINGS (Trust Certificates - Term Repurchase Facilities) (Details) - Trust Certificates - Term Repurchase Facility - RSO Repo SPE Trust 2017	1 Months Ended
	Sep. 30, 2017USD ($)
Debt Instrument [Line Items]
Maximum facility amount	$ 49,900,000
Maturity Date	2020-09
Term basis	3 years
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	3.95%

BORROWINGS (CMBS - Short-Term R

BORROWINGS (CMBS - Short-Term Repurchase Agreements) (Details) - CMBS - Short-Term Repurchase Agreements	Mar. 31, 2005USD ($)
Deutsche Bank Securities Inc.
Debt Instrument [Line Items]
Maximum facility amount	$ 0
Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Maximum facility amount	$ 0

BORROWINGS (Contractual Commitm

BORROWINGS (Contractual Commitments) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Total	$ 1,579,170
2,019	333,100
2,020	224,757
2,021	319,313
2,022	143,750
2023 and Thereafter	558,250
CRE securitizations
Debt Instrument [Line Items]
Total	506,702
2,019	0
2,020	0
2,021	0
2,022	0
2023 and Thereafter	506,702
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Total	51,548
2,019	0
2,020	0
2,021	0
2,022	0
2023 and Thereafter	51,548
Convertible Debt | 4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Total	143,750
2,019	0
2,020	0
2,021	0
2,022	143,750
2023 and Thereafter	0
Convertible Debt | 8.00% Convertible Senior Notes
Debt Instrument [Line Items]
Total	21,182
2,019	0
2,020	21,182
2,021	0
2,022	0
2023 and Thereafter	0
Repurchase and credit facilities
Debt Instrument [Line Items]
Total	855,988
2,019	333,100
2,020	203,575
2,021	319,313
2,022	0
2023 and Thereafter	$ 0

SHARE ISSUANCE AND REPURCHASE (

SHARE ISSUANCE AND REPURCHASE (Details) - USD ($)	1 Months Ended		12 Months Ended
	Mar. 31, 2018	Jan. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Aug. 31, 2015
Class Of Stock [Line Items]
Preferred stock redemption charge			$ 7,500,000	$ 3,800,000
Shares repurchased during period, value					$ 9,200,000
Shares, acquired (in shares)					800,000
Equity and Debt Securities Repurchase Program
Class Of Stock [Line Items]
Stock repurchase program, authorized amount (up to)						$ 50,000,000	$ 50,000,000
Stock repurchase program, remaining authorized repurchase amount			$ 44,900,000
8.25% Series B Preferred Stock
Class Of Stock [Line Items]
Preferred stock, coupon authorized		8.25%	8.25%	8.25%
Stock redeemed in shares		930,983
Preferred stock, liquidation preference (in dollars per share)		$ 25	$ 25	$ 25
Stock redeemed during period, value	$ 115,300,000
Redemption price per share (in dollars per share)	$ 25
Preferred stock, shares outstanding (in shares)			0	4,613,596
Redeemable Preferred Stock Series A and Series B
Class Of Stock [Line Items]
Stock redeemed during period, value				$ 50,000,000
Shares repurchased during period, value					$ 3,100,000
8.625% Series C Preferred Stock
Class Of Stock [Line Items]
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, liquidation preference (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%
Series A Preferred Stock
Class Of Stock [Line Items]
Preferred stock, coupon authorized		8.50%
Shares, acquired (in shares)					196,000

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details)	May 31, 2014shares	Jun. 30, 2011shares	Dec. 31, 2018USD ($)Directorshares	Dec. 31, 2017USD ($)Directorshares	Dec. 31, 2016USD ($)Director	Jul. 31, 2007shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of non employee directors granted shares | Director			8
Incentive management fee pursuant to the management agreement				$ 539,000
Shares issued pursuant to the Management Agreement (in shares) | shares				51,300
Manager pursuant to the Management Agreement | Exantas Capital Corp
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash awards, percentage (up to)			75.00%
Common stock awards, percentage (at least)			25.00%
Incentive management fee pursuant to the management agreement			$ 0		$ 0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares) | shares			0	0
Contractual term			10 years
Stock options expiration year			2,021
Non-Employees | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value of shares granted			$ 2,000,000	$ 2,700,000	$ 2,300,000
Number of non employee directors granted shares | Director			8	8	8
Payment award, grant date fair value			$ 255,000	$ 325,000	$ 290,000
Compensation cost not yet recognized			$ 1,100	$ 1,400
Weighted average remaining contractual term			1 year 9 months 18 days	2 years
2007 Omnibus Equity Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options authorized for issue (in shares) | shares	3,275,000	1,350,000				500,000
Share based compensation expiration period	2024-05	2021-06

SHARE-BASED COMPENSATION (Commo

SHARE-BASED COMPENSATION (Common Stock Activity) (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2018shares
January 18, 2018
Restricted common stock transactions
Stock-based compensation (in shares)	209,355
Vesting per Year	33.30%
February 1, 2018
Restricted common stock transactions
Stock-based compensation (in shares)	3,727
Vesting per Year	100.00%
March 8, 2018
Restricted common stock transactions
Stock-based compensation (in shares)	16,302
Vesting per Year	100.00%
June 1, 2018
Restricted common stock transactions
Stock-based compensation (in shares)	3,493
Vesting per Year	100.00%
June 6, 2018
Restricted common stock transactions
Stock-based compensation (in shares)	3,510
Vesting per Year	100.00%
October 1, 2018
Restricted common stock transactions
Stock-based compensation (in shares)	3,202
Vesting per Year	100.00%
Non-Employee Directors
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	34,565
Issued (shares)	30,234
Vested (shares)	(33,193)
Unvested shares, end of period (in shares)	31,606
Non-Employees
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	419,541
Issued (shares)	209,355
Vested (shares)	(238,792)
Forfeited (shares)	(4,848)
Unvested shares, end of period (in shares)	385,256
Former Employees
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	28,967
Vested (shares)	(23,158)
Unvested shares, end of period (in shares)	5,809
Manager and Non Employees
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	483,073
Issued (shares)	239,589
Vested (shares)	(295,143)
Forfeited (shares)	(4,848)
Unvested shares, end of period (in shares)	422,671

SHARE-BASED COMPENSATION (Statu

SHARE-BASED COMPENSATION (Status of Vested Stock Options) (Details) - Vested $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares
Number of Options
Outstanding beginning of period (in shares) | shares	10,000
Vested (in shares) | shares	0
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	0
Expired (in shares) | shares	0
Outstanding end of period (in shares) | shares	10,000
Weighted Average Exercise Price
Outstanding beginning of period (in dollars per share) | $ / shares	$ 25.60
Vested (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	0
Forfeited (USD per share) | $ / shares	0
Expired (in shares) | $ / shares	0
Outstanding end of period (in dollars per share) | $ / shares	$ 25.60
Weighted Average Remaining Contractual Term	2 years 4 months 17 days
Aggregate Intrinsic Value | $	$ 0

SHARE-BASED COMPENSATION (Compo

SHARE-BASED COMPENSATION (Components of Equity Compensation Expense) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity compensation expense	$ 2,717,000	$ 2,738,000	$ 3,025,000
Non-Employees | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity compensation expense	2,427,000	2,456,000	2,758,000
Non-Employee Directors | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity compensation expense	$ 290,000	$ 282,000	267,000
Accelerated Stock Vesting | Non-Employees | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity compensation expense			$ 691,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) from continuing operations	$ 9,994	$ 8,260	$ 9,189	$ (137)	$ 970	$ 24,745	$ 12,568	$ 9,174	$ 27,306	$ 47,457	$ (11,334)
Net income allocated to preferred shares	(2,587)	(2,588)	(2,587)	(5,210)	(6,014)	(6,014)	(6,015)	(6,014)	(12,972)	(24,057)	(24,091)
Consideration paid (in excess of) less than carrying value for preferred shares				(7,482)	(3,803)				(7,482)	(3,803)	1,500
Net loss allocable to non-controlling interest, net of taxes									0	196	229
Net income (loss) from continuing operations allocable to common shares									6,852	19,793	(33,696)
Net income (loss) from discontinued operations, net of tax	(40)	364	(450)	247	(3,284)	(6,087)	(4,184)	(561)	121	(14,116)	(19,260)
NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES	$ 7,367	$ 6,036	$ 6,152	$ (12,582)	$ (12,131)	$ 12,644	$ 2,464	$ 2,700	$ 6,973	$ 5,677	$ (52,956)
Net income (loss) per common share - basic
Weighted average number of shares outstanding									31,198,319	30,836,400	30,539,369
Continuing operations	$ 0.24	$ 0.18	$ 0.21	$ (0.41)	$ (0.28)	$ 0.61	$ 0.22	$ 0.11	$ 0.22	$ 0.64	$ (1.10)
Discontinued operations		0.01	(0.01)	0.01	(0.11)	(0.20)	(0.14)	(0.02)	0	(0.46)	(0.63)
TOTAL NET INCOME (LOSS) PER COMMON SHARE - BASIC (in dollars per share)	0.24	0.19	0.20	(0.40)	(0.39)	0.41	0.08	0.09	$ 0.22	$ 0.18	$ (1.73)
Net income (loss) per common share - diluted:
Weighted average number of shares outstanding									31,198,319	30,836,400	30,539,369
Additional shares due to assumed conversion of dilutive instruments (in shares)									184,783	239,387	0
Adjusted weighted-average number of common shares outstanding (in shares)									31,383,102	31,075,787	30,539,369
Continuing operations (in dollars per share)	0.23	0.18	0.21	(0.41)	(0.28)	0.61	0.22	0.11	$ 0.22	$ 0.64	$ (1.10)
Discontinued operations (in dollars per share)		0.01	(0.01)	0.01	(0.11)	(0.20)	(0.14)	(0.02)	0	(0.46)	(0.63)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per shares)	$ 0.23	$ 0.19	$ 0.20	$ (0.40)	$ (0.39)	$ 0.41	$ 0.08	$ 0.09	$ 0.22	$ 0.18	$ (1.73)
6%, 8% and 4.5% Convertible Senior Notes
Net income (loss) per common share - diluted:
Antidilutive securities excluded (in shares)									14,800,564	11,238,408	9,002,864
4.50% Convertible Senior Notes
Net income (loss) per common share - diluted:
Interest rate,stated percentage	4.50%				4.50%				4.50%	4.50%
6.00% Convertible Senior Notes
Net income (loss) per common share - diluted:
Interest rate,stated percentage	6.00%				6.00%				6.00%	6.00%
8.00% Convertible Senior Notes
Net income (loss) per common share - diluted:
Interest rate,stated percentage	8.00%				8.00%				8.00%	8.00%	8.00%

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 671,476
Ending balance	553,819
Net Unrealized Gain on Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	602
Other comprehensive income (loss) before reclassifications	(17)
Amounts reclassified from accumulated other comprehensive income	(22)
Ending balance	563
Net Unrealized (Loss) Gain on Investment Securities Available-for-Sale
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	695
Other comprehensive income (loss) before reclassifications	(4,180)
Amounts reclassified from accumulated other comprehensive income	(135)
Ending balance	(3,620)
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	1,297
Other comprehensive income (loss) before reclassifications	(4,197)
Amounts reclassified from accumulated other comprehensive income	(157)
Ending balance	$ (3,057)

RELATED PARTY TRANSACTIONS (Man

RELATED PARTY TRANSACTIONS (Management Agreement) (Details)	12 Months Ended
	Dec. 31, 2018USD ($)period
Related Party Transaction [Line Items]
Investment management fee equity multiplier	1.50%
Investment management fee, monthly amount	$ 937,500
Investment management fee, number of successive months	15 months
Incentive compensation multiplier	20.00%
Incentive compensation, weighted average price share multiplier, one	1.75%
Weighted average price share multiplier	0.4375%
Weighted average price share multiplier, description	0.4375% plus one-fourth of the Ten Year Treasury Rate for such quarter
Incentive compensation, maximum percentage of net income before such fees	20.00%
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
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
Resource Capital Corp | Manager pursuant to the Management Agreement
Related Party Transaction [Line Items]
Deferred compensation arrangement with individual, cash awards, percentage	75.00%
Deferred compensation arrangement with individual, common stock awards, percentage	25.00%
Minimum
Related Party Transaction [Line Items]
Percentage of incentive compensation manager may elect to receive in common stock	25.00%

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Relationship with C-III and Certain of its Subsidiaries) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Base management fees paid by the Company	$ 11,250,000	$ 13,117,000	$ 12,991,000
General and administrative	$ 10,666,000	15,846,000	15,197,000
C3AM | Exantas Capital Corp
Related Party Transaction [Line Items]
Number of common shares of the Company owned by a related party (in shares)	766,718
Ownership percentage in VIE	2.40%
Manager pursuant to the Management Agreement | Exantas Capital Corp
Related Party Transaction [Line Items]
Base management fees paid by the Company	$ 11,300,000	10,800,000	12,400,000
Incentive management fees	0	2,200,000	0
Incentive management, cash portion		1,600,000
Incentive management, common stock portion		539,000
Total indebtedness	938,000	1,000,000
General and administrative	5,000,000	5,700,000	5,000,000
Resource America | Exantas Capital Corp
Related Party Transaction [Line Items]
Total indebtedness	$ 333,000	$ 629,000
Resource America | Resource Capital Corp
Related Party Transaction [Line Items]
Due from related parties, waiver fee			$ 1,500,000

RELATED PARTY TRANSACTIONS (R_2

RELATED PARTY TRANSACTIONS (Relationship with Resource Real Estate, LLC) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jul. 31, 2017	Aug. 31, 2015	Feb. 28, 2015	Jul. 31, 2014	Jul. 30, 2014
Related Party Transaction [Line Items]
Special fees		$ 120,000	$ 2,048,000	$ 3,809,000
RCC CRE Notes 2013 Senior Notes
Related Party Transaction [Line Items]
Closing transaction amount	$ 307,800,000
Servicing fee rate	0.25%
RCC 2014-CRE2
Related Party Transaction [Line Items]
Closing transaction amount								$ 353,900,000	$ 353,900,000
RCC 2015-CRE3 Senior Notes
Related Party Transaction [Line Items]
Closing transaction amount							$ 346,200,000
Resource Capital Corp. 2015-CRE4, Ltd.
Related Party Transaction [Line Items]
Closing transaction amount						$ 312,900,000
RCC 2017-CRE5
Related Party Transaction [Line Items]
Closing transaction amount					$ 376,700,000
Resource Real Estate
Related Party Transaction [Line Items]
Special fees		0	0	$ 0
Resource Real Estate | Commercial Real Estate Debt Investments
Related Party Transaction [Line Items]
Related party transaction, due from related party		$ 26,000	$ 185,000

RELATED PARTY TRANSACTIONS (R_3

RELATED PARTY TRANSACTIONS (Relationship with C3AM and C-III Commercial Mortgage) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jul. 31, 2017
RCC 2017-CRE5
Related Party Transaction [Line Items]
Closing transaction amount					$ 376,700,000
C3AM | Asset Management Agreement
Related Party Transaction [Line Items]
Percentage of total collateral pool value to securitization, related party contribution	10.20%
C3AM | XAN 2018-RSO6 Senior Notes | Asset Management Agreement
Related Party Transaction [Line Items]
Closing transaction amount	$ 514,200,000
Servicing fee rate	0.25%
C3AM | RCC 2017-CRE5 | Asset Management Agreement
Related Party Transaction [Line Items]
Servicing fee rate	0.05%
Servicing fees earned		$ 321,000	$ 96,000
Special servicing fees earned				$ 0
Servicing fees payable		$ 26,000	$ 14,000

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Distributions [Abstract]
Dividend per share (in dollars per share)	$ 0.475	$ 0.20	$ 1.31
REIT required taxable income distribution, percentage (at least)	90.00%
REIT taxable income distribution required for exempt federal income taxes, percentage	100.00%

DISTRIBUTIONS (Dividends Declar

DISTRIBUTIONS (Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended													12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Mar. 26, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class Of Stock [Line Items]
Dividend Per Share (in dollars per share)														$ 0.475	$ 0.20	$ 1.31
Common Stock
Class Of Stock [Line Items]
Date Paid	Jan. 25, 2019	Oct. 26, 2018	Jul. 27, 2018	Apr. 27, 2018		Jan. 26, 2018	Oct. 27, 2017	Jul. 28, 2017	Apr. 27, 2017	Jan. 27, 2017	Oct. 28, 2016	Jul. 28, 2016	Apr. 28, 2016
Total Dividend Paid	$ 5,540	$ 4,749	$ 3,165	$ 1,584		$ 1,572	$ 1,566	$ 1,567	$ 1,568	$ 1,550	$ 13,012	$ 13,051	$ 13,073
Dividend Per Share (in dollars per share)	$ 0.175	$ 0.15	$ 0.10	$ 0.05		$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.42	$ 0.42	$ 0.42
Series A Preferred Stock
Class Of Stock [Line Items]
Date Paid						Jan. 30, 2018	Oct. 30, 2017	Jul. 31, 2017	May 1, 2017	Jan. 30, 2017	Oct. 31, 2016	Aug. 1, 2016	May 2, 2016
Total Dividend Paid						$ 568	$ 568	$ 568	$ 568	$ 568	$ 568	$ 568	$ 568
Dividend Per Share						$ 0.531250	$ 0.531250	$ 0.531250	$ 0.531250	$ 0.531250	$ 0.531250	$ 0.531250	$ 0.531250
Series B Preferred Stock
Class Of Stock [Line Items]
Date Paid					Mar. 26, 2018	Jan. 30, 2018	Oct. 30, 2017	Jul. 31, 2017	May 1, 2017	Jan. 30, 2017	Oct. 31, 2016	Aug. 1, 2016	May 2, 2016
Total Dividend Paid					$ 1,480	$ 2,859	$ 2,859	$ 2,859	$ 2,859	$ 2,859	$ 2,859	$ 2,859	$ 2,859
Dividend Per Share					$ 0.32083	$ 0.515625	$ 0.515625	$ 0.515625	$ 0.515625	$ 0.515625	$ 0.515625	$ 0.515625	$ 0.515625
Series C Preferred Stock
Class Of Stock [Line Items]
Date Paid	Jan. 30, 2019	Oct. 30, 2018	Jul. 30, 2018	Apr. 30, 2018		Jan. 30, 2018	Oct. 30, 2017	Jul. 31, 2017	May 1, 2017	Jan. 30, 2017	Oct. 31, 2016	Aug. 1, 2016	May 2, 2016
Total Dividend Paid	$ 2,588	$ 2,588	$ 2,588	$ 2,588		$ 2,588	$ 2,588	$ 2,588	$ 2,588	$ 2,588	$ 2,588	$ 2,588	$ 2,588
Dividend Per Share	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063		$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets:
Investment securities available-for-sale	$ 418,998	$ 211,737
Derivative assets at fair value	985	602
Liabilities:
Derivative liabilities at fair value	1,043	76
Recurring Basis
Assets:
Investment securities available-for-sale	418,998	211,737
Derivative assets at fair value	985	602
Total assets at fair value	419,983	212,339
Liabilities:
Derivative liabilities at fair value	1,043	76
Total liabilities at fair value	1,043	76
Recurring Basis | Level 1
Assets:
Investment securities available-for-sale	0	0
Derivative assets at fair value	0	0
Total assets at fair value	0	0
Liabilities:
Derivative liabilities at fair value	0	0
Total liabilities at fair value	0	0
Recurring Basis | Level 2
Assets:
Investment securities available-for-sale	0	0
Derivative assets at fair value	985	602
Total assets at fair value	985	602
Liabilities:
Derivative liabilities at fair value	1,043	76
Total liabilities at fair value	1,043	76
Recurring Basis | Level 3
Assets:
Investment securities available-for-sale	418,998	211,737
Derivative assets at fair value	0	0
Total assets at fair value	418,998	211,737
Liabilities:
Derivative liabilities at fair value	0	0
Total liabilities at fair value	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets Measured on Recurring Basis) (Details) - Level 3 - Recurring Basis $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Balance, January 1, 2018	$ 211,737
Included in earnings	2,143
Purchases	242,342
Sales	(12,076)
Paydowns	(20,862)
Capitalized interest	7
Included in OCI	(4,293)
Balance, December 31, 2018	418,998
CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Balance, January 1, 2018	211,579
Included in earnings	2,360
Purchases	242,342
Sales	(12,028)
Paydowns	(20,862)
Capitalized interest	0
Included in OCI	(4,393)
Balance, December 31, 2018	418,998
ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Balance, January 1, 2018	158
Included in earnings	(217)
Purchases	0
Sales	(48)
Paydowns	0
Capitalized interest	7
Included in OCI	100
Balance, December 31, 2018	$ 0

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized loss on investment securities available-for-sale and loans and derivatives	$ (639,000)	$ (18,334,000)	$ (4,066,000)
Provision for loan and lease losses, net	1,724,000	442,000
Impaired loans	0
(Recovery of) provision for loan and lease losses, net	$ (1,595,000)	$ 1,772,000	$ 17,765,000
Mezzanine loan | Measurement Input, Discount Rate | Expected Future Cash Flows | VIE, Not Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.1063
Preferred equity investment | Measurement Input, Discount Rate | Expected Future Cash Flows | VIE, Not Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.1278
Unsecured Junior Subordinated Debentures | Measurement Input, Discount Rate | Expected Future Cash Flows | VIE, Not Primary Beneficiary | Interest in RCT I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.1134
Unsecured Junior Subordinated Debentures | Measurement Input, Discount Rate | Expected Future Cash Flows | VIE, Not Primary Beneficiary | Interest in RCT II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.1134
8.00% Convertible Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate, stated percentage	8.00%	8.00%	8.00%
8.00% Convertible Senior Notes | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.0492
4.50% Convertible Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate, stated percentage	4.50%	4.50%
4.50% Convertible Senior Notes | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.0717
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans		$ 4,500,000
Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans		4,500,000
(Recovery of) provision for loan and lease losses, net	$ 0	$ 0	$ 18,300
Nonrecurring | Level 3 | Loans Pledged as Collateral
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rate	9.00%	9.00%
Nonrecurring | Level 3 | Loans Pledged as Collateral | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.1100	0.1100
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	5.08%	5.06%
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	8.63%	7.63%
Commercial Real Estate Loans | Legacy CRE Whole Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized loss on investment securities available-for-sale and loans and derivatives	$ 7,200	$ 1,900
Provision for loan and lease losses, net	$ 1,700	$ 442,000	$ 0
Commercial Real Estate Loans | Legacy CRE Whole Loans | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rate	8.14%	8.14%
Commercial Real Estate Loans | Legacy CRE Whole Loans | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rate	8.00%	8.00%
Structured Finance Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding value	$ 178,000
Held for Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding value	$ 13,000

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities, Quantitative Information) (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Assets:
Impaired loans	$ 0
Nonrecurring
Assets:
Legacy CRE loans held for sale		$ 22,500,000
Impaired loans		4,500,000
Total assets at fair value	17,000,000	27,000,000
Liabilities:
Pearlmark Mezz indemnification	703,000	703,000
Total liabilities at fair value	703,000	703,000
Nonrecurring | Legacy CRE loans held for sale
Assets:
Legacy CRE loans held for sale	17,000,000
Nonrecurring | Level 1
Assets:
Legacy CRE loans held for sale		0
Impaired loans		0
Total assets at fair value	0	0
Liabilities:
Pearlmark Mezz indemnification	0	0
Total liabilities at fair value	0	0
Nonrecurring | Level 1 | Legacy CRE loans held for sale
Assets:
Legacy CRE loans held for sale	0
Nonrecurring | Level 2
Assets:
Legacy CRE loans held for sale		0
Impaired loans		0
Total assets at fair value	0	0
Liabilities:
Pearlmark Mezz indemnification	0	0
Total liabilities at fair value	0	0
Nonrecurring | Level 2 | Legacy CRE loans held for sale
Assets:
Legacy CRE loans held for sale	0
Nonrecurring | Level 3
Assets:
Legacy CRE loans held for sale		22,500,000
Impaired loans		4,500,000
Total assets at fair value	17,000,000	27,000,000
Liabilities:
Pearlmark Mezz indemnification	703,000	703,000
Total liabilities at fair value	703,000	$ 703,000
Nonrecurring | Level 3 | Legacy CRE loans held for sale
Assets:
Legacy CRE loans held for sale	$ 17,000,000

FAIR VALUE OF FINANCIAL INSTR_7

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
CRE loans and investment	$ 1,551,967	$ 1,284,822
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Legacy CRE loans held for sale	0	0
Senior notes in CRE securitizations	0	0
Junior subordinated notes	0	0
Convertible senior notes	0	0
Repurchase agreements	0	0
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) | Whole loans held for investment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
CRE loans and investment	0	0
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) | Mezzanine loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
CRE loans and investment	0
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) | Preferred equity investment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
CRE loans and investment	0
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Legacy CRE loans held for sale	0	0
Senior notes in CRE securitizations	0	0
Junior subordinated notes	0	0
Convertible senior notes	0	0
Repurchase agreements	0	0
Significant Other Observable Inputs (Level 2) | Whole loans held for investment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
CRE loans and investment	0	0
Significant Other Observable Inputs (Level 2) | Mezzanine loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
CRE loans and investment	0
Significant Other Observable Inputs (Level 2) | Preferred equity investment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
CRE loans and investment	0
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Legacy CRE loans held for sale	17,000	62,841
Senior notes in CRE securitizations	498,897	420,084
Junior subordinated notes	27,800	26,574
Convertible senior notes	164,932	235,385
Repurchase agreements	855,783	479,383
Significant Unobservable Inputs (Level 3) | Whole loans held for investment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
CRE loans and investment	1,538,759	1,294,664
Significant Unobservable Inputs (Level 3) | Mezzanine loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
CRE loans and investment	4,700
Significant Unobservable Inputs (Level 3) | Preferred equity investment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
CRE loans and investment	19,718
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Legacy CRE loans held for sale	17,000	61,841
Senior notes in CRE securitizations	501,045	416,655
Junior subordinated notes	51,548	51,548
Convertible senior notes	151,190	217,365
Repurchase agreements	850,440	477,917
Carrying Amount | Whole loans held for investment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
CRE loans and investment	1,527,712	1,284,822
Carrying Amount | Mezzanine loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
CRE loans and investment	4,700
Carrying Amount | Preferred equity investment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
CRE loans and investment	19,555
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Legacy CRE loans held for sale	17,000	62,841
Senior notes in CRE securitizations	498,897	420,084
Junior subordinated notes	27,800	26,574
Convertible senior notes	164,932	235,385
Repurchase agreements	855,783	479,383
Fair Value | Whole loans held for investment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
CRE loans and investment	1,538,759	$ 1,294,664
Fair Value | Mezzanine loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
CRE loans and investment	4,700
Fair Value | Preferred equity investment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
CRE loans and investment	$ 19,718

MARKET RISK AND DERIVATIVE IN_3

MARKET RISK AND DERIVATIVE INSTRUMENTS (Details)	12 Months Ended			36 Months Ended
	Dec. 31, 2018USD ($)derivative	Dec. 31, 2017USD ($)derivative	Dec. 31, 2016USD ($)	Dec. 31, 2008derivative
Derivatives, Fair Value [Line Items]
Fair Value	$ 985,000	$ 602,000
Gross Amounts of Recognized Liabilities	1,043,000	76,000
Unrealized gains on derivatives, net	$ (17,000)	$ 602,000	$ 118,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of instruments held | derivative	16	7
Average fixed interest rate	2.54%	2.08%
Notional amount	$ 81,100,000	$ 41,800,000
Fair Value	985,000	602,000
Gross Amounts of Recognized Liabilities	1,000,000	0
Gain (loss) on derivatives	563,000	602,000
Interest expense to fully amortize	54,000	18,000
Interest rate swaps | Derivatives, at fair value
Derivatives, Fair Value [Line Items]
Fair Value	985,000	602,000
Gross Amounts of Recognized Liabilities	1,043,000	$ 0
Terminated interest rate swap
Derivatives, Fair Value [Line Items]
Unrealized gains on derivatives, net	$ 621,000
Number of hedges terminated | derivative	2			18
Interest expense to fully amortize	$ 22,000		$ 39,000

MARKET RISK AND DERIVATIVE IN_4

MARKET RISK AND DERIVATIVE INSTRUMENTS (Fair Value and Classification of Derivatives) (Details) € in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2017EUR (€)
Asset Derivatives
Fair Value	$ 985,000	$ 602,000
Liability Derivatives
Fair Value	1,043,000	76,000
Interest rate swaps
Asset Derivatives
Fair Value	985,000	602,000
Liability Derivatives
Fair Value	1,000,000	0
Interest rate swaps | Interest expense
Liability Derivatives
Realized and Unrealized Gain (Loss)	(169,000)	(130,000)	$ (119,000)
Interest rate swaps | Derivatives, at fair value
Asset Derivatives
Notional Amount	31,725,000	41,750,000
Fair Value	985,000	602,000
Liability Derivatives
Notional Amount	49,326,000
Fair Value	1,043,000	0
Interest rate swaps | Accumulated other comprehensive income
Liability Derivatives
Notional Amount	81,051,000	41,750,000
Fair Value	$ 563,000	602,000
Forward contracts - foreign currency, hedging
Liability Derivatives
Notional Amount | €				€ 3
Forward contracts - foreign currency, hedging | Net realized and unrealized gain (loss) on investment securities available-for-sale and loans and derivatives
Liability Derivatives
Realized and Unrealized Gain (Loss)		(1,896,000)	$ 764,000
Forward contracts - foreign currency, hedging | Derivatives, at fair value
Liability Derivatives
Notional Amount		3,602,000
Fair Value		$ 76,000

OFFSETTING OF FINANCIAL ASSET_3

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Offsetting Derivative Assets
Gross Amounts of Recognized Assets	$ 985,000	$ 602,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Assets Included on the Consolidated Balance Sheets	985,000	602,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	0	0
Gross Amounts Not Offset on the Consolidated Balance Sheets- Cash Collateral Pledged	0	0
Net Amount	985,000	602,000
Offsetting Derivative Liabilities
Gross Amounts of Recognized Liabilities	1,043,000	76,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	1,043,000	76,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	0	0
Gross Amounts Not Offset on the Consolidated Balance Sheets- Cash Collateral Pledged	1,043,000	0
Net Amount	0	76,000
Repurchase agreements and term facilities
Gross Amounts of Recognized Liabilities	850,440,000	477,917,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	850,440,000	477,917,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	850,440,000	477,917,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Cash Collateral Pledged	0	0
Net Amount	0	0
Total-Liabilities
Gross Amounts of Recognized Liabilities	851,483,000	477,993,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	851,483,000	477,993,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	850,440,000	477,917,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Cash Collateral Pledged	1,043,000	0
Net Amount	0	76,000
Fair value of securities pledged against repurchase agreements	1,200,000,000	816,100,000
Interest rate swaps
Offsetting Derivative Assets
Gross Amounts of Recognized Assets	985,000	602,000
Cash margin deposits related to interest rate swap contracts	2,300	1,900
Offsetting Derivative Liabilities
Gross Amounts of Recognized Liabilities	$ 1,000,000	$ 0

INCOME TAXES (Components of Inc

INCOME TAXES (Components of Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Federal	$ 0	$ 994	$ 1,733
State	(316)	856	966
Total current	(316)	1,850	2,699
Deferred:
Federal	(27)	3,475	6,707
State	0	1,288	1,586
Total deferred	(27)	4,763	8,293
Total	$ (343)	$ 6,613	$ 10,992

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Statutory tax	$ (220)	$ 9,301	$ (1,103)
State and local taxes, net of federal benefit	(1,007)	1,415	1,005
Permanent adjustments	(3)	37	0
True-up of prior period tax expense	(4)	(2,010)	(256)
Valuation allowance	5,348	(2,203)	11,294
Tax reform	0	4,918	0
Tax reform - valuation allowance	0	(4,918)	0
Discontinued operations adjustment	(4,344)	0	0
Other items	(113)	73	52
Total	$ (343)	$ 6,613	$ 10,992

INCOME TAXES (Components of Def

INCOME TAXES (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets related to:
Federal, state and local loss carryforwards	$ 9,847	$ 2,261
Accrued expenses	106	393
Charitable contribution carryforward	13	0
Amortization of intangibles	406	416
Unrealized gains	1,721	1,702
Partnership investment	3,385	5,301
Total deferred tax assets	15,478	10,073
Valuation allowance	(15,285)	(9,927)
Total deferred tax assets, net of valuation allowance	193	146
Deferred tax liabilities related to:
Investment in securities	(193)	(89)
Depreciation	0	(57)
Total deferred tax liabilities	(193)	(146)
Deferred tax assets, net	$ 0	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Deferred tax assets, operating loss carryforwards, domestic	$ 33.4	$ 4.8
Deferred tax assets, operating loss carryforwards, state and local	3.6	1.6
Operating loss carryforwards	37	6.4
Net operating loss carryforwards	9.8	2.3
Operating loss carryforwards, valuation allowance	58.4	37
Operating loss carryforwards, valuation allowance, tax expense impact	$ 15.3	$ 9.9

QUARTERLY RESULTS (Details)

QUARTERLY RESULTS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Interest income	$ 35,326	$ 31,836	$ 29,660	$ 25,957	$ 26,229	$ 23,983	$ 23,635	$ 25,471	$ 122,779	$ 99,318	$ 112,618
Interest expense	19,751	17,322	16,159	14,384	15,203	13,853	14,347	14,254	67,616	57,657	53,747
Net interest income	15,575	14,514	13,501	11,573	11,026	10,130	9,288	11,217	55,163	41,661	58,871
Net income (loss) from continuing operations	9,994	8,260	9,189	(137)	970	24,745	12,568	9,174	27,306	47,457	(11,334)
Net income (loss) from discontinued operations, net of tax	(40)	364	(450)	247	(3,284)	(6,087)	(4,184)	(561)	121	(14,116)	(19,260)
NET INCOME (LOSS)	9,954	8,624	8,739	110	(2,314)	18,658	8,384	8,613	27,427	33,341	(30,594)
Net income allocated to preferred shares	(2,587)	(2,588)	(2,587)	(5,210)	(6,014)	(6,014)	(6,015)	(6,014)	(12,972)	(24,057)	(24,091)
Carrying value (less than) in excess of consideration paid for preferred shares				(7,482)	(3,803)				(7,482)	(3,803)	1,500
Net loss (income) allocable to non-controlling interest, net of taxes							95	101	0	196	229
NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES	$ 7,367	$ 6,036	$ 6,152	$ (12,582)	$ (12,131)	$ 12,644	$ 2,464	$ 2,700	$ 6,973	$ 5,677	$ (52,956)
Continuing operations	$ 0.24	$ 0.18	$ 0.21	$ (0.41)	$ (0.28)	$ 0.61	$ 0.22	$ 0.11	$ 0.22	$ 0.64	$ (1.10)
Discontinued operations		0.01	(0.01)	0.01	(0.11)	(0.20)	(0.14)	(0.02)	0	(0.46)	(0.63)
TOTAL NET INCOME (LOSS) PER COMMON SHARE - BASIC (in dollars per share)	0.24	0.19	0.20	(0.40)	(0.39)	0.41	0.08	0.09	0.22	0.18	(1.73)
Continuing operations (in dollars per share)	0.23	0.18	0.21	(0.41)	(0.28)	0.61	0.22	0.11	0.22	0.64	(1.10)
Discontinued operations (in dollars per share)		0.01	(0.01)	0.01	(0.11)	(0.20)	(0.14)	(0.02)	0	(0.46)	(0.63)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per shares)	$ 0.23	$ 0.19	$ 0.20	$ (0.40)	$ (0.39)	$ 0.41	$ 0.08	$ 0.09	$ 0.22	$ 0.18	$ (1.73)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Feb. 05, 2018USD ($)holdershares	Apr. 30, 2018USD ($)	May 31, 2017USD ($)Loan	Apr. 30, 2017claim	Apr. 30, 2017claim	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Aug. 31, 2017claim	Nov. 30, 2018USD ($)
Loss Contingencies [Line Items]
Proceeds from sale of investment securities available-for-sale						$ 12,081,000	$ 40,048,000	$ 2,818,000
Commercial Real Estate Loans | Whole loans
Loss Contingencies [Line Items]
Loans held for investment, unfunded loan commitments						108,100,000	84,100,000
Pearlmark Mezz
Loss Contingencies [Line Items]
Proceeds from sale of investment securities available-for-sale			$ 16,200,000
Indemnification Agreement | Pearlmark Mezz
Loss Contingencies [Line Items]
Outstanding litigation demands						703,000
Number of instruments held | Loan			1
Indemnification Agreement | Pearlmark Mezz | Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss			$ 4,300,000
PCM
Loss Contingencies [Line Items]
Outstanding demands to indemnify purchaser of residential mortgage loans						3,300,000	3,300,000
Open Litigation Matters
Loss Contingencies [Line Items]
Payments of legal costs in excess of insurance coverage		$ 2,000,000
Estimated litigation liability							2,200,000
Open Litigation Matters | Indemnification Agreement
Loss Contingencies [Line Items]
Estimated litigation liability						1,700,000	5,700,000
Open Litigation Matters | Reaves, Caito, Simpson, and Heckel Complaints
Loss Contingencies [Line Items]
Loss contingency, new claims filed, number | claim									6
Open Litigation Matters | Greenberg, Canoles, DeCaro, and Gehan Complaints
Loss Contingencies [Line Items]
Loss contingency, new claims filed, number | claim					4
Open Litigation Matters | McKinney, Sherek/Speigel, and Sebenoler Complaints
Loss Contingencies [Line Items]
Loss contingency, new claims filed, number | claim				3
Open Litigation Matters | Federal Actions [Member]
Loss Contingencies [Line Items]
Estimate of possible loss to be funded by insurance company										$ 550,000
Open Litigation Matters | PCM | Indemnification Agreement
Loss Contingencies [Line Items]
Outstanding litigation demands						$ 0	$ 6,500,000
Open Litigation Matters | Levin v. Resource Capital Corp.
Loss Contingencies [Line Items]
Number of shareholders who opted out of settlement | holder	1
Number of shares held by individual shareholder who opted out of settlement (in shares) | shares	500
Settled Litigation Matters, Including Pending Settlements | Levin v. Resource Capital Corp.
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party	$ 9,500,000

DISCONTINUED OPERATIONS AND A_3

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE (Operating Results of the Residential Mortgage and Middle Market Lending Segments) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest income:
CRE loans									$ 103,800	$ 88,268	$ 85,229
Other									379	2,549	5,005
Total interest income	$ 35,326	$ 31,836	$ 29,660	$ 25,957	$ 26,229	$ 23,983	$ 23,635	$ 25,471	122,779	99,318	112,618
Interest expense	19,751	17,322	16,159	14,384	15,203	13,853	14,347	14,254	67,616	57,657	53,747
Net interest income	$ 15,575	$ 14,514	$ 13,501	$ 11,573	$ 11,026	$ 10,130	$ 9,288	$ 11,217	55,163	41,661	58,871
Other revenue									120	2,048	3,809
Total revenues									55,283	43,709	62,680
OPERATING EXPENSES
Equity compensation									2,717	2,738	3,025
General and administrative									10,666	15,846	15,197
Depreciation and amortization									77	139	1,566
(Recovery of) provision for loan and lease losses, net									(1,595)	1,772	17,765
Net interest and other revenues less operating expenses									31,234	9,920	(14,334)
OTHER INCOME (EXPENSE)
Net realized and unrealized gain (loss) on investment securities available-for-sale and loans and derivatives									639	18,334	4,066
Total other (expense) income									(4,271)	44,150	13,992
Discontinued Operations
Interest income:
CRE loans									580	3,319	25,325
Other									13	107	50
Total interest income									593	3,426	25,375
Interest expense									0	0	6,181
Net interest income									593	3,426	19,194
Gain on sale of residential mortgage loans									337	2,833	19,061
Other revenue									70	3,507	1,221
Total revenues									1,000	9,766	39,476
OPERATING EXPENSES
Equity compensation									0	433	939
General and administrative									1,300	23,717	30,570
Depreciation and amortization									0	0	563
(Recovery of) provision for loan and lease losses, net									0	0	12,989
Total operating expenses									1,300	24,150	45,061
Net interest and other revenues less operating expenses									(300)	(14,384)	(5,585)
OTHER INCOME (EXPENSE)
Net realized and unrealized gain (loss) on investment securities available-for-sale and loans and derivatives									421	145	(11,850)
Fair value adjustments on financial assets held for sale									0	123	0
Total other (expense) income									421	268	(11,850)
INCOME (LOSS) FROM DISCONTINUED OPERATIONS BEFORE TAXES									121	(14,116)	(17,435)
Income tax expense									0	0	0
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAXES									121	(14,116)	(17,435)
Loss from disposal of discontinued operations									0	0	(1,825)
TOTAL INCOME (LOSS) FROM DISCONTINUED OPERATIONS									$ 121	$ (14,116)	$ (19,260)

DISCONTINUED OPERATIONS AND A_4

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE (Assets and Liabilities of Business Segments Classified as Discontinued Operations) (Details) - USD ($)	1 Months Ended
	Jul. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Restricted cash		$ 12,658,000	$ 22,874,000
Accrued interest receivable		8,198,000	6,859,000
Other assets		4,015,000	7,793,000
Total assets held for sale		17,645,000	107,718,000
LIABILITIES
Accounts payable and other liabilities		7,550,000	5,153,000
Management fee payable		938,000	1,035,000
Accrued interest payable		4,224,000	4,387,000
Total liabilities held for sale		1,820,000	10,342,000
Discontinued Operations, Held-for-sale
ASSETS
Restricted cash		0	138,000
Accrued interest receivable		0	67,000
Legacy CRE loans held for sale		17,000,000	93,063,000
Other assets		645,000	14,450,000
Total assets held for sale		17,645,000	107,718,000
LIABILITIES
Accounts payable and other liabilities		1,820,000	10,283,000
Management fee payable		0	56,000
Accrued interest payable		0	3,000
Total liabilities held for sale		1,820,000	10,342,000
Investment securities available-for-sale		17,000,000	93,063,000
Life settlement contracts		$ 0	5,100,000
Discontinued Operations, Held-for-sale | Direct Origination Middle-Market Loans
LIABILITIES
Investment securities available-for-sale			$ 2,000,000
Proceeds from loan repayments	$ 2,100,000

DISCONTINUED OPERATIONS AND A_5

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Commercial Syndicated Portfolio Segment | Discontinued Operations, Disposed of by Sale
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Realized gain on disposal	$ 390,000

DISCONTINUED OPERATIONS AND A_6

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE (Loans Held for Sale in the Residential Mortgage and Middle Market Lending Segments) (Details)	1 Months Ended
	Jul. 31, 2018USD ($)	Dec. 31, 2018USD ($)Loantranche	Dec. 31, 2017USD ($)Loan
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Quantity | Loan		81
Legacy CRE Whole Loans | Loans Reclassified To Held To Maturity
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Amortized Cost		$ 28,300,000
Number of loans transferred to held-to-maturity | Loan		2
Discontinued Operations, Held-for-sale
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Quantity | Loan		2	25
Amortized Cost		$ 21,666,000	$ 106,896,000
Carrying Value		$ 17,000,000	$ 93,063,000
Discontinued Operations, Held-for-sale | Legacy CRE Whole Loans
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Quantity | Loan		1	5
Amortized Cost		$ 21,666,000	$ 63,783,000
Carrying Value		$ 17,000,000	$ 61,841,000
Discontinued Operations, Held-for-sale | Mezzanine loan
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Quantity | Loan		1	1
Amortized Cost		$ 0	$ 0
Carrying Value		0	$ 0
Discontinued Operations, Held-for-sale | Mezzanine loan | RREF CDO 2006-1 Senior Notes | VIE, Not Primary Beneficiary
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Debt Instrument, Par Value		38,100,000
Carrying value		$ 0
Number of tranches | tranche		2
Discontinued Operations, Held-for-sale | Middle-market Loans
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Quantity | Loan			5
Amortized Cost			$ 41,199,000
Carrying Value			$ 29,308,000
Discontinued Operations, Held-for-sale | Residential Mortgage Loans
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Quantity | Loan			14
Amortized Cost			$ 1,914,000
Carrying Value			1,914,000
Discontinued Operations, Held-for-sale | Direct Origination Middle-Market Loans
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Carrying Value			$ 2,000,000
Proceeds from loan repayments	$ 2,100,000

Schedule II Valuation and Qua_2

Schedule II Valuation and Qualifying Accounts (Details) - Allowance for Loan and Lease Losses, Real Estate - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 5,328	$ 3,829	$ 41,839
Charge to Expense	(1,595)	1,499	18,167
Loans Charged off/Recovered	(2,332)	0	0
Deconsolidation of VIEs	0	0	(40,414)
Transfer to Loans Held For Sale	0	0	(15,763)
Balance at End of Period	$ 1,401	$ 5,328	$ 3,829

Schedule IV Mortgage Loans on_2

Schedule IV Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)Loan	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Mortgage Loans on Real Estate [Line Items]
Face Amount of Loans	$ 1,622,915
Net Carrying Amount of Loans	1,568,967	$ 1,346,663	$ 1,444,456	$ 1,650,268
General allowance for loan and lease loss	(1,401)
Principal Amount of Loans Subject to Delinquent Principal or Interest	71,254
Whole loans
Mortgage Loans on Real Estate [Line Items]
Face Amount of Loans	1,538,759
Net Carrying Amount of Loans	1,529,113
Principal Amount of Loans Subject to Delinquent Principal or Interest	11,516
Allowance for loan loss	1,400
Whole loans | Phoenix AZ | Hotel | Borrower A
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	56,470
Net Carrying Amount of Loans	55,917
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Variable rate basis, floor	1.92%
Maturity Date	2,021
Whole loans | Phoenix AZ | Hotel | Borrower A | London Interbank Offered Rate (LIBOR)
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.75%
Whole loans | Various | Hotel
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Loans	121,875
Net Carrying Amount of Loans	121,172
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Whole loans | Various | Hotel | Minimum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	0.75%
Maturity Date	2,019
Whole loans | Various | Hotel | Maximum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	2.05%
Maturity Date	2,021
Whole loans | Various | Hotel | London Interbank Offered Rate (LIBOR) | Minimum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	4.05%
Whole loans | Various | Hotel | London Interbank Offered Rate (LIBOR) | Maximum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	6.25%
Whole loans | Various | Multifamily
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Loans	973,062
Net Carrying Amount of Loans	966,921
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Whole loans | Various | Multifamily | Minimum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	0.20%
Maturity Date	2,019
Whole loans | Various | Multifamily | Maximum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	2.25%
Maturity Date	2,021
Whole loans | Various | Multifamily | London Interbank Offered Rate (LIBOR) | Minimum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	2.70%
Whole loans | Various | Multifamily | London Interbank Offered Rate (LIBOR) | Maximum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	5.30%
Whole loans | Various | Office Building
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Loans	204,443
Net Carrying Amount of Loans	203,393
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Whole loans | Various | Office Building | Minimum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	0.20%
Maturity Date	2,019
Whole loans | Various | Office Building | Maximum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	2.25%
Maturity Date	2,022
Whole loans | Various | Office Building | London Interbank Offered Rate (LIBOR) | Minimum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	2.82%
Whole loans | Various | Office Building | London Interbank Offered Rate (LIBOR) | Maximum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	5.50%
Whole loans | Various | Retail Site
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Loans	105,230
Net Carrying Amount of Loans	104,629
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 11,516
Number of forbearance loans | Loan	1
Whole loans | Various | Retail Site | Minimum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	0.15%
Maturity Date	2,019
Whole loans | Various | Retail Site | Maximum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	2.15%
Maturity Date	2,021
Whole loans | Various | Retail Site | London Interbank Offered Rate (LIBOR) | Minimum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.25%
Whole loans | Various | Retail Site | London Interbank Offered Rate (LIBOR) | Maximum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	5.65%
Whole loans | Various | Other
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Loans	77,679
Net Carrying Amount of Loans	77,081
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Whole loans | Various | Other | Minimum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	0.45%
Maturity Date	2,019
Whole loans | Various | Other | Maximum
Mortgage Loans on Real Estate [Line Items]
Variable rate basis, floor	2.25%
Maturity Date	2,022
Whole loans | Various | Other | London Interbank Offered Rate (LIBOR) | Minimum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.50%
Whole loans | Various | Other | London Interbank Offered Rate (LIBOR) | Maximum
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	5.75%
Legacy CRE loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Face Amount of Loans	$ 21,666
Net Carrying Amount of Loans	17,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 21,666
Number of defaulted loans | Loan	1
Legacy CRE loans
Mortgage Loans on Real Estate [Line Items]
Face Amount of Loans	$ 21,666
Net Carrying Amount of Loans	17,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	21,666
Mezzanine loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Face Amount of Loans	42,772
Net Carrying Amount of Loans	4,700
Principal Amount of Loans Subject to Delinquent Principal or Interest	38,072
Mezzanine loan
Mortgage Loans on Real Estate [Line Items]
Face Amount of Loans	42,772
Net Carrying Amount of Loans	4,700
Principal Amount of Loans Subject to Delinquent Principal or Interest	38,072
Preferred Equity less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Face Amount of Loans	19,718
Net Carrying Amount of Loans	19,555
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Preferred Equity
Mortgage Loans on Real Estate [Line Items]
Face Amount of Loans	19,718
Net Carrying Amount of Loans	19,555
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year	$ 1,346,663	$ 1,444,456	$ 1,650,268
Additions during the period:
New loan originations funded	780,556	528,865	173,008
Funding of existing loan commitments	51,365	31,563	67,219
Origination fee amortization	5,537	4,813	5,979
Protective advances on legacy CRE loans held for sale	1,724	442
Recovery of (provision for) loan and lease losses, net	1,595	(1,499)	(18,168)
Settled loans held for sale fair value adjustments	1,000	12,655	0
Capitalized interest	518	0	0
Deductions during the period:
Payoff and paydown of loans	(592,438)	(559,438)	(356,526)
Loans held for sale payoffs	(12,000)	(107,492)	0
Capitalized origination fees	(8,329)	(5,760)	(1,967)
Loans held for sale fair value adjustments	(7,224)	(1,942)	0
Deconsolidation	0	0	(231,354)
Acquisition of loans from the liquidations of collateralized debt obligations	0	0	155,997
Balance at end of year	$ 1,568,967	$ 1,346,663	$ 1,444,456