ACRES Commercial Realty (ACR) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 03, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	EXANTAS CAPITAL CORP.
Entity Central Index Key	0001332551
Trading Symbol	XAN
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding (in shares)		31,862,660

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS:
Cash and cash equivalents	$ 55,660	$ 82,816
Restricted cash	7,485	12,658
Accrued interest receivable	8,455	8,198
CRE loans, net of allowances of $2,427 and $1,401	1,661,080	1,551,967
Investment securities available-for-sale	440,880	418,998
Principal paydowns receivable		32,083
Investments in unconsolidated entities	1,548	1,548
Derivatives, at fair value	243	985
Other assets	4,463	4,015
Assets held for sale (amounts include $17,000 and $17,000 of legacy CRE loans held for sale in continuing operations, see Note 20)	17,646	17,645
Total assets	2,197,460	2,130,913
LIABILITIES
Accounts payable and other liabilities	4,370	7,550
Management fee payable	698	938
Accrued interest payable	2,217	4,224
Borrowings	1,620,441	1,554,223
Distributions payable	8,098	7,265
Derivatives, at fair value	1,994	1,043
Accrued tax liability		31
Liabilities held for sale (see Note 20)	1,819	1,820
Total liabilities	1,639,637	1,577,094
STOCKHOLDERS' EQUITY
Common stock, par value $0.001: 125,000,000 shares authorized; 31,867,106 and 31,657,499 shares issued and outstanding (including 430,986 and 422,671 unvested restricted shares)	32	32
Additional paid-in capital	1,083,360	1,082,677
Accumulated other comprehensive income (loss)	1,092	(3,057)
Distributions in excess of earnings	(526,666)	(525,838)
Total stockholders' equity	557,823	553,819
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	2,197,460	2,130,913
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	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Financing receivable, allowance for credit losses	$ 2,427	$ 1,401
Legacy CRE whole loans held for sale	$ 440,880	$ 418,998
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)	31,867,106	31,657,499
Common stock, shares outstanding (in shares)	31,867,106	31,657,499
Common stock, shares issued, non-vested restricted shares (in shares)	430,986	422,671
Assets of consolidated variable interest entities (VIEs) included in total assets above:
Restricted cash	$ 1,334	$ 6,189
Accrued interest receivable	3,258	3,548
CRE loans, pledged as collateral and net of allowances of $763 and $1,330	686,681	700,223
Principal paydowns receivable		31,914
Other assets	34	157
Total assets of consolidated VIEs	691,307	742,031
Accounts payable and other liabilities	102	75
Accrued interest payable	743	709
Borrowings	451,708	501,045
Total liabilities of consolidated VIEs	452,553	501,829
Discontinued Operations, Held-for-sale | Legacy CRE Whole Loans
Legacy CRE whole loans held for sale	$ 17,000	$ 17,000
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	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest income:
CRE loans	$ 27,343	$ 22,383
Securities	6,375	3,456
Other	214	118
Total interest income	33,932	25,957
Interest expense	19,395	14,384
Net interest income	14,537	11,573
Other expense		$ (95)
Other revenue	$ 26
Type of Revenue [Extensible List]	us-gaap:ProductAndServiceOtherMember	us-gaap:ProductAndServiceOtherMember
Total revenues	$ 14,563	$ 11,478
OPERATING EXPENSES
Management fees	2,083	2,813
Equity compensation	683	967
General and administrative	2,577	3,060
Depreciation and amortization	24	13
Provision for (recovery of) loan losses, net	1,025	(799)
Total operating expenses	6,392	6,054
Net interest and other revenues less operating expenses	8,171	5,424
OTHER INCOME (EXPENSE)
Equity in losses of unconsolidated entities		(292)
Net realized and unrealized loss on investment securities available-for-sale and loans and derivatives		(642)
Net realized and unrealized loss on investment securities, trading		(5)
Fair value adjustments on financial assets held for sale	(102)	(4,665)
Other income	101	11
Total other expense	(1)	(5,593)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES	8,170	(169)
Income tax benefit		32
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	8,170	(137)
NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX	(37)	247
NET INCOME	8,133	110
Net income allocated to preferred shares	(2,588)	(5,210)
Consideration paid in excess of carrying value of preferred shares		(7,482)
NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES	$ 5,545	$ (12,582)
NET INCOME (LOSS) PER COMMON SHARE - BASIC:
CONTINUING OPERATIONS (in dollars per share)	$ 0.18	$ (0.41)
DISCONTINUED OPERATIONS (in dollars per share)	0	0.01
TOTAL NET INCOME (LOSS) PER COMMON SHARE - BASIC (in dollars per share)	0.18	(0.40)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED:
CONTINUING OPERATIONS (in dollars per share)	0.18	(0.41)
DISCONTINUED OPERATIONS (in dollars per share)	0	0.01
NET INCOME (LOSS) PER COMMON SHARE – DILUTED (in dollars per share)	$ 0.18	$ (0.40)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC (in shares)	31,379,253	31,111,315
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED (in shares)	31,531,286	31,111,315

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 8,133	$ 110
Other comprehensive income (loss):
Reclassification adjustments for realized losses on investment securities available-for-sale included in net income		217
Unrealized gains (losses) on investment securities available-for-sale, net	5,865	(1,509)
Reclassification adjustments associated with unrealized gains from interest rate hedges included in net income	(23)
Unrealized (losses) gains on derivatives, net	(1,693)	1,149
Total other comprehensive income (loss)	4,149	(143)
Comprehensive income before allocation to preferred shares	12,282	(33)
Net income allocated to preferred shares	(2,588)	(5,210)
Consideration paid in excess of carrying value of preferred shares		(7,482)
Comprehensive income (loss) allocable to common shares	$ 9,694	$ (12,725)

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock8.25% Series B Preferred Stock	Preferred Stock8.625% Series C Preferred Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Distributions in Excess of Earnings
Beginning balance at Dec. 31, 2017	$ 671,476	$ 31	$ 5	$ 5	$ 1,187,911	$ 1,297		$ (517,773)
Beginning balance (in shares) at Dec. 31, 2017		31,429,892
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1	$ 1
Stock-based compensation		229,384
Amortization of stock-based compensation	967				967
Retirement of common stock	(70)				(70)
Retirement of common shares (in shares)		(7,134)
Forfeiture of unvested stock (in shares)		(1,725)
Net income	110						$ 110
Distributions on preferred stock	(5,210)						(5,210)
Preferred stock redemption	(115,368)		$ (5)		(107,881)		(7,482)
Securities available-for-sale, fair value adjustment, net	(1,292)					(1,292)
Designated derivatives, fair value adjustment	1,149					1,149
Distributions on common stock	(1,584)						12,582	(14,166)
Ending balance at Mar. 31, 2018	550,179	$ 32		5	1,080,927	1,154		(531,939)
Ending balance (in shares) at Mar. 31, 2018		31,650,417
Beginning balance at Dec. 31, 2018	$ 553,819	$ 32		5	1,082,677	(3,057)		(525,838)
Beginning balance (in shares) at Dec. 31, 2018	31,657,499	31,657,499
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		213,614
Amortization of stock-based compensation	$ 683				683
Forfeiture of unvested stock (in shares)		(4,007)
Net income	8,133						8,133
Distributions on preferred stock	(2,588)						(2,588)
Securities available-for-sale, fair value adjustment, net	5,865					5,865
Designated derivatives, fair value adjustment	(1,716)					(1,716)
Distributions on common stock	(6,373)						$ (5,545)	(828)
Ending balance at Mar. 31, 2019	$ 557,823	$ 32		$ 5	$ 1,083,360	$ 1,092		$ (526,666)
Ending balance (in shares) at Mar. 31, 2019	31,867,106	31,867,106

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 8,133	$ 110
Net loss (income) from discontinued operations, net of tax	37	(247)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	8,170	(137)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by continuing operating activities:
Provision for (recovery of) loan losses, net	1,025	(799)
Depreciation, amortization and accretion	446	916
Amortization of stock-based compensation	683	967
Sale of and principal payments on syndicated corporate loans held for sale		41
Sale of investment securities, trading		11
Net realized and unrealized loss on investment securities, trading		5
Net realized and unrealized loss on investment securities available-for-sale and loans and derivatives		642
Fair value adjustments on financial assets held for sale	102	4,665
Equity in losses of unconsolidated entities		292
Changes in operating assets and liabilities	(6,287)	5,119
Net cash provided by continuing operating activities	4,139	11,722
Net cash used in discontinued operating activities	(144)	(105)
Net cash provided by operating activities	3,995	11,617
CASH FLOWS FROM INVESTING ACTIVITIES:
Origination and purchase of loans	(176,279)	(142,124)
Principal payments received on loans and leases	99,533	127,456
Purchase of investment securities available-for-sale	(27,396)	(43,284)
Principal payments on investment securities available-for-sale	12,095	3,572
Proceeds from sale of investment securities available-for-sale		48
Return of capital from investments in unconsolidated entities		5,376
Settlement of derivative instruments		(46)
Net cash used in continuing investing activities	(92,047)	(49,002)
Net cash provided by discontinued investing activities	135	12,730
Net cash used in investing activities	(91,912)	(36,272)
CASH FLOWS FROM FINANCING ACTIVITIES:
Retirement of common stock		(56)
Repurchase of preferred stock		(165,340)
Proceeds from borrowings:
Repurchase agreements	156,174	234,782
Payments on borrowings:
Repurchase agreements	(42,125)	(59,740)
Securitizations	(50,333)	(118,243)
Distributions paid on preferred stock	(2,588)	(7,495)
Distributions paid on common stock	(5,540)	(1,571)
Net cash provided by (used in) continuing financing activities	55,588	(117,663)
Net cash provided by discontinued financing activities
Net cash provided by (used in) financing activities	55,588	(117,663)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(32,329)	(142,318)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	95,474	204,364
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	63,145	62,046
SUPPLEMENTAL DISCLOSURE:
Interest expense paid in cash	$ 19,636	$ 13,266

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019. The Company has qualified, and expects to qualify in the current fiscal year, as a REIT. In November 2016, the Company's board of directors (the "Board") approved the 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 and businesses and maintaining a dividend policy based on sustainable earnings. The Company's residential mortgage and middle market lending segments' assets and liabilities were classified as held for sale and its operations were reported as discontinued operations and have been excluded from continuing operations. The Company has substantially completed the execution of the Plan. See Note 20 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2019
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 and the accounting policies set forth in Note 2 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018. 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. Basis of Presentation All adjustments necessary to present fairly the Company's financial position, results of operations and cash flows have been made. 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 March 31, 2019 and December 31, 2018, approximately $52.9 million and $80.4 million, respectively, of the reported cash balances exceeded the Federal Deposit Insurance Corporation and Securities Investor Protection Corporation deposit insurance limits of $250,000 per respective depository or brokerage institution. However, all of the Company's cash deposits are held at multiple, established financial institutions, in multiple accounts associated with its parent and respective consolidated subsidiaries, to minimize credit risk exposure. Restricted cash includes required account balance minimums primarily for the Company's CRE collateralized debt obligation ("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 (in thousands): March 31, 2019 2018 Cash and cash equivalents $ 55,660 $ 61,500 Restricted cash 7,485 546 Total cash, cash equivalents and restricted cash shown on the Company's consolidated statements of cash flows $ 63,145 $ 62,046 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. Income Taxes The Company recorded a full valuation allowance against its net deferred tax assets of $58.4 million (tax effected expense of $17.1 million and $15.3 million) at March 31, 2019 and December 31, 2018, respectively, as the Company believes it is more likely than not that the deferred tax assets will 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 by the Company's taxable REIT subsidiaries. Recent Accounting Standards Accounting Standards Adopted in In June 2018, the Financial Accounting Standards Board (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. Adoption did not have a material impact on the Company's consolidated financial statements. In February 2018, the FASB issued guidance to allow a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Adoption did not have a material impact on the Company's 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. Adoption did not have a material impact on the Company's consolidated financial statements. 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 remains largely unchanged. The guidance also requires new qualitative and quantitative disclosures to help financial statement users better understand the timing, amount and uncertainty of cash flows arising from 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 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. The Company completed its assessment under the new guidance on revenue recognition from contracts with customers in 2018 and on leases, see "Accounting Standards Adopted in 2019." The Company is currently evaluating the impact of this guidance on the measurement of credit losses on financial instruments and its impact on its consolidated financial statements. In June 2016, the FASB issued guidance that 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. 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. Reclassifications Certain reclassifications have been made to the 2018 consolidated financial statements to conform to the 2019 presentation. These reclassifications had no effect on the reported consolidated statements of operations.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2019
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 VIEs at March 31, 2019 and December 31, 2018 (collectively, the "Consolidated VIEs"). The Consolidated VIEs are CRE securitizations, CDOs and collateralized loan obligations ("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 asset-backed securities ("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, manages 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 9. Creditors of the Company's Consolidated VIEs have no recourse to the general credit of the Company, nor to each other. During the three months ended March 31, 2019 and 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 March 31, 2019 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 875 $ 459 $ 1,334 Accrued interest receivable 3,258 — 3,258 CRE loans, pledged as collateral 686,681 — 686,681 Other assets 34 — 34 Total assets (1) $ 690,848 $ 459 $ 691,307 LIABILITIES Accounts payable and other liabilities $ 102 $ — $ 102 Accrued interest payable 743 — 743 Borrowings 451,708 — 451,708 Total liabilities $ 452,553 $ — $ 452,553 (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 March 31, 2019. The Company's maximum exposure to risk for each of these unconsolidated VIEs is set forth in the "Maximum Exposure to Loss" column in the table below. Unsecured Junior Subordinated Debentures The Company has a 100% interest in the common shares of Resource Capital Trust I ("RCT I") and RCC Trust II ("RCT II"), respectively, with a value of $1.5 million in the aggregate, or 3.0% of each trust, at March 31, 2019. 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 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. C3AM, a related party that is not under common control, is the special servicer of C40. 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 accounts 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 March 31, 2019 (in thousands): Unsecured Junior Subordinated Debentures C40 Prospect Hackensack Total Maximum Exposure to Loss ASSETS Accrued interest receivable $ 84 $ 173 $ — $ 257 $ — CRE loans — — 19,735 19,735 $ 19,735 Investment securities available-for-sale (1) — 21,625 — 21,625 $ 21,511 Investments in unconsolidated entities 1,548 — — 1,548 $ 1,548 Total assets 1,632 21,798 19,735 43,165 LIABILITIES Accrued interest payable 293 — — 293 N/A Borrowings 51,548 — — 51,548 N/A Total liabilities 51,841 — — 51,841 N/A Net (liability) asset $ (50,209 ) $ 21,798 $ 19,735 $ (8,676 ) 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 March 31, 2019, 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	3 Months Ended
	Mar. 31, 2019
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): For the Three Months Ended March 31, 2019 2018 Non-cash continuing financing activities include the following: Distributions on common stock accrued but not paid $ 6,373 $ 1,584 Distribution on preferred stock accrued but not paid $ 1,725 $ 1,724

LOANS

LOANS	3 Months Ended
	Mar. 31, 2019
Loans Held For Investment [Abstract]
LOANS	NOTE 5 - 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) At March 31, 2019: CRE loans held for investment: Whole loans (6) 81 $ 1,649,010 $ (9,938 ) $ 1,639,072 $ (2,427 ) $ 1,636,645 1M LIBOR plus 2.70% to 1M LIBOR plus 6.25% May 2019 to April 2022 Mezzanine loan 1 4,700 — 4,700 — 4,700 10.00% June 2028 Preferred equity investment (see Note 3) (7)(8) 1 19,889 (154 ) 19,735 — 19,735 11.50% April 2025 Total CRE loans held for investment $ 1,673,599 $ (10,092 ) $ 1,663,507 $ (2,427 ) $ 1,661,080 At December 31, 2018: CRE loans held for investment: Whole loans (6) 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 (see Note 3) (7)(8) 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 (1) Amounts include unamortized loan origination fees of $9.9 million and $9.6 million and deferred amendment fees of $223,000 and $171,000 being amortized over the life of the loans at March 31, 2019 and December 31, 2018, respectively. (2) Substantially all loans are pledged as collateral under various borrowings at March 31, 2019 and December 31, 2018. (3) LIBOR refers to the London Interbank Offered Rate. (4) Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms, that may be available to the borrowers. ( 5 ) 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 March 31, 2019 and December 31, 2018. ( 6 ) Whole loans had $99.9 million and $108.1 million in unfunded loan commitments at March 31, 2019 and December 31, 2018, 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. ( 7 ) The interest rate on the Company's preferred equity investment pays currently at 8.00%. The remaining interest is deferred until maturity. ( 8 ) 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 amount in the footnote): Description 2019 2020 2021 and Thereafter Total At March 31, 2019: Whole loans (1) $ 10,389 $ 142,932 $ 1,474,253 $ 1,627,574 Mezzanine loan — — 4,700 4,700 Preferred equity investment — — 19,735 19,735 Total CRE loans (1) $ 10,389 $ 142,932 $ 1,498,688 $ 1,652,009 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 (1) $ 10,379 $ 182,422 $ 1,349,052 $ 1,541,853 (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 March 31, 2019 and December 31, 2018. At March 31, 2019, approximately 29.4%, 21.0% and 14.4% 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, 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. 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 March 31, 2019, the Company had no loan principal paydowns receivable. 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 in January 2019.

FINANCING RECEIVABLES

FINANCING RECEIVABLES	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
FINANCING RECEIVABLES	NOTE 6 - FINANCING RECEIVABLES The following tables show the activity in the allowance for loan losses for the three months ended March 31, 2019 and year ended December 31, 2018 and the allowance for loan losses and recorded investments in loans at March 31, 2019 and December 31, 2018 (in thousands, except amount in the footnote): Three Months Ended March 31, 2019 Year Ended December 31, 2018 Commercial Real Estate Loans Commercial Real Estate Loans Allowance for loan losses: Allowance for loan losses at beginning of period $ 1,401 $ 5,328 Provision for (recovery of) loan losses, net (1) 1,026 (1,595 ) Loans charged-off — (2,332 ) Allowance for loan losses at end of period $ 2,427 $ 1,401 (1) Excludes the recovery of loan losses on one bank loan with no amortized cost or carrying value at March 31, 2019 and December 31, 2018 that received a payment of approximately $1,000 during the three months ended March 31, 2019. March 31, 2019 December 31, 2018 Commercial Real Estate Loans Commercial Real Estate Loans Allowance for loan losses ending balance: Individually evaluated for impairment $ — $ — Collectively evaluated for impairment $ 2,427 $ 1,401 Loans: Amortized cost ending balance: Individually evaluated for impairment (1) $ 24,435 $ 24,255 Collectively evaluated for impairment $ 1,639,072 $ 1,529,113 (1) The Company's mezzanine loan and preferred equity investment are evaluated individually for impairment. 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 loan-to-collateral value ratios, loan structure and exit plan. Depending on the loan's performance against these various factors, loans are rated on a scale from 1 to 5, with loans rated 1 representing loans with the highest credit quality and loans rated 5 representing loans with the lowest credit quality. The factors evaluated provide general criteria to monitor credit migration in the Company's loan portfolio; as such, a loan's rating may improve or worsen, depending on new information received. The criteria set forth below should be used as general guidelines and, therefore, not every loan will have all of the characteristics described in each category below. Loans that are performing according to their underwritten plans generally will not require an allowance for loan loss. Risk Rating Risk Characteristics 1 • Property performance has surpassed underwritten expectations. • Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high quality tenant mix. 2 • Property performance is consistent with underwritten expectations and covenants and performance criteria are being met or exceeded. • Occupancy is stabilized, near stabilized or is on track with underwriting. 3 • Property performance lags behind underwritten expectations. • Occupancy is not stabilized and the property has some tenancy rollover. 4 • Property performance significantly lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers. • Occupancy is not stabilized and the property has a large amount of tenancy rollover. 5 • Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Expected sale proceeds would not be sufficient to pay off the loan at maturity. • The property has a material vacancy rate and significant rollover of remaining tenants. • An updated appraisal is required upon designation and updated on an as-needed basis. All CRE loans are evaluated for any credit deterioration by debt asset management and certain finance personnel on at least a quarterly basis. 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 Held for Sale (2) Total At March 31, 2019: Whole loans $ — $ 1,487,954 $ 146,773 $ 4,345 $ — $ — $ 1,639,072 Mezzanine loan (3) — 4,700 — — — — 4,700 Preferred equity investment (3) — 19,735 — — — — 19,735 Legacy CRE loans held for sale — — — — — 17,000 17,000 Total $ — $ 1,512,389 $ 146,773 $ 4,345 $ — $ 17,000 $ 1,680,507 At December 31, 2018: Whole loans $ — $ 1,447,206 $ 77,067 $ 4,840 $ — $ — $ 1,529,113 Mezzanine loan (3) — 4,700 — — — — 4,700 Preferred equity investment (3) — 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 (1) Includes one whole loan, with an amortized cost of $11.5 million, which was in maturity default at March 31, 2019 and December 31, 2018. The loan is performing with respect to debt service due in accordance with a forbearance agreement at March 31, 2019 and December 31, 2018. ( 2 ) Includes one legacy CRE loan that was in default with a total carrying value of $17.0 million at March 31, 2019 and December 31, 2018. ( 3 ) 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 Current Total Loans Receivable Total Loans > 90 Days and Accruing (1) At March 31, 2019: Whole loans $ — $ — $ 11,498 $ 11,498 $ 1,627,574 $ 1,639,072 $ 11,498 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investment — — — — 19,735 19,735 — Legacy CRE loans held for sale — — 17,000 17,000 — 17,000 — Total loans $ — $ — $ 28,498 $ 28,498 $ 1,652,009 $ 1,680,507 $ 11,498 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 loans $ — $ — $ 28,516 $ 28,516 $ 1,541,852 $ 1,570,368 $ 11,516 ( 1 ) Includes one whole loan, with an amortized cost of $11.5 million, which was in maturity default at March 31, 2019 and December 31, 2018. The loan is performing with respect to debt service due in accordance with a forbearance agreement at March 31, 2019 and December 31, 2018. During the three-months ended March 31, 2019 and 2018, the Company recognized interest income of $165,000 and $150,000, respectively, on this whole loan. ( 2 ) Includes one legacy CRE loan that was in default with a total carrying value of $17.0 million at March 31, 2019 and December 31, 2018. Impaired Loans The Company did not have any impaired loans at March 31, 2019 and December 31, 2018. Troubled-Debt Restructurings ("TDRs") There were no TDRs for the three months ended March 31, 2019 and 2018.

INVESTMENT SECURITIES AVAILABLE

INVESTMENT SECURITIES AVAILABLE-FOR-SALE	3 Months Ended
	Mar. 31, 2019
Available For Sale Securities [Abstract]
INVESTMENT SECURITIES AVAILABLE-FOR-SALE	NOTE 7 - INVESTMENT SECURITIES AVAILABLE-FOR-SALE The following table summarizes the Company's investment securities available-for-sale, carried at fair value, including those pledged as collateral (in thousands, except amounts in the footnote): Amortized Cost Unrealized Gains Unrealized Losses Fair Value (1) At March 31, 2019: CMBS, fixed rate $ 116,679 $ 3,068 $ (729 ) $ 119,018 CMBS, floating rate 321,957 1,016 (1,111 ) 321,862 Total $ 438,636 $ 4,084 $ (1,840 ) $ 440,880 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 (1) At March 31, 2019 and December 31, 2018, investment securities available-for-sale with fair values of $399.7 million and $388.4 million, respectively, 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 (dollars in thousands, except amounts in footnotes): March 31, 2019 December 31, 2018 Amortized Cost (1) Fair Value (1) Weighted Average Coupon Amortized Cost (1) Fair Value (1) Weighted Average Coupon Less than one year (2) $ 144,433 $ 144,706 5.68% $ 126,446 $ 126,014 5.76% Greater than one year and less than five years 84,944 84,483 5.34% 98,220 97,083 5.21% Greater than five years and less than ten years 209,259 211,691 4.13% 197,953 195,901 4.06% Total $ 438,636 $ 440,880 4.81% $ 422,619 $ 418,998 4.76% (1) 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 greater than one year and less than five years of projected life had amortized costs of $106,000 and $105,000 and no fair values at March 31, 2019 and December 31, 2018, respectively. There were no positions subject to other-than-temporary impairment with projected lives less than one year and greater than five years and less than ten years at March 31, 2019 and December 31, 2018. ( 2 ) The Company expects that the payoff dates of these CMBS will either be extended or that the securities will be paid off in full. At March 31, 2019, the contractual maturities of the CMBS investment securities available-for-sale range from December 2024 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 (dollars in thousands): 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 March 31, 2019: CMBS $ 137,604 $ (1,672 ) 28 $ 6,821 $ (168 ) 8 $ 144,425 $ (1,840 ) 36 At December 31, 2018: CMBS $ 329,441 $ (4,001 ) 49 $ 6,757 $ (432 ) 7 $ 336,198 $ (4,433 ) 56 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 no other-than-temporary impairments on its investment securities available-for-sale for the three months ended March 31, 2019 and 2018. During the three months ended March 31, 2019, the Company did not sell or redeem any investment securities available-for-sale. The following table summarizes the Company's sales and redemptions of investment securities available-for-sale for the three months ended March 31, 2018 (dollars in thousands): For the Three Months Ended Positions Sold/Redeemed Par Amount Sold/Redeemed Amortized Cost Realized Gain (Loss) Proceeds March 31, 2018: ABS 2 $ 411 $ 265 $ (217 ) $ 48

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	3 Months Ended
	Mar. 31, 2019
Equity Method Investments And Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 8 - INVESTMENTS IN UNCONSOLIDATED ENTITIES The following table summarizes the Company's investments in unconsolidated entities at March 31, 2019 and December 31, 2018 and equity in losses of unconsolidated entities for the three months ended March 31, 2019 and 2018 (dollars in thousands, except amount in the footnotes): Equity in Earnings (Losses) of Unconsolidated Entities Ownership % at For the Three Months Ended March 31, 2019 March 31, 2019 December 31, 2018 March 31, 2019 March 31, 2018 Pelium Capital (1) — % $ — $ — $ — $ (305 ) RCM Global — % — — — 13 Subtotal — — — (292 ) Investment in RCT I and II (2) 3.0 % 1,548 1,548 (862 ) (724 ) Total $ 1,548 $ 1,548 $ (862 ) $ (1,016 ) (1) During the three months ended March 31, 2018, the Company received distributions of $5.6 million on its investment in Pelium Capital Partners, L.P. ("Pelium Capital"). ( 2 ) During the three months ended March 31, 2019 and 2018, distributions from the trusts are recorded in interest expense on the Company's consolidated statements of operations as the investments are accounted for under the cost method. In 2018, Pelium Capital and RCM Global LLC were fully liquidated.

BORROWINGS

BORROWINGS	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
BORROWINGS	NOTE 9 - 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 (dollars in thousands, except amounts in footnotes): Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At March 31, 2019: RCC 2017-CRE5 Senior Notes $ 58,918 $ 580 $ 58,338 4.21 % 15.3 years $ 177,698 XAN 2018-RSO6 Senior Notes 397,452 4,082 393,370 3.58 % 16.2 years 514,227 Unsecured junior subordinated debentures 51,548 — 51,548 6.62 % 17.4 years — 4.50% Convertible Senior Notes 143,750 12,697 131,053 4.50 % 3.4 years — 8.00% Convertible Senior Notes 21,182 181 21,001 8.00 % 290 days — CRE - term repurchase facilities (1) 619,062 4,665 614,397 4.50 % 1.8 years 843,912 Trust certificates - term repurchase facility (2) 47,469 240 47,229 6.43 % 1.5 years 118,780 CMBS - short term repurchase agreements (3) 303,505 — 303,505 3.66 % 19 days 407,224 Total $ 1,642,886 $ 22,445 $ 1,620,441 4.28 % 6.1 years $ 2,061,841 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 facilities (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 (1) Principal outstanding includes accrued interest payable of $1.1 million and $911,000 at March 31, 2019 and December 31, 2018, respectively. (2) Principal outstanding includes accrued interest payable of $135,000 and $118,000 at March 31, 2019 and December 31, 2018, respectively. (3) Principal outstanding includes accrued interest payable of $354,000 and $773,000 at March 31, 2019 and December 31, 2018, respectively. Securitizations The following table sets forth certain information with respect to the Company's consolidated securitizations at March 31, 2019 (in thousands): Closing Date Maturity Date End of Designated Principal Reinvestment Period (1) Total Note Paydowns Received from Closing Date through March 31, 2019 RCC 2017-CRE5 July 2017 July 2034 July 2020 $ 192,531 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 March 31, 2019 and December 31, 2018 were eliminated in consolidation. XAN 2019-RSO7 In April 2019, the Company closed Exantas Capital Corp. 2019-RSO7, Ltd. ("XAN 2019-RSO7"), a $687.2 million CRE debt securitization transaction that provided financing for CRE loans. XAN 2019-RSO7 issued a total of $585.8 million of non-recourse, floating-rate notes at par, of which RCC Real Estate purchased $10.0 million, or approximately 20%, of the Class D notes. Additionally, RCC Real Estate purchased 100% of the Class E and Class F notes and a subsidiary of RCC Real Estate purchased 100% of the outstanding preference shares. The notes purchased by RCC Real Estate are subordinated in right of payment to all other senior notes issued by XAN 2019-RSO7, but are senior in right of payment to the preference shares. The preference shares are subordinated in right of payment to all other securities issued by XAN 2019-RSO7. At closing, the senior notes issued to investors consisted of the following classes: (i) $390.0 million of Class A notes bearing interest at one-month LIBOR plus 1.00%, increasing to 1.25% in April 2024; (ii) $70.4 million of Class A-S notes bearing interest at one-month LIBOR plus 1.50%, increasing to 1.75% in April 2024; (iii) $33.5 million of Class B notes bearing interest at one-month LIBOR plus 1.70%, increasing to 2.20% in May 2024; (iv) $42.9 million of Class C notes bearing interest at one-month LIBOR plus 2.05%, increasing to 2.55% in June 2024; and (v) $49.0 million of Class D notes bearing interest at one-month LIBOR plus 2.70%, increasing to 3.20% in July 2024. All of the notes issued mature in April 2036, although the Company has the right to call the notes anytime after May 2021. There is no reinvestment period for XAN 2019-RSO7; however, principal repayments received, after closing and ending in April 2022, may be used to purchase funding participations with respect to existing collateral held outside of the securitization. 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 (dollars in thousands, except amounts in footnotes): March 31, 2019 December 31, 2018 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) $ 231,725 $ 329,807 19 4.43 % $ 154,478 $ 226,530 13 4.33 % Morgan Stanley Bank, N.A. (3) 37,139 62,664 3 5.12 % 37,113 62,457 3 5.09 % Barclays Bank PLC (4) 218,141 283,126 10 4.54 % 240,416 308,389 11 4.51 % JPMorgan Chase Bank, N.A. (5) 127,392 168,315 8 4.38 % 75,440 98,839 5 4.30 % Trust Certificates - Term Repurchase Facilities RSO Repo SPE Trust 2017 (6) 47,229 118,780 2 6.43 % 47,172 118,780 2 6.41 % CMBS - Short-Term Repurchase Agreements RBC Capital Markets, LLC 227,663 289,654 30 3.66 % 246,476 313,644 33 3.64 % JP Morgan Securities LLC 70,769 111,238 17 3.65 % 42,040 73,066 13 3.57 % Deutsche Bank Securities Inc. 5,073 6,332 5 3.95 % 7,305 9,158 5 3.98 % Total $ 965,131 $ 1,369,916 $ 850,440 $ 1,210,863 (1) Outstanding borrowings include accrued interest payable. (2) Includes $1.4 million and $1.6 million of deferred debt issuance costs at March 31, 2019 and December 31, 2018, respectively. (3) Includes $152,000 and $167,000 of deferred debt issuance costs at March 31, 2019 and December 31, 2018, respectively. (4) Includes $1.3 million and $1.5 million of deferred debt issuance costs at March 31, 2019 and December 31, 2018, respectively. ( 5 ) Includes $1.8 million and $2.0 million of deferred debt issuance costs at March 31, 2019 and December 31, 2018, respectively. (6) Includes $175,000 and $204,000 of deferred debt issuance costs at March 31, 2019 and December 31, 2018, respectively. The following table shows information about the amount at risk under the repurchase facilities at March 31, 2019 (dollars in thousands): Amount at Risk (1) Weighted Average Remaining Maturity Weighted Average Interest Rate At March 31, 2019: CRE - Term Repurchase Facilities Wells Fargo Bank, N.A. $ 98,078 1.3 years 4.43 % Morgan Stanley Bank, N.A. $ 25,687 163 days 5.12 % Barclays Bank PLC $ 64,897 2.0 years 4.54 % JPMorgan Chase Bank, N.A. $ 39,728 2.6 years 4.38 % Trust Certificates - Term Repurchase Facility RSO Repo SPE Trust 2017 $ 71,437 1.5 years 6.43 % CMBS - Short-Term Repurchase Agreements RBC Capital Markets, LLC $ 62,586 19 days 3.66 % JP Morgan Securities LLC $ 40,799 17 days 3.65 % Deutsche Bank Securities Inc. $ 1,212 54 days 3.95 % (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 March 31, 2019. 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 March 31, 2019: CRE securitizations $ 456,370 $ — $ — $ — $ — $ 456,370 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 970,036 340,796 280,584 348,656 — — Total $ 1,642,886 $ 340,796 $ 301,766 $ 348,656 $ 143,750 $ 507,918

SHARE ISSUANCE AND REPURCHASE

SHARE ISSUANCE AND REPURCHASE	3 Months Ended
	Mar. 31, 2019
Stockholders Equity Note [Abstract]
SHARE ISSUANCE AND REPURCHASE	NOTE 10 - SHARE ISSUANCE AND REPURCHASE In March 2018, the Company redeemed all remaining shares of its 8.25% Series B Cumulative Redeemable Preferred Stock ("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 three months ended March 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 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 Board approved a new securities repurchase program for up to $50.0 million of its outstanding securities, which replaced the August 2015 repurchase plan. During the three months ended March 31, 2019 and 2018, the Company did not repurchase any shares of its common or preferred stock through this program. At March 31, 2019, $44.9 million remains available under this repurchase plan. At March 31, 2019, the Company had 4.8 million shares of Series C Preferred Stock outstanding, with a weighted average issuance price, excluding offering costs, of $25.00.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
SHARE-BASED COMPENSATION	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, 2019 30,234 386,628 5,809 422,671 Issued 17,416 196,198 — 213,614 Vested (20,029 ) (175,454 ) (5,809 ) (201,292 ) Forfeited — (4,007 ) — (4,007 ) Unvested shares at March 31, 2019 27,621 403,365 — 430,986 (1) Non-employees are employees of C-III or Resource America, Inc. ("Resource America"). The fair values at grant date of the shares of restricted common stock granted to non-employees during the three months ended March 31, 2019 and 2018 were each $2.0 million. The fair values at grant date of shares of restricted common stock issued to the Company's eight non-employee directors during the three months ended March 31, 2019 and 2018 were each $185,000. At March 31, 2019, the total unrecognized restricted common stock expense for non-employees was $2.6 million, with a weighted average amortization period remaining of 2.4 years. 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. The following table summarizes restricted common stock grants during the three months ended March 31, 2019: Grant Date Shares Vesting per Year Vesting Date(s) January 22, 2019 196,198 33% January 22, 2020, January 22, 2021 and January 22, 2022 February 1, 2019 3,308 100% February 1, 2020 March 8, 2019 14,108 100% March 8, 2020 The following table summarizes the status of the Company's vested stock options at March 31, 2019: 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, 2019 10,000 $ 25.60 Vested — — Exercised — — Forfeited — — Expired — — Vested at March 31, 2019 10,000 $ 25.60 2.13 $ — There were no options granted during the three months ended March 31, 2019 or 2018. 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): For the Three Months Ended March 31, 2019 2018 Restricted shares granted to non-employees (1) $ 611 $ 895 Restricted shares granted to non-employee directors 72 72 Total $ 683 $ 967 (1) Non-employees are employees of C-III or Resource America. 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 management fees on the consolidated statements of operations. The Manager received no incentive management fee for the three months ended March 31, 2019 and 2018. 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 Board.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 12 - EARNINGS PER SHARE The following table presents a reconciliation of basic and diluted earnings (losses) per common share for the periods presented as follows (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2019 2018 Net income (loss) from continuing operations $ 8,170 $ (137 ) Net income allocated to preferred shares (2,588 ) (5,210 ) Consideration paid in excess of carrying value of preferred shares — (7,482 ) Net income (loss) from continuing operations allocable to common shares 5,582 (12,829 ) Net (loss) income from discontinued operations, net of tax (37 ) 247 Net income (loss) allocable to common shares $ 5,545 $ (12,582 ) Net income (loss) per common share - basic: Weighted average number of shares outstanding 31,379,253 31,111,315 Continuing operations $ 0.18 $ (0.41 ) Discontinued operations — 0.01 Net income (loss) per common share - basic $ 0.18 $ (0.40 ) Net income (loss) per common share - diluted: Weighted average number of shares outstanding 31,379,253 31,111,315 Additional shares due to assumed conversion of dilutive instruments 152,033 — Adjusted weighted-average number of common shares outstanding 31,531,286 31,111,315 Continuing operations $ 0.18 $ (0.41 ) Discontinued operations — 0.01 Net income (loss) per common share - diluted $ 0.18 $ (0.40 ) Potentially dilutive shares excluded from calculation due to anti-dilutive effect (1) 12,486,778 14,885,289 (1) Potentially dilutive shares issuable in connection with the potential conversion of the Company's 4.50% convertible senior notes due 2022 ("4.50% Convertible Senior Notes") and 8.00% convertible senior notes due 2020 ("8.00% Convertible Senior Notes") (see Note 9) during the three months ended March 31, 2019 and 2018 and its 6.00% convertible senior notes due 2018 during the three months ended March 31, 2018 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)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 13 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2019 (in thousands): Net Unrealized Gain (Loss) on Derivatives Net Unrealized (Loss) Gain on Investment Securities Available-for-Sale Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2019 $ 563 $ (3,620 ) $ (3,057 ) Other comprehensive (loss) income before reclassifications (1,693 ) 5,865 4,172 Amounts reclassified from accumulated other comprehensive income (loss) (1) (23 ) — (23 ) Balance at March 31, 2019 $ (1,153 ) $ 2,245 $ 1,092 (1) Amounts reclassified from accumulated other comprehensive income are reclassified to interest expense and net realized and unrealized loss on investment securities available-for-sale and loans and derivatives on the Company's consolidated statements of operations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 14 - RELATED PARTY TRANSACTIONS 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, and Matthew J. Stern, the Company's President, are executive managing directors of both C-III and Island Capital. Jeffrey P. Cohen, who is a member of the Company's Board, is president of both C-III and Island Capital. Those 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 March 31, 2019, C-III indirectly beneficially owned 766,718, or 2.4%, of the Company's outstanding common shares. The Company has a Management Agreement with the Manager, amended and restated on December 14, 2017, pursuant to which the Manager provides the day-to-day management of the Company's operations and receives substantial fees. For the three months ended March 31, 2019 and 2018, the Manager earned base management fees of approximately $2.1 million and $2.8 million, respectively. No incentive management fee was earned for the three months ended March 31, 2019 and 2018. At March 31, 2019 and December 31, 2018, $698,000 and $938,000, 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 three months ended March 31, 2019 and 2018, the Company reimbursed the Manager $1.0 million and $955,000, respectively, for all such compensation and costs. At March 31, 2019 and December 31, 2018, the Company had payables to Resource America and its subsidiaries pursuant to the Management Agreement totaling approximately $380,000 and $333,000, 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 March 31, 2019, the Company retained equity in five securitization entities that were structured for the Company by the Manager, although three of the securitization entities had been substantially liquidated as of March 31, 2019. 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 securitization entities and their assets. 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, the Company had net receivables from Resource Real Estate for loan deposits of $26,000. There were no loan deposits receivable from Resource Real Estate at March 31, 2019. 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. 2014-CRE2, Ltd., a $353.9 million securitization that closed in July 2014 and liquidated in August 2017; (ii) Resource Capital Corp. 2015-CRE3, Ltd., a $346.2 million securitization that closed in February 2015 and liquidated in August 2018; and (iii) Resource Capital Corp. 2015-CRE4, Ltd., a $312.9 million securitization that closed in August 2015 and liquidated in July 2018. Resource Real Estate serves as special servicer for Resource Capital Corp. 2017-CRE5, Ltd. ("RCC 2017-CRE5"), a $376.7 million securitization that closed in July 2017. With respect to each specially serviced mortgage loan, Resource Real Estate receives special servicing fees, payable monthly 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 three months ended March 31, 2019 and 2018. Relationship with C3AM. C3AM serves as the primary servicer for RCC 2017-CRE5 and Exantas Capital Corp. 2018-RSO6, Ltd. ("XAN 2018-RSO6"), a $514.2 million securitization that closed in June 2018, and receives servicing fees, payable monthly 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 base 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 three months ended March 31, 2019 and 2018, C3AM earned approximately $91,000 and $50,000, respectively, in servicing fees. C3AM did not earn any special servicing fees during the three months ended March 31, 2019 and 2018. The Company had payables to C3AM of approximately $25,000 and $26,000 at March 31, 2019 and December 31, 2018, respectively.

DISTRIBUTIONS

DISTRIBUTIONS	3 Months Ended
	Mar. 31, 2019
Distributions [Abstract]
DISTRIBUTIONS	NOTE 15 - DISTRIBUTIONS For the quarters ended March 31, 2019 and 2018, the Company declared and subsequently paid dividends of $0.20 and $0.05 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 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 are, and will be, determined by the 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 three months ended March 31, 2019 and year ended December 31, 2018, with respect to the Company's common stock and Series C Preferred Stock, 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) 2019 March 31 April 26 $ 6,373 $ 0.20 2018 December 31 January 25, 2019 $ 5,540 $ 0.175 September 30 October 26 $ 4,749 $ 0.15 June 30 July 27 $ 3,165 $ 0.10 March 31 April 27 $ 1,584 $ 0.05 Series B Preferred Stock Series C Preferred Stock Date Paid Total Dividend Paid Dividend Per Share Date Paid Total Dividend Paid Dividend Per Share (in thousands) (in thousands) 2019 March 31 N/A N/A N/A April 30 $ 2,588 $ 0.539063 2018 December 31 N/A N/A N/A January 30, 2019 $ 2,588 $ 0.539063 September 30 N/A N/A N/A October 30 $ 2,588 $ 0.539063 June 30 N/A N/A N/A July 30 $ 2,588 $ 0.539063 March 31 N/A N/A N/A April 30 $ 2,588 $ 0.539063 March 26 March 26 $ 1,480 $ 0.320830 N/A N/A N/A

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 16 - 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 March 31, 2019: Assets: Investment securities available-for-sale $ — $ — $ 440,800 $ 440,800 Derivatives — 243 — 243 Total assets at fair value $ — $ 243 $ 440,800 $ 441,043 Liabilities: Derivatives $ — $ 1,994 $ — $ 1,994 Total liabilities at fair value $ — $ 1,994 $ — $ 1,994 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 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 Balance, January 1, 2019 $ 418,998 Included in earnings 729 Purchases 27,383 Paydowns (1) (12,095 ) Included in OCI 5,865 Balance, March 31, 2019 $ 440,880 (1) Includes non-cash adjustments in connection with the recalculation of the accretable yield on certain interest-only CMBS. Legacy CRE loans held for sale are measured at the lower of cost or market on a nonrecurring basis. To determine fair value of the legacy CRE loans held for sale, 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 three months ended March 31, 2019 and 2018, the Company recorded losses of $102,000 and $4.7 million, respectively, on one legacy CRE loan held for sale, which included protective advances to cover borrower operating losses of $102,000 and $172,000, respectively, to adjust the loan to its adjusted appraised value and subtract estimated costs to repair the underlying collateral, equal to $17.0 million at March 31, 2019 and December 31, 2018. The overall capitalization rate used in the updated appraisal was 8.14% at March 31, 2019 and December 31, 2018. 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 7. The fair values of the Company's derivative instruments are reported in Note 17. 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 had interest rates from 5.19% to 8.74% and 5.08% to 8.63% at March 31, 2019 and December 31, 2018, 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 10.00%. 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 12.08%. 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 8.99% and 8.99%, 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 7.43%. 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 March 31, 2019: Assets: CRE whole loans held for investment $ 1,636,645 $ 1,649,010 $ — $ — $ 1,649,010 CRE mezzanine loan $ 4,700 $ 4,700 $ — $ — $ 4,700 CRE preferred equity investment $ 19,735 $ 19,889 $ — $ — $ 19,889 Legacy CRE loans held for sale $ 17,000 $ 17,000 $ — $ — $ 17,000 Liabilities: Senior notes in CRE securitizations $ 451,708 $ 455,233 $ — $ — $ 455,233 Junior subordinated notes $ 51,548 $ 30,836 $ — $ — $ 30,836 Convertible notes $ 152,054 $ 164,932 $ — $ — $ 164,932 Repurchase agreements $ 965,131 $ 969,721 $ — $ — $ 969,721 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 notes $ 151,190 $ 164,932 $ — $ — $ 164,932 Repurchase agreements $ 850,440 $ 855,783 $ — $ — $ 855,783

MARKET RISK AND DERIVATIVE INST

MARKET RISK AND DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
MARKET RISK AND DERIVATIVE INSTRUMENTS	NOTE 17 - 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 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 (loss), and records changes in fair value of derivatives designated and ineffective as cash flow hedges in earnings. At March 31, 2019 and December 31, 2018, the Company had 16 interest rate swap contracts outstanding whereby the Company paid a weighted average fixed rate of 2.54% and received a variable rate equal to one-month LIBOR. The aggregate notional amount of these contracts was $81.1 million at March 31, 2019 and December 31, 2018. The counterparty for the Company's designated interest rate hedge contracts at March 31, 2019 and December 31, 2018 was Wells Fargo Bank, N.A. ("Wells Fargo"). At March 31, 2019 and December 31, 2018, the estimated fair value of the Company's interest rate swaps in an asset position was $243,000 and $985,000, respectively. At March 31, 2019 and December 31, 2018, the estimated fair value of the Company's interest rate swaps in a liability position was $2.0 million and $1.0 million, respectively. The Company had aggregate unrealized losses of $1.2 million and aggregate unrealized gains of $563,000 on its interest rate swaps at March 31, 2019 and December 31, 2018, respectively, which are recorded in accumulated other comprehensive income (loss) 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 (loss) on the consolidated balance sheets, to be accreted into earnings over the remaining life of the debt. The Company recorded accretion income, reported in interest expense on the consolidated statements of operations, of $23,000 during the three months ended March 31, 2019 to accrete the accumulated other comprehensive income on the terminated swap agreements. The Company did not record any interest expense for the three months ended March 31, 2018 to amortize accumulated other comprehensive income (loss) from terminated swap agreements. The Company had a master netting agreement with Wells Fargo at March 31, 2019. 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 March 31, 2019 and December 31, 2018, the Company had centrally cleared interest rate swaps with fair values in an asset position of $243,000 and $985,000, respectively. At March 31, 2019 and December 31, 2018, the Company had centrally cleared interest rate swaps with a fair value in a liability position of $2.0 million and $1.0 million, respectively. The following tables present the fair value of the Company's derivative financial instruments at March 31, 2019 and December 31, 2018 on the Company's consolidated balance sheets and the related effect of the derivative instruments on the consolidated statements of operations for the three months ended March 31, 2019 and 2018: Fair Value of Derivative Instruments Asset Derivatives At March 31, 2019 Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts, hedging (1) $ 31,725 Derivatives, at fair value $ 243 Liability Derivatives Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts, hedging (1) $ 49,326 Derivatives, at fair value $ 1,994 Interest rate swap contracts, hedging $ 81,051 Accumulated other comprehensive income (loss) $ (1,153 ) 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 (loss) $ 563 (1) Interest rate swap contracts are accounted for as cash flow hedges. The Effect of Derivative Instruments on the Consolidated Statements of Operations (in thousands) Derivatives Three Months Ended March 31, 2019 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) Interest rate swap contracts, hedging Interest expense $ 13 Derivatives Three Months Ended March 31, 2018 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) Interest rate swap contracts, hedging Interest expense $ (50 )

OFFSETTING OF FINANCIAL ASSETS

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2019
Offsetting [Abstract]
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES	NOTE 18 - OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES The following table presents a summary of the Company's offsetting of derivative assets (in thousands): (iv) Gross Amounts Not Offset on the Consolidated Balance Sheets (i) Gross Amounts of Recognized Assets (ii) Gross Amounts Offset on the Consolidated Balance Sheets (iii) = (i) - (ii) Net Amounts of Assets Included on the Consolidated Balance Sheets Financial Instruments Cash Collateral Pledged (v) = (iii) - (iv) Net Amount At March 31, 2019: Derivatives, at fair value $ 243 $ — $ 243 $ — $ — $ 243 At December 31, 2018: Derivatives, at fair value $ 985 $ — $ 985 $ — $ — $ 985 The following table presents a summary of the Company's offsetting of financial liabilities and derivative liabilities (in thousands, except amounts in footnotes): (iv) Gross Amounts Not Offset on the Consolidated Balance Sheets (i) Gross Amounts of Recognized Liabilities (ii) Gross Amounts Offset on the Consolidated Balance Sheets (iii) = (i) - (ii) Net Amounts of Liabilities Included on the Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Pledged (v) = (iii) - (iv) Net Amount At March 31, 2019: Derivatives, at fair value (2) $ 1,994 $ — $ 1,994 $ — $ 1,994 $ — Repurchase agreements and term facilities (3) 965,131 — 965,131 964,168 963 — Total $ 967,125 $ — $ 967,125 $ 964,168 $ 2,957 $ — 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 $ — (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 excess cash collateral of $3.2 million and $1.3 million related to interest rate swap contracts outstanding at March 31, 2019 and December 31, 2018, respectively. ( 3 ) The combined fair value of securities and loans pledged against the Company's various repurchase agreements and term facilities was $1.4 billion and $1.2 billion at March 31, 2019 and December 31, 2018, 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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 19 - 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 March 31, 2019. 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 but 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 Securities Exchange Act of 1934, as amended. 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 8, 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 and on March 22, 2019, after such remand, the Court preliminarily approved the Settlement Agreement and scheduled a hearing for May 17, 2019 on whether to grant final approval. 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. 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 March 31, 2019 and December 31, 2018. Primary Capital Mortgage, LLC ("PCM") is subject to litigation related to claims for repurchases or indemnifications on loans that PCM has sold to third parties. At March 31, 2019 and December 31, 2018, no such litigation demand was outstanding. Reserves for such litigation demands are included in the reserve for mortgage repurchases and indemnifications that totaled $1.7 million at March 31, 2019 and December 31, 2018. 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 residential mortgage-backed securities ("RMBS") by the purchaser to RMBS investors. This matter was settled on January 8, 2018. The Company previously disclosed a securities litigation against certain of the Company's current and former officers and directors titled Levin v. Resource Capital Corp. Other Contingencies As part of the May 2017 sale of its equity interest in Pearlmark Mezzanine Realty Partners IV, L.P., 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 March 31, 2019 and 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 three months ended March 31, 2019 and 2018. PCM is subject to additional claims for repurchases or indemnifications on loans that PCM has sold to investors. At both March 31, 2019 and December 31, 2018, outstanding demands for indemnification, repurchase or make whole payments totaled $3.3 million. The Company's estimated exposure for such outstanding claims, as well as unasserted claims, is included in its reserve for mortgage repurchases and indemnifications. 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 $99.9 million and $108.1 million in unfunded loan commitments at March 31, 2019 and December 31, 2018, respectively.

DISCONTINUED OPERATIONS AND ASS

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE	3 Months Ended
	Mar. 31, 2019
Discontinued Operations And Disposal Groups [Abstract]
DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE	NOTE 20 - DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE In November 2016, the Company's Board approved 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 and businesses, including the residential mortgage and middle market lending segments as well as the Company's life settlement contract portfolio. The Company's residential mortgage and middle market lending segments' operations were classified as discontinued operations and excluded from continuing operations for all periods presented. Certain of the Company's legacy CRE loans were classified as held for sale. As of March 31, 2019, the Company has substantially completed the execution of the Plan. The following table summarizes the operating results of the residential mortgage and middle market lending segments' discontinued operations as reported separately as net (loss) income from discontinued operations, net of tax for the three months ended March 31, 2019 and 2018 (in thousands): For the Three Months Ended March 31, 2019 2018 REVENUES Interest income: Loans $ — $ 570 Other — 4 Total interest income — 574 Interest expense — — Net interest income — 574 Other revenue — 85 Total revenues — 659 OPERATING EXPENSES General and administrative 172 660 Total operating expenses 172 660 (172 ) (1 ) OTHER INCOME (EXPENSE) Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives 135 248 Total other income (expense) 135 248 (LOSS) INCOME FROM DISCONTINUED OPERATIONS BEFORE TAXES (37 ) 247 Income tax expense — — TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS $ (37 ) $ 247 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 March 31, 2019 and December 31, 2018 (in thousands, except amounts in the footnote): March 31, 2019 December 31, 2018 ASSETS Loans held for sale $ 17,000 $ 17,000 Other assets 646 645 Total $ 17,646 $ 17,645 LIABILITIES Accounts payable and other liabilities $ 1,819 $ 1,820 Total $ 1,819 $ 1,820 The following table summarizes 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 number of loans and amount in the footnote): Loan Description Number of Loans Amortized Cost Carrying Value At March 31, 2019: Legacy CRE loan 1 $ 21,768 $ 17,000 Mezzanine loan (1) 1 — — Total 2 $ 21,768 $ 17,000 At December 31, 2018: Legacy CRE loan 1 $ 21,666 $ 17,000 Mezzanine loan (1) 1 — — Total 2 $ 21,666 $ 17,000 ( 1 ) 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 Resource Real Estate Funding CDO 2007-1, Ltd. in November 2016. The mezzanine loan is comprised of two tranches, maturing in November 2018 and September 2021.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 21 - SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this report and determined that there have not been any events, excluding the execution of the XAN 2019-RSO7 securitization (see Note 9), that have occurred that would require adjustments to or disclosures in the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2019
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 and the accounting policies set forth in Note 2 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018. 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.
Basis of Presentation	Basis of Presentation All adjustments necessary to present fairly the Company's financial position, results of operations and cash flows have been made.
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 March 31, 2019 and December 31, 2018, approximately $52.9 million and $80.4 million, respectively, of the reported cash balances exceeded the Federal Deposit Insurance Corporation and Securities Investor Protection Corporation deposit insurance limits of $250,000 per respective depository or brokerage institution. However, all of the Company's cash deposits are held at multiple, established financial institutions, in multiple accounts associated with its parent and respective consolidated subsidiaries, to minimize credit risk exposure. Restricted cash includes required account balance minimums primarily for the Company's CRE collateralized debt obligation ("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 (in thousands): March 31, 2019 2018 Cash and cash equivalents $ 55,660 $ 61,500 Restricted cash 7,485 546 Total cash, cash equivalents and restricted cash shown on the Company's consolidated statements of cash flows $ 63,145 $ 62,046
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.
Income Taxes	Income Taxes The Company recorded a full valuation allowance against its net deferred tax assets of $58.4 million (tax effected expense of $17.1 million and $15.3 million) at March 31, 2019 and December 31, 2018, respectively, as the Company believes it is more likely than not that the deferred tax assets will 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 by the Company's taxable REIT subsidiaries.
Recent Accounting Standards	Recent Accounting Standards Accounting Standards Adopted in In June 2018, the Financial Accounting Standards Board (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. Adoption did not have a material impact on the Company's consolidated financial statements. In February 2018, the FASB issued guidance to allow a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Adoption did not have a material impact on the Company's 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. Adoption did not have a material impact on the Company's consolidated financial statements. 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 remains largely unchanged. The guidance also requires new qualitative and quantitative disclosures to help financial statement users better understand the timing, amount and uncertainty of cash flows arising from 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 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. The Company completed its assessment under the new guidance on revenue recognition from contracts with customers in 2018 and on leases, see "Accounting Standards Adopted in 2019." The Company is currently evaluating the impact of this guidance on the measurement of credit losses on financial instruments and its impact on its consolidated financial statements. In June 2016, the FASB issued guidance that 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. 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.
Reclassifications	Reclassifications Certain reclassifications have been made to the 2018 consolidated financial statements to conform to the 2019 presentation. These reclassifications had no effect on the reported consolidated statements of operations.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Reconciliation of cash, cash equivalents and restricted cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash on the consolidated balance sheets to the total amount shown on the consolidated statements of cash flows (in thousands): March 31, 2019 2018 Cash and cash equivalents $ 55,660 $ 61,500 Restricted cash 7,485 546 Total cash, cash equivalents and restricted cash shown on the Company's consolidated statements of cash flows $ 63,145 $ 62,046

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 875 $ 459 $ 1,334 Accrued interest receivable 3,258 — 3,258 CRE loans, pledged as collateral 686,681 — 686,681 Other assets 34 — 34 Total assets (1) $ 690,848 $ 459 $ 691,307 LIABILITIES Accounts payable and other liabilities $ 102 $ — $ 102 Accrued interest payable 743 — 743 Borrowings 451,708 — 451,708 Total liabilities $ 452,553 $ — $ 452,553 (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 March 31, 2019 (in thousands): Unsecured Junior Subordinated Debentures C40 Prospect Hackensack Total Maximum Exposure to Loss ASSETS Accrued interest receivable $ 84 $ 173 $ — $ 257 $ — CRE loans — — 19,735 19,735 $ 19,735 Investment securities available-for-sale (1) — 21,625 — 21,625 $ 21,511 Investments in unconsolidated entities 1,548 — — 1,548 $ 1,548 Total assets 1,632 21,798 19,735 43,165 LIABILITIES Accrued interest payable 293 — — 293 N/A Borrowings 51,548 — — 51,548 N/A Total liabilities 51,841 — — 51,841 N/A Net (liability) asset $ (50,209 ) $ 21,798 $ 19,735 $ (8,676 ) 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)	3 Months Ended
	Mar. 31, 2019
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): For the Three Months Ended March 31, 2019 2018 Non-cash continuing financing activities include the following: Distributions on common stock accrued but not paid $ 6,373 $ 1,584 Distribution on preferred stock accrued but not paid $ 1,725 $ 1,724

LOANS (Tables)

LOANS (Tables)	3 Months Ended
	Mar. 31, 2019
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) At March 31, 2019: CRE loans held for investment: Whole loans (6) 81 $ 1,649,010 $ (9,938 ) $ 1,639,072 $ (2,427 ) $ 1,636,645 1M LIBOR plus 2.70% to 1M LIBOR plus 6.25% May 2019 to April 2022 Mezzanine loan 1 4,700 — 4,700 — 4,700 10.00% June 2028 Preferred equity investment (see Note 3) (7)(8) 1 19,889 (154 ) 19,735 — 19,735 11.50% April 2025 Total CRE loans held for investment $ 1,673,599 $ (10,092 ) $ 1,663,507 $ (2,427 ) $ 1,661,080 At December 31, 2018: CRE loans held for investment: Whole loans (6) 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 (see Note 3) (7)(8) 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 (1) Amounts include unamortized loan origination fees of $9.9 million and $9.6 million and deferred amendment fees of $223,000 and $171,000 being amortized over the life of the loans at March 31, 2019 and December 31, 2018, respectively. (2) Substantially all loans are pledged as collateral under various borrowings at March 31, 2019 and December 31, 2018. (3) LIBOR refers to the London Interbank Offered Rate. (4) Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms, that may be available to the borrowers. ( 5 ) 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 March 31, 2019 and December 31, 2018. ( 6 ) Whole loans had $99.9 million and $108.1 million in unfunded loan commitments at March 31, 2019 and December 31, 2018, 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. ( 7 ) The interest rate on the Company's preferred equity investment pays currently at 8.00%. The remaining interest is deferred until maturity. ( 8 ) 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 amount in the footnote): Description 2019 2020 2021 and Thereafter Total At March 31, 2019: Whole loans (1) $ 10,389 $ 142,932 $ 1,474,253 $ 1,627,574 Mezzanine loan — — 4,700 4,700 Preferred equity investment — — 19,735 19,735 Total CRE loans (1) $ 10,389 $ 142,932 $ 1,498,688 $ 1,652,009 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 (1) $ 10,379 $ 182,422 $ 1,349,052 $ 1,541,853 (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 March 31, 2019 and December 31, 2018.

FINANCING RECEIVABLES (Tables)

FINANCING RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019 and year ended December 31, 2018 and the allowance for loan losses and recorded investments in loans at March 31, 2019 and December 31, 2018 (in thousands, except amount in the footnote): Three Months Ended March 31, 2019 Year Ended December 31, 2018 Commercial Real Estate Loans Commercial Real Estate Loans Allowance for loan losses: Allowance for loan losses at beginning of period $ 1,401 $ 5,328 Provision for (recovery of) loan losses, net (1) 1,026 (1,595 ) Loans charged-off — (2,332 ) Allowance for loan losses at end of period $ 2,427 $ 1,401 (1) Excludes the recovery of loan losses on one bank loan with no amortized cost or carrying value at March 31, 2019 and December 31, 2018 that received a payment of approximately $1,000 during the three months ended March 31, 2019. March 31, 2019 December 31, 2018 Commercial Real Estate Loans Commercial Real Estate Loans Allowance for loan losses ending balance: Individually evaluated for impairment $ — $ — Collectively evaluated for impairment $ 2,427 $ 1,401 Loans: Amortized cost ending balance: Individually evaluated for impairment (1) $ 24,435 $ 24,255 Collectively evaluated for impairment $ 1,639,072 $ 1,529,113 (1) The Company's mezzanine loan and preferred equity investment are evaluated individually for impairment.
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 • Property performance has surpassed underwritten expectations. • Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high quality tenant mix. 2 • Property performance is consistent with underwritten expectations and covenants and performance criteria are being met or exceeded. • Occupancy is stabilized, near stabilized or is on track with underwriting. 3 • Property performance lags behind underwritten expectations. • Occupancy is not stabilized and the property has some tenancy rollover. 4 • Property performance significantly lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers. • Occupancy is not stabilized and the property has a large amount of tenancy rollover. 5 • Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Expected sale proceeds would not be sufficient to pay off the loan at maturity. • The property has a material vacancy rate and significant rollover of remaining tenants. • An updated appraisal is required upon designation and updated on an as-needed basis. All CRE loans are evaluated for any credit deterioration by debt asset management and certain finance personnel on at least a quarterly basis. 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 Held for Sale (2) Total At March 31, 2019: Whole loans $ — $ 1,487,954 $ 146,773 $ 4,345 $ — $ — $ 1,639,072 Mezzanine loan (3) — 4,700 — — — — 4,700 Preferred equity investment (3) — 19,735 — — — — 19,735 Legacy CRE loans held for sale — — — — — 17,000 17,000 Total $ — $ 1,512,389 $ 146,773 $ 4,345 $ — $ 17,000 $ 1,680,507 At December 31, 2018: Whole loans $ — $ 1,447,206 $ 77,067 $ 4,840 $ — $ — $ 1,529,113 Mezzanine loan (3) — 4,700 — — — — 4,700 Preferred equity investment (3) — 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 (1) Includes one whole loan, with an amortized cost of $11.5 million, which was in maturity default at March 31, 2019 and December 31, 2018. The loan is performing with respect to debt service due in accordance with a forbearance agreement at March 31, 2019 and December 31, 2018. ( 2 ) Includes one legacy CRE loan that was in default with a total carrying value of $17.0 million at March 31, 2019 and December 31, 2018. ( 3 ) 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 Current Total Loans Receivable Total Loans > 90 Days and Accruing (1) At March 31, 2019: Whole loans $ — $ — $ 11,498 $ 11,498 $ 1,627,574 $ 1,639,072 $ 11,498 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investment — — — — 19,735 19,735 — Legacy CRE loans held for sale — — 17,000 17,000 — 17,000 — Total loans $ — $ — $ 28,498 $ 28,498 $ 1,652,009 $ 1,680,507 $ 11,498 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 loans $ — $ — $ 28,516 $ 28,516 $ 1,541,852 $ 1,570,368 $ 11,516 ( 1 ) Includes one whole loan, with an amortized cost of $11.5 million, which was in maturity default at March 31, 2019 and December 31, 2018. The loan is performing with respect to debt service due in accordance with a forbearance agreement at March 31, 2019 and December 31, 2018. During the three-months ended March 31, 2019 and 2018, the Company recognized interest income of $165,000 and $150,000, respectively, on this whole loan. ( 2 ) Includes one legacy CRE loan that was in default with a total carrying value of $17.0 million at March 31, 2019 and December 31, 2018.

INVESTMENT SECURITIES AVAILAB_2

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Tables)	3 Months Ended
	Mar. 31, 2019
Available For Sale Securities [Abstract]
Available-for-sale securities	The following table summarizes the Company's investment securities available-for-sale, carried at fair value, including those pledged as collateral (in thousands, except amounts in the footnote): Amortized Cost Unrealized Gains Unrealized Losses Fair Value (1) At March 31, 2019: CMBS, fixed rate $ 116,679 $ 3,068 $ (729 ) $ 119,018 CMBS, floating rate 321,957 1,016 (1,111 ) 321,862 Total $ 438,636 $ 4,084 $ (1,840 ) $ 440,880 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 (1) At March 31, 2019 and December 31, 2018, investment securities available-for-sale with fair values of $399.7 million and $388.4 million, respectively, 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 (dollars in thousands, except amounts in footnotes): March 31, 2019 December 31, 2018 Amortized Cost (1) Fair Value (1) Weighted Average Coupon Amortized Cost (1) Fair Value (1) Weighted Average Coupon Less than one year (2) $ 144,433 $ 144,706 5.68% $ 126,446 $ 126,014 5.76% Greater than one year and less than five years 84,944 84,483 5.34% 98,220 97,083 5.21% Greater than five years and less than ten years 209,259 211,691 4.13% 197,953 195,901 4.06% Total $ 438,636 $ 440,880 4.81% $ 422,619 $ 418,998 4.76% (1) 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 greater than one year and less than five years of projected life had amortized costs of $106,000 and $105,000 and no fair values at March 31, 2019 and December 31, 2018, respectively. There were no positions subject to other-than-temporary impairment with projected lives less than one year and greater than five years and less than ten years at March 31, 2019 and December 31, 2018. ( 2 ) The Company expects that the payoff dates of these CMBS will either be extended or that the securities will be paid off in full.
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 (dollars in thousands): 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 March 31, 2019: CMBS $ 137,604 $ (1,672 ) 28 $ 6,821 $ (168 ) 8 $ 144,425 $ (1,840 ) 36 At December 31, 2018: CMBS $ 329,441 $ (4,001 ) 49 $ 6,757 $ (432 ) 7 $ 336,198 $ (4,433 ) 56
Summary of investment securities available-for-sale	The following table summarizes the Company's sales and redemptions of investment securities available-for-sale for the three months ended March 31, 2018 (dollars in thousands): For the Three Months Ended Positions Sold/Redeemed Par Amount Sold/Redeemed Amortized Cost Realized Gain (Loss) Proceeds March 31, 2018: ABS 2 $ 411 $ 265 $ (217 ) $ 48

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2019
Equity Method Investments And Joint Ventures [Abstract]
Schedule of unconsolidated entities	The following table summarizes the Company's investments in unconsolidated entities at March 31, 2019 and December 31, 2018 and equity in losses of unconsolidated entities for the three months ended March 31, 2019 and 2018 (dollars in thousands, except amount in the footnotes): Equity in Earnings (Losses) of Unconsolidated Entities Ownership % at For the Three Months Ended March 31, 2019 March 31, 2019 December 31, 2018 March 31, 2019 March 31, 2018 Pelium Capital (1) — % $ — $ — $ — $ (305 ) RCM Global — % — — — 13 Subtotal — — — (292 ) Investment in RCT I and II (2) 3.0 % 1,548 1,548 (862 ) (724 ) Total $ 1,548 $ 1,548 $ (862 ) $ (1,016 ) (1) During the three months ended March 31, 2018, the Company received distributions of $5.6 million on its investment in Pelium Capital Partners, L.P. ("Pelium Capital"). ( 2 ) During the three months ended March 31, 2019 and 2018, distributions from the trusts are recorded in interest expense on the Company's consolidated statements of operations as the investments are accounted for under the cost method. In 2018, Pelium Capital and RCM Global LLC were fully liquidated.

BORROWINGS (Tables)

BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Information with respect to borrowings	Certain information with respect to the Company's borrowings is summarized in the following table (dollars in thousands, except amounts in footnotes): Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At March 31, 2019: RCC 2017-CRE5 Senior Notes $ 58,918 $ 580 $ 58,338 4.21 % 15.3 years $ 177,698 XAN 2018-RSO6 Senior Notes 397,452 4,082 393,370 3.58 % 16.2 years 514,227 Unsecured junior subordinated debentures 51,548 — 51,548 6.62 % 17.4 years — 4.50% Convertible Senior Notes 143,750 12,697 131,053 4.50 % 3.4 years — 8.00% Convertible Senior Notes 21,182 181 21,001 8.00 % 290 days — CRE - term repurchase facilities (1) 619,062 4,665 614,397 4.50 % 1.8 years 843,912 Trust certificates - term repurchase facility (2) 47,469 240 47,229 6.43 % 1.5 years 118,780 CMBS - short term repurchase agreements (3) 303,505 — 303,505 3.66 % 19 days 407,224 Total $ 1,642,886 $ 22,445 $ 1,620,441 4.28 % 6.1 years $ 2,061,841 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 facilities (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 (1) Principal outstanding includes accrued interest payable of $1.1 million and $911,000 at March 31, 2019 and December 31, 2018, respectively. (2) Principal outstanding includes accrued interest payable of $135,000 and $118,000 at March 31, 2019 and December 31, 2018, respectively. (3) Principal outstanding includes accrued interest payable of $354,000 and $773,000 at March 31, 2019 and December 31, 2018, respectively.
Schedule of securitizations	The following table sets forth certain information with respect to the Company's consolidated securitizations at March 31, 2019 (in thousands): Closing Date Maturity Date End of Designated Principal Reinvestment Period (1) Total Note Paydowns Received from Closing Date through March 31, 2019 RCC 2017-CRE5 July 2017 July 2034 July 2020 $ 192,531 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 (dollars in thousands, except amounts in footnotes): March 31, 2019 December 31, 2018 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) $ 231,725 $ 329,807 19 4.43 % $ 154,478 $ 226,530 13 4.33 % Morgan Stanley Bank, N.A. (3) 37,139 62,664 3 5.12 % 37,113 62,457 3 5.09 % Barclays Bank PLC (4) 218,141 283,126 10 4.54 % 240,416 308,389 11 4.51 % JPMorgan Chase Bank, N.A. (5) 127,392 168,315 8 4.38 % 75,440 98,839 5 4.30 % Trust Certificates - Term Repurchase Facilities RSO Repo SPE Trust 2017 (6) 47,229 118,780 2 6.43 % 47,172 118,780 2 6.41 % CMBS - Short-Term Repurchase Agreements RBC Capital Markets, LLC 227,663 289,654 30 3.66 % 246,476 313,644 33 3.64 % JP Morgan Securities LLC 70,769 111,238 17 3.65 % 42,040 73,066 13 3.57 % Deutsche Bank Securities Inc. 5,073 6,332 5 3.95 % 7,305 9,158 5 3.98 % Total $ 965,131 $ 1,369,916 $ 850,440 $ 1,210,863 (1) Outstanding borrowings include accrued interest payable. (2) Includes $1.4 million and $1.6 million of deferred debt issuance costs at March 31, 2019 and December 31, 2018, respectively. (3) Includes $152,000 and $167,000 of deferred debt issuance costs at March 31, 2019 and December 31, 2018, respectively. (4) Includes $1.3 million and $1.5 million of deferred debt issuance costs at March 31, 2019 and December 31, 2018, respectively. ( 5 ) Includes $1.8 million and $2.0 million of deferred debt issuance costs at March 31, 2019 and December 31, 2018, respectively. (6) Includes $175,000 and $204,000 of deferred debt issuance costs at March 31, 2019 and December 31, 2018, respectively.
Schedule of amount at risk under credit facility	The following table shows information about the amount at risk under the repurchase facilities at March 31, 2019 (dollars in thousands): Amount at Risk (1) Weighted Average Remaining Maturity Weighted Average Interest Rate At March 31, 2019: CRE - Term Repurchase Facilities Wells Fargo Bank, N.A. $ 98,078 1.3 years 4.43 % Morgan Stanley Bank, N.A. $ 25,687 163 days 5.12 % Barclays Bank PLC $ 64,897 2.0 years 4.54 % JPMorgan Chase Bank, N.A. $ 39,728 2.6 years 4.38 % Trust Certificates - Term Repurchase Facility RSO Repo SPE Trust 2017 $ 71,437 1.5 years 6.43 % CMBS - Short-Term Repurchase Agreements RBC Capital Markets, LLC $ 62,586 19 days 3.66 % JP Morgan Securities LLC $ 40,799 17 days 3.65 % Deutsche Bank Securities Inc. $ 1,212 54 days 3.95 % (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 March 31, 2019: CRE securitizations $ 456,370 $ — $ — $ — $ — $ 456,370 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 970,036 340,796 280,584 348,656 — — Total $ 1,642,886 $ 340,796 $ 301,766 $ 348,656 $ 143,750 $ 507,918

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 30,234 386,628 5,809 422,671 Issued 17,416 196,198 — 213,614 Vested (20,029 ) (175,454 ) (5,809 ) (201,292 ) Forfeited — (4,007 ) — (4,007 ) Unvested shares at March 31, 2019 27,621 403,365 — 430,986 (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 three months ended March 31, 2019: Grant Date Shares Vesting per Year Vesting Date(s) January 22, 2019 196,198 33% January 22, 2020, January 22, 2021 and January 22, 2022 February 1, 2019 3,308 100% February 1, 2020 March 8, 2019 14,108 100% March 8, 2020
Summary of stock option transactions	The following table summarizes the status of the Company's vested stock options at March 31, 2019: 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, 2019 10,000 $ 25.60 Vested — — Exercised — — Forfeited — — Expired — — Vested at March 31, 2019 10,000 $ 25.60 2.13 $ —
Summary of share based compensation expense	The components of equity compensation expense for the periods presented are as follows (in thousands): For the Three Months Ended March 31, 2019 2018 Restricted shares granted to non-employees (1) $ 611 $ 895 Restricted shares granted to non-employee directors 72 72 Total $ 683 $ 967 (1) Non-employees are employees of C-III or Resource America.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Reconciliation of basic and diluted (losses) earnings per common share	The following table presents a reconciliation of basic and diluted earnings (losses) per common share for the periods presented as follows (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2019 2018 Net income (loss) from continuing operations $ 8,170 $ (137 ) Net income allocated to preferred shares (2,588 ) (5,210 ) Consideration paid in excess of carrying value of preferred shares — (7,482 ) Net income (loss) from continuing operations allocable to common shares 5,582 (12,829 ) Net (loss) income from discontinued operations, net of tax (37 ) 247 Net income (loss) allocable to common shares $ 5,545 $ (12,582 ) Net income (loss) per common share - basic: Weighted average number of shares outstanding 31,379,253 31,111,315 Continuing operations $ 0.18 $ (0.41 ) Discontinued operations — 0.01 Net income (loss) per common share - basic $ 0.18 $ (0.40 ) Net income (loss) per common share - diluted: Weighted average number of shares outstanding 31,379,253 31,111,315 Additional shares due to assumed conversion of dilutive instruments 152,033 — Adjusted weighted-average number of common shares outstanding 31,531,286 31,111,315 Continuing operations $ 0.18 $ (0.41 ) Discontinued operations — 0.01 Net income (loss) per common share - diluted $ 0.18 $ (0.40 ) Potentially dilutive shares excluded from calculation due to anti-dilutive effect (1) 12,486,778 14,885,289 (1) Potentially dilutive shares issuable in connection with the potential conversion of the Company's 4.50% convertible senior notes due 2022 ("4.50% Convertible Senior Notes") and 8.00% convertible senior notes due 2020 ("8.00% Convertible Senior Notes") (see Note 9) during the three months ended March 31, 2019 and 2018 and its 6.00% convertible senior notes due 2018 during the three months ended March 31, 2018 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)	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019 (in thousands): Net Unrealized Gain (Loss) on Derivatives Net Unrealized (Loss) Gain on Investment Securities Available-for-Sale Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2019 $ 563 $ (3,620 ) $ (3,057 ) Other comprehensive (loss) income before reclassifications (1,693 ) 5,865 4,172 Amounts reclassified from accumulated other comprehensive income (loss) (1) (23 ) — (23 ) Balance at March 31, 2019 $ (1,153 ) $ 2,245 $ 1,092 (1) Amounts reclassified from accumulated other comprehensive income are reclassified to interest expense and net realized and unrealized loss on investment securities available-for-sale and loans and derivatives on the Company's consolidated statements of operations.

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	3 Months Ended
	Mar. 31, 2019
Distributions [Abstract]
Dividends Declared	The following tables present dividends declared (on a per share basis) for the three months ended March 31, 2019 and year ended December 31, 2018, with respect to the Company's common stock and Series C Preferred Stock, 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) 2019 March 31 April 26 $ 6,373 $ 0.20 2018 December 31 January 25, 2019 $ 5,540 $ 0.175 September 30 October 26 $ 4,749 $ 0.15 June 30 July 27 $ 3,165 $ 0.10 March 31 April 27 $ 1,584 $ 0.05 Series B Preferred Stock Series C Preferred Stock Date Paid Total Dividend Paid Dividend Per Share Date Paid Total Dividend Paid Dividend Per Share (in thousands) (in thousands) 2019 March 31 N/A N/A N/A April 30 $ 2,588 $ 0.539063 2018 December 31 N/A N/A N/A January 30, 2019 $ 2,588 $ 0.539063 September 30 N/A N/A N/A October 30 $ 2,588 $ 0.539063 June 30 N/A N/A N/A July 30 $ 2,588 $ 0.539063 March 31 N/A N/A N/A April 30 $ 2,588 $ 0.539063 March 26 March 26 $ 1,480 $ 0.320830 N/A N/A N/A

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019: Assets: Investment securities available-for-sale $ — $ — $ 440,800 $ 440,800 Derivatives — 243 — 243 Total assets at fair value $ — $ 243 $ 440,800 $ 441,043 Liabilities: Derivatives $ — $ 1,994 $ — $ 1,994 Total liabilities at fair value $ — $ 1,994 $ — $ 1,994 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
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 Balance, January 1, 2019 $ 418,998 Included in earnings 729 Purchases 27,383 Paydowns (1) (12,095 ) Included in OCI 5,865 Balance, March 31, 2019 $ 440,880 (1) Includes non-cash adjustments in connection with the recalculation of the accretable yield on certain interest-only CMBS.
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 March 31, 2019: Assets: CRE whole loans held for investment $ 1,636,645 $ 1,649,010 $ — $ — $ 1,649,010 CRE mezzanine loan $ 4,700 $ 4,700 $ — $ — $ 4,700 CRE preferred equity investment $ 19,735 $ 19,889 $ — $ — $ 19,889 Legacy CRE loans held for sale $ 17,000 $ 17,000 $ — $ — $ 17,000 Liabilities: Senior notes in CRE securitizations $ 451,708 $ 455,233 $ — $ — $ 455,233 Junior subordinated notes $ 51,548 $ 30,836 $ — $ — $ 30,836 Convertible notes $ 152,054 $ 164,932 $ — $ — $ 164,932 Repurchase agreements $ 965,131 $ 969,721 $ — $ — $ 969,721 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 notes $ 151,190 $ 164,932 $ — $ — $ 164,932 Repurchase agreements $ 850,440 $ 855,783 $ — $ — $ 855,783

MARKET RISK AND DERIVATIVE IN_2

MARKET RISK AND DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair value of derivative instruments	The following tables present the fair value of the Company's derivative financial instruments at March 31, 2019 and December 31, 2018 on the Company's consolidated balance sheets and the related effect of the derivative instruments on the consolidated statements of operations for the three months ended March 31, 2019 and 2018: Fair Value of Derivative Instruments Asset Derivatives At March 31, 2019 Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts, hedging (1) $ 31,725 Derivatives, at fair value $ 243 Liability Derivatives Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts, hedging (1) $ 49,326 Derivatives, at fair value $ 1,994 Interest rate swap contracts, hedging $ 81,051 Accumulated other comprehensive income (loss) $ (1,153 ) 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 (loss) $ 563 (1) Interest rate swap contracts are accounted for as cash flow hedges.
The effect of derivative instruments on the statement of income	The Effect of Derivative Instruments on the Consolidated Statements of Operations (in thousands) Derivatives Three Months Ended March 31, 2019 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) Interest rate swap contracts, hedging Interest expense $ 13 Derivatives Three Months Ended March 31, 2018 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) Interest rate swap contracts, hedging Interest expense $ (50 )

OFFSETTING OF FINANCIAL ASSET_2

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2019
Offsetting [Abstract]
Offsetting financial assets and derivative assets	The following table presents a summary of the Company's offsetting of derivative assets (in thousands): (iv) Gross Amounts Not Offset on the Consolidated Balance Sheets (i) Gross Amounts of Recognized Assets (ii) Gross Amounts Offset on the Consolidated Balance Sheets (iii) = (i) - (ii) Net Amounts of Assets Included on the Consolidated Balance Sheets Financial Instruments Cash Collateral Pledged (v) = (iii) - (iv) Net Amount At March 31, 2019: Derivatives, at fair value $ 243 $ — $ 243 $ — $ — $ 243 At December 31, 2018: Derivatives, at fair value $ 985 $ — $ 985 $ — $ — $ 985
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): (iv) Gross Amounts Not Offset on the Consolidated Balance Sheets (i) Gross Amounts of Recognized Liabilities (ii) Gross Amounts Offset on the Consolidated Balance Sheets (iii) = (i) - (ii) Net Amounts of Liabilities Included on the Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Pledged (v) = (iii) - (iv) Net Amount At March 31, 2019: Derivatives, at fair value (2) $ 1,994 $ — $ 1,994 $ — $ 1,994 $ — Repurchase agreements and term facilities (3) 965,131 — 965,131 964,168 963 — Total $ 967,125 $ — $ 967,125 $ 964,168 $ 2,957 $ — 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 $ — (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 excess cash collateral of $3.2 million and $1.3 million related to interest rate swap contracts outstanding at March 31, 2019 and December 31, 2018, respectively. ( 3 ) The combined fair value of securities and loans pledged against the Company's various repurchase agreements and term facilities was $1.4 billion and $1.2 billion at March 31, 2019 and December 31, 2018, respectively.

DISCONTINUED OPERATIONS AND A_2

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE (Tables)	3 Months Ended
	Mar. 31, 2019
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 (loss) income from discontinued operations, net of tax for the three months ended March 31, 2019 and 2018 (in thousands): For the Three Months Ended March 31, 2019 2018 REVENUES Interest income: Loans $ — $ 570 Other — 4 Total interest income — 574 Interest expense — — Net interest income — 574 Other revenue — 85 Total revenues — 659 OPERATING EXPENSES General and administrative 172 660 Total operating expenses 172 660 (172 ) (1 ) OTHER INCOME (EXPENSE) Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives 135 248 Total other income (expense) 135 248 (LOSS) INCOME FROM DISCONTINUED OPERATIONS BEFORE TAXES (37 ) 247 Income tax expense — — TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS $ (37 ) $ 247 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 March 31, 2019 and December 31, 2018 (in thousands, except amounts in the footnote): March 31, 2019 December 31, 2018 ASSETS Loans held for sale $ 17,000 $ 17,000 Other assets 646 645 Total $ 17,646 $ 17,645 LIABILITIES Accounts payable and other liabilities $ 1,819 $ 1,820 Total $ 1,819 $ 1,820
Summary of Loans Held for sale Table Text Block	The following table summarizes 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 number of loans and amount in the footnote): Loan Description Number of Loans Amortized Cost Carrying Value At March 31, 2019: Legacy CRE loan 1 $ 21,768 $ 17,000 Mezzanine loan (1) 1 — — Total 2 $ 21,768 $ 17,000 At December 31, 2018: Legacy CRE loan 1 $ 21,666 $ 17,000 Mezzanine loan (1) 1 — — Total 2 $ 21,666 $ 17,000 ( 1 ) 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 Resource Real Estate Funding CDO 2007-1, Ltd. in November 2016. The mezzanine loan is comprised of two tranches, maturing in November 2018 and September 2021.

ORGANIZATION (Details)

ORGANIZATION (Details)	Mar. 31, 2019
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) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash balance in excess of federal deposit Insurance limit, amount	$ 52.9	$ 80.4
Operating loss carryforwards, valuation allowance	58.4
Operating loss carryforwards, valuation allowance, tax expense impact	$ 17.1	$ 15.3

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 55,660	$ 82,816	$ 61,500
Restricted cash	7,485	12,658	546
Total cash, cash equivalents and restricted cash shown on the Company's consolidated statements of cash flows	$ 63,145	$ 95,474	$ 62,046	$ 204,364

VARIABLE INTEREST ENTITIES (Con

VARIABLE INTEREST ENTITIES (Consolidated VIEs) (the Company is the primary beneficiary) (Details) - VIE, Primary Beneficiary	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)entity	Dec. 31, 2018USD ($)entity
Variable Interest Entity [Line Items]
Number of consolidated VIEs | entity	5	5
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	Mar. 31, 2019	Dec. 31, 2018
ASSETS:
Restricted cash	$ 1,334	$ 6,189
CRE loans, pledged as collateral	686,681	700,223
Other assets	34	157
Total assets of consolidated VIEs	691,307	742,031
LIABILITIES
Accounts payable and other liabilities	102	75
Accrued interest payable	743	709
Borrowings	451,708	501,045
Total liabilities of consolidated VIEs	452,553	$ 501,829
VIE, Primary Beneficiary
ASSETS:
Restricted cash	1,334
Accrued interest receivable	3,258
CRE loans, pledged as collateral	686,681
Other assets	34
Total assets of consolidated VIEs	691,307
LIABILITIES
Accounts payable and other liabilities	102
Accrued interest payable	743
Borrowings	451,708
Total liabilities of consolidated VIEs	452,553
CRE Securitizations | VIE, Primary Beneficiary
ASSETS:
Restricted cash	875
Accrued interest receivable	3,258
CRE loans, pledged as collateral	686,681
Other assets	34
Total assets of consolidated VIEs	690,848
LIABILITIES
Accounts payable and other liabilities	102
Accrued interest payable	743
Borrowings	451,708
Total liabilities of consolidated VIEs	452,553
Other | VIE, Primary Beneficiary
ASSETS:
Restricted cash	459
Accrued interest receivable	0
CRE loans, pledged as collateral	0
Other assets	0
Total assets of consolidated VIEs	459
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		3 Months Ended
	Mar. 31, 2018	Oct. 31, 2017	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Investments in unconsolidated entities			$ 1,548,000	$ 1,548,000
Borrowings			1,620,441,000	$ 1,554,223,000
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying amount of private-label securitization			$ (8,676,000)
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	21,798,000
VIE, Not Primary Beneficiary | Prospect Hackensack
Variable Interest Entity [Line Items]
Carrying amount of private-label securitization			$ 19,735,000
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	Mar. 31, 2019	Oct. 31, 2017
ASSETS:
Accrued interest receivable	$ 257
CRE loans	19,735
Investment securities available-for-sale	21,625
Investments in unconsolidated entities	1,548
Total assets	43,165
LIABILITIES
Accrued interest payable	293
Borrowings	51,548
Total liabilities	51,841
Net (liability) asset	(8,676)
Interest Receivable
ASSETS:
Maximum Exposure to Loss	0
Loans Pledged as Collateral
ASSETS:
Maximum Exposure to Loss	19,735
Available-for-sale Securities
ASSETS:
Maximum Exposure to Loss	21,511
Investments in Unconsolidated Entities
ASSETS:
Maximum Exposure to Loss	1,548
Unsecured Junior Subordinated Debentures
ASSETS:
Accrued interest receivable	84
CRE loans	0
Investment securities available-for-sale	0
Investments in unconsolidated entities	1,548
Total assets	1,632
LIABILITIES
Accrued interest payable	293
Borrowings	51,548
Total liabilities	51,841
Net (liability) asset	(50,209)
C40
ASSETS:
Accrued interest receivable	173
CRE loans	0
Investment securities available-for-sale	21,625
Investments in unconsolidated entities	0
Total assets	21,798
LIABILITIES
Accrued interest payable	0
Borrowings	0
Total liabilities	0
Net (liability) asset	21,798	$ 705,400
Prospect Hackensack
ASSETS:
Accrued interest receivable	0
CRE loans	19,735
Investment securities available-for-sale	0
Investments in unconsolidated entities	0
Total assets	19,735
LIABILITIES
Accrued interest payable	0
Borrowings	0
Total liabilities	0
Net (liability) asset	$ 19,735

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - Continuing Operations - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Common Stock
Non-cash continuing financing activities include the following:
Distributions accrued but not paid	$ 6,373	$ 1,584
Preferred Stock
Non-cash continuing financing activities include the following:
Distributions accrued but not paid	$ 1,725	$ 1,724

LOANS (Summary of Loans) (Detai

LOANS (Summary of Loans) (Details) - Commercial Real Estate Loans $ in Thousands	Mar. 31, 2019USD ($)Loan	Dec. 31, 2018USD ($)Loan
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 1,673,599	$ 1,563,177
Unamortized (Discount) Premium, net	(10,092)	(9,809)
Amortized Cost, Loans held for investment	1,663,507	1,553,368
Allowance for Loan Losses	(2,427)	(1,401)
Carrying Value, Loans held for investment	1,661,080	1,551,967
Loan origination fees	9,900	9,600
Deferred amendment fees	223,000	171,000
Amortized Cost, Loans held for investment	1,663,507	1,553,368
CRE whole loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	1,649,010	1,538,759
Unamortized (Discount) Premium, net	(9,938)	(9,646)
Amortized Cost, Loans held for investment	1,639,072	1,529,113
Allowance for Loan Losses	(2,427)	(1,401)
Carrying Value, Loans held for investment	$ 1,636,645	$ 1,527,712
Quantity | Loan	81	79
Amortized Cost, Loans held for investment	$ 1,639,072	$ 1,529,113
Loans held for investment, unfunded loan commitments	$ 99,900	$ 108,100
CRE whole loans | London Interbank Offered Rate (LIBOR) | Minimum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	2.70%	2.70%
CRE whole loans | London Interbank Offered Rate (LIBOR) | Maximum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	6.25%	6.25%
Mezzanine loan
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 4,700	$ 4,700
Amortized Cost, Loans held for investment	4,700	4,700
Carrying Value, Loans held for investment	$ 4,700	$ 4,700
Quantity | Loan	1	1
Contractual Interest Rates	10.00%	10.00%
Amortized Cost, Loans held for investment	$ 4,700	$ 4,700
Preferred equity investment
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	19,889	19,718
Unamortized (Discount) Premium, net	(154)	(163)
Amortized Cost, Loans held for investment	19,735	19,555
Carrying Value, Loans held for investment	$ 19,735	$ 19,555
Quantity | Loan	1	1
Contractual Interest Rates	11.50%	11.50%
Amortized Cost, Loans held for investment	$ 19,735	$ 19,555
Loans receivable, contracted interest rate	8.00%
Whole Loans Classified as Held-for-sale
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 11,500	$ 11,500
Quantity | Loan	1	1
Amortized Cost, Loans held for investment	$ 11,500	$ 11,500

LOANS (Commercial Real Estate L

LOANS (Commercial Real Estate Loans, at Amortized Cost) (Details) $ in Thousands	Mar. 31, 2019USD ($)Loan	Dec. 31, 2018USD ($)Loan
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 1,663,507	$ 1,553,368
Commercial Real Estate Loans | Whole Loans in Default
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 11,500	$ 11,500
Quantity | Loan	1	1
Commercial Real Estate Debt Investments
Receivables With Imputed Interest [Line Items]
2019	$ 10,389	$ 10,379
2020	142,932	182,422
2021 and Thereafter	1,498,688	1,349,052
Amortized Cost, Loans held for investment	1,652,009	1,541,853
Commercial Real Estate Debt Investments | CRE whole loans
Receivables With Imputed Interest [Line Items]
2019	10,389	10,379
2020	142,932	182,422
2021 and Thereafter	1,474,253	1,324,797
Amortized Cost, Loans held for investment	1,627,574	1,517,598
Commercial Real Estate Debt Investments | Mezzanine loan
Receivables With Imputed Interest [Line Items]
2021 and Thereafter	4,700	4,700
Amortized Cost, Loans held for investment	4,700	4,700
Commercial Real Estate Debt Investments | Preferred equity investment
Receivables With Imputed Interest [Line Items]
2021 and Thereafter	19,735	19,555
Amortized Cost, Loans held for investment	$ 19,735	$ 19,555

LOANS (Details)

LOANS (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Loans receivable–related party	$ 0	$ 32.1
Commercial Real Estate Loans | Southwest Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	29.40%	32.30%
Commercial Real Estate Loans | Mountain Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	21.00%	20.90%
Commercial Real Estate Loans | Pacific Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	14.40%	17.10%

FINANCING RECEIVABLES (Allowanc

FINANCING RECEIVABLES (Allowance for Loan Losses and Recorded Investments in Loans) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Allowance for loan losses:
Provision for (recovery of) loan losses, net	$ 1,025	$ (799)
Commercial Real Estate Loans
Allowance for loan losses:
Allowance for loan losses at beginning of period	1,401	$ 5,328	$ 5,328
Provision for (recovery of) loan losses, net	1,026		(1,595)
Loans charged-off			(2,332)
Allowance for loan losses at end of period	2,427		1,401
Allowance for loan losses ending balance:
Collectively evaluated for impairment	2,427		1,401
Loans: Amortized cost ending balance:
Individually evaluated for impairment	24,435		24,255
Collectively evaluated for impairment	$ 1,639,072		$ 1,529,113

FINANCING RECEIVABLES (Allowa_2

FINANCING RECEIVABLES (Allowance for Loan Losses and Recorded Investments in Loans) (Parenthetical) (Details) - Commercial Real Estate Loans - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Accounts Notes And Loans Receivable [Line Items]
Amortization cost of recovery of loan	$ 0	$ 0
Carrying value of recovery of loan	0	0
Payments received from loan	$ 1,000	$ 1,000

FINANCING RECEIVABLES (Credit R

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Details) - Commercial Real Estate Loans - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Schedule Of Financing Receivables [Line Items]
Loans and receivables	$ 1,680,507	$ 1,570,368
Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,639,072	1,529,113
Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	4,700	4,700
Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	19,735	19,555
Legacy CRE Whole Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables, held for sale	$ 17,000	17,000
Rating 3
Schedule Of Financing Receivables [Line Items]
Allowance for credit losses, percentage of aggregate par amount of loans	1.50%
Loans and receivables	$ 146,773	77,067
Rating 3 | Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	146,773	77,067
Rating 3 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 3 | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 3 | Legacy CRE Whole Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables, held for sale	$ 0	0
Rating 4
Schedule Of Financing Receivables [Line Items]
Allowance for credit losses, percentage of aggregate carrying amount of loans	5.00%
Loans and receivables	$ 4,345	4,840
Rating 4 | Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	4,345	4,840
Rating 4 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 4 | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 4 | Legacy CRE Whole Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables, held for sale	0	0
Rating 1
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 1 | Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 1 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 1 | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 1 | Legacy CRE Whole Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables, held for sale	0	0
Rating 2
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,512,389	1,471,461
Rating 2 | Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,487,954	1,447,206
Rating 2 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	4,700	4,700
Rating 2 | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	19,735	19,555
Rating 2 | Legacy CRE Whole Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables, held for sale	0	0
Rating 5
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 5 | Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 5 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 5 | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 5 | Legacy CRE Whole Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables, held for sale	0	0
Held for Sale
Schedule Of Financing Receivables [Line Items]
Loans and receivables	17,000	17,000
Held for Sale | Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Held for Sale | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Held for Sale | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Held for Sale | Legacy CRE Whole Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables, held for sale	$ 17,000	$ 17,000

FINANCING RECEIVABLES (Details)

FINANCING RECEIVABLES (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)Loan	Dec. 31, 2018USD ($)Loan
Accounts Notes And Loans Receivable [Line Items]
Impaired loans	$ 0	$ 0
Troubled-debt restructurings	$ 0	$ 0
Commercial Real Estate Loans | Whole Loans In Technical Default
Accounts Notes And Loans Receivable [Line Items]
Number of defaulted loans | Loan	1	1
Recorded investment	$ 11,500,000	$ 11,500,000
Commercial Real Estate Loans | Legacy CRE Whole Loans
Accounts Notes And Loans Receivable [Line Items]
Number of defaulted loans | Loan	1	1
Recorded investment	$ 17,000,000	$ 17,000,000

FINANCING RECEIVABLES (Loan Por

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Details)	3 Months Ended
	Mar. 31, 2019USD ($)Loan	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	$ 28,498,000		$ 28,516,000
Current	1,652,009,000		1,541,852,000
Total Loans Receivable	1,680,507,000		1,570,368,000
Total Loans Greater Than 90 days and Accruing	11,498,000		11,516,000
Interest income	33,932,000	$ 25,957,000
30-59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		0
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	28,498,000		28,516,000
Commercial Real Estate Loans | Whole loans
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	11,498,000		11,516,000
Current	1,627,574,000		1,517,597,000
Total Loans Receivable	1,639,072,000		1,529,113,000
Total Loans Greater Than 90 days and Accruing	11,498,000		11,516,000
Commercial Real Estate Loans | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		0
Current	4,700,000		4,700,000
Total Loans Receivable	4,700,000		4,700,000
Total Loans Greater Than 90 days and Accruing	0		0
Commercial Real Estate Loans | Preferred equity investment
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		0
Current	19,735,000		19,555,000
Total Loans Receivable	19,735,000		19,555,000
Total Loans Greater Than 90 days and Accruing	0		0
Commercial Real Estate Loans | Legacy CRE loans held for sale
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	17,000,000		17,000,000
Current	0		0
Total Loans Receivable	17,000,000		17,000,000
Total Loans Greater Than 90 days and Accruing	$ 0		$ 0
Number of defaulted loans | Loan	1		1
Recorded investment	$ 17,000,000		$ 17,000,000
Commercial Real Estate Loans | Whole Loans In Technical Default
Financing Receivable Recorded Investment Past Due [Line Items]
Number of defaulted loans | Loan	1		1
Recorded investment	$ 11,500,000		$ 11,500,000
Interest income	165,000	$ 150,000
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		0
Commercial Real Estate Loans | 30-59 Days | Preferred equity investment
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		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		0
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		0
Commercial Real Estate Loans | 60-89 Days | Preferred equity investment
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		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	11,498,000		11,516,000
Commercial Real Estate Loans | Greater than 90 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		0
Commercial Real Estate Loans | Greater than 90 Days | Preferred equity investment
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		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	$ 17,000,000		$ 17,000,000

INVESTMENT SECURITIES AVAILAB_3

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 438,636	$ 422,619
Unrealized Gains	4,084	812
Unrealized Losses	(1,840)	(4,433)
Fair Value	440,880	418,998
CMBS, Fixed Rate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	116,679	121,487
Unrealized Gains	3,068	559
Unrealized Losses	(729)	(2,307)
Fair Value	119,018	119,739
CMBS, Floating Rate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	321,957	301,132
Unrealized Gains	1,016	253
Unrealized Losses	(1,111)	(2,126)
Fair Value	$ 321,862	$ 299,259

INVESTMENT SECURITIES AVAILAB_4

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Available For Sale Securities [Abstract]
Assets pledged as collateral	$ 399.7	$ 388.4

INVESTMENT SECURITIES AVAILAB_5

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Estimated Maturities of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Amortized Cost
Less than one year	$ 144,433	$ 126,446
Greater than one year and less than five years	84,944	98,220
Greater than five years and less than ten years	209,259	197,953
Total	438,636	422,619
Fair Value
Less than one year	144,706	126,014
Greater than one year and less than five years	84,483	97,083
Greater than five years and less than ten years	211,691	195,901
Total	$ 440,880	$ 418,998
Weighted Average Coupon
Less than one year	5.68%	5.76%
Greater than one year and less than five years	5.34%	5.21%
Greater than five years and less than ten years	4.13%	4.06%
Total	4.81%	4.76%

INVESTMENT SECURITIES AVAILAB_6

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Estimated Maturities of Available-For-Sale Securities) (Parenthetical) (Details)	Mar. 31, 2019USD ($)position	Dec. 31, 2018USD ($)position
Amortized Cost
Greater than one year and less than five years	$ 84,944,000	$ 98,220,000
Fair Value
Greater than one year and less than five years	84,483,000	97,083,000
CMBS
Amortized Cost
Greater than one year and less than five years	106,000	105,000
Fair Value
Greater than one year and less than five years	$ 0	$ 0
Number of positions other than temporary impairment less than one year | position	0	0
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 (Details)	3 Months Ended
	Mar. 31, 2019USD ($)position	Mar. 31, 2018USD ($)
Debt Securities, Available-for-sale [Abstract]
Other than temporary impairment losses, investments | $	$ 0	$ 0
Sale and redemption of investment securtities available-for-sale | position	0
CMBS | Minimum
Debt Securities, Available-for-sale [Abstract]
Contractual maturities of investment securities available-for-sale	2024-12
CMBS | Maximum
Debt Securities, Available-for-sale [Abstract]
Contractual maturities of investment securities available-for-sale	2061-08

INVESTMENT SECURITIES AVAILAB_8

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Gross Unrealized Loss and Fair Value of Securities) (Details) - CMBS $ in Thousands	Mar. 31, 2019USD ($)security	Dec. 31, 2018USD ($)security
Debt Securities, Available-for-sale [Line Items]
Fair Value, less than 12 months	$ 137,604	$ 329,441
Unrealized Losses, less than 12 months	$ (1,672)	$ (4,001)
Number of Securities, less than 12 months | security	28	49
Fair Value, more than 12 months	$ 6,821	$ 6,757
Unrealized losses, more than 12 Months	$ (168)	$ (432)
Number of Securities, more than 12 Months | security	8	7
Fair Value, total	$ 144,425	$ 336,198
Unrealized losses, total	$ (1,840)	$ (4,433)
Number of Securities, total | security	36	56

INVESTMENT SECURITIES AVAILAB_9

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Sales and Redemptions of Available-for-Sale Debt Securities) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019position	Mar. 31, 2018USD ($)position
Debt Securities, Available-for-sale [Line Items]
Positions Sold/Redeemed | position	0
Proceeds from sale of investment securities available-for-sale		$ 48
ABS
Debt Securities, Available-for-sale [Line Items]
Positions Sold/Redeemed | position		2
Par Amount Sold/Redeemed		$ 411
Amortized Cost		265
Realized Gain (Loss)		(217)
Proceeds from sale of investment securities available-for-sale		$ 48

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Schedule of Unconsolidated Entities) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 1,548		$ 1,548
Equity in Earnings (Losses) of Unconsolidated Entities		$ (862)	$ (1,016)
Pelium Capital
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Losses) of Unconsolidated Entities	[1]		(305)
RCM Global LLC
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Losses) of Unconsolidated Entities			13
Investments in Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Losses) of Unconsolidated Entities			(292)
Investment in RCT I and II
Schedule of Equity Method Investments [Line Items]
Ownership percentage in VIE	[2]	3.00%
Investments in unconsolidated entities	[2]	$ 1,548		$ 1,548
Equity in Earnings (Losses) of Unconsolidated Entities	[2]	$ (862)	$ (724)
[1]	During the three months ended March 31, 2018, the Company received distributions of $5.6 million on its investment in Pelium Capital Partners, L.P. ("Pelium Capital").
[2]	During the three months ended March 31, 2019 and 2018, distributions from the trusts are 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) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Schedule of Equity Method Investments [Line Items]
Return on investment from investments in unconsolidated entities	$ (5,376)
Pelium Capital
Schedule of Equity Method Investments [Line Items]
Return on investment from investments in unconsolidated entities	$ 5,600

BORROWINGS (Schedule of Debt) (

BORROWINGS (Schedule of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal Outstanding	$ 1,642,886	$ 1,579,170
Unamortized Issuance Costs and Discounts	22,445	24,947
Outstanding Borrowings	$ 1,620,441	$ 1,554,223
Weighted Average Borrowing Rate	4.28%	4.21%
Weighted Average Remaining Maturity	6 years 1 month 6 days	6 years 10 months 24 days
Value of Collateral	$ 2,061,841	$ 1,953,119
Accrued interest costs	2,217	4,224
RCC 2017-CRE5 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	58,918	109,250
Unamortized Issuance Costs and Discounts	580	1,121
Outstanding Borrowings	$ 58,338	$ 108,129
Weighted Average Borrowing Rate	4.21%	3.76%
Weighted Average Remaining Maturity	15 years 3 months 18 days	15 years 7 months 6 days
Value of Collateral	$ 177,698	$ 228,031
XAN 2018-RSO6 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	397,452	397,452
Unamortized Issuance Costs and Discounts	4,082	4,536
Outstanding Borrowings	$ 393,370	$ 392,916
Weighted Average Borrowing Rate	3.58%	3.55%
Weighted Average Remaining Maturity	16 years 2 months 12 days	16 years 6 months
Value of Collateral	$ 514,227	$ 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	6.62%	6.61%
Weighted Average Remaining Maturity	17 years 4 months 24 days	17 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	12,697	13,504
Outstanding Borrowings	$ 131,053	$ 130,246
Weighted Average Borrowing Rate	4.50%	4.50%
Weighted Average Remaining Maturity	3 years 4 months 24 days	3 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	181	238
Outstanding Borrowings	$ 21,001	$ 20,944
Weighted Average Borrowing Rate	8.00%	8.00%
Weighted Average Remaining Maturity	290 days	1 year
Value of Collateral	$ 0	$ 0
Interest rate, stated percentage	8.00%	8.00%
CRE - Term Repurchase Facilities
Debt Instrument [Line Items]
Principal Outstanding	$ 619,062	$ 512,716
Unamortized Issuance Costs and Discounts	4,665	5,269
Outstanding Borrowings	$ 614,397	$ 507,447
Weighted Average Borrowing Rate	4.50%	4.47%
Weighted Average Remaining Maturity	1 year 9 months 18 days	2 years
Value of Collateral	$ 843,912	$ 696,215
Accrued interest costs	1,100	911
Trust Certificates - Term Repurchase Facility
Debt Instrument [Line Items]
Principal Outstanding	47,469	47,451
Unamortized Issuance Costs and Discounts	240	279
Outstanding Borrowings	$ 47,229	$ 47,172
Weighted Average Borrowing Rate	6.43%	6.41%
Weighted Average Remaining Maturity	1 year 6 months	1 year 8 months 12 days
Value of Collateral	$ 118,780	$ 118,780
Accrued interest costs	135	118
CMBS - Short Term Repurchase Agreements
Debt Instrument [Line Items]
Principal Outstanding	303,505	295,821
Unamortized Issuance Costs and Discounts	0	0
Outstanding Borrowings	$ 303,505	$ 295,821
Weighted Average Borrowing Rate	3.66%	3.63%
Weighted Average Remaining Maturity	19 days	19 days
Value of Collateral	$ 407,224	$ 395,868
Accrued interest costs	$ 354	$ 773

BORROWINGS (Securitization) (De

BORROWINGS (Securitization) (Details)	3 Months Ended
	Mar. 31, 2019USD ($)
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 Received from Closing Date through March 31, 2019	$ 192,531
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 Received from Closing Date through March 31, 2019	$ 0

BORROWINGS (XAN 2019-RSO7) (Det

BORROWINGS (XAN 2019-RSO7) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Face amount of debt issued		$ 965,131	$ 850,440
XAN 2019-RSO7 | Senior Notes
Debt Instrument [Line Items]
Maturity Date		2036-04
XAN 2019-RSO7 | Subsequent Event | Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 687,200
Face amount of debt issued	585,800
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Debt Instrument, Class A
Debt Instrument [Line Items]
Face amount of debt issued	$ 390,000
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Debt Instrument, Class A | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Debt Instrument, Class A | London Interbank Offered Rate (LIBOR) | April 2024
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Debt Instrument, Class A-S
Debt Instrument [Line Items]
Face amount of debt issued	$ 70,400
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Debt Instrument, Class A-S | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Debt Instrument, Class A-S | London Interbank Offered Rate (LIBOR) | April 2024
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Debt Instrument, Class B
Debt Instrument [Line Items]
Face amount of debt issued	$ 33,500
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Debt Instrument, Class B | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Debt Instrument, Class B | London Interbank Offered Rate (LIBOR) | May 2024
Debt Instrument [Line Items]
Basis spread on variable rate	2.20%
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Debt Instrument, Class C
Debt Instrument [Line Items]
Face amount of debt issued	$ 42,900
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Debt Instrument, Class C | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.05%
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Debt Instrument, Class C | London Interbank Offered Rate (LIBOR) | June 2024
Debt Instrument [Line Items]
Basis spread on variable rate	2.55%
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Debt Instrument, Class D
Debt Instrument [Line Items]
Face amount of debt issued	$ 49,000
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Debt Instrument, Class D | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.70%
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Debt Instrument, Class D | London Interbank Offered Rate (LIBOR) | July 2024
Debt Instrument [Line Items]
Basis spread on variable rate	3.20%
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Ownership interest amount in the principal balance of outstanding debt	$ 10,000
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Class D Notes | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	20.00%
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Class E Notes | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100.00%
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Class F Notes | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100.00%
XAN 2019-RSO7 | Subsequent Event | Senior Notes | Preferred Stock | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding preferred shares	100.00%

BORROWINGS (Repurchase and Cred

BORROWINGS (Repurchase and Credit Facilities) (Details)	Mar. 31, 2019USD ($)Loan	Dec. 31, 2018USD ($)Loan
Debt Instrument [Line Items]
Outstanding Borrowings	$ 965,131,000	$ 850,440,000
Value of Collateral	$ 1,369,916,000	$ 1,210,863,000
Weighted Average Interest Rate	4.28%	4.21%
Unamortized issuance costs and discounts	$ 22,445,000	$ 24,947,000
RBC Capital Markets, LLC
Debt Instrument [Line Items]
Outstanding Borrowings	227,663,000	246,476,000
Value of Collateral	$ 289,654,000	$ 313,644,000
Number of Positions as Collateral | Loan	30	33
Weighted Average Interest Rate	3.66%	3.64%
JP Morgan Securities LLC
Debt Instrument [Line Items]
Outstanding Borrowings	$ 70,769,000	$ 42,040,000
Value of Collateral	$ 111,238,000	$ 73,066,000
Number of Positions as Collateral | Loan	17	13
Weighted Average Interest Rate	3.65%	3.57%
Deutsche Bank Securities Inc.
Debt Instrument [Line Items]
Outstanding Borrowings	$ 5,073,000	$ 7,305,000
Value of Collateral	$ 6,332,000	$ 9,158,000
Number of Positions as Collateral | Loan	5	5
Weighted Average Interest Rate	3.95%	3.98%
CRE - Term Repurchase Facilities | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings	$ 231,725,000	$ 154,478,000
Value of Collateral	$ 329,807,000	$ 226,530,000
Number of Positions as Collateral | Loan	19	13
Weighted Average Interest Rate	4.43%	4.33%
Unamortized issuance costs and discounts	$ 1,400,000	$ 1,600,000
CRE - Term Repurchase Facilities | Morgan Stanley Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings	37,139,000	37,113,000
Value of Collateral	$ 62,664,000	$ 62,457,000
Number of Positions as Collateral | Loan	3	3
Weighted Average Interest Rate	5.12%	5.09%
Unamortized issuance costs and discounts	$ 152,000	$ 167,000
CRE - Term Repurchase Facilities | Barclays Bank PLC
Debt Instrument [Line Items]
Outstanding Borrowings	218,141,000	240,416,000
Value of Collateral	$ 283,126,000	$ 308,389,000
Number of Positions as Collateral | Loan	10	11
Weighted Average Interest Rate	4.54%	4.51%
Unamortized issuance costs and discounts	$ 1,300,000	$ 1,500,000
CRE - Term Repurchase Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings	127,392,000	75,440,000
Value of Collateral	$ 168,315,000	$ 98,839,000
Number of Positions as Collateral | Loan	8	5
Weighted Average Interest Rate	4.38%	4.30%
Unamortized issuance costs and discounts	$ 1,800,000	$ 2,000,000
Trust Certificates - Term Repurchase Facility | RSO Repo SPE Trust 2017
Debt Instrument [Line Items]
Outstanding Borrowings	47,229,000	47,172,000
Value of Collateral	$ 118,780,000	$ 118,780,000
Number of Positions as Collateral | Loan	2	2
Weighted Average Interest Rate	6.43%	6.41%
Unamortized issuance costs and discounts	$ 175,000	$ 204,000

BORROWINGS (Amount at Risk Unde

BORROWINGS (Amount at Risk Under Repurchase Facilities) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	6 years 1 month 6 days	6 years 10 months 24 days
Weighted Average Interest Rate	4.28%	4.21%
RBC Capital Markets, LLC
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.66%	3.64%
JP Morgan Securities LLC
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.65%	3.57%
Deutsche Bank Securities Inc.
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.95%	3.98%
CRE - Term Repurchase Facilities
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	1 year 9 months 18 days	2 years
Weighted Average Interest Rate	4.50%	4.47%
Trust Certificates - Term Repurchase Facility
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	1 year 6 months	1 year 8 months 12 days
Weighted Average Interest Rate	6.43%	6.41%
Linked and Non-linked Transactions | CMBS - Short-Term Repurchase Agreements | RBC Capital Markets, LLC
Debt Instrument [Line Items]
Amount at Risk	$ 62,586
Weighted Average Remaining Maturity	19 days
Weighted Average Interest Rate	3.66%
Linked and Non-linked Transactions | CMBS - Short-Term Repurchase Agreements | JP Morgan Securities LLC
Debt Instrument [Line Items]
Amount at Risk	$ 40,799
Weighted Average Remaining Maturity	17 days
Weighted Average Interest Rate	3.65%
Linked and Non-linked Transactions | CMBS - Short-Term Repurchase Agreements | Deutsche Bank Securities Inc.
Debt Instrument [Line Items]
Amount at Risk	$ 1,212
Weighted Average Remaining Maturity	54 days
Weighted Average Interest Rate	3.95%
Linked and Non-linked Transactions | CRE - Term Repurchase Facilities | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Amount at Risk	$ 98,078
Weighted Average Remaining Maturity	1 year 3 months 18 days
Weighted Average Interest Rate	4.43%
Linked and Non-linked Transactions | CRE - Term Repurchase Facilities | Morgan Stanley Bank, N.A.
Debt Instrument [Line Items]
Amount at Risk	$ 25,687
Weighted Average Remaining Maturity	163 days
Weighted Average Interest Rate	5.12%
Linked and Non-linked Transactions | CRE - Term Repurchase Facilities | Barclays Bank PLC
Debt Instrument [Line Items]
Amount at Risk	$ 64,897
Weighted Average Remaining Maturity	2 years
Weighted Average Interest Rate	4.54%
Linked and Non-linked Transactions | CRE - Term Repurchase Facilities | JPMorgan Chase Bank, N. A.
Debt Instrument [Line Items]
Amount at Risk	$ 39,728
Weighted Average Remaining Maturity	2 years 7 months 6 days
Weighted Average Interest Rate	4.38%
Linked and Non-linked Transactions | Trust Certificates - Term Repurchase Facility | RSO Repo SPE Trust 2017
Debt Instrument [Line Items]
Amount at Risk	$ 71,437
Weighted Average Remaining Maturity	1 year 6 months
Weighted Average Interest Rate	6.43%

BORROWINGS (Contractual Commitm

BORROWINGS (Contractual Commitments) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
Total	$ 1,642,886
2019	340,796
2020	301,766
2021	348,656
2022	143,750
2023 and Thereafter	507,918
CRE securitizations
Debt Instrument [Line Items]
Total	456,370
2019	0
2020	0
2021	0
2022	0
2023 and Thereafter	456,370
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Total	51,548
2019	0
2020	0
2021	0
2022	0
2023 and Thereafter	51,548
Convertible Debt | 4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Total	143,750
2019	0
2020	0
2021	0
2022	143,750
2023 and Thereafter	0
Convertible Debt | 8.00% Convertible Senior Notes
Debt Instrument [Line Items]
Total	21,182
2019	0
2020	21,182
2021	0
2022	0
2023 and Thereafter	0
Repurchase and credit facilities
Debt Instrument [Line Items]
Total	970,036
2019	340,796
2020	280,584
2021	348,656
2022	0
2023 and Thereafter	$ 0

SHARE ISSUANCE AND REPURCHASE (

SHARE ISSUANCE AND REPURCHASE (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Mar. 31, 2016	Aug. 31, 2015
Class Of Stock [Line Items]
Preferred stock redemption charge			$ 7,482,000
Shares repurchased during period, value		$ 0	$ 0
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%
Redemption price per share (in dollars per share)	$ 25		$ 25
Stock redeemed during period, value	$ 115,300,000
8.625% Series C Preferred Stock
Class Of Stock [Line Items]
Preferred stock, coupon authorized		8.625%	8.625%	8.625%
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25	$ 25	$ 25
Preferred stock, shares outstanding (in shares)		4,800,000		4,800,000
Sale of stock, weighted average price per share (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%		5.927%

SHARE-BASED COMPENSATION (Commo

SHARE-BASED COMPENSATION (Common Stock Activity) (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2019shares
January 22, 2019
Restricted common stock transactions
Stock-based compensation (in shares)	196,198
Vesting per Year	33.00%
February 1, 2019
Restricted common stock transactions
Stock-based compensation (in shares)	3,308
Vesting per Year	100.00%
March 8, 2019
Restricted common stock transactions
Stock-based compensation (in shares)	14,108
Vesting per Year	100.00%
Non-Employee Directors
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	30,234
Issued (shares)	17,416
Vested (shares)	(20,029)
Unvested shares, end of period (in shares)	27,621
Non-Employees
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	386,628
Issued (shares)	196,198
Vested (shares)	(175,454)
Forfeited (shares)	(4,007)
Unvested shares, end of period (in shares)	403,365
Former Employees
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	5,809
Vested (shares)	(5,809)
Manager and Non Employees
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	422,671
Issued (shares)	213,614
Vested (shares)	(201,292)
Forfeited (shares)	(4,007)
Unvested shares, end of period (in shares)	430,986

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details)	3 Months Ended
	Mar. 31, 2019USD ($)Directorshares	Dec. 31, 2018USD ($)	Mar. 31, 2018USD ($)Directorshares
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	2021
Non-Employees | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated fair value of shares granted	$ 2,000,000		$ 2,000,000
Number of non employee directors granted shares | Director	8		8
Payment award, grant date fair value	$ 185,000		$ 185,000
Compensation cost not yet recognized	$ 2,600	$ 1,100
Weighted average remaining contractual term	2 years 4 months 24 days	1 year 9 months 18 days

SHARE-BASED COMPENSATION (Statu

SHARE-BASED COMPENSATION (Status of Vested Stock Options) (Details) - Vested $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)$ / 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 1 month 17 days
Aggregate Intrinsic Value | $	$ 0

SHARE-BASED COMPENSATION (Compo

SHARE-BASED COMPENSATION (Components of Equity Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity compensation expense	$ 683	$ 967
Non-Employees | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity compensation expense	611	895
Non-Employee Directors | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity compensation expense	$ 72	$ 72

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Net income (loss) from continuing operations	$ 8,170	$ (137)
Net income allocated to preferred shares	(2,588)	(5,210)
Consideration paid in excess of carrying value of preferred shares	0	(7,482)
Net income (loss) from continuing operations allocable to common shares	5,582	(12,829)
Net (loss) income from discontinued operations, net of tax	(37)	247
NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES	$ 5,545	$ (12,582)
Net income (loss) per common share - basic:
Weighted average number of shares outstanding	31,379,253	31,111,315
Continuing operations	$ 0.18	$ (0.41)
Discontinued operations	0	0.01
TOTAL NET INCOME (LOSS) PER COMMON SHARE - BASIC (in dollars per share)	$ 0.18	$ (0.40)
Net income (loss) per common share - diluted:
Weighted average number of shares outstanding	31,379,253	31,111,315
Additional shares due to assumed conversion of dilutive instruments (in shares)	152,033	0
Adjusted weighted-average number of common shares outstanding (in shares)	31,531,286	31,111,315
Continuing operations (in dollars per share)	$ 0.18	$ (0.41)
Discontinued operations (in dollars per share)	0	0.01
NET INCOME (LOSS) PER COMMON SHARE – DILUTED (in dollars per share)	$ 0.18	$ (0.40)
6%, 8% and 4.5% Convertible Senior Notes
Net income (loss) per common share - diluted:
Antidilutive securities excluded (in shares)	12,486,778	14,885,289
4.50% Convertible Senior Notes
Net income (loss) per common share - diluted:
Interest rate, stated percentage	4.50%		4.50%
Debt instrument, maturity year	2022
8.00% Convertible Senior Notes
Net income (loss) per common share - diluted:
Interest rate, stated percentage	8.00%		8.00%
Debt instrument, maturity year	2020
6.00% Convertible Senior Notes
Net income (loss) per common share - diluted:
Interest rate, stated percentage	6.00%
Debt instrument, maturity year	2018

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 553,819
Ending balance	557,823
Net Unrealized Gain (loss) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	563
Other comprehensive (loss) income before reclassifications	(1,693)
Amounts reclassified from accumulated other comprehensive income (loss)	(23)
Ending balance	(1,153)
Net Unrealized (Loss) Gain on Investment Securities Available-for-Sale
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(3,620)
Other comprehensive (loss) income before reclassifications	5,865
Ending balance	2,245
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(3,057)
Other comprehensive (loss) income before reclassifications	4,172
Amounts reclassified from accumulated other comprehensive income (loss)	(23)
Ending balance	$ 1,092

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Relationship with C-III and Certain of its Subsidiaries) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Base management fees paid by the Company	$ 2,083,000	$ 2,813,000
General and administrative	$ 2,577,000	3,060,000
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	$ 2,100,000	2,800,000
Incentive management fees	0	0
Total indebtedness	698,000		$ 938,000
General and administrative	1,000,000	$ 955,000
Resource America | Exantas Capital Corp
Related Party Transaction [Line Items]
Total indebtedness	$ 380,000		$ 333,000

RELATED PARTY TRANSACTIONS (R_2

RELATED PARTY TRANSACTIONS (Relationship with Resource Real Estate, LLC) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 31, 2014	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jul. 31, 2017	Aug. 31, 2015	Feb. 28, 2015	Jul. 30, 2014
Related Party Transaction [Line Items]
Other revenue		$ 26,000
Resource Capital Corp. 2014-CRE2, Ltd.
Related Party Transaction [Line Items]
Closing transaction amount								$ 353,900,000
Servicing fee rate	0.25%
Resource Capital Corp. 2015-CRE3, Ltd.
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]
Other revenue		0	$ 0
Resource Real Estate | Commercial Real Estate Debt Investments
Related Party Transaction [Line Items]
Related party transaction, due from related party		$ 0		$ 26,000

RELATED PARTY TRANSACTIONS (R_3

RELATED PARTY TRANSACTIONS (Relationship with C3AM) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jul. 31, 2017
RCC 2017-CRE5
Related Party Transaction [Line Items]
Closing transaction amount					$ 376,700,000
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		$ 91,000	$ 50,000
Special servicing fees earned		0	$ 0
Servicing fees payable		$ 25,000		$ 26,000

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Distributions [Abstract]
Dividend per share (in dollars per share)	$ 0.20	$ 0.05
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
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Mar. 26, 2018
Class Of Stock [Line Items]
Dividend Per Share	$ 0.20				$ 0.05
Common Stock
Class Of Stock [Line Items]
Date Paid	Apr. 26, 2019	Jan. 25, 2019	Oct. 26, 2018	Jul. 27, 2018	Apr. 27, 2018
Total Dividend Paid	$ 6,373	$ 5,540	$ 4,749	$ 3,165	$ 1,584
Dividend Per Share	$ 0.20	$ 0.175	$ 0.15	$ 0.10	$ 0.05
Series B Preferred Stock
Class Of Stock [Line Items]
Date Paid						Mar. 26, 2018
Total Dividend Paid						$ 1,480
Dividend Per Share						$ 0.320830
Series C Preferred Stock
Class Of Stock [Line Items]
Date Paid	Apr. 30, 2019	Jan. 30, 2019	Oct. 30, 2018	Jul. 30, 2018	Apr. 30, 2018
Total Dividend Paid	$ 2,588	$ 2,588	$ 2,588	$ 2,588	$ 2,588
Dividend Per Share	$ 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	Mar. 31, 2019	Dec. 31, 2018
Assets:
Investment securities available-for-sale	$ 440,880	$ 418,998
Derivative assets at fair value	243	985
Liabilities:
Derivative assets at fair value	1,994	1,043
Recurring Basis
Assets:
Investment securities available-for-sale	440,800	418,998
Derivative assets at fair value	243	985
Total assets at fair value	441,043	419,983
Liabilities:
Derivative assets at fair value	1,994	1,043
Total liabilities at fair value	1,994	1,043
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 assets 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	243	985
Total assets at fair value	243	985
Liabilities:
Derivative assets at fair value	1,994	1,043
Total liabilities at fair value	1,994	1,043
Recurring Basis | Level 3
Assets:
Investment securities available-for-sale	440,800	418,998
Derivative assets at fair value	0	0
Total assets at fair value	440,800	418,998
Liabilities:
Derivative assets 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 - CMBS $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Balance, January 1, 2019	$ 418,998
Included in earnings	729
Purchases	27,383
Paydowns (1)	(12,095)
Included in OCI	5,865
Balance, March 31, 2019	$ 440,880

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
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		$ 642
Mezzanine loan | Expected Future Cash Flows | Measurement Input, Discount Rate | VIE, Not Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.1000
Preferred equity investment | Expected Future Cash Flows | Measurement Input, Discount Rate | VIE, Not Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.1208
Unsecured Junior Subordinated Debentures | Expected Future Cash Flows | Measurement Input, Discount Rate | 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	0.0899
Unsecured Junior Subordinated Debentures | Expected Future Cash Flows | Measurement Input, Discount Rate | 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	0.0899
8.00% Convertible Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate, stated percentage	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]
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	0.0743
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	5.19%		5.08%
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	8.74%		8.63%
Commercial Real Estate Loans | Legacy CRE loans held for sale
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	$ 102,000	4,700
Provision for loan and lease losses, net	102,000	$ 172,000
Financing receivable, average value	$ 17,000		$ 17,000
Capitalization rate	8.14%	8.14%

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans and investment	$ 1,661,080	$ 1,551,967
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 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	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	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 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	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	0
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Legacy CRE loans held for sale	17,000	17,000
Senior notes in CRE securitizations	455,233	498,897
Junior subordinated notes	30,836	27,800
Convertible notes	164,932	164,932
Repurchase agreements	969,721	855,783
Significant Unobservable Inputs (Level 3) | Whole loans held for investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans and investment	1,649,010	1,538,759
Significant Unobservable Inputs (Level 3) | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans and investment	4,700	4,700
Significant Unobservable Inputs (Level 3) | Preferred equity investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans and investment	19,889	19,718
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Legacy CRE loans held for sale	17,000	17,000
Senior notes in CRE securitizations	451,708	501,045
Junior subordinated notes	51,548	51,548
Convertible notes	152,054	151,190
Repurchase agreements	965,131	850,440
Carrying Value | Whole loans held for investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans and investment	1,636,645	1,527,712
Carrying Value | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans and investment	4,700	4,700
Carrying Value | Preferred equity investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans and investment	19,735	19,555
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Legacy CRE loans held for sale	17,000	17,000
Senior notes in CRE securitizations	455,233	498,897
Junior subordinated notes	30,836	27,800
Convertible notes	164,932	164,932
Repurchase agreements	969,721	855,783
Fair Value | Whole loans held for investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans and investment	1,649,010	1,538,759
Fair Value | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans and investment	4,700	4,700
Fair Value | Preferred equity investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans and investment	$ 19,889	$ 19,718

MARKET RISK AND DERIVATIVE IN_3

MARKET RISK AND DERIVATIVE INSTRUMENTS (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)derivative	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)derivative
Derivatives, Fair Value [Line Items]
Fair Value	$ 243,000		$ 985,000
Gross Amounts of Recognized Liabilities	1,994,000		$ 1,043,000
Unrealized gains on derivatives, net	$ (1,693,000)	$ 1,149,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of instruments held | derivative	16		16
Average fixed interest rate	2.54%		2.54%
Notional amount	$ 81,100,000		$ 81,100,000
Fair Value	243,000		985,000
Gross Amounts of Recognized Liabilities	2,000,000		1,000,000
Gain (loss) on derivatives	(1,200,000)		563,000
Interest rate swaps | Derivatives, at fair value
Derivatives, Fair Value [Line Items]
Fair Value	243,000		985,000
Gross Amounts of Recognized Liabilities	1,994,000		1,043,000
Terminated interest rate swap
Derivatives, Fair Value [Line Items]
Unrealized gains on derivatives, net			$ 621,000
Number of hedges terminated | derivative			2
Interest expense to fully amortize	$ 23,000

MARKET RISK AND DERIVATIVE IN_4

MARKET RISK AND DERIVATIVE INSTRUMENTS (Fair Value and Classification of Derivatives) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Asset Derivatives
Fair Value	$ 243,000		$ 985,000
Liability Derivatives
Fair Value	1,994,000		1,043,000
Interest rate swaps
Asset Derivatives
Fair Value	243,000		985,000
Liability Derivatives
Fair Value	2,000,000		1,000,000
Interest rate swaps | Interest expense
Liability Derivatives
Realized and Unrealized Gain (Loss)	13,000	$ (50,000)
Interest rate swaps | Derivatives, at fair value
Asset Derivatives
Notional Amount	31,725,000		31,725,000
Fair Value	243,000		985,000
Liability Derivatives
Notional Amount	49,326,000		49,326,000
Fair Value	1,994,000		1,043,000
Interest rate swaps | Accumulated Other Comprehensive Income (Loss)
Liability Derivatives
Notional Amount	81,051,000		81,051,000
Fair Value	$ (1,153,000)		$ 563,000

OFFSETTING OF FINANCIAL ASSET_3

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Offsetting Derivative Assets
Gross Amounts of Recognized Assets	$ 243,000	$ 985,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Assets Included on the Consolidated Balance Sheets	243,000	985,000
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	243,000	985,000
Offsetting Derivative Liabilities
Gross Amounts of Recognized Liabilities	1,994,000	1,043,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	1,994,000	1,043,000
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	1,994,000	1,043,000
Net Amount	0	0
Repurchase agreements and term facilities
Gross Amounts of Recognized Liabilities	965,131,000	850,440,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	965,131,000	850,440,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	964,168,000	850,440,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Cash Collateral Pledged	963,000	0
Net Amount	0	0
Total-Liabilities
Gross Amounts of Recognized Liabilities	967,125,000	851,483,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	967,125,000	851,483,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	964,168,000	850,440,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Cash Collateral Pledged	2,957,000	1,043,000
Net Amount	0	0
Fair value of securities pledged against repurchase agreements	1,400,000,000	1,200,000,000
Interest rate swaps
Offsetting Derivative Assets
Gross Amounts of Recognized Assets	243,000	985,000
Offsetting Derivative Liabilities
Gross Amounts of Recognized Liabilities	2,000,000	1,000,000
Excess cash collateral deposits related to interest rate swap contracts	$ 3,200	$ 1,300

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Feb. 05, 2018USD ($)holdershares	Apr. 30, 2018USD ($)	May 31, 2017USD ($)Loan	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Apr. 30, 2017claim	Apr. 30, 2017claim	Aug. 31, 2017claim	Dec. 31, 2018USD ($)	Nov. 30, 2018USD ($)
Commercial Real Estate Loans | Whole loans
Loss Contingencies [Line Items]
Loans held for investment, unfunded loan commitments				$ 99,900,000					$ 108,100,000
Indemnification Agreement | Pearlmark Mezz
Loss Contingencies [Line Items]
Outstanding litigation demands				703,000					703,000
Number of instruments held | Loan			1
Reserve for probable losses				0	$ 0
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				0					0
Open Litigation Matters | Indemnification Agreement
Loss Contingencies [Line Items]
Estimated litigation liability				1,700,000					1,700,000
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					$ 0
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
	Mar. 31, 2019	Mar. 31, 2018
Interest income:
Loans	$ 27,343	$ 22,383
Other	214	118
Total interest income	33,932	25,957
Interest expense	19,395	14,384
Net interest income	14,537	11,573
Other revenue	26
Total revenues	14,563	11,478
OPERATING EXPENSES
General and administrative	2,577	3,060
Net interest and other revenues less operating expenses	8,171	5,424
OTHER INCOME (EXPENSE)
Net realized and unrealized loss on investment securities available-for-sale and loans and derivatives		(642)
Total other expense	(1)	(5,593)
Discontinued Operations
Interest income:
Loans		570
Other		4
Total interest income		574
Net interest income		574
Other revenue		85
Total revenues		659
OPERATING EXPENSES
General and administrative	172	660
Total operating expenses	172	660
Net interest and other revenues less operating expenses	(172)	(1)
OTHER INCOME (EXPENSE)
Net realized and unrealized loss on investment securities available-for-sale and loans and derivatives	135	248
Total other expense	135	248
(LOSS) INCOME FROM DISCONTINUED OPERATIONS BEFORE TAXES	(37)	247
TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS	$ (37)	$ 247

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 ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Other assets	$ 4,463	$ 4,015
Total	17,646	17,645
LIABILITIES
Accounts payable and other liabilities	4,370	7,550
Total	1,819	1,820
Discontinued Operations, Held-for-sale
ASSETS
Loans held for sale	17,000	17,000
Other assets	646	645
Total	17,646	17,645
LIABILITIES
Accounts payable and other liabilities	1,819	1,820
Total	$ 1,819	$ 1,820

DISCONTINUED OPERATIONS AND A_5

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE (Loans Held for Sale in the Residential Mortgage and Middle Market Lending Segments) (Details) - Discontinued Operations, Held-for-sale	Mar. 31, 2019USD ($)Loantranche	Dec. 31, 2018USD ($)Loan
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Quantity | Loan	2	2
Amortized Cost	$ 21,768,000	$ 21,666,000
Carrying Value	$ 17,000,000	$ 17,000,000
Legacy CRE Whole Loans
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Quantity | Loan	1	1
Amortized Cost	$ 21,768,000	$ 21,666,000
Carrying Value	$ 17,000,000	$ 17,000,000
Mezzanine loan
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Quantity | Loan	1	1
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