ACRES Commercial Realty (ACR) 10-Q 6 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 04, 2019
Document Information [Line Items]
Entity Registrant Name	EXANTAS CAPITAL CORP.
Entity Central Index Key	0001332551
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding (in shares)		31,880,594
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	1-32733
Entity Tax Identification Number	20-2287134
Entity Address, Address Line One	717 Fifth Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	621-3210
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	XAN
Security Exchange Name	NYSE
8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock
Trading Symbol	XANPrC
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS:
Cash and cash equivalents	$ 51,286	$ 82,816
Restricted cash	16,614	12,658
Accrued interest receivable	8,647	8,198
CRE loans, net of allowances of $1,460 and $1,401	1,795,310	1,551,967
Investment securities available-for-sale	471,848	418,998
Principal paydowns receivable	105,464	32,083
Investments in unconsolidated entities	1,548	1,548
Derivatives, at fair value		985
Other assets	4,069	4,015
Assets held for sale (amounts include $17,141 and $17,000 of legacy CRE loans held for sale in continuing operations, see Note 20)	17,407	17,645
Total assets	2,472,193	2,130,913
LIABILITIES
Accounts payable and other liabilities	3,229	7,550
Management fee payable	1,142	938
Accrued interest payable	2,523	4,224
Borrowings	1,887,426	1,554,223
Distributions payable	9,693	7,265
Derivatives, at fair value	6,355	1,043
Accrued tax liability	33	31
Liabilities held for sale (see Note 20)	1,766	1,820
Total liabilities	1,912,167	1,577,094
STOCKHOLDERS' EQUITY
Common stock, par value $0.001: 125,000,000 shares authorized; 31,870,902 and 31,657,499 shares issued and outstanding (including 424,164 and 422,671 of unvested restricted shares)	32	32
Additional paid-in capital	1,084,365	1,082,677
Accumulated other comprehensive income (loss)	1,156	(3,057)
Distributions in excess of earnings	(525,532)	(525,838)
Total stockholders' equity	560,026	553,819
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	2,472,193	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	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Financing receivable, allowance for credit losses	$ 1,460	$ 1,401
Legacy CRE whole loans held for sale	$ 471,848	$ 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)	31,870,902	31,657,499
Common stock, shares outstanding (in shares)	31,870,902	31,657,499
Common stock, shares issued, non-vested restricted shares (in shares)	424,164	422,671
Assets of consolidated variable interest entities (VIEs) included in total assets above:
Restricted cash	$ 5,808	$ 6,189
Accrued interest receivable	4,308	3,548
CRE loans, pledged as collateral and net of allowances of $895 and $763	1,080,532	700,223
CRE loans, pledged as collateral, allowances	895	763
Principal paydowns receivable	26,308	31,914
Other assets	95	157
Total assets of consolidated VIEs	1,117,051	742,031
Accounts payable and other liabilities	137	75
Accrued interest payable	1,053	709
Borrowings	882,510	501,045
Total liabilities of consolidated VIEs	883,700	501,829
Discontinued Operations, Held-for-sale | Legacy CRE Whole Loans
Legacy CRE whole loans held for sale	$ 17,141	$ 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Interest income:
CRE loans	$ 32,558	$ 26,496	$ 90,289	$ 74,314
Securities	6,596	5,217	19,562	12,878
Other	138	123	511	261
Total interest income	39,292	31,836	110,362	87,453
Interest expense	22,712	17,322	63,688	47,865
Net interest income	16,580	14,514	46,674	39,588
Other revenue	$ 25	$ 25	$ 77	$ 82
Type of Revenue [Extensible List]	us-gaap:ProductAndServiceOtherMember	us-gaap:ProductAndServiceOtherMember	us-gaap:ProductAndServiceOtherMember	us-gaap:ProductAndServiceOtherMember
Total revenues	$ 16,605	$ 14,539	$ 46,751	$ 39,670
OPERATING EXPENSES
Management fees	2,528	2,813	6,862	8,438
Equity compensation	552	757	1,647	2,383
General and administrative	2,086	2,336	7,158	7,943
Depreciation and amortization	8	36	39	68
(Recovery of) provision for loan losses, net	(1,137)	(461)	58	(1,260)
Total operating expenses	4,037	5,481	15,764	17,572
Net interest and other revenues less operating expenses	12,568	9,058	30,987	22,098
OTHER INCOME (EXPENSE)
Equity in earnings of unconsolidated entities		454		231
Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives		279	4	569
Net realized and unrealized gain on investment securities, trading				53
Fair value adjustments on financial assets held for sale	(55)	(1,588)	(1,457)	(6,244)
Other income	107	57	259	574
Total other income (expense)	52	(798)	(1,194)	(4,817)
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES	12,620	8,260	29,793	17,281
Income tax benefit				(31)
NET INCOME FROM CONTINUING OPERATIONS	12,620	8,260	29,793	17,312
NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX	(63)	364	(212)	161
NET INCOME	12,557	8,624	29,581	17,473
Net income allocated to preferred shares	(2,588)	(2,588)	(7,763)	(10,385)
Consideration paid in excess of carrying value of preferred shares				(7,482)
NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES	$ 9,969	$ 6,036	$ 21,818	$ (394)
NET INCOME (LOSS) PER COMMON SHARE - BASIC:
CONTINUING OPERATIONS (in dollars per share)	$ 0.32	$ 0.18	$ 0.70	$ (0.02)
DISCONTINUED OPERATIONS (in dollars per share)	0	0.01	(0.01)	0.01
TOTAL NET INCOME (LOSS) PER COMMON SHARE - BASIC (in dollars per share)	0.32	0.19	0.69	(0.01)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED:
CONTINUING OPERATIONS (in dollars per share)	0.31	0.18	0.70	(0.02)
DISCONTINUED OPERATIONS (in dollars per share)	0	0.01	(0.01)	0.01
NET INCOME (LOSS) PER COMMON SHARE – DILUTED (in dollars per share)	$ 0.31	$ 0.19	$ 0.69	$ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC (in shares)	31,445,492	31,229,969	31,421,294	31,186,057
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED (in shares)	31,714,755	31,477,398	31,634,371	31,186,057

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 12,557	$ 8,624	$ 29,581	$ 17,473
Other comprehensive income (loss):
Reclassification adjustments for realized gains on investment securities available-for-sale included in net income		(282)	(4)	(65)
Unrealized gains on investment securities available-for-sale, net	1,387	1,871	10,583	1,969
Reclassification adjustments associated with unrealized gains from interest rate hedges included in net income	(22)		(68)
Unrealized (losses) gains on derivatives, net	(1,886)	824	(6,298)	2,428
Total other comprehensive (loss) income	(521)	2,413	4,213	4,332
Comprehensive income before allocation to preferred shares	12,036	11,037	33,794	21,805
Net income allocated to preferred shares	(2,588)	(2,588)	(7,763)	(10,385)
Consideration paid in excess of carrying value of preferred shares				(7,482)
Comprehensive income allocable to common shares	$ 9,448	$ 8,449	$ 26,031	$ 3,938

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 (in shares)		236,387
Amortization of stock-based compensation	2,383				2,383
Retirement of common stock	(69)				(69)
Retirement of common shares (in shares)		(7,134)
Forfeiture of unvested stock (in shares)		(1,725)
Net income	17,473						$ 17,473
Distributions on preferred stock	(10,385)						(10,385)
Preferred stock redemption	(115,368)		$ (5)		(107,881)		(7,482)
Securities available-for-sale, fair value adjustment, net	1,904					1,904
Designated derivatives, fair value adjustment	2,428					2,428
Distributions on common stock	(9,498)						394	(9,892)
Ending balance at Sep. 30, 2018	560,345	$ 32		5	1,082,344	5,629		(527,665)
Ending balance (in shares) at Sep. 30, 2018		31,657,420
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	$ 41				41
Stock-based compensation (in shares)		227,541
Amortization of stock-based compensation	1,647				1,647
Forfeiture of unvested stock (in shares)		(14,138)
Net income	29,581						29,581
Distributions on preferred stock	(7,763)						(7,763)
Securities available-for-sale, fair value adjustment, net	10,579					10,579
Designated derivatives, fair value adjustment	(6,366)					(6,366)
Distributions on common stock	(21,512)						$ (21,818)	306
Ending balance at Sep. 30, 2019	$ 560,026	$ 32		$ 5	$ 1,084,365	$ 1,156		$ (525,532)
Ending balance (in shares) at Sep. 30, 2019	31,870,902	31,870,902

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	$ 29,581	$ 17,473
Net loss (income) from discontinued operations, net of tax	212	(161)
Net income from continuing operations	29,793	17,312
Adjustments to reconcile net income from continuing operations to net cash provided by continuing operating activities:
Provision for (recovery of) loan losses, net	58	(1,260)
Depreciation, amortization and accretion	1,884	1,919
Amortization of stock-based compensation	1,647	2,383
Principal payments on syndicated corporate loans held for sale		69
Principal payments on investment securities, trading		241
Net realized and unrealized gain on investment securities, trading		(53)
Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives	(4)	(569)
Fair value adjustments on financial assets held for sale	1,457	6,244
Equity in earnings of unconsolidated entities		(231)
Return on investment from investments in unconsolidated entities		411
Changes in operating assets and liabilities	(6,398)	4,443
Net cash provided by continuing operating activities	28,437	30,909
Net cash provided by discontinued operating activities	6	329
Net cash provided by operating activities	28,443	31,238
CASH FLOWS FROM INVESTING ACTIVITIES:
Origination and purchase of loans	(718,081)	(570,036)
Principal payments received on loans	404,658	399,472
Proceeds from sale of loans		16,709
Purchase of investment securities available-for-sale	(74,266)	(149,100)
Principal payments on investment securities available-for-sale	33,416	14,325
Proceeds from sale of investment securities available-for-sale	638	48
Return of capital from investments in unconsolidated entities		10,369
Settlement of derivative instruments		(46)
Net cash used in continuing investing activities	(353,635)	(278,259)
Net cash provided by discontinued investing activities	135	29,712
Net cash used in investing activities	(353,500)	(248,547)
CASH FLOWS FROM FINANCING ACTIVITIES:
Retirement of common stock		(69)
Repurchase of preferred stock		(165,340)
Proceeds from borrowings:
Repurchase agreements	669,228	603,295
Securitizations	575,811	397,452
Payments on borrowings:
Repurchase agreements	(722,387)	(476,555)
Securitizations	(191,793)	(262,576)
Payment of debt issuance costs	(6,529)	(9,640)
Distributions paid on preferred stock	(7,763)	(12,670)
Distributions paid on common stock	(19,084)	(6,319)
Net cash provided by continuing financing activities	297,483	67,578
Net cash provided by discontinued financing activities
Net cash provided by financing activities	297,483	67,578
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(27,574)	(149,731)
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	67,900	54,633
SUPPLEMENTAL DISCLOSURE:
Interest expense paid in cash	$ 58,748	$ 41,341

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 - ORGANIZATION Exantas Capital Corp., a Maryland corporation, along with its subsidiaries (collectively, the "Company"), is a real estate investment trust ("REIT") that is primarily focused on originating, holding and managing commercial real estate ("CRE") mortgage loans and other 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 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 stock at September 30, 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 RE"), 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	9 Months Ended
	Sep. 30, 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 ("GAAP") 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 September 30, 2019 and December 31, 2018, approximately $48.3 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): September 30, 2019 2018 Cash and cash equivalents $ 51,286 $ 48,053 Restricted cash 16,614 6,580 Total cash, cash equivalents and restricted cash shown on the Company's consolidated statements of cash flows $ 67,900 $ 54,633 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 $53.0 million and $58.4 million (tax effected expense of $15.6 million and $15.3 million) at September 30, 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. Share-Based Compensation Issuances of restricted stock and options are initially measured at fair value on the grant date and expensed monthly on a straight-line basis over the service period to equity compensation expense on the consolidated statements of operations, with a corresponding entry to additional paid-in capital on the consolidated balance sheets. Effective January 1, 2019, in accordance with updated guidance under GAAP, the fair value of all unvested issuances of restricted stock and options is not remeasured after the initial grant date. Previously, the Company adjusted unvested issuances of restricted stock and options to the Manager and to non-employees quarterly to reflect changes in fair value. 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. In accordance with the guidance, the Company's unvested issuances to the Manager and to non-employees granted prior to the January 1, 2019 adoption date were remeasured at fair value as of the adoption date with no subsequent remeasurement. Unvested issuances will continue to be amortized on a straight-line basis over the service period. 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. 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." While the Company is currently evaluating the impact of the guidance on the measurement of credit losses on financial instruments, the Company expects this standard will impact the consolidated financial statements, as described below. 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 the Company 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, with any adjustments reflected as of the beginning of the fiscal year of adoption. While the Company is currently evaluating the impact of this new guidance in conjunction with the implementation team that includes a third-party advisor, the Company expects the adoption of this standard will result in an increase to the allowance for credit losses as well as the recognition of provisions for credit losses earlier in the lending cycle. The impact of this guidance will be reflected as an adjustment to retained earnings at adoption. Subsequent increases and decreases in expected credit losses will be recorded in the Company's statement of operations. 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 previously reported net cash provided by financing activities in the consolidated statements of cash flows.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
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 September 30, 2019 and December 31, 2018 (collectively, the "Consolidated VIEs"). The Consolidated VIEs are CRE securitizations, CDOs and collateralized loan obligations 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 nine months ended September 30, 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 September 30, 2019 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 5,392 $ 416 $ 5,808 Accrued interest receivable 4,308 — 4,308 CRE loans, pledged as collateral 1,080,532 — 1,080,532 Principal paydowns receivable 26,308 — 26,308 Other assets 74 21 95 Total assets (1) $ 1,116,614 $ 437 $ 1,117,051 LIABILITIES Accounts payable and other liabilities $ 137 $ — $ 137 Accrued interest payable 1,053 — 1,053 Borrowings 882,510 — 882,510 Total liabilities $ 883,700 $ — $ 883,700 (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 September 30, 2019. The Company continuously reassesses whether it is deemed to be the primary beneficiary of its unconsolidated VIEs. The Company's maximum exposure to risk for each of these unconsolidated VIEs is set forth in the "Maximum Exposure to Loss" column in the table below. Unsecured Junior Subordinated Debentures The Company has a 100% interest in the common shares of Resource Capital Trust I ("RCT I") and RCC Trust II ("RCT II"), respectively, with a value of $1.5 million in the aggregate, or 3.0% of each trust, at September 30, 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. 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. WC Newhall MM, LLC In June 2019, the Company invested $5.5 million in the preferred equity of WC Newhall MM, LLC ("Santa Clarita"), a joint venture between the Company and two unrelated third parties ("Sponsor Members"). Santa Clarita was formed for the purpose of refinancing a self-storage CRE property. The Sponsor Members manage the daily operations of the property. The Company determined that although its investment in Santa Clarita represented a variable interest, its investment did not provide the Company with a controlling financial interest. The Company accounts for its investment in Santa Clarita'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 September 30, 2019 (in thousands): Unsecured Junior Subordinated Debentures C40 Prospect Hackensack Santa Clarita Total Maximum Exposure to Loss ASSETS Accrued interest receivable $ 135 $ 167 $ — $ — $ 302 $ — CRE loans — — 20,199 5,577 25,776 $ 25,776 Investment securities available-for-sale (1) — 22,620 — — 22,620 $ 21,912 Investments in unconsolidated entities 1,548 — — — 1,548 $ 1,548 Total assets 1,683 22,787 20,199 5,577 50,246 LIABILITIES Accrued interest payable 276 — — — 276 N/A Borrowings 51,548 — — — 51,548 N/A Total liabilities 51,824 — — — 51,824 N/A Net (liability) asset $ (50,141 ) $ 22,787 $ 20,199 $ 5,577 $ (1,578 ) 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 September 30, 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	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, 2019 2018 Non-cash continuing financing activities include the following: Distributions on common stock accrued but not paid $ 7,967 $ 4,749 Distributions on preferred stock accrued but not paid $ 1,725 $ 1,725

LOANS

LOANS	9 Months Ended
	Sep. 30, 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 Contractual Interest Rates (2) Maturity Dates (3)(4)(5) At September 30, 2019: CRE loans held for investment: Whole loans (6)(7) 115 $ 1,773,119 $ (6,825 ) $ 1,766,294 $ (1,460 ) $ 1,764,834 1M LIBOR plus 2.70% to 1M LIBOR plus 6.25% October 2019 to October 2023 Mezzanine loan 1 4,700 — 4,700 — 4,700 10.00% June 2028 Preferred equity investments (see Note 3) (7)(8)(9) 2 25,899 (123 ) 25,776 — 25,776 11.00% to 11.50% June 2022 to April 2025 Total CRE loans held for investment $ 1,803,718 $ (6,948 ) $ 1,796,770 $ (1,460 ) $ 1,795,310 At December 31, 2018: CRE loans held for investment: Whole loans (6)(7) 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)(9) 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 $8.7 million and $9.6 million and deferred amendment fees of $178,000 and $171,000 at September 30, 2019 and December 31, 2018, respectively. Additionally, the amounts include unamortized loan acquisition costs of $1.9 million at September 30, 2019. There were no unamortized loan acquisition costs at December 31, 2018. ( 2 ) LIBOR refers to the London Interbank Offered Rate. ( 3 ) Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms, that may be available to the borrowers. ( 4 ) Maturity dates exclude 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 September 30, 2019 and December 31, 2018. ( 5 ) Maturity dates include one whole loan with an original maturity date in October 2019 that was granted a one year extension in October 2019. ( 6 ) Substantially all loans are pledged as collateral under various borrowings at September 30, 2019 and December 31, 2018. ( 7 ) Whole loans had $109.9 million and $108.5 million in unfunded loan commitments at September 30, 2019 and December 31, 2018, respectively. Preferred equity investments had $3.1 million in unfunded commitments at September 30, 2019. There were no preferred equity investment unfunded commitments at December 31, 2018. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreement, and any necessary approvals have been obtained. ( 8 ) The interest rate on the Company's preferred equity investments each pay currently at 8.00%. The remaining interest is deferred until maturity. ( 9 ) Beginning in April 2023, the Company has the right to unilaterally force the sale of Prospect Hackensack's underlying property. Beginning in June 2025, the Company has the right to unilaterally force the sale of Santa Clarita's 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 September 30, 2019: Whole loans (1) $ — $ 123,895 $ 1,630,902 $ 1,754,797 Mezzanine loan — — 4,700 4,700 Preferred equity investments — — 25,776 25,776 Total CRE loans (1) $ — $ 123,895 $ 1,661,378 $ 1,785,273 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 September 30, 2019 and December 31, 2018. At September 30, 2019, approximately 22.1%, 19.7% and 16.4% of the Company's CRE loan portfolio was concentrated in the Mountain, Southwest and Southeast 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 September 30, 2019, the Company had $105.5 million of loan principal paydowns receivable, all of which was received in cash by the Company in October 2019. 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	9 Months Ended
	Sep. 30, 2019
Receivables [Abstract]
FINANCING RECEIVABLES	NOTE 6 - FINANCING RECEIVABLES The following tables show the activity in the allowance for loan losses for the nine months ended September 30, 2019 and year ended December 31, 2018 and the allowance for loan losses and recorded investments in loans at September 30, 2019 and December 31, 2018 (in thousands, except amount in the footnotes): Nine Months Ended September 30, 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) 59 (1,595 ) Loans charged-off — (2,332 ) Allowance for loan losses at end of period $ 1,460 $ 1,401 (1) Excludes the recovery of loan losses on one bank loan with no amortized cost or carrying value at September 30, 2019 and December 31, 2018 that received a payment of approximately $1,000 during the nine months ended September 30, 2019. September 30, 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 $ 1,460 $ 1,401 Loans: Amortized cost ending balance: Individually evaluated for impairment (1) $ 30,476 $ 24,255 Collectively evaluated for impairment $ 1,766,294 $ 1,529,113 (1) The Company's mezzanine loan and preferred equity investments 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 investments 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 September 30, 2019: Whole loans $ — $ 1,678,152 $ 84,300 $ 3,842 $ — $ — $ 1,766,294 Mezzanine loan (3) — 4,700 — — — — 4,700 Preferred equity investments (3) — 25,776 — — — — 25,776 Legacy CRE loans held for sale — — — — — 17,141 17,141 Total $ — $ 1,708,628 $ 84,300 $ 3,842 $ — $ 17,141 $ 1,813,911 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 September 30, 2019 and December 31, 2018. The loan is performing with respect to debt service due in accordance with a forbearance agreement at September 30, 2019 and December 31, 2018. ( 2 ) Includes one legacy CRE loan that was in default with a total carrying value of $17.1 million and $17.0 million at September 30, 2019 and December 31, 2018, respectively. ( 3 ) The Company's mezzanine loan and preferred equity investments 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 September 30, 2019: Whole loans $ — $ — $ 11,496 $ 11,496 $ 1,754,798 $ 1,766,294 $ 11,496 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investments — — — — 25,776 25,776 — Legacy CRE loans held for sale — — 17,141 17,141 — 17,141 — Total $ — $ — $ 28,637 $ 28,637 $ 1,785,274 $ 1,813,911 $ 11,496 At December 31, 2018: Whole loans $ — $ — $ 11,516 $ 11,516 $ 1,517,597 $ 1,529,113 $ 11,516 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investment — — — — 19,555 19,555 — Legacy CRE loans held for sale — — 17,000 17,000 — 17,000 — Total $ — $ — $ 28,516 $ 28,516 $ 1,541,852 $ 1,570,368 $ 11,516 ( 1 ) Includes one whole loan, with an amortized cost of $11.5 million, which was in maturity default at September 30, 2019 and December 31, 2018. The loan is performing with respect to debt service due in accordance with a forbearance agreement at September 30, 2019 and December 31, 2018. During the three and nine months ended September 30, 2019, the Company recognized interest income of $170,000 and $587,000, respectively, on this whole loan. During the three and nine months ended September 30, 2018, the Company recognized interest income of $156,000 and $459,000, respectively, on this whole loan. ( 2 ) Includes one legacy CRE loan that was in default with a total carrying value of $17.1 million and $17.0 million at September 30, 2019 and December 31, 2018, respectively. Impaired Loans The Company did not have any impaired loans at September 30, 2019 and December 31, 2018. Troubled-Debt Restructurings ("TDRs") There were no TDRs for the nine months ended September 30, 2019 and 2018.

INVESTMENT SECURITIES AVAILABLE

INVESTMENT SECURITIES AVAILABLE-FOR-SALE	9 Months Ended
	Sep. 30, 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 September 30, 2019: CMBS, fixed rate $ 118,481 $ 7,234 $ (517 ) $ 125,198 CMBS, floating rate 346,408 1,374 (1,132 ) 346,650 Total $ 464,889 $ 8,608 $ (1,649 ) $ 471,848 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 September 30, 2019 and December 31, 2018, investment securities available-for-sale with fair values of $410.0 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): September 30, 2019 December 31, 2018 Amortized Cost (1) Fair Value (1) Weighted Average Coupon (2) Amortized Cost (1) Fair Value (1) Weighted Average Coupon (2) Less than one year (3) $ 162,489 $ 162,750 5.17% $ 126,446 $ 126,014 5.76% Greater than one year and less than five years 70,473 70,977 5.37% 98,220 97,083 5.21% Greater than five years and less than ten years 231,927 238,121 3.96% 197,953 195,901 4.06% Total $ 464,889 $ 471,848 4.54% $ 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 September 30, 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 September 30, 2019 and December 31, 2018. (2) The weighted average coupon rate is based on the face values of the associated securities. ( 3 ) 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 September 30, 2019, the contractual maturities, which may be different than the estimated weighted average lives reflected in the table above, 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 September 30, 2019: CMBS $ 116,555 $ (1,317 ) 22 $ 10,171 $ (332 ) 7 $ 126,726 $ (1,649 ) 29 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 and nine months ended September 30, 2019 and 2018. The following table summarizes the Company's sales and redemptions of investment securities available-for-sale for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands): For the Three Months Ended For the Nine Months Ended Positions Sold/Redeemed Par Amount Sold/Redeemed Amortized Cost Realized Gain Proceeds Positions Sold/Redeemed Par Amount Sold/Redeemed Amortized Cost Realized Gain (Loss) Proceeds September 30, 2019: CMBS — $ — $ — $ — $ — 1 $ 634 $ 634 $ 4 $ 638 September 30, 2018: CMBS 1 $ 10,000 $ 7,821 $ 282 $ 8,103 1 $ 10,000 $ 7,821 $ 282 $ 8,103 ABS — — — — — 2 411 265 (217 ) 48 Total 1 $ 10,000 $ 7,821 $ 282 $ 8,103 3 $ 10,411 $ 8,086 $ 65 $ 8,151

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018 and equity in earnings of unconsolidated entities for the three and nine months ended September 30, 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 For the Nine Months Ended September 30, 2019 September 30, 2019 December 31, 2018 September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Investment in LCC Preferred Stock (1) — % $ — $ — $ — $ 411 $ — $ 411 Pelium Capital (2) — % — — — 50 — (180 ) RCM Global — % — — — (7 ) — — Subtotal — — — 454 — 231 Investment in RCT I and RCT II (3) 3.0 % 1,548 1,548 25 25 76 71 Total $ 1,548 $ 1,548 $ 25 $ 479 $ 76 $ 302 (1) The Company's investment in LEAF Commercial Capital, Inc. ("LCC") liquidated in July 2017 as a result of the sale of LCC. Earnings for the three and nine months ended September 30, 2018 are related to the receipt of a distribution of funds formerly held in escrow accounts established as part of the sale. (2) During the nine months ended September 30, 2018, the Company received distributions of $10.4 million on its investment in Pelium Capital Partners, L.P. ("Pelium Capital"). ( 3 ) During the three and nine months ended September 30, 2019 and 2018, dividends from the investments in RCT I and RCT II's common shares are recorded in other revenue. See Note 9 for the disclosures on the associated unsecured junior subordinated debentures. In 2018, Pelium Capital and RCM Global LLC were fully liquidated.

BORROWINGS

BORROWINGS	9 Months Ended
	Sep. 30, 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 September 30, 2019: XAN 2018-RSO6 Senior Notes $ 315,010 $ 2,668 $ 312,342 3.19 % 15.7 years $ 431,782 XAN 2019-RSO7 Senior Notes 575,711 5,543 570,168 3.32 % 16.6 years 687,068 Unsecured junior subordinated debentures 51,548 — 51,548 6.24 % 16.9 years — 4.50% Convertible Senior Notes 143,750 11,010 132,740 4.50 % 2.9 years — 8.00% Convertible Senior Notes 21,182 67 21,115 8.00 % 107 days — CRE - term repurchase facilities (1) 475,706 3,316 472,390 4.09 % 1.3 years 635,084 CMBS - short term repurchase agreements (2) 327,123 — 327,123 3.18 % 21 days 427,534 Total $ 1,910,030 $ 22,604 $ 1,887,426 3.69 % 8.6 years $ 2,181,468 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 (3) 47,451 279 47,172 6.41 % 1.7 years 118,780 CMBS - short term repurchase agreements (2) 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 $738,000 and $911,000 at September 30, 2019 and December 31, 2018, respectively. (2) Principal outstanding includes accrued interest payable of $432,000 and $773,000 at September 30, 2019 and December 31, 2018, respectively. ( 3 ) Principal outstanding includes accrued interest payable of $118,000 at December 31, 2018. Securitizations The following table sets forth certain information with respect to the Company's consolidated securitizations at September 30, 2019 (in thousands): Closing Date Maturity Date End of Designated Principal Reinvestment Period (1) Total Note Paydowns Received from Closing Date through September 30, 2019 XAN 2018-RSO6 June 2018 June 2035 December 2020 $ 82,442 XAN 2019-RSO7 April 2019 April 2036 April 2022 $ 100 (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 September 30, 2019 and December 31, 2018 were eliminated in consolidation. RCC 2017-CRE5 In July 2017, the Company closed Resource Capital Corp. 2017-CRE5, Ltd. ( " " Corporate Debt 4.50% Convertible Senior Notes and 8.00% Convertible Senior Notes The Company issued $100.0 million aggregate principal of its 8.00% convertible senior notes due 2020 ("8.00% Convertible Senior Notes") and $143.8 million aggregate principal of its 4.50% convertible senior notes due 2022 ("4.50% Convertible Senior Notes") in January 2015 and August 2017, respectively (together, the "Convertible Senior Notes"). In conjunction with the issuance of the 4.50% Convertible Senior Notes, the Company extinguished $78.8 million of aggregate principal of its 8.00% Convertible Senior Notes. The following table summarizes the Convertible Senior Notes at September 30, 2019 (dollars in thousands, except the conversion prices and amounts in the footnotes): Principal Outstanding Borrowing Rate Effective Rate (1) Conversion Rate (2)(3) Conversion Price (3) Maturity Date 4.50% Convertible Senior Notes $ 143,750 4.50 % 7.43 % 81.9466 $ 12.20 August 15, 2022 8.00% Convertible Senior Notes $ 21,182 8.00 % 9.13 % 46.8604 $ 21.34 January 15, 2020 (1) Includes the amortization of the market discounts and deferred debt issuance costs, if any, for the Convertible Senior Notes recorded in interest expense on the consolidated statements of operations. (2) Represents the number of shares of common stock per $1,000 principal amount of the Convertible Senior Notes' principal outstanding, subject to adjustment as provided in the Second Supplemental Indenture (the "8.00% Convertible Senior Notes Indenture") and the Third Supplemental Indenture (the "4.50% Convertible Senior Notes Indenture"). (3) The conversion rate and conversion price of the 4.50% Convertible Senior Notes at September 30, 2019 are adjusted to reflect quarterly cash dividends in excess of a $0.10 dividend threshold, as defined in the 4.50% Convertible Senior Notes Indenture. The split-adjusted dividend threshold of $0.64, as defined in the 8.00% Convertible Senior Notes Indenture, was not exceeded for the three and nine months ended September 30, 2019 and 2018. The Convertible Senior Notes are convertible at the option of the holder at any time up until one business day before the respective maturity date and may be settled in cash, the Company's common stock or a combination of cash and the Company's common stock, at the Company's election. The Company may not redeem the Convertible Senior Notes prior to maturity. The closing price of the Company's common stock was $11.37 on September 30, 2019, which did not exceed the conversion price of either of its Convertible Senior Notes at September 30, 2019. 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): September 30, 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) $ 201,920 $ 268,965 30 4.04 % $ 154,478 $ 226,530 13 4.33 % Morgan Stanley Bank, N.A. (3) 37,274 62,664 3 4.66 % 37,113 62,457 3 5.09 % Barclays Bank PLC (4) 104,716 135,649 13 4.30 % 240,416 308,389 11 4.51 % JPMorgan Chase Bank, N.A. (5) 128,480 167,806 10 3.84 % 75,440 98,839 5 4.30 % Trust Certificates - Term Repurchase Facilities RSO Repo SPE Trust 2017 (6) — — — — % 47,172 118,780 2 6.41 % CMBS - Short-Term Repurchase Agreements Deutsche Bank Securities Inc. 30,774 51,075 5 3.39 % 7,305 9,158 5 3.98 % JP Morgan Securities LLC 52,245 66,917 15 3.16 % 42,040 73,066 13 3.57 % Barclays Capital Inc. 73,813 93,931 5 3.11 % — — — — % RBC Capital Markets, LLC 170,291 215,611 26 3.18 % 246,476 313,644 33 3.64 % Total $ 799,513 $ 1,062,618 $ 850,440 $ 1,210,863 (1) Outstanding borrowings include accrued interest payable. (2) Includes $869,000 and $1.6 million of deferred debt issuance costs at September 30, 2019 and December 31, 2018, respectively. (3) Includes $167,000 of deferred debt issuance costs at December 31, 2018. There were no deferred debt issuance costs at September 30, 2019. (4) Includes $979,000 and $1.5 million of deferred debt issuance costs at September 30, 2019 and December 31, 2018, respectively. ( 5 ) Includes $1.5 million and $2.0 million of deferred debt issuance costs at September 30, 2019 and December 31, 2018, respectively. (6) Includes $204,000 of deferred debt issuance costs at December 31, 2018. There were no deferred debt issuance costs at September 30, 2019. The following table shows information about the amount at risk under the repurchase facilities at September 30, 2019 (dollars in thousands): Amount at Risk (1) Weighted Average Remaining Maturity Weighted Average Interest Rate At September 30, 2019: CRE - Term Repurchase Facilities Wells Fargo Bank, N.A. $ 67,223 295 days 4.04 % Morgan Stanley Bank, N.A. (2) $ 25,722 31 days 4.66 % Barclays Bank PLC $ 30,567 1.5 years 4.30 % JPMorgan Chase Bank, N.A. $ 38,506 2.1 years 3.84 % CMBS - Short-Term Repurchase Agreements Deutsche Bank Securities Inc. $ 20,428 41 days 3.39 % JP Morgan Securities LLC $ 14,879 16 days 3.16 % Barclays Capital Inc. $ 20,303 16 days 3.11 % RBC Capital Markets, LLC $ 45,667 21 days 3.18 % (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. (2) This facility was paid in full in October 2019. The Company was in compliance with all financial covenants in each of the respective agreements at September 30, 2019. CRE - Term Repurchase Facilities In September 2015, the Company's wholly-owned subsidiary entered into a master repurchase and securities agreement (the "Morgan Stanley Facility") with Morgan Stanley Bank, N.A. to finance the origination of CRE loans. In September 2019, the Company executed an amendment of the Morgan Stanley Facility, which reduced its maximum capacity to $37.2 million and extended the maturity date through October 2019, at which time it was repaid in full. Trust Certifications - Term Repurchase Facility In September 2017, the Company's wholly-owned subsidiary entered into a repurchase and securities agreement (the "2017 Term Repurchase Trust Facility") with RSO Repo SPE Trust 2017. In July 2019, the Company paid off the outstanding balance of the 2017 Term Repurchase Trust Facility in connection with the redemption of RCC 2017-CRE5. CMBS - Short-Term Repurchase Agreements In February 2013, the Company's wholly-owned subsidiary entered into a master repurchase agreement (the "Barclays Capital Facility") 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 September 30, 2019: CRE securitizations $ 890,721 $ — $ — $ — $ — $ 890,721 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 (1) 802,829 364,397 202,789 235,643 — — Total $ 1,910,030 $ 364,397 $ 223,971 $ 235,643 $ 143,750 $ 942,269 (1) Includes accrued interest payable in the balances of principal outstanding.

SHARE ISSUANCE AND REPURCHASE

SHARE ISSUANCE AND REPURCHASE	9 Months Ended
	Sep. 30, 2019
Stockholders Equity Note [Abstract]
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 nine months ended September 30, 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. At September 30, 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. In March 2016, the Board approved a securities repurchase program for up to $50.0 million of its outstanding securities. During the three and nine months ended September 30, 2019 and 2018, the Company did not repurchase any shares of its common or preferred stock through this program. At September 30, 2019, $44.9 million remains available under this repurchase plan.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
SHARE-BASED COMPENSATION	In June 2019, the Company's shareholders approved the Exantas Capital Corp. Second Amended and Restated Omnibus Equity Compensation Plan (the "June 2019 Plan"), which amended the May 2014 plan. The June 2019 Plan (i) increased the number of shares authorized for issuance from 3,275,000 shares to 4,775,000 shares; (ii) extended the expiration date from May 2024 to June 2029; and (iii) made other clarifying and updating amendments. 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 27,728 196,198 — 223,926 Vested (27,032 ) (175,454 ) (5,809 ) (208,295 ) Forfeited (3,170 ) (10,968 ) — (14,138 ) Unvested shares at September 30, 2019 27,760 396,404 — 424,164 (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 nine months ended September 30, 2019 and 2018 was $2.0 million. The fair values at grant date of shares of restricted common stock issued to the Company's eight non-employee directors that served at any time during the nine months ended September 30, 2019 and 2018 were $300,000 and $255,000, respectively. At September 30, 2019, the total unrecognized restricted common stock expense for non-employees was $1.6 million, with a weighted average amortization period remaining of 2.0 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 nine months ended September 30, 2019: Grant Date (1) Shares (1) Vesting per Year (1) Vesting Date(s) (1) 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 June 3, 2019 3,164 100% June 3, 2020 June 6, 2019 3,170 100% June 6, 2020 June 19, 2019 900 100% June 19, 2020 September 30, 2019 3,078 100% September 30, 2020 (1) The restricted stock grant on June 6, 2019 was forfeited during the nine months ended September 30, 2019. The following table summarizes the status of the Company's vested stock options at September 30, 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 September 30, 2019 10,000 $ 25.60 1.63 $ — There were no options granted during the nine months ended September 30, 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 For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Restricted shares granted to non-employees (1) $ 489 $ 685 $ 1,438 $ 2,166 Restricted shares granted to non-employee directors 63 72 209 217 Total $ 552 $ 757 $ 1,647 $ 2,383 (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. During the three and nine months ended September 30, 2019, the Company incurred incentive compensation payable to the Manager of $441,000 and $606,000, respectively, of which $331,000 and $455,000, respectively, was paid or payable in cash and $110,000 and $151,000, respectively, representing 9,692 and 13,307 shares, respectively, was paid or payable in common stock. The Manager received no incentive compensation for the three and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net income from continuing operations $ 12,620 $ 8,260 $ 29,793 $ 17,312 Net income allocated to preferred shares (2,588 ) (2,588 ) (7,763 ) (10,385 ) Consideration paid in excess of carrying value of preferred shares — — — (7,482 ) Net income (loss) from continuing operations allocable to common shares 10,032 5,672 22,030 (555 ) Net (loss) income from discontinued operations, net of tax (63 ) 364 (212 ) 161 Net income (loss) allocable to common shares $ 9,969 $ 6,036 $ 21,818 $ (394 ) Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 31,445,492 31,229,969 31,421,294 31,186,057 Effect of dilutive securities - unvested restricted stock 269,263 247,429 213,077 — Weighted average number of common shares outstanding - diluted 31,714,755 31,477,398 31,634,371 31,186,057 Net income (loss) per common share - basic: Continuing operations $ 0.32 $ 0.18 $ 0.70 $ (0.02 ) Discontinued operations — 0.01 (0.01 ) 0.01 Net income (loss) per common share - basic $ 0.32 $ 0.19 $ 0.69 $ (0.01 ) Net income (loss) per common share - diluted: Continuing operations $ 0.31 $ 0.18 $ 0.70 $ (0.02 ) Discontinued operations — 0.01 (0.01 ) 0.01 Net income (loss) per common share - diluted $ 0.31 $ 0.19 $ 0.69 $ (0.01 ) For the Convertible Senior Notes, the Company has the intent and ability to settle the principal amount in cash and intends to settle the conversion feature for the amount above the conversion price, or the conversion spread, if any, in common stock. The Company uses the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted earnings per share, if applicable. The conversion spread will have a dilutive impact on diluted earnings per share when the average market price of the Company's common stock for a given period exceeds the conversion price of the Convertible Senior Notes. For the three and nine months ended September 30, 2019 and 2018, the average market price of the Company's common stock did not exceed the conversion price of the Convertible Senior Notes and as such the Convertible Senior Notes have been excluded from the computation of diluted earnings per share. The conversion rate and conversion price for the Convertible Senior Notes are described further in Note 9.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 (6,298 ) 10,583 4,285 Amounts reclassified from accumulated other comprehensive income (1) (68 ) (4 ) (72 ) Balance at September 30, 2019 $ (5,803 ) $ 6,959 $ 1,156 (1) Amounts reclassified from accumulated other comprehensive income are reclassified to interest expense and net realized and unrealized gain on investment securities available-for-sale and loans and derivatives on the Company's consolidated statements of operations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 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 September 30, 2019, C-III indirectly beneficially owned 770,333, or 2.4%, of the Company's outstanding common stock. 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 and nine months ended September 30, 2019, the Manager earned base management fees of approximately $2.1 million and $6.3 million, respectively. For the three and nine months ended September 30, 2018, the Manager earned base management fees of approximately $2.8 million and $8.4 million, respectively. For the three and nine months ended September 30, 2019, the Manager earned incentive compensation of approximately $441,000 and $606,000, respectively, of which $331,000 was payable in cash and approximately $110,000 was payable in common stock at September 30, 2019. No incentive compensation was earned for the three and nine months ended September 30, 2018. At September 30, 2019 and December 31, 2018, $701,000 and $938,000, respectively, of base management fees were payable by the Company to the Manager. There was no incentive compensation payable at December 31, 2018. 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 and nine months ended September 30, 2019, the Company reimbursed the Manager $1.0 million and $3.2 million, respectively, for all such compensation and costs. For the three and nine months ended September 30, 2018, the Company reimbursed the Manager $1.2 million and $4.0 million, respectively, for all such compensation and costs. At September 30, 2019 and December 31, 2018, the Company had payables to Resource America and its subsidiaries pursuant to the Management Agreement totaling approximately $354,000 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 September 30, 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 September 30, 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 September 30, 2019 and December 31, 2018, the Company had net receivables from Resource Real Estate for loan deposits of $35,000 and $26,000, respectively. Resource Real Estate served as special servicer for the following liquidated real estate securitization transactions, which provided financing for CRE loans: (i) Resource Capital Corp. 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; (iii) Resource Capital Corp. 2015-CRE4, Ltd., a $312.9 million securitization that closed in August 2015 and liquidated in July 2018; and (iv) RCC 2017-CRE5, a $376.7 million securitization that closed in July 2017 and liquidated in July 2019. Resource Real Estate did not earn any special servicing fees during the three and nine months ended September 30, 2019 and 2018. Relationship with C-III Commercial Mortgage and C3AM. In May 2019, RCC RE entered into a Mortgage Loan Sale and Purchase Agreement (the "May 2019 Loan Acquisition Agreement") with C-III Commercial Mortgage LLC ("C-III Commercial Mortgage"), a wholly-owned subsidiary of C-III, that provided for the acquisition by RCC RE of certain CRE loans on a servicing-released basis at par, plus accrued and unpaid interest on each loan for an aggregate purchase price of $197.6 million. In accordance with the terms of the May 2019 Loan Acquisition Agreement, C-III Commercial Mortgage retains its title to all exit fees in excess of 0.50% of the outstanding principal balance. During the three and nine months ended September 30, 2019, C-III Commercial Mortgage did not earn any exit fees. The Company had no outstanding payables to C-III Commercial Mortgage at September 30, 2019. Additionally, C3AM served as the primary servicer for the CRE loans collateralizing RCC 2017-CRE5 and serves as the primary servicer for the CRE loans acquired in the May 2019 Loan Acquisition Agreement and the CRE loans collateralizing Exantas Capital Corp. 2018-RSO6, Ltd. ("XAN 2018-RSO6"), a $514.2 million securitization that closed in June 2018, and Exantas Capital Corp. 2019-RSO7, Ltd. ("XAN 2019-RSO7"), a $687.2 million securitization that closed in April 2019. C3AM receives servicing fees, payable monthly on an asset-by-asset basis. C3AM serves as special servicer for C40, XAN 2018-RSO6 and XAN 2019-RSO7, under which it receives a base special servicing fee. During the three and nine months ended September 30, 2019, C3AM earned approximately $161,000 and $424,000, respectively, in servicing fees. During the nine months ended September 30, 2019, the Company received $48,000 of exit fees from C3AM on a CRE loan acquired in the May 2019 Loan Acquisition Agreement. During the three and nine months ended September 30, 2018, C3AM earned approximately $109,000 and $217,000, respectively, in servicing fees. C3AM did not earn any special servicing fees during the three and nine months ended September 30, 2019 and 2018. The Company had payables to C3AM of approximately $41,000 and $26,000 at September 30, 2019 and December 31, 2018, respectively.

DISTRIBUTIONS

DISTRIBUTIONS	9 Months Ended
	Sep. 30, 2019
Distributions [Abstract]
DISTRIBUTIONS	NOTE 15 - DISTRIBUTIONS For the quarters ended September 30, 2019 and 2018, the Company declared and subsequently paid dividends of $0.25 and $0.15 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 nine months ended September 30, 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 September 30 October 25 $ 7,967 $ 0.25 June 30 July 26 $ 7,172 $ 0.225 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 September 30 N/A N/A N/A October 30 $ 2,588 $ 0.539063 June 30 N/A N/A N/A July 30 $ 2,587 $ 0.539063 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 (1) March 26 $ 1,480 $ 0.320830 N/A N/A N/A (1) In March 2018, the Company redeemed all remaining shares of its Series B Preferred Stock.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 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 September 30, 2019: Assets: Investment securities available-for-sale $ — $ — $ 471,848 $ 471,848 Total assets at fair value $ — $ — $ 471,848 $ 471,848 Liabilities: Derivatives $ — $ 6,355 $ — $ 6,355 Total liabilities at fair value $ — $ 6,355 $ — $ 6,355 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 2,105 Purchases 74,220 Sale (638 ) Paydowns (1) (33,416 ) Included in other comprehensive income 10,579 Balance, September 30, 2019 $ 471,848 (1) Includes non-cash adjustments in connection with the recalculation of the accretable yield on certain interest-only CMBS. A legacy CRE loan held for sale is measured at the lower of cost or market on a nonrecurring basis. To determine the fair value of the legacy CRE loan 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 and nine months ended September 30, 2019, the Company recorded losses of $55,000 and $1.5 million, respectively, on one legacy CRE loan held for sale, which included protective advances to cover borrower operating losses of $55,000 and $158,000, respectively. The loss during the nine months ended September 30, 2019 primarily comprised a $1.3 million fair value charge in connection with the updated fair value based on the average of three June 2019 brokers' opinions of value that were taken into account equally along with an appraisal received in February 2019. The fair value of the collateral has subsequently increased in connection with capital improvements, which were deducted from the brokers' opinions of value and appraisal. During the three and nine months ended September 30, 2018, the Company recorded losses of $1.6 million and $6.3 million, respectively, on the same legacy CRE loan held for sale, which included protective advances to cover borrower operating losses of $600,000 and $772,000, respectively, to adjust the loan to the average value of two appraisals. The loan had a fair value, less the remaining estimated costs to repair the underlying collateral, equal to $17.1 million and $17.0 million at September 30, 2019 and December 31, 2018, respectively. The terminal capitalization rates used in the updated appraisal and brokers' opinions of values ranged from 8.50% to 10.00% at September 30, 2019. 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. Par 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 4.77% to 8.32% and 5.08% to 8.63% at September 30, 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 investments are measured by discounting the expected cash flows using the future expected coupon rates. The Company's preferred equity investments are discounted at rates of 12.08% and 11.54%. Senior notes in CRE securitizations are valued using third-party pricing sources. 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%. 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 9.13% 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 September 30, 2019: Assets: CRE whole loans held for investment $ 1,764,834 $ 1,773,119 $ — $ — $ 1,773,119 CRE mezzanine loan $ 4,700 $ 4,700 $ — $ — $ 4,700 CRE preferred equity investments $ 25,776 $ 25,899 $ — $ — $ 25,899 Legacy CRE loans held for sale $ 17,141 $ 17,141 $ — $ — $ 17,141 Liabilities: Senior notes in CRE securitizations $ 882,510 $ 893,185 $ — $ — $ 893,185 Junior subordinated notes $ 51,548 $ 26,667 $ — $ — $ 26,667 Convertible notes $ 153,855 $ 164,932 $ — $ — $ 164,932 Repurchase agreements $ 799,513 $ 802,829 $ — $ — $ 802,829 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	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018, the Company had 18 and 16, respectively, interest rate swap contracts outstanding whereby the Company paid a weighted average fixed rate of 2.50% and 2.54%, respectively, and received a variable rate equal to one-month LIBOR. The aggregate notional amount of these contracts was $87.6 million and $81.1 million at September 30, 2019 and December 31, 2018, respectively. The counterparty for the Company's designated interest rate hedge contracts at September 30, 2019 and December 31, 2018 was Wells Fargo Bank, N.A. ("Wells Fargo"). There were no interest rate swaps in an asset position at September 30, 2019. At December 31, 2018, the estimated fair value of the Company's interest rate swaps in an asset position was $985,000. At September 30, 2019 and December 31, 2018, the estimated fair value of the Company's interest rate swaps in a liability position was $6.4 million and $1.0 million, respectively. The Company had aggregate unrealized losses of $5.8 million and aggregate unrealized gains of $563,000 on its interest rate swaps at September 30, 2019 and December 31, 2018, respectively, which are recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets. At September 30, 2019 and December 31, 2018, the Company had an unrealized gain of $553,000 and $621,000, respectively, 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 and $68,000 during the three and nine months ended September 30, 2019, respectively, to accrete the accumulated other comprehensive income on the terminated swap agreements. The Company did not record any interest expense for the three and nine months ended September 30, 2018 to amortize accumulated other comprehensive income (loss) from terminated swap agreements. The Company had a master netting agreement with Wells Fargo at September 30, 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. The Company had no centrally cleared interest rate swaps with fair values in an asset position at September 30, 2019. At December 31, 2018, the Company had centrally cleared interest rate swaps with fair values in an asset position of $985,000. At September 30, 2019 and December 31, 2018, the Company had centrally cleared interest rate swaps with a fair value in a liability position of $6.4 million and $1.0 million, respectively. The following tables present the fair value of the Company's derivative financial instruments at September 30, 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 nine months ended September 30, 2019 and 2018: Fair Value of Derivative Instruments Liability Derivatives At September 30, 2019 Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts, hedging (1) $ 87,551 Derivatives, at fair value $ 6,355 Interest rate swap contracts, hedging $ 87,551 Accumulated other comprehensive income (loss) $ (5,803 ) 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 Nine Months Ended September 30, 2019 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) Interest rate swap contracts, hedging Interest expense $ (16 ) Derivatives Nine Months Ended September 30, 2018 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) Interest rate swap contracts, hedging Interest expense $ (141 )

OFFSETTING OF FINANCIAL ASSETS

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 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 December 31, 2018: Derivatives, at fair value $ 985 $ — $ 985 $ — $ — $ 985 There were no derivatives with a fair value in an asset position at September 30, 2019. 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 September 30, 2019: Derivatives, at fair value (2) $ 6,355 $ — $ 6,355 $ — $ 6,355 $ — Repurchase agreements and term facilities (3) 799,513 — 799,513 798,682 831 — Total $ 805,868 $ — $ 805,868 $ 798,682 $ 7,186 $ — 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 $3.6 million and $1.3 million related to interest rate swap contracts outstanding at September 30, 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 $1.1 billion and $1.2 billion at September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2019. 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 September 30, 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 September 30, 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 and Dismissed Litigation Matters 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 September 30, 2019 or December 31, 2018. The Company previously disclosed a securities litigation suit against certain of the Company's current and former officers and directors titled Levin v. Resource Capital Corp. The Company previously disclosed two consolidated shareholder derivative actions filed in the Court that purported to assert claims on behalf of the Company similar to the claims in the New York State Actions (defined below) (collectively, the "Federal Actions"): (a) by shareholders who declined to make a demand on the Board prior to filing suit (the "Federal Demand Futile Actions"), which comprised a suit filed in January 2017 (the "Greenberg Action") and another suit filed in January 2017 (the "DeCaro Action"); and (b) by shareholders who served demands on the Board to bring litigation and alleged that their demands were wrongfully refused (the "Federal Demand Refused Actions"), which comprised a suit filed in February 2017 (the "McKinney Action"), a suit filed in March 2017 (the "Sherek/Speigel Action") and a suit filed in April 2017 (the "Sebenoler Action"). In January 2019, the parties to the Federal Actions executed a stipulation and agreement of settlement (the "Federal Actions Settlement Agreement"), which received final approval from the Court on May 17, 2019. Under the Federal Actions Settlement Agreement, the Company agreed to implement certain corporate governance changes and paid $550,000 in plaintiffs' attorneys' fees, funded by the Company's insurers. In exchange for the settlement consideration, the defendants were released from liability for certain claims, including all claims asserted in the Federal Actions. Among other terms and conditions, the Federal Actions Settlement Agreement provided that the defendants deny any and all allegations of wrongdoing and maintained that they have acted lawfully and in accordance with their fiduciary duties at all times. The Company previously disclosed six separate, additional shareholder derivative suits filed in the Supreme Court of New York purporting to assert claims on behalf of the Company (the "New York State Actions") that were filed 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 were substantially similar and alleged 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 asserted 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 2019 and July 2019, the Schwartz Action and Greff Action, respectively, were dismissed. In October 2019, the four remaining New York State Actions were dismissed. The Company previously disclosed another shareholder derivative action filed 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 asserted a breach of fiduciary duty claim that was substantially similar to the claims at issue in the Federal Actions. In May 2019, the plaintiff in the Hafkey Action voluntarily dismissed his suit in light of the settlement and dismissal of the Federal Actions. The Company previously disclosed another shareholder derivative action filed in the 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"). The complaint (as amended) in the Canoles Action asserted a variety of claims, including claims for breach of fiduciary duty, unjust enrichment and corporate waste, which were based on allegations substantially similar to those at issue in the Federal Demand Futile Actions. In July 2019, the plaintiff in the Canoles Action voluntarily dismissed his suit in light of the settlement and dismissal of the Federal Actions. 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 and dismissed in January 2018. 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 September 30, 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 and nine months ended September 30, 2019 and 2018. PCM is subject to additional claims for repurchases or indemnifications on loans that PCM has sold to investors. At both September 30, 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 $109.9 million and $108.5 million in unfunded loan commitments at September 30, 2019 and December 31, 2018, respectively. Preferred equity investments had $3.1 million in unfunded investment commitments at September 30, 2019. There were no preferred equity investment unfunded commitments at December 31, 2018.

DISCONTINUED OPERATIONS AND ASS

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE	9 Months Ended
	Sep. 30, 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 September 30, 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 and nine months ended September 30, 2019 and 2018 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 REVENUES Interest income: Loans $ — $ — $ — $ 580 Other — — — 13 Total interest income — — — 593 Interest expense — — — — Net interest income — — — 593 Other revenue 24 280 24 312 Total revenues 24 280 24 905 OPERATING EXPENSES General and administrative 87 62 371 1,165 Total operating expenses 87 62 371 1,165 (63 ) 218 (347 ) (260 ) OTHER INCOME (EXPENSE) Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives — 146 135 421 Total other income — 146 135 421 (LOSS) INCOME FROM DISCONTINUED OPERATIONS BEFORE TAXES (63 ) 364 (212 ) 161 Income tax expense — — — — TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS $ (63 ) $ 364 $ (212 ) $ 161 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 September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 ASSETS Loans held for sale $ 17,141 $ 17,000 Other assets 266 645 Total $ 17,407 $ 17,645 LIABILITIES Accounts payable and other liabilities $ 1,766 $ 1,820 Total $ 1,766 $ 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 September 30, 2019: Legacy CRE loan 1 $ 23,265 $ 17,141 Mezzanine loan (1) 1 — — Total 2 $ 23,265 $ 17,141 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	9 Months Ended
	Sep. 30, 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 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)	9 Months Ended
	Sep. 30, 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 ("GAAP") 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 September 30, 2019 and December 31, 2018, approximately $48.3 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): September 30, 2019 2018 Cash and cash equivalents $ 51,286 $ 48,053 Restricted cash 16,614 6,580 Total cash, cash equivalents and restricted cash shown on the Company's consolidated statements of cash flows $ 67,900 $ 54,633
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 $53.0 million and $58.4 million (tax effected expense of $15.6 million and $15.3 million) at September 30, 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.
Share-based Compensation	Share-Based Compensation Issuances of restricted stock and options are initially measured at fair value on the grant date and expensed monthly on a straight-line basis over the service period to equity compensation expense on the consolidated statements of operations, with a corresponding entry to additional paid-in capital on the consolidated balance sheets. Effective January 1, 2019, in accordance with updated guidance under GAAP, the fair value of all unvested issuances of restricted stock and options is not remeasured after the initial grant date. Previously, the Company adjusted unvested issuances of restricted stock and options to the Manager and to non-employees quarterly to reflect changes in fair value.
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. In accordance with the guidance, the Company's unvested issuances to the Manager and to non-employees granted prior to the January 1, 2019 adoption date were remeasured at fair value as of the adoption date with no subsequent remeasurement. Unvested issuances will continue to be amortized on a straight-line basis over the service period. 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. 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." While the Company is currently evaluating the impact of the guidance on the measurement of credit losses on financial instruments, the Company expects this standard will impact the consolidated financial statements, as described below. 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 the Company 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, with any adjustments reflected as of the beginning of the fiscal year of adoption. While the Company is currently evaluating the impact of this new guidance in conjunction with the implementation team that includes a third-party advisor, the Company expects the adoption of this standard will result in an increase to the allowance for credit losses as well as the recognition of provisions for credit losses earlier in the lending cycle. The impact of this guidance will be reflected as an adjustment to retained earnings at adoption. Subsequent increases and decreases in expected credit losses will be recorded in the Company's statement of operations.
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 previously reported net cash provided by financing activities in the consolidated statements of cash flows.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2019 2018 Cash and cash equivalents $ 51,286 $ 48,053 Restricted cash 16,614 6,580 Total cash, cash equivalents and restricted cash shown on the Company's consolidated statements of cash flows $ 67,900 $ 54,633

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 5,392 $ 416 $ 5,808 Accrued interest receivable 4,308 — 4,308 CRE loans, pledged as collateral 1,080,532 — 1,080,532 Principal paydowns receivable 26,308 — 26,308 Other assets 74 21 95 Total assets (1) $ 1,116,614 $ 437 $ 1,117,051 LIABILITIES Accounts payable and other liabilities $ 137 $ — $ 137 Accrued interest payable 1,053 — 1,053 Borrowings 882,510 — 882,510 Total liabilities $ 883,700 $ — $ 883,700 (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 September 30, 2019 (in thousands): Unsecured Junior Subordinated Debentures C40 Prospect Hackensack Santa Clarita Total Maximum Exposure to Loss ASSETS Accrued interest receivable $ 135 $ 167 $ — $ — $ 302 $ — CRE loans — — 20,199 5,577 25,776 $ 25,776 Investment securities available-for-sale (1) — 22,620 — — 22,620 $ 21,912 Investments in unconsolidated entities 1,548 — — — 1,548 $ 1,548 Total assets 1,683 22,787 20,199 5,577 50,246 LIABILITIES Accrued interest payable 276 — — — 276 N/A Borrowings 51,548 — — — 51,548 N/A Total liabilities 51,824 — — — 51,824 N/A Net (liability) asset $ (50,141 ) $ 22,787 $ 20,199 $ 5,577 $ (1,578 ) 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)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, 2019 2018 Non-cash continuing financing activities include the following: Distributions on common stock accrued but not paid $ 7,967 $ 4,749 Distributions on preferred stock accrued but not paid $ 1,725 $ 1,725

LOANS (Tables)

LOANS (Tables)	9 Months Ended
	Sep. 30, 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 Contractual Interest Rates (2) Maturity Dates (3)(4)(5) At September 30, 2019: CRE loans held for investment: Whole loans (6)(7) 115 $ 1,773,119 $ (6,825 ) $ 1,766,294 $ (1,460 ) $ 1,764,834 1M LIBOR plus 2.70% to 1M LIBOR plus 6.25% October 2019 to October 2023 Mezzanine loan 1 4,700 — 4,700 — 4,700 10.00% June 2028 Preferred equity investments (see Note 3) (7)(8)(9) 2 25,899 (123 ) 25,776 — 25,776 11.00% to 11.50% June 2022 to April 2025 Total CRE loans held for investment $ 1,803,718 $ (6,948 ) $ 1,796,770 $ (1,460 ) $ 1,795,310 At December 31, 2018: CRE loans held for investment: Whole loans (6)(7) 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)(9) 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 $8.7 million and $9.6 million and deferred amendment fees of $178,000 and $171,000 at September 30, 2019 and December 31, 2018, respectively. Additionally, the amounts include unamortized loan acquisition costs of $1.9 million at September 30, 2019. There were no unamortized loan acquisition costs at December 31, 2018. ( 2 ) LIBOR refers to the London Interbank Offered Rate. ( 3 ) Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms, that may be available to the borrowers. ( 4 ) Maturity dates exclude 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 September 30, 2019 and December 31, 2018. ( 5 ) Maturity dates include one whole loan with an original maturity date in October 2019 that was granted a one year extension in October 2019. ( 6 ) Substantially all loans are pledged as collateral under various borrowings at September 30, 2019 and December 31, 2018. ( 7 ) Whole loans had $109.9 million and $108.5 million in unfunded loan commitments at September 30, 2019 and December 31, 2018, respectively. Preferred equity investments had $3.1 million in unfunded commitments at September 30, 2019. There were no preferred equity investment unfunded commitments at December 31, 2018. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreement, and any necessary approvals have been obtained. ( 8 ) The interest rate on the Company's preferred equity investments each pay currently at 8.00%. The remaining interest is deferred until maturity. ( 9 ) Beginning in April 2023, the Company has the right to unilaterally force the sale of Prospect Hackensack's underlying property. Beginning in June 2025, the Company has the right to unilaterally force the sale of Santa Clarita's 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 September 30, 2019: Whole loans (1) $ — $ 123,895 $ 1,630,902 $ 1,754,797 Mezzanine loan — — 4,700 4,700 Preferred equity investments — — 25,776 25,776 Total CRE loans (1) $ — $ 123,895 $ 1,661,378 $ 1,785,273 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 September 30, 2019 and December 31, 2018.

FINANCING RECEIVABLES (Tables)

FINANCING RECEIVABLES (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2019 and year ended December 31, 2018 and the allowance for loan losses and recorded investments in loans at September 30, 2019 and December 31, 2018 (in thousands, except amount in the footnotes): Nine Months Ended September 30, 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) 59 (1,595 ) Loans charged-off — (2,332 ) Allowance for loan losses at end of period $ 1,460 $ 1,401 (1) Excludes the recovery of loan losses on one bank loan with no amortized cost or carrying value at September 30, 2019 and December 31, 2018 that received a payment of approximately $1,000 during the nine months ended September 30, 2019. September 30, 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 $ 1,460 $ 1,401 Loans: Amortized cost ending balance: Individually evaluated for impairment (1) $ 30,476 $ 24,255 Collectively evaluated for impairment $ 1,766,294 $ 1,529,113 (1) The Company's mezzanine loan and preferred equity investments 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 investments 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 September 30, 2019: Whole loans $ — $ 1,678,152 $ 84,300 $ 3,842 $ — $ — $ 1,766,294 Mezzanine loan (3) — 4,700 — — — — 4,700 Preferred equity investments (3) — 25,776 — — — — 25,776 Legacy CRE loans held for sale — — — — — 17,141 17,141 Total $ — $ 1,708,628 $ 84,300 $ 3,842 $ — $ 17,141 $ 1,813,911 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 September 30, 2019 and December 31, 2018. The loan is performing with respect to debt service due in accordance with a forbearance agreement at September 30, 2019 and December 31, 2018. ( 2 ) Includes one legacy CRE loan that was in default with a total carrying value of $17.1 million and $17.0 million at September 30, 2019 and December 31, 2018, respectively. ( 3 ) The Company's mezzanine loan and preferred equity investments 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 September 30, 2019: Whole loans $ — $ — $ 11,496 $ 11,496 $ 1,754,798 $ 1,766,294 $ 11,496 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investments — — — — 25,776 25,776 — Legacy CRE loans held for sale — — 17,141 17,141 — 17,141 — Total $ — $ — $ 28,637 $ 28,637 $ 1,785,274 $ 1,813,911 $ 11,496 At December 31, 2018: Whole loans $ — $ — $ 11,516 $ 11,516 $ 1,517,597 $ 1,529,113 $ 11,516 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investment — — — — 19,555 19,555 — Legacy CRE loans held for sale — — 17,000 17,000 — 17,000 — Total $ — $ — $ 28,516 $ 28,516 $ 1,541,852 $ 1,570,368 $ 11,516 ( 1 ) Includes one whole loan, with an amortized cost of $11.5 million, which was in maturity default at September 30, 2019 and December 31, 2018. The loan is performing with respect to debt service due in accordance with a forbearance agreement at September 30, 2019 and December 31, 2018. During the three and nine months ended September 30, 2019, the Company recognized interest income of $170,000 and $587,000, respectively, on this whole loan. During the three and nine months ended September 30, 2018, the Company recognized interest income of $156,000 and $459,000, respectively, on this whole loan. ( 2 ) Includes one legacy CRE loan that was in default with a total carrying value of $17.1 million and $17.0 million at September 30, 2019 and December 31, 2018, respectively.

INVESTMENT SECURITIES AVAILAB_2

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019: CMBS, fixed rate $ 118,481 $ 7,234 $ (517 ) $ 125,198 CMBS, floating rate 346,408 1,374 (1,132 ) 346,650 Total $ 464,889 $ 8,608 $ (1,649 ) $ 471,848 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 September 30, 2019 and December 31, 2018, investment securities available-for-sale with fair values of $410.0 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): September 30, 2019 December 31, 2018 Amortized Cost (1) Fair Value (1) Weighted Average Coupon (2) Amortized Cost (1) Fair Value (1) Weighted Average Coupon (2) Less than one year (3) $ 162,489 $ 162,750 5.17% $ 126,446 $ 126,014 5.76% Greater than one year and less than five years 70,473 70,977 5.37% 98,220 97,083 5.21% Greater than five years and less than ten years 231,927 238,121 3.96% 197,953 195,901 4.06% Total $ 464,889 $ 471,848 4.54% $ 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 September 30, 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 September 30, 2019 and December 31, 2018. (2) The weighted average coupon rate is based on the face values of the associated securities. ( 3 ) 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 September 30, 2019: CMBS $ 116,555 $ (1,317 ) 22 $ 10,171 $ (332 ) 7 $ 126,726 $ (1,649 ) 29 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 and nine months ended September 30, 2019 and 2018 (dollars in thousands): For the Three Months Ended For the Nine Months Ended Positions Sold/Redeemed Par Amount Sold/Redeemed Amortized Cost Realized Gain Proceeds Positions Sold/Redeemed Par Amount Sold/Redeemed Amortized Cost Realized Gain (Loss) Proceeds September 30, 2019: CMBS — $ — $ — $ — $ — 1 $ 634 $ 634 $ 4 $ 638 September 30, 2018: CMBS 1 $ 10,000 $ 7,821 $ 282 $ 8,103 1 $ 10,000 $ 7,821 $ 282 $ 8,103 ABS — — — — — 2 411 265 (217 ) 48 Total 1 $ 10,000 $ 7,821 $ 282 $ 8,103 3 $ 10,411 $ 8,086 $ 65 $ 8,151

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2019
Equity Method Investments And Joint Ventures [Abstract]
Schedule of unconsolidated entities	The following table summarizes the Company's investments in unconsolidated entities at September 30, 2019 and December 31, 2018 and equity in earnings of unconsolidated entities for the three and nine months ended September 30, 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 For the Nine Months Ended September 30, 2019 September 30, 2019 December 31, 2018 September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Investment in LCC Preferred Stock (1) — % $ — $ — $ — $ 411 $ — $ 411 Pelium Capital (2) — % — — — 50 — (180 ) RCM Global — % — — — (7 ) — — Subtotal — — — 454 — 231 Investment in RCT I and RCT II (3) 3.0 % 1,548 1,548 25 25 76 71 Total $ 1,548 $ 1,548 $ 25 $ 479 $ 76 $ 302 (1) The Company's investment in LEAF Commercial Capital, Inc. ("LCC") liquidated in July 2017 as a result of the sale of LCC. Earnings for the three and nine months ended September 30, 2018 are related to the receipt of a distribution of funds formerly held in escrow accounts established as part of the sale. (2) During the nine months ended September 30, 2018, the Company received distributions of $10.4 million on its investment in Pelium Capital Partners, L.P. ("Pelium Capital"). ( 3 ) During the three and nine months ended September 30, 2019 and 2018, dividends from the investments in RCT I and RCT II's common shares are recorded in other revenue. See Note 9 for the disclosures on the associated unsecured junior subordinated debentures. In 2018, Pelium Capital and RCM Global LLC were fully liquidated.

BORROWINGS (Tables)

BORROWINGS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019: XAN 2018-RSO6 Senior Notes $ 315,010 $ 2,668 $ 312,342 3.19 % 15.7 years $ 431,782 XAN 2019-RSO7 Senior Notes 575,711 5,543 570,168 3.32 % 16.6 years 687,068 Unsecured junior subordinated debentures 51,548 — 51,548 6.24 % 16.9 years — 4.50% Convertible Senior Notes 143,750 11,010 132,740 4.50 % 2.9 years — 8.00% Convertible Senior Notes 21,182 67 21,115 8.00 % 107 days — CRE - term repurchase facilities (1) 475,706 3,316 472,390 4.09 % 1.3 years 635,084 CMBS - short term repurchase agreements (2) 327,123 — 327,123 3.18 % 21 days 427,534 Total $ 1,910,030 $ 22,604 $ 1,887,426 3.69 % 8.6 years $ 2,181,468 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 (3) 47,451 279 47,172 6.41 % 1.7 years 118,780 CMBS - short term repurchase agreements (2) 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 $738,000 and $911,000 at September 30, 2019 and December 31, 2018, respectively. (2) Principal outstanding includes accrued interest payable of $432,000 and $773,000 at September 30, 2019 and December 31, 2018, respectively. ( 3 ) Principal outstanding includes accrued interest payable of $118,000 at December 31, 2018.
Schedule of securitizations	The following table sets forth certain information with respect to the Company's consolidated securitizations at September 30, 2019 (in thousands): Closing Date Maturity Date End of Designated Principal Reinvestment Period (1) Total Note Paydowns Received from Closing Date through September 30, 2019 XAN 2018-RSO6 June 2018 June 2035 December 2020 $ 82,442 XAN 2019-RSO7 April 2019 April 2036 April 2022 $ 100 (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.
Schedule of convertible senior notes	The following table summarizes the Convertible Senior Notes at September 30, 2019 (dollars in thousands, except the conversion prices and amounts in the footnotes): Principal Outstanding Borrowing Rate Effective Rate (1) Conversion Rate (2)(3) Conversion Price (3) Maturity Date 4.50% Convertible Senior Notes $ 143,750 4.50 % 7.43 % 81.9466 $ 12.20 August 15, 2022 8.00% Convertible Senior Notes $ 21,182 8.00 % 9.13 % 46.8604 $ 21.34 January 15, 2020 (1) Includes the amortization of the market discounts and deferred debt issuance costs, if any, for the Convertible Senior Notes recorded in interest expense on the consolidated statements of operations. (2) Represents the number of shares of common stock per $1,000 principal amount of the Convertible Senior Notes' principal outstanding, subject to adjustment as provided in the Second Supplemental Indenture (the "8.00% Convertible Senior Notes Indenture") and the Third Supplemental Indenture (the "4.50% Convertible Senior Notes Indenture"). (3) The conversion rate and conversion price of the 4.50% Convertible Senior Notes at September 30, 2019 are adjusted to reflect quarterly cash dividends in excess of a $0.10 dividend threshold, as defined in the 4.50% Convertible Senior Notes Indenture. The split-adjusted dividend threshold of $0.64, as defined in the 8.00% Convertible Senior Notes Indenture, was not exceeded for the three and nine months ended September 30, 2019 and 2018.
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): September 30, 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) $ 201,920 $ 268,965 30 4.04 % $ 154,478 $ 226,530 13 4.33 % Morgan Stanley Bank, N.A. (3) 37,274 62,664 3 4.66 % 37,113 62,457 3 5.09 % Barclays Bank PLC (4) 104,716 135,649 13 4.30 % 240,416 308,389 11 4.51 % JPMorgan Chase Bank, N.A. (5) 128,480 167,806 10 3.84 % 75,440 98,839 5 4.30 % Trust Certificates - Term Repurchase Facilities RSO Repo SPE Trust 2017 (6) — — — — % 47,172 118,780 2 6.41 % CMBS - Short-Term Repurchase Agreements Deutsche Bank Securities Inc. 30,774 51,075 5 3.39 % 7,305 9,158 5 3.98 % JP Morgan Securities LLC 52,245 66,917 15 3.16 % 42,040 73,066 13 3.57 % Barclays Capital Inc. 73,813 93,931 5 3.11 % — — — — % RBC Capital Markets, LLC 170,291 215,611 26 3.18 % 246,476 313,644 33 3.64 % Total $ 799,513 $ 1,062,618 $ 850,440 $ 1,210,863 (1) Outstanding borrowings include accrued interest payable. (2) Includes $869,000 and $1.6 million of deferred debt issuance costs at September 30, 2019 and December 31, 2018, respectively. (3) Includes $167,000 of deferred debt issuance costs at December 31, 2018. There were no deferred debt issuance costs at September 30, 2019. (4) Includes $979,000 and $1.5 million of deferred debt issuance costs at September 30, 2019 and December 31, 2018, respectively. ( 5 ) Includes $1.5 million and $2.0 million of deferred debt issuance costs at September 30, 2019 and December 31, 2018, respectively. (6) Includes $204,000 of deferred debt issuance costs at December 31, 2018. There were no deferred debt issuance costs at September 30, 2019.
Schedule of amount at risk under credit facility	The following table shows information about the amount at risk under the repurchase facilities at September 30, 2019 (dollars in thousands): Amount at Risk (1) Weighted Average Remaining Maturity Weighted Average Interest Rate At September 30, 2019: CRE - Term Repurchase Facilities Wells Fargo Bank, N.A. $ 67,223 295 days 4.04 % Morgan Stanley Bank, N.A. (2) $ 25,722 31 days 4.66 % Barclays Bank PLC $ 30,567 1.5 years 4.30 % JPMorgan Chase Bank, N.A. $ 38,506 2.1 years 3.84 % CMBS - Short-Term Repurchase Agreements Deutsche Bank Securities Inc. $ 20,428 41 days 3.39 % JP Morgan Securities LLC $ 14,879 16 days 3.16 % Barclays Capital Inc. $ 20,303 16 days 3.11 % RBC Capital Markets, LLC $ 45,667 21 days 3.18 % (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. (2) This facility was paid in full in October 2019.
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 September 30, 2019: CRE securitizations $ 890,721 $ — $ — $ — $ — $ 890,721 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 (1) 802,829 364,397 202,789 235,643 — — Total $ 1,910,030 $ 364,397 $ 223,971 $ 235,643 $ 143,750 $ 942,269

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 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 27,728 196,198 — 223,926 Vested (27,032 ) (175,454 ) (5,809 ) (208,295 ) Forfeited (3,170 ) (10,968 ) — (14,138 ) Unvested shares at September 30, 2019 27,760 396,404 — 424,164 (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 nine months ended September 30, 2019: Grant Date (1) Shares (1) Vesting per Year (1) Vesting Date(s) (1) 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 June 3, 2019 3,164 100% June 3, 2020 June 6, 2019 3,170 100% June 6, 2020 June 19, 2019 900 100% June 19, 2020 September 30, 2019 3,078 100% September 30, 2020 (1) The restricted stock grant on June 6, 2019 was forfeited during the nine months ended September 30, 2019.
Summary of stock option transactions	The following table summarizes the status of the Company's vested stock options at September 30, 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 September 30, 2019 10,000 $ 25.60 1.63 $ —
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 For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Restricted shares granted to non-employees (1) $ 489 $ 685 $ 1,438 $ 2,166 Restricted shares granted to non-employee directors 63 72 209 217 Total $ 552 $ 757 $ 1,647 $ 2,383 (1) Non-employees are employees of C-III or Resource America.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 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 For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net income from continuing operations $ 12,620 $ 8,260 $ 29,793 $ 17,312 Net income allocated to preferred shares (2,588 ) (2,588 ) (7,763 ) (10,385 ) Consideration paid in excess of carrying value of preferred shares — — — (7,482 ) Net income (loss) from continuing operations allocable to common shares 10,032 5,672 22,030 (555 ) Net (loss) income from discontinued operations, net of tax (63 ) 364 (212 ) 161 Net income (loss) allocable to common shares $ 9,969 $ 6,036 $ 21,818 $ (394 ) Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 31,445,492 31,229,969 31,421,294 31,186,057 Effect of dilutive securities - unvested restricted stock 269,263 247,429 213,077 — Weighted average number of common shares outstanding - diluted 31,714,755 31,477,398 31,634,371 31,186,057 Net income (loss) per common share - basic: Continuing operations $ 0.32 $ 0.18 $ 0.70 $ (0.02 ) Discontinued operations — 0.01 (0.01 ) 0.01 Net income (loss) per common share - basic $ 0.32 $ 0.19 $ 0.69 $ (0.01 ) Net income (loss) per common share - diluted: Continuing operations $ 0.31 $ 0.18 $ 0.70 $ (0.02 ) Discontinued operations — 0.01 (0.01 ) 0.01 Net income (loss) per common share - diluted $ 0.31 $ 0.19 $ 0.69 $ (0.01 )

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 (6,298 ) 10,583 4,285 Amounts reclassified from accumulated other comprehensive income (1) (68 ) (4 ) (72 ) Balance at September 30, 2019 $ (5,803 ) $ 6,959 $ 1,156 (1) Amounts reclassified from accumulated other comprehensive income are reclassified to interest expense and net realized and unrealized gain on investment securities available-for-sale and loans and derivatives on the Company's consolidated statements of operations.

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	9 Months Ended
	Sep. 30, 2019
Distributions [Abstract]
Dividends Declared	The following tables present dividends declared (on a per share basis) for the nine months ended September 30, 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 September 30 October 25 $ 7,967 $ 0.25 June 30 July 26 $ 7,172 $ 0.225 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 September 30 N/A N/A N/A October 30 $ 2,588 $ 0.539063 June 30 N/A N/A N/A July 30 $ 2,587 $ 0.539063 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 (1) March 26 $ 1,480 $ 0.320830 N/A N/A N/A (1) In March 2018, the Company redeemed all remaining shares of its Series B Preferred Stock.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019: Assets: Investment securities available-for-sale $ — $ — $ 471,848 $ 471,848 Total assets at fair value $ — $ — $ 471,848 $ 471,848 Liabilities: Derivatives $ — $ 6,355 $ — $ 6,355 Total liabilities at fair value $ — $ 6,355 $ — $ 6,355 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 2,105 Purchases 74,220 Sale (638 ) Paydowns (1) (33,416 ) Included in other comprehensive income 10,579 Balance, September 30, 2019 $ 471,848 (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 September 30, 2019: Assets: CRE whole loans held for investment $ 1,764,834 $ 1,773,119 $ — $ — $ 1,773,119 CRE mezzanine loan $ 4,700 $ 4,700 $ — $ — $ 4,700 CRE preferred equity investments $ 25,776 $ 25,899 $ — $ — $ 25,899 Legacy CRE loans held for sale $ 17,141 $ 17,141 $ — $ — $ 17,141 Liabilities: Senior notes in CRE securitizations $ 882,510 $ 893,185 $ — $ — $ 893,185 Junior subordinated notes $ 51,548 $ 26,667 $ — $ — $ 26,667 Convertible notes $ 153,855 $ 164,932 $ — $ — $ 164,932 Repurchase agreements $ 799,513 $ 802,829 $ — $ — $ 802,829 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)	9 Months Ended
	Sep. 30, 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 September 30, 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 nine months ended September 30, 2019 and 2018: Fair Value of Derivative Instruments Liability Derivatives At September 30, 2019 Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts, hedging (1) $ 87,551 Derivatives, at fair value $ 6,355 Interest rate swap contracts, hedging $ 87,551 Accumulated other comprehensive income (loss) $ (5,803 ) 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 Nine Months Ended September 30, 2019 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) Interest rate swap contracts, hedging Interest expense $ (16 ) Derivatives Nine Months Ended September 30, 2018 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) Interest rate swap contracts, hedging Interest expense $ (141 )

OFFSETTING OF FINANCIAL ASSET_2

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 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 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 September 30, 2019: Derivatives, at fair value (2) $ 6,355 $ — $ 6,355 $ — $ 6,355 $ — Repurchase agreements and term facilities (3) 799,513 — 799,513 798,682 831 — Total $ 805,868 $ — $ 805,868 $ 798,682 $ 7,186 $ — 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 $3.6 million and $1.3 million related to interest rate swap contracts outstanding at September 30, 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 $1.1 billion and $1.2 billion at September 30, 2019 and December 31, 2018, respectively.

DISCONTINUED OPERATIONS AND A_2

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2019 and 2018 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 REVENUES Interest income: Loans $ — $ — $ — $ 580 Other — — — 13 Total interest income — — — 593 Interest expense — — — — Net interest income — — — 593 Other revenue 24 280 24 312 Total revenues 24 280 24 905 OPERATING EXPENSES General and administrative 87 62 371 1,165 Total operating expenses 87 62 371 1,165 (63 ) 218 (347 ) (260 ) OTHER INCOME (EXPENSE) Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives — 146 135 421 Total other income — 146 135 421 (LOSS) INCOME FROM DISCONTINUED OPERATIONS BEFORE TAXES (63 ) 364 (212 ) 161 Income tax expense — — — — TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS $ (63 ) $ 364 $ (212 ) $ 161 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 September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 ASSETS Loans held for sale $ 17,141 $ 17,000 Other assets 266 645 Total $ 17,407 $ 17,645 LIABILITIES Accounts payable and other liabilities $ 1,766 $ 1,820 Total $ 1,766 $ 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 September 30, 2019: Legacy CRE loan 1 $ 23,265 $ 17,141 Mezzanine loan (1) 1 — — Total 2 $ 23,265 $ 17,141 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)	Sep. 30, 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	Sep. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash balance in excess of federal deposit Insurance limit, amount	$ 48.3	$ 80.4
Operating loss carryforwards, valuation allowance	53	58.4
Operating loss carryforwards, valuation allowance, tax expense impact	$ 15.6	$ 15.3

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 51,286	$ 82,816	$ 48,053
Restricted cash	16,614	12,658	6,580
Total cash, cash equivalents and restricted cash shown on the Company's consolidated statements of cash flows	$ 67,900	$ 95,474	$ 54,633	$ 204,364

VARIABLE INTEREST ENTITIES (Con

VARIABLE INTEREST ENTITIES (Consolidated VIEs) (the Company is the primary beneficiary) (Details) - VIE, Primary Beneficiary	9 Months Ended	12 Months Ended
	Sep. 30, 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	Sep. 30, 2019	Dec. 31, 2018
ASSETS:
Restricted cash	$ 5,808	$ 6,189
CRE loans, pledged as collateral	1,080,532	700,223
Principal paydowns receivable	26,308	31,914
Other assets	95	157
Total assets of consolidated VIEs	1,117,051	742,031
LIABILITIES
Accounts payable and other liabilities	137	75
Accrued interest payable	1,053	709
Borrowings	882,510	501,045
Total liabilities of consolidated VIEs	883,700	$ 501,829
VIE, Primary Beneficiary
ASSETS:
Restricted cash	5,808
Accrued interest receivable	4,308
CRE loans, pledged as collateral	1,080,532
Principal paydowns receivable	26,308
Other assets	95
Total assets of consolidated VIEs	1,117,051
LIABILITIES
Accounts payable and other liabilities	137
Accrued interest payable	1,053
Borrowings	882,510
Total liabilities of consolidated VIEs	883,700
CRE Securitizations | VIE, Primary Beneficiary
ASSETS:
Restricted cash	5,392
Accrued interest receivable	4,308
CRE loans, pledged as collateral	1,080,532
Principal paydowns receivable	26,308
Other assets	74
Total assets of consolidated VIEs	1,116,614
LIABILITIES
Accounts payable and other liabilities	137
Accrued interest payable	1,053
Borrowings	882,510
Total liabilities of consolidated VIEs	883,700
Other | VIE, Primary Beneficiary
ASSETS:
Restricted cash	416
Accrued interest receivable	0
CRE loans, pledged as collateral	0
Principal paydowns receivable	0
Other assets	21
Total assets of consolidated VIEs	437
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			9 Months Ended
	Jun. 30, 2019	Mar. 31, 2018	Oct. 31, 2017	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Investments in unconsolidated entities				$ 1,548,000	$ 1,548,000
Borrowings				1,887,426,000	$ 1,554,223,000
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying amount of private-label securitization				$ (1,578,000)
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	22,787,000
VIE, Not Primary Beneficiary | Prospect Hackensack
Variable Interest Entity [Line Items]
Carrying amount of private-label securitization				20,199,000
Payments to acquire interest in joint venture		$ 19,200,000
VIE, Not Primary Beneficiary | Santa Clarita
Variable Interest Entity [Line Items]
Carrying amount of private-label securitization				$ 5,577,000
Payments to acquire interest in joint venture	$ 5,500,000

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	Sep. 30, 2019	Oct. 31, 2017
ASSETS:
Accrued interest receivable	$ 302
CRE loans	25,776
Investment securities available-for-sale	22,620
Investments in unconsolidated entities	1,548
Total assets	50,246
LIABILITIES
Accrued interest payable	276
Borrowings	51,548
Total liabilities	51,824
Net (liability) asset	(1,578)
Interest Receivable
ASSETS:
Maximum Exposure to Loss	0
Loans Pledged as Collateral
ASSETS:
Maximum Exposure to Loss	25,776
Available-for-sale Securities
ASSETS:
Maximum Exposure to Loss	21,912
Investments in Unconsolidated Entities
ASSETS:
Maximum Exposure to Loss	1,548
Unsecured Junior Subordinated Debentures
ASSETS:
Accrued interest receivable	135
CRE loans	0
Investment securities available-for-sale	0
Investments in unconsolidated entities	1,548
Total assets	1,683
LIABILITIES
Accrued interest payable	276
Borrowings	51,548
Total liabilities	51,824
Net (liability) asset	(50,141)
C40
ASSETS:
Accrued interest receivable	167
CRE loans	0
Investment securities available-for-sale	22,620
Investments in unconsolidated entities	0
Total assets	22,787
LIABILITIES
Accrued interest payable	0
Borrowings	0
Total liabilities	0
Net (liability) asset	22,787	$ 705,400
Prospect Hackensack
ASSETS:
Accrued interest receivable	0
CRE loans	20,199
Investment securities available-for-sale	0
Investments in unconsolidated entities	0
Total assets	20,199
LIABILITIES
Accrued interest payable	0
Borrowings	0
Total liabilities	0
Net (liability) asset	20,199
Santa Clarita
ASSETS:
Accrued interest receivable	0
CRE loans	5,577
Investment securities available-for-sale	0
Investments in unconsolidated entities	0
Total assets	5,577
LIABILITIES
Accrued interest payable	0
Borrowings	0
Total liabilities	0
Net (liability) asset	$ 5,577

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - Continuing Operations - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2018
Common Stock
Non-cash continuing financing activities include the following:
Distributions accrued but not paid	$ 7,967	$ 4,749
Preferred Stock
Non-cash continuing financing activities include the following:
Distributions accrued but not paid	$ 1,725	$ 1,725

LOANS (Summary of Loans) (Detai

LOANS (Summary of Loans) (Details) - Commercial Real Estate Loans	Sep. 30, 2019USD ($)Loan	Dec. 31, 2018USD ($)Loan
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 1,803,718,000	$ 1,563,177,000
Unamortized (Discount) Premium, net	(6,948,000)	(9,809,000)
Amortized Cost, Loans held for investment	1,796,770,000	1,553,368,000
Allowance for Loan Losses	(1,460,000)	(1,401,000)
Carrying Value, Loans held for investment	1,795,310,000	1,551,967,000
Loan origination fees	8,700,000	9,600,000
Deferred amendment fees	178,000,000	171,000,000
Unamortized loan acquisition costs	1,900,000	0
Amortized Cost, Loans held for investment	1,796,770,000	1,553,368,000
CRE whole loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	1,773,119,000	1,538,759,000
Unamortized (Discount) Premium, net	(6,825,000)	(9,646,000)
Amortized Cost, Loans held for investment	1,766,294,000	1,529,113,000
Allowance for Loan Losses	(1,460,000)	(1,401,000)
Carrying Value, Loans held for investment	$ 1,764,834,000	$ 1,527,712,000
Quantity | Loan	115	79
Amortized Cost, Loans held for investment	$ 1,766,294,000	$ 1,529,113,000
Loans held for investment, unfunded loan commitments	$ 109,900,000	$ 108,500,000
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	$ 4,700,000	$ 4,700,000
Amortized Cost, Loans held for investment	4,700,000	4,700,000
Carrying Value, Loans held for investment	$ 4,700,000	$ 4,700,000
Quantity | Loan	1	1
Contractual Interest Rates	10.00%	10.00%
Amortized Cost, Loans held for investment	$ 4,700,000	$ 4,700,000
Preferred equity investments
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	25,899,000	19,718,000
Unamortized (Discount) Premium, net	(123,000)	(163,000)
Amortized Cost, Loans held for investment	25,776,000	19,555,000
Carrying Value, Loans held for investment	$ 25,776,000	$ 19,555,000
Quantity | Loan	2	1
Contractual Interest Rates		11.50%
Amortized Cost, Loans held for investment	$ 25,776,000	$ 19,555,000
Loans held for investment, unfunded loan commitments	$ 3,100,000	0
Loans receivable, contracted interest rate	8.00%
Preferred equity investments | Minimum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	11.00%
Preferred equity investments | Maximum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	11.50%
Whole Loans Classified as Held-for-sale
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 11,500,000	$ 11,500,000
Quantity | Loan	1	1
Amortized Cost, Loans held for investment	$ 11,500,000	$ 11,500,000

LOANS (Commercial Real Estate L

LOANS (Commercial Real Estate Loans, at Amortized Cost) (Details) $ in Thousands	Sep. 30, 2019USD ($)Loan	Dec. 31, 2018USD ($)Loan
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 1,796,770	$ 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		$ 10,379
2020	$ 123,895	182,422
2021 and Thereafter	1,661,378	1,349,052
Amortized Cost, Loans held for investment	1,785,273	1,541,853
Commercial Real Estate Debt Investments | CRE whole loans
Receivables With Imputed Interest [Line Items]
2019		10,379
2020	123,895	182,422
2021 and Thereafter	1,630,902	1,324,797
Amortized Cost, Loans held for investment	1,754,797	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 investments
Receivables With Imputed Interest [Line Items]
2021 and Thereafter	25,776	19,555
Amortized Cost, Loans held for investment	$ 25,776	$ 19,555

LOANS (Details)

LOANS (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Loans receivable related party	$ 105.5	$ 32.1
Commercial Real Estate Loans | Southwest Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	19.70%	32.30%
Commercial Real Estate Loans | Mountain Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	22.10%	20.90%
Commercial Real Estate Loans | Southeast Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	16.40%
Commercial Real Estate Loans | Pacific Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk		17.10%

FINANCING RECEIVABLES (Allowanc

FINANCING RECEIVABLES (Allowance for Loan Losses and Recorded Investments in Loans) (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Allowance for loan losses:
Provision for (recovery of) loan losses, net	$ 58	$ (1,260)
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	59		(1,595)
Loans charged-off			(2,332)
Allowance for loan losses at end of period	1,460		1,401
Allowance for loan losses ending balance:
Collectively evaluated for impairment	1,460		1,401
Loans: Amortized cost ending balance:
Individually evaluated for impairment	30,476		24,255
Collectively evaluated for impairment	$ 1,766,294		$ 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 ($)	9 Months Ended	12 Months Ended
	Sep. 30, 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

FINANCING RECEIVABLES (Credit R

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Details) - Commercial Real Estate Loans - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Schedule Of Financing Receivables [Line Items]
Loans and receivables	$ 1,813,911	$ 1,570,368
Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,766,294	1,529,113
Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	4,700	4,700
Preferred equity investments
Schedule Of Financing Receivables [Line Items]
Loans and receivables	25,776	19,555
Legacy CRE Whole Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables, held for sale	$ 17,141	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	$ 84,300	77,067
Rating 3 | Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	84,300	77,067
Rating 3 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 3 | Preferred equity investments
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	$ 3,842	4,840
Rating 4 | Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	3,842	4,840
Rating 4 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 4 | Preferred equity investments
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 investments
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	1,708,628	1,471,461
Rating 2 | Whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,678,152	1,447,206
Rating 2 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	4,700	4,700
Rating 2 | Preferred equity investments
Schedule Of Financing Receivables [Line Items]
Loans and receivables	25,776	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 investments
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	17,141	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 investments
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	$ 17,141	$ 17,000

FINANCING RECEIVABLES (Details)

FINANCING RECEIVABLES (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 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	$ 17,100,000	$ 17,000,000

FINANCING RECEIVABLES (Loan Por

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)Loan	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)Loan	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	$ 28,637,000		$ 28,637,000		$ 28,516,000
Current	1,785,274,000		1,785,274,000		1,541,852,000
Total Loans Receivable	1,813,911,000		1,813,911,000		1,570,368,000
Total Loans Greater Than 90 days and Accruing	11,496,000		11,496,000		11,516,000
Interest income	39,292,000	$ 31,836,000	110,362,000	$ 87,453,000
30-59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		0		0
60-89 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		0		0
Greater than 90 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	28,637,000		28,637,000		28,516,000
Commercial Real Estate Loans | Whole loans
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	11,496,000		11,496,000		11,516,000
Current	1,754,798,000		1,754,798,000		1,517,597,000
Total Loans Receivable	1,766,294,000		1,766,294,000		1,529,113,000
Total Loans Greater Than 90 days and Accruing	11,496,000		11,496,000		11,516,000
Commercial Real Estate Loans | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		0		0
Current	4,700,000		4,700,000		4,700,000
Total Loans Receivable	4,700,000		4,700,000		4,700,000
Total Loans Greater Than 90 days and Accruing	0		0		0
Commercial Real Estate Loans | Preferred equity investments
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		0		0
Current	25,776,000		25,776,000		19,555,000
Total Loans Receivable	25,776,000		25,776,000		19,555,000
Total Loans Greater Than 90 days and Accruing	0		0		0
Commercial Real Estate Loans | Legacy CRE loans held for sale
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	17,141,000		17,141,000		17,000,000
Current	0		0		0
Total Loans Receivable	17,141,000		17,141,000		17,000,000
Total Loans Greater Than 90 days and Accruing	$ 0		$ 0		$ 0
Number of defaulted loans | Loan	1		1		1
Recorded investment	$ 17,100,000		$ 17,100,000		$ 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		1
Recorded investment	$ 11,500,000		$ 11,500,000		$ 11,500,000
Interest income	170,000	$ 156,000	587,000	$ 459,000
Commercial Real Estate Loans | 30-59 Days | Whole loans
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		0		0
Commercial Real Estate Loans | 30-59 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		0		0
Commercial Real Estate Loans | 30-59 Days | Preferred equity investments
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		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		0
Commercial Real Estate Loans | 60-89 Days | Whole loans
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		0		0
Commercial Real Estate Loans | 60-89 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		0		0
Commercial Real Estate Loans | 60-89 Days | Preferred equity investments
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		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		0
Commercial Real Estate Loans | Greater than 90 Days | Whole loans
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	11,496,000		11,496,000		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		0
Commercial Real Estate Loans | Greater than 90 Days | Preferred equity investments
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0		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	$ 17,141,000		$ 17,141,000		$ 17,000,000

INVESTMENT SECURITIES AVAILAB_3

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 464,889	$ 422,619
Unrealized Gains	8,608	812
Unrealized Losses	(1,649)	(4,433)
Fair Value	471,848	418,998
CMBS, Fixed Rate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	118,481	121,487
Unrealized Gains	7,234	559
Unrealized Losses	(517)	(2,307)
Fair Value	125,198	119,739
CMBS, Floating Rate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	346,408	301,132
Unrealized Gains	1,374	253
Unrealized Losses	(1,132)	(2,126)
Fair Value	$ 346,650	$ 299,259

INVESTMENT SECURITIES AVAILAB_4

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Available For Sale Securities [Abstract]
Assets pledged as collateral	$ 410	$ 388.4

INVESTMENT SECURITIES AVAILAB_5

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Estimated Maturities of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Amortized Cost
Less than one year	$ 162,489	$ 126,446
Greater than one year and less than five years	70,473	98,220
Greater than five years and less than ten years	231,927	197,953
Total	464,889	422,619
Fair Value
Less than one year	162,750	126,014
Greater than one year and less than five years	70,977	97,083
Greater than five years and less than ten years	238,121	195,901
Total	$ 471,848	$ 418,998
Weighted Average Coupon
Less than one year	5.17%	5.76%
Greater than one year and less than five years	5.37%	5.21%
Greater than five years and less than ten years	3.96%	4.06%
Total	4.54%	4.76%

INVESTMENT SECURITIES AVAILAB_6

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Estimated Maturities of Available-For-Sale Securities) (Parenthetical) (Details)	Sep. 30, 2019USD ($)position	Dec. 31, 2018USD ($)position
Amortized Cost
Greater than one year and less than five years	$ 70,473,000	$ 98,220,000
Fair Value
Greater than one year and less than five years	70,977,000	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) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Debt Securities, Available-for-sale [Abstract]
Other than temporary impairment losses, investments	$ 0	$ 0	$ 0	$ 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	Sep. 30, 2019USD ($)security	Dec. 31, 2018USD ($)security
Debt Securities, Available-for-sale [Line Items]
Fair Value, less than 12 months	$ 116,555	$ 329,441
Unrealized Losses, less than 12 months	$ (1,317)	$ (4,001)
Number of Securities, less than 12 months | security	22	49
Fair Value, more than 12 months	$ 10,171	$ 6,757
Unrealized losses, more than 12 Months	$ (332)	$ (432)
Number of Securities, more than 12 Months | security	7	7
Fair Value, total	$ 126,726	$ 336,198
Unrealized losses, total	$ (1,649)	$ (4,433)
Number of Securities, total | security	29	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		9 Months Ended
	Sep. 30, 2019USD ($)position	Sep. 30, 2018USD ($)position	Sep. 30, 2019USD ($)position	Sep. 30, 2018USD ($)position
Debt Securities, Available-for-sale [Line Items]
Positions Sold/Redeemed | position		1		3
Par Amount Sold/Redeemed		$ 10,000		$ 10,411
Amortized Cost		7,821		8,086
Realized Gain (Loss)		282		65
Proceeds from sale of investment securities available-for-sale		$ 8,103	$ 638	48
Proceeds, excluding interest received				$ 8,151
CMBS
Debt Securities, Available-for-sale [Line Items]
Positions Sold/Redeemed | position	0	1	1	1
Par Amount Sold/Redeemed	$ 0	$ 10,000	$ 634	$ 10,000
Amortized Cost	0	7,821	634	7,821
Realized Gain (Loss)	0	282	4	282
Proceeds from sale of investment securities available-for-sale	$ 0	$ 8,103	$ 638	$ 8,103
ABS
Debt Securities, Available-for-sale [Line Items]
Positions Sold/Redeemed | position		0		2
Par Amount Sold/Redeemed		$ 0		$ 411
Amortized Cost		0		265
Realized Gain (Loss)		0		(217)
Proceeds from sale of investment securities available-for-sale		$ 0		$ 48

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Schedule of Unconsolidated Entities) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 1,548		$ 1,548		$ 1,548
Equity in Earnings (Losses) of Unconsolidated Entities		25	$ 479	$ 76	$ 302
Investment in LCC Preferred Stock
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Losses) of Unconsolidated Entities	[1]		411		411
Pelium Capital
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Losses) of Unconsolidated Entities	[2]		50		(180)
RCM Global LLC
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Losses) of Unconsolidated Entities			(7)
Investments in Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Losses) of Unconsolidated Entities			454		231
Investment in RCT I and II
Schedule of Equity Method Investments [Line Items]
Ownership percentage in VIE	[3]			3.00%
Investments in unconsolidated entities	[3]	1,548		$ 1,548		$ 1,548
Equity in Earnings (Losses) of Unconsolidated Entities	[3]	$ 25	$ 25	$ 76	$ 71
[1]	The Company's investment in LEAF Commercial Capital, Inc. ("LCC") liquidated in July 2017 as a result of the sale of LCC. Earnings for the three and nine months ended September 30, 2018 are related to the receipt of a distribution of funds formerly held in escrow accounts established as part of the sale.
[2]	During the nine months ended September 30, 2018, the Company received distributions of $10.4 million on its investment in Pelium Capital Partners, L.P. ("Pelium Capital").
[3]	During the three and nine months ended September 30, 2019 and 2018, dividends from the investments in RCT I and RCT II's common shares are recorded in other revenue. See Note 9 for the disclosures on the associated unsecured junior subordinated debentures.

INVESTMENTS IN UNCONSOLIDATED_4

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Schedule of Unconsolidated Entities) (Parenthetical) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)
Pelium Capital
Schedule of Equity Method Investments [Line Items]
Return on investment from investments in unconsolidated entities	$ 10.4

BORROWINGS (Schedule of Debt) (

BORROWINGS (Schedule of Debt) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Aug. 31, 2017	Jan. 31, 2015
Debt Instrument [Line Items]
Principal Outstanding	$ 1,910,030	$ 1,579,170
Unamortized Issuance Costs and Discounts	22,604	24,947
Outstanding Borrowings	$ 1,887,426	$ 1,554,223
Weighted Average Borrowing Rate	3.69%	4.21%
Weighted Average Remaining Maturity	8 years 7 months 6 days	6 years 10 months 24 days
Value of Collateral	$ 2,181,468	$ 1,953,119
Accrued interest costs	2,523	4,224
RCC 2017-CRE5 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding		109,250
Unamortized Issuance Costs and Discounts		1,121
Outstanding Borrowings		$ 108,129
Weighted Average Borrowing Rate		3.76%
Weighted Average Remaining Maturity		15 years 7 months 6 days
Value of Collateral		$ 228,031
XAN 2018-RSO6 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	315,010	397,452
Unamortized Issuance Costs and Discounts	2,668	4,536
Outstanding Borrowings	$ 312,342	$ 392,916
Weighted Average Borrowing Rate	3.19%	3.55%
Weighted Average Remaining Maturity	15 years 8 months 12 days	16 years 6 months
Value of Collateral	$ 431,782	$ 514,225
XAN 2019-RSO7 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	575,711
Unamortized Issuance Costs and Discounts	5,543
Outstanding Borrowings	$ 570,168
Weighted Average Borrowing Rate	3.32%
Weighted Average Remaining Maturity	16 years 7 months 6 days
Value of Collateral	$ 687,068
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	6.24%	6.61%
Weighted Average Remaining Maturity	16 years 10 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	11,010	13,504
Outstanding Borrowings	$ 132,740	$ 130,246
Weighted Average Borrowing Rate	4.50%	4.50%
Weighted Average Remaining Maturity	2 years 10 months 24 days	3 years 7 months 6 days
Value of Collateral	$ 0	$ 0
Interest rate, stated percentage	4.50%	4.50%	4.50%
8.00% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	$ 21,182	$ 21,182
Unamortized Issuance Costs and Discounts	67	238
Outstanding Borrowings	$ 21,115	$ 20,944
Weighted Average Borrowing Rate	8.00%	8.00%
Weighted Average Remaining Maturity	107 days	1 year
Value of Collateral	$ 0	$ 0
Interest rate, stated percentage	8.00%	8.00%		8.00%
CRE - Term Repurchase Facilities
Debt Instrument [Line Items]
Principal Outstanding	$ 475,706	$ 512,716
Unamortized Issuance Costs and Discounts	3,316	5,269
Outstanding Borrowings	$ 472,390	$ 507,447
Weighted Average Borrowing Rate	4.09%	4.47%
Weighted Average Remaining Maturity	1 year 3 months 18 days	2 years
Value of Collateral	$ 635,084	$ 696,215
Accrued interest costs	738	911
Trust Certificates - Term Repurchase Facility
Debt Instrument [Line Items]
Principal Outstanding		47,451
Unamortized Issuance Costs and Discounts		279
Outstanding Borrowings		$ 47,172
Weighted Average Borrowing Rate		6.41%
Weighted Average Remaining Maturity		1 year 8 months 12 days
Value of Collateral		$ 118,780
Accrued interest costs		118
CMBS - Short Term Repurchase Agreements
Debt Instrument [Line Items]
Principal Outstanding	327,123	295,821
Unamortized Issuance Costs and Discounts	0	0
Outstanding Borrowings	$ 327,123	$ 295,821
Weighted Average Borrowing Rate	3.18%	3.63%
Weighted Average Remaining Maturity	21 days	19 days
Value of Collateral	$ 427,534	$ 395,868
Accrued interest costs	$ 432	$ 773

BORROWINGS (Securitization) (De

BORROWINGS (Securitization) (Details)	9 Months Ended
	Sep. 30, 2019USD ($)
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 September 30, 2019	$ 82,442
XAN 2019-RSO7 Senior Notes
Debt Instrument [Line Items]
Closing Date	2019-04
Maturity Date	2036-04
End of Designated Principal Reinvestment Period	2022-04
Total Note Paydowns Received from Closing Date through September 30, 2019	$ 100

BORROWINGS (RCC 2017-CRE5) (Det

BORROWINGS (RCC 2017-CRE5) (Details) $ in Millions	Jul. 30, 2017USD ($)
RCC 2017-CRE5 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 376.7

BORROWINGS (4.50% Convertible S

BORROWINGS (4.50% Convertible Senior Notes and 8.00% Convertible Senior Notes) (Details) - USD ($)	1 Months Ended
	Jan. 31, 2015	Sep. 30, 2019	Dec. 31, 2018	Aug. 31, 2017
Debt Instrument [Line Items]
Face amount of debt issued		$ 799,513,000	$ 850,440,000
8.00% Convertible Senior Notes
Debt Instrument [Line Items]
Face amount of debt issued	$ 100,000,000
Debt instrument, interest rate, stated percentage	8.00%	8.00%	8.00%
Extinguishment of debt, amount	$ 78,800,000
Closing price of common stock		$ 11.37
4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Face amount of debt issued				$ 143,800,000
Debt instrument, interest rate, stated percentage		4.50%	4.50%	4.50%
Closing price of common stock		$ 11.37

BORROWINGS (Schedule of Convert

BORROWINGS (Schedule of Convertible Senior Notes) (Details)	1 Months Ended		9 Months Ended
	Aug. 31, 2017USD ($)$ / shares	Jan. 31, 2015USD ($)$ / shares	Sep. 30, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Principal Outstanding			$ 1,910,030,000	$ 1,579,170,000
4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding			$ 143,750,000	$ 143,750,000
Interest rate, stated percentage	4.50%		4.50%	4.50%
Effective Rate			7.43%
Conversion Rate			81.9466
Conversion Price | $ / shares			$ 12.20
Maturity Date			Aug. 15, 2022
Conversion principal amount	$ 1,000
Debt instrument convertible dividend threshold (in dollars per share) | $ / shares	$ 0.10
8.00% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding			$ 21,182,000	$ 21,182,000
Interest rate, stated percentage		8.00%	8.00%	8.00%
Effective Rate			9.13%
Conversion Rate			46.8604
Conversion Price | $ / shares			$ 21.34
Maturity Date			Jan. 15, 2020
Conversion principal amount		$ 1,000
Debt instrument convertible dividend threshold (in dollars per share) | $ / shares		$ 0.64

BORROWINGS (Repurchase and Cred

BORROWINGS (Repurchase and Credit Facilities) (Details)	Sep. 30, 2019USD ($)Loan	Dec. 31, 2018USD ($)Loan
Debt Instrument [Line Items]
Outstanding Borrowings	$ 799,513,000	$ 850,440,000
Value of Collateral	$ 1,062,618,000	$ 1,210,863,000
Weighted Average Interest Rate	3.69%	4.21%
Unamortized issuance costs and discounts	$ 22,604,000	$ 24,947,000
Deutsche Bank Securities Inc.
Debt Instrument [Line Items]
Outstanding Borrowings	30,774,000	7,305,000
Value of Collateral	$ 51,075,000	$ 9,158,000
Number of Positions as Collateral | Loan	5	5
Weighted Average Interest Rate	3.39%	3.98%
JP Morgan Securities LLC
Debt Instrument [Line Items]
Outstanding Borrowings	$ 52,245,000	$ 42,040,000
Value of Collateral	$ 66,917,000	$ 73,066,000
Number of Positions as Collateral | Loan	15	13
Weighted Average Interest Rate	3.16%	3.57%
Barclays Capital Inc.
Debt Instrument [Line Items]
Outstanding Borrowings	$ 73,813,000
Value of Collateral	$ 93,931,000
Number of Positions as Collateral | Loan	5
Weighted Average Interest Rate	3.11%
RBC Capital Markets, LLC
Debt Instrument [Line Items]
Outstanding Borrowings	$ 170,291,000	$ 246,476,000
Value of Collateral	$ 215,611,000	$ 313,644,000
Number of Positions as Collateral | Loan	26	33
Weighted Average Interest Rate	3.18%	3.64%
CRE - Term Repurchase Facilities | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings	$ 201,920,000	$ 154,478,000
Value of Collateral	$ 268,965,000	$ 226,530,000
Number of Positions as Collateral | Loan	30	13
Weighted Average Interest Rate	4.04%	4.33%
Unamortized issuance costs and discounts	$ 869,000	$ 1,600,000
CRE - Term Repurchase Facilities | Morgan Stanley Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings	37,274,000	37,113,000
Value of Collateral	$ 62,664,000	$ 62,457,000
Number of Positions as Collateral | Loan	3	3
Weighted Average Interest Rate	4.66%	5.09%
Unamortized issuance costs and discounts	$ 0	$ 167,000
CRE - Term Repurchase Facilities | Barclays Bank PLC
Debt Instrument [Line Items]
Outstanding Borrowings	104,716,000	240,416,000
Value of Collateral	$ 135,649,000	$ 308,389,000
Number of Positions as Collateral | Loan	13	11
Weighted Average Interest Rate	4.30%	4.51%
Unamortized issuance costs and discounts	$ 979,000	$ 1,500,000
CRE - Term Repurchase Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings	128,480,000	75,440,000
Value of Collateral	$ 167,806,000	$ 98,839,000
Number of Positions as Collateral | Loan	10	5
Weighted Average Interest Rate	3.84%	4.30%
Unamortized issuance costs and discounts	$ 1,500,000	$ 2,000,000
Trust Certificates - Term Repurchase Facility | RSO Repo SPE Trust 2017
Debt Instrument [Line Items]
Outstanding Borrowings		47,172,000
Value of Collateral		$ 118,780,000
Number of Positions as Collateral | Loan		2
Weighted Average Interest Rate		6.41%
Unamortized issuance costs and discounts	$ 0	$ 204,000

BORROWINGS (Amount at Risk Unde

BORROWINGS (Amount at Risk Under Repurchase Facilities) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	8 years 7 months 6 days	6 years 10 months 24 days
Weighted Average Interest Rate	3.69%	4.21%
Deutsche Bank Securities Inc.
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.39%	3.98%
JP Morgan Securities LLC
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.16%	3.57%
Barclays Capital Inc.
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.11%
RBC Capital Markets, LLC
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.18%	3.64%
CRE - Term Repurchase Facilities
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	1 year 3 months 18 days	2 years
Weighted Average Interest Rate	4.09%	4.47%
Linked and Non-linked Transactions | CMBS - Short-Term Repurchase Agreements | Deutsche Bank Securities Inc.
Debt Instrument [Line Items]
Amount at Risk	$ 20,428
Weighted Average Remaining Maturity	41 days
Weighted Average Interest Rate	3.39%
Linked and Non-linked Transactions | CMBS - Short-Term Repurchase Agreements | JP Morgan Securities LLC
Debt Instrument [Line Items]
Amount at Risk	$ 14,879
Weighted Average Remaining Maturity	16 days
Weighted Average Interest Rate	3.16%
Linked and Non-linked Transactions | CMBS - Short-Term Repurchase Agreements | Barclays Capital Inc.
Debt Instrument [Line Items]
Amount at Risk	$ 20,303
Weighted Average Remaining Maturity	16 days
Weighted Average Interest Rate	3.11%
Linked and Non-linked Transactions | CMBS - Short-Term Repurchase Agreements | RBC Capital Markets, LLC
Debt Instrument [Line Items]
Amount at Risk	$ 45,667
Weighted Average Remaining Maturity	21 days
Weighted Average Interest Rate	3.18%
Linked and Non-linked Transactions | CRE - Term Repurchase Facilities | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Amount at Risk	$ 67,223
Weighted Average Remaining Maturity	295 days
Weighted Average Interest Rate	4.04%
Linked and Non-linked Transactions | CRE - Term Repurchase Facilities | Morgan Stanley Bank, N.A.
Debt Instrument [Line Items]
Amount at Risk	$ 25,722
Weighted Average Remaining Maturity	31 days
Weighted Average Interest Rate	4.66%
Linked and Non-linked Transactions | CRE - Term Repurchase Facilities | Barclays Bank PLC
Debt Instrument [Line Items]
Amount at Risk	$ 30,567
Weighted Average Remaining Maturity	1 year 6 months
Weighted Average Interest Rate	4.30%
Linked and Non-linked Transactions | CRE - Term Repurchase Facilities | JPMorgan Chase Bank, N. A.
Debt Instrument [Line Items]
Amount at Risk	$ 38,506
Weighted Average Remaining Maturity	2 years 1 month 6 days
Weighted Average Interest Rate	3.84%

BORROWINGS (Term Repurchase Fac

BORROWINGS (Term Repurchase Facilities) (Details) - Morgan Stanley Bank, N.A. - CRE - Term Repurchase Facilities $ in Millions	1 Months Ended
	Sep. 30, 2019USD ($)
Debt Instrument [Line Items]
Maximum facility amount	$ 37.2
Maturity Date	2019-10

BORROWINGS (Contractual Commitm

BORROWINGS (Contractual Commitments) (Details) $ in Thousands	Sep. 30, 2019USD ($)
Debt Instrument [Line Items]
Total	$ 1,910,030
2019	364,397
2020	223,971
2021	235,643
2022	143,750
2023 and Thereafter	942,269
CRE securitizations
Debt Instrument [Line Items]
Total	890,721
2019	0
2020	0
2021	0
2022	0
2023 and Thereafter	890,721
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	802,829
2019	364,397
2020	202,789
2021	235,643
2022	0
2023 and Thereafter	$ 0

SHARE ISSUANCE AND REPURCHASE (

SHARE ISSUANCE AND REPURCHASE (Details) - USD ($)	1 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Mar. 31, 2016
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
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
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
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%

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details)	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2019shares	May 31, 2014shares	Sep. 30, 2019USD ($)shares	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)Directorshares	Sep. 30, 2018USD ($)Directorshares	Dec. 31, 2018USD ($)
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			$ 441,000,000	$ 0	$ 606,000,000	$ 0
Incentive management fee paid or payable in cash pursuant to the management agreement			331,000,000		455,000,000
Manager pursuant to the Management Agreement | Exantas Capital Corp | Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive management fee paid or payable in equity pursuant to the management agreement			$ 110,000,000		$ 151,000,000
Shares issued pursuant to the management agreement (in shares) | shares			9,692		13,307
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					$ 300,000	$ 255,000
Compensation cost not yet recognized			$ 1,600,000		$ 1,600,000		$ 1,100,000
Weighted average remaining contractual term					2 years		1 year 9 months 18 days
June 2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of share options authorized for issue (in shares) | shares	4,775,000	3,275,000
Share based compensation expiration period	2029-06	2024-05

SHARE-BASED COMPENSATION (Commo

SHARE-BASED COMPENSATION (Common Stock Activity) (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 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%
June 1, 2019
Restricted common stock transactions
Stock-based compensation (in shares)	3,164
Vesting per Year	100.00%
June 8, 2019
Restricted common stock transactions
Stock-based compensation (in shares)	3,170
Vesting per Year	100.00%
June 19, 2019
Restricted common stock transactions
Stock-based compensation (in shares)	900
Vesting per Year	100.00%
September 30, 2019
Restricted common stock transactions
Stock-based compensation (in shares)	3,078
Vesting per Year	100.00%
Non-Employee Directors
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	30,234
Issued (shares)	27,728
Vested (shares)	(27,032)
Forfeited (shares)	(3,170)
Unvested shares, end of period (in shares)	27,760
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)	(10,968)
Unvested shares, end of period (in shares)	396,404
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)	223,926
Vested (shares)	(208,295)
Forfeited (shares)	(14,138)
Unvested shares, end of period (in shares)	424,164

SHARE-BASED COMPENSATION (Statu

SHARE-BASED COMPENSATION (Status of Vested Stock Options) (Details) - Vested $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 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	1 year 7 months 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity compensation expense	$ 552	$ 757	$ 1,647	$ 2,383
Non-Employees | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity compensation expense	489	685	1,438	2,166
Non-Employee Directors | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity compensation expense	$ 63	$ 72	$ 209	$ 217

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net income from continuing operations	$ 12,620	$ 8,260	$ 29,793	$ 17,312
Net income allocated to preferred shares	(2,588)	(2,588)	(7,763)	(10,385)
Consideration paid in excess of carrying value of preferred shares	0	0	0	(7,482)
Net income (loss) from continuing operations allocable to common shares	10,032	5,672	22,030	(555)
Net (loss) income from discontinued operations, net of tax	(63)	364	(212)	161
NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES	$ 9,969	$ 6,036	$ 21,818	$ (394)
Weighted average number of common shares outstanding:
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC (in shares)	31,445,492	31,229,969	31,421,294	31,186,057
Effect of dilutive securities - unvested restricted stock (in shares)	269,263	247,429	213,077	0
Weighted average number of common shares outstanding - diluted (in shares)	31,714,755	31,477,398	31,634,371	31,186,057
Net income (loss) per common share - basic:
Continuing operations	$ 0.32	$ 0.18	$ 0.70	$ (0.02)
Discontinued operations	0	0.01	(0.01)	0.01
TOTAL NET INCOME (LOSS) PER COMMON SHARE - BASIC (in dollars per share)	0.32	0.19	0.69	(0.01)
Net income (loss) per common share - diluted:
Continuing operations (in dollars per share)	0.31	0.18	0.70	(0.02)
Discontinued operations (in dollars per share)	0	0.01	(0.01)	0.01
NET INCOME (LOSS) PER COMMON SHARE – DILUTED (in dollars per share)	$ 0.31	$ 0.19	$ 0.69	$ (0.01)

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 553,819
Ending balance	560,026
Net Unrealized Gain (loss) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	563
Other comprehensive (loss) income before reclassifications	(6,298)
Amounts reclassified from accumulated other comprehensive income	(68)
Ending balance	(5,803)
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	10,583
Amounts reclassified from accumulated other comprehensive income	(4)
Ending balance	6,959
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(3,057)
Other comprehensive (loss) income before reclassifications	4,285
Amounts reclassified from accumulated other comprehensive income	(72)
Ending balance	$ 1,156

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Relationship with C-III and Certain of its Subsidiaries) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Base management fees paid by the Company	$ 2,528,000	$ 2,813,000	$ 6,862,000	$ 8,438,000
General and administrative	$ 2,086,000	2,336,000	$ 7,158,000	7,943,000
C3AM | Exantas Capital Corp
Related Party Transaction [Line Items]
Number of common stock of the Company owned by a related party (in shares)	770,333		770,333
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	$ 6,300,000	8,400,000
Incentive compensation payable in cash			331,000
Incentive compensation payable in common stock			110,000,000
Incentive compensation	441,000,000	0	606,000,000	0
Incentive compensation payable and Servicing fees payable					$ 0
Total indebtedness	701,000		701,000		938,000
General and administrative	1,000,000	$ 1,200,000	3,200,000	$ 4,000,000
Resource America | Exantas Capital Corp
Related Party Transaction [Line Items]
Total indebtedness	$ 354,000		$ 354,000		$ 333,000

RELATED PARTY TRANSACTIONS (R_2

RELATED PARTY TRANSACTIONS (Relationship with Resource Real Estate, LLC) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Jul. 31, 2017	Aug. 31, 2015	Feb. 28, 2015	Jul. 30, 2014
Related Party Transaction [Line Items]
Other revenue	$ 25,000	$ 25,000	$ 77,000	$ 82,000
Resource Capital Corp. 2014-CRE2, Ltd.
Related Party Transaction [Line Items]
Closing transaction amount									$ 353,900,000
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	0	$ 0
Resource Real Estate | Commercial Real Estate Debt Investments
Related Party Transaction [Line Items]
Related party transaction, due from related party	$ 35,000		$ 35,000		$ 26,000

RELATED PARTY TRANSACTIONS (R_3

RELATED PARTY TRANSACTIONS (Relationship with C3AM) (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Apr. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Jul. 31, 2017
Related Party Transaction [Line Items]
Exit fee earn	$ 48,000
RCC 2017-CRE5
Related Party Transaction [Line Items]
Closing transaction amount									$ 376,700,000
C-III Commercial Mortgage LLC
Related Party Transaction [Line Items]
Aggregate purchase price of loan acquired				$ 197,600,000
Deferred origination fee and exit fee excess percentage on outstanding principal				0.50%
Exit fee earn		$ 0		$ 0
Outstanding payables		0		0
C3AM | XAN 2018-RSO6 Senior Notes | Asset Management Agreement
Related Party Transaction [Line Items]
Closing transaction amount								$ 514,200,000
C3AM | XAN 2019-RSO7 Senior Notes | Asset Management Agreement
Related Party Transaction [Line Items]
Closing transaction amount						$ 687,200
C3AM | RCC 2017-CRE5 | Asset Management Agreement
Related Party Transaction [Line Items]
Servicing fees earned		161,000	$ 109,000	424,000	$ 217,000
Special servicing fees earned		0	$ 0	0	$ 0
Incentive compensation payable and Servicing fees payable		$ 41,000		$ 41,000			$ 26,000

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019
Distributions [Abstract]
Dividend per share (in dollars per share)	$ 0.25	$ 0.15
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
		Sep. 30, 2019	Jun. 30, 2019	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		$ 0.25				$ 0.15
Common Stock
Class Of Stock [Line Items]
Date Paid		Oct. 25, 2019	Jul. 26, 2019	Apr. 26, 2019	Jan. 25, 2019	Oct. 26, 2018	Jul. 27, 2018	Apr. 27, 2018
Total Dividend Paid		$ 7,967	$ 7,172	$ 6,373	$ 5,540	$ 4,749	$ 3,165	$ 1,584
Dividend Per Share		$ 0.25	$ 0.225	$ 0.20	$ 0.175	$ 0.15	$ 0.10	$ 0.05
Series B Preferred Stock
Class Of Stock [Line Items]
Date Paid	[1]								Mar. 26, 2018
Total Dividend Paid	[1]								$ 1,480
Dividend Per Share	[1]								$ 0.320830
Series C Preferred Stock
Class Of Stock [Line Items]
Date Paid		Oct. 30, 2019	Jul. 30, 2019	Apr. 30, 2019	Jan. 30, 2019	Oct. 30, 2018	Jul. 30, 2018	Apr. 30, 2018
Total Dividend Paid		$ 2,588	$ 2,587	$ 2,588	$ 2,588	$ 2,588	$ 2,588	$ 2,588
Dividend Per Share		$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063
[1]	In March 2018, the Company redeemed all remaining shares of its Series B Preferred Stock.

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets:
Investment securities available-for-sale	$ 471,848	$ 418,998
Derivative assets at fair value		985
Liabilities:
Derivative assets at fair value	6,355	1,043
Recurring Basis
Assets:
Investment securities available-for-sale	471,848	418,998
Derivative assets at fair value		985
Total assets at fair value	471,848	419,983
Liabilities:
Derivative assets at fair value	6,355	1,043
Total liabilities at fair value	6,355	1,043
Recurring Basis | Level 1
Assets:
Investment securities available-for-sale	0	0
Derivative assets at fair value		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		985
Total assets at fair value	0	985
Liabilities:
Derivative assets at fair value	6,355	1,043
Total liabilities at fair value	6,355	1,043
Recurring Basis | Level 3
Assets:
Investment securities available-for-sale	471,848	418,998
Derivative assets at fair value		0
Total assets at fair value	471,848	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	9 Months Ended
	Sep. 30, 2019USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Balance, January 1, 2019	$ 418,998
Included in earnings	2,105
Purchases	74,220
Sale	(638)
Paydowns	(33,416)
Included in other comprehensive income	10,579
Balance, September 30, 2019	$ 471,848

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Mar. 31, 2019	Dec. 31, 2018USD ($)	Aug. 31, 2017	Jan. 31, 2015
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		$ (279,000)	$ (4,000)	$ (569,000)
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		0.1000
Preferred equity investments | 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	0.1154		0.1154		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		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		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%		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	0.0913		0.0913
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%	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		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	4.77%		4.77%			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	8.32%		8.32%			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	$ 55,000	1,600,000	$ 1,500,000	6,300,000
Loss on fair value charge			1,300,000
Provision for loan and lease losses, net	55,000	$ 600,000	158,000	$ 772,000
Financing receivable, average value	$ 17,100,000		$ 17,100,000			$ 17,000,000
Commercial Real Estate Loans | Legacy CRE loans held for sale | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal capitalization rate	8.50%		8.50%
Commercial Real Estate Loans | Legacy CRE loans held for sale | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal capitalization rate	10.00%		10.00%

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans and investment	$ 1,795,310	$ 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]
Loans and receivables	0	0
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) | Preferred equity investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	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]
Loans and receivables	0	0
Significant Other Observable Inputs (Level 2) | Preferred equity investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	0	0
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Legacy CRE loans held for sale	17,141	17,000
Senior notes in CRE securitizations	893,185	498,897
Junior subordinated notes	26,667	27,800
Convertible notes	164,932	164,932
Repurchase agreements	802,829	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	1,773,119	1,538,759
Significant Unobservable Inputs (Level 3) | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	4,700	4,700
Significant Unobservable Inputs (Level 3) | Preferred equity investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	25,899	19,718
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Legacy CRE loans held for sale	17,141	17,000
Senior notes in CRE securitizations	882,510	501,045
Junior subordinated notes	51,548	51,548
Convertible notes	153,855	151,190
Repurchase agreements	799,513	850,440
Carrying Value | Whole loans held for investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans and investment	1,764,834	1,527,712
Carrying Value | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	4,700	4,700
Carrying Value | Preferred equity investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	25,776	19,555
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Legacy CRE loans held for sale	17,141	17,000
Senior notes in CRE securitizations	893,185	498,897
Junior subordinated notes	26,667	27,800
Convertible notes	164,932	164,932
Repurchase agreements	802,829	855,783
Fair Value | Whole loans held for investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans and investment	1,773,119	1,538,759
Fair Value | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	4,700	4,700
Fair Value | Preferred equity investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	$ 25,899	$ 19,718

MARKET RISK AND DERIVATIVE IN_3

MARKET RISK AND DERIVATIVE INSTRUMENTS (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)derivative	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)derivative	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)derivative
Derivatives, Fair Value [Line Items]
Fair Value	$ 0		$ 0		$ 985,000
Gross Amounts of Recognized Liabilities	6,355,000		6,355,000		$ 1,043,000
Unrealized gains on derivatives, net	$ (1,886,000)	$ 824,000	$ (6,298,000)	$ 2,428,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of instruments held | derivative	18		18		16
Average fixed interest rate	2.50%		2.50%		2.54%
Notional amount	$ 87,600,000		$ 87,600,000		$ 81,100,000
Fair Value	0		0		985,000
Gross Amounts of Recognized Liabilities	6,400,000		6,400,000		1,000,000
Gain (loss) on derivatives			(5,800,000)		563,000
Interest rate swaps | Derivatives, at fair value
Derivatives, Fair Value [Line Items]
Fair Value	0		0		985,000
Gross Amounts of Recognized Liabilities	6,355,000		6,355,000		1,043,000
Terminated interest rate swap
Derivatives, Fair Value [Line Items]
Unrealized gains on derivatives, net			553,000		$ 621,000
Number of hedges terminated | derivative					2
Interest expense to fully amortize	$ 23,000	$ 0	$ 68,000	$ 0

MARKET RISK AND DERIVATIVE IN_4

MARKET RISK AND DERIVATIVE INSTRUMENTS (Fair Value and Classification of Derivatives) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Liability Derivatives
Fair Value	$ 6,355,000		$ 1,043,000
Asset Derivatives
Fair Value	0		985,000
Interest rate swaps
Liability Derivatives
Fair Value	6,400,000		1,000,000
Asset Derivatives
Fair Value	0		985,000
Interest rate swaps | Interest expense
Asset Derivatives
Realized and Unrealized Gain (Loss)	(16,000)	$ (141,000)
Interest rate swaps | Derivatives, at fair value
Liability Derivatives
Notional Amount	87,551,000		49,326,000
Fair Value	6,355,000		1,043,000
Asset Derivatives
Notional Amount			31,725,000
Fair Value	0		985,000
Interest rate swaps | Accumulated Other Comprehensive Income (Loss)
Liability Derivatives
Notional Amount	87,551,000		81,051,000
Fair Value	$ (5,803,000)		$ 563,000

OFFSETTING OF FINANCIAL ASSET_3

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Offsetting Derivative Assets
Gross Amounts of Recognized Assets	$ 0	$ 985,000
Gross Amounts Offset on the Consolidated Balance Sheets		0
Net Amounts of Assets Included on the Consolidated Balance Sheets		985,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments		0
Gross Amounts Not Offset on the Consolidated Balance Sheets- Cash Collateral Pledged		0
Net Amount		985,000
Offsetting Derivative Liabilities
Gross Amounts of Recognized Liabilities	6,355,000	1,043,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	6,355,000	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	6,355,000	1,043,000
Net Amount	0	0
Repurchase agreements and term facilities
Gross Amounts of Recognized Liabilities	799,513,000	850,440,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	799,513,000	850,440,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	798,682,000	850,440,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Cash Collateral Pledged	831,000	0
Net Amount	0	0
Total-Liabilities
Gross Amounts of Recognized Liabilities	805,868,000	851,483,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	805,868,000	851,483,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	798,682,000	850,440,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Cash Collateral Pledged	7,186,000	1,043,000
Net Amount	0	0
Fair value of securities pledged against repurchase agreements	1,100,000,000	1,200,000,000
Interest rate swaps
Offsetting Derivative Assets
Gross Amounts of Recognized Assets	0	985,000
Offsetting Derivative Liabilities
Gross Amounts of Recognized Liabilities	6,400,000	1,000,000
Excess cash collateral deposits related to interest rate swap contracts	$ 3,600,000	$ 1,300,000

OFFSETTING OF FINANCIAL ASSET_4

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Additional Information) (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Offsetting [Abstract]
Fair value of derivative asset	$ 0	$ 985,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended			3 Months Ended		9 Months Ended		21 Months Ended
	Oct. 31, 2019claim	Apr. 30, 2018USD ($)	May 31, 2017USD ($)Loan	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)claim	Sep. 30, 2018USD ($)	Aug. 31, 2017claim	Dec. 31, 2018USD ($)
Loss Contingencies [Line Items]
Estimated litigation liability				$ 0		$ 0			$ 0
Payments of legal costs in excess of insurance coverage		$ 2,000,000
Commercial Real Estate Loans | Whole loans
Loss Contingencies [Line Items]
Loans held for investment, unfunded loan commitments				109,900,000		109,900,000			108,500,000
Commercial Real Estate Loans | Preferred equity investments
Loss Contingencies [Line Items]
Loans held for investment, unfunded loan commitments				3,100,000		3,100,000			0
Indemnification Agreement
Loss Contingencies [Line Items]
Estimated litigation liability				1,700,000		1,700,000			1,700,000
Indemnification Agreement | Pearlmark Mezz
Loss Contingencies [Line Items]
Outstanding litigation demands				703,000		703,000			703,000
Number of instruments held | Loan			1
Reserve for probable losses				0	$ 0	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			3,300,000
PCM | Indemnification Agreement
Loss Contingencies [Line Items]
Outstanding litigation demands				0		$ 0			$ 0
Federal Actions | Settled Litigation Matters, Including Pending Settlement
Loss Contingencies [Line Items]
Loss contingency, new claims filed, number | claim						2
Estimate of possible loss to be funded by insurance company				$ 550,000		$ 550,000
Reaves, Caito, Simpson, and Heckel Complaints | Settled Litigation Matters, Including Pending Settlement
Loss Contingencies [Line Items]
Loss contingency, new claims filed, number | claim								6
Reaves, Caito, Simpson, and Heckel Complaints | Settled Litigation Matters, Including Pending Settlement | Subsequent Event
Loss Contingencies [Line Items]
Loss contingency, claims dismissed, number | claim	4

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Interest income:
Loans	$ 32,558	$ 26,496	$ 90,289	$ 74,314
Other	138	123	511	261
Total interest income	39,292	31,836	110,362	87,453
Interest expense	22,712	17,322	63,688	47,865
Net interest income	16,580	14,514	46,674	39,588
Other revenue	25	25	77	82
Total revenues	16,605	14,539	46,751	39,670
OPERATING EXPENSES
General and administrative	2,086	2,336	7,158	7,943
Net interest and other revenues less operating expenses	12,568	9,058	30,987	22,098
OTHER INCOME (EXPENSE)
Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives			4	569
Total other income (expense)	52	(798)	(1,194)	(4,817)
Discontinued Operations
Interest income:
Loans				580
Other				13
Total interest income				593
Net interest income				593
Other revenue	24	280	24	312
Total revenues	24	280	24	905
OPERATING EXPENSES
General and administrative	87	62	371	1,165
Total operating expenses	87	62	371	1,165
Net interest and other revenues less operating expenses	(63)	218	(347)	(260)
OTHER INCOME (EXPENSE)
Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives		146	135	421
Total other income (expense)		146	135	421
(LOSS) INCOME FROM DISCONTINUED OPERATIONS BEFORE TAXES	(63)	364	(212)	161
TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS	$ (63)	$ 364	$ (212)	$ 161

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	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Other assets	$ 4,069	$ 4,015
Total	17,407	17,645
LIABILITIES
Accounts payable and other liabilities	3,229	7,550
Total	1,766	1,820
Discontinued Operations, Held-for-sale
ASSETS
Loans held for sale	17,141	17,000
Other assets	266	645
Total	17,407	17,645
LIABILITIES
Accounts payable and other liabilities	1,766	1,820
Total	$ 1,766	$ 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	Sep. 30, 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	$ 23,265,000	$ 21,666,000
Carrying Value	$ 17,141,000	$ 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	$ 23,265,000	$ 21,666,000
Carrying Value	$ 17,141,000	$ 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