ACRES Commercial Realty (ACR) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 07, 2020
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	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding (in shares)		32,042,061
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	Mar. 31, 2020	Dec. 31, 2019
ASSETS:
Cash and cash equivalents	$ 42,752	$ 79,958
Restricted cash	65,351	14,476
Accrued interest receivable	7,309	8,042
CRE loans	1,892,486	1,791,445
Less: allowance for credit losses	(20,641)	(1,460)
CRE loans, net	1,871,845	1,789,985
Investment securities available-for-sale	77,244	520,714
Principal paydowns receivable		19,517
Investments in unconsolidated entities	1,548	1,548
Derivatives, at fair value		30
Other assets	9,603	3,290
Assets held for sale (see Note 20)	13,466	16,766
Total assets	2,089,118	2,454,326
LIABILITIES
Accounts payable and other liabilities	4,348	3,408
Management fee payable	692	701
Accrued interest payable	2,270	4,408
Borrowings	1,724,932	1,872,577
Distributions payable	1,725	10,492
Derivatives, at fair value	11,326	4,558
Accrued tax liability	33	38
Liabilities held for sale (see Note 20)	1,735	1,746
Total liabilities	1,747,061	1,897,928
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001: 125,000,000 shares authorized; 32,042,061 and 31,880,594 shares issued and outstanding (including 351,325 and 420,962 of unvested restricted shares)	32	32
Additional paid-in capital	1,085,539	1,085,041
Accumulated other comprehensive (loss) income	(10,877)	1,821
Distributions in excess of earnings	(732,642)	(530,501)
Total stockholders’ equity	342,057	556,398
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	2,089,118	2,454,326
8.625% Series C Preferred Stock
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.001	$ 5	$ 5

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
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)	32,042,061	31,880,594
Common stock, shares outstanding (in shares)	32,042,061	31,880,594
Common stock, shares issued, non-vested restricted shares (in shares)	351,325	420,962
Assets of consolidated variable interest entities (VIEs) included in total assets above:
Restricted cash	$ 65,351	$ 14,476
Accrued interest receivable	7,309	8,042
CRE loans, pledged as collateral	1,871,845	1,789,985
Principal paydowns receivable		19,517
Other assets	9,603	3,290
Total assets of consolidated VIEs	2,089,118	2,454,326
Accounts payable and other liabilities	4,348	3,408
Accrued interest payable	2,270	4,408
Borrowings	1,724,932	1,872,577
Total liabilities of consolidated VIEs	$ 1,747,061	$ 1,897,928
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
VIE, Primary Beneficiary
Assets of consolidated variable interest entities (VIEs) included in total assets above:
Restricted cash	$ 3,083	$ 532
Accrued interest receivable	4,904	3,780
CRE loans, pledged as collateral	1,434,694	957,045
Principal paydowns receivable		19,239
Other assets	18	25
Total assets of consolidated VIEs	1,442,699	980,621
Accounts payable and other liabilities	117	175
Accrued interest payable	1,124	897
Borrowings	1,086,923	746,439
Total liabilities of consolidated VIEs	$ 1,088,164	$ 747,511

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest income:
CRE loans	$ 27,041	$ 27,343
Securities	6,149	6,375
Other	100	214
Total interest income	33,290	33,932
Interest expense	18,394	19,395
Net interest income	14,896	14,537
Other revenue	$ 23	$ 26
Type of Revenue [Extensible List]	us-gaap:ProductAndServiceOtherMember	us-gaap:ProductAndServiceOtherMember
Total revenues	$ 14,919	$ 14,563
OPERATING EXPENSES
Management fees	2,117	2,083
Equity compensation	498	683
General and administrative	3,382	2,577
Depreciation and amortization	15	24
Provision for credit losses, net	16,149	1,025
Total operating expenses	22,161	6,392
Net interest and other revenues less operating expenses	(7,242)	8,171
OTHER INCOME (EXPENSE)
Net realized and unrealized loss on investment securities available-for-sale and loans and derivatives	(185,357)
Fair value adjustments on financial assets held for sale	(3,791)	(102)
Other (expense) income	(86)	101
Total other expense	(189,234)	(1)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAXES	(196,476)	8,170
NET (LOSS) INCOME FROM CONTINUING OPERATIONS	(196,476)	8,170
NET LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX	(45)	(37)
NET (LOSS) INCOME	(196,521)	8,133
Net income allocated to preferred shares	(2,588)	(2,588)
NET (LOSS) INCOME ALLOCABLE TO COMMON SHARES	$ (199,109)	$ 5,545
NET INCOME (LOSS) PER COMMON SHARE - BASIC:
CONTINUING OPERATIONS (in dollars per share)	$ (6.30)	$ 0.18
DISCONTINUED OPERATIONS (in dollars per share)	0	0
TOTAL NET INCOME (LOSS) PER COMMON SHARE - BASIC (in dollars per share)	(6.30)	0.18
NET INCOME (LOSS) PER COMMON SHARE - DILUTED:
CONTINUING OPERATIONS (in dollars per share)	(6.30)	0.18
DISCONTINUED OPERATIONS (in dollars per share)	0	0
TOTAL NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share)	$ (6.30)	$ 0.18
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC (in shares)	31,626,204	31,379,253
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED (in shares)	31,626,204	31,531,286

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (196,521)	$ 8,133
Other comprehensive (loss) income:
Reclassification adjustments for realized losses on investment securities available-for-sale included in net loss	185,357
Unrealized (losses) gains on investment securities available-for-sale, net	(191,283)	5,865
Reclassification adjustments associated with unrealized gains from interest rate hedges included in net income	(23)	(23)
Unrealized losses on derivatives, net	(6,749)	(1,693)
Total other comprehensive (loss) income	(12,698)	4,149
Comprehensive (loss) income before allocation to preferred shares	(209,219)	12,282
Net income allocated to preferred shares	(2,588)	(2,588)
Comprehensive (loss) income allocable to common shares	$ (211,807)	$ 9,694

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock8.625% Series C Preferred Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings (Distributions In Excess of Earnings)
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		213,614
Amortization of stock-based compensation	683			683
Forfeiture of unvested stock (in shares)		(4,007)
Net (loss) income	8,133					8,133
Distributions on preferred stock	(2,588)					(2,588)
Securities available-for-sale, fair value adjustment, net	5,865				5,865
Designated derivatives, fair value adjustment	(1,716)				(1,716)
Distributions on common stock	(6,373)					(6,373)
Ending balance at Mar. 31, 2019	557,823	$ 32	5	1,083,360	1,092	(526,666)
Ending balance (in shares) at Mar. 31, 2019		31,867,106
Beginning balance at Dec. 31, 2019	$ 556,398	$ 32	5	1,085,041	1,821	(530,501)
Beginning balance (in shares) at Dec. 31, 2019	31,880,594	31,880,594
Cumulative effect of accounting change for adoption of credit loss guidance at Dec. 31, 2019	$ (3,032)					(3,032)
Adjusted beginning balance at Dec. 31, 2019	553,366	$ 32	5	1,085,041	1,821	(533,533)
Adjusted beginning balance (in shares) at Dec. 31, 2019		31,880,594
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		191,455
Amortization of stock-based compensation	498			498
Forfeiture of unvested stock (in shares)		(29,988)
Net (loss) income	(196,521)					(196,521)
Distributions and accrual of cumulative preferred stock dividends	(2,588)					(2,588)
Securities available-for-sale without an allowance for credit losses, fair value adjustment, net	(5,926)				(5,926)
Designated derivatives, fair value adjustment	(6,772)				(6,772)
Ending balance at Mar. 31, 2020	$ 342,057	$ 32	$ 5	$ 1,085,539	$ (10,877)	$ (732,642)
Ending balance (in shares) at Mar. 31, 2020	32,042,061	32,042,061

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
NET (LOSS) INCOME	$ (196,521)	$ 8,133
Net loss from discontinued operations, net of tax	45	37
Net (loss) income from continuing operations	(196,476)	8,170
Adjustments to reconcile net income from continuing operations to net cash provided by continuing operating activities:
Provision for credit losses, net	16,149	1,025
Depreciation, amortization and accretion	747	446
Amortization of stock-based compensation	498	683
Net realized and unrealized loss on investment securities available-for-sale and loans and derivatives	185,357
Fair value adjustments on financial assets held for sale	3,791	102
Changes in operating assets and liabilities	(7,686)	(6,287)
Net cash provided by continuing operating activities	2,380	4,139
Net cash used in discontinued operating activities	(42)	(144)
Net cash provided by operating activities	2,338	3,995
CASH FLOWS FROM INVESTING ACTIVITIES:
Origination and purchase of loans	(190,318)	(176,279)
Principal payments received on loans	109,697	99,533
Purchase of investment securities available-for-sale	(24,610)	(27,396)
Principal payments on investment securities available-for-sale	4,733	12,095
Proceeds from sale of investment securities available-for-sale	37,764
Net cash used in continuing investing activities	(62,734)	(92,047)
Net cash provided by discontinued investing activities		135
Net cash used in investing activities	(62,734)	(91,912)
Proceeds from borrowings:
Warehouse financing facilities and repurchase agreements	271,872	156,174
Securitizations	393,280
Payments on borrowings:
Warehouse financing facilities and repurchase agreements	(494,474)	(42,125)
Securitizations	(58,434)	(50,333)
Convertible senior notes	(21,182)
Payment of debt issuance costs	(5,642)
Distributions paid on preferred stock	(2,588)	(2,588)
Distributions paid on common stock	(8,767)	(5,540)
Net cash provided by continuing financing activities	74,065	55,588
Net cash provided by discontinued financing activities
Net cash provided by financing activities	74,065	55,588
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	13,669	(32,329)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	94,434	95,474
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	108,103	63,145
SUPPLEMENTAL DISCLOSURE:
Interest expense paid in cash	$ 20,842	$ 19,636

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020. 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	3 Months Ended
	Mar. 31, 2020
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, 2019. 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. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and within the period of financial results. Actual results could differ from those estimates. Estimates affecting the accompanying consolidated financial statements include but are not limited to the net realizable and fair values of the Company’s investments and derivatives, the estimated life used on investments to calculate amortization and accretion of premiums and discounts, respectively, provisions for credit losses and the disclosure of contingent liabilities. In December 2019, a novel strain of coronavirus (“COVID-19”) was identified. The resulting global proliferation of the virus led the World Health Organization to designate COVID-19 as a pandemic and numerous countries, including the United States, to declare national emergencies. Many countries have responded to the outbreak by instituting quarantines and restrictions on travel, which have resulted in the closure or remote operation of non-essential businesses. Such actions have produced material and previously unforeseeable shocks to global markets, disruptions to global supply chains and adversity to many industries and economies as whole. The rapid development of the pandemic and the resulting economic effects have created uncertainty surrounding the ultimate impact on the global economy generally, and the commercial real estate business in particular, that make estimates and assumptions as of March 31, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. As a result, actual losses could differ from estimated amounts. The Company believes the estimates and assumptions underlying the consolidated financial statements are reasonable and supportable based on the information available at March 31, 2020. Actual results may ultimately differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities of three months or less at the time of purchase. At March 31, 2020 and December 31, 2019, approximately $40.1 million and $77.6 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 debt securitizations, repurchase agreements and derivative instruments as well as cash held in the syndicated corporate loan collateralized debt obligations (“CDOs”). In April 2020, $4.9 million and $46.9 million classified as cash and cash equivalents and restricted cash, respectively, at March 31, 2020, were used to pay down the Company’s outstanding CMBS - short-term repurchase agreements as described in Note 9. The following table provides a reconciliation of cash, cash equivalents and restricted cash on the consolidated balance sheets to the total amount shown on the consolidated statements of cash flows (in thousands): March 31, 2020 2019 Cash and cash equivalents $ 42,752 $ 55,660 Restricted cash 65,351 7,485 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 108,103 $ 63,145 Investment Securities The Company classifies its investment portfolio as available-for-sale. The Company, from time to time, may sell any of its investments due to changes in market conditions or in accordance with its investment strategy. The Company reports its investment securities available-for-sale at fair value. To determine fair value, the Company uses an independent third-party valuation firm utilizing data available in the market as well as appropriate prepayment, default and recovery rates. The Company evaluates the reasonableness of the valuation it receives by using a dealer quote, bid, or internal model. If there is a material difference between the value indicated by the third-party valuation firm and the dealer quote, bid or internal model, the Company will evaluate the difference, which could result in an updated valuation from the third-party or a revised dealer quote. Based on a prioritization of inputs used in the valuation of each position, the Company categorizes these investments as either Level 2 or Level 3 in the fair value hierarchy. Any changes in fair value to the Company’s investment securities available-for-sale are recorded on the Company’s consolidated balance sheets as a component of accumulated other comprehensive (loss) income in stockholders’ equity. On a quarterly basis, the Company evaluates impaired available-for-sale securities to determine the estimate of expected credit losses. An available-for-sale security is impaired when its fair value has declined below its amortized cost basis. Evidence of the need for an allowance for credit losses will be based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) whether a portion of the unrealized loss is a result of credit losses or other market factors. A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is recognized in earnings through a charge to the amortized cost of the security and equal to the entire difference between fair value and amortized cost. If a credit loss exists, but the Company does not intend nor is it more likely than not that it will be required to sell before recovery, the impairment will be separated into (i) the estimated amount relating to the credit loss and (ii) the amount relating to all other factors. Only the estimated credit loss amount is recognized in earnings through an increase to the allowance for credit losses, with the remainder of the loss recognized in other comprehensive income. If the Company uses a discounted cash flow approach to estimate expected credit losses, changes in the present value attributable to the passage of time are recorded in the provision for credit losses. Estimating cash flows and determining whether there are credit losses require management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions and assumptions regarding changes in interest rates. As a result, actual losses, and the timing of income recognized on these securities, could differ from reported amounts. Investment security transactions are recorded on the trade date. Realized gains and losses on investment securities are determined on the specific identification method. Investment Security Interest Income Recognition Interest income on the Company’s mortgage-backed securities (“MBS”) is accrued using the effective yield method based on the actual coupon rate and the outstanding principal amount of the underlying mortgages or other assets. Premiums and discounts are amortized or accreted into interest income over the expected lives of the securities also using the effective yield method, adjusted for the effects of estimated prepayments. For an investment purchased at par, the effective yield is the contractual interest rate on the investment. If the investment is purchased at a discount or at a premium, the effective yield is computed based on the contractual interest rate increased for the accretion of a purchase discount or decreased for the amortization of a purchase premium. The effective yield method requires the Company to make estimates of future prepayment rates for its investments that can be contractually prepaid before their contractual maturity date so that the purchase discount can be accreted, or the purchase premium can be amortized, over the estimated remaining life of the investment. The prepayment estimates that the Company uses directly impact the estimated remaining lives of its investments. Actual prepayment estimates are reviewed at each quarter end or more frequently if the Company becomes aware of any material information that would lead it to believe that an adjustment is necessary. For MBS that are not of high credit quality or can be prepaid in such a way that the Company would not recover substantially all of its initial investment, changes in the original or most recent cash flow projections may result in a prospective change in interest income recognized. For MBS that are of high credit quality, changes in the original or most recent cash flow projections may result in an immediate cumulative adjustment in interest income recognized. The Company records interest receivable on its available-for-sale debt securities in accrued interest receivable on its consolidated balance sheets. The Company analyzes the interest receivable balances on a timely basis, or at least quarterly, to determine if they are uncollectible. If an interest receivable balance is deemed uncollectible, then the Company writes off the balance of the interest receivable through a reversal of interest income. CRE Loans The Company acquires loans through direct origination or through the acquisition of participations in CRE loans. Loans are held for investment; therefore, the Company initially records them at their acquisition price, and subsequently, accounts for them based on their outstanding principal plus or minus unamortized premiums or discounts. The Company may sell a loan held for investment where the credit fundamentals underlying a particular loan have changed in such a manner that the Company’s expected return on investment may decrease. Once the determination has been made by the Company that it no longer will hold the loan for investment, the Company identifies these loans as loans held for sale. Any credit-related impairment considerations prior to the transfer to loans held for sale are accounted for through the allowance for credit losses on the Company’s consolidated balance sheets. The remaining legacy CRE loan, which was foreclosed upon, remains held for sale at March 31, 2020 and December 31, 2019. See Note 20 for further discussion. The Company reports its loans held for sale at the lower of amortized cost or fair value. To determine fair value, the Company primarily uses appraisals obtained from third-parties as a practical expedient. Key assumptions used in those appraisals are reviewed by the Company. If there is a material difference between the value provided by the appraiser and information used by the Company to validate the appraisal, the Company will evaluate the difference with the appraiser, which could result in an updated appraisal. The Company may also use the present value of estimated cash flows, market price, if available, or other determinants of the fair value of the collateral less estimated disposition costs. Any determined changes in the fair value of loans held for sale are recorded in fair value adjustments on financial assets held for sale on the Company’s consolidated statements of operations. Based on a prioritization of inputs used in the valuation of each position, the Company categorizes these investments as either Level 2 or Level 3 in the fair value hierarchy. CRE Loan Interest Income Recognition Interest income on loans includes interest at stated rates adjusted for amortization or accretion of premiums and discounts based on the contractual payment terms of the loan. Premiums and discounts are amortized or accreted into income using the effective yield method. If a loan with a premium or discount is prepaid, the Company immediately recognizes the unamortized portion as a decrease or increase to interest income. In addition, the Company defers loan origination and extension fees and loan origination or acquisition costs and recognizes them over the life of the related loan against interest income using the straight line method, which approximates the effective yield method. Income recognition is suspended for loans at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of principal and income becomes doubtful. When the ultimate collectability of the principal is in doubt, all payments received are applied to principal under the cost recovery method. On the other hand, when the ultimate collectability of the principal is not in doubt, contractual interest is recorded as interest income when received, under the cash method, until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. The Company records interest receivable on its loans in accrued interest receivable on its consolidated balance sheets. The Company analyzes the interest receivable balances on a timely basis, or at least quarterly, to determine if they are uncollectible. If an interest receivable balance is deemed uncollectible, then the Company writes off the balance of the interest receivable through a reversal of interest income. Allowance for Credit Losses The Company maintains an allowance for credit loss on its loans held for investment. CRE loans that are held for investment are carried at cost, net of unamortized acquisition premiums or discounts, loan fees and origination costs as applicable. Effective January 1, 2020, the Company determines its allowance for credit losses, consistent with GAAP, by measuring the current expected credit losses (“CECL”) on the loan portfolio on a quarterly basis. The Company utilizes a probability of default and loss given default methodology over a reasonable and supportable forecast period after which it reverts to its historical mean loss ratio, utilizing a blended approach sourced from its own historical losses and the market losses from an engaged third party’s database, to be applied for the remaining estimable period. The CECL model requires the Company to make significant judgements, including: (i) the selection of a reasonable and supportable forecast period, (ii) projections for the amounts and timing of future fundings of committed balances and prepayments on CRE investments, (iii) the determination of the risk characteristics in which to pool financial assets, and (iv) the appropriate historical loss data to utilize in the model. Unfunded commitments are not considered in the CECL reserve if they are unconditionally cancellable by the Company. In order to effectively measure the loan portfolio’s credit losses based on similar risk characteristics under CECL, the Company pools loans without evidence of credit quality deterioration based on the loan’s collateral property type. The Company regularly evaluates the risk characteristics of its loan portfolio to determine whether a different pooling methodology is more accurate. A loan that exhibits evidence of credit quality deterioration is removed from its respective pool and an allowance for credit losses is determined based on that loan’s individual risk characteristics in the CECL model. Further, if the Company determines that foreclosure of a loan’s collateral is probable or repayment of the loan is expected through sale or operation of the collateral and the borrower is experiencing financial difficulty, expected credit losses are measured as the difference between the current fair value of the collateral and the amortized cost of the loan. Fair value may be determined based on (i) the present value of estimated cash flows; (ii) the market price, if available; or (iii) the fair value of the collateral less estimated disposition costs. While a loan exhibiting credit quality deterioration may remain on accrual status, the loan is placed on non-accrual status at such time as (i) management believes that scheduled debt service payments will not be met within the coming 12 months; (ii) the loan becomes 90 days past due; (iii) management determines the borrower is incapable of, or has ceased efforts toward, curing the cause of the credit deterioration; or (iv) the net realizable value of the loan’s underlying collateral approximates the Company’s carrying value for such loan. While on non-accrual status, the Company recognizes interest income only when an actual payment is received if a credit analysis supports the borrower’s principal repayment capacity. When a loan is placed on non-accrual, previously accrued interest is reversed from interest income. The Company utilizes the contractual life of its loans to estimate the period over which it measures expected credit losses. Estimates for prepayments and extensions are incorporated into the inputs for the Company’s CECL model. Modifications to loan terms, such as a modification in connection with a troubled debt restructuring (“TDR”), where a concession is granted to a borrower experiencing financial difficulty, may result in the extension of the loan’s life and an increase in the allowance for credit losses. The measurement of the impact of TDRs on the expected credit losses occurs when a TDR is reasonably expected. If the concession granted on a TDR can only be captured through a discounted cash flow analysis, then the Company will individually assess the loan for expected credit losses using the discounted cash flow method. In order to calculate the historical mean loss ratio applied to the loan portfolio at the end of the forecast period, the Company utilizes historical losses from its full underwriting history, along with the market loss history of a selected population of loans from a third party’s database that are similar to the Company’s loan types, loan sizes, durations, interest rate structure and general loan-to-collateral value (“LTV”) profiles. The Company may make adjustments to the historical loss history for qualitative or environmental factors if it believes there is evidence that the estimate for expected credit losses should be increased. The Company records write-offs against the allowance for credit losses if it deems that all or a portion of a loan’s balance is uncollectible. If the Company receives cash in excess of some or all of the amounts it previously wrote off, it records a recovery to increase the allowance for credit losses. As part of the evaluation of the loan portfolio, the Company assesses the performance of each loan and assigns a risk rating based on the collective evaluation of several factors, including but not limited to: collateral performance relative to underwritten plan, time since origination, current implied and/or re - underwritten LTV ratios, risk inherent in the loan structure and exit plan. Loans are rated “1” through “5,” from less risk to greatest risk, in connection with this review. Prior to the implementation of CECL, the Company calculated its allowance for credit losses through the calculation of general and specific reserves. The general reserve, established for loans not determined to be impaired individually, was based on the Company’s loan risk ratings. The Company recorded a general reserve equal to 1.5% of the aggregate face values of loans with a risk rating of “3,” plus 5.0% of the aggregate face values of loans with a risk rating of “4.” Loans with a risk rating of “5” were individually measured for impairment to be included in a specific reserve on a quarterly basis. The Company considered a loan to be impaired if at least one of two conditions exists. The first condition was if, based on the Company’s evaluation as part of the loan risk rating process, management believed that a loss event had occurred that made it probable that the Company would be unable to collect all amounts due according to the contractual terms of the loan agreement. The second condition was that the loan was deemed to be a TDR. These TDRs may not have had an associated specific credit loss allowance if the principal and interest amount was considered recoverable based on market conditions, appraisals of the underlying collateral, expected collateral performance and/or guarantees made by the borrowers. When a loan was impaired under either of these two conditions, the allowance for credit losses was increased by the amount of the excess of the amortized cost basis of the loan over its fair value. When a loan, or a portion thereof, was considered uncollectible and pursuit of collection was not warranted, the Company recorded a charge-off or write-down of the loan against the allowance for credit losses. 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 $32.9 million (tax effected expense of $9.9 million) at March 31, 2020 and December 31, 2019 as the Company believes it is more likely than not that the deferred tax assets will not be realized. This assessment was based on the Company’s cumulative historical losses and uncertainties as to the amount of taxable income that would be generated in future years by the Company’s taxable REIT subsidiaries. Recent Accounting Standards Accounting Standards Adopted in In August 2018, the Financial Accounting Standards Board (“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. Adoption did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued guidance that changes 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 replaced the incurred loss approach with a CECL 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. On January 1, 2020, the Company adopted the above-mentioned accounting guidance and recorded an initial CECL allowance of approximately $4.5 million, of which $3.0 million, or $0.10 per share, was recorded as a charge to retained earnings on such date. The estimated CECL reserve represented 0.25% of the aggregate outstanding principal balance of the Company’s $1.8 billion commercial loan portfolio at December 31, 2019. At March 31, 2020, the Company recorded an additional CECL reserve of $16.1 million for a total CECL reserve of $20.6 million, or 1.09% of the aggregate outstanding principal balance of the Company’s $1.9 billion commercial loan portfolio at March 31, 2020. The additional CECL reserve of $16.1 million was recognized on the Company’s consolidated statement of operations as provision for credit losses, net, and the increase in reserves is primarily attributable to the significant impact on the assumed expected losses caused by the COVID-19 global pandemic used in the Company’s CECL computations. The Company’s updated accounting policies in connection with this guidance are referenced above in the “Investment Securities,” “Investment Security Interest Income Recognition,” “Loans,” “Loan Interest Income Recognition,” and “Allowance for Credit Losses” sections. See Note 6 for additional disclosures in connection with the updated guidance. Accounting Standards to be Adopted in Future Periods In March 2020, the FASB issued guidance that provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives and other contracts, related to the expected market transition from the London Interbank Offered Rate (“LIBOR”), and certain other floating-rate benchmark indices to alternative reference rates. The guidance generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. The guidance is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. The Company is in the process of evaluating the impact of this new guidance.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 3 - VARIABLE INTEREST ENTITIES The Company has evaluated its securities, loans, investments in unconsolidated entities, liabilities to subsidiary trusts issuing preferred securities (consisting of unsecured junior subordinated notes), securitizations, guarantees and other financial contracts in order to determine if they are variable interests in VIEs. The Company regularly monitors these legal interests and contracts and, to the extent it has determined that it has a variable interest, analyzes the related entity for potential consolidation. Consolidated VIEs (the Company is the primary beneficiary) Based on management’s analysis, the Company was the primary beneficiary of six VIEs at March 31, 2020 and five VIEs at December 31, 2019 (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 and were financed by the issuance of debt securities. The Manager, historically with the help of C-III Asset Management LLC (“C3AM”), a former subsidiary of C-III that was sold in December 2019 (see Note 15), manages the CRE-related entities. By financing these assets with long-term borrowings through the issuance of debt securities, the Company seeks to generate attractive risk-adjusted equity returns and to match the term of its assets and liabilities. The primary beneficiary determination for each of these VIEs was made at each VIE’s inception and is continually assessed. The Company has exposure to losses on its securitizations to the extent of its investments in the subordinated debt and preferred equity of each securitization. The Company is entitled to receive payments of principal and interest on the debt securities it holds and, to the extent revenues exceed debt service requirements and other expenses of the securitizations, distributions with respect to its preferred equity interests. As a result of consolidation, the debt and equity interests the Company holds in these securitizations have been eliminated, and the Company’s consolidated balance sheets reflect the assets held, debt issued by the securitizations to third parties and any accrued payables to third parties. The Company’s operating results and cash flows include the gross amounts related to the securitizations’ assets and liabilities as opposed to the Company’s net economic interests in the securitizations. Assets and liabilities related to the securitizations are disclosed, in the aggregate, on the Company’s consolidated balance sheets. For a discussion of the debt issued through the securitizations see Note 9. Creditors of the Company’s Consolidated VIEs have no recourse to the general credit of the Company, nor to each other. During the three months ended March 31, 2020 and 2019, the Company did not provide any financial support to any of its VIEs nor does it have any requirement to do so, although it may choose to do so in the future to maximize future cash flows on such investments by the Company. There are no explicit arrangements that obligate the Company to provide financial support to any of its Consolidated VIEs. The following table shows the classification and carrying values of assets and liabilities of the Company’s Consolidated VIEs at March 31, 2020 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 2,552 $ 531 $ 3,083 Accrued interest receivable 4,904 — 4,904 CRE loans, pledged as collateral (1) 1,434,694 — 1,434,694 Other assets 18 — 18 Total assets (2) $ 1,442,168 $ 531 $ 1,442,699 LIABILITIES Accounts payable and other liabilities $ 117 $ — $ 117 Accrued interest payable 1,124 — 1,124 Borrowings 1,086,923 — 1,086,923 Total liabilities $ 1,088,164 $ — $ 1,088,164 (1) Excludes the allowance for credit losses. ( 2 ) Assets of each of the Consolidated VIEs may only be used to settle the obligations of each respective VIE. Unconsolidated VIEs (the Company is not the primary beneficiary, but has a variable interest) Based on management’s analysis, the Company is not the primary beneficiary of the VIEs discussed below since it does not have both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Accordingly, the following VIEs are not consolidated in the Company’s financial statements at March 31, 2020. 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 March 31, 2020. 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 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 former related party, is the special servicer of C40. As of March 31, 2020, the Company continued to hold investments in the H and J certificates 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 March 31, 2020 (in thousands): Unsecured Junior Subordinated Debentures C40 Prospect Hackensack Santa Clarita Total Maximum Exposure to Loss ASSETS Accrued interest receivable $ 182 $ 94 $ — $ — $ 276 $ — CRE loans — — 20,615 5,910 26,525 $ 26,525 Investment securities available-for-sale (1) — 3,162 — — 3,162 $ 8,204 Investments in unconsolidated entities 1,548 — — — 1,548 $ 1,548 Total assets 1,730 3,256 20,615 5,910 31,511 LIABILITIES Accrued interest payable 254 — — — 254 N/A Borrowings 51,548 — — — 51,548 N/A Total liabilities 51,802 — — — 51,802 N/A Net (liability) asset $ (50,072 ) $ 3,256 $ 20,615 $ 5,910 $ (20,291 ) N/A (1) The Company’s investment in C40 is carried at fair value and its maximum exposure to loss is the amortized cost of the investment. At March 31, 2020, there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to any of its unconsolidated VIEs.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 4 - SUPPLEMENTAL CASH FLOW INFORMATION The following table summarizes the Company’s supplemental disclosure of cash flow information (in thousands): For the Three Months Ended March 31, 2020 2019 Non-cash continuing investing activities include the following: Proceeds from the relinquishment of investment securities available-for-sale $ 245,828 $ — Non-cash continuing financing activities include the following: Repayment of repurchase agreements $ (245,828 ) $ — Distributions on common stock accrued but not paid $ — $ 6,373 Distributions on preferred stock accrued but not paid $ 1,725 $ 1,725

LOANS

LOANS	3 Months Ended
	Mar. 31, 2020
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 Credit Losses Carrying Value Contractual Interest Rates (2) Maturity Dates (3)(4) At March 31, 2020: CRE loans held for investment: Whole loans, floating-rate (5)(6) 119 $ 1,869,800 $ (8,540 ) $ 1,861,260 $ (17,257 ) $ 1,844,003 1M LIBOR plus 2.70% to 1M LIBOR plus 6.25% April 2020 to October 2023 Mezzanine loan 1 4,700 — 4,700 (192 ) 4,508 10.00% June 2028 Preferred equity investments (see Note 3) (6)(7)(8) 2 26,579 (53 ) 26,526 (3,192 ) 23,334 11.00% to 11.50% June 2022 to April 2023 Total CRE loans held for investment $ 1,901,079 $ (8,593 ) $ 1,892,486 $ (20,641 ) $ 1,871,845 At December 31, 2019: CRE loans held for investment: Whole loans, floating-rate (5)(6) 112 $ 1,768,322 $ (7,725 ) $ 1,760,597 $ (1,460 ) $ 1,759,137 1M LIBOR plus 2.70% to 1M LIBOR plus 6.25% January 2020 to October 2023 Mezzanine loan 1 4,700 — 4,700 — 4,700 10.00% June 2028 Preferred equity investment (see Note 3) (6)(7)(8) 2 26,237 (89 ) 26,148 — 26,148 11.00% to 11.50% June 2022 to April 2023 Total CRE loans held for investment $ 1,799,259 $ (7,814 ) $ 1,791,445 $ (1,460 ) $ 1,789,985 (1) Amounts include unamortized loan origination fees of $9.6 million and $9.1 million and deferred amendment fees of $23,000 and $72,000 at March 31, 2020 and December 31, 2019, respectively. Additionally, the amounts include unamortized loan acquisition costs of $1.0 million and $1.3 million at March 31, 2020 and December 31, 2019, respectively. ( 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 March 31, 2020 and December 31, 2019. ( 5 ) Substantially all loans are pledged as collateral under various borrowings at March 31, 2020 and December 31, 2019. ( 6 ) Floating-rate CRE whole loans had $113.9 million and $98.0 million in unfunded loan commitments at March 31, 2020 and December 31, 2019, respectively. Preferred equity investments had $2.9 million and $3.0 million in unfunded commitments at March 31, 2020 and December 31, 2019. 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. ( 7 ) The interest rate on the Company’s preferred equity investments each pay at 8.00%. The remaining interest is deferred until maturity. ( 8 ) Beginning in April 2023, the Company has the right to unilaterally force the sale of Prospect Hackensack’s underlying property. Beginning in June 2022, 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 of the Company’s CRE loans held for investment, at amortized cost (in thousands, except amounts in the footnotes): Description 2020 2021 2022 and Thereafter Total At March 31, 2020: Whole loans, floating-rate (1) $ 278,356 $ 695,620 $ 875,773 $ 1,849,749 Mezzanine loan — — 4,700 4,700 Preferred equity investments — — 26,526 26,526 Total CRE loans (2) $ 278,356 $ 695,620 $ 906,999 $ 1,880,975 Description 2020 2021 2022 and Thereafter Total At December 31, 2019: Whole loans, floating-rate (1) $ 319,868 $ 737,478 $ 691,747 $ 1,749,093 Mezzanine loan — — 4,700 4,700 Preferred equity investment — — 26,148 26,148 Total CRE loans (2) $ 319,868 $ 737,478 $ 722,595 $ 1,779,941 (1) Excludes one whole loan, with an amortized cost of $11.5 million, in maturity default and performing with respect to debt service due in accordance with a forbearance agreement at March 31, 2020 and December 31, 2019. (2) At March 31, 2020, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $81.1 million, $65.0 million and $1.7 billion in 2020, 2021 and 2022 and thereafter, respectively. At December 31, 2019, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $105.5 million, $68.0 million and $1.6 billion in 2020, 2021 and 2022 and thereafter, respectively. At March 31, 2020, approximately 20.1%, 19.0% and 17.7% 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, 2019, approximately 19.5%, 19.4% and 17.6% of the Company’s CRE loan portfolio was concentrated in the Mountain, Southwest and Southeast regions, respectively, based on carrying value. Principal Paydowns Receivable Principal paydowns receivable represents loan principal payments that have been received by the Company’s servicers and trustees but have not been remitted to the Company. At March 31, 2020, the Company did not have any loan principal paydowns receivable. At December 31, 2019, the Company had $19.5 million of loan principal paydowns receivable, all of which was received in cash by the Company in January 2020.

FINANCING RECEIVABLES

FINANCING RECEIVABLES	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
FINANCING RECEIVABLES	NOTE 6 - FINANCING RECEIVABLES The following table shows the activity in the allowance for credit losses for the three months ended March 31, 2020 and year ended December 31, 2019 (in thousands, except amount in the footnotes): Three Months Ended March 31, 2020 Year Ended December 31, 2019 CRE Loans CRE Loans (1) Allowance for credit losses: Allowance for credit losses at beginning of period $ 1,460 $ 1,401 Adoption of the new accounting guidance 3,032 — Provision for credit losses (2) 16,149 59 Allowance for credit losses at end of period $ 20,641 $ 1,460 (1) The Company’s mezzanine loan and preferred equity investments were evaluated individually for impairment during the year ended December 31, 2019 and were determined to have no evidence of impairment. ( 2 ) Excludes the recovery of credit losses on one bank loan with no amortized cost or carrying value at March 31, 2020 and December 31, 2019 that received a payment of approximately $1,000 during the year ended December 31, 2019. During the three months ended March 31, 2020, the Company recorded a $16.1 million increase in its CECL credit loss reserve against its CRE loan portfolio. The COVID-19 pandemic had a significant impact on the expected losses assumed in the Company’s CECL computations at March 31, 2020. Expected losses in the portfolio were negatively impacted by higher expected unemployment and increased volatility in CRE asset pricing and liquidity. Credit quality indicators Commercial Real Estate Loans CRE loans are collateralized by a diversified mix of real estate properties and are assessed for credit quality based on the collective evaluation of several factors, including but not limited to: collateral performance relative to underwritten plan, time since origination, current implied and/or reunderwritten LTV ratios, loan structure and exit plan. Depending on the loan’s performance against these various factors, loans are rated on a scale from 1 to 5, with loans rated 1 representing loans with the highest credit quality and loans rated 5 representing loans with the lowest credit quality. The factors evaluated provide general criteria to monitor credit migration in the Company’s loan portfolio; as such, a loan’s rating may improve or worsen, depending on new information received. The criteria set forth below should be used as general guidelines and, therefore, not every loan will have all of the characteristics described in each category below. Risk Rating Risk Characteristics 1 • Property performance has surpassed underwritten expectations. • Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high quality tenant mix. 2 • Property performance is consistent with underwritten expectations and covenants and performance criteria are being met or exceeded. • Occupancy is stabilized, near stabilized or is on track with underwriting. 3 • Property performance lags behind underwritten expectations. • Occupancy is not stabilized and the property has some tenancy rollover. 4 • Property performance significantly lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers. • Occupancy is not stabilized and the property has a large amount of tenancy rollover. 5 • Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Expected sale proceeds would not be sufficient to pay off the loan at maturity. • The property has a material vacancy rate and significant rollover of remaining tenants. • An updated appraisal is required upon designation and updated on an as-needed basis. All CRE loans are evaluated for any credit deterioration by debt asset management and certain finance personnel on at least a quarterly basis. Mezzanine loans and preferred equity investments may experience greater credit risks due to their nature as subordinated investments. For the purpose of calculating the quarterly provision for credit losses under CECL, the Company pools CRE loans based on the underlying collateral property type and utilizes a probability of default and loss given default methodology for approximately one year after which it immediately reverts to a historical mean loss ratio. Credit risk profiles of CRE loans at amortized cost were as follows (in thousands, except amounts in footnotes): Rating 1 Rating 2 Rating 3 Rating 4 Rating 5 Total (1) At March 31, 2020: Whole loans, floating-rate $ 2,427 $ 1,188,767 $ 531,754 $ 138,312 $ — $ 1,861,260 Mezzanine loan — 4,700 — — — 4,700 Preferred equity investments — 5,910 20,616 — — 26,526 Total $ 2,427 $ 1,199,377 $ 552,370 $ 138,312 $ — $ 1,892,486 At December 31, 2019: Whole loans, floating-rate $ — $ 1,660,274 $ 96,475 $ 3,848 $ — $ 1,760,597 Mezzanine loan (2) — 4,700 — — — 4,700 Preferred equity investments (2) — 26,148 — — — 26,148 Total $ — $ 1,691,122 $ 96,475 $ 3,848 $ — $ 1,791,445 ( 1 ) The total amortized cost of CRE loans excluded accrued interest receivable of $6.9 million and $6.7 million at March 31, 2020 and December 31, 2019, respectively. ( 2 ) The Company’s mezzanine loan and preferred equity investments were evaluated individually for impairment at December 31, 2019. Credit risk profiles of CRE loans by origination year at amortized cost were as follows (in thousands , except amounts in footnotes ): 2020 2019 2018 2017 2016 Prior Total (1) At March 31, 2020: Whole loans, floating-rate: (2) Rating 1 $ — $ 2,427 $ — $ — $ — $ — $ 2,427 Rating 2 178,514 526,390 412,521 71,342 — — 1,188,767 Rating 3 — 160,006 250,569 94,471 — 26,708 531,754 Rating 4 — 8,393 70,867 56,756 — 2,296 138,312 Total whole loans, floating-rate 178,514 697,216 733,957 222,569 — 29,004 1,861,260 Mezzanine loan (rating 2) — — 4,700 — — — 4,700 Preferred equity investments: Rating 2 — 5,910 — — — — 5,910 Rating 3 — — 20,616 — — — 20,616 Total preferred equity investments — 5,910 20,616 — — — 26,526 Total $ 178,514 $ 703,126 $ 759,273 $ 222,569 $ — $ 29,004 $ 1,892,486 2019 2018 2017 2016 2015 Prior Total (1) At December 31, 2019: Whole loans, floating-rate: (2) Rating 2 $ 669,947 $ 776,078 $ 202,577 $ — $ — $ 11,672 $ 1,660,274 Rating 3 21,593 — 37,008 — 17,471 20,403 96,475 Rating 4 — — — — 3,848 — 3,848 Total whole loans, floating-rate 691,540 776,078 239,585 — 21,319 32,075 1,760,597 Mezzanine loan (rating 2) — 4,700 — — — — 4,700 Preferred equity investments (rating 2) 5,741 20,407 — — — — 26,148 Total $ 697,281 $ 801,185 $ 239,585 $ — $ 21,319 $ 32,075 $ 1,791,445 (1) The total amortized cost of CRE loans excluded accrued interest receivable of $6.9 million and $6.7 million at March 31, 2020 and December 31, 2019, respectively. (2) Acquired CRE whole loans are grouped within each loan’s year of issuance. Loan Portfolios Aging Analysis The following table presents the CRE loan portfolio aging analysis as of the dates indicated for CRE loans at amortized cost (in thousands, except amounts in footnotes): 30-59 Days 60-89 Days Greater than 90 Days (1) Total Past Due Current Total Loans Receivable (2) Total Loans > 90 Days and Accruing (1) At March 31, 2020: Whole loans, floating-rate $ — $ — $ 11,511 $ 11,511 $ 1,849,749 $ 1,861,260 $ 11,511 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investments — — — — 26,526 26,526 — Total $ — $ — $ 11,511 $ 11,511 $ 1,880,975 $ 1,892,486 $ 11,511 At December 31, 2019: Whole loans, floating-rate $ — $ — $ 11,503 $ 11,503 $ 1,749,094 $ 1,760,597 $ 11,503 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investment — — — — 26,148 26,148 — Total $ — $ — $ 11,503 $ 11,503 $ 1,779,942 $ 1,791,445 $ 11,503 (1) Includes one whole loan, with an amortized cost of $11.5 million, which was in maturity default at March 31, 2020 and December 31, 2019. The loan is performing with respect to debt service due in accordance with a forbearance agreement at March 31, 2020 and December 31, 2019. During the three months ended March 31, 2020 and 2019, the Company recognized interest income of $159,000 and $165,000, respectively, on this whole loan. (2) The total amortized cost of CRE loans excluded accrued interest receivable of $6.9 million and $6.7 million at March 31, 2020 and December 31, 2019, respectively. Troubled-Debt Restructurings There were no TDRs for the three months ended March 31, 2020 and 2019.

INVESTMENT SECURITIES AVAILABLE

INVESTMENT SECURITIES AVAILABLE-FOR-SALE	3 Months Ended
	Mar. 31, 2020
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 footnotes): Amortized Cost (1) Unrealized Gains Unrealized Losses Fair Value (2) At March 31, 2020: CMBS, fixed-rate $ 36,152 $ — $ (106 ) $ 36,046 CMBS, floating-rate 41,198 — — 41,198 Total $ 77,350 $ — $ (106 ) $ 77,244 Amortized Cost (1) Unrealized Gains Unrealized Losses Fair Value (2) At December 31, 2019: CMBS, fixed-rate $ 132,235 $ 6,596 $ (792 ) $ 138,039 CMBS, floating-rate 382,659 995 (979 ) 382,675 Total $ 514,894 $ 7,591 $ (1,771 ) $ 520,714 (1) The amortized cost of CMBS excluded accrued interest receivable of $412,000 and $1.1 million at March 31, 2020 and December 31, 2019, respectively. ( 2 ) At March 31, 2020 and December 31, 2019, investment securities available-for-sale with fair values of $74.1 million and $466.9 million, respectively, were pledged as collateral under related financings. Beginning in the first quarter of 2020, the COVID-19 pandemic produced material and previously unforeseeable liquidity shocks to credit markets. This resulted in significant declines in the pricing of the Company’s investment securities available-for-sale, which triggered substantial margin calls by its counterparties and, in certain cases, formal notices of events of default, all of which have been withdrawn or rescinded as of April 19, 2020 (see Note 9). As a result of these circumstances and the uncertainty caused by the COVID-19 pandemic, substantially all of the Company’s remaining CMBS available-for-sale were sold as of April 2020. During the three months ended March 31, 2020, the Company realized losses related to trades that were executed in March 2020 and settled in April 2020 of $118.8 million in connection with the sale of 49 CMBS, with total amortized cost of $401.3 million. At March 31, 2020, the Company determined that its remaining 20 CMBS were impaired and the securities would be sold before they could recover their values. As a result, during the three months ended March 31, 2020, the Company recorded unrealized losses of $66.6 million on the consolidated statement of operations with an offsetting charge directly to the amortized cost bases of the securities. Historically, the Company measured its investment securities available-for-sale for other-than-temporary impairment. The Company recognized no other-than-temporary impairments on the investment securities available-for-sale during the three months ended March 31, 2019.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	3 Months Ended
	Mar. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 8 - INVESTMENTS IN UNCONSOLIDATED ENTITIES The Company’s investments in unconsolidated entities at March 31, 2020 and December 31, 2019 comprised a 100% interest in the common shares of RCT I and RCT II, respectively, with a value of $1.5 million in the aggregate, or 3.0% of each trust. The Company records its investments in RCT I and RCT II’s common shares as investments in unconsolidated entities using the cost method, recording dividend income when declared by RCT I and RCT II. During the three months ended March 31, 2020 and 2019, the Company recorded dividends from the investments in RCT I and RCT II’s common shares, reported in other revenue on the consolidated statement of operations, of $23,000 and $26,000, respectively.

BORROWINGS

BORROWINGS	3 Months Ended
	Mar. 31, 2020
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 warehouse financing facilities, convertible senior notes and trust preferred securities issuances. Certain information with respect to the Company’s borrowings is summarized in the following table (dollars in thousands, except amounts in footnotes): Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At March 31, 2020: XAN 2018-RSO6 Senior Notes $ 123,849 $ 697 $ 123,152 2.49 % 15.2 years $ 240,622 XAN 2019-RSO7 Senior Notes 580,514 4,471 576,043 2.12 % 16.1 years 681,871 XAN 2020-RSO8 Senior Notes 393,280 5,552 387,728 2.11 % 14.9 years 522,631 Unsecured junior subordinated debentures 51,548 — 51,548 5.52 % 16.4 years — 4.50% Convertible Senior Notes 143,750 9,258 134,492 4.50 % 2.4 years — CRE - term warehouse financing facilities (1)(2) 278,226 2,118 276,108 2.84 % 253 days 382,377 CMBS - short term repurchase agreements (3)(4) 175,861 — 175,861 — % 18 days 175,861 Total $ 1,747,028 $ 22,096 $ 1,724,932 2.60 % 10.6 years $ 2,003,362 Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At December 31, 2019: XAN 2018-RSO6 Senior Notes $ 177,118 $ 1,352 $ 175,766 3.17 % 15.5 years $ 293,890 XAN 2019-RSO7 Senior Notes 575,679 5,007 570,672 3.03 % 16.3 years 687,037 Unsecured junior subordinated debentures 51,548 — 51,548 5.90 % 16.7 years — 4.50% Convertible Senior Notes 143,750 10,137 133,613 4.50 % 2.6. years — 8.00% Convertible Senior Notes 21,182 9 21,173 8.00 % 15 days — CRE - term warehouse financing facilities (1) 547,619 2,714 544,905 3.71 % 1.2 years 705,221 CMBS - short term repurchase agreements (3) 374,900 — 374,900 2.87 % 21 days 484,398 Total $ 1,891,796 $ 19,219 $ 1,872,577 3.45 % 7.4 years $ 2,170,546 (1) Principal outstanding includes accrued interest payable of $308,000 and $810,000 at March 31, 2020 and December 31, 2019, respectively. (2) Between April 2020 and May 2020, CRE - term warehouse financing facilities paid down by $40.2 million. (3 ) Principal outstanding includes accrued interest payable of $470,000 at December 31, 2019. There was no accrued interest payable at March 31, 2020. (4 ) Value of the collateral includes unrestricted cash of $4.9 million at March 31, 2020. CMBS - short-term repurchase agreements were repaid in full in April 2020. Securitizations The following table sets forth certain information with respect to the Company’s consolidated securitizations at March 31, 2020 (in thousands): Closing Date Maturity Date End of Designated Principal Reinvestment Period (1) Total Note Paydowns Received from Closing Date through March 31, 2020 XAN 2018-RSO6 June 2018 June 2035 December 2020 $ 273,603 XAN 2019-RSO7 April 2019 April 2036 April 2022 $ 5,298 XAN 2020-RSO8 March 2020 March 2035 March 2023 $ — (1) The designated principal reinvestment period is the period in which principal repayments can be utilized to purchase loans held outside of the respective securitization that represent the funded commitments of existing collateral in the respective securitization that were not funded as of the date the respective securitization was closed. The investments held by the Company’s securitizations collateralize the securitizations’ borrowings and, as a result, are not available to the Company, its creditors, or stockholders. All senior notes of the securitizations held by the Company at March 31, 2020 and December 31, 2019 were eliminated in consolidation. XAN 2020 - RSO8 In March 2020, the Company closed Exantas Capital Corp. 2020-RSO8, Ltd. (“XAN 2020-RSO8”), a $522.6 million CRE debt securitization transaction that provided financing for CRE loans. XAN 2020-RSO8 issued a total of $435.7 million of non-recourse, floating-rate notes at par, of which RCC RE purchased 100% of the Class D and Class E notes. The Company’s investments in the Class D and Class E notes were financed by CMBS short-term repurchase agreements and were sold in conjunction with the disposition of the Company’s CMBS portfolio in April 2020 (See Note 7). Additionally, RCC RE purchased 100% of the Class F and Class G notes and a subsidiary of RCC RE purchased 100% of the outstanding preference shares. The notes purchased by RCC RE are subordinated in right of payment to all other senior notes issued by XAN 2020-RSO8, but are senior in right of payment to the preference shares. The preference shares are subordinated in right of payment to all other securities issued by XAN 2020-RSO8. At closing, the senior notes issued to investors consisted of the following classes: (i) $295.3 million of Class A notes bearing interest at one-month LIBOR plus 1.15%, increasing to 1.40% in November 2024; (ii) $39.2 million of Class A-S notes bearing interest at one-month LIBOR plus 1.45%, increasing to 1.70% in December 2024; (iii) $26.1 million of Class B notes bearing interest at one-month LIBOR plus 1.75%, increasing to 2.25% in January 2025; (iv) $32.7 million of Class C notes bearing interest at one-month LIBOR plus 2.15%, increasing to 2.65% in January 2025; (v) $26.1 million of Class D notes bearing interest at one-month LIBOR plus 2.50%, increasing to 3.00% in February 2025; and (vi) $16.3 million of Class E notes bearing interest at one-month LIBOR plus 2.80%, increasing to 3.30% in February 2025. All of the notes issued mature in March 2035, although the Company has the right to call the notes anytime after March 2022. Principal repayments received, after closing and ending in March 2023, may be used to purchase funding participations with respect to existing collateral held outside of the securitization. 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. 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. In January 2020, the remaining 8.00% Convertible Senior notes were paid off upon maturity. The following table summarizes the 4.50% Convertible Senior Notes at March 31, 2020 (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 % 83.1676 $ 12.02 August 15, 2022 (1) Includes the amortization of the market discounts and deferred debt issuance costs, if any, for the 4.50% 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 4.50% Convertible Senior Notes’ principal outstanding, subject to adjustment as provided in 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 March 31, 2020 are adjusted to reflect quarterly cash distributions in excess of a $0.10 distribution threshold, as defined in the 4.50% Convertible Senior Notes Indenture. The 4.50% 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 4.50% Convertible Senior Notes prior to maturity. The closing price of the Company’s common stock was $2.76 on March 31, 2020, which did not exceed the conversion price of its 4.50% Convertible Senior Notes at March 31, 2020. Term Warehouse Financing Facilities and Repurchase Agreements Borrowings under the Company’s term warehouse facilities and 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 term warehouse financing facilities and repurchase agreements (dollars in thousands, except amounts in footnotes): March 31, 2020 December 31, 2019 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 Warehouse Financing Facilities (2) Wells Fargo Bank, N.A. (3) $ 145,547 $ 191,046 24 2.73 % $ 225,217 $ 291,903 28 3.70 % Barclays Bank PLC (4) 109,421 159,108 14 3.02 % 111,881 145,035 14 3.99 % JPMorgan Chase Bank, N.A. (5) 21,140 32,223 3 2.65 % 207,807 268,283 17 3.56 % CMBS - Short-Term Repurchase Agreements (6) Deutsche Bank Securities Inc. 8,181 8,181 — — % 37,141 57,331 6 3.13 % JP Morgan Securities LLC 42,510 42,510 10 — % 33,703 42,075 13 2.87 % Barclays Capital Inc. 101,219 101,219 10 — % 87,643 112,939 7 2.82 % RBC Capital Markets, LLC 13,366 13,366 — — % 34,829 47,081 5 2.96 % RBC (Barbados) Trading Bank Corporation 10,585 10,585 — — % 181,584 224,972 30 2.82 % Total $ 451,969 $ 558,238 $ 919,805 $ 1,189,619 (1) Outstanding borrowings include accrued interest payable. (2) Between April 2020 and May 2020, CRE - term warehouse financing facilities paid down by $40.2 million. (3 ) Includes $347,000 and $607,000 of deferred debt issuance costs at March 31, 2020 and December 31, 2019, respectively. (4 ) Includes $657,000 and $817,000 of deferred debt issuance costs at March 31, 2020 and December 31, 2019, respectively. ( 5 ) Includes $1.1 million and $1.3 million of deferred debt issuance costs at March 31, 2020 and December 31, 2019, respectively. (6 ) Value of the collateral includes unrestricted cash of $4.9 million at March 31, 2020. CMBS - short-term agreements were repaid in full in April 2020. The following table shows information about the amount at risk under the repurchase facilities at March 31, 2020 (dollars in thousands): Amount at Risk (1) Weighted Average Remaining Maturity Weighted Average Interest Rate At March 31, 2020: CRE - Term Warehouse Financing Facilities Wells Fargo Bank, N.A. $ 45,779 112 days 2.73 % Barclays Bank PLC $ 49,522 1.0 years 3.02 % JPMorgan Chase Bank, N.A. $ 10,069 1.6 years 2.65 % CMBS - Short-Term Repurchase Agreements Deutsche Bank Securities Inc. $ — — — % JP Morgan Securities LLC $ 143 21 days — % Barclays Capital Inc. $ 32 17 days — % RBC (Barbados) Trading Bank Corporation $ — — — % RBC Capital Markets, LLC $ — — — % (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. CRE - Term Warehouse Financing Facilities In May 2020, Wells Fargo Bank, N.A. revised the minimum equity financial covenant required of the Company as of March 31, 2020 and provided a framework to avoid credit-based markdowns for approximately four months. In April 2018, a wholly-owned subsidiary of the Company entered into a master repurchase agreement (the “Barclays Facility”) with Barclays Bank PLC (“Barclays”) to finance the origination of CRE loans. In connection with the Barclays Facility, the Company entered into a guaranty agreement (the “Barclays Guaranty”) pursuant to which the Company fully guaranteed all payments and performance under the Barclays Facility . In May 2020, the Company entered into an amendment to the Barclays Guaranty that revised its minimum equity financial covenant as of March 1, 2020 . Barclays also provided a framework to avoid credit-based markdowns for approximately four months. In October 2018, an indirect wholly-owned subsidiary of the Company entered into a master repurchase agreement (the “JPMorgan Chase Facility”) with JPMorgan Chase Bank, N.A. (“JPMorgan Chase”) to finance the origination of CRE loans. The Company would not have been in compliance with its previous minimum equity covenants on its CRE term warehouse financing facilities at March 31, 2020, primarily as a result of the loss on the disposition of its financed CMBS portfolio (See Note 7). However, the Company subsequently sought and received agreements with all of its lenders that retroactively reduced its minimal equity requirements under its agreements, allowing the Company to comply with its minimum equity requirements at March 31, 2020. The Company was in compliance with all of its covenants at March 31, 2020. CMBS - Short-Term Repurchase Agreements The COVID-19 pandemic produced material and previously unforeseeable liquidity shocks in credit markets causing significant declines in the pricing of the Company’s investment securities available-for-sale that were collateral for the Company’s CMBS short-term repurchase facilities (See Note 7). As a result, in March 2020, the Company received written notices from RBC Capital Markets, LLC, RBC (Barbados) Trading Bank Corporation and Deutsche Bank Securities Inc. alleging that events of default had occurred under the Company’s associated repurchase agreements as a result of not meeting certain margin calls. These notices were subsequently either withdrawn or rescinded. The Company had no outstanding balances on its CMBS - short-term repurchase agreements in April 2020. Contractual maturity dates of the Company’s borrowings’ principal outstanding by category and year are presented in the table below (in thousands): Total 2020 2021 2022 2023 2024 and Thereafter At March 31, 2020: CRE securitizations $ 1,097,643 $ — $ — $ — $ — $ 1,097,643 Unsecured junior subordinated debentures 51,548 — — — — 51,548 4.50% Convertible Senior Notes 143,750 — — 143,750 — — Term warehouse financing facilities and repurchase agreements (1) 454,087 321,755 132,332 — — — Total $ 1,747,028 $ 321,755 $ 132,332 $ 143,750 $ — $ 1,149,191 (1) Includes accrued interest payable in the balances of principal outstanding.

SHARE ISSUANCE AND REPURCHASE

SHARE ISSUANCE AND REPURCHASE	3 Months Ended
	Mar. 31, 2020
Stockholders Equity Note [Abstract]
SHARE ISSUANCE AND REPURCHASE	NOTE 10 - SHARE ISSUANCE AND REPURCHASE 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 distributions, 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 March 31, 2020, 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 months ended March 31, 2020 and 2019, the Company did not repurchase any shares of its common or preferred stock through this program. At March 31, 2020, $44.9 million remains available under this repurchase plan.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
SHARE-BASED COMPENSATION	NOTE 11 - 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) Total Unvested shares at January 1, 2020 24,558 396,404 420,962 Issued 13,689 177,766 191,455 Vested (17,416 ) (213,688 ) (231,104 ) Forfeited — (29,988 ) (29,988 ) Unvested shares at March 31, 2020 20,831 330,494 351,325 (1) Non-employees are employees of C-III or Resource America, Inc. (“Resource America”). The fair values at grant date of the shares of restricted common stock granted to non-employees during the three months ended March 31, 2020 and 2019 was $2.1 million and $2.0 million, respectively. The fair values at grant date of shares of restricted common stock issued to the Company’s seven and eight non-employee directors that served at any time during the three months ended March 31, 2020 and 2019, respectively, were $145,000 and $185,000, respectively. At March 31, 2020, the total unrecognized restricted common stock expense for non-employees was $2.4 million, with a weighted average amortization period remaining of 2.5 years. At December 31, 2019, the total unrecognized restricted common stock expense for non-employees was $1.1 million, with a weighted average amortization period remaining of 1.8 years. The following table summarizes restricted common stock grants during the three months ended March 31, 2020: Grant Date (1) Shares (1) Vesting per Year (1) Vesting Date(s) (1) January 21, 2020 177,766 33% January 21, 2021, January 21, 2022 and January 22, 2023 February 3, 2020 2,843 100% February 3, 2021 March 9, 2020 10,846 100% March 9, 2021 The following table summarizes the status of the Company’s vested stock options at March 31, 2020: 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, 2020 10,000 $ 25.60 Vested — — Exercised — — Forfeited — — Expired — — Vested at March 31, 2020 10,000 $ 25.60 1.13 $ — There were no options granted during the three months ended March 31, 2020 or 2019. The outstanding stock options have contractual terms of ten years and will expire in 2021. The components of equity compensation expense for the periods presented are as follows (in thousands): For the Three Months Ended March 31, 2020 2019 Restricted shares granted to non-employees (1) $ 435 $ 611 Restricted shares granted to non-employee directors 63 72 Total $ 498 $ 683 (1) Non-employees are employees of C-III or Resource America. Under the Company’s Third Amended and Restated Management Agreement, as amended (“Management Agreement”), incentive compensation is paid quarterly. Up to 75% of the incentive compensation is paid in cash and at least 25% is paid in the form of an award of common stock, recorded in management fees on the consolidated statements of operations. The Manager received no incentive compensation for the three months ended March 31, 2020 or 2019. All equity awards, apart from incentive compensation under the Management Agreement, are discretionary in nature and subject to approval by the compensation committee of the Board.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 12 - EARNINGS PER SHARE The following table presents a reconciliation of basic and diluted earnings (losses) per common share for the periods presented as follows (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2020 2019 Net (loss) income from continuing operations $ (196,476 ) $ 8,170 Net income allocated to preferred shares (2,588 ) (2,588 ) Net (loss) income from continuing operations allocable to common shares (199,064 ) 5,582 Net loss from discontinued operations, net of tax (45 ) (37 ) Net (loss) income allocable to common shares $ (199,109 ) $ 5,545 Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 31,626,204 31,379,253 Effect of dilutive securities - unvested restricted stock — 152,033 Weighted average number of common shares outstanding - diluted 31,626,204 31,531,286 Net (loss) income per common share - basic: Continuing operations $ (6.30 ) $ 0.18 Discontinued operations — — Net (loss) income per common share - basic $ (6.30 ) $ 0.18 Net (loss) income per common share - diluted: Continuing operations $ (6.30 ) $ 0.18 Discontinued operations — — Net (loss) income per common share - diluted $ (6.30 ) $ 0.18 For the 4.50% 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 4.50% Convertible Senior Notes. For the three months ended March 31, 2020, the average market price of the Company’s common stock did not exceed the conversion price of the 4.50% Convertible Senior Notes and for the three months ended March 31, 2019 the average market price of the Company’s common stock did not exceed the conversion price of the 4.50% Convertible Senior Notes and 8.00% 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 4.50% Convertible Senior Notes are described further in Note 9.

DISTRIBUTIONS

DISTRIBUTIONS	3 Months Ended
	Mar. 31, 2020
Distributions [Abstract]
DISTRIBUTIONS	NOTE 13 - DISTRIBUTIONS In order to qualify as a REIT, the Company must currently distribute at least 90% of its taxable income. In addition, the Company must distribute 100% of its taxable income in order to not be subject to corporate federal income taxes on retained income. The Company anticipates it will distribute substantially all of its taxable income to its stockholders. Because taxable income differs from cash flow from operations due to non-cash revenues or expenses (such as provisions for credit 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 2020 distributions are, and will be, determined by the Board, which will also consider the composition of any distributions declared, including the option of paying a portion in cash and the balance in additional shares of common stock. For the quarter ended March 31, 2020, the Company declared, but subsequently rescinded and did not pay any common share distributions. For the quarter ended March 31, 2019, the Company declared and subsequently paid distributions of $0.20 per common share. For the quarter ended March 31, 2020, the Company declared, but subsequently rescinded and did not pay any preferred stock distributions. For the quarter ended March 31, 2019, the Company declared and subsequently paid distributions of $0.54 per share of its Series C Preferred Stock. The following tables present distributions declared (on a per share basis) for the year ended December 31, 2019: Common Stock Date Paid Total Distributions Paid Distributions Per Share (in thousands) 2019 December 31 January 28, 2020 $ 8,767 $ 0.275 September 30 October 25 $ 7,967 $ 0.25 June 30 July 26 $ 7,172 $ 0.225 March 31 April 26 $ 6,373 $ 0.20 Series C Preferred Stock Date Paid Total Distributions Paid Distributions Per Share (in thousands) 2019 December 31 January 30, 2020 $ 2,587 $ 0.539063 September 30 October 30 $ 2,588 $ 0.539063 June 30 July 30 $ 2,587 $ 0.539063 March 31 April 30 $ 2,588 $ 0.539063

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in each component of accumulated other comprehensive (loss) income for the three months ended March 31, 2020 (in thousands): Net Unrealized Gain (Loss) on Derivatives Net Unrealized (Loss) Gain on Investment Securities Available-for-Sale without an Allowance for Credit Losses Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2020 $ (3,999 ) $ 5,820 $ 1,821 Other comprehensive (loss) income before reclassifications (6,749 ) (191,283 ) (198,032 ) Amounts reclassified from accumulated other comprehensive income (1) (23 ) 185,357 185,334 Balance at March 31, 2020 $ (10,771 ) $ (106 ) $ (10,877 ) (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	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 15 - 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 loan servicing, fund management, CDO management, principal investment, zoning due diligence and investment sales. C-III is indirectly controlled and partially owned by Island Capital Group LLC (“Island Capital”), of which Andrew L. Farkas, the Company’s Chairman, is the managing member. Mr. Farkas is also chairman and chief executive officer of C-III. In addition, Robert C. Lieber, the Company’s Chief Executive Officer, and Matthew J. Stern, the Company’s President, are executive managing directors of both C-III and Island Capital. Jeffrey P. Cohen, who is a member of the Company’s Board, is president of both C-III and Island Capital. Those officers and the Company’s other executive officers are also officers of the Company’s Manager, Resource America, C-III and/or affiliates of those companies. At March 31, 2020, C-III indirectly beneficially owned 780,025, 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 and further amended on February 20, 2020, pursuant to which the Manager provides the day-to-day management of the Company’s operations and receives substantial fees. For each of the three months ended March 31, 2020 and 2019, the Manager earned base management fees of approximately $2.1 million. No incentive compensation was earned for the three months ended March 31, 2020 and 2019. At March 31, 2020 and December 31, 2019, $692,000 and $701,000, respectively, of base management fees were payable by the Company to the Manager. There was no incentive compensation payable at March 31, 2020 and December 31, 2019. The Manager and its affiliates provide the Company with a Chief Financial Officer and a sufficient number of additional accounting, finance, tax and investor relations professionals. The Company reimburses the Manager’s and its affiliates’ expenses for (a) the wages, salaries and benefits of the Chief Financial Officer, (b) a portion of the wages, salaries and benefits of accounting, finance, tax and investor relations professionals, in proportion to such personnel’s percentage of time allocated to the Company’s operations, and (c) personnel principally devoted to the Company’s ancillary operating subsidiaries. The Company reimburses out-of-pocket expenses and certain other costs incurred by the Manager and its affiliates that relate directly to the Company’s operations. For the three months ended March 31, 2020 and 2019, the Company reimbursed the Manager $1.9 million and $1.0 million, respectively, for all such compensation and costs. At March 31, 2020 and December 31, 2019, the Company had payables to Resource America and its subsidiaries pursuant to the Management Agreement totaling approximately $464,000 and $1.1 million, respectively. The Company’s base management fee payable and expense reimbursements payable are recorded in management fee payable and accounts payable and other liabilities on the consolidated balance sheets, respectively. At March 31, 2020, the Company retained equity in six securitization entities that were structured for the Company by the Manager, although three of the securitization entities had been substantially liquidated as of March 31, 2020. 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 March 31, 2020 and December 31, 2019, the Company had receivables from Resource Real Estate for loan deposits of $15,000 and $101,000, 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) Resource Capital Corp. 2017-CRE5, Ltd. (“RCC 2017-CRE5”), a $376.7 million securitization that closed in July 2017 and liquidated in July 2019. Resource Real Estate serves as special servicer for XAN 2020-RSO8, a $522.6 million securitization that closed in March 2020. Resource Real Estate did not earn any special servicing fees during the three months ended March 31, 2020 and 2019. 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 months ended March 31, 2020, C-III Commercial Mortgage earned exit fees of $3,000. The Company had no outstanding payables to C-III Commercial Mortgage at March 31, 2020 and December 31, 2019. C3AM served as the primary servicer for the CRE loans acquired in the May 2019 Loan Acquisition Agreement and for the CRE loans collateralizing RCC 2017-CRE5, 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 served as special servicer for C40, XAN 2018-RSO6 and XAN 2019-RSO7, under which it received a base special servicing fee. During the three months ended March 31, 2019, C3AM earned approximately $91,000 in servicing fees. C3AM did not earn any special servicing fees during the three months March 31, 2019. The Company had payables to C3AM of approximately $37,000 at December 31, 2019. On December 31, 2019, C3AM was sold by C-III to an unaffiliated third party. As such, C3AM is no longer a related party under common control effective January 1, 2020.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 16 - FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the Company’s financial instruments carried at fair value on a recurring basis based upon the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Total At March 31, 2020: Assets: Investment securities available-for-sale $ — $ — $ 77,244 $ 77,244 Total assets at fair value $ — $ — $ 77,244 $ 77,244 Liabilities: Derivatives $ — $ 11,326 $ — $ 11,326 Total liabilities at fair value $ — $ 11,326 $ — $ 11,326 At December 31, 2019: Assets: Investment securities available-for-sale $ — $ — $ 520,714 $ 520,714 Derivatives — 30 — 30 Total assets at fair value $ — $ 30 $ 520,714 $ 520,744 Liabilities: Derivatives $ — $ 4,558 $ — $ 4,558 Total liabilities at fair value $ — $ 4,558 $ — $ 4,558 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, 2020 $ 520,714 Included in earnings (184,741 ) Purchases 24,600 Sales (37,764 ) Paydowns (4,733 ) Relinquishments (234,906 ) Included in other comprehensive income (5,926 ) Balance, March 31, 2020 $ 77,244 To measure the fair value of an asset 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. In November 2019, the Company foreclosed on its remaining legacy CRE loan held for sale, and obtained ownership of the underlying property, which remains classified as an asset held for sale on the consolidated balance sheets, recorded at the lower of cost or fair market value. In March 2020 the Company received a $13.5 million offer on the property. During the three months ended March 31, 2020 and 2019, the Company recorded losses of $3.8 million and $102,000, respectively, on the remaining CRE asset held for sale, which included protective advances to cover borrower operating losses of $491,000 and $102,000, respectively. The loss during the three months ended March 31, 2020 primarily included a $3.3 million fair value charge in connection with the offer received on the property adjusted for the estimated costs to sell. The loan had a fair value equal to $13.2 million and $16.5 million at March 31, 2020 and December 31, 2019, respectively. 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 floating-rate CRE loans had interest rates from 4.25% to 7.63% and 4.45% to 7.96% at March 31, 2020 and December 31, 2019, 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 4.50% Convertible Senior Notes are discounted at a rate of 7.43%. Repurchase agreements are variable rate debt instruments indexed to LIBOR that reset periodically and, as a result, their carrying value approximates their fair value, excluding deferred debt issuance costs. The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported in the following table (in thousands): Fair Value Measurements Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At March 31, 2020: Assets: CRE whole loans held for investment $ 1,844,003 $ 1,869,800 $ — $ — $ 1,869,800 CRE mezzanine loan $ 4,508 $ 4,700 $ — $ — $ 4,700 CRE preferred equity investments $ 23,334 $ 26,579 $ — $ — $ 26,579 Asset held for sale $ 13,200 $ 13,200 $ — $ — $ 13,200 Liabilities: Senior notes in CRE securitizations $ 1,086,923 $ 933,239 $ — $ — $ 933,239 Junior subordinated notes $ 51,548 $ 21,248 $ — $ — $ 21,248 Convertible notes $ 134,492 $ 143,750 $ — $ — $ 143,750 Warehouse financing facilities and repurchase agreements $ 451,969 $ 454,087 $ — $ — $ 454,087 At December 31, 2019: Assets: CRE whole loans held for investment $ 1,759,137 $ 1,768,322 $ — $ — $ 1,768,322 CRE mezzanine loan $ 4,700 $ 4,700 $ — $ — $ 4,700 CRE preferred equity investment $ 26,148 $ 26,237 $ — $ — $ 26,237 Asset held for sale $ 16,500 $ 16,500 $ — $ — $ 16,500 Liabilities: Senior notes in CRE securitizations $ 746,438 $ 754,023 $ — $ — $ 754,023 Junior subordinated notes $ 51,548 $ 25,831 $ — $ — $ 25,831 Convertible notes $ 154,786 $ 164,932 $ — $ — $ 164,932 Warehouse financing facilities and repurchase agreements $ 919,805 $ 922,519 $ — $ — $ 922,519

MARKET RISK AND DERIVATIVE INST

MARKET RISK AND DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2020
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 risks managed by the Company through the use of derivative instruments are interest rate risk and market price 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 (loss) income, and records changes in fair value of derivatives designated and ineffective as cash flow hedges in earnings. At March 31, 2020 and December 31, 2019, the Company had 20 and 19, respectively, interest rate swap contracts outstanding whereby the Company paid a weighted average fixed rate of 2.43% and 2.47%, respectively, and received a variable rate equal to one-month LIBOR. The aggregate notional amount of these contracts was $92.5 million and $90.2 million at March 31, 2020 and December 31, 2019, respectively. The counterparty for the Company’s designated interest rate hedge contracts at March 31, 2020 and December 31, 2019 was Wells Fargo. There were no interest rate swaps in an asset position at March 31, 2020. At December 31, 2019, the estimated fair value of the Company’s interest rate swaps in an asset position was $30,000. At March 31, 2020 and December 31, 2019, the estimated fair value of the Company’s interest rate swaps in a liability position was $11.3 million and $4.6 million, respectively. The Company had aggregate unrealized losses of $10.8 million and $4.0 million on its interest rate swaps at March 31, 2020 and December 31, 2019, respectively, which are recorded in accumulated other comprehensive (loss) income on the consolidated balance sheets. The Company terminated all of its interest rate swap positions associated with its financed CMBS portfolio in April 2020. At termination, the Company realized a loss of $11.8 million, of which $11.3 million was recognized in the Company’s consolidated balance sheets as an unrealized loss in accumulated other comprehensive (loss) income at March 31, 2020. The realized loss of $11.8 million will be amortized out of accumulated other comprehensive (loss) income and into earnings over the remaining life of the debt. At March 31, 2020 and December 31, 2019, the Company had an unrealized gain of $507,000 and $530,000, respectively, attributable to two terminated interest rate swaps, in accumulated other comprehensive (loss) income 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 The Company had a master netting agreement with Wells Fargo at March 31, 2020. 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 March 31, 2020. At December 31, 2019, the Company had centrally cleared interest rate swaps with fair values in an asset position of $30,000. At March 31, 2020 and December 31, 2019, the Company had centrally cleared interest rate swaps with a fair value in a liability position of $11.3 million and $4.6 million, respectively. The Company’s origination of fixed-rate CRE whole loans exposes it to market pricing risk in connection with the fluctuations of market interest rates. As market interest rates increase or decrease, the fair value of the fixed-rate CRE whole loans will decrease or increase accordingly. In order to mitigate this market price risk, the Company may enter into interest rate swap contracts in which it pays a fixed rate of interest in exchange for a variable rate of interest, usually three-month LIBOR. Unrealized gains and losses on the value of these swap contracts are recorded in other expense on the consolidated statements of operations. The following tables present the fair value of the Company’s derivative financial instruments at March 31, 2020 and December 31, 2019 on the Company’s consolidated balance sheets and the related effect of the derivative instruments on the consolidated statements of operations for the three months ended March 31, 2020 and 2019: Fair Value of Derivative Instruments Liability Derivatives At March 31, 2020 Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts $ 4,030 Derivatives, at fair value $ 48 Interest rate swap contracts, hedging (1) $ 92,541 Derivatives, at fair value $ 11,278 Interest rate swap contracts, hedging $ 92,541 Accumulated other comprehensive (loss) income $ (10,771 ) Asset Derivatives At December 31, 2019 Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts, hedging (1) $ 2,630 Derivatives, at fair value $ 30 Liability Derivatives Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts, hedging (1) $ 87,551 Derivatives, at fair value $ 4,558 Interest rate swap contracts, hedging $ 90,181 Accumulated other comprehensive (loss) income $ (3,999 ) (1) Interest rate swap contracts are accounted for as cash flow hedges. The Effect of Derivative Instruments on the Consolidated Statements of Operations (in thousands) Derivatives Three Months Ended March 31, 2020 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts Other (expense) income $ (48 ) Interest rate swap contracts, hedging Interest expense $ (196 ) Derivatives Three Months Ended March 31, 2019 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) Interest rate swap contracts, hedging Interest expense $ 13 (1) Negative values indicate a decrease to the associated consolidated statement of operations line items.

OFFSETTING OF FINANCIAL ASSETS

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2020
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, 2019: Derivatives, at fair value $ 30 $ — $ 30 $ — $ — $ 30 There were no derivatives with a fair value in an asset position at March 31, 2020. The following table presents a summary of the Company’s offsetting of financial liabilities and derivative liabilities (in thousands, except amounts in footnotes): (iv) Gross Amounts Not Offset on the Consolidated Balance Sheets (i) Gross Amounts of Recognized Liabilities (ii) Gross Amounts Offset on the Consolidated Balance Sheets (iii) = (i) - (ii) Net Amounts of Liabilities Included on the Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Pledged (v) = (iii) - (iv) Net Amount At March 31, 2020: Derivatives, at fair value (2) $ 11,326 $ — $ 11,326 $ — $ 11,326 $ — Repurchase agreements and warehouse financing facilities (3) 451,969 — 451,969 402,377 49,592 — Total $ 463,295 $ — $ 463,295 $ 402,377 $ 60,918 $ — At December 31, 2019: Derivatives, at fair value (2) $ 4,558 $ — $ 4,558 $ — $ 4,558 $ — Repurchase agreements and warehouse financing facilities (3) 919,805 — 919,805 915,041 4,764 — Total $ 924,363 $ — $ 924,363 $ 915,041 $ 9,322 $ — (1) Amounts represent financial instruments pledged that are available to be offset against liability balances associated with term warehouse financing facilities, repurchase agreements and derivatives. (2) The Company posted excess cash collateral of $4.0 million and $4.6 million related to interest rate swap contracts outstanding at March 31, 2020 and December 31, 2019, respectively. ( 3 ) The combined fair value of securities and loans pledged against the Company’s various repurchase agreements and term warehouse financing facilities was $558.2 million and $1.2 billion at March 31, 2020 and December 31, 2019, respectively. All balances associated with repurchase agreements and derivatives are presented on a gross basis on the Company’s consolidated balance sheets. Certain of the Company’s repurchase agreements and derivative transactions are governed by underlying agreements that generally provide for a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 19 - COMMITMENTS AND CONTINGENCIES The Company may become involved in litigation on various matters due to the nature of the Company’s business activities. The resolution of these matters may result in adverse judgments, fines, penalties, injunctions and other relief against the Company as well as monetary payments or other agreements and obligations. In addition, the Company may enter into settlements on certain matters in order to avoid the additional costs of engaging in litigation. Except as discussed below, the Company is unaware of any contingencies arising from such litigation that would require accrual or disclosure in the consolidated financial statements at March 31, 2020. Primary Capital Mortgage, LLC (“PCM”) is subject to potential litigation related to claims for repurchases or indemnifications on loans that PCM has sold to third parties. At March 31, 2020 and December 31, 2019, no such litigation demand was outstanding. Reserves for such litigation demands are included in the reserve for mortgage repurchases and indemnifications that totaled $1.7 million at March 31, 2020 and December 31, 2019. The reserves for mortgage repurchases and indemnifications are included in liabilities held for sale on the consolidated balance sheets. Settled and Dismissed Litigation Matters The Company did not have any pending litigation matters or general litigation reserve at March 31, 2020 or December 31, 2019. 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. Impact of COVID-19 As discussed in Note 2, the impact of the COVID-19 pandemic in the United States and globally has, and will continue to, adversely impact the Company, its borrowers and their tenants, the properties securing its investments and the economy as a whole. The magnitude and duration of the COVID-19 pandemic could be significant and will depend on future developments, which are uncertain and cannot be predicted, including new information that may emerge about the severity of the pandemic, the extension of quarantines and restrictions on travel, the discovery of successful treatments and the ensuing reactions by consumers, companies, governmental entities and global markets. The Company recorded no contingent liabilities at March 31, 2020 in connection with the COVID-19 pandemic, however the prolonged duration and impact of the COVID-19 pandemic has had, and may continue to have, a long-term and material impact on its results of operations, financial condition and cash flows. 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. As a result of the indemnified party’s partial sale of the mezzanine loan, the maximum exposure was reduced to $536,000 in 2019. At March 31, 2020 and December 31, 2019, the Company had a contingent liability, reported in accounts payable and other liabilities on its consolidated balance sheets, of $56,000 outstanding as a reserve for probable indemnification losses. The Company did not record any additional reserve for probable losses during the three months ended March 31, 2020 and 2019. PCM is subject to additional claims for repurchases or indemnifications on loans that PCM has sold to investors. At both March 31, 2020 and December 31, 2019, 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 $113.9 million and $98.0 million in unfunded loan commitments at March 31, 2020 and December 31, 2019, respectively. Preferred equity investments had $2.9 million and $3.0 million in unfunded investment commitments at March 31, 2020 and December 31, 2019, respectively.

DISCONTINUED OPERATIONS AND ASS

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE	3 Months Ended
	Mar. 31, 2020
Discontinued Operations And Disposal Groups [Abstract]
DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE	NOTE 20 - DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE In November 2016, the Company’s Board approved the Plan to focus its strategy on CRE debt investments. The Plan contemplated disposing of certain legacy CRE loans and exiting underperforming non-core asset classes and businesses, including the residential mortgage and middle market lending segments as well as the Company’s life settlement contract portfolio. The Company’s residential mortgage and middle market lending segments’ operations were classified as discontinued operations and excluded from continuing operations for all periods presented. Certain of the Company’s legacy CRE loans were classified as held for sale. As of March 31, 2020, the Company has substantially completed the execution of the Plan. The following table summarizes the operating results of the residential mortgage and middle market lending segments’ discontinued operations as reported separately as net (loss) income from discontinued operations, net of tax for the three months ended March 31, 2020 and 2019 (in thousands): For the Three Months Ended March 31, 2020 2019 OPERATING EXPENSES General and administrative 45 172 Total operating expenses 45 172 (45 ) (172 ) OTHER INCOME (EXPENSE) Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives — 135 Total other income — 135 (LOSS) INCOME FROM DISCONTINUED OPERATIONS BEFORE TAXES (45 ) (37 ) Income tax expense — — TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS $ (45 ) $ (37 ) The assets and liabilities of business segments classified as discontinued operations and other assets and liabilities classified as held for sale are reported separately in the accompanying consolidated financial statements and are summarized as follows at March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 ASSETS Property and other assets held for sale $ 13,466 $ 16,766 Total assets held for sale $ 13,466 $ 16,766 LIABILITIES Accounts payable and other liabilities $ 1,735 $ 1,746 Total liabilities held for sale $ 1,735 $ 1,746 In November 2019, the Company foreclosed on the non-performing legacy CRE loan held for sale. At March 31, 2020 and December 31, 2019, the property had a fair value of $13.2 million and $16.5 million, respectively. The property’s operating activity is included in the fair value adjustments on assets held for sale on the consolidated statements of operations and the property is currently being marketed for sale. The Company has one mezzanine loan held for sale with a par value of $38.1 million and a fair value of zero at March 31, 2020 and December 31, 2019. The mezzanine loan comprises two tranches, maturing in November 2018 and September 2021.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 21 - SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this report and determined that, except as disclosed in Note 7, Note 9 and Note 17, 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)	3 Months Ended
	Mar. 31, 2020
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, 2019. 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.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and within the period of financial results. Actual results could differ from those estimates. Estimates affecting the accompanying consolidated financial statements include but are not limited to the net realizable and fair values of the Company’s investments and derivatives, the estimated life used on investments to calculate amortization and accretion of premiums and discounts, respectively, provisions for credit losses and the disclosure of contingent liabilities. In December 2019, a novel strain of coronavirus (“COVID-19”) was identified. The resulting global proliferation of the virus led the World Health Organization to designate COVID-19 as a pandemic and numerous countries, including the United States, to declare national emergencies. Many countries have responded to the outbreak by instituting quarantines and restrictions on travel, which have resulted in the closure or remote operation of non-essential businesses. Such actions have produced material and previously unforeseeable shocks to global markets, disruptions to global supply chains and adversity to many industries and economies as whole. The rapid development of the pandemic and the resulting economic effects have created uncertainty surrounding the ultimate impact on the global economy generally, and the commercial real estate business in particular, that make estimates and assumptions as of March 31, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. As a result, actual losses could differ from estimated amounts. The Company believes the estimates and assumptions underlying the consolidated financial statements are reasonable and supportable based on the information available at March 31, 2020. Actual results may ultimately differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities of three months or less at the time of purchase. At March 31, 2020 and December 31, 2019, approximately $40.1 million and $77.6 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 debt securitizations, repurchase agreements and derivative instruments as well as cash held in the syndicated corporate loan collateralized debt obligations (“CDOs”). In April 2020, $4.9 million and $46.9 million classified as cash and cash equivalents and restricted cash, respectively, at March 31, 2020, were used to pay down the Company’s outstanding CMBS - short-term repurchase agreements as described in Note 9. The following table provides a reconciliation of cash, cash equivalents and restricted cash on the consolidated balance sheets to the total amount shown on the consolidated statements of cash flows (in thousands): March 31, 2020 2019 Cash and cash equivalents $ 42,752 $ 55,660 Restricted cash 65,351 7,485 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 108,103 $ 63,145
Investment Securities	Investment Securities The Company classifies its investment portfolio as available-for-sale. The Company, from time to time, may sell any of its investments due to changes in market conditions or in accordance with its investment strategy. The Company reports its investment securities available-for-sale at fair value. To determine fair value, the Company uses an independent third-party valuation firm utilizing data available in the market as well as appropriate prepayment, default and recovery rates. The Company evaluates the reasonableness of the valuation it receives by using a dealer quote, bid, or internal model. If there is a material difference between the value indicated by the third-party valuation firm and the dealer quote, bid or internal model, the Company will evaluate the difference, which could result in an updated valuation from the third-party or a revised dealer quote. Based on a prioritization of inputs used in the valuation of each position, the Company categorizes these investments as either Level 2 or Level 3 in the fair value hierarchy. Any changes in fair value to the Company’s investment securities available-for-sale are recorded on the Company’s consolidated balance sheets as a component of accumulated other comprehensive (loss) income in stockholders’ equity. On a quarterly basis, the Company evaluates impaired available-for-sale securities to determine the estimate of expected credit losses. An available-for-sale security is impaired when its fair value has declined below its amortized cost basis. Evidence of the need for an allowance for credit losses will be based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) whether a portion of the unrealized loss is a result of credit losses or other market factors. A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is recognized in earnings through a charge to the amortized cost of the security and equal to the entire difference between fair value and amortized cost. If a credit loss exists, but the Company does not intend nor is it more likely than not that it will be required to sell before recovery, the impairment will be separated into (i) the estimated amount relating to the credit loss and (ii) the amount relating to all other factors. Only the estimated credit loss amount is recognized in earnings through an increase to the allowance for credit losses, with the remainder of the loss recognized in other comprehensive income. If the Company uses a discounted cash flow approach to estimate expected credit losses, changes in the present value attributable to the passage of time are recorded in the provision for credit losses. Estimating cash flows and determining whether there are credit losses require management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions and assumptions regarding changes in interest rates. As a result, actual losses, and the timing of income recognized on these securities, could differ from reported amounts. Investment security transactions are recorded on the trade date. Realized gains and losses on investment securities are determined on the specific identification method.
Investment Security Interest Income Recognition	Investment Security Interest Income Recognition Interest income on the Company’s mortgage-backed securities (“MBS”) is accrued using the effective yield method based on the actual coupon rate and the outstanding principal amount of the underlying mortgages or other assets. Premiums and discounts are amortized or accreted into interest income over the expected lives of the securities also using the effective yield method, adjusted for the effects of estimated prepayments. For an investment purchased at par, the effective yield is the contractual interest rate on the investment. If the investment is purchased at a discount or at a premium, the effective yield is computed based on the contractual interest rate increased for the accretion of a purchase discount or decreased for the amortization of a purchase premium. The effective yield method requires the Company to make estimates of future prepayment rates for its investments that can be contractually prepaid before their contractual maturity date so that the purchase discount can be accreted, or the purchase premium can be amortized, over the estimated remaining life of the investment. The prepayment estimates that the Company uses directly impact the estimated remaining lives of its investments. Actual prepayment estimates are reviewed at each quarter end or more frequently if the Company becomes aware of any material information that would lead it to believe that an adjustment is necessary. For MBS that are not of high credit quality or can be prepaid in such a way that the Company would not recover substantially all of its initial investment, changes in the original or most recent cash flow projections may result in a prospective change in interest income recognized. For MBS that are of high credit quality, changes in the original or most recent cash flow projections may result in an immediate cumulative adjustment in interest income recognized. The Company records interest receivable on its available-for-sale debt securities in accrued interest receivable on its consolidated balance sheets. The Company analyzes the interest receivable balances on a timely basis, or at least quarterly, to determine if they are uncollectible. If an interest receivable balance is deemed uncollectible, then the Company writes off the balance of the interest receivable through a reversal of interest income.
Loans and Loan Interest Income Recognition	CRE Loans The Company acquires loans through direct origination or through the acquisition of participations in CRE loans. Loans are held for investment; therefore, the Company initially records them at their acquisition price, and subsequently, accounts for them based on their outstanding principal plus or minus unamortized premiums or discounts. The Company may sell a loan held for investment where the credit fundamentals underlying a particular loan have changed in such a manner that the Company’s expected return on investment may decrease. Once the determination has been made by the Company that it no longer will hold the loan for investment, the Company identifies these loans as loans held for sale. Any credit-related impairment considerations prior to the transfer to loans held for sale are accounted for through the allowance for credit losses on the Company’s consolidated balance sheets. The remaining legacy CRE loan, which was foreclosed upon, remains held for sale at March 31, 2020 and December 31, 2019. See Note 20 for further discussion. The Company reports its loans held for sale at the lower of amortized cost or fair value. To determine fair value, the Company primarily uses appraisals obtained from third-parties as a practical expedient. Key assumptions used in those appraisals are reviewed by the Company. If there is a material difference between the value provided by the appraiser and information used by the Company to validate the appraisal, the Company will evaluate the difference with the appraiser, which could result in an updated appraisal. The Company may also use the present value of estimated cash flows, market price, if available, or other determinants of the fair value of the collateral less estimated disposition costs. Any determined changes in the fair value of loans held for sale are recorded in fair value adjustments on financial assets held for sale on the Company’s consolidated statements of operations. Based on a prioritization of inputs used in the valuation of each position, the Company categorizes these investments as either Level 2 or Level 3 in the fair value hierarchy. CRE Loan Interest Income Recognition Interest income on loans includes interest at stated rates adjusted for amortization or accretion of premiums and discounts based on the contractual payment terms of the loan. Premiums and discounts are amortized or accreted into income using the effective yield method. If a loan with a premium or discount is prepaid, the Company immediately recognizes the unamortized portion as a decrease or increase to interest income. In addition, the Company defers loan origination and extension fees and loan origination or acquisition costs and recognizes them over the life of the related loan against interest income using the straight line method, which approximates the effective yield method. Income recognition is suspended for loans at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of principal and income becomes doubtful. When the ultimate collectability of the principal is in doubt, all payments received are applied to principal under the cost recovery method. On the other hand, when the ultimate collectability of the principal is not in doubt, contractual interest is recorded as interest income when received, under the cash method, until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. The Company records interest receivable on its loans in accrued interest receivable on its consolidated balance sheets. The Company analyzes the interest receivable balances on a timely basis, or at least quarterly, to determine if they are uncollectible. If an interest receivable balance is deemed uncollectible, then the Company writes off the balance of the interest receivable through a reversal of interest income.
Allowance for Credit Losses	Allowance for Credit Losses The Company maintains an allowance for credit loss on its loans held for investment. CRE loans that are held for investment are carried at cost, net of unamortized acquisition premiums or discounts, loan fees and origination costs as applicable. Effective January 1, 2020, the Company determines its allowance for credit losses, consistent with GAAP, by measuring the current expected credit losses (“CECL”) on the loan portfolio on a quarterly basis. The Company utilizes a probability of default and loss given default methodology over a reasonable and supportable forecast period after which it reverts to its historical mean loss ratio, utilizing a blended approach sourced from its own historical losses and the market losses from an engaged third party’s database, to be applied for the remaining estimable period. The CECL model requires the Company to make significant judgements, including: (i) the selection of a reasonable and supportable forecast period, (ii) projections for the amounts and timing of future fundings of committed balances and prepayments on CRE investments, (iii) the determination of the risk characteristics in which to pool financial assets, and (iv) the appropriate historical loss data to utilize in the model. Unfunded commitments are not considered in the CECL reserve if they are unconditionally cancellable by the Company. In order to effectively measure the loan portfolio’s credit losses based on similar risk characteristics under CECL, the Company pools loans without evidence of credit quality deterioration based on the loan’s collateral property type. The Company regularly evaluates the risk characteristics of its loan portfolio to determine whether a different pooling methodology is more accurate. A loan that exhibits evidence of credit quality deterioration is removed from its respective pool and an allowance for credit losses is determined based on that loan’s individual risk characteristics in the CECL model. Further, if the Company determines that foreclosure of a loan’s collateral is probable or repayment of the loan is expected through sale or operation of the collateral and the borrower is experiencing financial difficulty, expected credit losses are measured as the difference between the current fair value of the collateral and the amortized cost of the loan. Fair value may be determined based on (i) the present value of estimated cash flows; (ii) the market price, if available; or (iii) the fair value of the collateral less estimated disposition costs. While a loan exhibiting credit quality deterioration may remain on accrual status, the loan is placed on non-accrual status at such time as (i) management believes that scheduled debt service payments will not be met within the coming 12 months; (ii) the loan becomes 90 days past due; (iii) management determines the borrower is incapable of, or has ceased efforts toward, curing the cause of the credit deterioration; or (iv) the net realizable value of the loan’s underlying collateral approximates the Company’s carrying value for such loan. While on non-accrual status, the Company recognizes interest income only when an actual payment is received if a credit analysis supports the borrower’s principal repayment capacity. When a loan is placed on non-accrual, previously accrued interest is reversed from interest income. The Company utilizes the contractual life of its loans to estimate the period over which it measures expected credit losses. Estimates for prepayments and extensions are incorporated into the inputs for the Company’s CECL model. Modifications to loan terms, such as a modification in connection with a troubled debt restructuring (“TDR”), where a concession is granted to a borrower experiencing financial difficulty, may result in the extension of the loan’s life and an increase in the allowance for credit losses. The measurement of the impact of TDRs on the expected credit losses occurs when a TDR is reasonably expected. If the concession granted on a TDR can only be captured through a discounted cash flow analysis, then the Company will individually assess the loan for expected credit losses using the discounted cash flow method. In order to calculate the historical mean loss ratio applied to the loan portfolio at the end of the forecast period, the Company utilizes historical losses from its full underwriting history, along with the market loss history of a selected population of loans from a third party’s database that are similar to the Company’s loan types, loan sizes, durations, interest rate structure and general loan-to-collateral value (“LTV”) profiles. The Company may make adjustments to the historical loss history for qualitative or environmental factors if it believes there is evidence that the estimate for expected credit losses should be increased. The Company records write-offs against the allowance for credit losses if it deems that all or a portion of a loan’s balance is uncollectible. If the Company receives cash in excess of some or all of the amounts it previously wrote off, it records a recovery to increase the allowance for credit losses. As part of the evaluation of the loan portfolio, the Company assesses the performance of each loan and assigns a risk rating based on the collective evaluation of several factors, including but not limited to: collateral performance relative to underwritten plan, time since origination, current implied and/or re - underwritten LTV ratios, risk inherent in the loan structure and exit plan. Loans are rated “1” through “5,” from less risk to greatest risk, in connection with this review. Prior to the implementation of CECL, the Company calculated its allowance for credit losses through the calculation of general and specific reserves. The general reserve, established for loans not determined to be impaired individually, was based on the Company’s loan risk ratings. The Company recorded a general reserve equal to 1.5% of the aggregate face values of loans with a risk rating of “3,” plus 5.0% of the aggregate face values of loans with a risk rating of “4.” Loans with a risk rating of “5” were individually measured for impairment to be included in a specific reserve on a quarterly basis. The Company considered a loan to be impaired if at least one of two conditions exists. The first condition was if, based on the Company’s evaluation as part of the loan risk rating process, management believed that a loss event had occurred that made it probable that the Company would be unable to collect all amounts due according to the contractual terms of the loan agreement. The second condition was that the loan was deemed to be a TDR. These TDRs may not have had an associated specific credit loss allowance if the principal and interest amount was considered recoverable based on market conditions, appraisals of the underlying collateral, expected collateral performance and/or guarantees made by the borrowers. When a loan was impaired under either of these two conditions, the allowance for credit losses was increased by the amount of the excess of the amortized cost basis of the loan over its fair value. When a loan, or a portion thereof, was considered uncollectible and pursuit of collection was not warranted, the Company recorded a charge-off or write-down of the loan against the allowance for credit losses.
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 $32.9 million (tax effected expense of $9.9 million) at March 31, 2020 and December 31, 2019 as the Company believes it is more likely than not that the deferred tax assets will not be realized. This assessment was based on the Company’s cumulative historical losses and uncertainties as to the amount of taxable income that would be generated in future years by the Company’s taxable REIT subsidiaries.
Recent Accounting Standards	Recent Accounting Standards Accounting Standards Adopted in In August 2018, the Financial Accounting Standards Board (“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. Adoption did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued guidance that changes 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 replaced the incurred loss approach with a CECL 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. On January 1, 2020, the Company adopted the above-mentioned accounting guidance and recorded an initial CECL allowance of approximately $4.5 million, of which $3.0 million, or $0.10 per share, was recorded as a charge to retained earnings on such date. The estimated CECL reserve represented 0.25% of the aggregate outstanding principal balance of the Company’s $1.8 billion commercial loan portfolio at December 31, 2019. At March 31, 2020, the Company recorded an additional CECL reserve of $16.1 million for a total CECL reserve of $20.6 million, or 1.09% of the aggregate outstanding principal balance of the Company’s $1.9 billion commercial loan portfolio at March 31, 2020. The additional CECL reserve of $16.1 million was recognized on the Company’s consolidated statement of operations as provision for credit losses, net, and the increase in reserves is primarily attributable to the significant impact on the assumed expected losses caused by the COVID-19 global pandemic used in the Company’s CECL computations. The Company’s updated accounting policies in connection with this guidance are referenced above in the “Investment Securities,” “Investment Security Interest Income Recognition,” “Loans,” “Loan Interest Income Recognition,” and “Allowance for Credit Losses” sections. See Note 6 for additional disclosures in connection with the updated guidance. Accounting Standards to be Adopted in Future Periods In March 2020, the FASB issued guidance that provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives and other contracts, related to the expected market transition from the London Interbank Offered Rate (“LIBOR”), and certain other floating-rate benchmark indices to alternative reference rates. The guidance generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. The guidance is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. The Company is in the process of evaluating the impact of this new guidance.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Reconciliation of cash, cash equivalents and restricted cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash on the consolidated balance sheets to the total amount shown on the consolidated statements of cash flows (in thousands): March 31, 2020 2019 Cash and cash equivalents $ 42,752 $ 55,660 Restricted cash 65,351 7,485 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 108,103 $ 63,145

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2020
VIE, Primary Beneficiary
Schedule of variable interest entities	The following table shows the classification and carrying values of assets and liabilities of the Company’s Consolidated VIEs at March 31, 2020 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 2,552 $ 531 $ 3,083 Accrued interest receivable 4,904 — 4,904 CRE loans, pledged as collateral (1) 1,434,694 — 1,434,694 Other assets 18 — 18 Total assets (2) $ 1,442,168 $ 531 $ 1,442,699 LIABILITIES Accounts payable and other liabilities $ 117 $ — $ 117 Accrued interest payable 1,124 — 1,124 Borrowings 1,086,923 — 1,086,923 Total liabilities $ 1,088,164 $ — $ 1,088,164 (1) Excludes the allowance for credit losses. ( 2 ) Assets of each of the Consolidated VIEs may only be used to settle the obligations of each respective VIE.
VIE, Not Primary Beneficiary
Schedule of variable interest entities	The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs at March 31, 2020 (in thousands): Unsecured Junior Subordinated Debentures C40 Prospect Hackensack Santa Clarita Total Maximum Exposure to Loss ASSETS Accrued interest receivable $ 182 $ 94 $ — $ — $ 276 $ — CRE loans — — 20,615 5,910 26,525 $ 26,525 Investment securities available-for-sale (1) — 3,162 — — 3,162 $ 8,204 Investments in unconsolidated entities 1,548 — — — 1,548 $ 1,548 Total assets 1,730 3,256 20,615 5,910 31,511 LIABILITIES Accrued interest payable 254 — — — 254 N/A Borrowings 51,548 — — — 51,548 N/A Total liabilities 51,802 — — — 51,802 N/A Net (liability) asset $ (50,072 ) $ 3,256 $ 20,615 $ 5,910 $ (20,291 ) N/A (1) The Company’s investment in C40 is carried at fair value and its maximum exposure to loss is the amortized cost of the investment.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of other significant noncash transactions	The following table summarizes the Company’s supplemental disclosure of cash flow information (in thousands): For the Three Months Ended March 31, 2020 2019 Non-cash continuing investing activities include the following: Proceeds from the relinquishment of investment securities available-for-sale $ 245,828 $ — Non-cash continuing financing activities include the following: Repayment of repurchase agreements $ (245,828 ) $ — Distributions on common stock accrued but not paid $ — $ 6,373 Distributions on preferred stock accrued but not paid $ 1,725 $ 1,725

LOANS (Tables)

LOANS (Tables)	3 Months Ended
	Mar. 31, 2020
Loans Held For Investment [Abstract]
Summary of loans held for Investments	The following is a summary of the Company’s loans (dollars in thousands, except amounts in footnotes): Description Quantity Principal Unamortized (Discount) Premium, net (1) Amortized Cost Allowance for Credit Losses Carrying Value Contractual Interest Rates (2) Maturity Dates (3)(4) At March 31, 2020: CRE loans held for investment: Whole loans, floating-rate (5)(6) 119 $ 1,869,800 $ (8,540 ) $ 1,861,260 $ (17,257 ) $ 1,844,003 1M LIBOR plus 2.70% to 1M LIBOR plus 6.25% April 2020 to October 2023 Mezzanine loan 1 4,700 — 4,700 (192 ) 4,508 10.00% June 2028 Preferred equity investments (see Note 3) (6)(7)(8) 2 26,579 (53 ) 26,526 (3,192 ) 23,334 11.00% to 11.50% June 2022 to April 2023 Total CRE loans held for investment $ 1,901,079 $ (8,593 ) $ 1,892,486 $ (20,641 ) $ 1,871,845 At December 31, 2019: CRE loans held for investment: Whole loans, floating-rate (5)(6) 112 $ 1,768,322 $ (7,725 ) $ 1,760,597 $ (1,460 ) $ 1,759,137 1M LIBOR plus 2.70% to 1M LIBOR plus 6.25% January 2020 to October 2023 Mezzanine loan 1 4,700 — 4,700 — 4,700 10.00% June 2028 Preferred equity investment (see Note 3) (6)(7)(8) 2 26,237 (89 ) 26,148 — 26,148 11.00% to 11.50% June 2022 to April 2023 Total CRE loans held for investment $ 1,799,259 $ (7,814 ) $ 1,791,445 $ (1,460 ) $ 1,789,985 (1) Amounts include unamortized loan origination fees of $9.6 million and $9.1 million and deferred amendment fees of $23,000 and $72,000 at March 31, 2020 and December 31, 2019, respectively. Additionally, the amounts include unamortized loan acquisition costs of $1.0 million and $1.3 million at March 31, 2020 and December 31, 2019, respectively. ( 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 March 31, 2020 and December 31, 2019. ( 5 ) Substantially all loans are pledged as collateral under various borrowings at March 31, 2020 and December 31, 2019. ( 6 ) Floating-rate CRE whole loans had $113.9 million and $98.0 million in unfunded loan commitments at March 31, 2020 and December 31, 2019, respectively. Preferred equity investments had $2.9 million and $3.0 million in unfunded commitments at March 31, 2020 and December 31, 2019. 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. ( 7 ) The interest rate on the Company’s preferred equity investments each pay at 8.00%. The remaining interest is deferred until maturity. ( 8 ) Beginning in April 2023, the Company has the right to unilaterally force the sale of Prospect Hackensack’s underlying property. Beginning in June 2022, 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 of the Company’s CRE loans held for investment, at amortized cost (in thousands, except amounts in the footnotes): Description 2020 2021 2022 and Thereafter Total At March 31, 2020: Whole loans, floating-rate (1) $ 278,356 $ 695,620 $ 875,773 $ 1,849,749 Mezzanine loan — — 4,700 4,700 Preferred equity investments — — 26,526 26,526 Total CRE loans (2) $ 278,356 $ 695,620 $ 906,999 $ 1,880,975 Description 2020 2021 2022 and Thereafter Total At December 31, 2019: Whole loans, floating-rate (1) $ 319,868 $ 737,478 $ 691,747 $ 1,749,093 Mezzanine loan — — 4,700 4,700 Preferred equity investment — — 26,148 26,148 Total CRE loans (2) $ 319,868 $ 737,478 $ 722,595 $ 1,779,941 (1) Excludes one whole loan, with an amortized cost of $11.5 million, in maturity default and performing with respect to debt service due in accordance with a forbearance agreement at March 31, 2020 and December 31, 2019. (2) At March 31, 2020, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $81.1 million, $65.0 million and $1.7 billion in 2020, 2021 and 2022 and thereafter, respectively. At December 31, 2019, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $105.5 million, $68.0 million and $1.6 billion in 2020, 2021 and 2022 and thereafter, respectively.

FINANCING RECEIVABLES (Tables)

FINANCING RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Activity in Allowance for Credit Losses	The following table shows the activity in the allowance for credit losses for the three months ended March 31, 2020 and year ended December 31, 2019 (in thousands, except amount in the footnotes): Three Months Ended March 31, 2020 Year Ended December 31, 2019 CRE Loans CRE Loans (1) Allowance for credit losses: Allowance for credit losses at beginning of period $ 1,460 $ 1,401 Adoption of the new accounting guidance 3,032 — Provision for credit losses (2) 16,149 59 Allowance for credit losses at end of period $ 20,641 $ 1,460 (1) The Company’s mezzanine loan and preferred equity investments were evaluated individually for impairment during the year ended December 31, 2019 and were determined to have no evidence of impairment. ( 2 ) Excludes the recovery of credit losses on one bank loan with no amortized cost or carrying value at March 31, 2020 and December 31, 2019 that received a payment of approximately $1,000 during the year ended December 31, 2019.
Credit quality indicators for bank loans and commercial real estate loans	The criteria set forth below should be used as general guidelines and, therefore, not every loan will have all of the characteristics described in each category below. Risk Rating Risk Characteristics 1 • Property performance has surpassed underwritten expectations. • Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high quality tenant mix. 2 • Property performance is consistent with underwritten expectations and covenants and performance criteria are being met or exceeded. • Occupancy is stabilized, near stabilized or is on track with underwriting. 3 • Property performance lags behind underwritten expectations. • Occupancy is not stabilized and the property has some tenancy rollover. 4 • Property performance significantly lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers. • Occupancy is not stabilized and the property has a large amount of tenancy rollover. 5 • Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Expected sale proceeds would not be sufficient to pay off the loan at maturity. • The property has a material vacancy rate and significant rollover of remaining tenants. • An updated appraisal is required upon designation and updated on an as-needed basis. All CRE loans are evaluated for any credit deterioration by debt asset management and certain finance personnel on at least a quarterly basis. Mezzanine loans and preferred equity investments may experience greater credit risks due to their nature as subordinated investments. For the purpose of calculating the quarterly provision for credit losses under CECL, the Company pools CRE loans based on the underlying collateral property type and utilizes a probability of default and loss given default methodology for approximately one year after which it immediately reverts to a historical mean loss ratio. Credit risk profiles of CRE loans at amortized cost were as follows (in thousands, except amounts in footnotes): Rating 1 Rating 2 Rating 3 Rating 4 Rating 5 Total (1) At March 31, 2020: Whole loans, floating-rate $ 2,427 $ 1,188,767 $ 531,754 $ 138,312 $ — $ 1,861,260 Mezzanine loan — 4,700 — — — 4,700 Preferred equity investments — 5,910 20,616 — — 26,526 Total $ 2,427 $ 1,199,377 $ 552,370 $ 138,312 $ — $ 1,892,486 At December 31, 2019: Whole loans, floating-rate $ — $ 1,660,274 $ 96,475 $ 3,848 $ — $ 1,760,597 Mezzanine loan (2) — 4,700 — — — 4,700 Preferred equity investments (2) — 26,148 — — — 26,148 Total $ — $ 1,691,122 $ 96,475 $ 3,848 $ — $ 1,791,445 ( 1 ) The total amortized cost of CRE loans excluded accrued interest receivable of $6.9 million and $6.7 million at March 31, 2020 and December 31, 2019, respectively. ( 2 ) The Company’s mezzanine loan and preferred equity investments were evaluated individually for impairment at December 31, 2019. Credit risk profiles of CRE loans by origination year at amortized cost were as follows (in thousands , except amounts in footnotes ): 2020 2019 2018 2017 2016 Prior Total (1) At March 31, 2020: Whole loans, floating-rate: (2) Rating 1 $ — $ 2,427 $ — $ — $ — $ — $ 2,427 Rating 2 178,514 526,390 412,521 71,342 — — 1,188,767 Rating 3 — 160,006 250,569 94,471 — 26,708 531,754 Rating 4 — 8,393 70,867 56,756 — 2,296 138,312 Total whole loans, floating-rate 178,514 697,216 733,957 222,569 — 29,004 1,861,260 Mezzanine loan (rating 2) — — 4,700 — — — 4,700 Preferred equity investments: Rating 2 — 5,910 — — — — 5,910 Rating 3 — — 20,616 — — — 20,616 Total preferred equity investments — 5,910 20,616 — — — 26,526 Total $ 178,514 $ 703,126 $ 759,273 $ 222,569 $ — $ 29,004 $ 1,892,486 2019 2018 2017 2016 2015 Prior Total (1) At December 31, 2019: Whole loans, floating-rate: (2) Rating 2 $ 669,947 $ 776,078 $ 202,577 $ — $ — $ 11,672 $ 1,660,274 Rating 3 21,593 — 37,008 — 17,471 20,403 96,475 Rating 4 — — — — 3,848 — 3,848 Total whole loans, floating-rate 691,540 776,078 239,585 — 21,319 32,075 1,760,597 Mezzanine loan (rating 2) — 4,700 — — — — 4,700 Preferred equity investments (rating 2) 5,741 20,407 — — — — 26,148 Total $ 697,281 $ 801,185 $ 239,585 $ — $ 21,319 $ 32,075 $ 1,791,445 (1) The total amortized cost of CRE loans excluded accrued interest receivable of $6.9 million and $6.7 million at March 31, 2020 and December 31, 2019, respectively. (2) Acquired CRE whole loans are grouped within each loan’s year of issuance.
Loan portfolios aging analysis	The following table presents the CRE loan portfolio aging analysis as of the dates indicated for CRE loans at amortized cost (in thousands, except amounts in footnotes): 30-59 Days 60-89 Days Greater than 90 Days (1) Total Past Due Current Total Loans Receivable (2) Total Loans > 90 Days and Accruing (1) At March 31, 2020: Whole loans, floating-rate $ — $ — $ 11,511 $ 11,511 $ 1,849,749 $ 1,861,260 $ 11,511 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investments — — — — 26,526 26,526 — Total $ — $ — $ 11,511 $ 11,511 $ 1,880,975 $ 1,892,486 $ 11,511 At December 31, 2019: Whole loans, floating-rate $ — $ — $ 11,503 $ 11,503 $ 1,749,094 $ 1,760,597 $ 11,503 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investment — — — — 26,148 26,148 — Total $ — $ — $ 11,503 $ 11,503 $ 1,779,942 $ 1,791,445 $ 11,503 (1) Includes one whole loan, with an amortized cost of $11.5 million, which was in maturity default at March 31, 2020 and December 31, 2019. The loan is performing with respect to debt service due in accordance with a forbearance agreement at March 31, 2020 and December 31, 2019. During the three months ended March 31, 2020 and 2019, the Company recognized interest income of $159,000 and $165,000, respectively, on this whole loan. (2) The total amortized cost of CRE loans excluded accrued interest receivable of $6.9 million and $6.7 million at March 31, 2020 and December 31, 2019, respectively.

INVESTMENT SECURITIES AVAILAB_2

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Tables)	3 Months Ended
	Mar. 31, 2020
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 footnotes): Amortized Cost (1) Unrealized Gains Unrealized Losses Fair Value (2) At March 31, 2020: CMBS, fixed-rate $ 36,152 $ — $ (106 ) $ 36,046 CMBS, floating-rate 41,198 — — 41,198 Total $ 77,350 $ — $ (106 ) $ 77,244 Amortized Cost (1) Unrealized Gains Unrealized Losses Fair Value (2) At December 31, 2019: CMBS, fixed-rate $ 132,235 $ 6,596 $ (792 ) $ 138,039 CMBS, floating-rate 382,659 995 (979 ) 382,675 Total $ 514,894 $ 7,591 $ (1,771 ) $ 520,714 (1) The amortized cost of CMBS excluded accrued interest receivable of $412,000 and $1.1 million at March 31, 2020 and December 31, 2019, respectively. ( 2 ) At March 31, 2020 and December 31, 2019, investment securities available-for-sale with fair values of $74.1 million and $466.9 million, respectively, were pledged as collateral under related financings.

BORROWINGS (Tables)

BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Information with respect to borrowings	Certain information with respect to the Company’s borrowings is summarized in the following table (dollars in thousands, except amounts in footnotes): Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At March 31, 2020: XAN 2018-RSO6 Senior Notes $ 123,849 $ 697 $ 123,152 2.49 % 15.2 years $ 240,622 XAN 2019-RSO7 Senior Notes 580,514 4,471 576,043 2.12 % 16.1 years 681,871 XAN 2020-RSO8 Senior Notes 393,280 5,552 387,728 2.11 % 14.9 years 522,631 Unsecured junior subordinated debentures 51,548 — 51,548 5.52 % 16.4 years — 4.50% Convertible Senior Notes 143,750 9,258 134,492 4.50 % 2.4 years — CRE - term warehouse financing facilities (1)(2) 278,226 2,118 276,108 2.84 % 253 days 382,377 CMBS - short term repurchase agreements (3)(4) 175,861 — 175,861 — % 18 days 175,861 Total $ 1,747,028 $ 22,096 $ 1,724,932 2.60 % 10.6 years $ 2,003,362 Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At December 31, 2019: XAN 2018-RSO6 Senior Notes $ 177,118 $ 1,352 $ 175,766 3.17 % 15.5 years $ 293,890 XAN 2019-RSO7 Senior Notes 575,679 5,007 570,672 3.03 % 16.3 years 687,037 Unsecured junior subordinated debentures 51,548 — 51,548 5.90 % 16.7 years — 4.50% Convertible Senior Notes 143,750 10,137 133,613 4.50 % 2.6. years — 8.00% Convertible Senior Notes 21,182 9 21,173 8.00 % 15 days — CRE - term warehouse financing facilities (1) 547,619 2,714 544,905 3.71 % 1.2 years 705,221 CMBS - short term repurchase agreements (3) 374,900 — 374,900 2.87 % 21 days 484,398 Total $ 1,891,796 $ 19,219 $ 1,872,577 3.45 % 7.4 years $ 2,170,546 (1) Principal outstanding includes accrued interest payable of $308,000 and $810,000 at March 31, 2020 and December 31, 2019, respectively. (2) Between April 2020 and May 2020, CRE - term warehouse financing facilities paid down by $40.2 million. (3 ) Principal outstanding includes accrued interest payable of $470,000 at December 31, 2019. There was no accrued interest payable at March 31, 2020. (4 ) Value of the collateral includes unrestricted cash of $4.9 million at March 31, 2020. CMBS - short-term repurchase agreements were repaid in full in April 2020.
Schedule of securitizations	The following table sets forth certain information with respect to the Company’s consolidated securitizations at March 31, 2020 (in thousands): Closing Date Maturity Date End of Designated Principal Reinvestment Period (1) Total Note Paydowns Received from Closing Date through March 31, 2020 XAN 2018-RSO6 June 2018 June 2035 December 2020 $ 273,603 XAN 2019-RSO7 April 2019 April 2036 April 2022 $ 5,298 XAN 2020-RSO8 March 2020 March 2035 March 2023 $ — (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 4.50% Convertible Senior Notes at March 31, 2020 (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 % 83.1676 $ 12.02 August 15, 2022 (1) Includes the amortization of the market discounts and deferred debt issuance costs, if any, for the 4.50% 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 4.50% Convertible Senior Notes’ principal outstanding, subject to adjustment as provided in 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 March 31, 2020 are adjusted to reflect quarterly cash distributions in excess of a $0.10 distribution threshold, as defined in the 4.50% Convertible Senior Notes Indenture.
Warehouse financing facilities and repurchase agreements	The following table sets forth certain information with respect to the Company’s term warehouse financing facilities and repurchase agreements (dollars in thousands, except amounts in footnotes): March 31, 2020 December 31, 2019 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 Warehouse Financing Facilities (2) Wells Fargo Bank, N.A. (3) $ 145,547 $ 191,046 24 2.73 % $ 225,217 $ 291,903 28 3.70 % Barclays Bank PLC (4) 109,421 159,108 14 3.02 % 111,881 145,035 14 3.99 % JPMorgan Chase Bank, N.A. (5) 21,140 32,223 3 2.65 % 207,807 268,283 17 3.56 % CMBS - Short-Term Repurchase Agreements (6) Deutsche Bank Securities Inc. 8,181 8,181 — — % 37,141 57,331 6 3.13 % JP Morgan Securities LLC 42,510 42,510 10 — % 33,703 42,075 13 2.87 % Barclays Capital Inc. 101,219 101,219 10 — % 87,643 112,939 7 2.82 % RBC Capital Markets, LLC 13,366 13,366 — — % 34,829 47,081 5 2.96 % RBC (Barbados) Trading Bank Corporation 10,585 10,585 — — % 181,584 224,972 30 2.82 % Total $ 451,969 $ 558,238 $ 919,805 $ 1,189,619 (1) Outstanding borrowings include accrued interest payable. (2) Between April 2020 and May 2020, CRE - term warehouse financing facilities paid down by $40.2 million. (3 ) Includes $347,000 and $607,000 of deferred debt issuance costs at March 31, 2020 and December 31, 2019, respectively. (4 ) Includes $657,000 and $817,000 of deferred debt issuance costs at March 31, 2020 and December 31, 2019, respectively. ( 5 ) Includes $1.1 million and $1.3 million of deferred debt issuance costs at March 31, 2020 and December 31, 2019, respectively. (6 ) Value of the collateral includes unrestricted cash of $4.9 million at March 31, 2020. CMBS - short-term agreements were repaid in full in April 2020.
Schedule of amount at risk under credit facility	The following table shows information about the amount at risk under the repurchase facilities at March 31, 2020 (dollars in thousands): Amount at Risk (1) Weighted Average Remaining Maturity Weighted Average Interest Rate At March 31, 2020: CRE - Term Warehouse Financing Facilities Wells Fargo Bank, N.A. $ 45,779 112 days 2.73 % Barclays Bank PLC $ 49,522 1.0 years 3.02 % JPMorgan Chase Bank, N.A. $ 10,069 1.6 years 2.65 % CMBS - Short-Term Repurchase Agreements Deutsche Bank Securities Inc. $ — — — % JP Morgan Securities LLC $ 143 21 days — % Barclays Capital Inc. $ 32 17 days — % RBC (Barbados) Trading Bank Corporation $ — — — % RBC Capital Markets, LLC $ — — — % (1) Equal to the total of the estimated fair value of securities or loans sold and accrued interest receivable, minus the total of the repurchase agreement liabilities and accrued interest payable.
Schedule of contractual obligations and commitments	Contractual maturity dates of the Company’s borrowings’ principal outstanding by category and year are presented in the table below (in thousands): Total 2020 2021 2022 2023 2024 and Thereafter At March 31, 2020: CRE securitizations $ 1,097,643 $ — $ — $ — $ — $ 1,097,643 Unsecured junior subordinated debentures 51,548 — — — — 51,548 4.50% Convertible Senior Notes 143,750 — — 143,750 — — Term warehouse financing facilities and repurchase agreements (1) 454,087 321,755 132,332 — — — Total $ 1,747,028 $ 321,755 $ 132,332 $ 143,750 $ — $ 1,149,191 (1) Includes accrued interest payable in the balances of principal outstanding.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2020
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) Total Unvested shares at January 1, 2020 24,558 396,404 420,962 Issued 13,689 177,766 191,455 Vested (17,416 ) (213,688 ) (231,104 ) Forfeited — (29,988 ) (29,988 ) Unvested shares at March 31, 2020 20,831 330,494 351,325 (1) Non-employees are employees of C-III or Resource America, Inc. (“Resource America”).
Schedule of restricted stock granted	The following table summarizes restricted common stock grants during the three months ended March 31, 2020: Grant Date (1) Shares (1) Vesting per Year (1) Vesting Date(s) (1) January 21, 2020 177,766 33% January 21, 2021, January 21, 2022 and January 22, 2023 February 3, 2020 2,843 100% February 3, 2021 March 9, 2020 10,846 100% March 9, 2021
Summary of stock option transactions	The following table summarizes the status of the Company’s vested stock options at March 31, 2020: 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, 2020 10,000 $ 25.60 Vested — — Exercised — — Forfeited — — Expired — — Vested at March 31, 2020 10,000 $ 25.60 1.13 $ —
Summary of share based compensation expense	The components of equity compensation expense for the periods presented are as follows (in thousands): For the Three Months Ended March 31, 2020 2019 Restricted shares granted to non-employees (1) $ 435 $ 611 Restricted shares granted to non-employee directors 63 72 Total $ 498 $ 683 (1) Non-employees are employees of C-III or Resource America.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Reconciliation of basic and diluted (losses) earnings per common share	The following table presents a reconciliation of basic and diluted earnings (losses) per common share for the periods presented as follows (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2020 2019 Net (loss) income from continuing operations $ (196,476 ) $ 8,170 Net income allocated to preferred shares (2,588 ) (2,588 ) Net (loss) income from continuing operations allocable to common shares (199,064 ) 5,582 Net loss from discontinued operations, net of tax (45 ) (37 ) Net (loss) income allocable to common shares $ (199,109 ) $ 5,545 Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 31,626,204 31,379,253 Effect of dilutive securities - unvested restricted stock — 152,033 Weighted average number of common shares outstanding - diluted 31,626,204 31,531,286 Net (loss) income per common share - basic: Continuing operations $ (6.30 ) $ 0.18 Discontinued operations — — Net (loss) income per common share - basic $ (6.30 ) $ 0.18 Net (loss) income per common share - diluted: Continuing operations $ (6.30 ) $ 0.18 Discontinued operations — — Net (loss) income per common share - diluted $ (6.30 ) $ 0.18

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	3 Months Ended
	Mar. 31, 2020
Distributions [Abstract]
Distributions Declared	The following tables present distributions declared (on a per share basis) for the year ended December 31, 2019: Common Stock Date Paid Total Distributions Paid Distributions Per Share (in thousands) 2019 December 31 January 28, 2020 $ 8,767 $ 0.275 September 30 October 25 $ 7,967 $ 0.25 June 30 July 26 $ 7,172 $ 0.225 March 31 April 26 $ 6,373 $ 0.20 Series C Preferred Stock Date Paid Total Distributions Paid Distributions Per Share (in thousands) 2019 December 31 January 30, 2020 $ 2,587 $ 0.539063 September 30 October 30 $ 2,588 $ 0.539063 June 30 July 30 $ 2,587 $ 0.539063 March 31 April 30 $ 2,588 $ 0.539063

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of accumulated other comprehensive (loss) income	The following table presents the changes in each component of accumulated other comprehensive (loss) income for the three months ended March 31, 2020 (in thousands): Net Unrealized Gain (Loss) on Derivatives Net Unrealized (Loss) Gain on Investment Securities Available-for-Sale without an Allowance for Credit Losses Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2020 $ (3,999 ) $ 5,820 $ 1,821 Other comprehensive (loss) income before reclassifications (6,749 ) (191,283 ) (198,032 ) Amounts reclassified from accumulated other comprehensive income (1) (23 ) 185,357 185,334 Balance at March 31, 2020 $ (10,771 ) $ (106 ) $ (10,877 ) (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.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair value of financial instruments measured on recurring basis	The following table presents the Company’s financial instruments carried at fair value on a recurring basis based upon the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Total At March 31, 2020: Assets: Investment securities available-for-sale $ — $ — $ 77,244 $ 77,244 Total assets at fair value $ — $ — $ 77,244 $ 77,244 Liabilities: Derivatives $ — $ 11,326 $ — $ 11,326 Total liabilities at fair value $ — $ 11,326 $ — $ 11,326 At December 31, 2019: Assets: Investment securities available-for-sale $ — $ — $ 520,714 $ 520,714 Derivatives — 30 — 30 Total assets at fair value $ — $ 30 $ 520,714 $ 520,744 Liabilities: Derivatives $ — $ 4,558 $ — $ 4,558 Total liabilities at fair value $ — $ 4,558 $ — $ 4,558
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, 2020 $ 520,714 Included in earnings (184,741 ) Purchases 24,600 Sales (37,764 ) Paydowns (4,733 ) Relinquishments (234,906 ) Included in other comprehensive income (5,926 ) Balance, March 31, 2020 $ 77,244
Fair value financial instruments not reported at fair value	The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported in the following table (in thousands): Fair Value Measurements Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At March 31, 2020: Assets: CRE whole loans held for investment $ 1,844,003 $ 1,869,800 $ — $ — $ 1,869,800 CRE mezzanine loan $ 4,508 $ 4,700 $ — $ — $ 4,700 CRE preferred equity investments $ 23,334 $ 26,579 $ — $ — $ 26,579 Asset held for sale $ 13,200 $ 13,200 $ — $ — $ 13,200 Liabilities: Senior notes in CRE securitizations $ 1,086,923 $ 933,239 $ — $ — $ 933,239 Junior subordinated notes $ 51,548 $ 21,248 $ — $ — $ 21,248 Convertible notes $ 134,492 $ 143,750 $ — $ — $ 143,750 Warehouse financing facilities and repurchase agreements $ 451,969 $ 454,087 $ — $ — $ 454,087 At December 31, 2019: Assets: CRE whole loans held for investment $ 1,759,137 $ 1,768,322 $ — $ — $ 1,768,322 CRE mezzanine loan $ 4,700 $ 4,700 $ — $ — $ 4,700 CRE preferred equity investment $ 26,148 $ 26,237 $ — $ — $ 26,237 Asset held for sale $ 16,500 $ 16,500 $ — $ — $ 16,500 Liabilities: Senior notes in CRE securitizations $ 746,438 $ 754,023 $ — $ — $ 754,023 Junior subordinated notes $ 51,548 $ 25,831 $ — $ — $ 25,831 Convertible notes $ 154,786 $ 164,932 $ — $ — $ 164,932 Warehouse financing facilities and repurchase agreements $ 919,805 $ 922,519 $ — $ — $ 922,519

MARKET RISK AND DERIVATIVE IN_2

MARKET RISK AND DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair value of derivative instruments	The following tables present the fair value of the Company’s derivative financial instruments at March 31, 2020 and December 31, 2019 on the Company’s consolidated balance sheets and the related effect of the derivative instruments on the consolidated statements of operations for the three months ended March 31, 2020 and 2019: Fair Value of Derivative Instruments Liability Derivatives At March 31, 2020 Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts $ 4,030 Derivatives, at fair value $ 48 Interest rate swap contracts, hedging (1) $ 92,541 Derivatives, at fair value $ 11,278 Interest rate swap contracts, hedging $ 92,541 Accumulated other comprehensive (loss) income $ (10,771 ) Asset Derivatives At December 31, 2019 Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts, hedging (1) $ 2,630 Derivatives, at fair value $ 30 Liability Derivatives Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts, hedging (1) $ 87,551 Derivatives, at fair value $ 4,558 Interest rate swap contracts, hedging $ 90,181 Accumulated other comprehensive (loss) income $ (3,999 ) (1) Interest rate swap contracts are accounted for as cash flow hedges.
The effect of derivative instruments on the statement of income	The Effect of Derivative Instruments on the Consolidated Statements of Operations (in thousands) Derivatives Three Months Ended March 31, 2020 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts Other (expense) income $ (48 ) Interest rate swap contracts, hedging Interest expense $ (196 ) Derivatives Three Months Ended March 31, 2019 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) Interest rate swap contracts, hedging Interest expense $ 13

OFFSETTING OF FINANCIAL ASSET_2

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2019: Derivatives, at fair value $ 30 $ — $ 30 $ — $ — $ 30
Offsetting financial liabilities and derivative liabilities	The following table presents a summary of the Company’s offsetting of financial liabilities and derivative liabilities (in thousands, except amounts in footnotes): (iv) Gross Amounts Not Offset on the Consolidated Balance Sheets (i) Gross Amounts of Recognized Liabilities (ii) Gross Amounts Offset on the Consolidated Balance Sheets (iii) = (i) - (ii) Net Amounts of Liabilities Included on the Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Pledged (v) = (iii) - (iv) Net Amount At March 31, 2020: Derivatives, at fair value (2) $ 11,326 $ — $ 11,326 $ — $ 11,326 $ — Repurchase agreements and warehouse financing facilities (3) 451,969 — 451,969 402,377 49,592 — Total $ 463,295 $ — $ 463,295 $ 402,377 $ 60,918 $ — At December 31, 2019: Derivatives, at fair value (2) $ 4,558 $ — $ 4,558 $ — $ 4,558 $ — Repurchase agreements and warehouse financing facilities (3) 919,805 — 919,805 915,041 4,764 — Total $ 924,363 $ — $ 924,363 $ 915,041 $ 9,322 $ — (1) Amounts represent financial instruments pledged that are available to be offset against liability balances associated with term warehouse financing facilities, repurchase agreements and derivatives. (2) The Company posted excess cash collateral of $4.0 million and $4.6 million related to interest rate swap contracts outstanding at March 31, 2020 and December 31, 2019, respectively. ( 3 ) The combined fair value of securities and loans pledged against the Company’s various repurchase agreements and term warehouse financing facilities was $558.2 million and $1.2 billion at March 31, 2020 and December 31, 2019, respectively.

DISCONTINUED OPERATIONS AND A_2

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE (Tables)	3 Months Ended
	Mar. 31, 2020
Discontinued Operations And Disposal Groups [Abstract]
Disposal groups, including discontinued operations	The following table summarizes the operating results of the residential mortgage and middle market lending segments’ discontinued operations as reported separately as net (loss) income from discontinued operations, net of tax for the three months ended March 31, 2020 and 2019 (in thousands): For the Three Months Ended March 31, 2020 2019 OPERATING EXPENSES General and administrative 45 172 Total operating expenses 45 172 (45 ) (172 ) OTHER INCOME (EXPENSE) Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives — 135 Total other income — 135 (LOSS) INCOME FROM DISCONTINUED OPERATIONS BEFORE TAXES (45 ) (37 ) Income tax expense — — TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS $ (45 ) $ (37 ) The assets and liabilities of business segments classified as discontinued operations and other assets and liabilities classified as held for sale are reported separately in the accompanying consolidated financial statements and are summarized as follows at March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 ASSETS Property and other assets held for sale $ 13,466 $ 16,766 Total assets held for sale $ 13,466 $ 16,766 LIABILITIES Accounts payable and other liabilities $ 1,735 $ 1,746 Total liabilities held for sale $ 1,735 $ 1,746

ORGANIZATION (Details)

ORGANIZATION (Details)	Mar. 31, 2020
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 ($) $ / shares in Units, $ in Thousands	Jan. 01, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Apr. 30, 2020	Dec. 31, 2018
Summary Of Significant Accounting Policies [Line Items]
Cash balance in excess of federal deposit Insurance limit, amount		$ 40,100		$ 77,600
Cash and cash equivalents		42,752	$ 55,660	79,958
Operating loss carryforwards, valuation allowance		32,900		32,900
Operating loss carryforwards, valuation allowance, tax expense impact		9,900		9,900
CECL reserve	$ 4,500
CECL reserve recorded as charge to retained earnings	$ 3,000
CECL reserve per share recorded as charge to retained earnings	$ 0.10
Percentage of estimated CECL reserve out of aggregate outstanding principal balance of commercial loan portfolio	0.25%
Provision for credit losses		16,149	$ 1,025
Allowance for credit losses		$ 20,641		1,460
Percentage of CECL reserve out of aggregate outstanding principal balance of commercial loan portfolio		1.09%
Commercial Real Estate Loans
Summary Of Significant Accounting Policies [Line Items]
Aggregate outstanding principal balance of commercial loan portfolio	$ 1,800,000	$ 1,901,079		1,799,259
Provision for credit losses		16,149		59
Allowance for credit losses		$ 20,641		$ 1,460		$ 1,401
Commercial Real Estate Loans | Rating 3
Summary Of Significant Accounting Policies [Line Items]
Financing receivable, allowance for credit losses, percentage of aggregate par amount of loans		1.50%
Commercial Real Estate Loans | Rating 4
Summary Of Significant Accounting Policies [Line Items]
Financing receivable, allowance for credit losses, percentage of outstanding par amount of loans		5.00%
CMBS - Short Term Repurchase Agreements | Subsequent Event [Member]
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents					$ 4,900
Restricted cash					$ 46,900

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 42,752	$ 79,958	$ 55,660
Restricted cash	65,351	14,476	7,485
Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows	$ 108,103	$ 94,434	$ 63,145	$ 95,474

VARIABLE INTEREST ENTITIES (Con

VARIABLE INTEREST ENTITIES (Consolidated VIEs) (the Company is the primary beneficiary) (Details) - VIE, Primary Beneficiary	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)entity	Dec. 31, 2019USD ($)entity
Variable Interest Entity [Line Items]
Number of consolidated VIEs | entity	6	5
Financial support, amount | $	$ 0	$ 0

VARIABLE INTEREST ENTITIES (Sch

VARIABLE INTEREST ENTITIES (Schedule of Carrying Value of Assets and Liabilities of Consolidated VIEs) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
ASSETS:
Restricted cash	$ 65,351	$ 14,476	$ 7,485
Accrued interest receivable	7,309	8,042
CRE loans, pledged as collateral	1,871,845	1,789,985
Other assets	9,603	3,290
Total assets	2,089,118	2,454,326
LIABILITIES
Accounts payable and other liabilities	4,348	3,408
Accrued interest payable	2,270	4,408
Borrowings	1,724,932	1,872,577
Total liabilities	1,747,061	1,897,928
VIE, Primary Beneficiary
ASSETS:
Restricted cash	3,083	532
Accrued interest receivable	4,904	3,780
CRE loans, pledged as collateral	1,434,694	957,045
Other assets	18	25
Total assets	1,442,699	980,621
LIABILITIES
Accounts payable and other liabilities	117	175
Accrued interest payable	1,124	897
Borrowings	1,086,923	746,439
Total liabilities	1,088,164	$ 747,511
CRE Securitizations | VIE, Primary Beneficiary
ASSETS:
Restricted cash	2,552
Accrued interest receivable	4,904
CRE loans, pledged as collateral	1,434,694
Other assets	18
Total assets	1,442,168
LIABILITIES
Accounts payable and other liabilities	117
Accrued interest payable	1,124
Borrowings	1,086,923
Total liabilities	1,088,164
Other | VIE, Primary Beneficiary
ASSETS:
Restricted cash	531
Accrued interest receivable	0
CRE loans, pledged as collateral	0
Other assets	0
Total assets	531
LIABILITIES
Accounts payable and other liabilities	0
Accrued interest payable	0
Borrowings	0
Total liabilities	$ 0

VARIABLE INTEREST ENTITIES (Unc

VARIABLE INTEREST ENTITIES (Unconsolidated VIEs) (the Company is not the primary beneficiary, but has a variable interest) (Details) - USD ($)	1 Months Ended			3 Months Ended	12 Months Ended
	Jun. 30, 2019	Mar. 31, 2018	Oct. 31, 2017	Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Investments in unconsolidated entities				$ 1,548,000	$ 1,548,000
Borrowings				1,724,932,000	$ 1,872,577,000
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying amount of private-label securitization				$ (20,291,000)
VIE, Not Primary Beneficiary | Investment in RCT I and II
Variable Interest Entity [Line Items]
Ownership percentage in VIE				100.00%	100.00%
Investments in unconsolidated entities				$ 1,500,000	$ 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%	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%	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	3,256,000
VIE, Not Primary Beneficiary | Prospect Hackensack
Variable Interest Entity [Line Items]
Carrying amount of private-label securitization				20,615,000
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				$ 5,910,000
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	Mar. 31, 2020	Oct. 31, 2017
ASSETS:
Accrued interest receivable	$ 276
CRE loans	26,525
Investment securities available-for-sale	3,162
Investments in unconsolidated entities	1,548
Total assets	31,511
LIABILITIES
Accrued interest payable	254
Borrowings	51,548
Total liabilities	51,802
Net (liability) asset	(20,291)
Interest Receivable
ASSETS:
Maximum Exposure to Loss	0
Loans Pledged as Collateral
ASSETS:
Maximum Exposure to Loss	26,525
Available-for-sale Securities
ASSETS:
Maximum Exposure to Loss	8,204
Investments in Unconsolidated Entities
ASSETS:
Maximum Exposure to Loss	1,548
Unsecured Junior Subordinated Debentures
ASSETS:
Accrued interest receivable	182
CRE loans	0
Investment securities available-for-sale	0
Investments in unconsolidated entities	1,548
Total assets	1,730
LIABILITIES
Accrued interest payable	254
Borrowings	51,548
Total liabilities	51,802
Net (liability) asset	(50,072)
C40
ASSETS:
Accrued interest receivable	94
CRE loans	0
Investment securities available-for-sale	3,162
Investments in unconsolidated entities	0
Total assets	3,256
LIABILITIES
Accrued interest payable	0
Borrowings	0
Total liabilities	0
Net (liability) asset	3,256	$ 705,400
Prospect Hackensack
ASSETS:
Accrued interest receivable	0
CRE loans	20,615
Investment securities available-for-sale	0
Investments in unconsolidated entities	0
Total assets	20,615
LIABILITIES
Accrued interest payable	0
Borrowings	0
Total liabilities	0
Net (liability) asset	20,615
Santa Clarita
ASSETS:
Accrued interest receivable	0
CRE loans	5,910
Investment securities available-for-sale	0
Investments in unconsolidated entities	0
Total assets	5,910
LIABILITIES
Accrued interest payable	0
Borrowings	0
Total liabilities	0
Net (liability) asset	$ 5,910

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - Continuing Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Non-cash continuing investing activities include the following:
Proceeds from the relinquishment of investment securities available-for-sale	$ 245,828
Non-cash continuing financing activities include the following:
Repayment of repurchase agreements	(245,828)
Common Stock
Non-cash continuing financing activities include the following:
Distributions accrued but not paid		$ 6,373
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) $ in Thousands	Mar. 31, 2020USD ($)Loan	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)Loan	Dec. 31, 2018USD ($)
Receivables With Imputed Interest [Line Items]
Allowance for Credit Losses	$ (20,641)		$ (1,460)
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	1,901,079	$ 1,800,000	1,799,259
Unamortized (Discount) Premium, net	(8,593)		(7,814)
Amortized Cost, Loans held for investment	1,892,486		1,791,445
Allowance for Credit Losses	(20,641)		(1,460)	$ (1,401)
Carrying Value, Loans held for investment	1,871,845		1,789,985
Loan origination fees	9,600		9,100
Deferred amendment fees	23,000		72,000
Unamortized loan acquisition costs	1,000		1,300
Commercial Real Estate Loans | Mezzanine loan
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	4,700		4,700
Amortized Cost, Loans held for investment	4,700		4,700
Allowance for Credit Losses	(192)
Carrying Value, Loans held for investment	$ 4,508		$ 4,700
Quantity | Loan	1		1
Contractual Interest Rates	10.00%		10.00%
Commercial Real Estate Loans | Preferred equity investment
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 26,579		$ 26,237
Unamortized (Discount) Premium, net	(53)		(89)
Amortized Cost, Loans held for investment	26,526		26,148
Allowance for Credit Losses	(3,192)
Carrying Value, Loans held for investment	$ 23,334		$ 26,148
Quantity | Loan	2		2
Loans held for investment, unfunded loan commitments	$ 2,900		$ 3,000
Loans receivable, contracted interest rate	8.00%
Commercial Real Estate Loans | Preferred equity investment | Minimum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	11.00%		11.00%
Commercial Real Estate Loans | Preferred equity investment | Maximum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	11.50%		11.50%
Commercial Real Estate Loans | Whole Loans Classified as Held-for-sale
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 11,500		$ 11,500
Quantity | Loan	1		1
Commercial Real Estate Loans | Floating-rate CRE whole loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 1,869,800		$ 1,768,322
Unamortized (Discount) Premium, net	(8,540)		(7,725)
Amortized Cost, Loans held for investment	1,861,260		1,760,597
Allowance for Credit Losses	(17,257)		(1,460)
Carrying Value, Loans held for investment	$ 1,844,003		$ 1,759,137
Quantity | Loan	119		112
Loans held for investment, unfunded loan commitments	$ 113,900		$ 98,000
Commercial Real Estate Loans | Floating-rate CRE whole loans | London Interbank Offered Rate (LIBOR) | Minimum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	2.70%		2.70%
Commercial Real Estate Loans | Floating-rate CRE whole loans | London Interbank Offered Rate (LIBOR) | Maximum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	6.25%		6.25%

LOANS (Commercial Real Estate L

LOANS (Commercial Real Estate Loans, at Amortized Cost) (Details) $ in Thousands	Mar. 31, 2020USD ($)Loan	Dec. 31, 2019USD ($)Loan
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 1,892,486	$ 1,791,445
Commercial Real Estate Loans | Whole Loans in Default
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 11,500	$ 11,500
Number of loans | Loan	1	1
Commercial Real Estate Debt Investments
Receivables With Imputed Interest [Line Items]
2020	$ 278,356	$ 319,868
2021	695,620	737,478
2022 and Thereafter	906,999	722,595
Amortized Cost, Loans held for investment	1,880,975	1,779,941
Commercial Real Estate Debt Investments | Mezzanine loan
Receivables With Imputed Interest [Line Items]
2022 and Thereafter	4,700	4,700
Amortized Cost, Loans held for investment	4,700	4,700
Commercial Real Estate Debt Investments | Preferred equity investment
Receivables With Imputed Interest [Line Items]
2022 and Thereafter	26,526	26,148
Amortized Cost, Loans held for investment	26,526	26,148
Commercial Real Estate Debt Investments | Floating-rate CRE whole loans
Receivables With Imputed Interest [Line Items]
2020	278,356	319,868
2021	695,620	737,478
2022 and Thereafter	875,773	691,747
Amortized Cost, Loans held for investment	1,849,749	1,749,093
Commercial Real Estate Debt Investments | Floating-rate CRE whole loans | Whole Loan in Extension Option
Receivables With Imputed Interest [Line Items]
2020	81,100	105,500
2021	65,000	68,000
2022 and Thereafter	$ 1,700	$ 1,600

LOANS (Details)

LOANS (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Loans receivable related party	$ 0	$ 19,500,000
Commercial Real Estate Loans | Southwest Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	19.00%	19.40%
Commercial Real Estate Loans | Mountain Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	20.10%	19.50%
Commercial Real Estate Loans | Southeast Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	17.70%	17.60%

FINANCING RECEIVABLES (Activity

FINANCING RECEIVABLES (Activity in Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Allowance for credit losses:
Allowance for credit losses at beginning of period	$ 1,460
Provision for credit losses, net	16,149	$ 1,025
Allowance for credit losses at end of period	20,641		$ 1,460
Commercial Real Estate Loans
Allowance for credit losses:
Allowance for credit losses at beginning of period	1,460	$ 1,401	1,401
Provision for credit losses, net	16,149		59
Allowance for credit losses at end of period	20,641		1,460
Commercial Real Estate Loans | ASU 2016-13
Allowance for credit losses:
Adoption of the new accounting guidance	$ 3,032		$ 0

FINANCING RECEIVABLES (Activi_2

FINANCING RECEIVABLES (Activity in Allowance for Credit Losses) (Parenthetical) (Details) - Commercial Real Estate Loans - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Amortization cost of recovery of credit losses	$ 0	$ 0
Carrying value of recovery of credit losses	$ 0	0
Payments received from credit losses		$ 1,000

FINANCING RECEIVABLES (Details)

FINANCING RECEIVABLES (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Troubled-debt restructurings	$ 0	$ 0
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Increase in CECL credit loss reserve against CRE loan portfolio	$ 16,100,000

FINANCING RECEIVABLES (Credit R

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Details) - Commercial Real Estate Loans - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Financing Receivables [Line Items]
Loans and receivables	$ 1,892,486	$ 1,791,445
CRE whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,861,260	1,760,597
Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	4,700	4,700
Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	26,526	26,148
Rating 1
Schedule Of Financing Receivables [Line Items]
Loans and receivables	2,427	0
Rating 1 | CRE whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	2,427	0
Rating 1 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 1 | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 2
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,199,377	1,691,122
Rating 2 | CRE whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,188,767	1,660,274
Rating 2 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	4,700	4,700
Rating 2 | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	5,910	26,148
Rating 3
Schedule Of Financing Receivables [Line Items]
Loans and receivables	552,370	96,475
Rating 3 | CRE whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	531,754	96,475
Rating 3 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 3 | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	20,616	0
Rating 4
Schedule Of Financing Receivables [Line Items]
Loans and receivables	138,312	3,848
Rating 4 | CRE whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	138,312	3,848
Rating 4 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 4 | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 5
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 5 | CRE whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 5 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 5 | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	$ 0	$ 0

FINANCING RECEIVABLES (Credit_2

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Recorded investment excluded accrued interest receivable	$ 6.9	$ 6.7

FINANCING RECEIVABLES (Credit_3

FINANCING RECEIVABLES (Credit Risk Profiles of CRE Loans by Origination Year at Amortized Costs) (Details) - Commercial Real Estate Loans - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2020	$ 178,514	$ 697,281
Loans and receivables by origination year, 2019	703,126	801,185
Loans and receivables by origination year, 2018	759,273	239,585
Loans and receivables by origination year, 2017	222,569	0
Loans and receivables by origination year, 2016	0	21,319
Loans and receivables by origination year, Prior	29,004	32,075
Loans and receivables by origination year, Total	1,892,486	1,791,445
CRE whole loans floating-rate
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2020	178,514	691,540
Loans and receivables by origination year, 2019	697,216	776,078
Loans and receivables by origination year, 2018	733,957	239,585
Loans and receivables by origination year, 2017	222,569	0
Loans and receivables by origination year, 2016	0	21,319
Loans and receivables by origination year, Prior	29,004	32,075
Loans and receivables by origination year, Total	1,861,260	1,760,597
CRE whole loans floating-rate | Rating 1
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2020	0
Loans and receivables by origination year, 2019	2,427
Loans and receivables by origination year, 2018	0
Loans and receivables by origination year, 2017	0
Loans and receivables by origination year, 2016	0
Loans and receivables by origination year, Prior	0
Loans and receivables by origination year, Total	2,427
CRE whole loans floating-rate | Rating 2
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2020	178,514	669,947
Loans and receivables by origination year, 2019	526,390	776,078
Loans and receivables by origination year, 2018	412,521	202,577
Loans and receivables by origination year, 2017	71,342	0
Loans and receivables by origination year, 2016	0	0
Loans and receivables by origination year, Prior	0	11,672
Loans and receivables by origination year, Total	1,188,767	1,660,274
CRE whole loans floating-rate | Rating 3
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2020	0	21,593
Loans and receivables by origination year, 2019	160,006	0
Loans and receivables by origination year, 2018	250,569	37,008
Loans and receivables by origination year, 2017	94,471	0
Loans and receivables by origination year, 2016	0	17,471
Loans and receivables by origination year, Prior	26,708	20,403
Loans and receivables by origination year, Total	531,754	96,475
CRE whole loans floating-rate | Rating 4
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2020	0	0
Loans and receivables by origination year, 2019	8,393	0
Loans and receivables by origination year, 2018	70,867	0
Loans and receivables by origination year, 2017	56,756	0
Loans and receivables by origination year, 2016	0	3,848
Loans and receivables by origination year, Prior	2,296	0
Loans and receivables by origination year, Total	138,312	3,848
Mezzanine loan | Rating 2
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2020	0	0
Loans and receivables by origination year, 2019	0	4,700
Loans and receivables by origination year, 2018	4,700	0
Loans and receivables by origination year, 2017	0	0
Loans and receivables by origination year, 2016	0	0
Loans and receivables by origination year, Prior	0	0
Loans and receivables by origination year, Total	4,700	4,700
Preferred equity investment
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2020	0
Loans and receivables by origination year, 2019	5,910
Loans and receivables by origination year, 2018	20,616
Loans and receivables by origination year, 2017	0
Loans and receivables by origination year, 2016	0
Loans and receivables by origination year, Prior	0
Loans and receivables by origination year, Total	26,526
Preferred equity investment | Rating 2
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2020	0	5,741
Loans and receivables by origination year, 2019	5,910	20,407
Loans and receivables by origination year, 2018	0	0
Loans and receivables by origination year, 2017	0	0
Loans and receivables by origination year, 2016	0	0
Loans and receivables by origination year, Prior	0	0
Loans and receivables by origination year, Total	5,910	$ 26,148
Preferred equity investment | Rating 3
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2020	0
Loans and receivables by origination year, 2019	0
Loans and receivables by origination year, 2018	20,616
Loans and receivables by origination year, 2017	0
Loans and receivables by origination year, 2016	0
Loans and receivables by origination year, Prior	0
Loans and receivables by origination year, Total	$ 20,616

FINANCING RECEIVABLES (Credit_4

FINANCING RECEIVABLES (Credit Risk Profiles of CRE Loans by Origination Year at Amortized Costs) (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Recorded investment excluded accrued interest receivable	$ 6.9	$ 6.7

FINANCING RECEIVABLES (Loan Por

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	$ 11,511	$ 11,503
Current	1,880,975	1,779,942
Total Loans Receivable	1,892,486	1,791,445
Total Loans > Than 90 days and Accruing	11,511	11,503
30-59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
60-89 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Greater than 90 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	11,511	11,503
Commercial Real Estate Loans | CRE whole loans floating-rate
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	11,511	11,503
Current	1,849,749	1,749,094
Total Loans Receivable	1,861,260	1,760,597
Total Loans > Than 90 days and Accruing	11,511	11,503
Commercial Real Estate Loans | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Current	4,700	4,700
Total Loans Receivable	4,700	4,700
Total Loans > Than 90 days and Accruing	0	0
Commercial Real Estate Loans | Preferred equity investment
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Current	26,526	26,148
Total Loans Receivable	26,526	26,148
Total Loans > Than 90 days and Accruing	0	0
Commercial Real Estate Loans | 30-59 Days | CRE whole loans floating-rate
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Commercial Real Estate Loans | 30-59 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Commercial Real Estate Loans | 30-59 Days | Preferred equity investment
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Commercial Real Estate Loans | 60-89 Days | CRE whole loans floating-rate
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Commercial Real Estate Loans | 60-89 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Commercial Real Estate Loans | 60-89 Days | Preferred equity investment
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Commercial Real Estate Loans | Greater than 90 Days | CRE whole loans floating-rate
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	11,511	11,503
Commercial Real Estate Loans | Greater than 90 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Commercial Real Estate Loans | Greater than 90 Days | Preferred equity investment
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	$ 0	$ 0

FINANCING RECEIVABLES (Loan P_2

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)Loan	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Interest income	$ 33,290,000	$ 33,932,000
Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Recorded investment excluded accrued interest receivable	6,900,000		$ 6,700,000
Commercial Real Estate Loans | Whole Loans In Technical Default
Financing Receivable Recorded Investment Past Due [Line Items]
Interest income	$ 159,000	$ 165,000
Number of defaulted loans | Loan	1		1
Recorded investment	$ 11,500,000		$ 11,500,000

INVESTMENT SECURITIES AVAILAB_3

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 77,350	$ 514,894
Unrealized Gains		7,591
Unrealized Losses	(106)	(1,771)
Fair Value	77,244	520,714
CMBS, Fixed Rate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	36,152	132,235
Unrealized Gains		6,596
Unrealized Losses	(106)	(792)
Fair Value	36,046	138,039
CMBS, Floating Rate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	41,198	382,659
Unrealized Gains		995
Unrealized Losses		(979)
Fair Value	$ 41,198	$ 382,675

INVESTMENT SECURITIES AVAILAB_4

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Parenthetical) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 7,309,000	$ 8,042,000
Assets pledged as collateral	74,100,000	466,900,000
CMBS
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 412,000	$ 1,100,000

INVESTMENT SECURITIES AVAILAB_5

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details)	3 Months Ended
	Mar. 31, 2020USD ($)position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Other than temporary impairment losses, investments	$ 0
49 CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Realized losses	$ 118,800,000
Positions Sold/Redeemed | position	49
Amortized cost	$ 401,300,000
20 CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Positions Sold/Redeemed | position	20
Unrealized losses	$ 66,600,000

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 1,548,000		$ 1,548,000
VIE, Not Primary Beneficiary | Investment in RCT I and II
Schedule Of Equity Method Investments [Line Items]
Ownership percentage in VIE	100.00%		100.00%
Investments in unconsolidated entities	$ 1,500,000		$ 1,500,000
Dividends from investments in unconsolidated entities	23,000	$ 26,000
VIE, Not Primary Beneficiary | Interest in RCT I
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 774,000
Percentage of value of trusts owned	3.00%		3.00%
VIE, Not Primary Beneficiary | Interest in RCT II
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 774,000
Percentage of value of trusts owned	3.00%		3.00%

BORROWINGS (Schedule of Debt) (

BORROWINGS (Schedule of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal Outstanding	$ 1,747,028	$ 1,891,796
Unamortized Issuance Costs and Discounts	22,096	19,219
Outstanding Borrowings	$ 1,724,932	$ 1,872,577
Weighted Average Borrowing Rate	2.60%	3.45%
Weighted Average Remaining Maturity	10 years 7 months 6 days	7 years 4 months 24 days
Value of Collateral	$ 2,003,362	$ 2,170,546
XAN 2018-RSO6 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	123,849	177,118
Unamortized Issuance Costs and Discounts	697	1,352
Outstanding Borrowings	$ 123,152	$ 175,766
Weighted Average Borrowing Rate	2.49%	3.17%
Weighted Average Remaining Maturity	15 years 2 months 12 days	15 years 6 months
Value of Collateral	$ 240,622	$ 293,890
XAN 2019-RSO7 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	580,514	575,679
Unamortized Issuance Costs and Discounts	4,471	5,007
Outstanding Borrowings	$ 576,043	$ 570,672
Weighted Average Borrowing Rate	2.12%	3.03%
Weighted Average Remaining Maturity	16 years 1 month 6 days	16 years 3 months 18 days
Value of Collateral	$ 681,871	$ 687,037
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	5.52%	5.90%
Weighted Average Remaining Maturity	16 years 4 months 24 days	16 years 8 months 12 days
Value of Collateral	$ 0	$ 0
XAN 2020-RSO8 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	393,280
Unamortized Issuance Costs and Discounts	5,552
Outstanding Borrowings	$ 387,728
Weighted Average Borrowing Rate	2.11%
Weighted Average Remaining Maturity	14 years 10 months 24 days
Value of Collateral	$ 522,631
4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	143,750	143,750
Unamortized Issuance Costs and Discounts	9,258	10,137
Outstanding Borrowings	$ 134,492	$ 133,613
Weighted Average Borrowing Rate	4.50%	4.50%
Weighted Average Remaining Maturity	2 years 4 months 24 days	2 years 7 months 6 days
Value of Collateral	$ 0	$ 0
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Principal Outstanding	278,226	547,619
Unamortized Issuance Costs and Discounts	2,118	2,714
Outstanding Borrowings	$ 276,108	$ 544,905
Weighted Average Borrowing Rate	2.84%	3.71%
Weighted Average Remaining Maturity	253 days	1 year 2 months 12 days
Value of Collateral	$ 382,377	$ 705,221
CMBS - Short Term Repurchase Agreements
Debt Instrument [Line Items]
Principal Outstanding	175,861	374,900
Unamortized Issuance Costs and Discounts	0	0
Outstanding Borrowings	$ 175,861	$ 374,900
Weighted Average Borrowing Rate		2.87%
Weighted Average Remaining Maturity	18 days	21 days
Value of Collateral	$ 175,861	$ 484,398
8.00% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding		21,182
Unamortized Issuance Costs and Discounts		9
Outstanding Borrowings		$ 21,173
Weighted Average Borrowing Rate		8.00%
Weighted Average Remaining Maturity		15 days
Value of Collateral		$ 0

BORROWINGS (Schedule of Debt)_2

BORROWINGS (Schedule of Debt) (Parenthetical) (Details) - USD ($)	2 Months Ended
	May 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Aug. 31, 2017	Jan. 31, 2015
Debt Instrument [Line Items]
Accrued interest costs		$ 2,270,000	$ 4,408,000
4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		4.50%	4.50%	4.50%	4.50%
8.00% Convertible Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage			8.00%	8.00%		8.00%
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Accrued interest costs		$ 308,000	$ 810,000
CRE - Term Warehouse Financing Facilities | Forecast
Debt Instrument [Line Items]
Paid down of debt	$ 40,200,000
CMBS - Short Term Repurchase Agreements
Debt Instrument [Line Items]
Accrued interest costs		0	$ 470,000
Unrestricted cash		$ 4,900,000

BORROWINGS (Securitization) (De

BORROWINGS (Securitization) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
XAN 2018-RSO6 Senior Notes
Debt Instrument [Line Items]
Closing Date	2018-06
Maturity Date	2035-06
End of Designated Principal Reinvestment Period	2020-12
Total Note Paydowns Received from Closing Date through March 31, 2020	$ 273,603
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 March 31, 2020	$ 5,298
XAN 2020-RSO8 Senior Notes
Debt Instrument [Line Items]
Closing Date	2020-03
Maturity Date	2035-03
End of Designated Principal Reinvestment Period	2023-03
Total Note Paydowns Received from Closing Date through March 31, 2020	$ 0

BORROWINGS (XAN 2020-RSO8) (Det

BORROWINGS (XAN 2020-RSO8) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Face amount of debt issued	$ 451,969	$ 451,969	$ 919,805
XAN 2020-RSO8 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	522,600	522,600
Face amount of debt issued	$ 435,700	$ 435,700
Maturity Date		2035-03
XAN 2020-RSO8 Senior Notes | Preferred Stock | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding preferred shares	100.00%	100.00%
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class D
Debt Instrument [Line Items]
Face amount of debt issued	$ 26,100	$ 26,100
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class D | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class D | London Interbank Offered Rate (LIBOR) | February 2025
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class D | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100.00%	100.00%
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class E
Debt Instrument [Line Items]
Face amount of debt issued	$ 16,300	$ 16,300
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class E | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.80%
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class E | London Interbank Offered Rate (LIBOR) | February 2025
Debt Instrument [Line Items]
Basis spread on variable rate	3.30%
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class E | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100.00%	100.00%
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class F | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100.00%	100.00%
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class G | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100.00%	100.00%
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class A
Debt Instrument [Line Items]
Face amount of debt issued	$ 295,300	$ 295,300
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class A | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.15%
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class A | London Interbank Offered Rate (LIBOR) | November 2024
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class A-S
Debt Instrument [Line Items]
Face amount of debt issued	$ 39,200	39,200
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class A-S | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class A-S | London Interbank Offered Rate (LIBOR) | December 2024
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class B
Debt Instrument [Line Items]
Face amount of debt issued	$ 26,100	26,100
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class B | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class B | London Interbank Offered Rate (LIBOR) | January 2025
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class C
Debt Instrument [Line Items]
Face amount of debt issued	$ 32,700	$ 32,700
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class C | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.15%
XAN 2020-RSO8 Senior Notes | Debt Instrument, Class C | London Interbank Offered Rate (LIBOR) | January 2025
Debt Instrument [Line Items]
Basis spread on variable rate	2.65%

BORROWINGS (4.50% Convertible S

BORROWINGS (4.50% Convertible Senior Notes and 8.00% Convertible Senior Notes) (Details) - USD ($)	1 Months Ended
	Aug. 31, 2017	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Jan. 31, 2015
Debt Instrument [Line Items]
Face amount of debt issued		$ 451,969,000	$ 919,805,000
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
4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Face amount of debt issued	$ 143,800,000
Debt instrument, interest rate, stated percentage	4.50%	4.50%	4.50%	4.50%
Closing price of common stock		$ 2.76

BORROWINGS (Schedule of Convert

BORROWINGS (Schedule of Convertible Senior Notes) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Mar. 31, 2019	Aug. 31, 2017
Debt Instrument [Line Items]
Principal Outstanding	$ 1,747,028	$ 1,891,796
4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	$ 143,750	$ 143,750
Borrowing Rate	4.50%	4.50%	4.50%	4.50%
Effective Rate	7.43%
Conversion Rate	83.1676
Conversion Price | $ / shares	$ 12.02
Maturity Date	Aug. 15, 2022

BORROWINGS (Schedule of Conve_2

BORROWINGS (Schedule of Convertible Senior Notes) (Parenthetical) (Details) - 4.50% Convertible Senior Notes - USD ($)	1 Months Ended
	Aug. 31, 2017	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Debt Instrument [Line Items]
Conversion principal amount	$ 1,000
Debt instrument convertible distribution threshold (in dollars per share)	$ 0.10
Borrowing Rate	4.50%	4.50%	4.50%	4.50%

BORROWINGS (Term Warehouse Fina

BORROWINGS (Term Warehouse Financing Facilities and Repurchase Agreements) (Details) $ in Thousands	Mar. 31, 2020USD ($)Loan	Dec. 31, 2019USD ($)Loan
Debt Instrument [Line Items]
Outstanding Borrowings	$ 451,969	$ 919,805
Value of Collateral	$ 558,238	$ 1,189,619
Weighted Average Interest Rate	2.60%	3.45%
CMBS - Short-Term Repurchase Agreements | Deutsche Bank Securities Inc.
Debt Instrument [Line Items]
Outstanding Borrowings	$ 8,181	$ 37,141
Value of Collateral	8,181	$ 57,331
Number of Positions as Collateral | Loan		6
Weighted Average Interest Rate		3.13%
CMBS - Short-Term Repurchase Agreements | JP Morgan Securities LLC
Debt Instrument [Line Items]
Outstanding Borrowings	42,510	$ 33,703
Value of Collateral	$ 42,510	$ 42,075
Number of Positions as Collateral | Loan	10	13
Weighted Average Interest Rate		2.87%
CMBS - Short-Term Repurchase Agreements | RBC (Barbados) Trading Bank Corporation
Debt Instrument [Line Items]
Outstanding Borrowings	$ 10,585	$ 181,584
Value of Collateral	10,585	$ 224,972
Number of Positions as Collateral | Loan		30
Weighted Average Interest Rate		2.82%
CMBS - Short-Term Repurchase Agreements | Barclays Capital Inc.
Debt Instrument [Line Items]
Outstanding Borrowings	101,219	$ 87,643
Value of Collateral	$ 101,219	$ 112,939
Number of Positions as Collateral | Loan	10	7
Weighted Average Interest Rate		2.82%
CMBS - Short-Term Repurchase Agreements | RBC Capital Markets, LLC
Debt Instrument [Line Items]
Outstanding Borrowings	$ 13,366	$ 34,829
Value of Collateral	13,366	$ 47,081
Number of Positions as Collateral | Loan		5
Weighted Average Interest Rate		2.96%
CRE - Term Warehouse Financing Facilities | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings	145,547	$ 225,217
Value of Collateral	$ 191,046	$ 291,903
Number of Positions as Collateral | Loan	24	28
Weighted Average Interest Rate	2.73%	3.70%
CRE - Term Warehouse Financing Facilities | Barclays Bank PLC
Debt Instrument [Line Items]
Outstanding Borrowings	$ 109,421	$ 111,881
Value of Collateral	$ 159,108	$ 145,035
Number of Positions as Collateral | Loan	14	14
Weighted Average Interest Rate	3.02%	3.99%
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings	$ 21,140	$ 207,807
Value of Collateral	$ 32,223	$ 268,283
Number of Positions as Collateral | Loan	3	17
Weighted Average Interest Rate	2.65%	3.56%

BORROWINGS (Term Warehouse Fi_2

BORROWINGS (Term Warehouse Financing Facilities and Repurchase Agreements) (Parenthetical) (Details) - USD ($)	2 Months Ended
	May 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Unamortized issuance costs and discounts		$ 22,096,000	$ 19,219,000
CMBS - Short-Term Repurchase Agreements
Debt Instrument [Line Items]
Unrestricted cash		4,900,000
CRE - Term Warehouse Financing Facilities | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Unamortized issuance costs and discounts		347,000	607,000
CRE - Term Warehouse Financing Facilities | Barclays Bank PLC
Debt Instrument [Line Items]
Unamortized issuance costs and discounts		657,000	817,000
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Unamortized issuance costs and discounts		1,100,000	1,300,000
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Unamortized issuance costs and discounts		$ 2,118,000	$ 2,714,000
CRE - Term Warehouse Financing Facilities | Forecast
Debt Instrument [Line Items]
Paid down of debt	$ 40,200,000

BORROWINGS (Amount at Risk Unde

BORROWINGS (Amount at Risk Under Repurchase Facilities) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	10 years 7 months 6 days	7 years 4 months 24 days
Weighted Average Interest Rate	2.60%	3.45%
CMBS - Short-Term Repurchase Agreements | Deutsche Bank Securities Inc.
Debt Instrument [Line Items]
Weighted Average Interest Rate		3.13%
CMBS - Short-Term Repurchase Agreements | RBC (Barbados) Trading Bank Corporation
Debt Instrument [Line Items]
Weighted Average Interest Rate		2.82%
CMBS - Short-Term Repurchase Agreements | JP Morgan Securities LLC
Debt Instrument [Line Items]
Weighted Average Interest Rate		2.87%
CMBS - Short-Term Repurchase Agreements | Barclays Capital Inc.
Debt Instrument [Line Items]
Weighted Average Interest Rate		2.82%
CMBS - Short-Term Repurchase Agreements | RBC Capital Markets, LLC
Debt Instrument [Line Items]
Weighted Average Interest Rate		2.96%
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	253 days	1 year 2 months 12 days
Weighted Average Interest Rate	2.84%	3.71%
Linked and Non-linked Transactions | CMBS - Short-Term Repurchase Agreements | JP Morgan Securities LLC
Debt Instrument [Line Items]
Amount at Risk	$ 143
Weighted Average Remaining Maturity	21 days
Linked and Non-linked Transactions | CMBS - Short-Term Repurchase Agreements | Barclays Capital Inc.
Debt Instrument [Line Items]
Amount at Risk	$ 32
Weighted Average Remaining Maturity	17 days
Linked and Non-linked Transactions | CRE - Term Warehouse Financing Facilities | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Amount at Risk	$ 45,779
Weighted Average Remaining Maturity	112 days
Weighted Average Interest Rate	2.73%
Linked and Non-linked Transactions | CRE - Term Warehouse Financing Facilities | Barclays Bank PLC
Debt Instrument [Line Items]
Amount at Risk	$ 49,522
Weighted Average Remaining Maturity	1 year
Weighted Average Interest Rate	3.02%
Linked and Non-linked Transactions | CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Amount at Risk	$ 10,069
Weighted Average Remaining Maturity	1 year 7 months 6 days
Weighted Average Interest Rate	2.65%

BORROWINGS (CMBS - Short-Term R

BORROWINGS (CMBS - Short-Term Repurchase Agreements) (Details) - USD ($)	Apr. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Face amount of debt issued		$ 451,969,000	$ 919,805,000
CMBS - Short Term Repurchase Agreements | Subsequent Event [Member]
Debt Instrument [Line Items]
Face amount of debt issued	$ 0

BORROWINGS (Contractual Commitm

BORROWINGS (Contractual Commitments) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Debt Instrument [Line Items]
Total	$ 1,747,028
2020	321,755
2021	132,332
2022	143,750
2023	0
2024 and Thereafter	1,149,191
CRE securitizations
Debt Instrument [Line Items]
Total	1,097,643
2020	0
2021	0
2022	0
2023	0
2024 and Thereafter	1,097,643
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Total	51,548
2020	0
2021	0
2022	0
2023	0
2024 and Thereafter	51,548
Convertible Debt | 4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Total	143,750
2020	0
2021	0
2022	143,750
2023	0
2024 and Thereafter	0
Term Warehouse Facilities and Repurchase Agreements
Debt Instrument [Line Items]
Total	454,087
2020	321,755
2021	132,332
2022	0
2023	0
2024 and Thereafter	$ 0

SHARE ISSUANCE AND REPURCHASE (

SHARE ISSUANCE AND REPURCHASE (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Mar. 31, 2016
Class Of Stock [Line Items]
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
8.625% Series C Preferred Stock
Class Of Stock [Line Items]
Preferred stock, coupon authorized	8.625%		8.625%
Preferred stock, liquidation preference (in dollars per share)	$ 25		$ 25
Preferred stock, shares outstanding (in shares)	4,800,000		4,800,000
Preferred stock, liquidation preference (in dollars per share)	$ 25
8.625% Series C Preferred Stock | London Interbank Offered Rate (LIBOR)
Class Of Stock [Line Items]
Dividend payment rate, variable, basis spread on variable rate	5.927%

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details)	1 Months Ended		3 Months Ended		12 Months Ended
	Jun. 30, 2019shares	May 31, 2014shares	Mar. 31, 2020USD ($)Directorshares	Mar. 31, 2019USD ($)Directorshares	Dec. 31, 2019USD ($)
Manager Pursuant To Management Agreement | Exantas Capital Corp
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash awards, percentage (up to)			75.00%
Common stock awards, percentage (at least)			25.00%
Incentive management fee pursuant to the management agreement			$ 0	$ 0
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grants in period (in shares) | shares			0	0
Contractual term			10 years
Stock options expiration year			2021
Non-Employees | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated fair value of shares granted			$ 2,100,000	$ 2,000,000
Number of non employee directors granted shares | Director			7	8
Payment award, grant date fair value			$ 145,000	$ 185,000
Compensation cost not yet recognized			$ 2,400,000		$ 1,100,000
Weighted average remaining contractual term			2 years 6 months		1 year 9 months 18 days
2007 Omnibus Equity Compensation Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of share options authorized for issue (in shares) | shares	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	3 Months Ended
	Mar. 31, 2020shares
January 21, 2020
Restricted common stock transactions
Stock-based compensation (in shares)	177,766
Vesting per Year	33.00%
February 3, 2020
Restricted common stock transactions
Stock-based compensation (in shares)	2,843
Vesting per Year	100.00%
March 9, 2020
Restricted common stock transactions
Stock-based compensation (in shares)	10,846
Vesting per Year	100.00%
Non-Employee Directors
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	24,558
Issued (shares)	13,689
Vested (shares)	(17,416)
Unvested shares, end of period (in shares)	20,831
Non-Employees
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	396,404
Issued (shares)	177,766
Vested (shares)	(213,688)
Forfeited (shares)	(29,988)
Unvested shares, end of period (in shares)	330,494
Former Employees
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	420,962
Issued (shares)	191,455
Vested (shares)	(231,104)
Forfeited (shares)	(29,988)
Unvested shares, end of period (in shares)	351,325

SHARE-BASED COMPENSATION (Statu

SHARE-BASED COMPENSATION (Status of Vested Stock Options) (Details) - Vested $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / 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 1 month 17 days
Aggregate Intrinsic Value | $	$ 0

SHARE-BASED COMPENSATION (Compo

SHARE-BASED COMPENSATION (Components of Equity Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity compensation expense	$ 498	$ 683
Non-Employees | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity compensation expense	435	611
Non-Employee Directors | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity compensation expense	$ 63	$ 72

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net (loss) income from continuing operations	$ (196,476)	$ 8,170
Net income allocated to preferred shares	(2,588)	(2,588)
Net (loss) income from continuing operations allocable to common shares	(199,064)	5,582
Net loss from discontinued operations, net of tax	(45)	(37)
NET (LOSS) INCOME ALLOCABLE TO COMMON SHARES	$ (199,109)	$ 5,545
Weighted average number of common shares outstanding:
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC (in shares)	31,626,204	31,379,253
Effect of dilutive securities - unvested restricted stock (in shares)	0	152,033
Weighted average number of common shares outstanding - diluted (in shares)	31,626,204	31,531,286
Net (loss) income per common share - basic:
Continuing operations	$ (6.30)	$ 0.18
Discontinued operations	0	0
TOTAL NET INCOME (LOSS) PER COMMON SHARE - BASIC (in dollars per share)	(6.30)	0.18
Net (loss) income per common share - diluted:
Continuing operations (in dollars per share)	(6.30)	0.18
Discontinued operations (in dollars per share)	0	0
TOTAL NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share)	$ (6.30)	$ 0.18

EARNINGS PER SHARE (Additional

EARNINGS PER SHARE (Additional Information) (Details)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Aug. 31, 2017	Jan. 31, 2015
4.50% Convertible Senior Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Debt instrument, interest rate, stated percentage	4.50%	4.50%	4.50%	4.50%
8.00% Convertible Senior Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Debt instrument, interest rate, stated percentage		8.00%	8.00%		8.00%

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Class Of Stock [Line Items]
REIT required taxable income distribution, percentage (at least)	90.00%
REIT taxable income distribution required for exempt federal income taxes, percentage	100.00%
Common Stock
Class Of Stock [Line Items]
Distributions per share (in dollars per share)	$ 0	$ 0.275	$ 0.25	$ 0.225	$ 0.20
Series C Preferred Stock
Class Of Stock [Line Items]
Distributions per share (in dollars per share)	$ 0	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063

DISTRIBUTIONS (Distributions De

DISTRIBUTIONS (Distributions Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Common Stock
Class Of Stock [Line Items]
Date Paid		Jan. 28, 2020	Oct. 25, 2019	Jul. 26, 2019	Apr. 26, 2019
Total Distributions Paid		$ 8,767	$ 7,967	$ 7,172	$ 6,373
Distributions Per Share	$ 0	$ 0.275	$ 0.25	$ 0.225	$ 0.20
Series C Preferred Stock
Class Of Stock [Line Items]
Date Paid		Jan. 30, 2020	Oct. 30, 2019	Jul. 30, 2019	Apr. 30, 2019
Total Distributions Paid		$ 2,587	$ 2,588	$ 2,587	$ 2,588
Distributions Per Share	$ 0	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Accumulated Other Comprehensive (Loss) Income [Roll Forward]
Beginning balance	$ 556,398
Ending balance	342,057
Net Unrealized Gain (loss) on Derivatives
Accumulated Other Comprehensive (Loss) Income [Roll Forward]
Beginning balance	(3,999)
Other comprehensive (loss) income before reclassifications	(6,749)
Amounts reclassified from accumulated other comprehensive income	(23)
Ending balance	(10,771)
Net Unrealized (Loss) Gain on Investment Securities Available-for-Sale without an Allowance for Credit Losses
Accumulated Other Comprehensive (Loss) Income [Roll Forward]
Beginning balance	5,820
Other comprehensive (loss) income before reclassifications	(191,283)
Amounts reclassified from accumulated other comprehensive income	185,357
Ending balance	(106)
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income [Roll Forward]
Beginning balance	1,821
Other comprehensive (loss) income before reclassifications	(198,032)
Amounts reclassified from accumulated other comprehensive income	185,334
Ending balance	$ (10,877)

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Relationship with C-III and Certain of its Subsidiaries) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Base management fees paid by the Company	$ 2,117,000	$ 2,083,000
General and administrative	$ 3,382,000	2,577,000
C3AM | Exantas Capital Corp
Related Party Transaction [Line Items]
Number of common stock of the Company owned by a related party (in shares)	780,025
Ownership percentage in VIE	2.40%
Manager Pursuant To Management Agreement | Exantas Capital Corp
Related Party Transaction [Line Items]
Base management fees paid by the Company	$ 2,100,000	2,100,000
Incentive compensation	0	0
Incentive compensation payable and Servicing fees payable	0		$ 0
Total indebtedness	692,000		701,000
General and administrative	1,900,000	$ 1,000,000
Resource America | Exantas Capital Corp
Related Party Transaction [Line Items]
Total indebtedness	$ 464,000		$ 1,100,000

RELATED PARTY TRANSACTIONS (R_2

RELATED PARTY TRANSACTIONS (Relationship with Resource Real Estate, LLC) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jul. 31, 2017	Aug. 31, 2015	Feb. 28, 2015	Jul. 31, 2014
Related Party Transaction [Line Items]
Other revenue	$ 23,000	$ 26,000
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
XAN 2020-RSO8 Senior Notes
Related Party Transaction [Line Items]
Closing transaction amount	522,600,000
Resource Real Estate
Related Party Transaction [Line Items]
Other revenue	0	$ 0
Resource Real Estate | Commercial Real Estate Debt Investments
Related Party Transaction [Line Items]
Related party transaction, due from related party	$ 15,000		$ 101,000

RELATED PARTY TRANSACTIONS (R_3

RELATED PARTY TRANSACTIONS (Relationship with C3AM and C-III Commercial Mortgage) (Details) - USD ($)	1 Months Ended	3 Months Ended
	May 31, 2019	Mar. 31, 2020	Dec. 31, 2019	Apr. 30, 2019	Jun. 30, 2018
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 earned		$ 3,000
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

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Investment securities available-for-sale	$ 77,244	$ 520,714
Derivative assets at fair value		30
Liabilities:
Derivative liabilities at fair value	11,326	4,558
Recurring Basis
Assets:
Investment securities available-for-sale	77,244	520,714
Derivative assets at fair value		30
Total assets at fair value	77,244	520,744
Liabilities:
Derivative liabilities at fair value	11,326	4,558
Total liabilities at fair value	11,326	4,558
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 liabilities at fair value	0	0
Total liabilities at fair value	0	0
Recurring Basis | Level 2
Assets:
Investment securities available-for-sale	0	0
Derivative assets at fair value		30
Total assets at fair value	0	30
Liabilities:
Derivative liabilities at fair value	11,326	4,558
Total liabilities at fair value	11,326	4,558
Recurring Basis | Level 3
Assets:
Investment securities available-for-sale	77,244	520,714
Derivative assets at fair value		0
Total assets at fair value	77,244	520,714
Liabilities:
Derivative liabilities at fair value	0	0
Total liabilities at fair value	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets Measured on Recurring Basis) (Details) - Level 3 - Recurring Basis - CMBS $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Balance, January 1, 2020	$ 520,714
Included in earnings	(184,741)
Purchases	24,600
Sales	(37,764)
Paydowns	(4,733)
Relinquishments	(234,906)
Included in other comprehensive income	(5,926)
Balance, March 31, 2020	$ 77,244

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Aug. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustments on financial assets held for sale	$ (3,791,000)	$ (102,000)
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
Preferred equity investment | Expected Future Cash Flows | Measurement Input, Discount Rate | VIE, Not Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.1154	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
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
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
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held for sale	$ 13,200,000		$ 16,500,000
Minimum | Level 3 | Loans Pledged as Collateral | Expected Future Cash Flows
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, interest rate, stated percentage	4.25%		4.45%
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	7.63%		7.96%
Commercial Real Estate Loans | Legacy CRE Loans Held For Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustments on financial assets held for sale	$ 3,800,000	$ 102,000
Loss on fair value charge	3,300,000
Provision for loan and lease losses, net	491,000	$ 102,000
Financing receivable, average value	13,200,000		$ 16,500,000
Property held for sale	$ 13,500,000

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans, pledged as collateral	$ 1,871,845	$ 1,789,985
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset held for sale	0	0
Senior notes in CRE securitizations	0	0
Junior subordinated notes	0	0
Convertible notes	0	0
Warehouse financing facilities and 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, pledged as collateral	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 investment
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]
Asset held for sale	0	0
Senior notes in CRE securitizations	0	0
Junior subordinated notes	0	0
Convertible notes	0	0
Warehouse financing facilities and 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, pledged as collateral	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 investment
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]
Asset held for sale	13,200	16,500
Senior notes in CRE securitizations	933,239	754,023
Junior subordinated notes	21,248	25,831
Convertible notes	143,750	164,932
Warehouse financing facilities and repurchase agreements	454,087	922,519
Significant Unobservable Inputs (Level 3) | Whole loans held for investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans, pledged as collateral	1,869,800	1,768,322
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 investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	26,579	26,237
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset held for sale	13,200	16,500
Senior notes in CRE securitizations	1,086,923	746,438
Junior subordinated notes	51,548	51,548
Convertible notes	134,492	154,786
Warehouse financing facilities and repurchase agreements	451,969	919,805
Carrying Value | Whole loans held for investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans, pledged as collateral	1,844,003	1,759,137
Carrying Value | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	4,508	4,700
Carrying Value | Preferred equity investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	23,334	26,148
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset held for sale	13,200	16,500
Senior notes in CRE securitizations	933,239	754,023
Junior subordinated notes	21,248	25,831
Convertible notes	143,750	164,932
Warehouse financing facilities and repurchase agreements	454,087	922,519
Fair Value | Whole loans held for investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans, pledged as collateral	1,869,800	1,768,322
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 investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	$ 26,579	$ 26,237

MARKET RISK AND DERIVATIVE IN_3

MARKET RISK AND DERIVATIVE INSTRUMENTS (Details)	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2020USD ($)	Mar. 31, 2020USD ($)derivative	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)derivative
Derivatives, Fair Value [Line Items]
Fair Value		$ 0		$ 30,000
Gross Amounts of Recognized Liabilities		$ 11,326,000		$ 4,558,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of instruments held | derivative		20		19
Average fixed interest rate		2.43%		2.47%
Notional amount		$ 92,500,000		$ 90,200,000
Fair Value		0		30,000
Gross Amounts of Recognized Liabilities		11,300,000		4,600,000
Gain (loss) on derivatives		(10,800,000)		4
Interest rate swaps | Derivatives, at fair value
Derivatives, Fair Value [Line Items]
Fair Value		0		30,000
Gross Amounts of Recognized Liabilities		48,000
Interest rate swaps | Derivatives, at fair value | Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Fair Value				30,000
Gross Amounts of Recognized Liabilities		11,278,000		4,558,000
Terminated interest rate swap
Derivatives, Fair Value [Line Items]
Unrealized gains (loss) on derivatives, net		$ 530,000		$ 507,000
Number of hedges terminated | derivative		2
Interest expense to fully amortize		$ 23,000	$ 23,000
Terminated interest rate swap | Subsequent Event [Member]
Derivatives, Fair Value [Line Items]
Realized loss on derivatives, net	$ (11,800,000)
Unrealized gains (loss) on derivatives, net	$ (11,300,000)

MARKET RISK AND DERIVATIVE IN_4

MARKET RISK AND DERIVATIVE INSTRUMENTS (Fair Value and Classification of Derivatives) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Liability Derivatives
Fair Value	$ 11,326,000		$ 4,558,000
Asset Derivatives
Fair Value	0		30,000
Other (Expense) Income
Asset Derivatives
Realized and Unrealized Gain (Loss)	(48,000)
Interest rate swaps
Liability Derivatives
Fair Value	11,300,000		4,600,000
Asset Derivatives
Fair Value	0		30,000
Interest rate swaps | Interest expense
Asset Derivatives
Realized and Unrealized Gain (Loss)	(196,000)	$ 13,000
Interest rate swaps | Derivatives, at fair value
Liability Derivatives
Notional Amount	4,030,000
Fair Value	48,000
Asset Derivatives
Fair Value	0		30,000
Interest rate swaps | Derivatives, at fair value | Cash Flow Hedges
Liability Derivatives
Notional Amount	92,541,000		87,551,000
Fair Value	11,278,000		4,558,000
Asset Derivatives
Notional Amount			2,630,000
Fair Value			30,000
Interest rate swaps | Accumulated Other Comprehensive (Loss) Income
Liability Derivatives
Notional Amount	92,541,000		90,181,000
Fair Value	$ (10,771,000)		$ (3,999,000)

OFFSETTING OF FINANCIAL ASSET_3

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Offsetting Derivative Assets
Gross Amounts of Recognized Assets	$ 0	$ 30,000
Gross Amounts Offset on the Consolidated Balance Sheets		0
Net Amounts of Assets Included on the Consolidated Balance Sheets		30,000
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		30,000
Offsetting Derivative Liabilities
Gross Amounts of Recognized Liabilities	11,326,000	4,558,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	11,326,000	4,558,000
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	11,326,000	4,558,000
Net Amount	0	0
Repurchase agreements and warehouse financing facilities
Gross Amounts of Recognized Liabilities	451,969,000	919,805,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	451,969,000	919,805,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	402,377,000	915,041,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Cash Collateral Pledged	49,592,000	4,764,000
Net Amount	0	0
Total-Liabilities
Gross Amounts of Recognized Liabilities	463,295,000	924,363,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	463,295,000	924,363,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	402,377,000	915,041,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Cash Collateral Pledged	60,918,000	9,322,000
Net Amount	0	0
Fair value of securities pledged against repurchase agreements	558,200,000	1,200,000,000
Interest rate swaps
Offsetting Derivative Assets
Gross Amounts of Recognized Assets	0	30,000
Offsetting Derivative Liabilities
Gross Amounts of Recognized Liabilities	11,300,000	4,600,000
Excess cash collateral deposits related to interest rate swap contracts	$ 4,000,000	$ 4,600,000

OFFSETTING OF FINANCIAL ASSET_4

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Additional Information) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Offsetting [Abstract]
Fair value of derivative asset	$ 0	$ 30,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended		3 Months Ended		21 Months Ended
	Oct. 31, 2019claim	May 31, 2017USD ($)Loan	Mar. 31, 2020USD ($)claim	Mar. 31, 2019USD ($)	Aug. 31, 2017claim	Dec. 31, 2019USD ($)
Loss Contingencies [Line Items]
Estimated litigation liability			$ 0			$ 0
Commercial Real Estate Loans | CRE whole loans
Loss Contingencies [Line Items]
Loans held for investment, unfunded loan commitments			113,900,000			98,000,000
Commercial Real Estate Loans | Preferred equity investment
Loss Contingencies [Line Items]
Loans held for investment, unfunded loan commitments			2,900,000			3,000,000
Indemnification Agreement
Loss Contingencies [Line Items]
Estimated litigation liability			1,700,000			1,700,000
Indemnification Agreement | Pearlmark Mezz
Loss Contingencies [Line Items]
Outstanding litigation demands			56,000			56,000
Number of instruments held | Loan		1
Reserve for probable losses			0	$ 0
Indemnification Agreement | Pearlmark Mezz | Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss		$ 4,300,000				536,000
COVID - 19
Loss Contingencies [Line Items]
Contingent Liability			0
PCM
Loss Contingencies [Line Items]
Outstanding demands to indemnify purchaser of residential mortgage loans			3,300,000			3,300,000
PCM | Indemnification Agreement
Loss Contingencies [Line Items]
Outstanding litigation demands			$ 0			$ 0
Federal Actions | Settled Litigation
Loss Contingencies [Line Items]
Loss contingency, new claims filed, number | claim			2
Estimate of possible loss to be funded by insurance company			$ 550,000
Reaves, Caito, Simpson, and Heckel Complaints | Settled Litigation
Loss Contingencies [Line Items]
Loss contingency, new claims filed, number | claim					6
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
	Mar. 31, 2020	Mar. 31, 2019
OPERATING EXPENSES
General and administrative	$ 3,382	$ 2,577
Net interest and other revenues less operating expenses	(7,242)	8,171
OTHER INCOME (EXPENSE)
Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives	(185,357)
Total other expense	(189,234)	(1)
Discontinued Operations
OPERATING EXPENSES
General and administrative	45	172
Total operating expenses	45	172
Net interest and other revenues less operating expenses	(45)	(172)
OTHER INCOME (EXPENSE)
Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives		135
Total other expense		135
(LOSS) INCOME FROM DISCONTINUED OPERATIONS BEFORE TAXES	(45)	(37)
TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS	$ (45)	$ (37)

DISCONTINUED OPERATIONS AND A_4

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE (Assets and Liabilities of Business Segments Classified as Discontinued Operations) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Total assets held for sale	$ 13,466	$ 16,766
LIABILITIES
Accounts payable and other liabilities	4,348	3,408
Total liabilities held for sale	1,735	1,746
Discontinued Operations, Held-for-sale
ASSETS
Property and other assets held for sale	13,466	16,766
Total assets held for sale	13,466	16,766
LIABILITIES
Accounts payable and other liabilities	1,735	1,746
Total liabilities held for sale	$ 1,735	$ 1,746

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 $ in Thousands	Mar. 31, 2020USD ($)Loantranche	Dec. 31, 2019USD ($)Loan
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Property held for sale	$ 13,200	$ 16,500
Mezzanine loan
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Debt Instrument, Par Value	38,100	38,100
Carrying value	$ 0	$ 0
Number of tranches | tranche	2
Quantity | Loan	1	1