ACRES Commercial Realty (ACR) 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 06, 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	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding (in shares)		32,093,325
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	865 Merrick Avenue
Entity Address, Address Line Two	Suite 200 S
Entity Address, City or Town	Westbury
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11590
City Area Code	516
Local Phone Number	535-0015
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	XAN
Security Exchange Name	NYSE
8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock
Trading Symbol	XANPrC
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS:
Cash and cash equivalents	$ 122,105	$ 79,958
Restricted cash	33,776	14,476
Accrued interest receivable	8,506	8,042
CRE loans	1,652,221	1,791,445
Less: allowance for credit losses	(52,943)	(1,460)
CRE loans, net	1,599,278	1,789,985
Investment securities available-for-sale	2,447	520,714
Principal paydowns receivable	11,005	19,517
Loan receivable - related party	11,975
Investments in unconsolidated entities	1,548	1,548
Derivatives, at fair value		30
Other assets	9,371	3,290
Assets held for sale	10,346	16,766
Total assets	1,810,357	2,454,326
LIABILITIES
Accounts payable and other liabilities	3,765	3,408
Management fee payable - related party	442	701
Accrued interest payable	2,871	4,408
Borrowings	1,476,924	1,872,577
Distributions payable	6,900	10,492
Derivatives, at fair value	60	4,558
Accrued tax liability	56	38
Liabilities held for sale	1,538	1,746
Total liabilities	1,492,556	1,897,928
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001: 125,000,000 shares authorized; 32,093,325 and 31,880,594 shares issued and outstanding (including 34,833 and 420,962 of unvested restricted shares)	32	32
Additional paid-in capital	1,091,266	1,085,041
Accumulated other comprehensive (loss) income	(10,444)	1,821
Distributions in excess of earnings	(763,058)	(530,501)
Total stockholders’ equity	317,801	556,398
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	1,810,357	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	9 Months Ended	12 Months Ended
	Sep. 30, 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)	32,093,325	31,880,594
Common stock, shares outstanding (in shares)	32,093,325	31,880,594
Common stock, shares issued, non-vested restricted shares (in shares)	34,833	420,962
Assets of consolidated variable interest entities (VIEs) included in total assets above:
Restricted cash	$ 33,776	$ 14,476
Accrued interest receivable	8,506	8,042
CRE loans, pledged as collateral	1,599,278	1,789,985
Principal paydowns receivable	11,005	19,517
Other assets	9,371	3,290
Total assets of consolidated VIEs	1,810,357	2,454,326
Accounts payable and other liabilities	3,765	3,408
Accrued interest payable	2,871	4,408
Borrowings	1,476,924	1,872,577
Total liabilities of consolidated VIEs	$ 1,492,556	$ 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	$ 33,426	$ 532
Accrued interest receivable	4,925	3,780
CRE loans, pledged as collateral	1,321,890	957,045
Principal paydowns receivable	11,005	19,239
Other assets	44	25
Total assets of consolidated VIEs	1,371,290	980,621
Accounts payable and other liabilities	61	175
Accrued interest payable	661	897
Borrowings	1,120,137	746,439
Total liabilities of consolidated VIEs	$ 1,120,859	$ 747,511

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest income:
CRE loans	$ 24,482	$ 32,558	$ 78,482	$ 90,289
Securities	100	6,596	6,521	19,562
Other	56	138	168	511
Total interest income	24,638	39,292	85,171	110,362
Interest expense	13,033	22,712	43,974	63,688
Net interest income	11,605	16,580	41,197	46,674
Other revenue	$ 19	$ 25	$ 62	$ 77
Type of Revenue [Extensible List]	us-gaap:ProductAndServiceOtherMember	us-gaap:ProductAndServiceOtherMember	us-gaap:ProductAndServiceOtherMember	us-gaap:ProductAndServiceOtherMember
Total revenues	$ 11,624	$ 16,605	$ 41,259	$ 46,751
OPERATING EXPENSES
Management fees - related party	1,284	2,528	4,728	6,862
Equity compensation - related party	1,905	552	3,118	1,647
General and administrative	5,295	2,086	11,552	7,158
Depreciation and amortization	12	8	34	39
(Reversal of) provision for credit losses, net	(8,172)	(1,137)	49,449	58
Total operating expenses	324	4,037	68,881	15,764
Net interest and other revenues less operating expenses	11,300	12,568	(27,622)	30,987
OTHER INCOME (EXPENSE)
Net realized and unrealized gain (loss) on investment securities available-for-sale and loans and derivatives	96	0	(186,243)	4
Fair value and other adjustments on asset held for sale	(3,371)	(55)	(8,089)	(1,457)
Other income	134	107	192	259
Total other (expense) income	(3,141)	52	(194,140)	(1,194)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES	8,159	12,620	(221,762)	29,793
Income tax benefit	0	0	0	0
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	8,159	12,620	(221,762)	29,793
NET LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX	0	(63)	0	(212)
NET INCOME (LOSS)	8,159	12,557	(221,762)	29,581
Net income allocated to preferred shares	(2,588)	(2,588)	(7,763)	(7,763)
NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES	$ 5,571	$ 9,969	$ (229,525)	$ 21,818
NET INCOME (LOSS) PER COMMON SHARE - BASIC:
CONTINUING OPERATIONS (in dollars per share)	$ 0.17	$ 0.32	$ (7.16)	$ 0.70
DISCONTINUED OPERATIONS (in dollars per share)	0	0	0	(0.01)
TOTAL NET INCOME (LOSS) PER COMMON SHARE - BASIC (in dollars per share)	0.17	0.32	(7.16)	0.69
NET INCOME (LOSS) PER COMMON SHARE - DILUTED:
CONTINUING OPERATIONS (in dollars per share)	0.17	0.31	(7.16)	0.70
DISCONTINUED OPERATIONS (in dollars per share)	0	0	0	(0.01)
TOTAL NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share)	$ 0.17	$ 0.31	$ (7.16)	$ 0.69
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC (in shares)	32,893,816	31,445,492	32,078,230	31,421,294
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED (in shares)	32,898,862	31,714,755	32,078,230	31,634,371

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 8,159	$ 12,557	$ (221,762)	$ 29,581
Other comprehensive income (loss):
Reclassification adjustments for realized losses (gains) on investment securities available-for-sale included in net income (loss)	106		185,463	(4)
Unrealized gains (losses) on investment securities available-for-sale, net		1,387	(191,283)	10,583
Reclassification adjustments associated with net unrealized losses (gains) from interest rate hedges included in net income (loss)	467	(22)	788	(68)
Unrealized losses on derivatives, net		(1,886)	(7,233)	(6,298)
Total other comprehensive income (loss)	573	(521)	(12,265)	4,213
Comprehensive income (loss) before allocation to preferred shares	8,732	12,036	(234,027)	33,794
Net income allocated to preferred shares	(2,588)	(2,588)	(7,763)	(7,763)
Comprehensive income (loss) allocable to common shares	$ 6,144	$ 9,448	$ (241,790)	$ 26,031

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjusted Balance	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjusted Balance	Preferred Stock8.625% Series C Preferred Stock	Preferred Stock8.625% Series C Preferred StockCumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) IncomeCumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings (Distributions In Excess of Earnings)	Retained Earnings (Distributions In Excess of Earnings)Cumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings (Distributions In Excess of Earnings)Cumulative Effect, Period of Adoption, Adjustment
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 income (loss)	8,133											8,133
Distributions and accrual of cumulative preferred stock dividends	(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, 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]
Net income (loss)	29,581
Ending balance at Sep. 30, 2019	560,026			$ 32		5		1,084,365		1,156		(525,532)
Ending balance (in shares) at Sep. 30, 2019				31,870,902
Beginning balance at Mar. 31, 2019	557,823			$ 32		5		1,083,360		1,092		(526,666)
Beginning balance (in shares) at Mar. 31, 2019				31,867,106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)				7,234
Amortization of stock-based compensation	412							412
Forfeiture of unvested stock (in shares)				(4,446)
Net income (loss)	8,891											8,891
Distributions and accrual of cumulative preferred stock dividends	(2,587)											(2,587)
Securities available-for-sale, fair value adjustment, net	3,327									3,327
Designated derivatives, fair value adjustment	(2,742)									(2,742)
Distributions on common stock	(7,172)											(7,172)
Ending balance at Jun. 30, 2019	557,952			$ 32		5		1,083,772		1,677		(527,534)
Ending balance (in shares) at Jun. 30, 2019				31,869,894
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	41							41
Stock-based compensation (in shares)				6,693
Amortization of stock-based compensation	552							552
Forfeiture of unvested stock (in shares)				(5,685)
Net income (loss)	12,557											12,557
Distributions and accrual of cumulative preferred stock dividends	(2,588)											(2,588)
Securities available-for-sale, fair value adjustment, net	1,387									1,387
Designated derivatives, fair value adjustment	(1,908)									(1,908)
Distributions on common stock	(7,967)											(7,967)
Ending balance at Sep. 30, 2019	560,026			$ 32		5		1,084,365		1,156		(525,532)
Ending balance (in shares) at Sep. 30, 2019				31,870,902
Beginning balance at Dec. 31, 2019	$ 556,398	$ 553,366	$ (3,032)	$ 32	$ 32	5	$ 5	1,085,041	$ 1,085,041	1,821	$ 1,821	(530,501)	$ (533,533)	$ (3,032)
Beginning balance (in shares) at Dec. 31, 2019	31,880,594			31,880,594	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 income (loss)	(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
Beginning balance at Dec. 31, 2019	$ 556,398	$ 553,366	$ (3,032)	$ 32	$ 32	5	$ 5	1,085,041	$ 1,085,041	1,821	$ 1,821	(530,501)	$ (533,533)	$ (3,032)
Beginning balance (in shares) at Dec. 31, 2019	31,880,594			31,880,594	31,880,594
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (221,762)
Ending balance at Sep. 30, 2020	$ 317,801			$ 32		5		1,091,266		(10,444)		(763,058)
Ending balance (in shares) at Sep. 30, 2020	32,093,325			32,093,325
Beginning balance at Mar. 31, 2020	$ 342,057			$ 32		5		1,085,539		(10,877)		(732,642)
Beginning balance (in shares) at Mar. 31, 2020				32,042,061
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)				16,431
Amortization of stock-based compensation	715							715
Net income (loss)	(33,400)											(33,400)
Distributions and accrual of cumulative preferred stock dividends	(2,587)											(2,587)
Designated derivatives, fair value adjustment	(140)									(140)
Ending balance at Jun. 30, 2020	306,645			$ 32		5		1,086,254		(11,017)		(768,629)
Ending balance (in shares) at Jun. 30, 2020				32,058,492
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity component of 12% Senior Unsecured Notes	3,108							3,108
Stock-based compensation (in shares)				34,833
Stock-based compensation	(1)							(1)
Amortization of stock-based compensation	1,905							1,905
Net income (loss)	8,159											8,159
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	106									106
Designated derivatives, fair value adjustment	467									467
Ending balance at Sep. 30, 2020	$ 317,801			$ 32		$ 5		$ 1,091,266		$ (10,444)		$ (763,058)
Ending balance (in shares) at Sep. 30, 2020	32,093,325			32,093,325

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical)	Sep. 30, 2020
12% Senior Unsecured Notes
Debt instrument, interest rate, stated percentage	12.00%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS)	$ (221,762)	$ 29,581
Net loss from discontinued operations, net of tax	0	212
Net (loss) income from continuing operations	(221,762)	29,793
Adjustments to reconcile net (loss) income from continuing operations to net cash provided by continuing operating activities:
Provision for credit losses, net	49,449	58
Depreciation, amortization and accretion	4,298	1,884
Amortization of stock-based compensation	3,118	1,647
Net realized and unrealized loss (gain) on investment securities available-for-sale and loans and derivatives	186,177	(4)
Fair value and other adjustments on asset held for sale	8,089	1,457
Changes in operating assets and liabilities	(9,080)	(6,398)
Net cash provided by continuing operating activities	20,289	28,437
Net cash provided by discontinued operating activities		6
Net cash provided by operating activities	20,289	28,443
CASH FLOWS FROM INVESTING ACTIVITIES:
Origination and purchase of loans	(209,102)	(718,081)
Principal payments received on loans	340,462	404,658
Proceeds from sale of loans	17,453
Purchase of investment securities available-for-sale	(24,610)	(74,266)
Principal payments on investment securities available-for-sale	4,733	33,416
Proceeds from sale of investment securities available-for-sale	37,764	638
Investment in loan - related party	(12,000)
Principal payments received on loan - related party	25
Net cash provided by (used in) continuing investing activities	154,725	(353,635)
Net cash provided by discontinued investing activities		135
Net cash provided by (used in) investing activities	154,725	(353,500)
Proceeds from borrowings:
Senior secured financing facility	128,495
Senior unsecured notes	50,000
Warehouse financing facilities and repurchase agreements	275,039	669,228
Securitizations	639,074	575,811
Payments on borrowings:
Warehouse financing facilities and repurchase agreements	(827,684)	(722,387)
Securitizations	(319,418)	(191,793)
Convertible senior notes	(21,182)
Payment of debt issuance costs	(14,774)	(6,529)
Settlement of derivative instruments	(11,762)
Distributions paid on preferred stock	(2,588)	(7,763)
Distributions paid on common stock	(8,767)	(19,084)
Net cash (used in) provided by continuing financing activities	(113,567)	297,483
Net cash provided by discontinued financing activities
Net cash (used in) provided by financing activities	(113,567)	297,483
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	61,447	(27,574)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEG. OF PERIOD	94,434	95,474
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	155,881	67,900
SUPPLEMENTAL DISCLOSURE:
Interest expense paid in cash	$ 38,246	$ 58,748

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 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. On July 31, 2020, the Company’s management contract was acquired from Exantas Capital Manager Inc. (the “Prior Manager”), a subsidiary of C-III Capital Partners LLC (“C-III”), by ACRES Capital, LLC (the “Manager”), a subsidiary of ACRES Capital Corp. (collectively, “ACRES”), a private commercial real estate lender exclusively dedicated to nationwide middle market CRE lending with a focus on multifamily, student housing, hospitality, office and industrial in top United States (“U.S.”) markets (the “ACRES acquisition”). In conjunction with the ACRES acquisition, the Company secured new capital commitments for up to $375.0 million and entered into a promissory note (the “Promissory Note”) as lender with ACRES Capital Corp., as disclosed in Note 9 and Note 15, respectively. The Company has qualified, and expects to qualify in the current fiscal year, as a REIT. The Company conducts its operations through the use of subsidiaries that it consolidates into its financial statements. The Company’s core assets are consolidated through its investment in 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, and special purpose entities.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 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, reversals of or 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 U.S., 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. While certain countries around the world have eased restrictions and financial markets have stabilized to some degree, the pandemic continues to plague the overall U.S. economy and cause uncertainty surrounding the ultimate impact on the global economy generally, and the CRE business in particular, that make estimates and assumptions as of September 30, 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 September 30, 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 September 30, 2020 and December 31, 2019, approximately $120.3 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”). The following table provides a reconciliation of cash, cash equivalents and restricted cash on the consolidated balance sheets to the total amount shown on the consolidated statements of cash flows (in thousands): September 30, 2020 2019 Cash and cash equivalents $ 122,105 $ 51,286 Restricted cash 33,776 16,614 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 155,881 $ 67,900 Investment Securities Allowance for Credit Losses On a quarterly basis, the Company evaluates available-for-sale securities with fair values below the amortized cost bases to determine the estimate of expected credit losses. 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 a debt security with a fair value below the amortized cost basis 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 write-off 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 loss 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 Interest Income Recognition Accrued Interest Receivable 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 Loans Held for Sale The Company may sell a loan held for investment where the credit fundamentals underlying a particular loan have changed in such a manner that the Company’s expected return on investment may decrease. Once the determination has been made by the Company that it no longer will hold the loan for investment, the Company identifies these loans as loans held for sale. Any credit-related write-off considerations prior to the transfer to loans held for sale are accounted for through the allowance for credit losses on the Company’s consolidated balance sheets. CRE Loan Interest Income Recognition Accrued Interest Receivable 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 use 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. In March 2020, the Financial Accounting Standards Board (“FASB”) concurred with a joint statement of federal and state banking regulators that eased the requirements to classify a modification as a TDR if the modification was granted in connection with the effects of the COVID-19 pa ndemic. 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, the Company utilizes historical losses from its full underwriting history, along with the market loss history of a selected population of loans from a third party’s database that are similar to the Company’s loan types, loan sizes, durations, interest rate structure and general loan-to-collateral value (“LTV”) profiles. The Company may make adjustments to the historical loss history for qualitative or environmental factors if it believes there is evidence that the estimate for expected credit losses should be increased or decreased. The Company records write-offs against the allowance for credit losses if it deems that all or a portion of a loan’s balance is uncollectible. If the Company receives cash in excess of some or all of the amounts it previously wrote off, it records 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. Income Taxes The Company recorded a full valuation allowance against its net deferred tax assets of $49.5 million (tax effected expense of $14.9 million) at September 30, 2020, 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. Earnings per Share The Company presents both basic and diluted earnings per share (“EPS”). Basic EPS excludes dilution and is computed by dividing net income (loss) allocable to common shareholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount. Recent Accounting Standards Accounting Standards Adopted in In August 2018, the FASB issued guidance to modify the fair value measurement disclosure requirements, including: disclosures on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, the policy for timing of transfers between levels and the narrative description of measurement uncertainty. 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 was previously under the other-than-temporary impairment model. It also simplifies the accounting model for debt securities and loans with evidence of credit quality deterioration. 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. During the nine months ended September 30, 2020, the Company recorded an additional CECL reserve of $48.5 million for a total CECL reserve of $52.9 million, or 3.19% of the aggregate outstanding principal balance of the Company’s $1.7 billion commercial loan portfolio at September 30, 2020. 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 guidance.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 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 September 30, 2020 and five VIEs at December 31, 2019 (collectively, the “Consolidated VIEs”). The Consolidated VIEs are CRE securitizations, CDOs and collateralized loan obligation issuers 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. By financing these assets with long-term borrowings through the issuance of debt securities, the Company seeks to generate attractive risk-adjusted equity returns and to match the term of its assets and liabilities. The primary beneficiary determination for each of these VIEs was made at each VIE’s inception and is continually assessed. The Company has exposure to losses on its securitizations to the extent of its investments in the subordinated debt and preferred equity of each securitization. The Company is entitled to receive payments of principal and interest on the debt securities it holds and, to the extent revenues exceed debt service requirements and other expenses of the securitizations, distributions with respect to its preferred equity interests. As a result of consolidation, the debt and equity interests the Company holds in these securitizations have been eliminated, and the Company’s consolidated balance sheets reflect the assets held, debt issued by the securitizations to third parties and any accrued payables to third parties. The Company’s operating results and cash flows include the gross amounts related to the securitizations’ assets and liabilities as opposed to the Company’s net economic interests in the securitizations. Assets and liabilities related to the securitizations are disclosed, in the aggregate, on the Company’s consolidated balance sheets. For a discussion of the debt issued through the securitizations see Note 9. Creditors of the Company’s Consolidated VIEs have no recourse to the general credit of the Company, nor to each other. During the nine months ended September 30, 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 from such investments to the Company. There are no explicit arrangements that obligate the Company to provide financial support to any of its Consolidated VIEs. The following table shows the classification and carrying values of assets and liabilities of the Company’s Consolidated VIEs at September 30, 2020 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 32,929 $ 497 $ 33,426 Accrued interest receivable 4,925 — 4,925 CRE loans, pledged as collateral (1) 1,321,890 — 1,321,890 Principal paydowns receivable 11,005 — 11,005 Other assets 44 — 44 Total assets (2) $ 1,370,793 $ 497 $ 1,371,290 LIABILITIES Accounts payable and other liabilities $ 61 $ — $ 61 Accrued interest payable 661 — 661 Borrowings 1,120,137 — 1,120,137 Total liabilities $ 1,120,859 $ — $ 1,120,859 (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 September 30, 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 September 30, 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 for each of RCT I and RCT II. The debentures were funded by the issuance of trust preferred securities of RCT I and RCT II. Wells Fargo Commercial Mortgage Trust 2017-C40 In October 2017, the Company purchased 95% of the Class E, F, G, H and J certificates of Wells Fargo Commercial Mortgage Trust 2017-C40 (“C40”), a B-piece investment in a Wells Fargo Commercial Mortgage Securities, Inc., private-label, $705.4 million securitization. C-III Asset Management LLC (“C3AM”), a former related party, is the special servicer of C40. As of September 30, 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 September 30, 2020 (in thousands): Unsecured Junior Subordinated Debentures C40 Prospect Hackensack Santa Clarita Total Maximum Exposure to Loss ASSETS Accrued interest receivable $ 221 $ 88 $ — $ — $ 309 $ — CRE loans (1) — — 21,180 6,268 27,448 $ 27,448 Investment securities available-for-sale (2) — 2,270 — — 2,270 $ 2,270 Investments in unconsolidated entities 1,548 — — — 1,548 $ 1,548 Total assets 1,769 2,358 21,180 6,268 31,575 LIABILITIES Accrued interest payable 189 — — — 189 N/A Borrowings 51,548 — — — 51,548 N/A Total liabilities 51,737 — — — 51,737 N/A Net (liability) asset $ (49,968 ) $ 2,358 $ 21,180 $ 6,268 $ (20,162 ) N/A (1) The carrying values exclude the allowance for credit losses. (2) The Company’s investment in C40 is carried at fair value and its maximum exposure to loss is the amortized cost of the investment. At September 30, 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	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, 2020 2019 Non-cash continuing investing activities include the following: Proceeds from the relinquishment of investment securities available-for-sale $ 369,873 $ — Non-cash continuing financing activities include the following: Repayment of repurchase agreements from the relinquishment of investment securities available-for-sale $ (369,873 ) $ — Distributions on common stock accrued but not paid $ — $ 7,967 Distributions on preferred stock accrued but not paid $ 6,900 $ 1,725

LOANS

LOANS	9 Months Ended
	Sep. 30, 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 Maturity Dates (2)(3) At September 30, 2020: CRE loans held for investment: Whole loans, floating-rate (4)(5) 102 $ 1,626,455 $ (6,244 ) $ 1,620,211 $ (48,495 ) $ 1,571,716 1M LIBOR plus 2.70% to 1M LIBOR plus 6.25% October 2020 to October 2023 Mezzanine loan (4) 1 4,700 — 4,700 (351 ) 4,349 10.00% June 2028 Preferred equity investments (see Note 3) (5)(6)(7) 2 27,287 23 27,310 (4,097 ) 23,213 11.00% to 11.50% June 2022 to April 2023 Total CRE loans held for investment $ 1,658,442 $ (6,221 ) $ 1,652,221 $ (52,943 ) $ 1,599,278 At December 31, 2019: CRE loans held for investment: Whole loans, floating-rate (4)(5) 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 investments (see Note 3) (5)(6)(7) 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 $6.3 million and $9.1 million and deferred amendment fees of $161,000 and $72,000 at September 30, 2020 and December 31, 2019, respectively. Additionally, the amounts include unamortized loan acquisition costs of $234,000 and $1.3 million at September 30, 2020 and December 31, 2019, respectively. ( 2 ) Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms that may be available to the borrowers. ( 3 ) Maturity dates exclude one whole loan, with an amortized cost of $11.5 ( 4 ) Substantially all loans are pledged as collateral under various borrowings at September 30, 2020 and December 31, 2019. ( 5 ) Floating-rate CRE whole loans had $84.9 million and $98.0 million in unfunded loan commitments at September 30, 2020 and December 31, 2019, respectively. Preferred equity investments had $2.6 million and $3.0 million in unfunded commitments at September 30, 2020 and December 31, 2019, respectively. 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. ( 6 ) The interest rate on the Company’s preferred equity investments each pay at 8.00%. The remaining interest is deferred until maturity. ( 7 ) 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 September 30, 2020: Whole loans, floating-rate (1) $ 165,638 $ 574,385 $ 868,672 $ 1,608,695 Mezzanine loan — — 4,700 4,700 Preferred equity investments — — 27,310 27,310 Total CRE loans (2) $ 165,638 $ 574,385 $ 900,682 $ 1,640,705 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 investments — — 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 default at September 30, 2020 and December 31, 2019. The loan was performing in accordance with a forbearance agreement, which expired in June 2020. ( 2 ) At September 30, 2020, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $31.1 million, $98.5 million and $1.5 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 September 30, 2020, approximately 18.0%, 17.9%, and 17.5% of the Company’s CRE loan portfolio was concentrated in the Southeast, Southwest and Mountain 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. No single loan or investment represented more than 10% of the Company’s total assets and no single investor group generated over 10% of the Company’s revenue. Principal Paydowns Receivable Principal paydowns receivable represents loan principal payments that have been received by the Company’s servicers and trustees but have not been remitted to the Company. At September 30, 2020, the Company had $11.0 million of loan principal paydowns receivable, all of which was received in cash by the Company in October 2020. 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	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
FINANCING RECEIVABLES	NOTE 6 - FINANCING RECEIVABLES The following table shows the activity in the allowance for credit losses for the nine months ended September 30, 2020 and year ended December 31, 2019 (in thousands, except amount in the footnotes): Nine Months Ended September 30, 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) 48,451 59 Allowance for credit losses at end of period $ 52,943 $ 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 September 30, 2020 and December 31, 2019 that received a payment of approximately $1,000 during the year ended December 31, 2019. Starting in the first quarter of 2020 and continuing through the second quarter of 2020, expected losses in the portfolio were negatively impacted by higher than expected unemployment and increased volatility in CRE asset pricing and liquidity As discussed in Note 2, loans that exhibit credit quality deterioration are removed from their associated pools and individually evaluated for the purpose of updating the CECL model. During the nine months ended September 30, 2020, the Company individually evaluated a hotel loan in the Northeast region with a $37.9 million principal balance. In the second quarter of 2020, that loan was subject to a forbearance agreement executed in July 2020, however, the Company determined that foreclosure of the loan was probable and that the modification was indicative of a TDR. The loan’s CECL allowance was calculated as the difference between the loan’s amortized cost and the estimated sales value of the property, less estimated costs to sell. At September 30, 2020, the loan had a CECL allowance of $8.0 million. In June 2020, the Company sold one CRE whole loan note for $17.4 million, which resulted in a realized loss of $1.0 million recorded in the provision for credit losses during the nine months ended September 30, 2020. 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 September 30, 2020: Whole loans, floating-rate $ — $ 673,011 $ 601,023 $ 306,032 $ 40,145 $ 1,620,211 Mezzanine loan — — 4,700 — — 4,700 Preferred equity investments — — 6,268 21,042 — 27,310 Total $ — $ 673,011 $ 611,991 $ 327,074 $ 40,145 $ 1,652,221 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 $8.2 million and $6.7 million at September 30, 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 September 30, 2020: Whole loans, floating-rate: (2) Rating 2 $ 138,154 $ 324,773 $ 154,973 $ 55,111 $ — $ — $ 673,011 Rating 3 43,372 260,440 234,468 45,252 — 17,491 601,023 Rating 4 — 89,722 140,977 66,113 — 9,220 306,032 Rating 5 — — — 37,849 — 2,296 40,145 Total whole loans, floating-rate 181,526 674,935 530,418 204,325 — 29,007 1,620,211 Mezzanine loan (rating 3) — — 4,700 — — — 4,700 Preferred equity investments: Rating 3 — 6,268 — — — — 6,268 Rating 4 — — 21,042 — — — 21,042 Total preferred equity investments — 6,268 21,042 — — — 27,310 Total $ 181,526 $ 681,203 $ 556,160 $ 204,325 $ — $ 29,007 $ 1,652,221 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 $8.2 million and $6.7 million at September 30, 2020 and December 31, 2019, respectively. (2) Acquired CRE whole loans are grouped within each loan’s year of issuance. Loan Portfolio 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 (1) 60-89 Days Greater than 90 Days (2) Total Past Due Current Total Loans Receivable (3) Total Loans > 90 Days and Accruing (2) At September 30, 2020: Whole loans, floating-rate $ 37,849 $ — $ 11,516 $ 49,365 $ 1,570,846 $ 1,620,211 $ 11,516 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investments — — — — 27,310 27,310 — Total $ 37,849 $ — $ 11,516 $ 49,365 $ 1,602,856 $ 1,652,221 $ 11,516 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 investments — — — — 26,148 26,148 — Total $ — $ — $ 11,503 $ 11,503 $ 1,779,942 $ 1,791,445 $ 11,503 (1) Includes one whole loan on non-accrual status and in default, with an amortized cost of $37.8 million, at September 30, 2020. In July 2020, the Company wrote off $665,000 of accrued interest receivable on this whole loan. (2) Includes one whole loan, with an amortized cost of $11.5 (3) The total amortized cost of CRE loans excluded accrued interest receivable of $8.2 million and $6.7 million at September 30, 2020 and December 31, 2019, respectively. At September 30, 2020 and December 31, 2019, the Company had two and one CRE loans, respectively, in default, including one CRE loan that entered default in the third quarter of 2020, with total amortized costs of $49.4 million and $11.5 million, respectively. In October 2020, an additional CRE loan with an amortized cost of $33.2 million defaulted. Subsequent to September 30, 2020, the sponsor of the Company’s $6.3 million preferred equity investment in a self-storage CRE property located in Southern California did not make its October and November senior loan debt service payments constituting an event of default under the related senior loan documents. The Company is currently exploring its rights and remedies under its joint venture agreement. The property’s current operational cash flows are considered in the determination of the Company’s CECL reserves at September 30, 2020, and the Company has determined those reserves to be reasonable. Troubled Debt Restructurings The following table summarizes the TDRs in the Company’s loan portfolio (dollars in thousands): Nine Months Ended September 30, 2020 Number of Loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance CRE whole loans 2 $ 56,882 $ 56,882 During the nine months ended September 30, 2020, the Company entered into 10 extension agreements that had a weighted average period of 10 months and 12 forbearance agreements that had a weighted average period of four months. As of September 30, 2020, 18 borrowers received payment timing relief in connection with these agreements. Two borrowers with formerly forborne interest are now current and nine borrowers continue to perform in accordance with their forbearance agreements at September 30, 2020. One borrower with formerly forborne interest was in default at September 30, 2020.

INVESTMENT SECURITIES AVAILABLE

INVESTMENT SECURITIES AVAILABLE-FOR-SALE	9 Months Ended
	Sep. 30, 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 September 30, 2020: CMBS, fixed-rate $ 2,447 $ — $ — $ 2,447 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 $88,000 and $1.1 million at September 30, 2020 and December 31, 2019, respectively. (2) At December 31, 2019, investment securities available-for-sale with a fair value of $466.9 million were pledged as collateral under related financings. There were no investment securities available-for-sale pledged as collateral at September 30, 2020. 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 were 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 nine months ended September 30, 2020, the Company incurred losses of $186.1 million on its CMBS portfolio, including realized losses of $180.3 million in connection with the sale of 67 CMBS, with total amortized cost of $401.3 million. The remaining unrealized losses of $5.8 million, which includes a gain of $203,000 that was recorded during the three months ended September 30, 2020, were recorded on two securities that previously had fair values below the amortized cost bases and expected to be sold prior to the recovery of their cost bases with an offsetting charge directly to the amortized cost bases of the securities. Write-offs on these two securities are being recognized in earnings. During the nine months ended September 30, 2019, the Company sold one CMBS position resulting in proceeds of $638,000 and a realized gain of $4,000. Prior to the adoption of the CECL standard on January 1, 2020, 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 and nine months ended September 30, 2019.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019 comprised a 100% interest in the common shares of RCT I and RCT II with a value of $1.5 million in the aggregate, or 3.0% of each trust. The Company records its investments in RCT I’s and RCT II’s common shares as investments in unconsolidated entities using the cost method, recording dividend income when declared by RCT I and RCT II. During the three and nine months ended September 30, 2020, the Company recorded dividends from its investments in RCT I’s and RCT II’s common shares, reported in other revenue on the consolidated statement of operations, of $19,000 and $62,000, respectively. During the three and nine months ended September 30, 2019, the dividends were $25,000 and $76,000, respectively.

BORROWINGS

BORROWINGS	9 Months Ended
	Sep. 30, 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, a senior secured financing facility, senior unsecured notes, convertible senior notes and trust preferred securities issuances. Certain information with respect to the Company’s borrowings is summarized in the following table (dollars in thousands, except amounts in footnotes): Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At September 30, 2020: XAN 2019-RSO7 Senior Notes $ 450,879 $ 3,397 $ 447,482 1.57 % 15.6 years $ 552,237 XAN 2020-RSO8 Senior Notes 435,743 4,627 431,116 1.58 % 14.4 years 522,631 XAN 2020-RSO9 Senior Notes 245,794 4,255 241,539 3.28 % 16.6 years 297,032 Unsecured junior subordinated debentures 51,548 — 51,548 4.19 % 15.9 years — 4.50% Convertible Senior Notes 143,750 7,439 136,311 4.50 % 1.9 years — Senior Unsecured Notes due 2027 50,000 3,642 46,358 12.00 % 6.8 years — Senior secured financing facility (1) 128,495 5,925 122,570 5.75 % 6.8 years 274,559 Total $ 1,506,209 $ 29,285 $ 1,476,924 2.92 % 13.1 years $ 1,646,459 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 (2) 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) Includes $1.7 million of deferred debt issuance costs on CRE - term warehouse financing facilities at September 30, 2020 that were paid off. ( 2 ) Principal outstanding includes accrued interest payable of $810,000 at December 31, 2019. There was no accrued interest payable at September 30, 2020. ( 3 ) Principal outstanding includes accrued interest payable of $470,000 at December 31, 2019. There was no accrued interest payable at September 30, 2020. Securitizations The following table sets forth certain information with respect to the Company’s consolidated securitizations at September 30, 2020 (in thousands, except amount in footnotes): Closing Date Maturity Date End of Designated Principal Reinvestment Period (1) Total Note Paydowns Received from Closing Date through September 30, 2020 XAN 2019-RSO7 April 2019 April 2036 April 2022 $ 134,932 XAN 2020-RSO8 March 2020 March 2035 March 2023 $ — XAN 2020-RSO9 (2) September 2020 April 2037 N/A $ — (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. (2) A designated principal reinvestment period is excluded from the terms of Exantas Capital Corp. 2020-RSO9, Ltd.’s (“XAN 2020-RSO9”) indenture. XAN 2020-RSO9 includes a future advances reserve account of $21.3 million to fund unfunded commitments, which is reported in restricted cash on the consolidated balance sheet. 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 and preferred shares of the securitizations held by the Company at September 30, 2020 and December 31, 2019 were eliminated in consolidation. XAN 2018-RSO6 In June 2018, the Company closed Exantas Capital Corp. 2018-RSO6, Ltd. (“XAN 2018-RSO6”), a $514.2 million CRE debt securitization transaction that provided financing for transitional CRE loans. In September 2020, the Company executed the optional liquidation of XAN 2018-RSO6, and all of the outstanding senior notes were paid off from the sales proceeds of certain of the securitization’s assets. XAN 2020-RSO9 In September 2020, the Company closed XAN 2020-RSO9, a $297.0 million CRE debt securitization transaction that provided financing for CRE loans. XAN 2020-RSO9 issued a total of $245.8 million of non-recourse, floating-rate notes to third parties at par. Additionally, RCC RE retained 100% of the Class E and Class F notes and a subsidiary of RCC RE retained 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-RSO9, 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-RSO9. At closing, the senior notes issued to investors consisted of the following classes: (i) $158.9 million of Class A notes bearing interest at one-month LIBOR plus 2.50%, increasing to 2.75% in June 2024; (ii) $26.7 million of Class A-S notes bearing interest at one-month LIBOR plus 3.50%, increasing to 3.75% in July 2025; (iii) $16.7 million of Class B notes bearing interest at one-month LIBOR plus 3.90%, increasing to 4.40% in July 2025; (iv) $20.8 million of Class C notes bearing interest at one-month LIBOR plus 4.25%, increasing to 4.75% in August 2025; and (v) $22.7 million of Class D notes bearing interest at one-month LIBOR plus 5.50%, increasing to 6.00% in August 2025. All of the notes issued mature in April 2037, although the Company has the right to call the notes anytime after September 2022. 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 September 30, 2020 (dollars in thousands, except the conversion prices and amounts in the footnotes): Principal Outstanding Borrowing Rate Effective Rate (1)(2) Conversion Rate (3)(4) Conversion Price (4) 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) During the three and nine months ended September 30, 2020 and 2019 the effective interest rate for the 4.50% Convertible Senior Notes was 7.43%. ( 3 ) 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”). (4 ) The conversion rate and conversion price of the 4.50% Convertible Senior Notes at September 30, 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 $2.09 on September 30, 2020, which did not exceed the conversion price of its 4.50% Convertible Senior Notes at September 30, 2020. Senior Unsecured Notes 12.00% Senior Unsecured Notes Due 2027 On July 31, 2020, the Company entered into a Note and Warrant Purchase Agreement (the “Note and Warrant Purchase Agreement”) with Oaktree Capital Management, L.P. (“Oaktree”) and Massachusetts Mutual Life Insurance Company (“MassMutual”) pursuant to which the Company may issue to Oaktree and MassMutual from time to time up to $125.0 million aggregate principal amount of 12.00% senior unsecured notes due 2027 (the “Senior Unsecured Notes due 2027”). The Senior Unsecured Notes due 2027 have an annual interest rate of 12.00%, payable up to 3.25% (at the election of the Company) as pay-in-kind interest and the remainder as cash interest. On July 31, 2020, the Company issued to Oaktree $42.0 million aggregate principal amount of the Senior Unsecured Notes due 2027. In addition, on July 31, 2020, the Company issued to MassMutual $8.0 million aggregate principal amount of the Senior Unsecured Notes due 2027. The Company recorded a discount of $3.1 million (the offset of which was recorded in additional paid-in capital) on the Senior Unsecured Notes due 2027 that reflects the difference between the proceeds received less the fair value of the notes as if they were issued without the detachable warrants. The market discounts and deferred debt issuance costs are amortized into interest expense on the consolidated statements of operations on an effective interest basis over the period ending in July 2027. The effective interest rate is 13.65%. At any time and from time to time prior to January 31, 2022, the Company may elect to issue to Oaktree and MassMutual up to $75.0 million aggregate principal amount of additional Senior Unsecured Notes due 2027. The Note and Warrant Purchase Agreement contains events of default, subject to certain materiality thresholds and grace periods. Senior Secured Financing Facility, Term Warehouse Financing Facilities and Repurchase Agreements Borrowings under the Company’s senior secured financing facility, term warehouse facilities and repurchase agreements are guaranteed by the Company or one or more of its subsidiaries. The following table sets forth certain information with respect to the Company’s senior secured financing and term warehouse financing facilities and repurchase agreements (dollars in thousands, except amounts in footnotes): September 30, 2020 December 31, 2019 Outstanding Borrowings 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 Senior Secured Financing Facility Massachusetts Mutual Life Insurance Company (2) $ 122,570 $ 274,559 16 5.75 % $ — $ — — — % CRE - Term Warehouse Financing Facilities Wells Fargo Bank, N.A. (3) — — — — % 225,217 291,903 28 3.70 % Barclays Bank PLC (4) — — — — % 111,881 145,035 14 3.99 % JPMorgan Chase Bank, N.A. (5) — — — — % 207,807 268,283 17 3.56 % CMBS - Short-Term Repurchase Agreements Deutsche Bank Securities Inc. — — — — % 37,141 57,331 6 3.13 % JP Morgan Securities LLC — — — — % 33,703 42,075 13 2.87 % Barclays Capital Inc. — — — — % 87,643 112,939 7 2.82 % RBC Capital Markets, LLC — — — — % 34,829 47,081 5 2.96 % RBC (Barbados) Trading Bank Corporation — — — — % 181,584 224,972 30 2.82 % Total $ 122,570 $ 274,559 $ 919,805 $ 1,189,619 (1) Outstanding borrowings include accrued interest payable. (2) Includes $4.2 million of deferred debt issuance costs at September 30, 2020 on the senior secured financing facility. Additionally, includes $1.7 million of deferred debt issuance costs at September 30, 2020 on the CRE - term warehouse financing facilities that were paid off. ( 3 ) Includes $607,000 of deferred debt issuance costs at December 31, 2019. The deferred debt issuance costs of the CRE - term warehouse financing facilities were reported with outstanding borrowings on the senior secured financing facility at September 30, 2020 (refer to footnote (2)). ( 4 ) Includes $817,000 of deferred debt issuance costs at December 31, 2019. The deferred debt issuance costs of the CRE - term warehouse financing facilities were reported with outstanding borrowings on the senior secured financing facility at September 30, 2020 (refer to footnote (2)). ( 5 ) Includes $1.3 million of deferred debt issuance costs at December 31, 2019. The deferred debt issuance costs of the CRE - term warehouse financing facilities were reported with outstanding borrowings on the senior secured financing facility at September 30, 2020 (refer to footnote (2)). Senior Secured Financing Facility On July 31, 2020, an indirect, wholly owned subsidiary (“Holdings”), along with its direct wholly owned subsidiary (the “Borrower”), of the Company entered into a $250.0 million Loan and Servicing Agreement (the “MassMutual Loan Agreement”) with MassMutual and the other lenders party thereto (the “Lenders”). The asset-based revolving loan facility (the “MassMutual Facility”) provided under the MassMutual Loan Agreement will be used to finance the Company’s core CRE lending business. The MassMutual Facility has an interest rate of 5.75% per annum payable monthly. The MassMutual Facility matures on July 31, 2027. The Company paid a commitment fee as well as other reasonable closing costs. The loans under the MassMutual Facility are available for drawing during the first two years of the MassMutual Facility (the “Availability Period”). During the Availability Period, an unused commitment fee of 0.50% per annum (payable monthly) on unused commitments under the MassMutual Loan Agreement is payable for each day on which less than 75% of the total commitment is drawn. Pursuant to the MassMutual Loan Agreement, the Borrower’s obligations under the MassMutual Loan Agreement are secured by the Borrower’s assets and Holdings’ equity interests in the Borrower, including all distributions, proceeds and profits from Holdings’ interests in the Borrower. In September 2020, the MassMutual Loan Agreement was amended pursuant to which (i) the i nitial p ortfolio a ssets w ere revised and an agreed advance rate for each i nitial p ortfolio a sset (each, an “Initial Portfolio Asset Advance Rate”) was set, and (ii) the revolving loan facility under the MassMutual Loan Agreement was amended to require the i nitial l ender (currently MassMutual) to provide a specific advance rate for any future e ligible p ortfolio a ssets and to limit the aggregate total amount of a dvances outstanding at any time to both the t otal f acility a mount and, in lieu of a 55 % LTV, a b orrowing b ase as of any required date of determination equal to the sum of, in each case, the product of the advance rate for such e ligible p ortfolio a sset (including in respect of the i nitial p ortfolio a ssets, the applicable Initial Portfolio Asset Advance Rate therefor) and the then determined v alue of such e ligible p ortfolio a sset. In connection with the MassMutual Loan Agreement, the Company entered into a Guaranty (the “MassMutual Guaranty”) among the Company, Exantas Real Estate Funding 2018-RSO6 Investor, LLC (“RSO6”), Exantas Real Estate Funding 2019-RSO7 Investor, LLC (“RSO7”), and Exantas Real Estate Funding 2020-RSO8 Investor, LLC (collectively with RSO6 and RSO7, the “Additional Subsidiaries”), each an indirect, wholly owned subsidiary of the Company, in favor of the secured parties under the MassMutual Loan Agreement. Pursuant to the MassMutual Guaranty, the Company fully guaranteed all payments and performance of Holdings and the Borrower under the MassMutual Loan Agreement. Additionally, the Company and the Additional Subsidiaries made certain representations and warranties and agreed to not incur debt or liens, each subject to certain exceptions, and agreed to provide the Lenders with certain information. The MassMutual Loan Agreement contains events of default, subject to certain materiality thresholds and grace periods, customary for this type of financing arrangement. The remedies for such events of default are also customary for this type of transaction. CRE - Term Warehouse Financing Facilities In July 2018, a wholly-owned subsidiary of the Company entered into an amended and restated master repurchase agreement (the “2018 Facility”), originally executed in February 2012, with Wells Fargo Bank, N.A. (“Wells Fargo”) to finance the origination of CRE loans. In May 2020, Wells Fargo 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, ending September 4, 2020. In July 2020 and September 2020, the maturity date of the 2018 Facility was extended to September 3, 2020 and October 3, 2020, respectively. In October 2020, the 2018 Facility was amended, at the Company’s request, to reduce the 2018 Facility’s maximum amount from $400.0 million to $250.0 million, extend the funding expiration date and revise covenant definitions so that credit losses are determined in accordance with a risk rating-based methodology. In connection with the amendment of the 2018 Facility, the Company exercised the first of three options to extend the termination date for a one year period thereby extending the maturity date to October 2, 2021. 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, ending August 31, 2020. In October 2020, the Company entered into an amendment to the Barclays Guaranty that revised a covenant definition so that credit losses are determined in accordance with a risk rating-based methodology. 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 was in compliance with all of its covenants at September 30, 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. 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 September 30, 2020: CRE securitizations $ 1,132,416 $ — $ — $ — $ — $ 1,132,416 Unsecured junior subordinated debentures 51,548 — — — — 51,548 4.50% Convertible Senior Notes 143,750 — — 143,750 — — Senior Unsecured Notes due 2027 50,000 — — — — 50,000 Senior secured financing facility 128,495 — — — — 128,495 Total $ 1,506,209 $ — $ — $ 143,750 $ — $ 1,362,459

SHARE ISSUANCE AND REPURCHASE

SHARE ISSUANCE AND REPURCHASE	9 Months Ended
	Sep. 30, 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 September 30, 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 of Directors (“Board”) approved a securities repurchase program for up to $50.0 million of its outstanding securities. During the three and nine months ended September 30, 2020 and 2019, the Company did not repurchase any shares of its common or preferred stock through this program. At September 30, 2020, $44.9 million remains available under this repurchase plan. In November 2020, the Board authorized and approved the continued use of the Company’s existing share repurchase program in order to repurchase up to $20.0 million of the currently outstanding shares of the Company’s common stock over the next two quarters. Additionally, the Board authorized the Company to enter into written trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934. In connection with the Note and Warrant Purchase Agreement, as discussed in Note 9, the Senior Unsecured Notes due 2027 give Oaktree and MassMutual warrants to purchase an aggregate of up to 3.5 million shares of common stock at an exercise price of $0.01 per share, subject to certain potential adjustments. On July 31, 2020, concurrently with the issuance of the Senior Unsecured Noted due 2027, the Company issued to Oaktree warrants to purchase 1.2 million shares of common stock for an aggregate purchase price of $42.0 million and issued to MassMutual warrants to purchase 224,000 shares of common stock for an aggregate purchase price of $8.0 million. The warrants are recorded in additional paid-in capital on the consolidated balance sheet at their fair value of $3.1 million at issuance. At any time and from time to time prior to January 31, 2022, the Company may elect to issue to Oaktree and MassMutual warrants to purchase an additional 2.1 million shares of the common stock for a purchase price equal to the principal amount of the additional Senior Unsecured Notes due 2027 being issued. The warrants are immediately exercisable on issuance and expire seven years from the issuance date. The warrants can be exercised with cash or as a net exercise.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 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 64,953 177,766 242,719 Vested (54,678 ) (544,182 ) (598,860 ) Forfeited — (29,988 ) (29,988 ) Unvested shares at September 30, 2020 34,833 — 34,833 (1) Non-employees were employees of C-III or Resource America, Inc. (“Resource America”) from January 1, 2020 to July 31, 2020. On July 31, 2020, the Company’s management contract was purchased from the Prior Manager by the Manager in the ACRES acquisition. See Note 1. On July 31, 2020, all unvested restricted stock awards were accelerated upon the close of the ACRES acquisition. The fair values at grant date of the shares of restricted common stock granted to non-employees during the nine months ended September 30, 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 eight non-employee directors that served at any time during the nine months ended September 30, 2020 and 2019, respectively, were $255,000 and $300,000, respectively. The following table summarizes the status of the Company’s vested stock options at September 30, 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 September 30, 2020 10,000 $ 25.60 0.62 $ — There were no options granted during the nine months ended September 30, 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 For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Restricted shares granted to non-employees (1) $ 1,761 $ 489 $ 2,855 $ 1,438 Restricted shares granted to non-employee directors 144 63 263 209 Total $ 1,905 $ 552 $ 3,118 $ 1,647 (1) Non-employees were employees of C-III or Resource America. Under the Company’s 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. No incentive compensation was paid to the either Prior Manager or the Manager for the three and nine months ended September 30, 2020. During the three and nine months ended September 30, 2019, the Company recorded incentive compensation payable to the Prior Manager of $441,000 and $606,000, respectively, of which $331,000 and $455,000, respectively, was paid in cash and $110,000 and $151,000, respectively, representing 9,692 and 13,307 shares, respectively, was paid in common stock. 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. In October and November 2020, the Compensation Committee and the Board created parameters for equity awards, whereby they are no longer discretionary but are now based upon key performance hurdles tied to the common stock’s book value.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 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 (dollars in thousands, except per share amounts): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net income (loss) from continuing operations $ 8,159 $ 12,620 $ (221,762 ) $ 29,793 Net income allocated to preferred shares (2,588 ) (2,588 ) (7,763 ) (7,763 ) Net income (loss) from continuing operations allocable to common shares 5,571 10,032 (229,525 ) 22,030 Net loss from discontinued operations, net of tax — (63 ) — (212 ) Net income (loss) allocable to common shares $ 5,571 $ 9,969 $ (229,525 ) $ 21,818 Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 31,950,338 31,445,492 31,761,442 31,421,294 Weighted average number of warrants outstanding (1) 943,478 — 316,788 Total weighted average number of common shares outstanding - basic 32,893,816 31,445,492 32,078,230 31,421,294 Effect of dilutive securities - unvested restricted stock 5,046 269,263 — 213,077 Weighted average number of common shares outstanding - diluted 32,898,862 31,714,755 32,078,230 31,634,371 Net income (loss) per common share - basic: Continuing operations $ 0.17 $ 0.32 $ (7.16 ) $ 0.70 Discontinued operations — — — (0.01 ) Net income (loss) per common share - basic $ 0.17 $ 0.32 $ (7.16 ) $ 0.69 Net income (loss) per common share - diluted: Continuing operations $ 0.17 $ 0.31 $ (7.16 ) $ 0.70 Discontinued operations — — — (0.01 ) Net income (loss) per common share - diluted $ 0.17 $ 0.31 $ (7.16 ) $ 0.69 (1) See Note 10 for further details regarding the warrants. 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 EPS, if applicable. The conversion spread will have a dilutive impact on diluted EPS 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 nine months ended September 30, 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 nine months ended September 30, 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 EPS. The conversion rate and conversion price for the 4.50% Convertible Senior Notes are described further in Note 9.

DISTRIBUTIONS

DISTRIBUTIONS	9 Months Ended
	Sep. 30, 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 not to be subject to corporate federal income taxes on retained income. The Company anticipates it will distribute substantially all of its taxable income, if any, 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 or sell assets 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 September 30, 2020, the Company declared and subsequently paid its Series C Preferred Stock distributions, including all 2020 distributions in arrears, or $1.62 per share. It did not pay any common share distributions for the quarter ended September 30, 2020. For the quarter ended September 30, 2019, the Company declared and subsequently paid distributions of $0.25 per common share and $0.54 per share of its Series C Preferred Stock. The following tables present distributions declared (on a per share basis) for the nine months ended September 30, 2020 and 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) 2020 March 31, June 30 and September 30 October 30 $ 7,763 $ 1.617189 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 (LOSS) INCOME	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following table presents the changes in each component of accumulated other comprehensive (loss) income for the nine months ended September 30, 2020 (in thousands): Net Unrealized (Loss) Gains on Derivatives Net Unrealized Gain (Loss) 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 before reclassifications (7,233 ) (191,283 ) (198,516 ) Amounts reclassified from accumulated other comprehensive income (1) 788 185,463 186,251 Balance at September 30, 2020 $ (10,444 ) $ — $ (10,444 ) (1) Amounts reclassified from accumulated other comprehensive income are reclassified to interest expense and net realized and unrealized gain (loss) on investment securities available-for-sale and loans and derivatives on the Company’s consolidated statements of operations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 15 - RELATED PARTY TRANSACTIONS Management Agreement On July 31, 2020, the Company entered into a Fourth Amended and Restated Management Agreement (the “Management Agreement”) with the Manager. Under the amended Management Agreement, the Manager replaced the Prior Manager as the Company’s external manager. The terms of the Management Agreement are substantially the same as the terms of the previous management agreement, except for the following terms: • Term. • Board designation rights. • Termination fee. • Compensation. • Definition of “incentive compensation.” Relationship with ACRES Capital Corp. and certain of its Subsidiaries Relationship with ACRES Capital Corp. and certain of its Subsidiaries. The Manager is a subsidiary of ACRES Capital Corp., of which Andrew Fentress, the Company’s Chairman, serves as Managing Partner and Mark Fogel, the Company’s President, Chief Executive Officer and Director, serves as Chief Executive Officer and President. Effective on July 31, 2020, the Company has a Management Agreement with the Manager pursuant to which the Manager provides the day-to-day management of the Company’s operations and receives management fees. For the three and nine months ended September 30, 2020, the Manager earned base management fees of approximately $898,000. No incentive compensation was earned for the three and nine months ended September 30, 2020. At September 30, 2020, $442,000 of base management fees were payable by the Company to the Manager. There was no incentive compensation payable at September 30, 2020. The Manager and its affiliates provided the Company with a Chief Financial Officer and a sufficient number of additional accounting, finance, tax and investor relations professionals. The Company reimbursed the Manager’s expenses for (a) the wages, salaries and benefits of the Chief Financial Officer, and (b) a portion of the wages, salaries and benefits of accounting, finance, tax and investor relations professionals, in proportion to such personnel’s percentage of time allocated to the Company’s operations. The Company reimbursed out-of-pocket expenses and certain other costs incurred by the Manager that related directly to the Company’s operations. For the three and nine months ended September 30, 2020, the Company reimbursed the Manager $432,000 for all such compensation and costs. At September 30, 2020, the Company had payables to the Manager pursuant to the Management Agreement totaling approximately $619,000 related to such compensation and costs. The Company’s base management fee payable and expense reimbursements payable were recorded in management fee payable and accounts payable and other liabilities on the consolidated balance sheet, respectively. On July 31, 2020, RCC RE, a direct, wholly owned subsidiary of the Company, provided a $12.0 million loan (the “ACRES Loan”) to ACRES Capital Corp. evidenced by the Promissory Note from ACRES Capital Corp. The ACRES Loan accrues interest at 3.00% per annum payable monthly. The monthly amortization payment is $25,000. The ACRES Loan matures in six years, subject to two one-year During the three and nine months ended September 30, 2020, the Company recorded interest income of $62,000 on the ACRES Loan in other income on the consolidated statements of operations. At September 30, 2020, the ACRES Loan had a principal balance and accrued interest receivable of $12.0 million and $30,000, respectively, recorded in loan receivable - related party and accrued interest receivable, respectively, on the consolidated balance sheet. At September 30, 2020, the Company retained equity in one securitization entity that was structured for the Company by the Manager. Under the Management Agreement, the Manager was not separately compensated by the Company for executing this transaction and was not separately compensated for managing the securitization entity and its assets. Relationship with ACRES Capital Servicing LLC. Under the MassMutual Loan Agreement, ACRES Capital Servicing LLC (“ACRES Capital Servicing”), an affiliate of ACRES Capital Corp. and the Manager, serves as the portfolio servicer. Additionally, ACRES Capital Servicing serves as special servicer of XAN 2020-RSO9. During the three and nine months ended September 30, 2020, ACRES Capital Servicing received no portfolio servicing fees or special servicing fees. Relationship with C-III and certain of its Subsidiaries Relationship with C-III and Certain of its Subsidiaries. The Prior Manager was a wholly-owned subsidiary of Resource America, which is a wholly-owned subsidiary of C-III. C-III is indirectly controlled and partially owned by Island Capital Group LLC (“Island Capital”). Effective July 31, 2020, in connection with the ACRES acquisition, Andrew L. Farkas, the managing member of Island Capital and the chairman and chief executive officer of C-III, resigned his position as the Company’s Chairman. In addition, Robert C. Lieber and Matthew J. Stern, each executive managing directors of both C-III and Island Capital, resigned their positions as the Company’s Chief Executive Officer and President, respectively. Lastly, Jeffrey P. Cohen, president of C-III and Island Capital, resigned his position as a member of the Board. Those officers and the Company’s other executive officers were also officers of the Company’s Prior Manager, Resource America, C-III and/or affiliates of those companies. Prior to September 8, 2020, a non-employee director of the Company held the position of Executive Vice President at Resource America. Prior to July 31, 2020, the Company had a management agreement with the Prior Manager pursuant to which the Prior Manager provided the day-to-day management of the Company’s operations and received substantial fees. For the three and nine months ended September 30, 2020, the Prior Manager earned base management fees of approximately $385,000 and $3.8 million, respectively. For the three and nine months ended September 30, 2019, the Prior Manager earned base management fees of approximately $2.1 million and $6.3 million, respectively. No incentive compensation was earned for the three and nine months ended September 30, 2020. For the three and nine months ended September 30, 2019, the Prior Manager earned incentive compensation of approximately $441,000 and $606,000, respectively, of which $331,000 was payable in cash and approximately $110,000 was payable in common stock at September 30, 2019. At September 30, 2020, there was no base management fees payable by the Company to the Prior Manager. At December 31, 2019, $701,000 of base management fees were payable by the Company to the Prior Manager. There was no incentive compensation payable at September 30, 2020 and December 31, 2019. The Prior Manager and its affiliates provided the Company with a Chief Financial Officer and a sufficient number of additional accounting, finance, tax and investor relations professionals. The Company reimbursed the Prior 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 reimbursed out-of-pocket expenses and certain other costs incurred by the Prior Manager and its affiliates that related directly to the Company’s operations. For the three and nine months ended September 30, 2020, the Company reimbursed the Prior Manager $727,000 and $4.0 million, respectively, for all such compensation and costs. For the three and nine months ended September 30, 2019, the Company reimbursed the Prior Manager $1.0 million and $3.2 million, respectively, for all such compensation and costs. At December 31, 2019, the Company had payables to Resource America and its subsidiaries pursuant to the management agreement totaling approximately $1.1 million. The Company’s base management fee payable and expense reimbursements payable were recorded in management fee payable and accounts payable and other liabilities on the consolidated balance sheet, respectively. In July 2020, ACRES and the Company entered into agreements with Resource America pursuant to which Resource America provides office space and other office-related services as well as performs an internal audit program. During the three and nine months ended September 30, 2020, the Company incurred $40,000 of expenses in connection with these agreements. In September 2020, the agreements were transferred to Resource Real Estate Opportunity REIT, Inc. (“Resource Real Estate Opportunity REIT”). At September 30, 2020, the Company retained equity in five securitization entities that were structured for the Company by the Prior Manager, although three of the securitization entities had been substantially liquidated as of September 30, 2020. Under the management agreement, the Prior Manager was not separately compensated by the Company for executing these transactions and was 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, originated, financed and managed the Company’s CRE loan portfolio until the ACRES acquisition on July 31, 2020. The Company reimbursed Resource Real Estate for loan origination costs associated with all loans originated. At December 31, 2019, the Company had receivables from Resource Real Estate for loan deposits of $101,000. There were no receivables from Resource Real Estate for loan deposits at September 30, 2020. 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 also served as special servicer for Exantas Capital Corp. 2020-RSO8, Ltd., a $522.6 million securitization that closed in March 2020. Resource Real Estate did not earn any special servicing fees during the three and nine months ended September 30, 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 nine months ended September 30, 2020, C-III Commercial Mortgage earned exit fees of $32,000. C-III Commercial Mortgage did not earn any exit fees during the three months ended September 30, 2020 nor during the three and nine months ended September 30, 2019. The Company had no outstanding payables to C-III Commercial Mortgage at September 30, 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, XAN 2018-RSO6, a $514.2 million securitization that closed in June 2018 and liquidated in September 2020, 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 and nine months ended September 30, 2019, C3AM earned approximately $161,000 and $424,000, respectively, in servicing fees. 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 ceased being a related party under common control effective January 1, 2020. Relationship with Resource Real Estate Opportunity REIT In July 2020, ACRES and the Company entered into agreements with Resource America pursuant to which Resource America provided office space and other office-related services as well as performed an internal audit program. In September 2020, the sublease was assigned from Resource America to Resource Real Estate Opportunity REIT and the internal audit engagement letter was assigned from Resource America to Resource NewCo LLC, a subsidiary of Resource Real Estate Opportunity REIT. A non-employee director of the Company is an executive at, and a director of, Resource Real Estate Opportunity REIT. During the three and nine months ended September 30, 2020, the Company incurred $21,000 of expenses in connection with these agreements. The Company had payables to Resource Real Estate Opportunity REIT of approximately $9,000 at September 30, 2020.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 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 September 30, 2020: Assets: Investment securities available-for-sale $ — $ — $ 2,447 $ 2,447 Total assets at fair value $ — $ — $ 2,447 $ 2,447 Liabilities: Derivatives $ — $ 60 $ — $ 60 Total liabilities at fair value $ — $ 60 $ — $ 60 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 (185,562 ) Purchases 24,600 Sales (111,846 ) Paydowns (4,733 ) Relinquishments (234,906 ) Included in other comprehensive loss (5,820 ) Balance, September 30, 2020 $ 2,447 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 the first quarter of 2020 , the Company received a $13.5 million offer on the property , which was subsequently revoked . In the third quarter of 2020, the Company received a new offer of $11.0 million on the property. During the three and nine months ended September 30, 2020 , the Company recorded losses of $3.4 million and $8.1 million , respectively, on the remaining CRE asset held for sale, which included protective advances to cover borrower operating losses of $456,000 and $1.9 million , respectively. During the three and nine months ended September 30, 2019 , the Company recorded losses of $55,000 and $1.5 million , respectively, on the remaining CRE asset held for sale, which included protective advances to cover borrower operating losses of $55,000 and $158,000 , respectively . During the three and nine months ended September 30, 2020 , the loss was primarily attributable to fair value charges of $2.9 million and $6.2 million , respectively, in connection with the offer s received on the property adjusted for the e stimated costs to sell. The asset had a fair value equal to $10.3 million and $16.5 million at September 30, 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 unless evidence of credit deterioration exists, in which case the fair value approximates the par value less the loan’s allowance estimated through individual evaluation. 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 4.10% to 7.05% and 4.45% to 7.96% at September 30, 2020 and December 31, 2019, respectively. The fair value of the Company’s mezzanine loan is measured by discounting the remaining contractual cash flows using the current interest rates at which similar instruments would be originated for the same remaining maturity. The Company’s mezzanine loan is discounted at a rate of 10.00%. The fair values of the Company’s preferred equity investments are measured by discounting the instruments’ remaining contractual cash flows using current interest rates at which similar instruments would be originated for the same remaining maturities. The Company’s preferred equity investments are discounted at rates of 12.08% and 11.54%. The Company’s fixed-rate CRE loans are valued using third-party pricing sources. The Company’s loan receivable - related party is estimated using a discounted cash flow model. Senior notes in CRE securitizations are estimated using a discounted cash flow model with implied yields based on trades for similar securities. The fair values of the junior subordinated notes RCT I and RCT II are estimated by using a discounted cash flow model. The fair value of the convertible notes is determined using a discounted cash flow model that discounts the issuance’s contractual future cash flows using the current interest rate on similar debt issuances with similar terms and similar remaining maturities that do not have a conversion option. The Company’s Senior Unsecured Notes due 2027 are estimated by using a discounted cash flow model. The fair value of the senior secured financing facility is measured by discounting the facility’s remaining contractual cash flows using the current interest rate at which a similar debt instrument would be issued for the same remaining maturity. The fair value of the senior secured financing facility is estimated using a discounted cash flow model that discounts the expected future cash flows at a rate of 5.75%. 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 and non-financial assets that are not reported at fair value on the consolidated balance sheets are reported in the following table (in thousands): Fair Value Measurements Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At September 30, 2020: Assets: CRE whole loans held for investment $ 1,571,716 $ 1,618,422 $ — $ — $ 1,618,422 CRE mezzanine loan $ 4,349 $ 4,700 $ — $ — $ 4,700 CRE preferred equity investments $ 23,213 $ 27,287 $ — $ — $ 27,287 CRE whole loans, fixed-rate (1) $ 4,820 $ 5,115 $ — $ — $ 5,115 Asset held for sale $ 10,285 $ 10,285 $ — $ — $ 10,285 Loan receivable - related party $ 11,975 $ 9,971 $ — $ — $ 9,971 Liabilities: Senior notes in CRE securitizations $ 1,120,137 $ 1,099,817 $ — $ — $ 1,099,817 Junior subordinated notes $ 51,548 $ 28,645 $ — $ — $ 28,645 Convertible notes $ 136,311 $ 129,548 $ — $ — $ 129,548 Senior Unsecured Notes due 2027 $ 46,358 $ 50,324 $ — $ — $ 50,324 Senior secured financing facility (2) $ 122,570 $ 128,495 $ — $ — $ 128,495 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 (1) Classified as other assets on the consolidated balance sheet. (2) Carrying value includes $1.7 million of deferred debt issuance costs on CRE - term warehouse financing facilities at September 30, 2020 that were paid off.

MARKET RISK AND DERIVATIVE INST

MARKET RISK AND DERIVATIVE INSTRUMENTS	9 Months Ended
	Sep. 30, 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. Regulations promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 mandate that the Company clear certain new interest rate swap transactions through a central counterparty. Transactions that are centrally cleared result in the Company facing a clearing house, rather than a swap dealer, as counterparty. Central clearing requires the Company to post collateral in the form of initial and variation margin to satisfy potential future obligations. At September 30, 2020, the Company had no interest rate swap hedge contracts outstanding. At December 31, 2019, the Company had 19 interest rate swap hedge contracts outstanding whereby the Company paid a weighted average fixed rate of 2.47% and received a variable rate equal to one-month LIBOR. The aggregate notional amount of these contracts was $90.2 million at December 31, 2019. The counterparty for the Company’s designated interest rate hedge contracts at December 31, 2019 was Wells Fargo. The Company had a master netting agreement with Wells Fargo at September 30, 2020. At December 31, 2019, the estimated fair value of the Company’s centrally-cleared interest rate swap hedge contracts in an asset position was $30,000. At December 31, 2019, the estimated fair value of the Company’s centrally-cleared interest rate swap hedge contracts in a liability position was $4.6 million. The Company had aggregate unrealized losses of $4.0 million on its interest rate swap hedge contracts at December 31, 2019, 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. At September 30, 2020, the Company had a loss of $10.9 million recorded in accumulated other comprehensive (loss) income, which will be amortized into earnings over the remaining life of the debt. During the three and nine months ended September 30, 2020, the Company recorded amortization expense, reported in interest expense on the consolidated statements of operations, of $489,000 and $857,000, respectively. At September 30, 2020 and December 31, 2019, the Company had an unrealized gain of $461,000 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 and $69,000 during the three and nine months ended September 30, 2020, respectively, and $23,000 and $68,000 during the three and nine months ended September 30, 2019, respectively, to accrete the accumulated other comprehensive income on the terminated swap agreements. The Company’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 income on the consolidated statements of operations. The following tables present the fair value of the Company’s derivative financial instruments at September 30, 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 nine months ended September 30, 2020 and 2019: Fair Value of Derivative Instruments Liability Derivatives At September 30, 2020 Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts $ 4,030 Derivatives, at fair value $ 60 Interest rate swap contracts, hedging $ — Accumulated other comprehensive (loss) income $ (10,444 ) 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 Nine Months Ended September 30, 2020 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts Other (expense) income $ (67 ) Interest rate swap contracts, hedging Interest expense $ (1,095 ) Derivatives Nine Months Ended September 30, 2019 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ (16 ) (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	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2020: Derivatives, at fair value (2) $ 60 $ — $ 60 $ — $ 60 $ — Warehouse financing facilities (3) — — — — — — Total $ 60 $ — $ 60 $ — $ 60 $ — 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 $264,000 and $4.6 million related to interest rate swap contracts outstanding at September 30, 2020 and December 31, 2019, respectively. (3) The combined fair values of securities and loans pledged against the Company’s various repurchase agreements and term warehouse financing facilities were $1.2 billion at December 31, 2019. There were no outstanding borrowings on the Company’s repurchase agreements and term warehouse financing facilities at September 30, 2020. All balances associated with repurchase agreements and derivatives are presented on a gross basis on the Company’s consolidated balance sheets. Certain of the Company’s repurchase agreements and derivative transactions are governed by underlying agreements that generally provide for a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 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 $1.5 million and $1.7 million at September 30, 2020 and December 31, 2019, respectively. 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 September 30, 2020 or December 31, 2019. The Company previously disclosed two consolidated shareholder derivative actions filed in the United States District Court for the Southern District of New York (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 Prior Manager and Resource America for unjust enrichment based on allegations that the Prior 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 Prior 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 Prior 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 U.S. 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 had no contingent liabilities at September 30, 2020 recorded 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 September 30, 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 and nine months ended September 30, 2020 and 2019. PCM is subject to additional claims for repurchases or indemnifications on loans that PCM has sold to investors. At both September 30, 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 $84.9 million and $98.0 million in unfunded loan commitments at September 30, 2020 and December 31, 2019, respectively. At closing, XAN 2020-RSO9 includes a future advances reserve account of $21.3 million, included in restricted cash on the consolidated balance sheet, to fund unfunded commitments.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 20 - SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this report and determined that, except for the subsequent events referred to in Note 6, Note 9, Note 10, Note 11 and Note 19, there have not been any events that have occurred that would require adjustments to or disclosures in the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 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, reversals of or 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 U.S., 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. While certain countries around the world have eased restrictions and financial markets have stabilized to some degree, the pandemic continues to plague the overall U.S. economy and cause uncertainty surrounding the ultimate impact on the global economy generally, and the CRE business in particular, that make estimates and assumptions as of September 30, 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 September 30, 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 September 30, 2020 and December 31, 2019, approximately $120.3 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”). The following table provides a reconciliation of cash, cash equivalents and restricted cash on the consolidated balance sheets to the total amount shown on the consolidated statements of cash flows (in thousands): September 30, 2020 2019 Cash and cash equivalents $ 122,105 $ 51,286 Restricted cash 33,776 16,614 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 155,881 $ 67,900
Investment Securities	Investment Securities Allowance for Credit Losses On a quarterly basis, the Company evaluates available-for-sale securities with fair values below the amortized cost bases to determine the estimate of expected credit losses. 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 a debt security with a fair value below the amortized cost basis 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 write-off 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 loss 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 Interest Income Recognition	Investment Security Interest Income Recognition Accrued Interest Receivable 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 Loans Held for Sale The Company may sell a loan held for investment where the credit fundamentals underlying a particular loan have changed in such a manner that the Company’s expected return on investment may decrease. Once the determination has been made by the Company that it no longer will hold the loan for investment, the Company identifies these loans as loans held for sale. Any credit-related write-off considerations prior to the transfer to loans held for sale are accounted for through the allowance for credit losses on the Company’s consolidated balance sheets. CRE Loan Interest Income Recognition Accrued Interest Receivable 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 use 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. In March 2020, the Financial Accounting Standards Board (“FASB”) concurred with a joint statement of federal and state banking regulators that eased the requirements to classify a modification as a TDR if the modification was granted in connection with the effects of the COVID-19 pa ndemic. 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, the Company utilizes historical losses from its full underwriting history, along with the market loss history of a selected population of loans from a third party’s database that are similar to the Company’s loan types, loan sizes, durations, interest rate structure and general loan-to-collateral value (“LTV”) profiles. The Company may make adjustments to the historical loss history for qualitative or environmental factors if it believes there is evidence that the estimate for expected credit losses should be increased or decreased. The Company records write-offs against the allowance for credit losses if it deems that all or a portion of a loan’s balance is uncollectible. If the Company receives cash in excess of some or all of the amounts it previously wrote off, it records 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.
Income Taxes	Income Taxes The Company recorded a full valuation allowance against its net deferred tax assets of $49.5 million (tax effected expense of $14.9 million) at September 30, 2020, 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.
Earnings per Share	Earnings per Share The Company presents both basic and diluted earnings per share (“EPS”). Basic EPS excludes dilution and is computed by dividing net income (loss) allocable to common shareholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount.
Recent Accounting Standards	Recent Accounting Standards Accounting Standards Adopted in In August 2018, the FASB issued guidance to modify the fair value measurement disclosure requirements, including: disclosures on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, the policy for timing of transfers between levels and the narrative description of measurement uncertainty. 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 was previously under the other-than-temporary impairment model. It also simplifies the accounting model for debt securities and loans with evidence of credit quality deterioration. 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. During the nine months ended September 30, 2020, the Company recorded an additional CECL reserve of $48.5 million for a total CECL reserve of $52.9 million, or 3.19% of the aggregate outstanding principal balance of the Company’s $1.7 billion commercial loan portfolio at September 30, 2020. 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 guidance.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2020 2019 Cash and cash equivalents $ 122,105 $ 51,286 Restricted cash 33,776 16,614 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 155,881 $ 67,900

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 32,929 $ 497 $ 33,426 Accrued interest receivable 4,925 — 4,925 CRE loans, pledged as collateral (1) 1,321,890 — 1,321,890 Principal paydowns receivable 11,005 — 11,005 Other assets 44 — 44 Total assets (2) $ 1,370,793 $ 497 $ 1,371,290 LIABILITIES Accounts payable and other liabilities $ 61 $ — $ 61 Accrued interest payable 661 — 661 Borrowings 1,120,137 — 1,120,137 Total liabilities $ 1,120,859 $ — $ 1,120,859 (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 September 30, 2020 (in thousands): Unsecured Junior Subordinated Debentures C40 Prospect Hackensack Santa Clarita Total Maximum Exposure to Loss ASSETS Accrued interest receivable $ 221 $ 88 $ — $ — $ 309 $ — CRE loans (1) — — 21,180 6,268 27,448 $ 27,448 Investment securities available-for-sale (2) — 2,270 — — 2,270 $ 2,270 Investments in unconsolidated entities 1,548 — — — 1,548 $ 1,548 Total assets 1,769 2,358 21,180 6,268 31,575 LIABILITIES Accrued interest payable 189 — — — 189 N/A Borrowings 51,548 — — — 51,548 N/A Total liabilities 51,737 — — — 51,737 N/A Net (liability) asset $ (49,968 ) $ 2,358 $ 21,180 $ 6,268 $ (20,162 ) N/A (1) The carrying values exclude the allowance for credit losses. (2) The Company’s investment in C40 is carried at fair value and its maximum exposure to loss is the amortized cost of the investment.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, 2020 2019 Non-cash continuing investing activities include the following: Proceeds from the relinquishment of investment securities available-for-sale $ 369,873 $ — Non-cash continuing financing activities include the following: Repayment of repurchase agreements from the relinquishment of investment securities available-for-sale $ (369,873 ) $ — Distributions on common stock accrued but not paid $ — $ 7,967 Distributions on preferred stock accrued but not paid $ 6,900 $ 1,725

LOANS (Tables)

LOANS (Tables)	9 Months Ended
	Sep. 30, 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 Maturity Dates (2)(3) At September 30, 2020: CRE loans held for investment: Whole loans, floating-rate (4)(5) 102 $ 1,626,455 $ (6,244 ) $ 1,620,211 $ (48,495 ) $ 1,571,716 1M LIBOR plus 2.70% to 1M LIBOR plus 6.25% October 2020 to October 2023 Mezzanine loan (4) 1 4,700 — 4,700 (351 ) 4,349 10.00% June 2028 Preferred equity investments (see Note 3) (5)(6)(7) 2 27,287 23 27,310 (4,097 ) 23,213 11.00% to 11.50% June 2022 to April 2023 Total CRE loans held for investment $ 1,658,442 $ (6,221 ) $ 1,652,221 $ (52,943 ) $ 1,599,278 At December 31, 2019: CRE loans held for investment: Whole loans, floating-rate (4)(5) 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 investments (see Note 3) (5)(6)(7) 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 $6.3 million and $9.1 million and deferred amendment fees of $161,000 and $72,000 at September 30, 2020 and December 31, 2019, respectively. Additionally, the amounts include unamortized loan acquisition costs of $234,000 and $1.3 million at September 30, 2020 and December 31, 2019, respectively. ( 2 ) Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms that may be available to the borrowers. ( 3 ) Maturity dates exclude one whole loan, with an amortized cost of $11.5 ( 4 ) Substantially all loans are pledged as collateral under various borrowings at September 30, 2020 and December 31, 2019. ( 5 ) Floating-rate CRE whole loans had $84.9 million and $98.0 million in unfunded loan commitments at September 30, 2020 and December 31, 2019, respectively. Preferred equity investments had $2.6 million and $3.0 million in unfunded commitments at September 30, 2020 and December 31, 2019, respectively. 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. ( 6 ) The interest rate on the Company’s preferred equity investments each pay at 8.00%. The remaining interest is deferred until maturity. ( 7 ) 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 September 30, 2020: Whole loans, floating-rate (1) $ 165,638 $ 574,385 $ 868,672 $ 1,608,695 Mezzanine loan — — 4,700 4,700 Preferred equity investments — — 27,310 27,310 Total CRE loans (2) $ 165,638 $ 574,385 $ 900,682 $ 1,640,705 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 investments — — 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 default at September 30, 2020 and December 31, 2019. The loan was performing in accordance with a forbearance agreement, which expired in June 2020. ( 2 ) At September 30, 2020, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $31.1 million, $98.5 million and $1.5 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)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Activity in Allowance for Credit Losses	The following table shows the activity in the allowance for credit losses for the nine months ended September 30, 2020 and year ended December 31, 2019 (in thousands, except amount in the footnotes): Nine Months Ended September 30, 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) 48,451 59 Allowance for credit losses at end of period $ 52,943 $ 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 September 30, 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 September 30, 2020: Whole loans, floating-rate $ — $ 673,011 $ 601,023 $ 306,032 $ 40,145 $ 1,620,211 Mezzanine loan — — 4,700 — — 4,700 Preferred equity investments — — 6,268 21,042 — 27,310 Total $ — $ 673,011 $ 611,991 $ 327,074 $ 40,145 $ 1,652,221 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 $8.2 million and $6.7 million at September 30, 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 September 30, 2020: Whole loans, floating-rate: (2) Rating 2 $ 138,154 $ 324,773 $ 154,973 $ 55,111 $ — $ — $ 673,011 Rating 3 43,372 260,440 234,468 45,252 — 17,491 601,023 Rating 4 — 89,722 140,977 66,113 — 9,220 306,032 Rating 5 — — — 37,849 — 2,296 40,145 Total whole loans, floating-rate 181,526 674,935 530,418 204,325 — 29,007 1,620,211 Mezzanine loan (rating 3) — — 4,700 — — — 4,700 Preferred equity investments: Rating 3 — 6,268 — — — — 6,268 Rating 4 — — 21,042 — — — 21,042 Total preferred equity investments — 6,268 21,042 — — — 27,310 Total $ 181,526 $ 681,203 $ 556,160 $ 204,325 $ — $ 29,007 $ 1,652,221 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 $8.2 million and $6.7 million at September 30, 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 (1) 60-89 Days Greater than 90 Days (2) Total Past Due Current Total Loans Receivable (3) Total Loans > 90 Days and Accruing (2) At September 30, 2020: Whole loans, floating-rate $ 37,849 $ — $ 11,516 $ 49,365 $ 1,570,846 $ 1,620,211 $ 11,516 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investments — — — — 27,310 27,310 — Total $ 37,849 $ — $ 11,516 $ 49,365 $ 1,602,856 $ 1,652,221 $ 11,516 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 investments — — — — 26,148 26,148 — Total $ — $ — $ 11,503 $ 11,503 $ 1,779,942 $ 1,791,445 $ 11,503 (1) Includes one whole loan on non-accrual status and in default, with an amortized cost of $37.8 million, at September 30, 2020. In July 2020, the Company wrote off $665,000 of accrued interest receivable on this whole loan. (2) Includes one whole loan, with an amortized cost of $11.5 (3) The total amortized cost of CRE loans excluded accrued interest receivable of $8.2 million and $6.7 million at September 30, 2020 and December 31, 2019, respectively.
Summary of TDRs in Loan Portfolio	The following table summarizes the TDRs in the Company’s loan portfolio (dollars in thousands): Nine Months Ended September 30, 2020 Number of Loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance CRE whole loans 2 $ 56,882 $ 56,882

INVESTMENT SECURITIES AVAILAB_2

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020: CMBS, fixed-rate $ 2,447 $ — $ — $ 2,447 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 $88,000 and $1.1 million at September 30, 2020 and December 31, 2019, respectively. (2) At December 31, 2019, investment securities available-for-sale with a fair value of $466.9 million were pledged as collateral under related financings. There were no investment securities available-for-sale pledged as collateral at September 30, 2020.

BORROWINGS (Tables)

BORROWINGS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020: XAN 2019-RSO7 Senior Notes $ 450,879 $ 3,397 $ 447,482 1.57 % 15.6 years $ 552,237 XAN 2020-RSO8 Senior Notes 435,743 4,627 431,116 1.58 % 14.4 years 522,631 XAN 2020-RSO9 Senior Notes 245,794 4,255 241,539 3.28 % 16.6 years 297,032 Unsecured junior subordinated debentures 51,548 — 51,548 4.19 % 15.9 years — 4.50% Convertible Senior Notes 143,750 7,439 136,311 4.50 % 1.9 years — Senior Unsecured Notes due 2027 50,000 3,642 46,358 12.00 % 6.8 years — Senior secured financing facility (1) 128,495 5,925 122,570 5.75 % 6.8 years 274,559 Total $ 1,506,209 $ 29,285 $ 1,476,924 2.92 % 13.1 years $ 1,646,459 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 (2) 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) Includes $1.7 million of deferred debt issuance costs on CRE - term warehouse financing facilities at September 30, 2020 that were paid off. ( 2 ) Principal outstanding includes accrued interest payable of $810,000 at December 31, 2019. There was no accrued interest payable at September 30, 2020. ( 3 ) Principal outstanding includes accrued interest payable of $470,000 at December 31, 2019. There was no accrued interest payable at September 30, 2020.
Schedule of securitizations	The following table sets forth certain information with respect to the Company’s consolidated securitizations at September 30, 2020 (in thousands, except amount in footnotes): Closing Date Maturity Date End of Designated Principal Reinvestment Period (1) Total Note Paydowns Received from Closing Date through September 30, 2020 XAN 2019-RSO7 April 2019 April 2036 April 2022 $ 134,932 XAN 2020-RSO8 March 2020 March 2035 March 2023 $ — XAN 2020-RSO9 (2) September 2020 April 2037 N/A $ — (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. (2) A designated principal reinvestment period is excluded from the terms of Exantas Capital Corp. 2020-RSO9, Ltd.’s (“XAN 2020-RSO9”) indenture. XAN 2020-RSO9 includes a future advances reserve account of $21.3 million to fund unfunded commitments, which is reported in restricted cash on the consolidated balance sheet.
Schedule of convertible senior notes	The following table summarizes the 4.50% Convertible Senior Notes at September 30, 2020 (dollars in thousands, except the conversion prices and amounts in the footnotes): Principal Outstanding Borrowing Rate Effective Rate (1)(2) Conversion Rate (3)(4) Conversion Price (4) 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) During the three and nine months ended September 30, 2020 and 2019 the effective interest rate for the 4.50% Convertible Senior Notes was 7.43%. ( 3 ) 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”). (4 ) The conversion rate and conversion price of the 4.50% Convertible Senior Notes at September 30, 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.
Senior secured warehouse financing facilities and repurchase agreements	The following table sets forth certain information with respect to the Company’s senior secured financing and term warehouse financing facilities and repurchase agreements (dollars in thousands, except amounts in footnotes): September 30, 2020 December 31, 2019 Outstanding Borrowings 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 Senior Secured Financing Facility Massachusetts Mutual Life Insurance Company (2) $ 122,570 $ 274,559 16 5.75 % $ — $ — — — % CRE - Term Warehouse Financing Facilities Wells Fargo Bank, N.A. (3) — — — — % 225,217 291,903 28 3.70 % Barclays Bank PLC (4) — — — — % 111,881 145,035 14 3.99 % JPMorgan Chase Bank, N.A. (5) — — — — % 207,807 268,283 17 3.56 % CMBS - Short-Term Repurchase Agreements Deutsche Bank Securities Inc. — — — — % 37,141 57,331 6 3.13 % JP Morgan Securities LLC — — — — % 33,703 42,075 13 2.87 % Barclays Capital Inc. — — — — % 87,643 112,939 7 2.82 % RBC Capital Markets, LLC — — — — % 34,829 47,081 5 2.96 % RBC (Barbados) Trading Bank Corporation — — — — % 181,584 224,972 30 2.82 % Total $ 122,570 $ 274,559 $ 919,805 $ 1,189,619 (1) Outstanding borrowings include accrued interest payable. (2) Includes $4.2 million of deferred debt issuance costs at September 30, 2020 on the senior secured financing facility. Additionally, includes $1.7 million of deferred debt issuance costs at September 30, 2020 on the CRE - term warehouse financing facilities that were paid off. ( 3 ) Includes $607,000 of deferred debt issuance costs at December 31, 2019. The deferred debt issuance costs of the CRE - term warehouse financing facilities were reported with outstanding borrowings on the senior secured financing facility at September 30, 2020 (refer to footnote (2)). ( 4 ) Includes $817,000 of deferred debt issuance costs at December 31, 2019. The deferred debt issuance costs of the CRE - term warehouse financing facilities were reported with outstanding borrowings on the senior secured financing facility at September 30, 2020 (refer to footnote (2)). ( 5 ) Includes $1.3 million of deferred debt issuance costs at December 31, 2019. The deferred debt issuance costs of the CRE - term warehouse financing facilities were reported with outstanding borrowings on the senior secured financing facility at September 30, 2020 (refer to footnote (2)).
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 September 30, 2020: CRE securitizations $ 1,132,416 $ — $ — $ — $ — $ 1,132,416 Unsecured junior subordinated debentures 51,548 — — — — 51,548 4.50% Convertible Senior Notes 143,750 — — 143,750 — — Senior Unsecured Notes due 2027 50,000 — — — — 50,000 Senior secured financing facility 128,495 — — — — 128,495 Total $ 1,506,209 $ — $ — $ 143,750 $ — $ 1,362,459

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 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 64,953 177,766 242,719 Vested (54,678 ) (544,182 ) (598,860 ) Forfeited — (29,988 ) (29,988 ) Unvested shares at September 30, 2020 34,833 — 34,833 (1) Non-employees were employees of C-III or Resource America, Inc. (“Resource America”) from January 1, 2020 to July 31, 2020. On July 31, 2020, the Company’s management contract was purchased from the Prior Manager by the Manager in the ACRES acquisition. See Note 1.
Summary of stock option transactions	The following table summarizes the status of the Company’s vested stock options at September 30, 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 September 30, 2020 10,000 $ 25.60 0.62 $ —
Summary of share based compensation expense	The components of equity compensation expense for the periods presented are as follows (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Restricted shares granted to non-employees (1) $ 1,761 $ 489 $ 2,855 $ 1,438 Restricted shares granted to non-employee directors 144 63 263 209 Total $ 1,905 $ 552 $ 3,118 $ 1,647 (1) Non-employees were employees of C-III or Resource America.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 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 (dollars in thousands, except per share amounts): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net income (loss) from continuing operations $ 8,159 $ 12,620 $ (221,762 ) $ 29,793 Net income allocated to preferred shares (2,588 ) (2,588 ) (7,763 ) (7,763 ) Net income (loss) from continuing operations allocable to common shares 5,571 10,032 (229,525 ) 22,030 Net loss from discontinued operations, net of tax — (63 ) — (212 ) Net income (loss) allocable to common shares $ 5,571 $ 9,969 $ (229,525 ) $ 21,818 Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 31,950,338 31,445,492 31,761,442 31,421,294 Weighted average number of warrants outstanding (1) 943,478 — 316,788 Total weighted average number of common shares outstanding - basic 32,893,816 31,445,492 32,078,230 31,421,294 Effect of dilutive securities - unvested restricted stock 5,046 269,263 — 213,077 Weighted average number of common shares outstanding - diluted 32,898,862 31,714,755 32,078,230 31,634,371 Net income (loss) per common share - basic: Continuing operations $ 0.17 $ 0.32 $ (7.16 ) $ 0.70 Discontinued operations — — — (0.01 ) Net income (loss) per common share - basic $ 0.17 $ 0.32 $ (7.16 ) $ 0.69 Net income (loss) per common share - diluted: Continuing operations $ 0.17 $ 0.31 $ (7.16 ) $ 0.70 Discontinued operations — — — (0.01 ) Net income (loss) per common share - diluted $ 0.17 $ 0.31 $ (7.16 ) $ 0.69 (1) See Note 10 for further details regarding the warrants.

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	9 Months Ended
	Sep. 30, 2020
Distributions [Abstract]
Distributions Declared	The following tables present distributions declared (on a per share basis) for the nine months ended September 30, 2020 and 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) 2020 March 31, June 30 and September 30 October 30 $ 7,763 $ 1.617189 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)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2020 (in thousands): Net Unrealized (Loss) Gains on Derivatives Net Unrealized Gain (Loss) 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 before reclassifications (7,233 ) (191,283 ) (198,516 ) Amounts reclassified from accumulated other comprehensive income (1) 788 185,463 186,251 Balance at September 30, 2020 $ (10,444 ) $ — $ (10,444 ) (1) Amounts reclassified from accumulated other comprehensive income are reclassified to interest expense and net realized and unrealized gain (loss) 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)	9 Months Ended
	Sep. 30, 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 September 30, 2020: Assets: Investment securities available-for-sale $ — $ — $ 2,447 $ 2,447 Total assets at fair value $ — $ — $ 2,447 $ 2,447 Liabilities: Derivatives $ — $ 60 $ — $ 60 Total liabilities at fair value $ — $ 60 $ — $ 60 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 (185,562 ) Purchases 24,600 Sales (111,846 ) Paydowns (4,733 ) Relinquishments (234,906 ) Included in other comprehensive loss (5,820 ) Balance, September 30, 2020 $ 2,447
Fair value financial and non-financial assets not reported at fair value	The fair values of the Company’s remaining financial and non-financial assets that are not reported at fair value on the consolidated balance sheets are reported in the following table (in thousands): Fair Value Measurements Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At September 30, 2020: Assets: CRE whole loans held for investment $ 1,571,716 $ 1,618,422 $ — $ — $ 1,618,422 CRE mezzanine loan $ 4,349 $ 4,700 $ — $ — $ 4,700 CRE preferred equity investments $ 23,213 $ 27,287 $ — $ — $ 27,287 CRE whole loans, fixed-rate (1) $ 4,820 $ 5,115 $ — $ — $ 5,115 Asset held for sale $ 10,285 $ 10,285 $ — $ — $ 10,285 Loan receivable - related party $ 11,975 $ 9,971 $ — $ — $ 9,971 Liabilities: Senior notes in CRE securitizations $ 1,120,137 $ 1,099,817 $ — $ — $ 1,099,817 Junior subordinated notes $ 51,548 $ 28,645 $ — $ — $ 28,645 Convertible notes $ 136,311 $ 129,548 $ — $ — $ 129,548 Senior Unsecured Notes due 2027 $ 46,358 $ 50,324 $ — $ — $ 50,324 Senior secured financing facility (2) $ 122,570 $ 128,495 $ — $ — $ 128,495 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 (1) Classified as other assets on the consolidated balance sheet. (2) Carrying value includes $1.7 million of deferred debt issuance costs on CRE - term warehouse financing facilities at September 30, 2020 that were paid off.

MARKET RISK AND DERIVATIVE IN_2

MARKET RISK AND DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 nine months ended September 30, 2020 and 2019: Fair Value of Derivative Instruments Liability Derivatives At September 30, 2020 Notional Amount Consolidated Balance Sheets Location Fair Value Interest rate swap contracts $ 4,030 Derivatives, at fair value $ 60 Interest rate swap contracts, hedging $ — Accumulated other comprehensive (loss) income $ (10,444 ) 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 Nine Months Ended September 30, 2020 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts Other (expense) income $ (67 ) Interest rate swap contracts, hedging Interest expense $ (1,095 ) Derivatives Nine Months Ended September 30, 2019 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ (16 )

OFFSETTING OF FINANCIAL ASSET_2

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020: Derivatives, at fair value (2) $ 60 $ — $ 60 $ — $ 60 $ — Warehouse financing facilities (3) — — — — — — Total $ 60 $ — $ 60 $ — $ 60 $ — 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 $264,000 and $4.6 million related to interest rate swap contracts outstanding at September 30, 2020 and December 31, 2019, respectively. (3) The combined fair values of securities and loans pledged against the Company’s various repurchase agreements and term warehouse financing facilities were $1.2 billion at December 31, 2019. There were no outstanding borrowings on the Company’s repurchase agreements and term warehouse financing facilities at September 30, 2020.

ORGANIZATION (Details)

ORGANIZATION (Details)	Jul. 31, 2020USD ($)
ACRES Capital Corp | Exantas Capital Corp | Maximum
Variable Interest Entity [Line Items]
Secured capital commitments	$ 375,000,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 01, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Summary Of Significant Accounting Policies [Line Items]
Cash balance in excess of federal deposit Insurance limit, amount		$ 120,300	$ 120,300		$ 77,600
Operating loss carryforwards, valuation allowance		49,500	49,500
Operating loss carryforwards, valuation allowance, tax expense impact		14,900	14,900
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			49,449	$ 58
Allowance for credit losses		$ 52,943	$ 52,943		1,460
Percentage of CECL reserve out of aggregate outstanding principal balance of commercial loan portfolio		3.19%	3.19%
Commercial Real Estate Loans
Summary Of Significant Accounting Policies [Line Items]
Aggregate outstanding principal balance of commercial loan portfolio	$ 1,800,000	$ 1,658,442	$ 1,658,442		1,799,259
Provision for credit losses		(8,100)	48,451		59
Allowance for credit losses		$ 52,943	$ 52,943		$ 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%	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%	5.00%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 122,105	$ 79,958	$ 51,286
Restricted cash	33,776	14,476	16,614
Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows	$ 155,881	$ 94,434	$ 67,900	$ 95,474

VARIABLE INTEREST ENTITIES (Con

VARIABLE INTEREST ENTITIES (Consolidated VIEs) (the Company is the primary beneficiary) (Details) - VIE, Primary Beneficiary	9 Months Ended
	Sep. 30, 2020USD ($)entity	Sep. 30, 2019USD ($)	Dec. 31, 2019entity
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	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
ASSETS:
Restricted cash	$ 33,776	$ 14,476	$ 16,614
Accrued interest receivable	8,506	8,042
CRE loans, pledged as collateral	1,599,278	1,789,985
Principal paydowns receivable	11,005	19,517
Other assets	9,371	3,290
Total assets	1,810,357	2,454,326
LIABILITIES
Accounts payable and other liabilities	3,765	3,408
Accrued interest payable	2,871	4,408
Borrowings	1,476,924	1,872,577
Total liabilities	1,492,556	1,897,928
VIE, Primary Beneficiary
ASSETS:
Restricted cash	33,426	532
Accrued interest receivable	4,925	3,780
CRE loans, pledged as collateral	1,321,890	957,045
Principal paydowns receivable	11,005	19,239
Other assets	44	25
Total assets	1,371,290	980,621
LIABILITIES
Accounts payable and other liabilities	61	175
Accrued interest payable	661	897
Borrowings	1,120,137	746,439
Total liabilities	1,120,859	$ 747,511
CRE Securitizations | VIE, Primary Beneficiary
ASSETS:
Restricted cash	32,929
Accrued interest receivable	4,925
CRE loans, pledged as collateral	1,321,890
Principal paydowns receivable	11,005
Other assets	44
Total assets	1,370,793
LIABILITIES
Accounts payable and other liabilities	61
Accrued interest payable	661
Borrowings	1,120,137
Total liabilities	1,120,859
Other | VIE, Primary Beneficiary
ASSETS:
Restricted cash	497
Accrued interest receivable	0
CRE loans, pledged as collateral	0
Other assets	0
Total assets	497
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			9 Months Ended	12 Months Ended
	Jun. 30, 2019	Mar. 31, 2018	Oct. 31, 2017	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Investments in unconsolidated entities				$ 1,548,000	$ 1,548,000
Borrowings				1,476,924,000	$ 1,872,577,000
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying amount of private-label securitization				$ (20,162,000)
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	2,358,000
VIE, Not Primary Beneficiary | Prospect Hackensack
Variable Interest Entity [Line Items]
Carrying amount of private-label securitization				21,180,000
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				$ 6,268,000
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) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Oct. 31, 2017
ASSETS:
Total assets	$ 1,810,357	$ 2,454,326
LIABILITIES
Total liabilities	1,492,556	$ 1,897,928
VIE, Not Primary Beneficiary
ASSETS:
Accrued interest receivable	309
CRE loans	27,448
Investment securities available-for-sale	2,270
Investments in unconsolidated entities	1,548
Total assets	31,575
LIABILITIES
Accrued interest payable	189
Borrowings	51,548
Total liabilities	51,737
Net (liability) asset	(20,162)
VIE, Not Primary Beneficiary | Interest Receivable
ASSETS:
Maximum Exposure to Loss	0
VIE, Not Primary Beneficiary | Loans Pledged as Collateral
ASSETS:
Maximum Exposure to Loss	27,448
VIE, Not Primary Beneficiary | Available-for-sale Securities
ASSETS:
Maximum Exposure to Loss	2,270
VIE, Not Primary Beneficiary | Investments in Unconsolidated Entities
ASSETS:
Maximum Exposure to Loss	1,548
Unsecured Junior Subordinated Debentures | VIE, Not Primary Beneficiary
ASSETS:
Accrued interest receivable	221
CRE loans	0
Investment securities available-for-sale	0
Investments in unconsolidated entities	1,548
Total assets	1,769
LIABILITIES
Accrued interest payable	189
Borrowings	51,548
Total liabilities	51,737
Net (liability) asset	(49,968)
C40 | VIE, Not Primary Beneficiary
ASSETS:
Accrued interest receivable	88
CRE loans	0
Investment securities available-for-sale	2,270
Investments in unconsolidated entities	0
Total assets	2,358
LIABILITIES
Accrued interest payable	0
Borrowings	0
Total liabilities	0
Net (liability) asset	2,358		$ 705,400
Prospect Hackensack | VIE, Not Primary Beneficiary
ASSETS:
Accrued interest receivable	0
CRE loans	21,180
Investment securities available-for-sale	0
Investments in unconsolidated entities	0
Total assets	21,180
LIABILITIES
Accrued interest payable	0
Borrowings	0
Total liabilities	0
Net (liability) asset	21,180
Santa Clarita | VIE, Not Primary Beneficiary
ASSETS:
Accrued interest receivable	0
CRE loans	6,268
Investment securities available-for-sale	0
Investments in unconsolidated entities	0
Total assets	6,268
LIABILITIES
Accrued interest payable	0
Borrowings	0
Total liabilities	0
Net (liability) asset	$ 6,268

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - Continuing Operations - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Non-cash continuing investing activities include the following:
Proceeds from the relinquishment of investment securities available-for-sale	$ 369,873
Non-cash continuing financing activities include the following:
Repayment of repurchase agreements from the relinquishment of investment securities available-for-sale	(369,873)
Common Stock
Non-cash continuing financing activities include the following:
Distributions accrued but not paid		$ 7,967
Preferred Stock
Non-cash continuing financing activities include the following:
Distributions accrued but not paid	$ 6,900	$ 1,725

LOANS (Summary of Loans) (Detai

LOANS (Summary of Loans) (Details)	Sep. 30, 2020USD ($)Loan	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)Loan	Dec. 31, 2018USD ($)
Receivables With Imputed Interest [Line Items]
Allowance for Credit Losses	$ (52,943,000)		$ (1,460,000)
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	1,658,442,000	$ 1,800,000,000	1,799,259,000
Unamortized (Discount) Premium, net	(6,221,000)		(7,814,000)
Amortized Cost, Loans held for investment	1,652,221,000		1,791,445,000
Allowance for Credit Losses	(52,943,000)		(1,460,000)	$ (1,401,000)
Carrying Value, Loans held for investment	1,599,278,000		1,789,985,000
Loan origination fees	6,300,000		9,100,000
Deferred amendment fees	161,000		72,000
Unamortized loan acquisition costs	234,000		1,300,000
Commercial Real Estate Loans | Mezzanine loan
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	4,700,000		4,700,000
Amortized Cost, Loans held for investment	4,700,000		4,700,000
Allowance for Credit Losses	(351,000)
Carrying Value, Loans held for investment	$ 4,349,000		$ 4,700,000
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	$ 27,287,000		$ 26,237,000
Unamortized (Discount) Premium, net	23,000		(89,000)
Amortized Cost, Loans held for investment	27,310,000		26,148,000
Allowance for Credit Losses	(4,097,000)
Carrying Value, Loans held for investment	$ 23,213,000		$ 26,148,000
Quantity | Loan	2		2
Loans held for investment, unfunded loan commitments	$ 2,600,000		$ 3,000,000
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 in Default
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 11,500,000		$ 11,500,000
Quantity | Loan	1		1
Commercial Real Estate Loans | Floating-rate CRE whole loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 1,626,455,000		$ 1,768,322,000
Unamortized (Discount) Premium, net	(6,244,000)		(7,725,000)
Amortized Cost, Loans held for investment	1,620,211,000		1,760,597,000
Allowance for Credit Losses	(48,495,000)		(1,460,000)
Carrying Value, Loans held for investment	$ 1,571,716,000		$ 1,759,137,000
Quantity | Loan	102		112
Loans held for investment, unfunded loan commitments	$ 84,900,000		$ 98,000,000
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	Sep. 30, 2020USD ($)Loan	Dec. 31, 2019USD ($)Loan
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 1,652,221	$ 1,791,445
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
Number of loans | Loan	1	1
Commercial Real Estate Debt Investments
Receivables With Imputed Interest [Line Items]
2020	$ 165,638	$ 319,868
2021	574,385	737,478
2022 and Thereafter	900,682	722,595
Amortized Cost, Loans held for investment	1,640,705	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	27,310	26,148
Amortized Cost, Loans held for investment	27,310	26,148
Commercial Real Estate Debt Investments | Floating-rate CRE whole loans
Receivables With Imputed Interest [Line Items]
2020	165,638	319,868
2021	574,385	737,478
2022 and Thereafter	868,672	691,747
Amortized Cost, Loans held for investment	1,608,695	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	31,100	105,500
2021	98,500	68,000
2022 and Thereafter	$ 1,500	$ 1,600

LOANS (Details)

LOANS (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Principal paydowns receivable	$ 11,005	$ 19,517
Commercial Real Estate Loans | Southwest Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	17.90%	19.40%
Commercial Real Estate Loans | Mountain Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	17.50%	19.50%
Commercial Real Estate Loans | Southeast Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	18.00%	17.60%

FINANCING RECEIVABLES (Activity

FINANCING RECEIVABLES (Activity in Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Allowance for credit losses:
Allowance for credit losses at beginning of period		$ 1,460
Provision for credit losses, net		49,449	$ 58
Allowance for credit losses at end of period	$ 52,943	52,943		$ 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	(8,100)	48,451		59
Allowance for credit losses at end of period	$ 52,943	52,943		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 ($)	9 Months Ended	12 Months Ended
	Sep. 30, 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)	1 Months Ended	2 Months Ended	3 Months Ended	9 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)Note	Nov. 30, 2020USD ($)	Sep. 30, 2020USD ($)Loan	Sep. 30, 2020USD ($)LoanContractBorrower	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)Loan	Nov. 09, 2020USD ($)	Oct. 31, 2020USD ($)
Accounts Notes And Loans Receivable [Line Items]
Provision (Reversal) for credit losses				$ 49,449,000	$ 58,000
CECL allowance			$ 8,000,000	$ 8,000,000
Number of borrowers | Borrower				18
Extension Agreements
Accounts Notes And Loans Receivable [Line Items]
No of extension agreements | Contract				10
Weighted average extension period of contracts				10 months
Forbearance Agreements
Accounts Notes And Loans Receivable [Line Items]
No of extension agreements | Contract				12
Weighted average extension period of contracts				4 months
Number of borrowers | Borrower				9
Number of borrowers, now current | Borrower				2
Number of borrowers, default | Borrower				1
Northeast Region | Hotel Loan
Accounts Notes And Loans Receivable [Line Items]
Principal balance individually evaluated			37,900,000	$ 37,900,000
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Provision (Reversal) for credit losses			$ (8,100,000)	48,451,000		$ 59,000
Number of notes receivable sold | Note	1
Proceeds from sale of notes receivable	$ 17,400,000
Realized loss on sale of notes receivable				$ 1,000,000
Number of defaulted loans | Loan			1	1
Number of loans | Loan			2	2		1
Recorded investment			$ 49,400,000	$ 49,400,000		$ 11,500,000
Loans and receivables			1,652,221,000	1,652,221,000		1,791,445,000
Commercial Real Estate Loans | Subsequent Event
Accounts Notes And Loans Receivable [Line Items]
Recorded investment								$ 33,200,000
Commercial Real Estate Loans | Preferred equity investment
Accounts Notes And Loans Receivable [Line Items]
Loans and receivables			$ 27,310,000	$ 27,310,000		$ 26,148,000
Commercial Real Estate Loans | Southern California | Preferred equity investment | Forecast
Accounts Notes And Loans Receivable [Line Items]
Senior loan debt service payments		$ 0
Commercial Real Estate Loans | Southern California | Preferred equity investment | Subsequent Event
Accounts Notes And Loans Receivable [Line Items]
Loans and receivables							$ 6,300,000

FINANCING RECEIVABLES (Credit R

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Details) - Commercial Real Estate Loans - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule Of Financing Receivables [Line Items]
Loans and receivables	$ 1,652,221	$ 1,791,445
CRE whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,620,211	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	27,310	26,148
Rating 1
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 1 | CRE whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 1 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 1 | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 2
Schedule Of Financing Receivables [Line Items]
Loans and receivables	673,011	1,691,122
Rating 2 | CRE whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	673,011	1,660,274
Rating 2 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	4,700
Rating 2 | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	26,148
Rating 3
Schedule Of Financing Receivables [Line Items]
Loans and receivables	611,991	96,475
Rating 3 | CRE whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	601,023	96,475
Rating 3 | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	4,700	0
Rating 3 | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	6,268	0
Rating 4
Schedule Of Financing Receivables [Line Items]
Loans and receivables	327,074	3,848
Rating 4 | CRE whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	306,032	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	21,042	0
Rating 5
Schedule Of Financing Receivables [Line Items]
Loans and receivables	40,145	0
Rating 5 | CRE whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	40,145	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	Sep. 30, 2020	Dec. 31, 2019
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Recorded investment excluded accrued interest receivable	$ 8.2	$ 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	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2020	$ 181,526	$ 697,281
Loans and receivables by origination year, 2019	681,203	801,185
Loans and receivables by origination year, 2018	556,160	239,585
Loans and receivables by origination year, 2017	204,325	0
Loans and receivables by origination year, 2016	0	21,319
Loans and receivables by origination year, Prior	29,007	32,075
Loans and receivables by origination year, Total	1,652,221	1,791,445
CRE whole loans floating-rate
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2020	181,526	691,540
Loans and receivables by origination year, 2019	674,935	776,078
Loans and receivables by origination year, 2018	530,418	239,585
Loans and receivables by origination year, 2017	204,325	0
Loans and receivables by origination year, 2016	0	21,319
Loans and receivables by origination year, Prior	29,007	32,075
Loans and receivables by origination year, Total	1,620,211	1,760,597
CRE whole loans floating-rate | Rating 2
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2020	138,154	669,947
Loans and receivables by origination year, 2019	324,773	776,078
Loans and receivables by origination year, 2018	154,973	202,577
Loans and receivables by origination year, 2017	55,111	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	673,011	1,660,274
CRE whole loans floating-rate | Rating 3
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2020	43,372	21,593
Loans and receivables by origination year, 2019	260,440	0
Loans and receivables by origination year, 2018	234,468	37,008
Loans and receivables by origination year, 2017	45,252	0
Loans and receivables by origination year, 2016	0	17,471
Loans and receivables by origination year, Prior	17,491	20,403
Loans and receivables by origination year, Total	601,023	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	89,722	0
Loans and receivables by origination year, 2018	140,977	0
Loans and receivables by origination year, 2017	66,113	0
Loans and receivables by origination year, 2016	0	3,848
Loans and receivables by origination year, Prior	9,220	0
Loans and receivables by origination year, Total	306,032	3,848
CRE whole loans floating-rate | Rating 5
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	0
Loans and receivables by origination year, 2017	37,849
Loans and receivables by origination year, 2016	0
Loans and receivables by origination year, Prior	2,296
Loans and receivables by origination year, Total	40,145
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	6,268
Loans and receivables by origination year, 2018	21,042
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	27,310
Preferred equity investment | Rating 2
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2020		5,741
Loans and receivables by origination year, 2019		20,407
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		$ 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	6,268
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	6,268
Preferred equity investment | Rating 4
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	21,042
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	$ 21,042

FINANCING RECEIVABLES (Credit_4

FINANCING RECEIVABLES (Credit Risk Profiles of CRE Loans by Origination Year at Amortized Costs) (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Recorded investment excluded accrued interest receivable	$ 8.2	$ 6.7

FINANCING RECEIVABLES (Loan Por

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	$ 49,365	$ 11,503
Current	1,602,856	1,779,942
Total Loans Receivable	1,652,221	1,791,445
Total Loans > Than 90 days and Accruing	11,516	11,503
30-59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	37,849	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	11,516	11,503
Commercial Real Estate Loans | CRE whole loans floating-rate
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	49,365	11,503
Current	1,570,846	1,749,094
Total Loans Receivable	1,620,211	1,760,597
Total Loans > Than 90 days and Accruing	11,516	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	27,310	26,148
Total Loans Receivable	27,310	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	37,849	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	11,516	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)	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2020USD ($)	Sep. 30, 2020USD ($)Loan	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)Loan	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Interest income		$ 24,638,000	$ 39,292,000	$ 85,171,000	$ 110,362,000
Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Number of defaulted loans | Loan		1		1
Recorded investment		$ 49,400,000		$ 49,400,000		$ 11,500,000
Recorded investment excluded accrued interest receivable		8,200,000		8,200,000		$ 6,700,000
Commercial Real Estate Loans | Whole Loans In Technical Default | Greater than 90 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Interest income		$ 154,000	$ 170,000	$ 468,000	$ 587,000
Number of defaulted loans | Loan		1		1		1
Recorded investment		$ 11,500,000		$ 11,500,000		$ 11,500,000
Commercial Real Estate Loans | Whole Loans In Technical Default | Greater than 90 Days | Forbearance Agreements
Financing Receivable Recorded Investment Past Due [Line Items]
Loan expiration, month and year				2020-06
Commercial Real Estate Loans | Whole Loans In Technical Default | 30-59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Number of defaulted loans | Loan		1		1
Recorded investment		$ 37,800,000		$ 37,800,000
Wrote off of accrued interest receivable	$ 665,000

FINANCING RECEIVABLES (Summary

FINANCING RECEIVABLES (Summary of TDRs in Loan Portfolio) (Details) - Commercial Real Estate Loans - CRE whole loans floating-rate $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)Contract
Financing Receivable Modifications [Line Items]
Number of Loans | Contract	2
Pre-Modification Outstanding Recorded Balance	$ 56,882
Post-Modification Outstanding Recorded Balance	$ 56,882

INVESTMENT SECURITIES AVAILAB_3

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		$ 514,894
Unrealized Gains		7,591
Unrealized Losses		(1,771)
Fair Value		520,714
CMBS, Fixed Rate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,447	132,235
Unrealized Gains		6,596
Unrealized Losses		(792)
Fair Value	$ 2,447	138,039
CMBS, Floating Rate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		382,659
Unrealized Gains		995
Unrealized Losses		(979)
Fair Value		$ 382,675

INVESTMENT SECURITIES AVAILAB_4

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Parenthetical) (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 8,506,000	$ 8,042,000
Assets pledged as collateral	0	466,900,000
CMBS
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 88,000	$ 1,100,000

INVESTMENT SECURITIES AVAILAB_5

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)position	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)position	Sep. 30, 2019USD ($)position
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Total losses			$ 186,100,000
Unrealized losses			5,800,000
Unrealized gain	$ 203,000
Positions Sold/Redeemed | position	2
Proceeds from sale of investment securities available-for-sale			37,764,000	$ 638,000
Other than temporary impairment losses, investments		$ 0		$ 0
67 CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Realized losses			$ 180,300,000
Positions Sold/Redeemed | position			67
Amortized cost			$ 401,300,000
CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Positions Sold/Redeemed | position				1
Proceeds from sale of investment securities available-for-sale				$ 638,000
Realized gain				$ 4,000

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 1,548,000		$ 1,548,000		$ 1,548,000
Dividends from investments in unconsolidated entities	19,000	$ 25,000	$ 62,000	$ 77,000
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		$ 1,500,000
Dividends from investments in unconsolidated entities	19,000	$ 25,000	62,000	$ 76,000
VIE, Not Primary Beneficiary | Interest in RCT I
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 774,000		$ 774,000
Percentage of value of trusts owned	3.00%		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		$ 774,000
Percentage of value of trusts owned	3.00%		3.00%		3.00%

BORROWINGS (Schedule of Debt) (

BORROWINGS (Schedule of Debt) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal Outstanding	$ 1,506,209	$ 1,891,796
Unamortized Issuance Costs and Discounts	29,285	19,219
Outstanding Borrowings	$ 1,476,924	$ 1,872,577
Weighted Average Borrowing Rate	2.92%	3.45%
Weighted Average Remaining Maturity	13 years 1 month 6 days	7 years 4 months 24 days
Value of Collateral	$ 1,646,459	$ 2,170,546
XAN 2018-RSO6 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding		177,118
Unamortized Issuance Costs and Discounts		1,352
Outstanding Borrowings		$ 175,766
Weighted Average Borrowing Rate		3.17%
Weighted Average Remaining Maturity		15 years 6 months
Value of Collateral		$ 293,890
XAN 2019-RSO7 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	450,879	575,679
Unamortized Issuance Costs and Discounts	3,397	5,007
Outstanding Borrowings	$ 447,482	$ 570,672
Weighted Average Borrowing Rate	1.57%	3.03%
Weighted Average Remaining Maturity	15 years 7 months 6 days	16 years 3 months 18 days
Value of Collateral	$ 552,237	$ 687,037
XAN 2020-RSO8 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	435,743
Unamortized Issuance Costs and Discounts	4,627
Outstanding Borrowings	$ 431,116
Weighted Average Borrowing Rate	1.58%
Weighted Average Remaining Maturity	14 years 4 months 24 days
Value of Collateral	$ 522,631
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	4.19%	5.90%
Weighted Average Remaining Maturity	15 years 10 months 24 days	16 years 8 months 12 days
Value of Collateral	$ 0	$ 0
XAN 2020-RSO9 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	245,794
Unamortized Issuance Costs and Discounts	4,255
Outstanding Borrowings	$ 241,539
Weighted Average Borrowing Rate	3.28%
Weighted Average Remaining Maturity	16 years 7 months 6 days
Value of Collateral	$ 297,032
4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	143,750	143,750
Unamortized Issuance Costs and Discounts	7,439	10,137
Outstanding Borrowings	$ 136,311	$ 133,613
Weighted Average Borrowing Rate	4.50%	4.50%
Weighted Average Remaining Maturity	1 year 10 months 24 days	2 years 7 months 6 days
Value of Collateral	$ 0	$ 0
Senior Unsecured Notes Due 2027
Debt Instrument [Line Items]
Principal Outstanding	50,000
Unamortized Issuance Costs and Discounts	3,642
Outstanding Borrowings	$ 46,358
Weighted Average Borrowing Rate	12.00%
Weighted Average Remaining Maturity	6 years 9 months 18 days
Value of Collateral	$ 0
Senior Secured Financing Facility
Debt Instrument [Line Items]
Principal Outstanding	128,495
Unamortized Issuance Costs and Discounts	5,925
Outstanding Borrowings	$ 122,570
Weighted Average Borrowing Rate	5.75%
Weighted Average Remaining Maturity	6 years 9 months 18 days
Value of Collateral	$ 274,559
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
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Principal Outstanding		547,619
Unamortized Issuance Costs and Discounts	$ 1,700	2,714
Outstanding Borrowings		$ 544,905
Weighted Average Borrowing Rate		3.71%
Weighted Average Remaining Maturity		1 year 2 months 12 days
Value of Collateral		$ 705,221
CMBS - Short Term Repurchase Agreements
Debt Instrument [Line Items]
Principal Outstanding		374,900
Unamortized Issuance Costs and Discounts		0
Outstanding Borrowings		$ 374,900
Weighted Average Borrowing Rate		2.87%
Weighted Average Remaining Maturity		21 days
Value of Collateral		$ 484,398

BORROWINGS (Schedule of Debt)_2

BORROWINGS (Schedule of Debt) (Parenthetical) (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	$ 29,285,000	$ 19,219,000
Accrued interest costs	2,871,000	4,408,000
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	1,700,000	2,714,000
Accrued interest costs	0	810,000
CMBS - Short Term Repurchase Agreements
Debt Instrument [Line Items]
Unamortized issuance costs and discounts		0
Accrued interest costs	$ 0	$ 470,000

BORROWINGS (Securitization) (De

BORROWINGS (Securitization) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
XAN 2019-RSO7 Senior Notes
Debt Instrument [Line Items]
Closing Date	2019-04
Maturity Date	2036-04
End of Designated Principal Reinvestment Period	2022-04
Total Note Paydowns Received from Closing Date through September 30, 2020	$ 134,932
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 September 30, 2020	$ 0
XAN 2020-RSO9 Senior Notes
Debt Instrument [Line Items]
Closing Date	2020-09
Maturity Date	2037-04
Total Note Paydowns Received from Closing Date through September 30, 2020	$ 0

BORROWINGS (Securitization) (Pa

BORROWINGS (Securitization) (Parenthetical) (Details) $ in Millions	Sep. 30, 2020USD ($)
XAN 2020-RSO9 Senior Notes
Debt Instrument [Line Items]
Future advance reserve account to unfunded commitments	$ 21.3

BORROWINGS (XAN 2018-RSO6) (Det

BORROWINGS (XAN 2018-RSO6) (Details) $ in Millions	Jun. 30, 2018USD ($)
XAN 2018-RSO6 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 514.2

BORROWINGS (XAN 2020-RSO9) (Det

BORROWINGS (XAN 2020-RSO9) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Face amount of debt issued	$ 122,570	$ 919,805
XAN 2020-RSO9 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	297,000
Face amount of debt issued	$ 245,800
Maturity Date	2037-04
XAN 2020-RSO9 Senior Notes | Debt Instrument, Class A
Debt Instrument [Line Items]
Face amount of debt issued	$ 158,900
XAN 2020-RSO9 Senior Notes | Debt Instrument, Class A | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
XAN 2020-RSO9 Senior Notes | Debt Instrument, Class A | London Interbank Offered Rate (LIBOR) | June 2024
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
XAN 2020-RSO9 Senior Notes | Debt Instrument, Class A-S
Debt Instrument [Line Items]
Face amount of debt issued	$ 26,700
XAN 2020-RSO9 Senior Notes | Debt Instrument, Class A-S | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
XAN 2020-RSO9 Senior Notes | Debt Instrument, Class A-S | London Interbank Offered Rate (LIBOR) | July 2025
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
XAN 2020-RSO9 Senior Notes | Debt Instrument, Class B
Debt Instrument [Line Items]
Face amount of debt issued	$ 16,700
XAN 2020-RSO9 Senior Notes | Debt Instrument, Class B | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	3.90%
XAN 2020-RSO9 Senior Notes | Debt Instrument, Class B | London Interbank Offered Rate (LIBOR) | July 2025
Debt Instrument [Line Items]
Basis spread on variable rate	4.40%
XAN 2020-RSO9 Senior Notes | Debt Instrument, Class C
Debt Instrument [Line Items]
Face amount of debt issued	$ 20,800
XAN 2020-RSO9 Senior Notes | Debt Instrument, Class C | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	4.25%
XAN 2020-RSO9 Senior Notes | Debt Instrument, Class C | London Interbank Offered Rate (LIBOR) | August 2025
Debt Instrument [Line Items]
Basis spread on variable rate	4.75%
XAN 2020-RSO9 Senior Notes | Debt Instrument, Class D
Debt Instrument [Line Items]
Face amount of debt issued	$ 22,700
XAN 2020-RSO9 Senior Notes | Debt Instrument, Class D | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	5.50%
XAN 2020-RSO9 Senior Notes | Debt Instrument, Class D | London Interbank Offered Rate (LIBOR) | August 2025
Debt Instrument [Line Items]
Basis spread on variable rate	6.00%
XAN 2020-RSO9 Senior Notes | Subsidiary of RCC Real Estate | Preferred Stock
Debt Instrument [Line Items]
Interest ownership percentage on outstanding preferred shares	100.00%
XAN 2020-RSO9 Senior Notes | Debt Instrument, Class E | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100.00%
XAN 2020-RSO9 Senior Notes | Debt Instrument Class F Notes | Subsidiary of RCC Real Estate
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100.00%

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	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jan. 31, 2015
Debt Instrument [Line Items]
Face amount of debt issued		$ 122,570,000	$ 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%
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%
Closing price of common stock		$ 2.09

BORROWINGS (Schedule of Convert

BORROWINGS (Schedule of Convertible Senior Notes) (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Sep. 30, 2019	Aug. 31, 2017
Debt Instrument [Line Items]
Principal Outstanding	$ 1,506,209	$ 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%
Effective Rate	7.43%		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 ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Aug. 31, 2017
Debt Instrument [Line Items]
Effective interest rate	7.43%	7.43%
Conversion principal amount			$ 1,000
Debt instrument convertible distribution threshold (in dollars per share)	$ 0.10
Borrowing Rate	4.50%	4.50%	4.50%

BORROWINGS (12.00% Senior Unsec

BORROWINGS (12.00% Senior Unsecured Notes Due 2027) (Details) - USD ($)	Jul. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Face amount of debt issued		$ 122,570,000	$ 919,805,000
12.00% Senior Unsecured Notes Due 2027
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		12.00%
Note and Warrant Purchase Agreement | 12.00% Senior Unsecured Notes Due 2027
Debt Instrument [Line Items]
Debt instrument, discount	$ 3,100,000
Effective interest rate	13.65%
Note and Warrant Purchase Agreement | 12.00% Senior Unsecured Notes Due 2027 | Oaktree and MassMutual
Debt Instrument [Line Items]
Debt instrument, maximum borrowing capacity	$ 125,000,000
Debt instrument, interest rate, stated percentage	12.00%
Debt instrument, pay-in-kind interest rate maximum percentage	3.25%
Note and Warrant Purchase Agreement | 12.00% Senior Unsecured Notes Due 2027 | Oaktree and MassMutual | Maximum
Debt Instrument [Line Items]
Debt instrument, unused borrowing capacity	$ 75,000,000
Note and Warrant Purchase Agreement | 12.00% Senior Unsecured Notes Due 2027 | Oaktree
Debt Instrument [Line Items]
Face amount of debt issued	42,000,000
Note and Warrant Purchase Agreement | 12.00% Senior Unsecured Notes Due 2027 | MassMutual
Debt Instrument [Line Items]
Face amount of debt issued	$ 8,000,000

BORROWINGS (Senior Secured Fina

BORROWINGS (Senior Secured Financing and Term Warehouse Financing Facilities and Repurchase Agreements) (Details) $ in Thousands	Sep. 30, 2020USD ($)Loan	Dec. 31, 2019USD ($)Loan
Debt Instrument [Line Items]
Outstanding Borrowings	$ 122,570	$ 919,805
Value of Collateral	$ 274,559	$ 1,189,619
Weighted Average Interest Rate	2.92%	3.45%
CMBS - Short-Term Repurchase Agreements | Deutsche Bank Securities Inc.
Debt Instrument [Line Items]
Outstanding Borrowings		$ 37,141
Value of Collateral		$ 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		$ 33,703
Value of Collateral		$ 42,075
Number of Positions as Collateral | Loan		13
Weighted Average Interest Rate		2.87%
CMBS - Short-Term Repurchase Agreements | RBC (Barbados) Trading Bank Corporation
Debt Instrument [Line Items]
Outstanding Borrowings		$ 181,584
Value of Collateral		$ 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		$ 87,643
Value of Collateral		$ 112,939
Number of Positions as Collateral | Loan		7
Weighted Average Interest Rate		2.82%
CMBS - Short-Term Repurchase Agreements | RBC Capital Markets, LLC
Debt Instrument [Line Items]
Outstanding Borrowings		$ 34,829
Value of Collateral		$ 47,081
Number of Positions as Collateral | Loan		5
Weighted Average Interest Rate		2.96%
Senior Secured Financing Facility | MassMutual
Debt Instrument [Line Items]
Outstanding Borrowings	$ 122,570
Value of Collateral	$ 274,559
Number of Positions as Collateral | Loan	16
Weighted Average Interest Rate	5.75%
CRE - Term Warehouse Financing Facilities | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings		$ 225,217
Value of Collateral		$ 291,903
Number of Positions as Collateral | Loan		28
Weighted Average Interest Rate		3.70%
CRE - Term Warehouse Financing Facilities | Barclays Bank PLC
Debt Instrument [Line Items]
Outstanding Borrowings		$ 111,881
Value of Collateral		$ 145,035
Number of Positions as Collateral | Loan		14
Weighted Average Interest Rate		3.99%
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings		$ 207,807
Value of Collateral		$ 268,283
Number of Positions as Collateral | Loan		17
Weighted Average Interest Rate		3.56%

BORROWINGS (Senior Secured Fi_2

BORROWINGS (Senior Secured Financing and Term Warehouse Financing Facilities and Repurchase Agreements) (Parenthetical) (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	$ 29,285,000	$ 19,219,000
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	1,700,000
CRE - Term Warehouse Financing Facilities | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Unamortized issuance costs and discounts		607,000
CRE - Term Warehouse Financing Facilities | Barclays Bank PLC
Debt Instrument [Line Items]
Unamortized issuance costs and discounts		817,000
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Unamortized issuance costs and discounts		$ 1,300,000
Senior Secured Financing Facility | MassMutual
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	$ 4,200,000

BORROWINGS (Senior Secured Fi_3

BORROWINGS (Senior Secured Financing Facility) (Details) - USD ($)	Jul. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Face amount of debt issued		$ 122,570,000	$ 919,805,000
Loan and Servicing Agreement | Asset-based Revolving Loan Facility | MassMutual and Other Lenders
Debt Instrument [Line Items]
Face amount of debt issued	$ 250,000,000
Debt instrument, interest rate, stated percentage	5.75%
Line of credit facility, initial availability period	2 years
Line of credit facility, unused commitment fee	0.50%
Line of credit facility, frequency of commitment fee payment	monthly
Maximum commitment drawn percentage to be maintained to avoid unused commitment fee	75.00%
Percentage of loan to collateral value	55.00%
Loan and Servicing Agreement | Asset-based Revolving Loan Facility | MassMutual and Other Lenders | If Borrower Obtains Rating of BBB or Higher by October 31, 2020
Debt Instrument [Line Items]
Line of credit facility, maturity date	Jul. 31, 2027

BORROWINGS (CRE - Term Warehous

BORROWINGS (CRE - Term Warehouse Financing Facilities) (Details) - Wells Fargo Bank, N.A. - CRE - Term Warehouse Financing Facilities	1 Months Ended
	Oct. 31, 2020USD ($)extension	Sep. 30, 2020USD ($)	Jul. 31, 2020
Debt Instrument [Line Items]
Debt extended maturity date		Oct. 3, 2020	Sep. 3, 2020
Maximum facility amount		$ 400,000,000
Subsequent Event
Debt Instrument [Line Items]
Debt extended maturity date	Oct. 2, 2021
Maximum facility amount	$ 250,000,000
Number of exercised extended options | extension	3
Extended termination period	1 year

BORROWINGS (CMBS - Short-Term R

BORROWINGS (CMBS - Short-Term Repurchase Agreements) (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Face amount of debt issued	$ 122,570,000	$ 919,805,000
CMBS - Short Term Repurchase Agreements
Debt Instrument [Line Items]
Face amount of debt issued	$ 0

BORROWINGS (Contractual Commitm

BORROWINGS (Contractual Commitments) (Details) $ in Thousands	Sep. 30, 2020USD ($)
Debt Instrument [Line Items]
Total	$ 1,506,209
2020	0
2021	0
2022	143,750
2023	0
2024 and Thereafter	1,362,459
CRE securitizations
Debt Instrument [Line Items]
Total	1,132,416
2020	0
2021	0
2022	0
2023	0
2024 and Thereafter	1,132,416
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
Senior Unsecured Notes Due 2027
Debt Instrument [Line Items]
Total	50,000
2020	0
2021	0
2022	0
2023	0
2024 and Thereafter	50,000
Senior Secured Financing Facility
Debt Instrument [Line Items]
Total	128,495
2020	0
2021	0
2022	0
2023	0
2024 and Thereafter	$ 128,495

SHARE ISSUANCE AND REPURCHASE (

SHARE ISSUANCE AND REPURCHASE (Details) - USD ($)	Jul. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Nov. 30, 2020	Mar. 31, 2016
Class Of Stock [Line Items]
Shares repurchased during period, value		$ 0	$ 0	$ 0	$ 0
Note and Warrant Purchase Agreement | Oaktree and MassMutual
Class Of Stock [Line Items]
Warrant Exercise price	$ 0.01
Warrants recorded in additional paid-in capital, fair value	$ 3,100,000
Date from which remaining unissued warrants can be issued	Jan. 31, 2022
Warrants to purchase additional shares of common stock	2,100,000
Warrants expiration term	7 years
Note and Warrant Purchase Agreement | Oaktree and MassMutual | Maximum
Class Of Stock [Line Items]
Aggregate purchase of common stock warrants	3,500,000
Note and Warrant Purchase Agreement | Oaktree
Class Of Stock [Line Items]
Warrants issued to purchase common stock	1,200,000
Purchase price of common stock for warrants issued	$ 42,000,000
Note and Warrant Purchase Agreement | MassMutual
Class Of Stock [Line Items]
Warrants issued to purchase common stock	224,000
Purchase price of common stock for warrants issued	$ 8,000,000
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		$ 44,900,000
Equity and Debt Securities Repurchase Program | Forecast
Class Of Stock [Line Items]
Stock repurchase program, authorized amount (up to)							$ 20,000,000
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		$ 25
Preferred stock, shares outstanding (in shares)		4,800,000		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%		5.927%

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details)	1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2019shares	May 31, 2014shares	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)shares	Sep. 30, 2020USD ($)Directorshares	Sep. 30, 2019USD ($)Directorshares
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	$ 441,000,000	$ 0	$ 606,000,000
Incentive management fee paid or payable in cash pursuant to the management agreement				331,000,000		455,000,000
Incentive management fee paid or payable in common stock pursuant to the management agreement				$ 110,000,000		$ 151,000,000
Manager Pursuant To Management Agreement | Exantas Capital Corp | Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Deferred Compensation Arrangement with Individual, Shares Issued | shares				9,692		13,307
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grants in period (in shares) | shares					0	0
Contractual term					10 years
Stock options expiration year					2021
Non-Employees | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated fair value of shares granted					$ 2,100,000	$ 2,000,000
Number of non employee directors granted shares | Director					8	8
Payment award, grant date fair value					$ 255,000	$ 300,000
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	9 Months Ended
	Sep. 30, 2020shares
Non-Employee Directors
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	24,558
Issued (shares)	64,953
Vested (shares)	(54,678)
Unvested shares, end of period (in shares)	34,833
Non-Employees
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	396,404
Issued (shares)	177,766
Vested (shares)	(544,182)
Forfeited (shares)	(29,988)
Former Employees
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	420,962
Issued (shares)	242,719
Vested (shares)	(598,860)
Forfeited (shares)	(29,988)
Unvested shares, end of period (in shares)	34,833

SHARE-BASED COMPENSATION (Statu

SHARE-BASED COMPENSATION (Status of Vested Stock Options) (Details) - Vested $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 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	7 months 13 days
Aggregate Intrinsic Value | $	$ 0

SHARE-BASED COMPENSATION (Compo

SHARE-BASED COMPENSATION (Components of Equity Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity compensation expense	$ 1,905	$ 552	$ 3,118	$ 1,647
Non-Employees | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity compensation expense	1,761	489	2,855	1,438
Non-Employee Directors | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity compensation expense	$ 144	$ 63	$ 263	$ 209

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net (loss) income from continuing operations	$ 8,159	$ 12,620	$ (221,762)	$ 29,793
Net income allocated to preferred shares	(2,588)	(2,588)	(7,763)	(7,763)
Net income (loss) from continuing operations allocable to common shares	5,571	10,032	(229,525)	22,030
Net loss from discontinued operations, net of tax	0	(63)	0	(212)
NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES	$ 5,571	$ 9,969	$ (229,525)	$ 21,818
Weighted average number of common shares outstanding:
Weighted average number of common shares outstanding - basic (in shares)	31,950,338	31,445,492	31,761,442	31,421,294
Weighted average number of warrants outstanding (in shares)	943,478	0	316,788	0
Total weighted average number of common shares outstanding - basic (in shares)	32,893,816	31,445,492	32,078,230	31,421,294
Effect of dilutive securities - unvested restricted stock (in shares)	5,046	269,263	0	213,077
Weighted average number of common shares outstanding - diluted (in shares)	32,898,862	31,714,755	32,078,230	31,634,371
Net income (loss) per common share - basic:
Continuing operations	$ 0.17	$ 0.32	$ (7.16)	$ 0.70
Discontinued operations	0	0	0	(0.01)
TOTAL NET INCOME (LOSS) PER COMMON SHARE - BASIC (in dollars per share)	0.17	0.32	(7.16)	0.69
Net income (loss) per common share - diluted:
Continuing operations (in dollars per share)	0.17	0.31	(7.16)	0.70
Discontinued operations (in dollars per share)	0	0	0	(0.01)
TOTAL NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share)	$ 0.17	$ 0.31	$ (7.16)	$ 0.69

EARNINGS PER SHARE (Additional

EARNINGS PER SHARE (Additional Information) (Details)	Sep. 30, 2020	Sep. 30, 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%
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%

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - $ / shares	3 Months Ended					9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020
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)	$ 1.62	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063	$ 1.617189

DISTRIBUTIONS (Distributions De

DISTRIBUTIONS (Distributions Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020
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	Oct. 30, 2020
Total Distributions Paid		$ 2,587	$ 2,588	$ 2,587	$ 2,588	$ 7,763
Distributions Per Share	$ 1.62	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063	$ 1.617189

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Accumulated Other Comprehensive (Loss) Income [Roll Forward]
Beginning balance	$ 556,398
Ending balance	317,801
Net Unrealized (Loss) Gains on Derivatives
Accumulated Other Comprehensive (Loss) Income [Roll Forward]
Beginning balance	(3,999)
Other comprehensive loss before reclassifications	(7,233)
Amounts reclassified from accumulated other comprehensive income	788
Ending balance	(10,444)
Net Unrealized Gain (Loss) 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 before reclassifications	(191,283)
Amounts reclassified from accumulated other comprehensive income	185,463
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income [Roll Forward]
Beginning balance	1,821
Other comprehensive loss before reclassifications	(198,516)
Amounts reclassified from accumulated other comprehensive income	186,251
Ending balance	$ (10,444)

RELATED PARTY TRANSACTIONS (Man

RELATED PARTY TRANSACTIONS (Management Agreement) (Details) - Manager Pursuant To Management Agreement	Jul. 31, 2020USD ($)Nominee
Related Party Transaction [Line Items]
Agreement end date	Jul. 31, 2023
Minimum monthly compensation amount included in base management fees payable | $	$ 442,000
Incentive compensation fees, multiplier	20.00%
Minimum
Related Party Transaction [Line Items]
Number of nominees entitled for election to board | Nominee	2
Percentage of return on book value equity for incentive compensation fees	7.00%

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Relationship with ACRES Capital Corp and Certain of its Subsidiaries) (Details)	Jul. 31, 2020USD ($)extension	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)entity	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Base management fees paid by the Company		$ 1,284,000	$ 2,528,000	$ 4,728,000	$ 6,862,000
General and administrative		5,295,000	2,086,000	11,552,000	7,158,000
Interest income		24,638,000	$ 39,292,000	85,171,000	$ 110,362,000
Accrued interest receivable		8,506,000		8,506,000		$ 8,042,000
Manager Pursuant To Management Agreement | Exantas Capital Corp
Related Party Transaction [Line Items]
Base management fees paid by the Company		898,000		898,000
Incentive compensation		0		0
Incentive compensation payable and Servicing fees payable		0		0
Total indebtedness		442,000		442,000
General and administrative		432,000		432,000
Manager Pursuant To Management Agreement | Exantas Capital Corp | Other Liabilities
Related Party Transaction [Line Items]
Total indebtedness		619,000		$ 619,000
ACRES Capital Corp
Related Party Transaction [Line Items]
Number of securitization entity | entity				1
ACRES Capital Corp | XAN 2020-RSO9 Senior Notes
Related Party Transaction [Line Items]
Portfolio servicing fees		0		$ 0
Special servicing fees		0		0
ACRES Capital Corp | Exantas Capital Corp | Loan Evidenced by Promissory Note
Related Party Transaction [Line Items]
Related party transaction, loan amount	$ 12,000,000
Related party transaction, interest rate	3.00%
Related party transaction, monthly amortization payment	$ 25,000
Related party debt, term	6 years
Number of options to extend | extension	2
Related party debt, extension term	1 year
Related party debt, percentage of extension fee	0.50%
Principal balance		12,000,000		12,000,000
Accrued interest receivable		30,000		30,000
ACRES Capital Corp | Exantas Capital Corp | Loan Evidenced by Promissory Note | Other Income
Related Party Transaction [Line Items]
Interest income		$ 62,000		$ 62,000

RELATED PARTY TRANSACTIONS (R_2

RELATED PARTY TRANSACTIONS (Relationship with C-III and Certain of its Subsidiaries) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Base management fees paid by the Company	$ 1,284,000	$ 2,528,000	$ 4,728,000	$ 6,862,000
General and administrative	5,295,000	2,086,000	11,552,000	7,158,000
Prior Manager Pursuant To Management Agreement | Exantas Capital Corp
Related Party Transaction [Line Items]
Base management fees paid by the Company	385,000	2,100,000	3,800,000	6,300,000
Incentive compensation	0	441,000	0	606,000
Incentive compensation payable in cash		331,000
Incentive compensation payable in common stock		110,000
Incentive compensation payable and Servicing fees payable	0		0		$ 0
Total indebtedness	0		0		701,000
General and administrative	727,000	$ 1,000,000	4,000,000	$ 3,200,000
Resource America
Related Party Transaction [Line Items]
Expense in connection with agreement	$ 40,000		$ 40,000
Resource America | Exantas Capital Corp
Related Party Transaction [Line Items]
Total indebtedness					$ 1,100,000

RELATED PARTY TRANSACTIONS (R_3

RELATED PARTY TRANSACTIONS (Relationship with Resource Real Estate, LLC) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020	Dec. 31, 2019	Jul. 31, 2017	Aug. 31, 2015	Feb. 28, 2015	Jul. 31, 2014
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	$ 0	$ 0
Resource Real Estate | Commercial Real Estate Debt Investments
Related Party Transaction [Line Items]
Related party transaction, due from related party	$ 0		$ 0			$ 101,000

RELATED PARTY TRANSACTIONS (R_4

RELATED PARTY TRANSACTIONS (Relationship with C3AM and C-III Commercial Mortgage) (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Apr. 30, 2019	Jun. 30, 2018	Jul. 31, 2017
XAN 2018-RSO6 Senior Notes
Related Party Transaction [Line Items]
Closing transaction amount								$ 514,200,000
RCC 2017-CRE5
Related Party Transaction [Line Items]
Closing transaction amount									$ 376,700,000
C-III Commercial Mortgage LLC
Related Party Transaction [Line Items]
Aggregate purchase price of loan acquired	$ 197,600,000
Deferred origination fee and exit fee excess percentage on outstanding principal	0.50%
Exit fee earned		$ 0	$ 0	$ 32,000	$ 0
Outstanding payables		$ 0		$ 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							$ 687,200,000
C3AM | RCC 2017-CRE5 | Asset Management Agreement
Related Party Transaction [Line Items]
Servicing fees earned			$ 161,000		$ 424,000
Incentive compensation payable and Servicing fees payable						$ 37,000

RELATED PARTY TRANSACTIONS (R_5

RELATED PARTY TRANSACTIONS (Relationship with Resource Real Estate Opportunity REIT) (Details) - Resource Real Estate Opportunity REIT	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Related Party Transaction [Line Items]
Expense in connection with agreement	$ 21,000	$ 21,000
Payables for rent and professional services	$ 9,000	$ 9,000

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Investment securities available-for-sale		$ 520,714
Derivative assets at fair value		30
Liabilities:
Derivative liabilities at fair value	$ 60	4,558
Recurring Basis
Assets:
Investment securities available-for-sale	2,447	520,714
Derivative assets at fair value		30
Total assets at fair value	2,447	520,744
Liabilities:
Derivative liabilities at fair value	60	4,558
Total liabilities at fair value	60	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	60	4,558
Total liabilities at fair value	60	4,558
Recurring Basis | Level 3
Assets:
Investment securities available-for-sale	2,447	520,714
Derivative assets at fair value		0
Total assets at fair value	2,447	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	9 Months Ended
	Sep. 30, 2020USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Balance, January 1, 2020	$ 520,714
Included in earnings	(185,562)
Purchases	24,600
Sales	(111,846)
Paydowns	(4,733)
Relinquishments	(234,906)
Included in other comprehensive loss	(5,820)
Balance, September 30, 2020	$ 2,447

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020	Dec. 31, 2019
Mezzanine loan | Expected Future Cash Flows | Measurement Input, Discount Rate | VIE, Not Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.1000		0.1000
Preferred equity investment | Expected Future Cash Flows | Measurement Input, Discount Rate | VIE, Not Primary Beneficiary | Rating 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.1208		0.1208
Preferred equity investment | Expected Future Cash Flows | Measurement Input, Discount Rate | VIE, Not Primary Beneficiary | Rating 4
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.1154		0.1154
Senior Secured Financing Facility | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.0575		0.0575
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property held for sale	$ 10,285,000		$ 10,285,000			$ 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	4.10%		4.10%			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	7.05%		7.05%			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	$ 3,400,000	$ 55,000	$ 8,100,000	$ 1,500,000
Loss on fair value charges	2,900,000	$ 55,000	6,200,000	$ 158,000
Provision for loan and lease losses, net	456,000		1,900,000
Financing receivable, average value	10,300,000		10,300,000			$ 16,500,000
Property held for sale	$ 11,000,000		$ 11,000,000		$ 13,500,000

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans, pledged as collateral	$ 1,599,278	$ 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
Loan receivable - related party	0
Senior notes in CRE securitizations	0	0
Junior subordinated notes	0	0
Convertible notes	0	0
Warehouse financing facilities and repurchase agreements		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
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) | CRE Whole Loans, Fixed Rate | Other Assets
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	0
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) | Senior Unsecured Notes Due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes due 2027	0
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) | Senior Secured Financing Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior secured financing facility	0
Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset held for sale	0	0
Loan receivable - related party	0
Senior notes in CRE securitizations	0	0
Junior subordinated notes	0	0
Convertible notes	0	0
Warehouse financing facilities and repurchase agreements		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 Other Observable Inputs (Level 2) | CRE Whole Loans, Fixed Rate | Other Assets
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	0
Significant Other Observable Inputs (Level 2) | Senior Unsecured Notes Due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes due 2027	0
Significant Other Observable Inputs (Level 2) | Senior Secured Financing Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior secured financing facility	0
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset held for sale	10,285	16,500
Loan receivable - related party	9,971
Senior notes in CRE securitizations	1,099,817	754,023
Junior subordinated notes	28,645	25,831
Convertible notes	129,548	164,932
Warehouse financing facilities and repurchase agreements		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	1,618,422	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	27,287	26,237
Significant Unobservable Inputs (Level 3) | CRE Whole Loans, Fixed Rate | Other Assets
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	5,115
Significant Unobservable Inputs (Level 3) | Senior Unsecured Notes Due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes due 2027	50,324
Significant Unobservable Inputs (Level 3) | Senior Secured Financing Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior secured financing facility	128,495
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset held for sale	10,285	16,500
Loan receivable - related party	11,975
Senior notes in CRE securitizations	1,120,137	746,438
Junior subordinated notes	51,548	51,548
Convertible notes	136,311	154,786
Warehouse financing facilities and repurchase agreements		919,805
Carrying Value | Whole loans held for investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans, pledged as collateral	1,571,716	1,759,137
Carrying Value | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	4,349	4,700
Carrying Value | Preferred equity investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	23,213	26,148
Carrying Value | CRE Whole Loans, Fixed Rate | Other Assets
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	4,820
Carrying Value | Senior Unsecured Notes Due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes due 2027	46,358
Carrying Value | Senior Secured Financing Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior secured financing facility	122,570
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Asset held for sale	10,285	16,500
Loan receivable - related party	9,971
Senior notes in CRE securitizations	1,099,817	754,023
Junior subordinated notes	28,645	25,831
Convertible notes	129,548	164,932
Warehouse financing facilities and repurchase agreements		922,519
Fair Value | Whole loans held for investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
CRE loans, pledged as collateral	1,618,422	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	27,287	$ 26,237
Fair Value | CRE Whole Loans, Fixed Rate | Other Assets
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	5,115
Fair Value | Senior Unsecured Notes Due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes due 2027	50,324
Fair Value | Senior Secured Financing Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior secured financing facility	$ 128,495

FAIR VALUE OF FINANCIAL INSTR_7

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unamortized issuance costs and discounts	$ 29,285	$ 19,219
CRE - Term Warehouse Financing Facilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unamortized issuance costs and discounts	$ 1,700

MARKET RISK AND DERIVATIVE IN_3

MARKET RISK AND DERIVATIVE INSTRUMENTS (Details)	1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Apr. 30, 2020USD ($)	Sep. 30, 2020USD ($)derivative	Jun. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)derivative	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)derivative
Derivatives, Fair Value [Line Items]
Fair Value		$ 0			$ 0		$ 30,000
Gross Amounts of Recognized Liabilities		$ 60,000			$ 60,000		$ 4,558,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of instruments held | derivative		0			0		19
Average fixed interest rate							2.47%
Notional amount							$ 90,200,000
Fair Value							30,000
Gain (loss) on derivatives							4,000,000
Interest rate swaps | Derivatives, at fair value
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Liabilities		$ 60,000			$ 60,000
Interest rate swaps | Derivatives, at fair value | Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Fair Value							30,000
Gross Amounts of Recognized Liabilities							4,558,000
Terminated interest rate swap
Derivatives, Fair Value [Line Items]
Realized loss on derivatives, net	$ (11,800,000)
Amortization expense reported in interest expense			$ 489,000		857,000
Gain (loss) on derivatives					(10,900,000)
Unrealized gains (loss) on derivatives, net					$ 461,000		$ 530,000
Number of hedges terminated | derivative					2
Interest expense to fully amortize		$ 23,000		$ 23,000	$ 69,000	$ 68,000

MARKET RISK AND DERIVATIVE IN_4

MARKET RISK AND DERIVATIVE INSTRUMENTS (Fair Value and Classification of Derivatives) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Liability Derivatives
Fair Value	$ 60,000		$ 4,558,000
Asset Derivatives
Fair Value	0		30,000
Other (Expense) Income
Asset Derivatives
Realized and Unrealized Gain (Loss)	(67,000)
Interest rate swaps
Asset Derivatives
Fair Value			30,000
Interest rate swaps | Interest expense
Asset Derivatives
Realized and Unrealized Gain (Loss)	(1,095,000)	$ (16,000)
Interest rate swaps | Derivatives, at fair value
Liability Derivatives
Notional Amount	4,030,000
Fair Value	60,000
Interest rate swaps | Derivatives, at fair value | Cash Flow Hedges
Liability Derivatives
Notional Amount			87,551,000
Fair Value			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			90,181,000
Fair Value	$ (10,444,000)		$ (3,999,000)

OFFSETTING OF FINANCIAL ASSET_3

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($)	Sep. 30, 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	60,000	4,558,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	60,000	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	60,000	4,558,000
Net Amount	0	0
Repurchase agreements and warehouse financing facilities
Gross Amounts of Recognized Liabilities	0	919,805,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	0	919,805,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	0	915,041,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Cash Collateral Pledged	0	4,764,000
Net Amount	0	0
Total-Liabilities
Gross Amounts of Recognized Liabilities	60,000	924,363,000
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	60,000	924,363,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	0	915,041,000
Gross Amounts Not Offset on the Consolidated Balance Sheets- Cash Collateral Pledged	60,000	9,322,000
Net Amount	0	0
Fair value of securities pledged against repurchase agreements	0	1,200,000,000
Interest rate swaps
Offsetting Derivative Assets
Gross Amounts of Recognized Assets		30,000
Offsetting Derivative Liabilities
Excess cash collateral deposits related to interest rate swap contracts	$ 264,000	$ 4,600,000

OFFSETTING OF FINANCIAL ASSET_4

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Additional Information) (Details) - USD ($)	Sep. 30, 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		9 Months Ended		21 Months Ended
	Oct. 31, 2019claim	May 31, 2017USD ($)Loan	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)claim	Sep. 30, 2019USD ($)	Aug. 31, 2017claim	Dec. 31, 2019USD ($)
Loss Contingencies [Line Items]
Estimated litigation liability			$ 0		$ 0			$ 0
XAN 2020-RSO9 Senior Notes
Loss Contingencies [Line Items]
Future advance reserve account to unfunded commitments			21,300,000		21,300,000
Commercial Real Estate Loans | CRE whole loans
Loss Contingencies [Line Items]
Loans held for investment, unfunded loan commitments			84,900,000		84,900,000			98,000,000
Commercial Real Estate Loans | Preferred equity investment
Loss Contingencies [Line Items]
Loans held for investment, unfunded loan commitments			2,600,000		2,600,000			3,000,000
Indemnification Agreement
Loss Contingencies [Line Items]
Estimated litigation liability			1,500,000		1,500,000			1,700,000
Indemnification Agreement | Pearlmark Mezz
Loss Contingencies [Line Items]
Outstanding litigation demands			56,000		56,000			56,000
Number of instruments held | Loan		1
Reserve for probable losses			0	$ 0	0	$ 0
Indemnification Agreement | Pearlmark Mezz | Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss		$ 4,300,000						536,000
COVID - 19
Loss Contingencies [Line Items]
Contingent Liability			0		0
PCM
Loss Contingencies [Line Items]
Outstanding demands to indemnify purchaser of residential mortgage loans			3,300,000		3,300,000			3,300,000
PCM | Indemnification Agreement
Loss Contingencies [Line Items]
Outstanding litigation demands			0		$ 0			$ 0
Federal Actions | Settled Litigation
Loss Contingencies [Line Items]
Loss contingency, new claims filed, number | claim					2
Estimate of possible loss to be funded by insurance company			$ 550,000		$ 550,000
Reaves, Caito, Simpson, and Heckel Complaints | Settled Litigation
Loss Contingencies [Line Items]
Loss contingency, new claims filed, number | claim							6
Loss contingency, claims dismissed, number | claim	4