ACRES Commercial Realty (ACR) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 06, 2021
Document Information [Line Items]
Entity Registrant Name	ACRES COMMERCIAL REALTY CORP.
Entity Central Index Key	0001332551
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding (in shares)		9,250,451
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	ACR
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	ACRPrC
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS:
Cash and cash equivalents	$ 70,985	$ 29,355
Restricted cash	42,825	38,386
Accrued interest receivable	7,368	7,372
CRE loans	1,482,371	1,541,992
Less: allowance for credit losses	(28,669)	(34,310)
CRE loans, net	1,453,702	1,507,682
Investment securities available-for-sale		2,080
Principal paydowns receivable	19,550	4,250
Loan receivable - related party	11,825	11,875
Investments in unconsolidated entities	1,548	1,548
Investment in real estate	33,413	33,806
Right of use assets	5,576	5,592
Intangible assets	3,210	3,294
Other assets	6,356	8,783
Assets held for sale	61	61
Total assets	1,656,419	1,654,084
LIABILITIES
Accounts payable and other liabilities	3,317	2,068
Management fee payable - related party	442	442
Accrued interest payable	2,840	6,036
Borrowings	1,307,649	1,304,727
Lease liabilities	3,101	3,107
Distributions payable	1,725	1,725
Accrued tax liability	1	57
Liabilities held for sale	1,538	1,540
Total liabilities	1,320,613	1,319,702
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001: 125,000,000 shares authorized; 9,417,511 and 10,162,289 shares issued and outstanding (including 11,610 and 11,610 of unvested restricted shares)	9	10
Additional paid-in capital	1,076,442	1,085,941
Accumulated other comprehensive loss	(9,522)	(9,978)
Distributions in excess of earnings	(731,128)	(741,596)
Total stockholders’ equity	335,806	334,382
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	1,656,419	1,654,084
8.625% Series C Preferred Stock
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.001: 10,000,000 shares authorized 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share; 4,800,000 and 4,800,000 shares issued and outstanding	$ 5	$ 5

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
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)	9,417,511	10,162,289
Common stock, shares outstanding (in shares)	9,417,511	10,162,289
Common stock, shares issued, non-vested restricted shares (in shares)	11,610	11,610
Assets of consolidated variable interest entities (VIEs) included in total assets above:
Restricted cash	$ 42,825	$ 38,386
Accrued interest receivable	7,368	7,372
Principal paydowns receivable	19,550	4,250
Other assets	6,356	8,783
Total assets of consolidated VIEs	1,656,419	1,654,084
Accounts payable and other liabilities	3,317	2,068
Accrued interest payable	2,840	6,036
Borrowings	1,307,649	1,304,727
Total liabilities of consolidated VIEs	$ 1,320,613	$ 1,319,702
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	$ 42,798	$ 38,353
Accrued interest receivable	4,985	5,398
CRE loans, pledged as collateral	1,085,180	1,231,184
Principal paydowns receivable	19,550	4,250
Other assets	215	114
Total assets of consolidated VIEs	1,152,728	1,279,299
Accounts payable and other liabilities	114	136
Accrued interest payable	721	806
Borrowings	902,069	1,027,929
Total liabilities of consolidated VIEs	$ 902,904	$ 1,028,871

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest income:
CRE loans	$ 24,575	$ 27,041
Securities	161	6,149
Other	13	100
Total interest income	24,749	33,290
Interest expense	13,724	18,394
Net interest income	11,025	14,896
Real estate income	1,654	0
Other revenue	$ 16	$ 23
Type of Revenue [Extensible List]	us-gaap:ProductAndServiceOtherMember	us-gaap:ProductAndServiceOtherMember
Total revenues	$ 12,695	$ 14,919
OPERATING EXPENSES
Management fees - related party	1,326	2,117
Equity compensation - related party	19	498
Real estate operating expenses	1,831	0
General and administrative	3,153	3,382
Depreciation and amortization	44	15
(Reversal of) provision for credit losses, net	(5,641)	16,149
Total operating expenses	732	22,161
Net interest and other revenues less operating expenses	11,963	(7,242)
OTHER INCOME (EXPENSE)
Net realized and unrealized gain (loss) on investment securities available-for-sale and loans and derivatives	878	(185,357)
Fair value and other adjustments on asset held for sale	0	(3,791)
Other income (expense)	215	(131)
Total other income (expense)	1,093	(189,279)
INCOME (LOSS) BEFORE TAXES	13,056	(196,521)
Income tax benefit	0	0
NET INCOME (LOSS)	13,056	(196,521)
Net income allocated to preferred shares	(2,588)	(2,588)
NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES	$ 10,468	$ (199,109)
NET INCOME (LOSS) PER COMMON SHARE - BASIC	$ 1.03	$ (18.89)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED	$ 1.03	$ (18.89)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC (in shares)	10,196,124	10,542,068
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED (in shares)	10,205,369	10,542,068

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 13,056	$ (196,521)
Other comprehensive income (loss):
Reclassification adjustments for realized losses on investment securities available-for-sale included in net income (loss)		185,357
Unrealized losses on investment securities available-for-sale, net		(191,283)
Reclassification adjustments associated with net unrealized losses (gains) from interest rate swaps included in net income (loss)	456	(23)
Unrealized losses on derivatives, net		(6,749)
Total other comprehensive income (loss)	456	(12,698)
Comprehensive income (loss) before allocation to preferred shares	13,512	(209,219)
Net income allocated to preferred shares	(2,588)	(2,588)
Comprehensive income (loss) allocable to common shares	$ 10,924	$ (211,807)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	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, Adjustment	Retained Earnings (Distributions In Excess of Earnings)Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance at Dec. 31, 2019	$ 556,398	$ (3,032)	$ 553,366	$ 11	$ 11	$ 5	$ 5	$ 1,085,062	$ 1,085,062	$ 1,821	$ 1,821	$ (530,501)	$ (3,032)	$ (533,533)
Beginning balance (in shares) at Dec. 31, 2019				10,626,864	10,626,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)				63,818
Amortization of stock-based compensation	498							498
Forfeiture of unvested stock (in shares)				(9,996)
Net income (loss)	(196,521)											(196,521)
Distributions on preferred stock	(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			$ 11		5		1,085,560		(10,877)		(732,642)
Ending balance (in shares) at Mar. 31, 2020				10,680,686
Beginning balance at Dec. 31, 2020	$ 334,382			$ 10		5		1,085,941		(9,978)		(741,596)
Beginning balance (in shares) at Dec. 31, 2020	10,162,289			10,162,289
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amortization of stock-based compensation	$ 19							19
Purchase and retirement of common stock	(9,519)			$ (1)				(9,518)
Purchase and retirement of common stock (in shares)				(744,778)
Net income (loss)	13,056											13,056
Distributions and accrual of cumulative preferred stock dividends	(2,588)											(2,588)
Amortization of terminated derivatives	456									456
Ending balance at Mar. 31, 2021	$ 335,806			$ 9		$ 5		$ 1,076,442		$ (9,522)		$ (731,128)
Ending balance (in shares) at Mar. 31, 2021	9,417,511			9,417,511

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 13,056	$ (196,521)
Adjustments to reconcile net income (loss) from operations to net cash provided by operating activities:
(Reversal of) provision for credit losses, net	(5,641)	16,149
Depreciation, amortization and accretion	2,366	747
Amortization of stock-based compensation	19	498
Net realized and unrealized (gain) loss on investment securities available-for-sale and loans and derivatives	(878)	185,357
Fair value and other adjustments on asset held for sale	0	3,791
Changes in operating assets and liabilities	564	(7,683)
Net cash provided by operating activities	9,486	2,338
CASH FLOWS FROM INVESTING ACTIVITIES:
Origination and purchase of loans	(130,849)	(190,318)
Principal payments received on loans	176,988	109,697
Purchase of investment securities available-for-sale		(24,610)
Principal payments on investment securities available-for-sale		4,733
Proceeds from sale of investment securities available-for-sale	2,958	37,764
Purchase of furniture and fixtures	(43)
Principal payments received on loan - related party	50
Net cash provided by (used in) investing activities	49,104	(62,734)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of common stock	(9,519)
Proceeds from borrowings:
Senior secured financing facility	34,321
Warehouse financing facilities and repurchase agreements	115,603	271,872
Securitizations		393,280
Payments on borrowings:
Senior secured financing facility	(22,813)
Warehouse financing facilities and repurchase agreements		(494,474)
Securitizations	(127,525)	(58,434)
Convertible senior notes		(21,182)
Payment of debt issuance costs		(5,642)
Distributions paid on preferred stock	(2,588)	(2,588)
Distributions paid on common stock		(8,767)
Net cash (used in) provided by financing activities	(12,521)	74,065
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	46,069	13,669
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEG. OF PERIOD	67,741	94,434
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 113,810	$ 108,103

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 - ORGANIZATION ACRES Commercial Realty 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 property in top United States (“U.S.”) markets (the “ACRES acquisition”). 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 ACRES Realty Funding, Inc. (“ACRES RF”), 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. Reverse Stock Split Effective February 16, 2021, the Company completed a one-for-three

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
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, 2020. 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 useful lives used to calculate depreciation, the expected lives over which to amortize premiums and accrete discounts, reversals of or provisions for expected 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 March 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. The Company believes the estimates and assumptions underlying the consolidated financial statements are reasonable and supportable based on the information available at March 31, 2021 . Actual results may ultimately differ from those estimates . Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities of three months or less at the time of purchase. At March 31, 2021 and December 31, 2020, approximately $69.6 million and $27.3 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, term warehouse financing facilities and repurchase agreements 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): March 31, 2021 2020 Cash and cash equivalents $ 70,985 $ 42,752 Restricted cash 42,825 65,351 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 113,810 $ 108,103 Hotel Operating Revenue Hotel operating revenue, which is presented in real estate income on the consolidated statements of operations, consists of amounts derived from hotel operations, including room sales and other hotel revenues. The Company recognizes hotel operating revenue when guest rooms are occupied, services have been provided or fees have been earned. Revenues are recorded net of any sales, occupancy or other taxes collected from customers on behalf of third parties. The following provides additional detail on room revenue and other operating revenue: • Room revenue is recognized when the Company’s hotel satisfies its performance obligation of providing a hotel room. The hotel reservation defines the terms of the agreement including an agreed-upon rate and length of stay. Payment is typically due and paid in full at the end of the stay with some customers prepaying for their rooms prior to the stay. Payments received from a customer prior to arrival are recorded as an advance deposit and are recognized as revenue at the time of occupancy. • Other operating revenue is recognized at the time when the goods or services are provided to the customer or when the performance obligation is satisfied. Payment is due at the time that goods or services are rendered or billed. Income Taxes The Company recorded a full valuation allowance against its net deferred tax assets of $62.9 million (tax effected expense of $21.2 million) at March 31, 2021, 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 to be Adopted in Future Periods In March 2020, the Financial Accounting Standards Board (“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. In August 2020, the FASB issued guidance that removes certain separation models for convertible debt instruments and convertible preferred stock that require the separation into a debt component and an equity or derivative component. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives and the convertible instrument is not issued with substantial premiums accounted for as paid-in capital. By removing those separation models, the interest rate of convertible debt instruments typically will be closer to the coupon interest rate. The guidance also revises the derivative scope exception for contracts in an entity’s own equity and improves the consistency of EPS calculations. The guidance is effective for larger public business entities’ annual periods, and interim periods therein, beginning after December 15, 2021 and for smaller reporting entities after December 15, 2023. Early application is permitted for fiscal years beginning after December 15, 2020. The Company is in the process of evaluating the impact of this guidance. Reclassifications Certain reclassifications have been made to the 2020 consolidated financial statements, including the consolidated statement of operations and the consolidated statement of cash flows, to conform to the 2021 presentation. These reclassifications had no effect on net income (loss) reported nor the total change in cash flows for each type of cash flow activity on the consolidated statement of cash flows.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 3 - VARIABLE INTEREST ENTITIES The Company has evaluated its securities, loans, investments in unconsolidated entities, liabilities to subsidiary trusts issuing preferred securities (consisting of unsecured junior subordinated notes), securitizations, guarantees and other financial contracts in order to determine if they are variable interests in VIEs. The Company regularly monitors these legal interests and contracts and, to the extent it has determined that it has a variable interest, analyzes the related entity for potential consolidation. Consolidated VIEs (the Company is the primary beneficiary) Based on management’s analysis, the Company was the primary beneficiary of six VIEs at March 31, 2021 and December 31, 2020 (collectively, the “Consolidated VIEs”). The Consolidated VIEs are CRE securitizations and CDOs 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 10 . Creditors of the Company’s Consolidated VIEs have no recourse to the general credit of the Company, nor to each other. During the three months ended March 31, 2021 and 2020, 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 March 31, 2021 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 42,316 $ 482 $ 42,798 Accrued interest receivable 4,985 — 4,985 CRE loans, pledged as collateral (1) 1,085,180 — 1,085,180 Principal paydowns receivable 19,550 — 19,550 Other assets 215 — 215 Total assets (2) $ 1,152,246 $ 482 $ 1,152,728 LIABILITIES Accounts payable and other liabilities $ 114 $ — $ 114 Accrued interest payable 721 — 721 Borrowings 902,069 — 902,069 Total liabilities $ 902,904 $ — $ 902,904 (1) Excludes the allowance for credit losses. (2) Assets of each of the Consolidated VIEs may only be used to settle the obligations of each respective VIE. Unconsolidated VIEs (the Company is not the primary beneficiary, but has a variable interest) Based on management’s analysis, the Company is not the primary beneficiary of the VIEs discussed below since it does not have both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Accordingly, the following VIEs are not consolidated in the Company’s financial statements at March 31, 2021. The Company continuously reassesses whether it is deemed to be the primary beneficiary of its unconsolidated VIEs. The Company’s maximum exposure to risk for each of these unconsolidated VIEs is set forth in the “Maximum Exposure to Loss” column in the table below. Unsecured Junior Subordinated Debentures The Company has a 100% interest in the common shares of Resource Capital Trust I (“RCT I”) and RCC Trust II (“RCT II”), respectively, with a value of $1.5 million in the aggregate, or 3.0% of each trust, at March 31, 2021. 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 At December 31, 2020, the Company held investments in the Class 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. In March 2021, the Company sold its remaining investments in C40 for cash proceeds of $3.0 million 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. In April 2021, the Company’s investment in Prospect Hackensack paid off in full. WC Newhall MM, LLC In June 2019, the Company invested in the preferred equity of WC Newhall MM, LLC (“Santa Clarita”), a joint venture between the Company and two unrelated third parties. In March 2021, the Company received a $6.7 million payoff on its investment in Santa Clarita. The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs at March 31, 2021 (in thousands): Unsecured Junior Subordinated Debentures Prospect Hackensack Total Maximum Exposure to Loss ASSETS Accrued interest receivable $ 5 $ — $ 5 $ — CRE loans (1)(2) — 21,475 21,475 $ 21,475 Investments in unconsolidated entities 1,548 — 1,548 $ 1,548 Total assets 1,553 21,475 23,028 LIABILITIES Accrued interest payable 181 — 181 N/A Borrowings 51,548 — 51,548 N/A Total liabilities 51,729 — 51,729 N/A Net (liability) asset $ (50,176 ) $ 21,475 $ (28,701 ) N/A (1) The carrying values exclude the allowance for credit losses. (2) Prospect Hackensack paid off in full in April 2021. At March 31, 2021, there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to any of its unconsolidated VIEs.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 4 - SUPPLEMENTAL CASH FLOW INFORMATION The following table summarizes the Company’s supplemental disclosure of cash flow information (in thousands): For the Three Months Ended March 31, 2021 2020 Supplemental cash flows: Interest expense paid in cash $ 12,969 $ 20,842 Income taxes paid in cash $ — $ — Non-cash operating activities include the following: Receipt of right of use asset $ (6 ) $ — Execution of operating lease $ 6 $ — Non-cash investing activities include the following: Proceeds from the relinquishment of investment securities available-for-sale $ — $ 245,828 Non-cash financing activities include the following: Repayment of repurchase agreements from the relinquishment of investment securities available-for-sale $ — $ (245,828 ) Distributions on preferred stock accrued but not paid $ 1,725 $ 1,725

LOANS

LOANS	3 Months Ended
	Mar. 31, 2021
Loans Held For Investment [Abstract]
LOANS	NOTE 5 - LOANS The following is a summary of the Company’s loans (dollars in thousands, except amounts in footnotes): Description Quantity Principal Unamortized (Discount) Premium, net (1) Amortized Cost Allowance for Credit Losses Carrying Value Contractual Interest Rates (2) Maturity Dates (3)(4) At March 31, 2021: CRE loans held for investment: Whole loans, floating-rate (5)(6) 90 $ 1,462,277 $ (6,081 ) $ 1,456,196 $ (28,316 ) $ 1,427,880 1M LIBOR plus 2.70% to 1M LIBOR plus 9.00% May 2021 to April 2025 Mezzanine loan (5) 1 4,700 — 4,700 (291 ) 4,409 10.00% June 2028 Preferred equity investment (see Note 3) (6)(7)(8) 1 21,331 144 21,475 (62 ) 21,413 11.75% April 2023 Total CRE loans held for investment $ 1,488,308 $ (5,937 ) $ 1,482,371 $ (28,669 ) $ 1,453,702 At December 31, 2020: CRE loans held for investment: Whole loans, floating-rate (5)(6) 95 $ 1,515,722 $ (6,144 ) $ 1,509,578 $ (32,283 ) $ 1,477,295 1M LIBOR plus 2.70% to 1M LIBOR plus 9.00% January 2021 to January 2024 Mezzanine loan (5) 1 4,700 — 4,700 (301 ) 4,399 10.00% June 2028 Preferred equity investments (see Note 3) (6)(7) 2 27,650 64 27,714 (1,726 ) 25,988 11.00% to 11.50% June 2022 to April 2023 Total CRE loans held for investment $ 1,548,072 $ (6,080 ) $ 1,541,992 $ (34,310 ) $ 1,507,682 (1) Amounts include unamortized loan origination fees of $5.6 million and $5.7 million and deferred amendment fees of $464,000 and $495,000 at March 31, 2021 and December 31, 2020, respectively. Additionally, the amounts include unamortized loan acquisition costs of $87,000 and $118,000 at March 31, 2021 and December 31, 2020, respectively. ( 2 ) The Company’s floating-rate CRE loan portfolio of $1.5 billion had a weighted-average one-month LIBOR floor of 1.72% and 1.88% at March 31, 2021 and December 31, 2020, respectively. ( 3 ) Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms that may be available to the borrowers. ( 4 ) Maturity dates exclude three whole loans, with amortized costs of $39.8 million and $39.7 million, in maturity default at March 31, 2021 and December 31, 2020, respectively. ( 5 ) Substantially all loans are pledged as collateral under various borrowings at March 31, 2021 and December 31, 2020. ( 6 ) Floating-rate CRE whole loans had $58.8 million and $67.2 million in unfunded loan commitments at March 31, 2021 and December 31, 2020, respectively. Preferred equity investments had $2.5 million in unfunded commitments at December 31, 2020. There were no preferred equity investment unfunded commitments at March 31, 2021 following the payoff of a prior investment. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreement, and any necessary approvals have been obtained. ( 7 ) The interest rate on the Company’s preferred equity investment pays at 8.00%. The remaining interest is deferred until maturity. ( 8 ) The preferred equity investment paid off in April 2021. 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 2021 2022 2023 and Thereafter Total At March 31, 2021: Whole loans, floating-rate (1) $ 482,038 $ 495,898 $ 438,500 $ 1,416,436 Mezzanine loan — — 4,700 4,700 Preferred equity investment — — 21,475 21,475 Total CRE loans (2) $ 482,038 $ 495,898 $ 464,675 $ 1,442,611 Description 2021 2022 2023 and Thereafter Total At December 31, 2020: Whole loans, floating-rate (1) $ 599,053 $ 540,639 $ 330,143 $ 1,469,835 Mezzanine loan — — 4,700 4,700 Preferred equity investments — 6,452 21,262 27,714 Total CRE loans (2) $ 599,053 $ 547,091 $ 356,105 $ 1,502,249 (1) Excludes three whole loans, with amortized costs of $39.8 million and $39.7 million, in default at March 31, 2021 and December 31, 2020, respectively. ( 2 ) At March 31, 2021, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $100.5 million, $125.2 million and $1.2 billion in 2021, 2022 and 2023 and thereafter, respectively. At December 31, 2020, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $112.4 million, $125.1 million and $1.3 billion in 2021, 2022 and 2023 and thereafter, respectively. At March 31, 2021, approximately 18.4%, 18.2% and 16.8% of the Company’s CRE loan portfolio was concentrated in the Mountain, Southeast and Southwest regions, respectively, based on carrying value, as defined by the National Council of Real Estate Investment Fiduciaries. At December 31, 2020, approximately 21.4%, 17.9% and 16.1% 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 March 31, 2021, the Company had $19.6 million of loan principal paydowns receivable, all of which was received in cash by the Company in April 2021. At December 31, 2020, the Company had $4.3 million of loan principal paydowns receivable, all of which was received in cash by the Company in January 2021.

FINANCING RECEIVABLES

FINANCING RECEIVABLES	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
FINANCING RECEIVABLES	NOTE 6 - FINANCING RECEIVABLES The following table shows the activity in the allowance for credit losses for the three months ended March 31, 2021 and year ended December 31, 2020 (in thousands, except amount in the footnote): Three Months Ended March 31, 2021 Year Ended December 31, 2020 CRE Loans CRE Loans Allowance for credit losses: Allowance for credit losses at beginning of period $ 34,310 $ 1,460 Adoption of the new accounting guidance — 3,032 (Reversal of) provision for credit losses (5,641 ) 30,815 Realized loss on sale of loan (1) — (997 ) Allowance for credit losses at end of period $ 28,669 $ 34,310 (1) The allowance for credit losses included a realized loss of $997,000 that was charged to the allowance related to one CRE loan sale that occurred during the year ended December 31, 2020. There was no such charge off during the three months ended March 31, 2021 During the three months ended March 31, 2021, the Company recorded a reversal of expected credit losses of $5.6 million in connection with loan paydowns, improved collateral operating performance, declines in expected unemployment and continued projected recoveries in future CRE asset pricing. During the three months ended March 31, 2020, the proliferation of the COVID-19 pandemic had a significant impact During the three months ended March 31, 2021, the Company individually evaluated an office loan in the East North Central region with a $19.9 million principal balance and a hotel loan in the Northeast region with a $14.0 million principal balance for which foreclosure was determined to be probable . T $1.9 million at and as the principal balance was in excess of a recently obtained as-is appraised value on the property. The hotel loan was determined to have no CECL allowance as the as-is appraised value on the property was in excess of the principal balance. Credit quality indicators Commercial Real Estate Loans CRE loans are collateralized by a diversified mix of real estate properties and are assessed for credit quality based on the collective evaluation of several factors, including but not limited to: collateral performance relative to underwritten plan, time since origination, current implied and/or reunderwritten loan-to-collateral value ratios, loan structure and exit plan. Depending on the loan’s performance against these various factors, loans are rated on a scale from 1 to 5, with loans rated 1 representing loans with the highest credit quality and loans rated 5 representing loans with the lowest credit quality. The factors evaluated provide general criteria to monitor credit migration in the Company’s loan portfolio; as such, a loan’s rating may improve or worsen, depending on new information received. The criteria set forth below should be used as general guidelines and, therefore, not every loan will have all of the characteristics described in each category below. 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 amount in the footnote): Rating 1 Rating 2 Rating 3 Rating 4 Rating 5 Total (1) At March 31, 2021: Whole loans, floating-rate $ — $ 657,191 $ 510,531 $ 252,329 $ 36,145 $ 1,456,196 Mezzanine loan — — 4,700 — — 4,700 Preferred equity investment — — — 21,475 — 21,475 Total $ — $ 657,191 $ 515,231 $ 273,804 $ 36,145 $ 1,482,371 At December 31, 2020: Whole loans, floating-rate $ — $ 611,838 $ 599,208 $ 262,398 $ 36,134 $ 1,509,578 Mezzanine loan — — 4,700 — — 4,700 Preferred equity investments — — 6,452 21,262 — 27,714 Total $ — $ 611,838 $ 610,360 $ 283,660 $ 36,134 $ 1,541,992 (1) The total amortized cost of CRE loans excluded accrued interest receivable of $7.3 million at March 31, 2021 and December 31, 2020. Credit risk profiles of CRE loans by origination year at amortized cost were as follows (in thousands, except amount in the footnote): 2021 2020 2019 2018 2017 Prior Total (1) At March 31, 2021: Whole loans, floating-rate: (2) Rating 2 $ 125,884 $ 203,325 $ 244,002 $ 83,980 $ — $ — $ 657,191 Rating 3 — 43,851 194,778 209,294 45,116 17,492 510,531 Rating 4 — — 77,937 119,007 46,220 9,165 252,329 Rating 5 — — 13,949 — 19,900 2,296 36,145 Total whole loans, floating-rate 125,884 247,176 530,666 412,281 111,236 28,953 1,456,196 Mezzanine loan (rating 3) — — — 4,700 — — 4,700 Preferred equity investment (rating 4) (3) — — — 21,475 — — 21,475 Total $ 125,884 $ 247,176 $ 530,666 $ 438,456 $ 111,236 $ 28,953 $ 1,482,371 2020 2019 2018 2017 2016 Prior Total (1) At December 31, 2020: Whole loans, floating-rate: (2) Rating 2 $ 221,364 $ 279,077 $ 111,397 $ — $ — $ — $ 611,838 Rating 3 43,579 246,073 246,944 45,142 — 17,470 599,208 Rating 4 — 77,495 129,536 46,220 — 9,147 262,398 Rating 5 — 13,938 — 19,900 — 2,296 36,134 Total whole loans, floating-rate 264,943 616,583 487,877 111,262 — 28,913 1,509,578 Mezzanine loan (rating 3) — — 4,700 — — — 4,700 Preferred equity investments Rating 3 — 6,452 — — — — 6,452 Rating 4 — — 21,262 — — — 21,262 Total preferred equity investments — 6,452 21,262 — — — 27,714 Total $ 264,943 $ 623,035 $ 513,839 $ 111,262 $ — $ 28,913 $ 1,541,992 (1) The total amortized cost of CRE loans excluded accrued interest receivable of $7.3 million at March 31, 2021 and December 31, 2020 (2) Acquired CRE whole loans are grouped within each loan’s year of issuance. (3) Preferred equity investment paid off in full in April 2021. 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 60-89 Days Greater than 90 Days (1) Total Past Due Current (2) Total Loans Receivable (3) Total Loans > 90 Days and Accruing (1) At March 31, 2021: Whole loans, floating-rate $ — $ — $ 39,761 $ 39,761 $ 1,416,435 $ 1,456,196 $ 39,761 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investment (4) — — — — 21,475 21,475 — Total $ — $ — $ 39,761 $ 39,761 $ 1,442,610 $ 1,482,371 $ 39,761 At December 31, 2020: Whole loans, floating-rate $ — $ — $ 11,443 $ 11,443 $ 1,498,135 $ 1,509,578 $ 11,443 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investments — — — — 27,714 27,714 — Total $ — $ — $ 11,443 $ 11,443 $ 1,530,549 $ 1,541,992 $ 11,443 (1) During the three months ended March 31, 2021 and 2020, the Company recognized interest income of $653,000 and $636,000, respectively, on the three loans with principal payments past due greater than 90 days at March 31, 2021. (2) Includes two whole loans, with amortized costs of $28.3 million, in maturity default at December 31, 2020. (3) The total amortized cost of CRE loans excluded accrued interest receivable of $7.3 million at March 31, 2021 and December 31, 2020. (4) Preferred equity investment paid off in full in April 2021. At March 31, 2021 and December 31, 2020, the Company had three CRE loans in maturity default with total amortized costs of $39.8 million The Company received a $6.7 million payoff of its preferred equity investment in a self-storage CRE property located in the Pacific region during the three months ended March 31, 2021. Troubled Debt Restructurings (“TDRs”) There were no TDRs for the three months ended March 31, 2021 and 2020. During the three months ended March 31, 2021, the Company entered into four extension agreements that had a weighted average period of 11 months. As of March 31, 2021, 17 borrowers were receiving payment timing relief in connection with current extension and forbearance agreements. Two formerly forborne borrowers and one borrower performing in accordance with a forbearance agreement were in maturity default at March 31, 2021. No loan modifications during the resulted in TDRs.

INVESTMENT IN REAL ESTATE AND O

INVESTMENT IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES	3 Months Ended
	Mar. 31, 2021
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Abstract]
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities	NOTE 7 - INVESTMENT IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES In November 2020, the Company received the deed in lieu of foreclosure on a hotel property that formerly collateralized a $38.0 million CRE whole loan. The Company determined that the acquisition of the hotel property should be accounted for as an asset acquisition. T he Company obtained third-party valuations of the acquired assets and assumed liabilities. The fair value of the total net assets acquired was $39.8 million The following table summarizes the book value of the Company’s investments in real estate and related intangible assets (in thousands, except amounts in the footnotes): March 31, 2021 December 31, 2020 Cost Accumulated Depreciation & Amortization Book Value Cost Accumulated Depreciation & Amortization Book Value Assets acquired: Investment in real estate (1) $ 33,972 $ (559 ) $ 33,413 $ 33,929 $ (123 ) $ 33,806 Right of use assets (2)(3) 5,603 (32 ) 5,571 5,603 (11 ) 5,592 Intangible assets (4) 3,337 (127 ) 3,210 3,336 (42 ) 3,294 Total 42,912 (718 ) 42,194 42,868 (176 ) 42,692 Liabilities assumed: Lease liabilities (3) (3,113 ) 17 (3,096 ) (3,113 ) 6 (3,107 ) Total (3,113 ) 17 (3,096 ) (3,113 ) 6 (3,107 ) $ 39,799 $ 39,098 $ 39,755 $ 39,585 (1) Includes approximately $48,000 and $5,000 of furniture and fixtures purchased for the property, subsequent to the date of acquisition, at March 31, 2021 and December 31, 2020, (2) Right of use assets include a right of use asset associated with an acquired ground lease of $3.1 and December 31, 2020. (3) Right of use assets and lease liabilities exclude a right of use asset of $5,000 and a lease liability of $5,000 on a leased copier in the Company’s Philadelphia, PA office, which is accounted for as an operating lease, at March 31, 2021. (4) Intangible assets include a franchise agreement intangible of $2.8 million and a customer list intangible asset of $435,000 and $477,000 at March 31, 2021 and December 31, 2020, respectively. The right of use assets and lease liabilities comprised a ground lease acquired, determined to be an operating lease. The lease payments on the ground lease consist of air rights rent, retail rent and parking rent, the amounts of which are specifically determined in the executed lease agreement and subsequently increased based on the increase of the consumer price index over a specified amount of periods. The Company recorded approximately $12,000 of offsetting amortization and accretion on its ground lease right of use assets and lease liabilities during the three months ended March 31, 2021. During the three months ended March 31, 2021, the Company recorded amortization expense of approximately $197,000 on its intangible assets. The Company expects to record amortization expense of $375,000, $375,000, $355,000, $210,000 and $210,000 during the 2021, 2022, 2023, 2024 and 2025 fiscal years, respectively, on its intangible assets.

INVESTMENT SECURITIES AVAILABLE

INVESTMENT SECURITIES AVAILABLE-FOR-SALE	3 Months Ended
	Mar. 31, 2021
Available For Sale Securities [Abstract]
INVESTMENT SECURITIES AVAILABLE-FOR-SALE	NOTE 8 - INVESTMENT SECURITIES AVAILABLE-FOR-SALE The following table summarizes the Company’s investment securities available-for-sale, carried at fair value, including those pledged as collateral (in thousands, except amount in the footnote): Amortized Cost (1) Unrealized Gains Unrealized Losses Fair Value At December 31, 2020: CMBS, fixed-rate $ 2,080 $ — $ — $ 2,080 (1) The amortized cost of CMBS excluded accrued interest receivable of $56,000 at December 31, 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. As a result of these circumstances and the uncertainty caused by the COVID-19 pandemic, substantially all of the Company’s remaining CMBS available-for-sale were sold as of April 2020. During the three months ended March 31, 2020, the Company incurred losses of $185.4 million on its CMBS portfolio, including realized losses of $118.8 million and unrealized losses of $66.6 million primarily attributable to the sale of 67 CMBS as of April 2020, including 49 CMBS sold in March 2020. During the three months ended March 31, 2020 , the Company recorded unrealized losses of $5.1 million on two CMBS securities on its consolidated statements of operations as the fair values of the securities were less than the amortized cost bases and the securities were expected to sell prior to recovery of the amortized cost bases. In March 2021, the Company sold these two positions, resulting in cash proceeds of $3.0 million and gains of $878,000 during the three months ended March 31, 2021 .

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	3 Months Ended
	Mar. 31, 2021
Equity Method Investments And Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 9 - INVESTMENTS IN UNCONSOLIDATED ENTITIES The Company’s investments in unconsolidated entities at March 31, 2021 and December 31, 2020 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 months ended March 31, 2021 and 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 $16,000 and $23,000, respectively.

BORROWINGS

BORROWINGS	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
BORROWINGS	NOTE 10 - BORROWINGS The Company historically has financed the acquisition of its investments, including investment securities and loans, through the use of secured and unsecured borrowings in the form of securitized notes, repurchase agreements, secured term 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 the footnote): Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At March 31, 2021: XAN 2019-RSO7 Senior Notes $ 344,329 $ 2,324 $ 342,005 1.65 % 15.1 years $ 445,687 XAN 2020-RSO8 Senior Notes 347,181 3,701 343,480 1.61 % 13.9 years 434,069 XAN 2020-RSO9 Senior Notes 219,775 3,191 216,584 3.31 % 16.1 years 270,907 Unsecured junior subordinated debentures 51,548 — 51,548 4.15 % 15.4 years — 4.50% Convertible Senior Notes 143,750 5,561 138,189 4.50 % 1.4 years — Senior Unsecured Notes due 2027 50,000 3,490 46,510 12.00 % 6.3 years — Senior secured financing facility 44,869 3,895 40,974 5.75 % 6.3 years 205,883 CRE - term warehouse financing facilities (1) 129,119 760 128,359 2.33 % 207 days 182,612 Total $ 1,330,571 $ 22,922 $ 1,307,649 2.91 % 11.4 years $ 1,539,158 Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At December 31, 2020: XAN 2019-RSO7 Senior Notes $ 415,621 $ 2,861 $ 412,760 1.60 % 15.3 years $ 516,979 XAN 2020-RSO8 Senior Notes 388,459 4,164 384,295 1.62 % 14.2 years 475,347 XAN 2020-RSO9 Senior Notes 234,731 3,857 230,874 3.31 % 16.3 years 285,862 Unsecured junior subordinated debentures 51,548 — 51,548 4.18 % 15.7 years — 4.50% Convertible Senior Notes 143,750 6,498 137,252 4.50 % 1.6 years — Senior Unsecured Notes due 2027 50,000 3,574 46,426 12.00 % 6.6 years — Senior secured financing facility 33,360 4,046 29,314 5.75 % 6.6 years 239,385 CRE - term warehouse financing facility (1) 13,516 1,258 12,258 2.66 % 299 days 20,000 Total $ 1,330,985 $ 26,258 $ 1,304,727 2.83 % 13.0 years $ 1,537,573 (1) Principal outstanding includes accrued interest payable of $176,000 and $16,000 at March 31, 2021 and December 31, 2020, respectively. Securitizations The following table sets forth certain information with respect to the Company’s consolidated securitizations at March 31, 2021 (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 March 31, 2021 XAN 2019-RSO7 April 2019 April 2036 April 2022 $ 241,481 XAN 2020-RSO8 March 2020 March 2035 March 2023 $ 88,562 XAN 2020-RSO9 (2) September 2020 April 2037 N/A $ 26,019 (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 $17.7 million at March 31, 2021 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 March 31, 2021 and December 31, 2020 were eliminated in consolidation. Corporate Debt 4.50% Convertible Senior Notes and 8.00% Convertible Senior Notes The Company issued $100.0 million aggregate principal of its 8.00% convertible senior notes due 2020 (“8.00% Convertible Senior Notes”) and $143.8 million aggregate principal of its 4.50% convertible senior notes due 2022 (“4.50% Convertible Senior Notes”) in January 2015 and August 2017, respectively. In conjunction with the issuance of the 4.50% Convertible Senior Notes, the Company extinguished $78.8 million of aggregate principal of its 8.00% Convertible Senior Notes. In January 2020, the remaining 8.00% Convertible Senior Notes were paid off upon maturity. The following table summarizes the 4.50% Convertible Senior Notes at March 31, 2021 (dollars in thousands, except the conversion price 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 % 27.7222 $ 36.06 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 months ended March 31, 2021 and 2020 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 March 31, 2021 are adjusted to reflect quarterly cash distributions in excess of a $0.30 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 $14.59 on March 31, 2021, which did not exceed the conversion price of its 4.50% Convertible Senior Notes at March 31, 2021. Senior Secured Financing Facility and Term Warehouse Financing Facilities Borrowings under the Company’s senior secured financing facility and term warehouse facilities 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 (dollars in thousands, except amounts in footnotes): March 31, 2021 December 31, 2020 Outstanding Borrowings Value of Collateral Number of Positions as Collateral Weighted Average Interest Rate Outstanding Borrowings Value of Collateral Number of Positions as Collateral Weighted Average Interest Rate Senior Secured Financing Facility Massachusetts Mutual Life Insurance Company (1) $ 40,974 $ 205,883 13 5.75 % $ 29,314 $ 239,385 15 5.75 % CRE - Term Warehouse Financing Facilities Wells Fargo Bank, N.A. (2)(3) 12,957 18,860 2 2.11 % — — — — % Barclays Bank PLC (2)(4) 33,637 42,047 1 1.86 % — — — — % JPMorgan Chase Bank, N.A. (2)(5) 81,765 121,705 6 2.56 % 12,258 20,000 1 2.66 % Total $ 169,333 $ 388,495 $ 41,572 $ 259,385 (1) Includes $3.9 million and $4.0 million of deferred debt issuance costs at March 31, 2021 and December 31, 2020, respectively. (2) Outstanding borrowings include accrued interest payable. ( 3 ) Includes $339,000 and $504,000 of deferred debt issuance costs at March 31, 2021 and December 31, 2020, respectively. ( 4 ) Includes $16,000 and $174,000 of deferred debt issuance costs at March 31, 2021 and December 31, 2020, respectively. ( 5 ) Includes $405,000 and $580,000 of deferred debt issuance costs at March 31, 2021 and December 31, 2020, respectively. The following table shows information about the amount at risk under the warehouse financing facilities (dollars in thousands): Amount at Risk (1) Weighted Average Remaining Maturity Weighted Average Interest Rate At March 31, 2021: CRE - Term Warehouse Financing Facilities Wells Fargo Bank, N.A. $ 5,623 185 days 2.11 % Barclays Bank PLC $ 8,394 212 days 1.86 % JPMorgan Chase Bank, N.A. $ 39,980 209 days 2.56 % (1) Equal to the total of the estimated fair value of loans sold and accrued interest receivable, minus the total of the warehouse financing agreement liabilities and accrued interest payable. The Company was in compliance with all financial covenants in each of the respective agreements at March 31, 2021 and CRE - Term Warehouse Financing Facilities 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 March 2021, the Company amended the Barclays Facility to extend the revolving period through October 2021 Contractual maturity dates of the Company’s borrowings’ principal outstanding by category and year are presented in the table below (in thousands): Total 2021 2022 2023 2024 2025 and Thereafter At March 31, 2021: CRE securitizations $ 911,285 $ — $ — $ — $ — $ 911,285 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 44,869 — — — — 44,869 Term warehouse financing facilities (1) 129,119 129,119 — — — — Total $ 1,330,571 $ 129,119 $ 143,750 $ — $ — $ 1,057,702 (1) Includes accrued interest payable in the balances of principal outstanding.

SHARE ISSUANCE AND REPURCHASE

SHARE ISSUANCE AND REPURCHASE	3 Months Ended
	Mar. 31, 2021
Stockholders Equity Note [Abstract]
SHARE ISSUANCE AND REPURCHASE	NOTE 11 - SHARE ISSUANCE AND REPURCHASE On or after July 30, 2024, the Company may, at its option, redeem its 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”), in whole or in part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid distributions, if any, to the redemption date. Effective July 30, 2024 and thereafter, the Company will pay cumulative distributions on the Series C Preferred Stock at a floating rate equal to three-month LIBOR plus 5.927% per annum based on the $25.00 liquidation preference, provided that such floating rate shall not be less than the initial rate of 8.625% at any date of determination. At March 31, 2021, 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 share repurchase program and i n November 2020, the Board reauthorized 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 through March 31, 2021 In March 2021, the Board authorized the extension of the previous $20.0 million authorization through the second quarter of 2021 or until the $20.0 million is fully deployed. In connection with the Note and Warrant Purchase Agreement, the 12.00 Oaktree Capital Management, L.P. (“Oaktree”) and Massachusetts Mutual Life Insurance Company (“MassMutual”)

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
SHARE-BASED COMPENSATION	NOTE 12 - 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 1,091,666 shares to 1,591,666 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 Unvested shares at January 1, 2021 11,610 Issued — Vested — Forfeited — Unvested shares at March 31, 2021 11,610 There were no restricted common stock grants during the three months ended March 31, 2021. The fair values at grant date of the shares of restricted common stock granted to non-employees during the three months ended March 31, 2020 was $2.1 million. The fair value at grant date of shares of restricted common stock issued to the Company’s seven non-employee directors that served at any time during the three months ended March 31, 2020 was $145,000. The following table summarizes the status of the Company’s vested stock options at March 31, 2021: 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, 2021 3,333 $ 76.80 Vested — — Exercised — — Forfeited — — Expired — — Vested at March 31, 2021 3,333 $ 76.80 0.13 $ — There were no options granted during the three months ended March 31, 2021 or 2020. The outstanding stock options have contractual terms of ten years and will expire in May 2021. The components of equity compensation expense for the periods presented are as follows (in thousands): For the Three Months Ended March 31, 2021 2020 Restricted shares granted to non-employees (1) $ — $ 435 Restricted shares granted to non-employee directors 19 63 Total $ 19 $ 498 (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. Under the Company’s Fourth Amended and Restated Management Agreement, as amended (“Management Agreement”), incentive compensation is paid quarterly. Up to 75% of the incentive compensation is paid in cash and at least 25% is paid in the form of an award of common stock, recorded in management fees on the consolidated statements of operations. No incentive compensation was paid to the Manager for the three months ended March 31, 2021 or the Prior Manager for the three months ended March 31, 2020. All equity awards, apart from incentive compensation under the management agreement, have been discretionary in nature and subject to approval by the compensation committee of the Board. In 2020, the Compensation Committee and the Board created parameters for equity awards, whereby they are no longer discretionary but are now based upon the Company’s achievement of performance parameters using book value of the common stock as the appropriate benchmark.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 13 - EARNINGS PER SHARE The following table presents a reconciliation of basic and diluted earnings (losses) per common share for the periods presented (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2021 2020 Net income (loss) $ 13,056 $ (196,521 ) Net income allocated to preferred shares (2,588 ) (2,588 ) Net income (loss) allocable to common shares $ 10,468 $ (199,109 ) Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 9,729,463 10,542,068 Weighted average number of warrants outstanding (1) 466,661 — Total weighted average number of common shares outstanding - basic 10,196,124 10,542,068 Effect of dilutive securities - unvested restricted stock 9,245 — Weighted average number of common shares outstanding - diluted 10,205,369 10,542,068 Net income (loss) per common share - basic $ 1.03 $ (18.89 ) Net income (loss) per common share - diluted $ 1.03 $ (18.89 ) (1) See Note 11 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 three months ended March 31, 2021, the average market price of the Company’s common stock did not exceed the conversion price of the 4.50% Convertible Senior Notes and for the three months ended March 31, 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 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 10.

DISTRIBUTIONS

DISTRIBUTIONS	3 Months Ended
	Mar. 31, 2021
Distributions [Abstract]
DISTRIBUTIONS	NOTE 14 - 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 2021 distributions are, and will be, determined by the Board, which will also consider the composition of any distributions declared, including the option of paying a portion in cash and the balance in additional shares of common stock. For the quarter ended March 31, 2021, the Company declared and subsequently paid its Series C Preferred Stock distributions, or $0.54 per share. It did not pay any common share distributions for the quarter ended March 31, 2021. For the quarter ended March 31, 2020, the Company declared and subsequently rescinded distributions on its common shares and Series C Preferred Stock. The following tables present distributions declared (on a per share basis) for the three months ended March 31, 2021 and the year ended December 31, 2020: Series C Preferred Stock Date Paid Total Distributions Paid Distributions Per Share (in thousands) 2021 March 31 April 30 $ 2,588 $ 0.5390625 2020 December 31 February 1, 2021 $ 2,587 $ 0.5390625 March 31, June 30 and September 30 October 30 $ 7,763 $ 1.6171875

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 15 - ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in net unrealized loss on derivatives, the sole component of accumulated other comprehensive loss, for the three months ended March 31, 2021 (in thousands): Accumulated Other Comprehensive Loss - Net Unrealized Loss on Derivatives Balance at January 1, 2021 $ (9,978 ) Amounts reclassified from accumulated other comprehensive loss (1) 456 Balance at March 31, 2021 $ (9,522 ) (1) Amounts reclassified from accumulated other comprehensive loss are reclassified to interest expense on the Company’s consolidated statements of operations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 16 - RELATED PARTY TRANSACTIONS 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. Mr. Fentress and Mr. Fogel are also shareholders and board members of ACRES Capital Corp. 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 months ended March 31, 2021, the Manager earned base management fees of approximately $1.3 million. No incentive compensation was earned for the three months ended March 31, 2021. At March 31, 2021 and December 31, 2020, $442,000 of base management fees were payable by the Company to the Manager. There was no incentive compensation payable at March 31, 2021 and December 31, 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 months ended March 31, 2021, the Company reimbursed the Manager $1.2 million for all such compensation and costs. At March 31, 2021 and December 31, 2020, the Company had payables to the Manager pursuant to the Management Agreement totaling approximately $66,000 and $380,000, respectively, related to such compensation and costs. The Company’s base management fee payable and expense reimbursements payable were recorded in management fee payable - related party and accounts payable and other liabilities on the consolidated balance sheet, respectively. On July 31, 2020, ACRES RF, then known as RCC Real Estate, Inc. (“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 (“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 July 2026, subject to two one-year During the three months ended March 31, 2021, the Company recorded interest income of $89,000 on the ACRES Loan in other income (expense) on the consolidated statements of operations. At March 31, 2021, the ACRES Loan had a principal balance and accrued interest receivable of $11.8 million and $31,000, respectively, recorded in loan receivable - related party and accrued interest receivable, respectively, on the consolidated balance sheet. At March 31, 2021, 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 Loan and Servicing Agreement (the “MassMutual Loan Agreement”) with MassMutual and the other lenders party thereto, 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 months ended March 31, 2021, 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 months ended March 31, 2020, the Prior Manager earned base management fees of approximately $2.1 million. No incentive compensation was earned for the three months ended March 31, 2020. 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 months ended March 31, 2020, the Company reimbursed the Prior Manager $1.9 million for all such compensation and costs. At March 31, 2021, 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 March 31, 2021. 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. 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., 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 months ended March 31, 2020. Relationship with C-III Commercial Mortgage. In May 2019, ACRES RF, then known as 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 ACRES RF of certain CRE loans on a servicing-released basis at par, plus accrued and unpaid interest on each loan for an aggregate purchase price of $197.6 million. In accordance with the terms of the May 2019 Loan Acquisition Agreement, C-III Commercial Mortgage retains its title to all exit fees in excess of 0.50% of the outstanding principal balance. During the three months ended March 31, 2021 and 2020, C-III Commercial Mortgage earned exit fees of $86,000 and $3,000, respectively. The Company had no outstanding payables to C-III Commercial Mortgage at March 31, 2021 and outstanding payables of $48,000 at December 31, 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 months ended March 31, 2021, the Company incurred $67,000 of expenses in connection with these agreements. The Company had payables to Resource Real Estate Opportunity REIT of approximately $37,000 at March 31, 2021. These agreements were terminated as of March 31, 2021.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 17 - FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the Company’s financial instruments carried at fair value on a recurring basis based upon the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Total At December 31, 2020: Assets: Investment securities available-for-sale $ — $ — $ 2,080 $ 2,080 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 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, 2021 $ 2,080 Included in earnings 878 Sales (2,958 ) Balance, March 31, 2021 $ — The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair values of the Company’s short-term financial instruments such as cash and cash equivalents, restricted cash, accrued interest receivable, principal paydowns receivable, accrued interest payable and distributions payable approximate their carrying values on the consolidated balance sheets. The fair values of the Company’s investment securities available-for-sale are reported in Note 8. The fair values of the Company’s 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 2.70% to 9.00% and 4.10% to 9.75% at March 31, 2021 and December 31, 2020, 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 value of the Company’s preferred equity investment is measured by discounting the instrument’s 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 investment is discounted at a rate of 12.08%. In March 2021, one of the Company’s preferred equity investments paid off. The investment was previously discounted at a rate of 11.54% at December 31, 2020. In April 2021, the remaining preferred equity investment paid off. The Company’s fixed-rate CRE loans were valued using third-party pricing sources. In March 2021, the fixed-rate CRE loans were sold at par for cash proceeds of $4.8 million. 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%. Warehouse financing facilities 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 March 31, 2021: Assets: CRE whole loans $ 1,427,880 $ 1,460,377 $ — $ — $ 1,460,377 CRE mezzanine loan $ 4,409 $ 4,700 $ — $ — $ 4,700 CRE preferred equity investment $ 21,413 $ 21,331 $ — $ — $ 21,331 Loan receivable - related party $ 11,825 $ 10,008 $ — $ — $ 10,008 Liabilities: Senior notes in CRE securitizations $ 902,069 $ 911,898 $ — $ — $ 911,898 Junior subordinated notes $ 51,548 $ 36,975 $ — $ — $ 36,975 Convertible notes $ 138,189 $ 137,483 $ — $ — $ 137,483 Senior Unsecured Notes due 2027 $ 46,510 $ 55,147 $ — $ — $ 55,147 Senior secured financing facility $ 40,974 $ 44,869 $ — $ — $ 44,869 Warehouse financing facilities $ 128,359 $ 129,119 $ — $ — $ 129,119 At December 31, 2020: Assets: CRE whole loans $ 1,477,295 $ 1,513,822 $ — $ — $ 1,513,822 CRE mezzanine loan $ 4,399 $ 4,700 $ — $ — $ 4,700 CRE preferred equity investments $ 25,988 $ 27,650 $ — $ — $ 27,650 CRE whole loans, fixed-rate (1) $ 4,809 $ 4,809 $ — $ — $ 4,809 Loan receivable - related party $ 11,875 $ 10,184 $ — $ — $ 10,184 Liabilities: Senior notes in CRE securitizations $ 1,027,929 $ 1,030,854 $ — $ — $ 1,030,854 Junior subordinated notes $ 51,548 $ 31,955 $ — $ — $ 31,955 Convertible notes $ 137,252 $ 132,437 $ — $ — $ 132,437 Senior Unsecured Notes due 2027 $ 46,426 $ 58,910 $ — $ — $ 58,910 Senior secured financing facility $ 29,314 $ 33,360 $ — $ — $ 33,360 Warehouse financing facility $ 12,258 $ 13,516 $ — $ — $ 13,516 (1) Classified as other assets on the consolidated balance sheet.

MARKET RISK AND DERIVATIVE INST

MARKET RISK AND DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
MARKET RISK AND DERIVATIVE INSTRUMENTS	NOTE 18 - MARKET RISK AND DERIVATIVE INSTRUMENTS The Company is affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as “market risks.” When deemed appropriate, the Company used 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 were interest rate risk and market price risk. The Company also managed its interest rate risk with 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. 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 classified its interest rate swap contracts 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 terminated all of its interest rate swap positions associated with its prior financed CMBS portfolio in April 2020. At termination, the Company realized a loss of $11.8 million. At March 31, 2021 and December 31, 2020 At March 31, 2021 and December 31, 2020, the Company had an unrealized gain of $416,000 and $438,000, 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 during the three months ended March 31, 2021 and 2020 to accrete the accumulated other comprehensive income on the terminated swap agreements. The Company’s prior origination of fixed-rate CRE whole loans exposed it to market pricing risk in connection with the fluctuations of market interest rates. In order to mitigate this market price risk, the Company entered into interest rate swap contracts in which it paid 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 were recorded in other income (expense) on the consolidated statements of operations. The following tables present the effect of the derivative instruments on the consolidated statements of operations for the three months ended March 31, 2021 and 2020 (in thousands): Derivatives Three Months Ended March 31, 2021 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ (456 ) Derivatives Three Months Ended March 31, 2020 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts Other income (expense) $ (48 ) Interest rate swap contracts, hedging Interest expense $ (196 ) (1) Negative values indicate a decrease to the associated consolidated statement of operations line items.

OFFSETTING OF FINANCIAL LIABILI

OFFSETTING OF FINANCIAL LIABILITIES	3 Months Ended
	Mar. 31, 2021
Offsetting [Abstract]
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES	NOTE 19 - OFFSETTING OF FINANCIAL LIABILITIES The following table presents a summary of the Company’s offsetting of financial liabilities (in thousands, except amounts in footnotes): (iv) Gross Amounts Not Offset on the Consolidated Balance Sheets (i) Gross Amounts of Recognized Liabilities (ii) Gross Amounts Offset on the Consolidated Balance Sheets (iii) = (i) - (ii) Net Amounts of Liabilities Included on the Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Pledged (v) = (iii) - (iv) Net Amount At March 31, 2021: Warehouse financing facilities (2) $ 128,359 $ — $ 128,359 $ 128,359 $ — $ — At December 31, 2020: Warehouse financing facilities (2) $ 12,258 $ — $ 12,258 $ 12,258 $ — $ — (1) Amounts represent financial instruments pledged that are available to be offset against liability balances associated with term warehouse financing facilities and repurchase agreements. ( 2 ) The combined fair values of loans pledged against the Company’s various term warehouse financing facilities was $182.6 million and $20.0 million at March 31, 2021 and December 31, 2020, respectively. All balances associated with warehouse financing facilities are presented on a gross basis on the Company’s consolidated balance sheets. Certain of the Company’s warehouse financing facilities are governed by underlying agreements that generally provide for a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 20 - COMMITMENTS AND CONTINGENCIES The Company may become involved in litigation on various matters due to the nature of the Company’s business activities. The resolution of these matters may result in adverse judgments, fines, penalties, injunctions and other relief against the Company as well as monetary payments or other agreements and obligations. In addition, the Company may enter into settlements on certain matters in order to avoid the additional costs of engaging in litigation. Except as discussed below, the Company is unaware of any contingencies arising from such litigation that would require accrual or disclosure in the consolidated financial statements at March 31, 2021. Primary Capital Mortgage, LLC (“PCM”) is subject to potential litigation related to claims for repurchases or indemnifications on loans that PCM has sold to third parties. At March 31, 2021 and December 31, 2020, 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 at March 31, 2021 and December 31, 2020. The reserves for mortgage repurchases and indemnifications are included in liabilities held for sale on the consolidated balance sheets. The Company did not have any pending litigation matters or general litigation reserve at March 31, 2021 or December 31, 2020. 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 March 31, 2021 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. In October 2020, the mezzanine loan paid off its balance to the indemnified party, resulting in the extinguishment of the Company’s liability. PCM is subject to additional claims for repurchases or indemnifications on loans that PCM has sold to investors. At both March 31, 2021 and December 31, 2020, 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 $58.8 million and $67.2 million in unfunded loan commitments at March 31, 2021 and December 31, 2020, respectively. Preferred equity investments had $2.5 million in unfunded investment commitments at December 31, 2020. There were no unfunded commitments on the preferred equity investments at March 31, 2021. At closing, XAN 2020-RSO9 included a future advances reserve account, with $17.7 million outstanding at March 31, 2021, included in restricted cash on the consolidated balance sheet, to fund unfunded commitments.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 21 - SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this report and determined that there have not been any events that have occurred that would require adjustments to or disclosures in the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
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, 2020. 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 useful lives used to calculate depreciation, the expected lives over which to amortize premiums and accrete discounts, reversals of or provisions for expected 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 March 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. The Company believes the estimates and assumptions underlying the consolidated financial statements are reasonable and supportable based on the information available at March 31, 2021 . Actual results may ultimately differ from those estimates .
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities of three months or less at the time of purchase. At March 31, 2021 and December 31, 2020, approximately $69.6 million and $27.3 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, term warehouse financing facilities and repurchase agreements 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): March 31, 2021 2020 Cash and cash equivalents $ 70,985 $ 42,752 Restricted cash 42,825 65,351 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 113,810 $ 108,103
Hotel Operating Revenue	Hotel Operating Revenue Hotel operating revenue, which is presented in real estate income on the consolidated statements of operations, consists of amounts derived from hotel operations, including room sales and other hotel revenues. The Company recognizes hotel operating revenue when guest rooms are occupied, services have been provided or fees have been earned. Revenues are recorded net of any sales, occupancy or other taxes collected from customers on behalf of third parties. The following provides additional detail on room revenue and other operating revenue: • Room revenue is recognized when the Company’s hotel satisfies its performance obligation of providing a hotel room. The hotel reservation defines the terms of the agreement including an agreed-upon rate and length of stay. Payment is typically due and paid in full at the end of the stay with some customers prepaying for their rooms prior to the stay. Payments received from a customer prior to arrival are recorded as an advance deposit and are recognized as revenue at the time of occupancy. • Other operating revenue is recognized at the time when the goods or services are provided to the customer or when the performance obligation is satisfied. Payment is due at the time that goods or services are rendered or billed.
Income Taxes	Income Taxes The Company recorded a full valuation allowance against its net deferred tax assets of $62.9 million (tax effected expense of $21.2 million) at March 31, 2021, 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 to be Adopted in Future Periods In March 2020, the Financial Accounting Standards Board (“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. In August 2020, the FASB issued guidance that removes certain separation models for convertible debt instruments and convertible preferred stock that require the separation into a debt component and an equity or derivative component. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives and the convertible instrument is not issued with substantial premiums accounted for as paid-in capital. By removing those separation models, the interest rate of convertible debt instruments typically will be closer to the coupon interest rate. The guidance also revises the derivative scope exception for contracts in an entity’s own equity and improves the consistency of EPS calculations. The guidance is effective for larger public business entities’ annual periods, and interim periods therein, beginning after December 15, 2021 and for smaller reporting entities after December 15, 2023. Early application is permitted for fiscal years beginning after December 15, 2020. The Company is in the process of evaluating the impact of this guidance.
Reclassifications	Reclassifications Certain reclassifications have been made to the 2020 consolidated financial statements, including the consolidated statement of operations and the consolidated statement of cash flows, to conform to the 2021 presentation. These reclassifications had no effect on net income (loss) reported nor the total change in cash flows for each type of cash flow activity on the consolidated statement of cash flows.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Reconciliation of cash, cash equivalents and restricted cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash on the consolidated balance sheets to the total amount shown on the consolidated statements of cash flows (in thousands): March 31, 2021 2020 Cash and cash equivalents $ 70,985 $ 42,752 Restricted cash 42,825 65,351 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 113,810 $ 108,103

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2021
VIE, Primary Beneficiary
Schedule of variable interest entities	The following table shows the classification and carrying values of assets and liabilities of the Company’s Consolidated VIEs at March 31, 2021 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 42,316 $ 482 $ 42,798 Accrued interest receivable 4,985 — 4,985 CRE loans, pledged as collateral (1) 1,085,180 — 1,085,180 Principal paydowns receivable 19,550 — 19,550 Other assets 215 — 215 Total assets (2) $ 1,152,246 $ 482 $ 1,152,728 LIABILITIES Accounts payable and other liabilities $ 114 $ — $ 114 Accrued interest payable 721 — 721 Borrowings 902,069 — 902,069 Total liabilities $ 902,904 $ — $ 902,904 (1) Excludes the allowance for credit losses. (2) Assets of each of the Consolidated VIEs may only be used to settle the obligations of each respective VIE.
VIE, Not Primary Beneficiary
Schedule of variable interest entities	The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs at March 31, 2021 (in thousands): Unsecured Junior Subordinated Debentures Prospect Hackensack Total Maximum Exposure to Loss ASSETS Accrued interest receivable $ 5 $ — $ 5 $ — CRE loans (1)(2) — 21,475 21,475 $ 21,475 Investments in unconsolidated entities 1,548 — 1,548 $ 1,548 Total assets 1,553 21,475 23,028 LIABILITIES Accrued interest payable 181 — 181 N/A Borrowings 51,548 — 51,548 N/A Total liabilities 51,729 — 51,729 N/A Net (liability) asset $ (50,176 ) $ 21,475 $ (28,701 ) N/A (1) The carrying values exclude the allowance for credit losses. (2) Prospect Hackensack paid off in full in April 2021.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of other significant noncash transactions	The following table summarizes the Company’s supplemental disclosure of cash flow information (in thousands): For the Three Months Ended March 31, 2021 2020 Supplemental cash flows: Interest expense paid in cash $ 12,969 $ 20,842 Income taxes paid in cash $ — $ — Non-cash operating activities include the following: Receipt of right of use asset $ (6 ) $ — Execution of operating lease $ 6 $ — Non-cash investing activities include the following: Proceeds from the relinquishment of investment securities available-for-sale $ — $ 245,828 Non-cash financing activities include the following: Repayment of repurchase agreements from the relinquishment of investment securities available-for-sale $ — $ (245,828 ) Distributions on preferred stock accrued but not paid $ 1,725 $ 1,725

LOANS (Tables)

LOANS (Tables)	3 Months Ended
	Mar. 31, 2021
Loans Held For Investment [Abstract]
Summary of loans held for Investments	The following is a summary of the Company’s loans (dollars in thousands, except amounts in footnotes): Description Quantity Principal Unamortized (Discount) Premium, net (1) Amortized Cost Allowance for Credit Losses Carrying Value Contractual Interest Rates (2) Maturity Dates (3)(4) At March 31, 2021: CRE loans held for investment: Whole loans, floating-rate (5)(6) 90 $ 1,462,277 $ (6,081 ) $ 1,456,196 $ (28,316 ) $ 1,427,880 1M LIBOR plus 2.70% to 1M LIBOR plus 9.00% May 2021 to April 2025 Mezzanine loan (5) 1 4,700 — 4,700 (291 ) 4,409 10.00% June 2028 Preferred equity investment (see Note 3) (6)(7)(8) 1 21,331 144 21,475 (62 ) 21,413 11.75% April 2023 Total CRE loans held for investment $ 1,488,308 $ (5,937 ) $ 1,482,371 $ (28,669 ) $ 1,453,702 At December 31, 2020: CRE loans held for investment: Whole loans, floating-rate (5)(6) 95 $ 1,515,722 $ (6,144 ) $ 1,509,578 $ (32,283 ) $ 1,477,295 1M LIBOR plus 2.70% to 1M LIBOR plus 9.00% January 2021 to January 2024 Mezzanine loan (5) 1 4,700 — 4,700 (301 ) 4,399 10.00% June 2028 Preferred equity investments (see Note 3) (6)(7) 2 27,650 64 27,714 (1,726 ) 25,988 11.00% to 11.50% June 2022 to April 2023 Total CRE loans held for investment $ 1,548,072 $ (6,080 ) $ 1,541,992 $ (34,310 ) $ 1,507,682 (1) Amounts include unamortized loan origination fees of $5.6 million and $5.7 million and deferred amendment fees of $464,000 and $495,000 at March 31, 2021 and December 31, 2020, respectively. Additionally, the amounts include unamortized loan acquisition costs of $87,000 and $118,000 at March 31, 2021 and December 31, 2020, respectively. ( 2 ) The Company’s floating-rate CRE loan portfolio of $1.5 billion had a weighted-average one-month LIBOR floor of 1.72% and 1.88% at March 31, 2021 and December 31, 2020, respectively. ( 3 ) Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms that may be available to the borrowers. ( 4 ) Maturity dates exclude three whole loans, with amortized costs of $39.8 million and $39.7 million, in maturity default at March 31, 2021 and December 31, 2020, respectively. ( 5 ) Substantially all loans are pledged as collateral under various borrowings at March 31, 2021 and December 31, 2020. ( 6 ) Floating-rate CRE whole loans had $58.8 million and $67.2 million in unfunded loan commitments at March 31, 2021 and December 31, 2020, respectively. Preferred equity investments had $2.5 million in unfunded commitments at December 31, 2020. There were no preferred equity investment unfunded commitments at March 31, 2021 following the payoff of a prior investment. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreement, and any necessary approvals have been obtained. ( 7 ) The interest rate on the Company’s preferred equity investment pays at 8.00%. The remaining interest is deferred until maturity. ( 8 ) The preferred equity investment paid off in April 2021.
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 2021 2022 2023 and Thereafter Total At March 31, 2021: Whole loans, floating-rate (1) $ 482,038 $ 495,898 $ 438,500 $ 1,416,436 Mezzanine loan — — 4,700 4,700 Preferred equity investment — — 21,475 21,475 Total CRE loans (2) $ 482,038 $ 495,898 $ 464,675 $ 1,442,611 Description 2021 2022 2023 and Thereafter Total At December 31, 2020: Whole loans, floating-rate (1) $ 599,053 $ 540,639 $ 330,143 $ 1,469,835 Mezzanine loan — — 4,700 4,700 Preferred equity investments — 6,452 21,262 27,714 Total CRE loans (2) $ 599,053 $ 547,091 $ 356,105 $ 1,502,249 (1) Excludes three whole loans, with amortized costs of $39.8 million and $39.7 million, in default at March 31, 2021 and December 31, 2020, respectively. ( 2 ) At March 31, 2021, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $100.5 million, $125.2 million and $1.2 billion in 2021, 2022 and 2023 and thereafter, respectively. At December 31, 2020, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $112.4 million, $125.1 million and $1.3 billion in 2021, 2022 and 2023 and thereafter, respectively.

FINANCING RECEIVABLES (Tables)

FINANCING RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Activity in Allowance for Credit Losses	The following table shows the activity in the allowance for credit losses for the three months ended March 31, 2021 and year ended December 31, 2020 (in thousands, except amount in the footnote): Three Months Ended March 31, 2021 Year Ended December 31, 2020 CRE Loans CRE Loans Allowance for credit losses: Allowance for credit losses at beginning of period $ 34,310 $ 1,460 Adoption of the new accounting guidance — 3,032 (Reversal of) provision for credit losses (5,641 ) 30,815 Realized loss on sale of loan (1) — (997 ) Allowance for credit losses at end of period $ 28,669 $ 34,310 (1) The allowance for credit losses included a realized loss of $997,000 that was charged to the allowance related to one CRE loan sale that occurred during the year ended December 31, 2020. There was no such charge off during the three months ended March 31, 2021
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 amount in the footnote): Rating 1 Rating 2 Rating 3 Rating 4 Rating 5 Total (1) At March 31, 2021: Whole loans, floating-rate $ — $ 657,191 $ 510,531 $ 252,329 $ 36,145 $ 1,456,196 Mezzanine loan — — 4,700 — — 4,700 Preferred equity investment — — — 21,475 — 21,475 Total $ — $ 657,191 $ 515,231 $ 273,804 $ 36,145 $ 1,482,371 At December 31, 2020: Whole loans, floating-rate $ — $ 611,838 $ 599,208 $ 262,398 $ 36,134 $ 1,509,578 Mezzanine loan — — 4,700 — — 4,700 Preferred equity investments — — 6,452 21,262 — 27,714 Total $ — $ 611,838 $ 610,360 $ 283,660 $ 36,134 $ 1,541,992 (1) The total amortized cost of CRE loans excluded accrued interest receivable of $7.3 million at March 31, 2021 and December 31, 2020. Credit risk profiles of CRE loans by origination year at amortized cost were as follows (in thousands, except amount in the footnote): 2021 2020 2019 2018 2017 Prior Total (1) At March 31, 2021: Whole loans, floating-rate: (2) Rating 2 $ 125,884 $ 203,325 $ 244,002 $ 83,980 $ — $ — $ 657,191 Rating 3 — 43,851 194,778 209,294 45,116 17,492 510,531 Rating 4 — — 77,937 119,007 46,220 9,165 252,329 Rating 5 — — 13,949 — 19,900 2,296 36,145 Total whole loans, floating-rate 125,884 247,176 530,666 412,281 111,236 28,953 1,456,196 Mezzanine loan (rating 3) — — — 4,700 — — 4,700 Preferred equity investment (rating 4) (3) — — — 21,475 — — 21,475 Total $ 125,884 $ 247,176 $ 530,666 $ 438,456 $ 111,236 $ 28,953 $ 1,482,371 2020 2019 2018 2017 2016 Prior Total (1) At December 31, 2020: Whole loans, floating-rate: (2) Rating 2 $ 221,364 $ 279,077 $ 111,397 $ — $ — $ — $ 611,838 Rating 3 43,579 246,073 246,944 45,142 — 17,470 599,208 Rating 4 — 77,495 129,536 46,220 — 9,147 262,398 Rating 5 — 13,938 — 19,900 — 2,296 36,134 Total whole loans, floating-rate 264,943 616,583 487,877 111,262 — 28,913 1,509,578 Mezzanine loan (rating 3) — — 4,700 — — — 4,700 Preferred equity investments Rating 3 — 6,452 — — — — 6,452 Rating 4 — — 21,262 — — — 21,262 Total preferred equity investments — 6,452 21,262 — — — 27,714 Total $ 264,943 $ 623,035 $ 513,839 $ 111,262 $ — $ 28,913 $ 1,541,992 (1) The total amortized cost of CRE loans excluded accrued interest receivable of $7.3 million at March 31, 2021 and December 31, 2020 (2) Acquired CRE whole loans are grouped within each loan’s year of issuance. (3) Preferred equity investment paid off in full in April 2021.
Loan portfolios aging analysis	The following table presents the CRE loan portfolio aging analysis as of the dates indicated for CRE loans at amortized cost (in thousands, except amounts in footnotes): 30-59 Days 60-89 Days Greater than 90 Days (1) Total Past Due Current (2) Total Loans Receivable (3) Total Loans > 90 Days and Accruing (1) At March 31, 2021: Whole loans, floating-rate $ — $ — $ 39,761 $ 39,761 $ 1,416,435 $ 1,456,196 $ 39,761 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investment (4) — — — — 21,475 21,475 — Total $ — $ — $ 39,761 $ 39,761 $ 1,442,610 $ 1,482,371 $ 39,761 At December 31, 2020: Whole loans, floating-rate $ — $ — $ 11,443 $ 11,443 $ 1,498,135 $ 1,509,578 $ 11,443 Mezzanine loan — — — — 4,700 4,700 — Preferred equity investments — — — — 27,714 27,714 — Total $ — $ — $ 11,443 $ 11,443 $ 1,530,549 $ 1,541,992 $ 11,443 (1) During the three months ended March 31, 2021 and 2020, the Company recognized interest income of $653,000 and $636,000, respectively, on the three loans with principal payments past due greater than 90 days at March 31, 2021. (2) Includes two whole loans, with amortized costs of $28.3 million, in maturity default at December 31, 2020. (3) The total amortized cost of CRE loans excluded accrued interest receivable of $7.3 million at March 31, 2021 and December 31, 2020. (4) Preferred equity investment paid off in full in April 2021.

INVESTMENT IN REAL ESTATE AND_2

INVESTMENT IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2021
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Abstract]
Schedule of Investments in Real Estate and Related Intangible Assets	The following table summarizes the book value of the Company’s investments in real estate and related intangible assets (in thousands, except amounts in the footnotes): March 31, 2021 December 31, 2020 Cost Accumulated Depreciation & Amortization Book Value Cost Accumulated Depreciation & Amortization Book Value Assets acquired: Investment in real estate (1) $ 33,972 $ (559 ) $ 33,413 $ 33,929 $ (123 ) $ 33,806 Right of use assets (2)(3) 5,603 (32 ) 5,571 5,603 (11 ) 5,592 Intangible assets (4) 3,337 (127 ) 3,210 3,336 (42 ) 3,294 Total 42,912 (718 ) 42,194 42,868 (176 ) 42,692 Liabilities assumed: Lease liabilities (3) (3,113 ) 17 (3,096 ) (3,113 ) 6 (3,107 ) Total (3,113 ) 17 (3,096 ) (3,113 ) 6 (3,107 ) $ 39,799 $ 39,098 $ 39,755 $ 39,585 (1) Includes approximately $48,000 and $5,000 of furniture and fixtures purchased for the property, subsequent to the date of acquisition, at March 31, 2021 and December 31, 2020, (2) Right of use assets include a right of use asset associated with an acquired ground lease of $3.1 and December 31, 2020. (3) Right of use assets and lease liabilities exclude a right of use asset of $5,000 and a lease liability of $5,000 on a leased copier in the Company’s Philadelphia, PA office, which is accounted for as an operating lease, at March 31, 2021. (4) Intangible assets include a franchise agreement intangible of $2.8 million and a customer list intangible asset of $435,000 and $477,000 at March 31, 2021 and December 31, 2020, respectively.

INVESTMENT SECURITIES AVAILAB_2

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Tables)	3 Months Ended
	Mar. 31, 2021
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 amount in the footnote): Amortized Cost (1) Unrealized Gains Unrealized Losses Fair Value At December 31, 2020: CMBS, fixed-rate $ 2,080 $ — $ — $ 2,080 (1) The amortized cost of CMBS excluded accrued interest receivable of $56,000 at December 31, 2020.

BORROWINGS (Tables)

BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2021
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 the footnote): Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At March 31, 2021: XAN 2019-RSO7 Senior Notes $ 344,329 $ 2,324 $ 342,005 1.65 % 15.1 years $ 445,687 XAN 2020-RSO8 Senior Notes 347,181 3,701 343,480 1.61 % 13.9 years 434,069 XAN 2020-RSO9 Senior Notes 219,775 3,191 216,584 3.31 % 16.1 years 270,907 Unsecured junior subordinated debentures 51,548 — 51,548 4.15 % 15.4 years — 4.50% Convertible Senior Notes 143,750 5,561 138,189 4.50 % 1.4 years — Senior Unsecured Notes due 2027 50,000 3,490 46,510 12.00 % 6.3 years — Senior secured financing facility 44,869 3,895 40,974 5.75 % 6.3 years 205,883 CRE - term warehouse financing facilities (1) 129,119 760 128,359 2.33 % 207 days 182,612 Total $ 1,330,571 $ 22,922 $ 1,307,649 2.91 % 11.4 years $ 1,539,158 Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At December 31, 2020: XAN 2019-RSO7 Senior Notes $ 415,621 $ 2,861 $ 412,760 1.60 % 15.3 years $ 516,979 XAN 2020-RSO8 Senior Notes 388,459 4,164 384,295 1.62 % 14.2 years 475,347 XAN 2020-RSO9 Senior Notes 234,731 3,857 230,874 3.31 % 16.3 years 285,862 Unsecured junior subordinated debentures 51,548 — 51,548 4.18 % 15.7 years — 4.50% Convertible Senior Notes 143,750 6,498 137,252 4.50 % 1.6 years — Senior Unsecured Notes due 2027 50,000 3,574 46,426 12.00 % 6.6 years — Senior secured financing facility 33,360 4,046 29,314 5.75 % 6.6 years 239,385 CRE - term warehouse financing facility (1) 13,516 1,258 12,258 2.66 % 299 days 20,000 Total $ 1,330,985 $ 26,258 $ 1,304,727 2.83 % 13.0 years $ 1,537,573 (1) Principal outstanding includes accrued interest payable of $176,000 and $16,000 at March 31, 2021 and December 31, 2020, respectively.
Schedule of securitizations	The following table sets forth certain information with respect to the Company’s consolidated securitizations at March 31, 2021 (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 March 31, 2021 XAN 2019-RSO7 April 2019 April 2036 April 2022 $ 241,481 XAN 2020-RSO8 March 2020 March 2035 March 2023 $ 88,562 XAN 2020-RSO9 (2) September 2020 April 2037 N/A $ 26,019 (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 $17.7 million at March 31, 2021 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 March 31, 2021 (dollars in thousands, except the conversion price 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 % 27.7222 $ 36.06 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 months ended March 31, 2021 and 2020 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 March 31, 2021 are adjusted to reflect quarterly cash distributions in excess of a $0.30 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 (dollars in thousands, except amounts in footnotes): March 31, 2021 December 31, 2020 Outstanding Borrowings Value of Collateral Number of Positions as Collateral Weighted Average Interest Rate Outstanding Borrowings Value of Collateral Number of Positions as Collateral Weighted Average Interest Rate Senior Secured Financing Facility Massachusetts Mutual Life Insurance Company (1) $ 40,974 $ 205,883 13 5.75 % $ 29,314 $ 239,385 15 5.75 % CRE - Term Warehouse Financing Facilities Wells Fargo Bank, N.A. (2)(3) 12,957 18,860 2 2.11 % — — — — % Barclays Bank PLC (2)(4) 33,637 42,047 1 1.86 % — — — — % JPMorgan Chase Bank, N.A. (2)(5) 81,765 121,705 6 2.56 % 12,258 20,000 1 2.66 % Total $ 169,333 $ 388,495 $ 41,572 $ 259,385 (1) Includes $3.9 million and $4.0 million of deferred debt issuance costs at March 31, 2021 and December 31, 2020, respectively. (2) Outstanding borrowings include accrued interest payable. ( 3 ) Includes $339,000 and $504,000 of deferred debt issuance costs at March 31, 2021 and December 31, 2020, respectively. ( 4 ) Includes $16,000 and $174,000 of deferred debt issuance costs at March 31, 2021 and December 31, 2020, respectively. ( 5 ) Includes $405,000 and $580,000 of deferred debt issuance costs at March 31, 2021 and December 31, 2020, respectively.
Schedule of amount at risk under credit facility	The following table shows information about the amount at risk under the warehouse financing facilities (dollars in thousands): Amount at Risk (1) Weighted Average Remaining Maturity Weighted Average Interest Rate At March 31, 2021: CRE - Term Warehouse Financing Facilities Wells Fargo Bank, N.A. $ 5,623 185 days 2.11 % Barclays Bank PLC $ 8,394 212 days 1.86 % JPMorgan Chase Bank, N.A. $ 39,980 209 days 2.56 % (1) Equal to the total of the estimated fair value of loans sold and accrued interest receivable, minus the total of the warehouse financing agreement liabilities and accrued interest payable.
Schedule of contractual obligations and commitments	Contractual maturity dates of the Company’s borrowings’ principal outstanding by category and year are presented in the table below (in thousands): Total 2021 2022 2023 2024 2025 and Thereafter At March 31, 2021: CRE securitizations $ 911,285 $ — $ — $ — $ — $ 911,285 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 44,869 — — — — 44,869 Term warehouse financing facilities (1) 129,119 129,119 — — — — Total $ 1,330,571 $ 129,119 $ 143,750 $ — $ — $ 1,057,702 (1) Includes accrued interest payable in the balances of principal outstanding.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2021
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 Unvested shares at January 1, 2021 11,610 Issued — Vested — Forfeited — Unvested shares at March 31, 2021 11,610
Summary of stock option transactions	The following table summarizes the status of the Company’s vested stock options at March 31, 2021: 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, 2021 3,333 $ 76.80 Vested — — Exercised — — Forfeited — — Expired — — Vested at March 31, 2021 3,333 $ 76.80 0.13 $ —
Summary of share based compensation expense	The components of equity compensation expense for the periods presented are as follows (in thousands): For the Three Months Ended March 31, 2021 2020 Restricted shares granted to non-employees (1) $ — $ 435 Restricted shares granted to non-employee directors 19 63 Total $ 19 $ 498 (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.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Reconciliation of basic and diluted earnings (losses) 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 March 31, 2021 2020 Net income (loss) $ 13,056 $ (196,521 ) Net income allocated to preferred shares (2,588 ) (2,588 ) Net income (loss) allocable to common shares $ 10,468 $ (199,109 ) Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 9,729,463 10,542,068 Weighted average number of warrants outstanding (1) 466,661 — Total weighted average number of common shares outstanding - basic 10,196,124 10,542,068 Effect of dilutive securities - unvested restricted stock 9,245 — Weighted average number of common shares outstanding - diluted 10,205,369 10,542,068 Net income (loss) per common share - basic $ 1.03 $ (18.89 ) Net income (loss) per common share - diluted $ 1.03 $ (18.89 ) (1) See Note 11 for further details regarding the warrants.

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	3 Months Ended
	Mar. 31, 2021
Distributions [Abstract]
Distributions Declared	The following tables present distributions declared (on a per share basis) for the three months ended March 31, 2021 and the year ended December 31, 2020: Series C Preferred Stock Date Paid Total Distributions Paid Distributions Per Share (in thousands) 2021 March 31 April 30 $ 2,588 $ 0.5390625 2020 December 31 February 1, 2021 $ 2,587 $ 0.5390625 March 31, June 30 and September 30 October 30 $ 7,763 $ 1.6171875

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of accumulated other comprehensive loss	The following table presents the changes in net unrealized loss on derivatives, the sole component of accumulated other comprehensive loss, for the three months ended March 31, 2021 (in thousands): Accumulated Other Comprehensive Loss - Net Unrealized Loss on Derivatives Balance at January 1, 2021 $ (9,978 ) Amounts reclassified from accumulated other comprehensive loss (1) 456 Balance at March 31, 2021 $ (9,522 ) (1) Amounts reclassified from accumulated other comprehensive loss are reclassified to interest expense on the Company’s consolidated statements of operations.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair value of financial instruments measured on recurring basis	The following table presents the Company’s financial instruments carried at fair value on a recurring basis based upon the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Total At December 31, 2020: Assets: Investment securities available-for-sale $ — $ — $ 2,080 $ 2,080
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, 2021 $ 2,080 Included in earnings 878 Sales (2,958 ) Balance, March 31, 2021 $ —
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 March 31, 2021: Assets: CRE whole loans $ 1,427,880 $ 1,460,377 $ — $ — $ 1,460,377 CRE mezzanine loan $ 4,409 $ 4,700 $ — $ — $ 4,700 CRE preferred equity investment $ 21,413 $ 21,331 $ — $ — $ 21,331 Loan receivable - related party $ 11,825 $ 10,008 $ — $ — $ 10,008 Liabilities: Senior notes in CRE securitizations $ 902,069 $ 911,898 $ — $ — $ 911,898 Junior subordinated notes $ 51,548 $ 36,975 $ — $ — $ 36,975 Convertible notes $ 138,189 $ 137,483 $ — $ — $ 137,483 Senior Unsecured Notes due 2027 $ 46,510 $ 55,147 $ — $ — $ 55,147 Senior secured financing facility $ 40,974 $ 44,869 $ — $ — $ 44,869 Warehouse financing facilities $ 128,359 $ 129,119 $ — $ — $ 129,119 At December 31, 2020: Assets: CRE whole loans $ 1,477,295 $ 1,513,822 $ — $ — $ 1,513,822 CRE mezzanine loan $ 4,399 $ 4,700 $ — $ — $ 4,700 CRE preferred equity investments $ 25,988 $ 27,650 $ — $ — $ 27,650 CRE whole loans, fixed-rate (1) $ 4,809 $ 4,809 $ — $ — $ 4,809 Loan receivable - related party $ 11,875 $ 10,184 $ — $ — $ 10,184 Liabilities: Senior notes in CRE securitizations $ 1,027,929 $ 1,030,854 $ — $ — $ 1,030,854 Junior subordinated notes $ 51,548 $ 31,955 $ — $ — $ 31,955 Convertible notes $ 137,252 $ 132,437 $ — $ — $ 132,437 Senior Unsecured Notes due 2027 $ 46,426 $ 58,910 $ — $ — $ 58,910 Senior secured financing facility $ 29,314 $ 33,360 $ — $ — $ 33,360 Warehouse financing facility $ 12,258 $ 13,516 $ — $ — $ 13,516 (1) Classified as other assets on the consolidated balance sheet.

MARKET RISK AND DERIVATIVE IN_2

MARKET RISK AND DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
The effect of derivative instruments on the statement of income	The following tables present the effect of the derivative instruments on the consolidated statements of operations for the three months ended March 31, 2021 and 2020 (in thousands): Derivatives Three Months Ended March 31, 2021 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ (456 ) Derivatives Three Months Ended March 31, 2020 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts Other income (expense) $ (48 ) Interest rate swap contracts, hedging Interest expense $ (196 )

OFFSETTING OF FINANCIAL LIABI_2

OFFSETTING OF FINANCIAL LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2021
Offsetting [Abstract]
Offsetting financial liabilities	The following table presents a summary of the Company’s offsetting of financial liabilities (in thousands, except amounts in footnotes): (iv) Gross Amounts Not Offset on the Consolidated Balance Sheets (i) Gross Amounts of Recognized Liabilities (ii) Gross Amounts Offset on the Consolidated Balance Sheets (iii) = (i) - (ii) Net Amounts of Liabilities Included on the Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Pledged (v) = (iii) - (iv) Net Amount At March 31, 2021: Warehouse financing facilities (2) $ 128,359 $ — $ 128,359 $ 128,359 $ — $ — At December 31, 2020: Warehouse financing facilities (2) $ 12,258 $ — $ 12,258 $ 12,258 $ — $ — (1) Amounts represent financial instruments pledged that are available to be offset against liability balances associated with term warehouse financing facilities and repurchase agreements. ( 2 ) The combined fair values of loans pledged against the Company’s various term warehouse financing facilities was $182.6 million and $20.0 million at March 31, 2021 and December 31, 2020, respectively.

ORGANIZATION (Details)

ORGANIZATION (Details)	Feb. 16, 2021$ / sharesshares	Mar. 31, 2021$ / shares	Dec. 31, 2020$ / shares
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Reverse stock split of common stock	0.333
Number of fractional shares issued | shares	0
Common stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001	$ 0.001

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash balance in excess of federal deposit Insurance limit, amount	$ 69.6	$ 27.3
Operating loss carryforwards, valuation allowance	62.9
Operating loss carryforwards, valuation allowance, tax expense impact	$ 21.2

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 70,985	$ 29,355	$ 42,752
Restricted cash	42,825	38,386	65,351
Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows	$ 113,810	$ 67,741	$ 108,103	$ 94,434

VARIABLE INTEREST ENTITIES (Con

VARIABLE INTEREST ENTITIES (Consolidated VIEs) (the Company is the primary beneficiary) (Details) - VIE, Primary Beneficiary	3 Months Ended
	Mar. 31, 2021USD ($)entity	Mar. 31, 2020USD ($)	Dec. 31, 2020entity
Variable Interest Entity [Line Items]
Number of consolidated VIEs | entity	6		6
Financial support, amount | $	$ 0	$ 0

VARIABLE INTEREST ENTITIES (Sch

VARIABLE INTEREST ENTITIES (Schedule of Carrying Value of Assets and Liabilities of Consolidated VIEs) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
ASSETS:
Restricted cash	$ 42,825	$ 38,386	$ 65,351
Accrued interest receivable	7,368	7,372
Principal paydowns receivable	19,600	4,300
Other assets	6,356	8,783
Total assets	1,656,419	1,654,084
LIABILITIES
Accounts payable and other liabilities	3,317	2,068
Accrued interest payable	2,840	6,036
Borrowings	1,307,649	1,304,727
Total liabilities	1,320,613	1,319,702
VIE, Primary Beneficiary
ASSETS:
Restricted cash	42,798	38,353
Accrued interest receivable	4,985	5,398
CRE loans, pledged as collateral	1,085,180	1,231,184
Principal paydowns receivable	19,550
Other assets	215	114
Total assets	1,152,728	1,279,299
LIABILITIES
Accounts payable and other liabilities	114	136
Accrued interest payable	721	806
Borrowings	902,069	1,027,929
Total liabilities	902,904	$ 1,028,871
CRE Securitizations | VIE, Primary Beneficiary
ASSETS:
Restricted cash	42,316
Accrued interest receivable	4,985
CRE loans, pledged as collateral	1,085,180
Principal paydowns receivable	19,550
Other assets	215
Total assets	1,152,246
LIABILITIES
Accounts payable and other liabilities	114
Accrued interest payable	721
Borrowings	902,069
Total liabilities	902,904
Other | VIE, Primary Beneficiary
ASSETS:
Restricted cash	482
Accrued interest receivable	0
CRE loans, pledged as collateral	0
Other assets	0
Total assets	482
LIABILITIES
Accounts payable and other liabilities	0
Accrued interest payable	0
Borrowings	0
Total liabilities	$ 0

VARIABLE INTEREST ENTITIES (Unc

VARIABLE INTEREST ENTITIES (Unconsolidated VIEs) (the Company is not the primary beneficiary, but has a variable interest) (Details) - USD ($)	1 Months Ended		3 Months Ended
	Mar. 31, 2021	Mar. 31, 2018	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 1,548,000		$ 1,548,000		$ 1,548,000
Borrowings	1,307,649,000		1,307,649,000		1,304,727,000
Proceeds from sale of investments			2,958,000	$ 37,764,000
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying amount of private-label securitization	(28,701,000)		$ (28,701,000)
VIE, Not Primary Beneficiary | Investment in RCT I and II
Variable Interest Entity [Line Items]
Ownership percentage in VIE			100.00%
Investments in unconsolidated entities	1,500,000		$ 1,500,000
VIE, Not Primary Beneficiary | Interest in RCT I
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 774,000		$ 774,000
Percentage of value of trusts owned	3.00%		3.00%
Borrowings	$ 25,800,000		$ 25,800,000
VIE, Not Primary Beneficiary | Interest in RCT II
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 774,000		$ 774,000
Percentage of value of trusts owned	3.00%		3.00%
Borrowings	$ 25,800,000		$ 25,800,000
VIE, Not Primary Beneficiary | C40
Variable Interest Entity [Line Items]
Carrying amount of private-label securitization					$ 705,400,000
Proceeds from sale of investments	3,000,000
VIE, Not Primary Beneficiary | Prospect Hackensack
Variable Interest Entity [Line Items]
Carrying amount of private-label securitization	21,475,000		$ 21,475,000
Payments to acquire interest in joint venture		$ 19,200,000
VIE, Not Primary Beneficiary | Santa Clarita
Variable Interest Entity [Line Items]
Proceeds from sale of investments	$ 6,700,000

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	Mar. 31, 2021	Dec. 31, 2020
ASSETS:
Total assets	$ 1,656,419	$ 1,654,084
LIABILITIES
Total liabilities	1,320,613	$ 1,319,702
VIE, Not Primary Beneficiary
ASSETS:
Accrued interest receivable	5
CRE loans	21,475
Investments in unconsolidated entities	1,548
Total assets	23,028
LIABILITIES
Accrued interest payable	181
Borrowings	51,548
Total liabilities	51,729
Net (liability) asset	(28,701)
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	21,475
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	5
CRE loans	0
Investments in unconsolidated entities	1,548
Total assets	1,553
LIABILITIES
Accrued interest payable	181
Borrowings	51,548
Total liabilities	51,729
Net (liability) asset	(50,176)
Prospect Hackensack | VIE, Not Primary Beneficiary
ASSETS:
Accrued interest receivable	0
CRE loans	21,475
Investments in unconsolidated entities	0
Total assets	21,475
LIABILITIES
Accrued interest payable	0
Borrowings	0
Total liabilities	0
Net (liability) asset	$ 21,475

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental cash flows:
Interest expense paid in cash	$ 12,969	$ 20,842
Non-cash operating activities include the following:
Receipt of right of use asset	(6)
Execution of operating lease	6
Non-cash investing activities include the following:
Proceeds from the relinquishment of investment securities available-for-sale		245,828
Non-cash financing activities include the following:
Repayment of repurchase agreements from the relinquishment of investment securities available-for-sale		(245,828)
Preferred Stock
Non-cash financing activities include the following:
Distributions accrued but not paid	$ 1,725	$ 1,725

LOANS (Summary of Loans) (Detai

LOANS (Summary of Loans) (Details)	Mar. 31, 2021USD ($)Loan	Dec. 31, 2020USD ($)Loan	Dec. 31, 2019USD ($)
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 1,482,371,000	$ 1,541,992,000
Allowance for Credit Losses	(28,669,000)	(34,310,000)
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	1,488,308,000	1,548,072,000
Unamortized (Discount) Premium, net	(5,937,000)	(6,080,000)
Amortized Cost, Loans held for investment	1,482,371,000	1,541,992,000
Allowance for Credit Losses	(28,669,000)	(34,310,000)	$ (1,460,000)
Carrying Value, Loans held for investment	1,453,702,000	1,507,682,000
Loan origination fees	5,600,000	5,700,000
Deferred amendment fees	464,000	495,000
Unamortized loan acquisition costs	$ 87,000	$ 118,000
Commercial Real Estate Loans | London Interbank Offered Rate (LIBOR)
Receivables With Imputed Interest [Line Items]
Loan receivable, floor interest rate	1.72%	1.88%
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	(291,000)	(301,000)
Carrying Value, Loans held for investment	$ 4,409,000	$ 4,399,000
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	$ 21,331,000	$ 27,650,000
Unamortized (Discount) Premium, net	144,000	64,000
Amortized Cost, Loans held for investment	21,475,000	27,714,000
Allowance for Credit Losses	(62,000)	(1,726,000)
Carrying Value, Loans held for investment	$ 21,413,000	$ 25,988,000
Quantity | Loan	1	2
Contractual Interest Rates	11.75%
Loans held for investment, unfunded loan commitments	$ 0	$ 2,500,000
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%
Commercial Real Estate Loans | Preferred equity investment | Maximum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates		11.50%
Commercial Real Estate Loans | Whole Loans in Default
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 39,800,000	$ 39,700,000
Quantity | Loan	3	3
Commercial Real Estate Loans | Floating-rate CRE whole loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 1,462,277,000	$ 1,515,722,000
Unamortized (Discount) Premium, net	(6,081,000)	(6,144,000)
Amortized Cost, Loans held for investment	1,456,196,000	1,509,578,000
Allowance for Credit Losses	(28,316,000)	(32,283,000)
Carrying Value, Loans held for investment	$ 1,427,880,000	$ 1,477,295,000
Quantity | Loan	90	95
Loans held for investment, unfunded loan commitments	$ 58,800,000	$ 67,200,000
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	9.00%	9.00%

LOANS (Commercial Real Estate L

LOANS (Commercial Real Estate Loans, at Amortized Cost) (Details) $ in Thousands	Mar. 31, 2021USD ($)Loan	Dec. 31, 2020USD ($)Loan
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 1,482,371	$ 1,541,992
Commercial Real Estate Loans | Whole Loans in Default
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 39,800	$ 39,700
Number of loans | Loan	3	3
Commercial Real Estate Debt Investments
Receivables With Imputed Interest [Line Items]
2021	$ 482,038	$ 599,053
2022	495,898	547,091
2023 and Thereafter	464,675	356,105
Amortized Cost, Loans held for investment	1,442,611	1,502,249
Commercial Real Estate Debt Investments | Mezzanine loan
Receivables With Imputed Interest [Line Items]
2023 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		6,452
2023 and Thereafter	21,475	21,262
Amortized Cost, Loans held for investment	21,475	27,714
Commercial Real Estate Debt Investments | Floating-rate CRE whole loans
Receivables With Imputed Interest [Line Items]
2021	482,038	599,053
2022	495,898	540,639
2023 and Thereafter	438,500	330,143
Amortized Cost, Loans held for investment	1,416,436	1,469,835
Commercial Real Estate Debt Investments | Floating-rate CRE whole loans | Whole Loan in Extension Option
Receivables With Imputed Interest [Line Items]
2021	100,500	112,400
2022	125,200	125,100
2023 and Thereafter	$ 1,200,000	$ 1,300,000

LOANS (Details)

LOANS (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Principal paydowns receivable	$ 19.6	$ 4.3
Commercial Real Estate Loans | Southwest Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	16.80%	17.90%
Commercial Real Estate Loans | Mountain Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	18.40%	21.40%
Commercial Real Estate Loans | Southeast Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	18.20%	16.10%

FINANCING RECEIVABLES (Activity

FINANCING RECEIVABLES (Activity in Allowance for Credit Losses) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Allowance for credit losses:
Allowance for credit losses at beginning of period	$ 34,310,000
(Reversal of) provision for credit losses	(5,641,000)	$ 16,149,000
Allowance for credit losses at end of period	28,669,000		$ 34,310,000
Commercial Real Estate Loans
Allowance for credit losses:
Allowance for credit losses at beginning of period	34,310,000	1,460,000	1,460,000
(Reversal of) provision for credit losses	(5,641,000)	$ 16,100,000	30,815,000
Realized loss on sale of loan	0		(997,000)
Allowance for credit losses at end of period	$ 28,669,000		34,310,000
Commercial Real Estate Loans | ASU 2016-13 (CECL Guidance)
Allowance for credit losses:
Adoption of the new accounting guidance			$ 3,032,000

FINANCING RECEIVABLES (Activi_2

FINANCING RECEIVABLES (Activity in Allowance for Credit Losses) (Parenthetical) (Details) - Commercial Real Estate Loans - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Realized loss related to allowance for credit loss		$ 997,000
Charge off of realized loss on sale of loan	$ 0	$ 997,000

FINANCING RECEIVABLES (Details)

FINANCING RECEIVABLES (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)LoanContractBorrower	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)Loan
Accounts Notes And Loans Receivable [Line Items]
Provision (Reversal) for credit losses	$ (5,641,000)	$ 16,149,000
Loans and receivables	1,453,702,000		$ 1,507,682,000
Troubled-debt restructurings	$ 0	0
Number of borrowers | Borrower	17
Extension Agreements
Accounts Notes And Loans Receivable [Line Items]
No of extension agreements | Contract	4
Weighted average extension period of contracts	11 months
Principal Forgiveness
Accounts Notes And Loans Receivable [Line Items]
Number of borrowers | Borrower	2
Number of borrowers, default | Borrower	1
Office Loan
Accounts Notes And Loans Receivable [Line Items]
Current expected credit losses (CECL) allowance	$ 1,900,000		1,900,000
Hotel Loan
Accounts Notes And Loans Receivable [Line Items]
Current expected credit losses (CECL) allowance	0
Northeast Region | Office Loan
Accounts Notes And Loans Receivable [Line Items]
Principal balance individually evaluated	19,900,000
Northeast Region | Hotel Loan
Accounts Notes And Loans Receivable [Line Items]
Principal balance individually evaluated	14,000,000
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Provision (Reversal) for credit losses	$ (5,641,000)	$ 16,100,000	$ 30,815,000
Number of defaulted loans | Loan	3		3
Number of defaulted loans interest paid on one month lag | Loan	1
Recorded investment	$ 39,800,000		$ 39,700,000
Loans and receivables	1,482,371,000		1,541,992,000
Commercial Real Estate Loans | Preferred Equity Investment
Accounts Notes And Loans Receivable [Line Items]
Loans and receivables	21,475,000		$ 27,714,000
Commercial Real Estate Loans | Pacific Region | Preferred Equity Investment
Accounts Notes And Loans Receivable [Line Items]
Loans and receivables	$ 6,700,000

FINANCING RECEIVABLES (Credit R

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule Of Financing Receivables [Line Items]
Loans and receivables	$ 1,453,702	$ 1,507,682
Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,482,371	1,541,992
Commercial Real Estate Loans | Whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,456,196	1,509,578
Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	4,700	4,700
Commercial Real Estate Loans | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	21,475	27,714
Rating 1 | Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 1 | Commercial Real Estate Loans | Whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 1 | Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 1 | Commercial Real Estate Loans | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 2 | Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	657,191	611,838
Rating 2 | Commercial Real Estate Loans | Whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	657,191	611,838
Rating 2 | Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 2 | Commercial Real Estate Loans | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 3 | Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	515,231	610,360
Rating 3 | Commercial Real Estate Loans | Whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	510,531	599,208
Rating 3 | Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	4,700	4,700
Rating 3 | Commercial Real Estate Loans | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	6,452
Rating 4 | Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	273,804	283,660
Rating 4 | Commercial Real Estate Loans | Whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	252,329	262,398
Rating 4 | Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 4 | Commercial Real Estate Loans | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	21,475	21,262
Rating 5 | Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	36,145	36,134
Rating 5 | Commercial Real Estate Loans | Whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans and receivables	36,145	36,134
Rating 5 | Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Rating 5 | Commercial Real Estate Loans | Preferred equity investment
Schedule Of Financing Receivables [Line Items]
Loans and receivables	$ 0	$ 0

FINANCING RECEIVABLES (Credit_2

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Recorded investment excluded accrued interest receivable	$ 7.3	$ 7.3

FINANCING RECEIVABLES (Credit_3

FINANCING RECEIVABLES (Credit Risk Profiles of CRE Loans by Origination Year at Amortized Costs) (Details) - Commercial Real Estate Loans - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2021	$ 125,884	$ 264,943
Loans and receivables by origination year, 2020	247,176	623,035
Loans and receivables by origination year, 2019	530,666	513,839
Loans and receivables by origination year, 2018	438,456	111,262
Loans and receivables by origination year, 2017	111,236	0
Loans and receivables by origination year, Prior	28,953	28,913
Loans and receivables by origination year, Total	1,482,371	1,541,992
Whole loans floating-rate
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2021	125,884	264,943
Loans and receivables by origination year, 2020	247,176	616,583
Loans and receivables by origination year, 2019	530,666	487,877
Loans and receivables by origination year, 2018	412,281	111,262
Loans and receivables by origination year, 2017	111,236	0
Loans and receivables by origination year, Prior	28,953	28,913
Loans and receivables by origination year, Total	1,456,196	1,509,578
Whole loans floating-rate | Rating 2
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2021	125,884	221,364
Loans and receivables by origination year, 2020	203,325	279,077
Loans and receivables by origination year, 2019	244,002	111,397
Loans and receivables by origination year, 2018	83,980	0
Loans and receivables by origination year, 2017	0	0
Loans and receivables by origination year, Prior	0	0
Loans and receivables by origination year, Total	657,191	611,838
Whole loans floating-rate | Rating 3
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2021	0	43,579
Loans and receivables by origination year, 2020	43,851	246,073
Loans and receivables by origination year, 2019	194,778	246,944
Loans and receivables by origination year, 2018	209,294	45,142
Loans and receivables by origination year, 2017	45,116	0
Loans and receivables by origination year, Prior	17,492	17,470
Loans and receivables by origination year, Total	510,531	599,208
Whole loans floating-rate | Rating 4
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2021	0	0
Loans and receivables by origination year, 2020	0	77,495
Loans and receivables by origination year, 2019	77,937	129,536
Loans and receivables by origination year, 2018	119,007	46,220
Loans and receivables by origination year, 2017	46,220	0
Loans and receivables by origination year, Prior	9,165	9,147
Loans and receivables by origination year, Total	252,329	262,398
Whole loans floating-rate | Rating 5
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2021	0	0
Loans and receivables by origination year, 2020	0	13,938
Loans and receivables by origination year, 2019	13,949	0
Loans and receivables by origination year, 2018	0	19,900
Loans and receivables by origination year, 2017	19,900	0
Loans and receivables by origination year, Prior	2,296	2,296
Loans and receivables by origination year, Total	36,145	36,134
Mezzanine loan | Rating 3
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2021	0	0
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, 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, 2021		0
Loans and receivables by origination year, 2020		6,452
Loans and receivables by origination year, 2019		21,262
Loans and receivables by origination year, 2018		0
Loans and receivables by origination year, 2017		0
Loans and receivables by origination year, Prior		0
Loans and receivables by origination year, Total		27,714
Preferred equity investment | Rating 3
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2021		0
Loans and receivables by origination year, 2020		6,452
Loans and receivables by origination year, 2019		0
Loans and receivables by origination year, 2018		0
Loans and receivables by origination year, 2017		0
Loans and receivables by origination year, Prior		0
Loans and receivables by origination year, Total		6,452
Preferred equity investment | Rating 4
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2021	0	0
Loans and receivables by origination year, 2020	0	0
Loans and receivables by origination year, 2019	0	21,262
Loans and receivables by origination year, 2018	21,475	0
Loans and receivables by origination year, 2017	0	0
Loans and receivables by origination year, Prior	0	0
Loans and receivables by origination year, Total	$ 21,475	$ 21,262

FINANCING RECEIVABLES (Credit_4

FINANCING RECEIVABLES (Credit Risk Profiles of CRE Loans by Origination Year at Amortized Costs) (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Recorded investment excluded accrued interest receivable	$ 7.3	$ 7.3

FINANCING RECEIVABLES (Loan Por

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	$ 39,761	$ 11,443
Current	1,442,610	1,530,549
Total Loans Receivable	1,482,371	1,541,992
Total Loans > Than 90 days and Accruing	39,761	11,443
30-59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
60-89 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Greater than 90 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	39,761	11,443
Commercial Real Estate Loans | Whole loans floating-rate
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	39,761	11,443
Current	1,416,435	1,498,135
Total Loans Receivable	1,456,196	1,509,578
Total Loans > Than 90 days and Accruing	39,761	11,443
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	21,475	27,714
Total Loans Receivable	21,475	27,714
Total Loans > Than 90 days and Accruing	0	0
Commercial Real Estate Loans | 30-59 Days | Whole loans floating-rate
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Commercial Real Estate Loans | 30-59 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Commercial Real Estate Loans | 30-59 Days | Preferred equity investment
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Commercial Real Estate Loans | 60-89 Days | 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 | Whole loans floating-rate
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	39,761	11,443
Commercial Real Estate Loans | Greater than 90 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	0	0
Commercial Real Estate Loans | Greater than 90 Days | Preferred equity investment
Financing Receivable Recorded Investment Past Due [Line Items]
Past Due	$ 0	$ 0

FINANCING RECEIVABLES (Loan P_2

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2021USD ($)Loan	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Interest income	$ 24,749,000	$ 33,290,000
Whole Loans In Maturity Default
Financing Receivable Recorded Investment Past Due [Line Items]
Number of defaulted loans | Loan			2
Recorded investment			$ 28,300,000
Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Number of defaulted loans | Loan	3		3
Recorded investment	$ 39,800,000		$ 39,700,000
Number of defaulted loans interest paid on one month lag | Loan	1
Recorded investment excluded accrued interest receivable	$ 7,300,000		$ 7,300,000
Commercial Real Estate Loans | Greater than 90 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Number of defaulted loans | Loan	3
Commercial Real Estate Loans | Whole Loans In Maturity Default
Financing Receivable Recorded Investment Past Due [Line Items]
Interest income	$ 653,000	$ 636,000

INVESTMENT IN REAL ESTATE AND_3

INVESTMENT IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Details) - USD ($)	1 Months Ended	3 Months Ended
	Nov. 30, 2020	Mar. 31, 2021
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Amortization expense on intangible assets		$ 197,000
Amortization expense on intangible assets during 2021		375,000
Amortization expense on intangible assets during 2022		375,000
Amortization expense on intangible assets during 2023		355,000
Amortization expense on intangible assets during 2024		210,000
Amortization expense on intangible assets during 2025		210,000
Ground Lease
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Offsetting amortization and accretion on right of use assets and lease liabilities		$ 12,000
CRE Whole Loan
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Collateralized of hotel property	$ 38,000,000
Fair value of assets acquired	$ 39,800,000

INVESTMENT IN REAL ESTATE AND_4

INVESTMENT IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Schedule of Investments in Real Estate and Related Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Abstract]
Investment in Real Estate, Cost	$ 33,972	$ 33,929
Investment in Real Estate Accumulated Depreciation & Amortization	(559)	(123)
Investment in Real Estate, Book Value	33,413	33,806
Right of use Assets, Cost	5,603	5,603
Right of use Assets Accumulated Depreciation & Amortization	(32)	(11)
Right of use Assets, Book Value	5,571	5,592
Intangible Assets, Cost	3,337	3,336
Intangible Assets, Accumulated Depreciation & Amortization	(127)	(42)
Intangible Assets, Book Value	3,210	3,294
Assets Acquired, Cost	42,912	42,868
Assets Acquired, Accumulated Depreciation & Amortization	(718)	(176)
Assets Acquired, Book Value	42,194	42,692
Lease Liabilities, Cost	(3,113)	(3,113)
Lease Liabilities, Accumulated Depreciation & Amortization	17	6
Lease Liabilities, Book Value	(3,096)	(3,107)
Liabilities Assumed, Cost	(3,113)	(3,113)
Liabilities Assumed, Accumulated Depreciation & Amortization	17	6
Liabilities Assumed, Book Value	(3,096)	(3,107)
Assets Acquired and Liabilities Assumed, Cost	39,799	39,755
Asset Acquired and Liabilities Assumed, Book Value	$ 39,098	$ 39,585

INVESTMENT IN REAL ESTATE AND_5

INVESTMENT IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Schedule of Investments in Real Estate and Related Intangible Assets) (Parenthetical) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Furniture and fixtures purchased for the property	$ 48,000	$ 5,000
Ground leases	3,100,000	3,100,000
Below market lease intangible asset	2,500,000	2,500,000
Right of use assets	5,576,000	5,592,000
Lease liabilities	3,101,000	3,107,000
Intangible assets	3,210,000	3,294,000
Leased Copier | Philadelphia, PA
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Right of use assets	5,000
Lease liabilities	5,000
Franchise Agreement
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Intangible assets	2,800,000	2,800,000
Customer Lists
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Intangible assets	$ 435,000	$ 477,000

INVESTMENT SECURITIES AVAILAB_3

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Details) - CMBS, Fixed Rate $ in Thousands	Dec. 31, 2020USD ($)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,080
Fair Value	$ 2,080

INVESTMENT SECURITIES AVAILAB_4

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Parenthetical) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 7,368,000	$ 7,372,000
CMBS
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable		$ 56,000

INVESTMENT SECURITIES AVAILAB_5

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details)	1 Months Ended		3 Months Ended
	Apr. 30, 2020position	Mar. 31, 2020position	Mar. 31, 2021USD ($)position	Mar. 31, 2020USD ($)
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Total losses				$ 185,400,000
Unrealized losses				66,600,000
Proceeds from sale of investment securities available-for-sale			$ 2,958,000	37,764,000
67 CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Realized losses				118,800,000
Positions Sold/Redeemed | position	67
49 CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Positions Sold/Redeemed | position		49
CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Unrealized losses				$ 5,100,000
Positions Sold/Redeemed | position			2
Proceeds from sale of investment securities available-for-sale			$ 3,000,000
Realized gain			$ 878,000

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 1,548,000		$ 1,548,000
VIE, Not Primary Beneficiary | Investment in RCT I and II
Schedule Of Equity Method Investments [Line Items]
Ownership percentage in VIE	100.00%		100.00%
Investments in unconsolidated entities	$ 1,500,000		$ 1,500,000
Dividends from investments in unconsolidated entities	$ 16,000	$ 23,000
VIE, Not Primary Beneficiary | Interest in RCT I
Schedule Of Equity Method Investments [Line Items]
Percentage of value of trusts owned	3.00%		3.00%
VIE, Not Primary Beneficiary | Interest in RCT II
Schedule Of Equity Method Investments [Line Items]
Percentage of value of trusts owned	3.00%		3.00%

BORROWINGS (Schedule of Debt) (

BORROWINGS (Schedule of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal Outstanding	$ 1,330,571	$ 1,330,985
Unamortized Issuance Costs and Discounts	22,922	26,258
Outstanding Borrowings	$ 1,307,649	$ 1,304,727
Weighted Average Borrowing Rate	2.91%	2.83%
Weighted Average Remaining Maturity	11 years 4 months 24 days	13 years
Value of Collateral	$ 1,539,158	$ 1,537,573
XAN 2019-RSO7 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	344,329	415,621
Unamortized Issuance Costs and Discounts	2,324	2,861
Outstanding Borrowings	$ 342,005	$ 412,760
Weighted Average Borrowing Rate	1.65%	1.60%
Weighted Average Remaining Maturity	15 years 1 month 6 days	15 years 3 months 18 days
Value of Collateral	$ 445,687	$ 516,979
XAN 2020-RSO8 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	347,181	388,459
Unamortized Issuance Costs and Discounts	3,701	4,164
Outstanding Borrowings	$ 343,480	$ 384,295
Weighted Average Borrowing Rate	1.61%	1.62%
Weighted Average Remaining Maturity	13 years 10 months 24 days	14 years 2 months 12 days
Value of Collateral	$ 434,069	$ 475,347
XAN 2020-RSO9 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	219,775	234,731
Unamortized Issuance Costs and Discounts	3,191	3,857
Outstanding Borrowings	$ 216,584	$ 230,874
Weighted Average Borrowing Rate	3.31%	3.31%
Weighted Average Remaining Maturity	16 years 1 month 6 days	16 years 3 months 18 days
Value of Collateral	$ 270,907	$ 285,862
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	4.15%	4.18%
Weighted Average Remaining Maturity	15 years 4 months 24 days	15 years 8 months 12 days
Value of Collateral	$ 0	$ 0
4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	143,750	143,750
Unamortized Issuance Costs and Discounts	5,561	6,498
Outstanding Borrowings	$ 138,189	$ 137,252
Weighted Average Borrowing Rate	4.50%	4.50%
Weighted Average Remaining Maturity	1 year 4 months 24 days	1 year 7 months 6 days
Value of Collateral	$ 0	$ 0
Senior Unsecured Notes Due 2027
Debt Instrument [Line Items]
Principal Outstanding	50,000	50,000
Unamortized Issuance Costs and Discounts	3,490	3,574
Outstanding Borrowings	$ 46,510	$ 46,426
Weighted Average Borrowing Rate	12.00%	12.00%
Weighted Average Remaining Maturity	6 years 3 months 18 days	6 years 7 months 6 days
Value of Collateral	$ 0
Senior Secured Financing Facility
Debt Instrument [Line Items]
Principal Outstanding	44,869	$ 33,360
Unamortized Issuance Costs and Discounts	3,895	4,046
Outstanding Borrowings	$ 40,974	$ 29,314
Weighted Average Borrowing Rate	5.75%	5.75%
Weighted Average Remaining Maturity	6 years 3 months 18 days	6 years 7 months 6 days
Value of Collateral	$ 205,883	$ 239,385
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Principal Outstanding	129,119	13,516
Unamortized Issuance Costs and Discounts	760	1,258
Outstanding Borrowings	$ 128,359	$ 12,258
Weighted Average Borrowing Rate	2.33%	2.66%
Weighted Average Remaining Maturity	207 days	299 days
Value of Collateral	$ 182,612	$ 20,000

BORROWINGS (Schedule of Debt)_2

BORROWINGS (Schedule of Debt) (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Accrued interest costs	$ 2,840	$ 6,036
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Accrued interest costs	$ 176,000	$ 16

BORROWINGS (Securitization) (De

BORROWINGS (Securitization) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
XAN 2019-RSO7 Senior Notes
Debt Instrument [Line Items]
Closing Date	2019-04
Maturity Date	2036-04
End of Designated Principal Reinvestment Period	2022-04
Total Note Paydowns Received from Closing Date through March 31, 2021	$ 241,481
XAN 2020-RSO8 Senior Notes
Debt Instrument [Line Items]
Closing Date	2020-03
Maturity Date	2035-03
End of Designated Principal Reinvestment Period	2023-03
Total Note Paydowns Received from Closing Date through March 31, 2021	$ 88,562
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 March 31, 2021	$ 26,019

BORROWINGS (Securitization) (Pa

BORROWINGS (Securitization) (Parenthetical) (Details) $ in Millions	Mar. 31, 2021USD ($)
XAN 2020-RSO9 Senior Notes
Debt Instrument [Line Items]
Future advance reserve account to unfunded commitments	$ 17.7

BORROWINGS (4.50% Convertible S

BORROWINGS (4.50% Convertible Senior Notes and 8.00% Convertible Senior Notes) (Details) - USD ($)	1 Months Ended
	Aug. 31, 2017	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Jan. 31, 2015
Debt Instrument [Line Items]
Face amount of debt issued		$ 169,333,000	$ 41,572,000
8.00% Convertible Senior Notes
Debt Instrument [Line Items]
Face amount of debt issued					$ 100,000,000
Debt instrument, interest rate, stated percentage		8.00%		8.00%	8.00%
Extinguishment of debt, amount	$ 78,800,000
4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Face amount of debt issued	$ 143,800,000
Debt instrument, interest rate, stated percentage	4.50%	4.50%		4.50%
Closing price of common stock		$ 14.59

BORROWINGS (Schedule of Convert

BORROWINGS (Schedule of Convertible Senior Notes) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)	Mar. 31, 2020	Aug. 31, 2017
Debt Instrument [Line Items]
Principal Outstanding	$ 1,330,571	$ 1,330,985
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	27.7222
Conversion Price | $ / shares	$ 36.06
Maturity Date	Aug. 15, 2022

BORROWINGS (Schedule of Conve_2

BORROWINGS (Schedule of Convertible Senior Notes) (Parenthetical) (Details) - 4.50% Convertible Senior Notes - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	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)	$ 0.30
Borrowing Rate	4.50%	4.50%	4.50%

BORROWINGS (Senior Secured Fina

BORROWINGS (Senior Secured Financing and Term Warehouse Financing Facilities and Repurchase Agreements) (Details) $ in Thousands	Mar. 31, 2021USD ($)Loan	Dec. 31, 2020USD ($)Loan
Debt Instrument [Line Items]
Outstanding Borrowings	$ 169,333	$ 41,572
Value of Collateral	$ 388,495	$ 259,385
Weighted Average Interest Rate	2.91%	2.83%
Senior Secured Financing Facility | Massachusetts Mutual Life Insurance Company
Debt Instrument [Line Items]
Outstanding Borrowings	$ 40,974	$ 29,314
Value of Collateral	$ 205,883	$ 239,385
Number of Positions as Collateral | Loan	13	15
Weighted Average Interest Rate	5.75%	5.75%
CRE - Term Warehouse Financing Facilities | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings	$ 12,957
Value of Collateral	$ 18,860
Number of Positions as Collateral | Loan	2
Weighted Average Interest Rate	2.11%
CRE - Term Warehouse Financing Facilities | Barclays Bank PLC
Debt Instrument [Line Items]
Outstanding Borrowings	$ 33,637
Value of Collateral	$ 42,047
Number of Positions as Collateral | Loan	1
Weighted Average Interest Rate	1.86%
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings	$ 81,765	$ 12,258
Value of Collateral	$ 121,705	$ 20,000
Number of Positions as Collateral | Loan	6	1
Weighted Average Interest Rate	2.56%	2.66%

BORROWINGS (Senior Secured Fi_2

BORROWINGS (Senior Secured Financing and Term Warehouse Financing Facilities and Repurchase Agreements) (Parenthetical) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	$ 22,922,000	$ 26,258,000
Senior Secured Financing Facility | Massachusetts Mutual Life Insurance Company
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	3,900,000	4,000,000
CRE - Term Warehouse Financing Facilities | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	339,000	504,000
CRE - Term Warehouse Financing Facilities | Barclays Bank PLC
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	16,000	174,000
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	$ 405,000	$ 580,000

BORROWINGS (Amount at Risk Unde

BORROWINGS (Amount at Risk Under Warehouse Financing Facilities) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	11 years 4 months 24 days	13 years
Weighted Average Interest Rate	2.91%	2.83%
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	207 days	299 days
Weighted Average Interest Rate	2.33%	2.66%
Linked and Non-linked Transactions | CRE - Term Warehouse Financing Facilities | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Amount at Risk	$ 5,623
Weighted Average Remaining Maturity	185 days
Weighted Average Interest Rate	2.11%
Linked and Non-linked Transactions | CRE - Term Warehouse Financing Facilities | Barclays Bank PLC
Debt Instrument [Line Items]
Amount at Risk	$ 8,394
Weighted Average Remaining Maturity	212 days
Weighted Average Interest Rate	1.86%
Linked and Non-linked Transactions | CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Amount at Risk	$ 39,980
Weighted Average Remaining Maturity	209 days
Weighted Average Interest Rate	2.56%

BORROWINGS (CRE - Term Warehous

BORROWINGS (CRE - Term Warehouse Financing Facilities) (Details)	1 Months Ended
	Mar. 31, 2021
Barclays Bank PLC | CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Debt extended maturity date	Oct. 31, 2021

BORROWINGS (Contractual Commitm

BORROWINGS (Contractual Commitments) (Details) $ in Thousands	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Total	$ 1,330,571
2021	129,119
2022	143,750
2023	0
2024	0
2025 and Thereafter	1,057,702
CRE securitizations
Debt Instrument [Line Items]
Total	911,285
2021	0
2022	0
2023	0
2024	0
2025 and Thereafter	911,285
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Total	51,548
2021	0
2022	0
2023	0
2024	0
2025 and Thereafter	51,548
Convertible Debt | 4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Total	143,750
2021	0
2022	143,750
2023	0
2024	0
2025 and Thereafter	0
Senior Unsecured Notes Due 2027
Debt Instrument [Line Items]
Total	50,000
2021	0
2022	0
2023	0
2024	0
2025 and Thereafter	50,000
Senior Secured Financing Facility
Debt Instrument [Line Items]
Total	44,869
2021	0
2022	0
2023	0
2024	0
2025 and Thereafter	44,869
Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Total	129,119
2021	129,119
2022	0
2023	0
2024	0
2025 and Thereafter	$ 0

SHARE ISSUANCE AND REPURCHASE (

SHARE ISSUANCE AND REPURCHASE (Details) - USD ($)	Jul. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Nov. 30, 2020
Class Of Stock [Line Items]
Shares repurchased during period, value		$ 9,500,000	$ 0
Shares repurchased during period, shares		744,664
Note and Warrant Purchase Agreement | Oaktree and MassMutual
Class Of Stock [Line Items]
Warrant Exercise price	$ 0.03
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	699,992
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	1,200,000
Note and Warrant Purchase Agreement | Oaktree
Class Of Stock [Line Items]
Warrants issued to purchase common stock	391,995
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	74,666
Purchase price of common stock for warrants issued	$ 8,000,000
Note and Warrant Purchase Agreement | 12.00% Senior Unsecured Notes Due 2027 | Oaktree and MassMutual
Class Of Stock [Line Items]
Debt instrument, interest rate, stated percentage	12.00%
Equity and Debt Securities Repurchase Program
Class Of Stock [Line Items]
Stock repurchase program, authorized amount (up to)		$ 20,000,000			$ 20,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 5,100,000
8.625% Series C Preferred Stock
Class Of Stock [Line Items]
Preferred stock, coupon authorized		8.625%		8.625%
Preferred stock, liquidation preference (in dollars per share)		$ 25		$ 25
Preferred stock, shares outstanding (in shares)		4,800,000		4,800,000
Preferred stock, weighted average issuance price (in dollars per share)		$ 25
8.625% Series C Preferred Stock | London Interbank Offered Rate (LIBOR)
Class Of Stock [Line Items]
Dividend payment rate, variable, basis spread on variable rate		5.927%

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details)	1 Months Ended		3 Months Ended
	Jun. 30, 2019shares	May 31, 2014shares	Mar. 31, 2021USD ($)shares	Mar. 31, 2020USD ($)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	$ 0
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted common stock granted | shares			0
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expiration period			2021-05
Grants in period (in shares) | shares			0	0
Contractual term			10 years
Non-Employees | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated fair value of shares granted | $				$ 2,100,000
Number of non employee directors granted shares | Director				7
Payment award, grant date fair value | $				$ 145,000
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	1,591,666	1,091,666
Share based compensation expiration period	2029-06	2024-05

SHARE-BASED COMPENSATION (Commo

SHARE-BASED COMPENSATION (Common Stock Activity) (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2021shares
Restricted common stock transactions
Issued (shares)	0
Non-Employee Directors
Restricted common stock transactions
Unvested shares, beginning of period (in shares)	11,610
Unvested shares, end of period (in shares)	11,610

SHARE-BASED COMPENSATION (Statu

SHARE-BASED COMPENSATION (Status of Vested Stock Options) (Details) - Vested $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Number of Options
Outstanding beginning of period (in shares) | shares	3,333
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	3,333
Weighted Average Exercise Price
Outstanding beginning of period (in dollars per share) | $ / shares	$ 76.80
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	$ 76.80
Weighted Average Remaining Contractual Term	1 month 17 days
Aggregate Intrinsic Value | $	$ 0

SHARE-BASED COMPENSATION (Compo

SHARE-BASED COMPENSATION (Components of Equity Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity compensation expense	$ 19	$ 498
Non-Employees | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity compensation expense		435
Non-Employee Directors | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity compensation expense	$ 19	$ 63

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 13,056	$ (196,521)
Net income allocated to preferred shares	(2,588)	(2,588)
NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES	$ 10,468	$ (199,109)
Weighted average number of common shares outstanding:
Weighted average number of common shares outstanding - basic	9,729,463	10,542,068
Weighted average number of warrants outstanding	466,661	0
Total weighted average number of common shares outstanding - basic	10,196,124	10,542,068
Effect of dilutive securities - unvested restricted stock	9,245	0
Weighted average number of common shares outstanding - diluted	10,205,369	10,542,068
NET INCOME (LOSS) PER COMMON SHARE - BASIC	$ 1.03	$ (18.89)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED	$ 1.03	$ (18.89)

EARNINGS PER SHARE (Additional

EARNINGS PER SHARE (Additional Information) (Details)	Mar. 31, 2021	Mar. 31, 2020	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%		8.00%

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	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%
Dividend per share (in dollars per share)	$ 0
Series C Preferred Stock
Class Of Stock [Line Items]
Dividend per share (in dollars per share)	$ 0.5390625	$ 0.5390625	$ 1.6171875

DISTRIBUTIONS (Distributions De

DISTRIBUTIONS (Distributions Declared) (Details) - Series C Preferred Stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020
Class Of Stock [Line Items]
Date Paid	Apr. 30, 2021	Feb. 1, 2021	Oct. 30, 2020
Total Distributions Paid	$ 2,588	$ 2,587	$ 7,763
Distributions Per Share	$ 0.5390625	$ 0.5390625	$ 1.6171875

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	$ 334,382
Ending balance	335,806
Net Unrealized Loss on Derivatives
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(9,978)
Amounts reclassified from accumulated other comprehensive loss	456
Ending balance	$ (9,522)

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Relationship with ACRES Capital Corp and Certain of its Subsidiaries) (Details)	Jul. 31, 2020USD ($)extension	Mar. 31, 2021USD ($)entity	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Base management fees paid by the Company		$ 1,326,000	$ 2,117,000
General and administrative		3,153,000	3,382,000
Interest income		24,749,000	$ 33,290,000
Accrued interest receivable		7,368,000		$ 7,372,000
Manager Pursuant To Management Agreement | Exantas Capital Corp
Related Party Transaction [Line Items]
Base management fees paid by the Company		1,300,000
Incentive compensation		0
Incentive compensation payable and Servicing fees payable		0		0
Total indebtedness		442,000
General and administrative		1,200,000
Manager Pursuant To Management Agreement | Exantas Capital Corp | Other Liabilities
Related Party Transaction [Line Items]
Total indebtedness		$ 66,000		$ 380,000
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
Special servicing fees		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, maturity month and year	2026-07
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		11,800,000
Accrued interest receivable		31,000
ACRES Capital Corp | Exantas Capital Corp | Loan Evidenced by Promissory Note | Other Income (Expense)
Related Party Transaction [Line Items]
Interest income		$ 89,000

RELATED PARTY TRANSACTIONS (R_2

RELATED PARTY TRANSACTIONS (Relationship with C-III and Certain of its Subsidiaries) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Base management fees paid by the Company	$ 1,326,000	$ 2,117,000
General and administrative	$ 3,153,000	3,382,000
Prior Manager Pursuant To Management Agreement | Exantas Capital Corp
Related Party Transaction [Line Items]
Base management fees paid by the Company		2,100,000
Incentive compensation		0
General and administrative		$ 1,900,000

RELATED PARTY TRANSACTIONS (R_3

RELATED PARTY TRANSACTIONS (Relationship with Resource Real Estate, LLC) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Jul. 31, 2017	Aug. 31, 2015	Feb. 28, 2015	Jul. 31, 2014
Resource Real Estate
Related Party Transaction [Line Items]
Other revenue	$ 0
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
Exantas Capital Corp. 2020-RSO8 Senior Notes
Related Party Transaction [Line Items]
Closing transaction amount	$ 522,600,000

RELATED PARTY TRANSACTIONS (R_4

RELATED PARTY TRANSACTIONS (Relationship with C3AM and C-III Commercial Mortgage) (Details) - C-III Commercial Mortgage LLC - USD ($)	1 Months Ended	3 Months Ended
	May 31, 2019	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
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		$ 86,000	$ 3,000
Outstanding payables		$ 0		$ 48,000

RELATED PARTY TRANSACTIONS (R_5

RELATED PARTY TRANSACTIONS (Relationship with Resource Real Estate Opportunity REIT) (Details) - Resource Real Estate Opportunity REIT	3 Months Ended
	Mar. 31, 2021USD ($)
Related Party Transaction [Line Items]
Expense in connection with agreement	$ 67,000
Payables for rent and professional services	$ 37,000
Agreements terminated date	Mar. 31, 2021

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured at Fair Value) (Details) - Recurring Basis $ in Thousands	Dec. 31, 2020USD ($)
Assets:
Investment securities available-for-sale	$ 2,080
Level 1
Assets:
Investment securities available-for-sale	0
Level 2
Assets:
Investment securities available-for-sale	0
Level 3
Assets:
Investment securities available-for-sale	$ 2,080

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets Measured on Recurring Basis) (Details) - Level 3 - Recurring Basis - CMBS $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Balance, January 1, 2021	$ 2,080
Included in earnings	878
Sales	(2,958)
Balance, March 31, 2021	$ 0

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash proceeds from sale of fixed-rate CRE loans	$ 4.8
Mezzanine loan | Expected Future Cash Flows | Measurement Input, Discount Rate | VIE, Not Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	0.1000
Preferred equity investment | Expected Future Cash Flows | Measurement Input, Discount Rate | VIE, Not Primary Beneficiary | Rating 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	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
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
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	2.70%	4.10%
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	9.00%	9.75%

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	$ 1,453,702	$ 1,507,682
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		0
Loan receivable - related party	0	0
Senior notes in CRE securitizations	0	0
Junior subordinated notes	0	0
Convertible notes	0	0
Warehouse financing facilities	0	0
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) | CRE whole loans
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) | 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	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	0
Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		0
Loan receivable - related party	0	0
Senior notes in CRE securitizations	0	0
Junior subordinated notes	0	0
Convertible notes	0	0
Warehouse financing facilities	0	0
Significant Other Observable Inputs (Level 2) | CRE whole loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	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	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	0
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		1,513,822
Loan receivable - related party	10,008	10,184
Senior notes in CRE securitizations	911,898	1,030,854
Junior subordinated notes	36,975	31,955
Convertible notes	137,483	132,437
Warehouse financing facilities	129,119	13,516
Significant Unobservable Inputs (Level 3) | CRE whole loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	1,460,377
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	21,331	27,650
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		4,809
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	55,147	58,910
Significant Unobservable Inputs (Level 3) | Senior Secured Financing Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior secured financing facility	44,869	33,360
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		1,477,295
Loan receivable - related party	11,825	11,875
Senior notes in CRE securitizations	902,069	1,027,929
Junior subordinated notes	51,548	51,548
Convertible notes	138,189	137,252
Warehouse financing facilities	128,359	12,258
Carrying Value | CRE whole loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	1,427,880
Carrying Value | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	4,409	4,399
Carrying Value | Preferred equity investment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	21,413	25,988
Carrying Value | CRE Whole Loans, Fixed Rate | Other Assets
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		4,809
Carrying Value | Senior Unsecured Notes Due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes due 2027	46,510	46,426
Carrying Value | Senior Secured Financing Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior secured financing facility	40,974	29,314
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		1,513,822
Loan receivable - related party	10,008	10,184
Senior notes in CRE securitizations	911,898	1,030,854
Junior subordinated notes	36,975	31,955
Convertible notes	137,483	132,437
Warehouse financing facilities	129,119	13,516
Fair Value | CRE whole loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	1,460,377
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	21,331	27,650
Fair Value | CRE Whole Loans, Fixed Rate | Other Assets
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		4,809
Fair Value | Senior Unsecured Notes Due 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes due 2027	55,147	58,910
Fair Value | Senior Secured Financing Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior secured financing facility	$ 44,869	$ 33,360

MARKET RISK AND DERIVATIVE IN_3

MARKET RISK AND DERIVATIVE INSTRUMENTS (Details) - Terminated interest rate swap	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2020USD ($)	Mar. 31, 2021USD ($)derivative	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Derivatives, Fair Value [Line Items]
Realized loss on derivatives, net	$ (11,800,000)
Gain (loss) on derivatives		$ (9,900,000)		$ (10,400,000)
Amortization expense reported in interest expense		479,000
Unrealized gains (loss) on derivatives, net		$ 416,000		$ 438,000
Number of hedges terminated | derivative		2
Interest expense to fully amortize		$ 23,000	$ 23,000

MARKET RISK AND DERIVATIVE IN_4

MARKET RISK AND DERIVATIVE INSTRUMENTS (Fair Value and Classification of Derivatives) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Income (Expense)
Derivatives, Fair Value [Line Items]
Realized and Unrealized Gain (Loss)		$ (48)
Interest rate swaps | Interest expense
Derivatives, Fair Value [Line Items]
Realized and Unrealized Gain (Loss)	$ (456)	$ (196)

OFFSETTING OF FINANCIAL LIABI_3

OFFSETTING OF FINANCIAL LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Warehouse financing facilities
Gross Amounts of Recognized Liabilities	$ 128,359	$ 12,258
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	128,359	12,258
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	128,359	12,258
Gross Amounts Not Offset on the Consolidated Balance Sheets- Cash Collateral Pledged	0	0
Net Amount	0	0
Fair value of securities pledged against repurchase agreements	$ 182,600	$ 20,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended
	May 31, 2017USD ($)Loan	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Loss Contingencies [Line Items]
Estimated litigation liability		$ 0	$ 0
XAN 2020-RSO9 Senior Notes
Loss Contingencies [Line Items]
Future advance reserve account to unfunded commitments		17,700,000
Commercial Real Estate Loans | CRE whole loans
Loss Contingencies [Line Items]
Loans held for investment, unfunded loan commitments		58,800,000	67,200,000
Commercial Real Estate Loans | Preferred equity investment
Loss Contingencies [Line Items]
Loans held for investment, unfunded loan commitments		0	2,500,000
Indemnification Agreement
Loss Contingencies [Line Items]
Estimated litigation liability		1,500,000	1,500,000
Indemnification Agreement | Pearlmark Mezzanine Realty Partners IV, L.P
Loss Contingencies [Line Items]
Number of instruments held | Loan	1
Indemnification Agreement | Pearlmark Mezzanine Realty Partners IV, L.P | Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 4,300,000			$ 536,000
PCM
Loss Contingencies [Line Items]
Outstanding demands to indemnify purchaser of residential mortgage loans		3,300,000	3,300,000
PCM | Indemnification Agreement
Loss Contingencies [Line Items]
Outstanding litigation demands		$ 0	$ 0