ACRES Commercial Realty (ACR) 10-Q 9 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 04, 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	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding (in shares)		9,423,608
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	390 RXR Plaza
Entity Address, City or Town	Uniondale
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11556
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
Former Address
Document Information [Line Items]
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
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
7.875% Series D Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	7.875% Series D Cumulative Redeemable Preferred Stock
Trading Symbol	ACRPrD
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS:
Cash and cash equivalents	$ 109,949	$ 29,355
Restricted cash	32,406	38,386
Accrued interest receivable	6,678	7,372
CRE loans	1,845,688	1,541,992
Less: allowance for credit losses	(18,863)	(34,310)
CRE loans, net	1,826,825	1,507,682
Investment securities available-for-sale		2,080
Principal paydowns receivable	25,010	4,250
Loan receivable - related party	11,675	11,875
Investments in unconsolidated entities	1,548	1,548
Investments in real estate	32,799	33,806
Right of use assets	5,984	5,592
Intangible assets	3,041	3,294
Other assets	5,835	8,783
Assets held for sale		61
Total assets	2,061,750	1,654,084
LIABILITIES
Accounts payable and other liabilities	3,987	2,068
Management fee payable - related party	1,128	442
Accrued interest payable	2,521	6,036
Borrowings	1,602,602	1,304,727
Lease liabilities	3,560	3,107
Distributions payable	3,260	1,725
Accrued tax liability	1	57
Liabilities held for sale	1,422	1,540
Total liabilities	1,618,481	1,319,702
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001: 41,666,666 and 125,000,000 shares authorized; 9,423,608 and 10,162,289 shares issued and outstanding (including 333,329 and 11,610 of unvested restricted shares)	9	10
Additional paid-in capital	1,182,706	1,085,941
Accumulated other comprehensive loss	(8,594)	(9,978)
Distributions in excess of earnings	(730,862)	(741,596)
Total stockholders’ equity	443,269	334,382
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	2,061,750	1,654,084
8.625% Series C Preferred Stock
STOCKHOLDERS’ EQUITY
Preferred stock, value	5	$ 5
7.875% Series D Preferred Stock
STOCKHOLDERS’ EQUITY
Preferred stock, value	$ 5

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	41,666,666	125,000,000
Common stock, shares issued (in shares)	9,423,608	10,162,289
Common stock, shares outstanding (in shares)	9,423,608	10,162,289
Common stock, shares issued, non-vested restricted shares (in shares)	333,329	11,610
Assets of consolidated variable interest entities (VIEs) included in total assets above:
Restricted cash	$ 32,406	$ 38,386
Accrued interest receivable	6,678	7,372
Principal paydowns receivable	25,010	4,250
Other assets	5,835	8,783
Total assets of consolidated VIEs	2,061,750	1,654,084
Accounts payable and other liabilities	3,987	2,068
Accrued interest payable	2,521	6,036
Borrowings	1,602,602	1,304,727
Total liabilities of consolidated VIEs	$ 1,618,481	$ 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
7.875% Series D 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)	6,800,000	6,800,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, coupon authorized	7.875%	7.875%
Preferred stock, shares issued (in shares)	4,600,000	0
Preferred stock, shares outstanding (in shares)	4,600,000	0
VIE, Primary Beneficiary
Assets of consolidated variable interest entities (VIEs) included in total assets above:
Restricted cash	$ 32,385	$ 38,353
Accrued interest receivable	4,089	5,398
CRE loans, pledged as collateral	1,169,809	1,231,184
Principal paydowns receivable	25,010	4,250
Other assets	314	114
Total assets of consolidated VIEs	1,231,607	1,279,299
Accounts payable and other liabilities	129	136
Accrued interest payable	679	806
Borrowings	960,709	1,027,929
Total liabilities of consolidated VIEs	$ 961,517	$ 1,028,871

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income:
CRE loans	$ 23,946	$ 24,482	$ 74,294	$ 78,482
Securities	0	100	161	6,521
Other	40	56	73	168
Total interest income	23,986	24,638	74,528	85,171
Interest expense	14,534	13,033	46,960	43,974
Net interest income	9,452	11,605	27,568	41,197
Real estate income	2,627	0	7,013	0
Other revenue	$ 17	$ 19	$ 49	$ 62
Type of Revenue [Extensible List]	us-gaap:ProductAndServiceOtherMember	us-gaap:ProductAndServiceOtherMember	us-gaap:ProductAndServiceOtherMember	us-gaap:ProductAndServiceOtherMember
Total revenues	$ 12,096	$ 11,624	$ 34,630	$ 41,259
OPERATING EXPENSES
Management fees - related party	1,700	1,284	4,405	4,728
Equity compensation - related party	771	1,905	961	3,118
Real estate operating expenses	2,401	0	6,713	0
General and administrative	2,664	5,295	8,533	11,552
Depreciation and amortization	16	12	75	34
Provision for (reversal of) credit losses, net	537	(8,172)	(15,447)	49,449
Total operating expenses	8,089	324	5,240	68,881
Net interest and other revenues less operating expenses	4,007	11,300	29,390	(27,622)
OTHER INCOME (EXPENSE)
Net realized and unrealized gain (loss) on investment securities available-for-sale and loans and derivatives	0	96	878	(186,243)
Fair value and other adjustments on asset held for sale	0	(3,371)	0	(8,089)
Loss on extinguishment of debt	(9,006)	0	(9,006)	0
Other income	71	134	505	192
Total other income (expense)	(8,935)	(3,141)	(7,623)	(194,140)
(LOSS) INCOME BEFORE TAXES	(4,928)	8,159	21,767	(221,762)
Income tax benefit	0	0	0	0
NET (LOSS) INCOME	(4,928)	8,159	21,767	(221,762)
Net income allocated to preferred shares	(4,877)	(2,588)	(11,033)	(7,763)
NET (LOSS) INCOME ALLOCABLE TO COMMON SHARES	$ (9,805)	$ 5,571	$ 10,734	$ (229,525)
NET (LOSS) INCOME PER COMMON SHARE - BASIC	$ (1.03)	$ 0.51	$ 1.09	$ (21.47)
NET (LOSS) INCOME PER COMMON SHARE - DILUTED	$ (1.03)	$ 0.51	$ 1.09	$ (21.47)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC (in shares)	9,553,412	10,964,604	9,818,138	10,692,743
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED (in shares)	9,553,412	10,966,286	9,836,603	10,692,743

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (4,928)	$ 8,159	$ 21,767	$ (221,762)
Other comprehensive income (loss):
Reclassification adjustments for realized losses on investment securities available-for-sale included in net (loss) income		106		185,463
Unrealized losses on investment securities available-for-sale, net				(191,283)
Reclassification adjustments associated with net unrealized losses from interest rate swaps included in net (loss) income	466	467	1,384	788
Unrealized losses on derivatives, net				(7,233)
Total other comprehensive income (loss)	466	573	1,384	(12,265)
Comprehensive (loss) income before allocation to preferred shares	(4,462)	8,732	23,151	(234,027)
Net income allocated to preferred shares	(4,877)	(2,588)	(11,033)	(7,763)
Comprehensive (loss) income allocable to common shares	$ (9,339)	$ 6,144	$ 12,118	$ (241,790)

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	Preferred Stock7.875% Series D Preferred Stock	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 (loss) income	(196,521)												(196,521)
Distributions and accrual of cumulative preferred stock dividends	(2,588)												(2,588)
Securities available-for-sale without an allowance for credit losses, fair value adjustment, net	(5,926)										(5,926)
Designated derivatives, fair value adjustment	(6,772)										(6,772)
Ending balance at Mar. 31, 2020	342,057			$ 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, 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]
Net (loss) income	(221,762)
Ending balance at Sep. 30, 2020	317,801			$ 11		5			1,091,287		(10,444)		(763,058)
Ending balance (in shares) at Sep. 30, 2020				10,697,774
Beginning balance at Mar. 31, 2020	342,057			$ 11		5			1,085,560		(10,877)		(732,642)
Beginning balance (in shares) at Mar. 31, 2020				10,680,686
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)				5,477
Amortization of stock-based compensation	715								715
Net (loss) income	(33,400)												(33,400)
Accrual of cumulative preferred stock dividends	(2,587)												(2,587)
Designated derivatives, fair value adjustment	(140)										(140)
Ending balance at Jun. 30, 2020	306,645			$ 11		5			1,086,275		(11,017)		(768,629)
Ending balance (in shares) at Jun. 30, 2020				10,686,163
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity component of 12% Senior Unsecured Notes	3,108								3,108
Stock-based compensation	(1)								(1)
Stock-based compensation (in shares)				11,611
Amortization of stock-based compensation	1,905								1,905
Net (loss) income	8,159												8,159
Accrual of cumulative preferred stock dividends	(2,588)												(2,588)
Securities available-for-sale without an allowance for credit losses, fair value adjustment, net	106										106
Designated derivatives, fair value adjustment	467										467
Ending balance at Sep. 30, 2020	317,801			$ 11		5			1,091,287		(10,444)		(763,058)
Ending balance (in shares) at Sep. 30, 2020				10,697,774
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]
Purchase and retirement of common stock	$ (9,519)			$ (1)					(9,518)
Purchase and retirement of common stock (in shares)				(744,778)
Amortization of stock-based compensation	19								19
Net (loss) income	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
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]
Net (loss) income	$ 21,767
Ending balance at Sep. 30, 2021	$ 443,269			$ 9		5		$ 5	1,182,706		(8,594)		(730,862)
Ending balance (in shares) at Sep. 30, 2021	9,423,608			9,423,608
Beginning balance at Mar. 31, 2021	$ 335,806			$ 9		5			1,076,442		(9,522)		(731,128)
Beginning balance (in shares) at Mar. 31, 2021				9,417,511
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of preferred stock	115,000							5	114,995
Offering costs	(4,235)								(4,235)
Purchase and retirement of common stock	(4,317)								(4,317)
Purchase and retirement of common stock (in shares)				(273,789)
Stock-based compensation (in shares)				333,329
Amortization of stock-based compensation	171								171
Net (loss) income	13,639												13,639
Distributions and accrual of cumulative preferred stock dividends	(3,568)												(3,568)
Amortization of terminated derivatives	462										462
Ending balance at Jun. 30, 2021	452,958			$ 9		5		5	1,183,056		(9,060)		(721,057)
Ending balance (in shares) at Jun. 30, 2021				9,477,051
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Offering costs	(232)								(232)
Purchase and retirement of common stock	(889)								(889)
Purchase and retirement of common stock (in shares)				(53,443)
Amortization of stock-based compensation	771								771
Net (loss) income	(4,928)												(4,928)
Distributions and accrual of cumulative preferred stock dividends	(4,877)												(4,877)
Amortization of terminated derivatives	466										466
Ending balance at Sep. 30, 2021	$ 443,269			$ 9		$ 5		$ 5	$ 1,182,706		$ (8,594)		$ (730,862)
Ending balance (in shares) at Sep. 30, 2021	9,423,608			9,423,608

CONSOLIDATED STATEMENTS OF CH_2

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

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ 21,767	$ (221,762)
Adjustments to reconcile net income (loss) from operations to net cash provided by operating activities:
(Reversal of) provision for credit losses, net	(15,447)	49,449
Depreciation, amortization and accretion	11,943	4,298
Amortization of stock-based compensation	961	3,118
Net realized and unrealized (gain) loss on investment securities available-for-sale and loans and derivatives	(878)	186,177
Fair value and other adjustments on asset held for sale	0	8,089
Loss on extinguishment of debt	4,043
Changes in operating assets and liabilities	3,105	(9,080)
Net cash provided by operating activities	25,494	20,289
CASH FLOWS FROM INVESTING ACTIVITIES:
Origination and purchase of loans	(964,357)	(209,102)
Principal payments received on loans	644,954	340,462
Proceeds from sale of loans		17,453
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
Investment in loan - related party		(12,000)
Principal payments received on loan - related party	200	25
Purchase of furniture and fixtures	(176)
Net cash (used in) provided by investing activities	(316,421)	154,725
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of preferred stock (net of $4,467 of underwriting discounts and offering costs)	110,533
Repurchase of common stock	(14,725)
Proceeds from borrowings:
Securitizations	675,223	639,074
Senior secured financing facility	131,878	128,495
Warehouse financing facilities and repurchase agreements	591,890	275,039
Senior unsecured notes	150,000	50,000
Payments on borrowings:
Securitizations	(745,386)	(319,418)
Senior secured financing facility	(124,056)
Warehouse financing facilities and repurchase agreements	(284,890)	(827,684)
Convertible senior notes	(55,736)	(21,182)
Senior unsecured notes	(50,000)
Payment of debt issuance costs	(9,692)	(14,774)
Settlement of derivative instruments		(11,762)
Distributions paid on preferred stock	(9,498)	(2,588)
Distributions paid on common stock		(8,767)
Net cash provided by (used in) financing activities	365,541	(113,567)
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	74,614	61,447
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	$ 142,355	$ 155,881

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	9 Months Ended
	Sep. 30, 2021USD ($)
Statement Of Cash Flows [Abstract]
Underwriting discounts and offering costs	$ 4,467

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 responded to the outbreak by instituting quarantines and restrictions on travel, which resulted in the closure or remote operation of non-essential businesses. Such actions produced material and previously unforeseeable shocks to global markets, disruptions to global supply chains and adversity to many industries and economies as whole. While the U.S. and certain countries around the world have eased restrictions and financial markets have stabilized to some degree in connection with the discovery and distribution of vaccines , the pandemic , exacerbated by virus variants, continues to cause uncertainty on the U.S. and global econom ies generally, and the CRE business in particular, that make estimates and assumptions as of September 30, 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 September 30, 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 September 30, 2021 and December 31, 2020, approximately $108.4 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): September 30, 2021 2020 Cash and cash equivalents $ 109,949 $ 122,105 Restricted cash 32,406 33,776 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 142,355 $ 155,881 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. Investment in Real Estate The Company amortizes the value allocated to lease right of use assets and related in-place lease liabilities, when determined to be operating leases, using the straight-line method over the remaining lease term. The value allocated to any associated above or below market lease intangible asset or liability is amortized to lease expense over the remaining lease term. The estimated useful lives of the right of use assets and lease liabilities are each 66.3 years Leases The value of the operating leases are determined through the discounted cash flow method and are recognized on the consolidated balance sheet as offsetting right of use assets and lease liabilities. The operating lease for the Company’s office space is amortized over the lease term, or 7.3 years, using the effective-interest method. The Company’s operating lease for office equipment is amortized over the lease term, or three years, using the straight-line method. Income Taxes The Company recorded a full valuation allowance against its net deferred tax assets of $63.0 million (tax effected expense of $21.2 million) at September 30, 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 Adopted in 2021 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. In June 2021, Exantas Capital Corp. 2020-RSO8, Ltd.’s (“XAN 2020-RSO8”) and Exantas Capital Corp. 2020-RSO9, Ltd.’s (“XAN 2020-RSO9”) senior notes’ benchmark rate, one-month LIBOR, was replaced with the compounded Secured Overnight Financing Rate (“Compounded SOFR”) plus a benchmark adjustment. As each securitizations’ indentures included terms referencing a benchmark rate replacement, no amendments to the indentures were required. The Company will apply the replacement of the benchmark rate prospectively by adjusting the effective interest rate. Additionally, all of the Company’s underwritten loans contain terms that allow for a change to an alternative benchmark rate upon the discontinuation of LIBOR. For the Company’s remaining financial instruments utilizing LIBOR as a benchmark rate, the guidance is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Accounting Standards to be Adopted in Future Periods 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	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 3 - VARIABLE INTEREST ENTITIES The Company has evaluated its loans, investments in unconsolidated entities, liabilities to subsidiary trusts issuing preferred securities (consisting of unsecured junior subordinated notes), securitizations, guarantees and other financial contracts in order to determine if they are variable interests in VIEs. The Company regularly monitors these legal interests and contracts and, to the extent it has determined that it has a variable interest, analyzes the related entity for potential consolidation. Consolidated VIEs (the Company is the primary beneficiary) Based on management’s analysis, the Company was the primary beneficiary of six VIEs at September 30, 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 11. Creditors of the Company’s Consolidated VIEs have no recourse to the general credit of the Company, nor to each other. During the nine months ended September 30, 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 September 30, 2021 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 31,925 $ 460 $ 32,385 Accrued interest receivable 4,089 — 4,089 CRE loans, pledged as collateral (1) 1,169,809 — 1,169,809 Principal paydowns receivable 25,010 — 25,010 Other assets 314 — 314 Total assets (2) $ 1,231,147 $ 460 $ 1,231,607 LIABILITIES Accounts payable and other liabilities $ 129 $ — $ 129 Accrued interest payable 679 — 679 Borrowings 960,709 — 960,709 Total liabilities $ 961,517 $ — $ 961,517 (1) Excludes the allowance for credit losses. (2) Assets of each of the Consolidated VIEs may only be used to settle the obligations of each respective VIE. Unconsolidated VIEs (the Company is not the primary beneficiary, but has a variable interest) Based on management’s analysis, the Company is not the primary beneficiary of the VIEs discussed below since it does not have both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Accordingly, the following VIEs are not consolidated in the Company’s financial statements at September 30, 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 September 30, 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 The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs at September 30, 2021 (in thousands): Unsecured Junior Subordinated Debentures Maximum Exposure to Loss ASSETS Accrued interest receivable $ 5 $ — Investments in unconsolidated entities 1,548 $ 1,548 Total assets 1,553 LIABILITIES Accrued interest payable 181 N/A Borrowings 51,548 N/A Total liabilities 51,729 N/A Net (liability) asset $ (50,176 ) N/A At September 30, 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	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, 2021 2020 Supplemental cash flows: Interest expense paid in cash $ 33,889 $ 38,246 Income taxes paid in cash $ — $ — Non-cash operating activities include the following: Receipt of right of use assets $ (479 ) $ — Execution of operating leases $ 479 $ — Non-cash investing activities include the following: Proceeds from the relinquishment of investment securities available-for-sale $ — $ 369,873 Non-cash financing activities include the following: Repayment of repurchase agreements from the relinquishment of investment securities available-for-sale $ — $ (369,873 ) Distributions on preferred stock accrued but not paid $ 3,260 $ 6,900

LOANS

LOANS	9 Months Ended
	Sep. 30, 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)(3) Maturity Dates (4)(5) At September 30, 2021: CRE loans held for investment: Whole loans (6)(7) 95 $ 1,853,168 $ (12,180 ) $ 1,840,988 $ (18,578 ) $ 1,822,410 1M LIBOR plus 2.70% to 1M LIBOR plus 9.00% November 2021 to September 2025 Mezzanine loan (6) 1 4,700 — 4,700 (285 ) 4,415 10.00% June 2028 Total CRE loans held for investment $ 1,857,868 $ (12,180 ) $ 1,845,688 $ (18,863 ) $ 1,826,825 At December 31, 2020: CRE loans held for investment: Whole loans (6)(7) 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 (6) 1 4,700 — 4,700 (301 ) 4,399 10.00% June 2028 Preferred equity investments (8) 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 $11.7 million and $5.7 million and deferred amendment fees of $469,000 and $495,000 at September 30, 2021 and December 31, 2020, respectively. Additionally, the amounts include unamortized loan acquisition costs of $29,000 and $118,000 at September 30, 2021 and December 31, 2020, respectively. ( 2 ) The Company’s whole loan portfolio of $1.9 billion and $1.5 billion had a weighted-average one-month LIBOR floor of 1.03% and 1.88% at September 30, 2021 and December 31, 2020, respectively. At September 30, 2021, all but one of the Company’s floating-rate whole loans had one-month LIBOR floors. At December 31, 2020, all whole loans had one-month LIBOR floors. (3) Excludes one whole loan that has a fixed interest rate of 5.75% from June 2021 through December 2021 in connection with a modification. (4) Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms that may be available to the borrowers. ( 5 ) Maturity dates exclude four and three whole loans, with amortized costs of $49.1 million and $39.7 million, in maturity default at September 30, 2021 and December 31, 2020, respectively. ( 6 ) Substantially all loans are pledged as collateral under various borrowings at September 30, 2021 and December 31, 2020. ( 7 ) CRE whole loans had $140.6 million and $67.2 million in unfunded loan commitments at September 30, 2021 and December 31, 2020, respectively. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreement, and any necessary approvals have been obtained. (8) The interest rate on the Company’s preferred equity investments paid at 8.00%. The remaining interest was deferred until payoff, which occurred in March 2021 and 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 September 30, 2021: Whole loans (1) $ 85,013 $ 530,398 $ 1,176,479 $ 1,791,890 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 85,013 $ 530,398 $ 1,181,179 $ 1,796,590 Description 2021 2022 2023 and Thereafter Total At December 31, 2020: Whole loans (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 four and three whole loans, with amortized costs of $49.1 million and $39.7 million, in default at September 30, 2021 and December 31, 2020, respectively. ( 2 ) At September 30, 2021, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $14.3 million, $87.2 million and $1.7 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 September 30, 2021, approximately, 22.0%, 18.4% and 15.7% of the Company’s CRE loan portfolio was concentrated in the Southeast, Southwest and Mountain regions, respectively, based on carrying value, as defined by the National Council of Real Estate Investment Fiduciaries. At December 31, 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 September 30, 2021, the Company had $25.0 million of loan principal paydowns receivable, all of which was received in cash by the Company in October 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	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
FINANCING RECEIVABLES	NOTE 6 - FINANCING RECEIVABLES The following table shows the activity in the allowance for credit losses for the nine months ended September 30, 2021 and year ended December 31, 2020 (in thousands, except amount in the footnote): Nine Months Ended September 30, 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 (15,447 ) 30,815 Realized loss on sale of loan (1) — (997 ) Allowance for credit losses at end of period $ 18,863 $ 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 nine months ended September 30, 2021 During the three months ended September 30, 2021, the Company recorded a provision for expected credit losses of $537,000 in connection with an increase in the size of the CRE loan portfolio, offset by an improvement in macroeconomic conditions. During the nine months ended September 30, 2021, reversals of expected credit losses in the first and second quarters of 2021 outpaced the provision during the third quarter of 2021, resulting in a net reversal of expected credit losses of $15.4 million. Overall, the reversal of expected credit losses was attributable to declines in expected unemployment and continued improvement in macroeconomic conditions, loan paydowns and improved collateral operating performance. Beginning in the first quarter through the second quarter of 2020, expected credit losses on the Company’s CRE loan portfolio were negatively impacted by higher than expected unemployment and increased volatility in CRE asset pricing and liquidity in connection with the COVID-19 pandemic. While projections of declining unemployment and recoveries in CRE asset pricing began to improve during the three months ended September 30, 2020, resulting in a reversal of expected credit losses of $8.1 million , the impact of COVID-19 in the first two quarters of 2020 resulted in a During the three and nine months ended September 30, 2021, the Company individually evaluated an office loan in the East North Central region with a $19.9 million principal balance, two hotel loans in the Northeast region with $23.3 million of total principal balances and a hotel loan in the East North Central region with a $8.4 million principal balance for which sale or foreclosure was determined to be probable . $2.3 million The hotel loan in the East North Central region and other hotel loan in the Northeast region were determined to have no CECL allowance as the as-is appraised values on the properties were in excess of the principal and interest balances. 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. Loans are rated a 2 at origination. The factors evaluated provide general criteria to monitor credit migration in the Company’s loan portfolio; as such, a loan’s rating may improve or worsen, depending on new information received. The criteria set forth below should be used as general guidelines and, therefore, not every loan will have all of the characteristics described in each category below. Risk Rating Risk Characteristics 1 • Property performance has surpassed underwritten expectations. • Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high quality tenant mix. 2 • Property performance is consistent with underwritten expectations and covenants and performance criteria are being met or exceeded. • Occupancy is stabilized, near stabilized or is on track with underwriting. 3 • Property performance lags behind underwritten expectations. • Occupancy is not stabilized and the property has some tenancy rollover. 4 • Property performance significantly lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers. • Occupancy is not stabilized and the property has a large amount of tenancy rollover. 5 • Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Expected sale proceeds would not be sufficient to pay off the loan at maturity. • The property has a material vacancy rate and significant rollover of remaining tenants. • An updated appraisal is required upon designation and updated on an as-needed basis. All CRE loans are evaluated for any credit deterioration by debt asset management and certain finance personnel on at least a quarterly basis. Mezzanine loans and preferred equity investments may experience greater credit risks due to their nature as subordinated investments. For the purpose of calculating the quarterly provision for credit losses under CECL, the Company pools CRE loans based on the underlying collateral property type and utilizes a probability of default and loss given default methodology for approximately one year after which it immediately reverts to a historical mean loss ratio. Credit risk profiles of CRE loans at amortized cost were as follows (in thousands, except amounts in the footnotes): Rating 1 Rating 2 Rating 3 Rating 4 Rating 5 Total (1) At September 30, 2021: Whole loans, floating-rate (2) $ — $ 1,310,042 $ 353,430 $ 123,647 $ 53,869 $ 1,840,988 Mezzanine loan — — 4,700 — — 4,700 Total $ — $ 1,310,042 $ 358,130 $ 123,647 $ 53,869 $ 1,845,688 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 $6.6 million and $7.3 million at September 30, 2021 and December 31, 2020, respectively. (2) Includes one $20.8 million whole loan, risk rated a 3, that has a fixed interest rate of 5.75% from June 2021 through December 2021 in connection with a modification. Credit risk profiles of CRE loans by origination year at amortized cost were as follows (in thousands, except amounts in the footnotes): 2021 2020 2019 2018 2017 Prior Total (1) At September 30, 2021: Whole loans, floating-rate: (2) Rating 2 $ 944,534 $ 197,627 $ 114,859 $ 53,022 $ — $ — $ 1,310,042 Rating 3 (3) 10,315 10,084 190,708 108,327 16,496 17,500 353,430 Rating 4 — — 28,420 86,025 — 9,202 123,647 Rating 5 — — 22,373 9,300 19,900 2,296 53,869 Total whole loans, floating-rate 954,849 207,711 356,360 256,674 36,396 28,998 1,840,988 Mezzanine loan (rating 3) — — — 4,700 — — 4,700 Total $ 954,849 $ 207,711 $ 356,360 $ 261,374 $ 36,396 $ 28,998 $ 1,845,688 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 $6.6 million and $7.3 million at September 30, 2021 and December 31, 2020, respectively (2) Acquired CRE whole loans are grouped within each loan’s year of issuance. (3) Includes one $20.8 million whole loan, originated in 2018, that has a fixed interest rate of 5.75% from June 2021 through December 2021 in connection with a modification. 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 At September 30, 2021: Whole loans, floating-rate (4) $ — $ — $ 39,798 $ 39,798 $ 1,801,190 $ 1,840,988 $ 19,898 Mezzanine loan — — — — 4,700 4,700 — Total $ — $ — $ 39,798 $ 39,798 $ 1,805,890 $ 1,845,688 $ 19,898 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 and nine months ended September 30, 2021, the Company recognized interest income of $480,000 and $1.7 million, respectively, on the three loans with principal payments past due greater than 90 days at September 30, 2021. During the three and nine months ended September 30, 2020, the Company recognized interest income of $605,000 and $1.8 million, respectively, on these loans. (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 $6.6 million and $7.3 million at September 30, 2021 and December 31, 2020, respectively. (4) Includes one $20.8 million whole loan, which is current, that has a fixed interest rate of 5.75% from June 2021 through December 2021 in connection with a modification. At September 30, 2021 and December 31, 2020, the Company had four and three CRE loans in maturity default, respectively, with total amortized costs of $49.1 million The Company received proceeds of $28.8 million relating to the payoffs of its preferred equity investments during the nine months ended September 30, 2021. Troubled Debt Restructurings (“TDRs”) There were no TDRs for the nine months ended September 30, 2021 and 2020. During the nine months ended September 30, 2021, the Company entered into 13 agreements that extended loans by a weighted average period of 11 months and, in certain cases, modified certain other loan terms. Three formerly forborne borrowers and one borrower performing in accordance with a forbearance agreement were in maturity default at September 30, 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	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Cost Accumulated Depreciation & Amortization Book Value Cost Accumulated Depreciation & Amortization Book Value Assets acquired: Investments in real estate (1) $ 34,104 $ (1,305 ) $ 32,799 $ 33,929 $ (123 ) $ 33,806 Right of use assets (2)(3) 5,603 (74 ) 5,529 5,603 (11 ) 5,592 Intangible assets (4) 3,337 (296 ) 3,041 3,336 (42 ) 3,294 Total 43,044 (1,675 ) 41,369 42,868 (176 ) 42,692 Liabilities assumed: Lease liabilities (3) (3,113 ) 41 (3,072 ) (3,113 ) 6 (3,107 ) Total (3,113 ) 41 (3,072 ) (3,113 ) 6 (3,107 ) $ 39,931 $ 38,297 $ 39,755 $ 39,585 (1) Includes approximately $180,000 and $5,000 of furniture and fixtures purchased for the property, subsequent to the date of acquisition, at September 30, 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) Refer to Note 8 for additional information on the Company’s remaining operating leases. (4) Intangible assets include a franchise agreement intangible asset of $2.7 million and $2.8 million and a customer list intangible asset of $352,000 and $477,000 at September 30, 2021 and December 31, 2020, respectively. The right of use assets and lease liabilities comprised an acquired ground lease that was determined to be an operating lease and associated below-market lease intangible asset. 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 number of periods. The Company recorded approximately $35,000 of offsetting amortization and accretion on its ground lease right of use assets and lease liabilities during the nine months ended September 30, 2021. During the three and nine months ended September 30, 2021, the Company recorded amortization expense of approximately $94,000 and $282,000, respectively, 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.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
LEASES	NOTE 8 - LEASES In addition to the ground lease discussed in Note 7, the Company has operating leases for office space and office equipment. The leases have terms that expire between January 2024 and July 2028. The leases on the office space and office equipment contain options for early termination granted to the Company and the lessor. Lease payments are determined as follows: • Office space: payments are made on a fixed schedule, escalating annually, and also include the Company’s responsibility for a percentage of increases in the building’s property taxes and operating expenses over the base year. • Office equipment: payments are made on a fixed schedule. The following table summarizes the Company’s operating leases (in thousands): September 30, 2021 Operating Leases: Right of use assets $ 455 Lease liabilities $ (488 ) Weighted average remaining lease term: 6.8 years Weighted average discount rate: 10.65 % The following table summarizes the Company’s operating lease costs and cash payments during the respective periods (in thousands): Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Lease Cost: Operating lease cost $ 24 $ 50 The following table summarizes the Company’s operating leases by maturity date based on undiscounted cash flows (in thousands): Operating Leases 2021 $ 24 2022 97 2023 99 2024 99 2025 102 Thereafter 274 Subtotal 695 Less: impact of discount (207 ) Total $ 488

INVESTMENT SECURITIES AVAILABLE

INVESTMENT SECURITIES AVAILABLE-FOR-SALE	9 Months Ended
	Sep. 30, 2021
Available For Sale Securities [Abstract]
INVESTMENT SECURITIES AVAILABLE-FOR-SALE	NOTE 9 - 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 nine months ended September 30, 2020, the Company incurred losses of $186.1 million on its CMBS portfolio, including realized losses of $180.3 million primarily attributable to the sale of 67 CMBS as of April 2020. During the nine months ended September 30, 2020, the Company recorded unrealized losses of $5.8 million, which included $203,000 of unrealized gains during the three months ended September 30, 2020 ,

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	9 Months Ended
	Sep. 30, 2021
Equity Method Investments And Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 10 - INVESTMENTS IN UNCONSOLIDATED ENTITIES The Company’s investments in unconsolidated entities at September 30, 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 and nine months ended September 30, 2021, 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 $49,000, respectively. During the three and nine months ended September 30, 2020, the Company recorded dividends of $19,000 and $62,000, respectively.

BORROWINGS

BORROWINGS	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
BORROWINGS	NOTE 11 - 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, 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 footnotes): Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At September 30, 2021: XAN 2020-RSO8 Senior Notes $ 173,600 $ 1,142 $ 172,458 2.02 % 13.4 years $ 260,488 XAN 2020-RSO9 Senior Notes 119,824 1,191 118,633 3.91 % 15.6 years 169,371 ACR 2021-FL1 Senior Notes (1) 675,223 5,605 669,618 1.57 % 14.7 years 802,643 Senior secured financing facility 41,182 3,586 37,596 5.75 % 5.8 years 217,835 CRE - term warehouse financing facilities (2)(3) 320,515 50 320,465 2.05 % 27 days 421,644 4.50% Convertible Senior Notes 88,014 2,204 85,810 4.50 % 319 days — 5.75% Senior Unsecured Notes (4) 150,000 3,526 146,474 5.75 % 4.9 years — Unsecured junior subordinated debentures 51,548 — 51,548 4.09 % 14.9 years — Total $ 1,619,906 $ 17,304 $ 1,602,602 2.62 % 9.9 years $ 1,871,981 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 Senior secured financing facility 33,360 4,046 29,314 5.75 % 6.6 years 239,385 CRE - term warehouse financing facility (2) 13,516 1,258 12,258 2.66 % 299 days 20,000 4.50% Convertible Senior Notes 143,750 6,498 137,252 4.50 % 1.6 years — 12.00% Senior Unsecured Notes 50,000 3,574 46,426 12.00 % 6.6 years — Unsecured junior subordinated debentures 51,548 — 51,548 4.18 % 15.7 years — Total $ 1,330,985 $ 26,258 $ 1,304,727 2.83 % 13.0 years $ 1,537,573 (1) Value of collateral excludes exit fees of $752,000 and interest received of $87,000 at September 30, 2021 . (2) Principal outstanding includes accrued interest payable of $320,000 and $16,000 at September 30, 2021 and December 31, 2020, respectively. (3) In October 2021, the Company extended the maturity of its Barclays Bank PLC (“Barclays”) and JPMorgan Chase Bank, N.A. (“JPMorgan Chase”) CRE - term warehouse financing facilities to October 2022 and October 2024, respectively, and allowed the Wells Fargo Bank, N.A. (“Wells Fargo”) CRE - term warehouse financing facility to mature. (4) Includes deferred debt issuance costs of $320,000 at September 30, 2021 Securitizations The following table sets forth certain information with respect to the Company’s consolidated securitizations at September 30, 2021 (in thousands, except amount in footnotes): Closing Date Maturity Date Permitted Funded Companion Participation Acquisition Period End (1) Reinvestment Period End (2) Total Note Paydowns Received from Closing Date through September 30, 2021 XAN 2020-RSO8 March 2020 March 2035 March 2023 N/A $ 262,143 XAN 2020-RSO9 (3) September 2020 April 2037 N/A N/A $ 125,970 ACR 2021-FL1 May 2021 June 2036 N/A May 2023 $ — (1) The permitted funded companion participation acquisition 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) The reinvestment period is the period in which principal proceeds received before the end of the period may be used to acquire CRE loans for reinvestment into the securitization. (3) XAN 2020-RSO9 includes a future advances reserve account of $7.7 million at September 30, 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 September 30, 2021 and December 31, 2020 were eliminated in consolidation. XAN 2019-RSO7 In April 2019, the Company closed Exantas Capital Corp. 2019-RSO7, Ltd. (“XAN 2019-RSO7”), a $687.2 million CRE debt securitization transaction that provided financing for CRE loans. In May 2021, the Company exercised the optional redemption on XAN 2019-RSO7 in conjunction with the closing of ACRES Commercial Realty 2021-FL1 Issuer, Ltd. (“ACR 2021-FL1”) (see below). XAN 2020-RSO8 In March 2020, the Company closed XAN 2020-RSO8, a $522.6 million CRE debt securitization transaction that provided financing for CRE loans. In June 2021, the benchmark rate on XAN 2020-RSO8’s senior notes, previously one-month LIBOR, was replaced with Compounded SOFR plus a benchmark adjustment. XAN 2020-RSO9 In September 2020, the Company closed XAN 2020-RSO9, a $297.0 million CRE debt securitization transaction that provided financing for CRE loans. In June 2021, the benchmark rate on XAN 2020-RSO9’s senior notes, previously one-month LIBOR, was replaced with Compounded SOFR plus a benchmark adjustment. ACR 2021-FL1 In May 2021, the Company closed ACR 2021-FL1, a $802.6 million CRE debt securitization transaction that provided financing for CRE loans. ACR 2021-FL1 includes a reinvestment period, which ends in May 2023, that allows it to acquire CRE loans for reinvestment into the securitization using uninvested principal proceeds. ACR 2021-FL1 issued a total of $675.2 million of non-recourse, floating-rate notes to third parties at par. Additionally, ACRES RF retained 100% of the Class F and Class G notes and a subsidiary of ACRES RF retained 100% of the outstanding preference shares. The preference shares are subordinated in right of payment to all other securities issued by ACR 2021-FL1. At closing, the senior notes issued to investors consisted of the following classes: (i) $431.4 million of Class A notes bearing interest at one-month LIBOR plus 1.20%; (ii) $100.3 million of Class A-S notes bearing interest at one-month LIBOR plus 1.60%; (iii) $37.1 million of Class B notes bearing interest at one-month LIBOR plus 1.80%; (iv) $43.1 million of Class C notes bearing interest at one-month LIBOR plus 2.00%; (v) $50.2 million of Class D notes bearing interest at one-month LIBOR plus 2.65%; and (vi) $13.0 million of Class E notes bearing interest at one-month LIBOR plus 3.10%. All of the notes issued mature in June 2036, although the Company has the right to call the notes anytime after May 2023. 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. During the three months ended September 30, 2021, the Company repurchased $55.7 million of its 4.50% Convertible Senior Notes, resulting in a charge to earnings of $1.5 million, comprising an extinguishment of debt charge of $1.2 million in connection with the acceleration of the market discount and interest expense of $304,000 in connection with the acceleration of deferred debt issuance costs. The following table summarizes the 4.50% Convertible Senior Notes at September 30, 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 $ 88,014 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 and nine months ended September 30, 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 September 30, 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 closing price of the Company’s common stock was $16.17 on September 30, 2021, which did not exceed the conversion price of its 4.50% Convertible Senior Notes at September 30, 2021. Senior Unsecured Notes 5.75% Senior Unsecured Notes Due 2026 On August 16, 2021, the Company issued $150.0 million of its 5.75% senior unsecured notes due 2026 (the “5.75% Senior Unsecured Notes”) pursuant to its Indenture, dated August 16, 2021 (the “Base Indenture”), between it and Wells Fargo, now Computershare Trust Company, N.A. (“CTC”), as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated August 16, 2021, between it and Wells Fargo, now CTC, (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). Prior to May 15, 2026, the Company may at its option redeem the 5.75% Senior Unsecured Notes, in whole or in part, at a redemption price equal to the sum of (i) 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date, and (ii) a make-whole premium. On or after May 15, 2026, the Company may at its option redeem the 5.75% Senior Unsecured Notes, at any time, in whole or in part, on not less than 15 nor more than 60 days’ prior notice, at a redemption price equal to 100% of the principal amount of the 5.75% Senior Unsecured Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date. The Indenture contains restrictive covenants that, among other things, require the Company to maintain certain financial ratios. The foregoing limitations are subject to exceptions as set forth in the Supplemental Indenture. At September 30, 2021, the Company was in compliance with these covenants. The Indenture provides for customary events of default that include, among other things (subject in certain cases to customary grace and cure periods): (i) non-payment of principal or interest, (ii) breach of certain covenants contained in the Indenture or the 5.75% Senior Unsecured Notes, (iii) an event of default or acceleration of certain other indebtedness of the Company or a subsidiary in which the Company has invested at least $75 million in capital within the applicable grace period and (iv) certain events of bankruptcy or insolvency. Generally, if an event of default occurs (subject to certain exceptions), CTC or the holders of at least 25% in aggregate principal amount of the then outstanding 5.75% Senior Unsecured Notes may declare all of the notes to be due and payable. 12.00% Senior Unsecured Notes Due 2027 On July 31, 2020, the Company entered into a Note and Warrant Purchase Agreement (the “Note and Warrant Purchase Agreement”) with Oaktree Capital Management, L.P. (“Oaktree”) and Massachusetts Mutual Life Insurance Company (“MassMutual”) pursuant to which the Company may issue to Oaktree and MassMutual from time to time up to $125.0 million aggregate principal amount of 12.00% Senior Unsecured Notes. The 12.00% Senior Unsecured Notes had an annual interest rate of 12.00%, payable up to 3.25% (at the election of the Company) as pay-in-kind interest and the remainder as cash interest. On July 31, 2020, the Company issued to Oaktree and MassMutual $42.0 million and $8.0 million aggregate principal amount, respectively, of the 12.00% Senior Unsecured Notes. On August 18, 2021, the Company entered into an agreement with Oaktree and MassMutual that provided for the redemption in full of the outstanding balance of the 12.00% Senior Unsecured Notes, including a waiver of certain sections of the Note and Warrant Purchase Agreement. On August 20, 2021, the redemption was consummated and a payment to Oaktree and MassMutual was made for an aggregate $55.3 million, which consisted of (i) principal in the amount of $50.0 million, (ii) interest in the amount of approximately $329,000 and (iii) a make-whole amount of approximately $5.0 million. In connection with the redemption, the Company recorded a charge to earnings of $8.0 million, comprising an extinguishment of debt charge of $7.8 million in connection with (i) the $5.0 million net make-whole amount and (ii) the $2.8 million acceleration of the remaining market discount; and interest expense of $218,000 in connection with the acceleration of deferred debt issuance costs. 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): September 30, 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) $ 37,596 $ 217,835 12 5.75 % $ 29,314 $ 239,385 15 5.75 % CRE - Term Warehouse Financing Facilities Barclays Bank PLC 109,471 138,422 6 1.95 % — — — — % JPMorgan Chase Bank, N.A. (2)(3) 210,994 283,222 14 2.10 % 12,258 20,000 1 2.66 % Total $ 358,061 $ 639,479 $ 41,572 $ 259,385 (1) Includes $3.6 million and $4.0 million of deferred debt issuance costs at September 30, 2021 and December 31, 2020, respectively. (2) Outstanding borrowings include accrued interest payable. ( 3 ) Includes $50,000 and $1.3 million of deferred debt issuance costs at September 30, 2021 and December 31, 2020, respectively, which includes $678,000 of deferred debt issuance costs at December 31, 2020 from other term warehouse financing facilities with no balance. 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 September 30, 2021: CRE - Term Warehouse Financing Facilities Barclays Bank PLC (2) $ 29,312 29 days 1.95 % JPMorgan Chase Bank, N.A. (2) $ 73,020 26 days 2.10 % (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. (2) In October 2021, the Company extended the maturity of its Barclays and JPMorgan Chase CRE - term warehouse financing facilities to October 2022 and October 2024, respectively. The Company was in compliance with all financial covenants in each of the respective agreements at September 30, 2021 and CRE - Term Warehouse Financing Facilities In February 2012, an indirect wholly-owned subsidiary entered into a master repurchase and securities agreement, which was subsequently replaced with an amended and restated master repurchase agreement in July 2018, (the “Wells Fargo Facility”) with Wells Fargo to finance the origination of CRE loans. In October 2021, the Wells Fargo Facility matured. In April 2018, an indirect wholly-owned subsidiary of the Company entered into a master repurchase agreement (the “Barclays Facility”) with Barclays to finance the origination of CRE loans. In connection with the Barclays Facility, the Company fully guaranteed all payments and performance under the Barclays Facility pursuant to a guaranty agreement (the “Barclays Guaranty”). In October 2021, the Barclays Facility and the Barclays Guaranty were amended to extend the revolving period of the facility to October 2022 and to modify the guaranty to limit financial covenants to be applicable when there are outstanding transactions. In October 2018, an indirect wholly-owned subsidiary of the Company entered into a master repurchase agreement (the “JPMorgan Chase Facility”) with JPMorgan Chase to finance the origination of CRE loans. In September and October 2021, the JPMorgan Chase Facility was amended twice, resulting in (i) the extension of the JPMorgan Chase Facility’s maturity date to October 2024, (ii) an update to the Company’s tangible net worth requirement and minimum liquidity covenant as set forth in the guarantee agreement and (iii) a modification of market terms regarding the replacement of LIBOR upon determination of a benchmark transition event. In November 2021, an indirect, wholly-owned subsidiary of the Company (the “Subsidiary”) entered into a $250.0 million Master Repurchase and Securities Contract Agreement with Morgan Stanley Mortgage Capital Holdings LLC (“Morgan Stanley”), to be used to finance the Company’s core commercial real estate lending business (the “Morgan Stanley Facility”). Each repurchase transaction will specify its own terms, such as identification of the assets subject to the transaction, sale price, repurchase price and rate. The financing provided by the Morgan Stanley Facility matures in November 2022, with two one-year The Morgan Stanley Facility contains margin call provisions that provide Morgan Stanley with certain rights if the value of purchased assets declines (“Margin Deficit”). Under these circumstances, Morgan Stanley may require the Subsidiary to transfer cash in an amount necessary to eliminate such Margin Deficit or repurchase the asset(s) that resulted in such Margin Deficit. The Company guaranteed the Subsidiary’s payment and performance under the Morgan Stanley Facility pursuant to a guaranty agreement (the “Morgan Stanley Guaranty”), subject to a limit of 25% of the then currently unpaid aggregate repurchase price of all purchased assets. The Morgan Stanley Guaranty includes certain financial covenants required of the Company, including required liquidity, required capital, ratios of total intendedness to equity and EBITDA requirements. Also, the Subsidiary’s direct parent, ACRES Realty Funding, Inc. (“Pledgor”), executed a Pledge Agreement with Morgan Stanley pursuant to which Pledgor pledged and granted to Morgan Stanley a continuing security interest in any and all of Pledgor’s right, title and interest in and to the Subsidiary, including all distributions, proceeds, payments, income and profits from Pledgor’s interests in the Subsidiary. The Morgan Stanley Facility specifies events of default, subject to certain materiality thresholds and grace periods, customary for this type of financing arrangement. The remedies for such events of default are also customary for this type of financing arrangement and include acceleration of the principal amount outstanding under the Morgan Stanley Facility and liquidation by Morgan Stanley of purchased assets then subject to the Morgan Stanley Facility. 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 September 30, 2021: CRE securitizations $ 968,647 $ — $ — $ — $ — $ 968,647 Senior secured financing facility 41,182 — — — — 41,182 Term warehouse financing facilities (1)(2) 320,515 320,515 — — — — 4.50% Convertible Senior Notes 88,014 — 88,014 — — — 5.75% Senior Unsecured Notes 150,000 — — — — 150,000 Unsecured junior subordinated debentures 51,548 — — — — 51,548 Total $ 1,619,906 $ 320,515 $ 88,014 $ — $ — $ 1,211,377 (1) Includes accrued interest payable in the balances of principal outstanding. (2) In October 2021, the Company extended the maturity of its Barclays and JPMorgan Chase CRE - term warehouse financing facilities to October 2022 and October 2024, respectively, and allowed the Wells Fargo CRE - term warehouse financing facility to mature.

SHARE ISSUANCE AND REPURCHASE

SHARE ISSUANCE AND REPURCHASE	9 Months Ended
	Sep. 30, 2021
Stockholders Equity Note [Abstract]
SHARE ISSUANCE AND REPURCHASE	NOTE 12 - SHARE ISSUANCE AND REPURCHASE In May 2021, and subsequently in June 2021, the Company issued a total of 4.6 million shares of 7.875% Series D Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”) at a public offering price of $25.00 per share. The Company received net proceeds of $110.5 million after $4.5 million of underwriting discounts and other offering expenses. Dividends are payable quarterly in arrears at the end of January, April, July and October. The Series D Preferred Stock has no maturity date and the Company is not required to redeem the Series D Preferred Stock at any time. On or after May 21, 2026, the Company may, at its option, redeem the Series D Preferred Stock, in whole or part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. On or after July 30, 2024, the Company may, at its option, redeem its 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”), in whole or in part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid distributions, if any, to the redemption date. Effective July 30, 2024 and thereafter, the Company will pay cumulative distributions on the Series C Preferred Stock at a floating rate equal to three-month LIBOR plus 5.927% per annum based on the $25.00 liquidation preference, provided that such floating rate shall not be less than the initial rate of 8.625% at any date of determination. At September 30, 2021, the Company had 4.8 million shares of Series C Preferred Stock and 4.6 million shares of Series D Preferred Stock outstanding, with weighted average issuance prices, 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% Senior Unsecured Notes Oaktree and MassMutual

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
SHARE-BASED COMPENSATION	NOTE 13 - SHARE-BASED COMPENSATION In June 2021, the Company’s shareholders approved the ACRES Commercial Realty Corp. Third Amended and Restated Omnibus Equity Compensation Plan (the “Omnibus Plan”) and the ACRES Commercial Realty Corp. Manager Incentive Plan (the “Manager Plan” and together with the Omnibus Plan, the “Plans”). The Omnibus Plan was amended (i) increase the number of shares authorized for issuance by an additional 1,100,000 shares of common stock less any shares of common stock issued or subject to awards granted under the Manager Plan; and (ii) extend the expiration date of the Omnibus Plan from June 2029 to June 2031. The maximum number of shares that may be subject to awards granted under the Omnibus Plan and the Manager Plan, determined on a combined basis, will be 1,700,817 shares of common stock. The Company recognized stock-based compensation expense of $771,000 and $961,000 during the three and nine months ended September 30, 2021 , respectively, and $1.9 million and $3.1 million during the three and nine months ended September 30, 2020 , respectively, related to restricted stock. The following table summarizes the Company’s restricted common stock transactions: Number of Shares Weighted-Average Grant-Date Fair Value Unvested shares at January 1, 2021 11,610 $ 6.46 Issued 333,329 17.39 Vested (11,610 ) 6.46 Forfeited — — Unvested shares at September 30, 2021 333,329 $ 17.39 The unvested restricted common stock shares are expected to vest during the following years: Year Shares 2021 — 2022 83,331 2023 83,331 2024 83,331 2025 83,336 Total 333,329 The shares issued during the nine months ended September 30, 2021 will vest in installments over a four-year The following table summarizes the status of the Company’s vested stock options at September 30, 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 (3,333 ) 76.80 Vested at September 30, 2021 — $ — — $ — There were no options granted during the nine months ended September 30, 2021 or 2020. The outstanding stock options had contractual terms of ten years and expired in May 2021. 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 and nine months ended September 30, 2021 or 2020. No incentive compensation was paid to the Prior Manager for the nine months ended September 30, 2020. The Omnibus Plan and the Manager Plan are administered by the compensation committee of our Board (the “Compensation Committee”). 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. See Note 17 for a description of awards made under the Manager Plan.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 14 - EARNINGS PER SHARE The following table presents a reconciliation of basic and diluted earnings (losses) per common share for the periods presented (dollars in thousands, except per share amounts): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net (loss) income $ (4,928 ) $ 8,159 $ 21,767 $ (221,762 ) Net income allocated to preferred shares (4,877 ) (2,588 ) (11,033 ) (7,763 ) Net (loss) income allocable to common shares $ (9,805 ) $ 5,571 $ 10,734 $ (229,525 ) Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 9,086,751 10,650,112 9,351,477 10,587,147 Weighted average number of warrants outstanding (1) 466,661 314,492 466,661 105,596 Total weighted average number of common shares outstanding - basic 9,553,412 10,964,604 9,818,138 10,692,743 Effect of dilutive securities - unvested restricted stock — 1,682 18,465 — Weighted average number of common shares outstanding - diluted 9,553,412 10,966,286 9,836,603 10,692,743 Net (loss) income per common share - basic $ (1.03 ) $ 0.51 $ 1.09 $ (21.47 ) Net (loss) income per common share - diluted $ (1.03 ) $ 0.51 $ 1.09 $ (21.47 ) (1) See Note 12 for further details regarding the warrants. For the 4.50% Convertible Senior Notes, the Company has the intent and ability to settle the principal amount in cash and intends to settle the conversion feature for the amount above the conversion price, or the conversion spread, if any, in common stock. The Company uses the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted EPS, if applicable. The conversion spread will have a dilutive impact on diluted EPS when the average market price of the Company’s common stock for a given period exceeds the conversion price of the 4.50% Convertible Senior Notes. For the nine months ended September 30, 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 nine months ended September 30, 2020 the average market price of the Company’s common stock did not exceed the conversion price of the 4.50% Convertible Senior Notes and 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 11.

DISTRIBUTIONS

DISTRIBUTIONS	9 Months Ended
	Sep. 30, 2021
Distributions [Abstract]
DISTRIBUTIONS	NOTE 15 - 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. In October 2021, the Company finalized its 2020 tax return, which determined that it received net operating loss and net capital loss carryforwards that may reduce its taxable income in the 2021 tax year and in future tax years, subject to carryforward restrictions. 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 three months ended September 30, 2021, the Company declared and subsequently paid its Series C Preferred Stock and Series D Preferred Stock distributions, or $0.54 per share and $0.49 per share, respectively. It did not pay any common share distributions for the three months ended September 30, 2021. For the three months ended September 30, 2020, the Company declared and subsequently paid its Series C Preferred Stock distributions, including all distributions in arrears, of $1.62 per share. The Company did not pay distributions on its common shares during three months ended September 30, 2020. The following tables present distributions declared (on a per share basis) for the nine months ended September 30, 2021 and the year ended December 31, 2020: Series C Preferred Stock Series D Preferred Stock Date Paid Total Distributions Paid Distributions Per Share Date Paid Total Distributions Paid Distributions Per Share (in thousands) (in thousands) 2021 September 30 November 1 $ 2,588 $ 0.5390625 November 1 $ 2,264 $ 0.4921875 June 30 July 30 $ 2,588 $ 0.5390625 July 30 $ 1,736 $ 0.377344 March 31 April 30 $ 2,588 $ 0.5390625 N/A N/A N/A 2020 December 31 February 1, 2021 $ 2,587 $ 0.5390625 N/A N/A N/A March 31, June 30 and September 30 October 30 $ 7,763 $ 1.6171875 N/A N/A N/A

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 16 - 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 nine months ended September 30, 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) 1,384 Balance at September 30, 2021 $ (8,594 ) (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	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 17 - 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 and nine months ended September 30, 2021, the Manager earned base management fees of approximately $1.7 million and $4.4 million, respectively. No incentive compensation was earned for the three and nine months ended September 30, 2021. For the three and nine months ended September 30, 2020, the Manager earned base management fees of approximately $898,000. No incentive compensation was earned for the three and nine months ended September 30, 2020. At September 30, 2021 and December 31, 2020, $1.1 million and $442,000, respectively, of base management fees were payable by the Company to the Manager. There was no incentive compensation payable at September 30, 2021 and December 31, 2020. The Manager and its affiliates provide the Company with a Chief Financial Officer and a sufficient number of additional accounting, finance, tax and investor relations professionals. The Company reimburses the Manager’s 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 reimburses out-of-pocket expenses and certain other costs incurred by the Manager that related directly to the Company’s operations. For the three and nine months ended September 30, 2021, the Company reimbursed the Manager $899,000 and $3.5 million, respectively, for all such compensation and costs. For the three and nine months ended September 30, 2020, the Company reimbursed the Manager $432,000 for all such compensation and costs. At September 30, 2021 and December 31, 2020, the Company had payables to the Manager pursuant to the Management Agreement totaling approximately $819,000 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 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 and nine months ended September 30, 2021, the Company recorded interest income of $90,000 and $268,000, respectively, on the ACRES Loan in other income (expense) on the consolidated statements of operations. During the three and nine months ended September 30, 2020, the Company recorded interest income of $62,000 on the ACRES Loan. At September 30, 2021, the ACRES Loan had a principal balance and accrued interest receivable of $11.7 million and $29,000, respectively, recorded in loan receivable - related party and accrued interest receivable, respectively, on the consolidated balance sheet. At December 31, 2020, the ACRES Loan had a principal balance of $11.9 million, recorded in loan receivable - related party on the consolidated balance sheet, and no accrued interest receivable. At September 30, 2021, the Company retained equity in two securitization entities that were 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 entities and their 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 served as the special servicer of XAN 2019-RSO7 and serves as special servicer of XAN 2020-RSO8, XAN 2020-RSO9 and ACR 2021-FL1. During the three and nine months ended September 30, 2021, ACRES Capital Servicing received no portfolio servicing fees. During the nine months ended September 30, 2021, ACRES Capital Servicing received $14,000 in special servicing fees recorded as a reduction to interest income in the consolidated statements of operations. There were no special servicing fees received during the three months ended September 30, 2021. During the three and nine months ended September 30, 2020, ACRES Capital Servicing received no portfolio servicing fees or special servicing fees. Relationship with ACRES Collateral Manager, LLC. ACRES Collateral Manager, LLC, an affiliate of ACRES Capital Corp. and the Manager, serves as the collateral manager of ACR 2021-FL1, a role for which it waived its fee. Relationship with ACRES Realty Funding, Inc. ACRES RF, an affiliate of ACRES Capital Corp. and the Manager, serves as the advancing agent of ACR 2021-FL1, a role for which it waived its fee. Relationship with ACRES Share Holdings, LLC. In June 2021, the Company’s Manager Incentive Plan was approved by its shareholders, which authorized up to 1,100,000 shares of common stock for issuance to the Manager (less shares of common stock issued or subject to awards under the Omnibus Plan). ACRES Share Holdings, LLC, an affiliate of ACRES Capital Corp. and the Manager, was granted 299,999 shares during the nine months ended September 30, 2021, which will vest 25% for four years, on each anniversary of the issuance date. There were no shares issued under this plan during the three months ended September 30, 2021. See Note 13 for additional details. 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, Inc. (“Resource America”), which is a wholly-owned subsidiary of C-III. C-III is indirectly controlled and partially owned by Island Capital Group LLC (“Island Capital”). Effective July 31, 2020, in connection with the ACRES acquisition, Andrew L. Farkas, the managing member of Island Capital and the chairman and chief executive officer of C-III, resigned his position as the Company’s Chairman. In addition, Robert C. Lieber and Matthew J. Stern, each executive managing directors of both C-III and Island Capital, resigned their positions as the Company’s Chief Executive Officer and President, respectively. Lastly, Jeffrey P. Cohen, president of C-III and Island Capital, resigned his position as a member of the Board. Those officers and the Company’s other executive officers were also officers of the Company’s Prior Manager, Resource America, C-III and/or affiliates of those companies. Prior to September 8, 2020, a non-employee director of the Company held the position of Executive Vice President at Resource America. Prior to July 31, 2020, the Company had a management agreement with the Prior Manager pursuant to which the Prior Manager provided the day-to-day management of the Company’s operations and received substantial fees. For the three and nine months ended September 30, 2020, the Prior Manager earned base management fees of approximately $385,000 and $3.8 million, respectively. No incentive compensation was earned for the three and nine months ended September 30, 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 and nine months ended September 30, 2020, the Company reimbursed the Prior Manager $727,000 and $4.0 million, respectively, for all such compensation and costs. At September 30, 2021, the Company retained equity in four securitization entities that were structured for the Company by the Prior Manager, although three of the securitization entities had been substantially liquidated as of September 30, 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 XAN 2020-RSO8, a $522.6 million securitization that closed in March 2020. In January 2021, ACRES Capital Servicing replaced Resource Real Estate as special servicer of XAN 2020-RSO8. Resource Real Estate did not earn any special servicing fees during the three and nine months ended September 30, 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 and certain deferred fees conditioned upon the terms of the loans’ particular agreements. During the three and nine months ended September 30, 2021, C-III Commercial Mortgage earned fees of $227,000 and $361,000, respectively. During the nine months ended September 30, 2020, C-III Commercial Mortgage earned fees of $32,000. The Company had no outstanding payables to C-III Commercial Mortgage at September 30, 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 former non-employee director of the Company is an executive at, and a director of, Resource Real Estate Opportunity REIT. During the nine months ended September 30, 2021, the Company incurred $67,000 of expenses in connection with these agreements. During the three and nine months ended September 30, 2020, the Company incurred $21,000 of expenses in connection with these agreements. The Company had no payables to Resource Real Estate Opportunity REIT at September 30, 2021. These agreements were terminated as of March 31, 2021.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 18 - 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, September 30, 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 9. 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 3.00% to 9.75% and 4.10% to 9.75% at September 30, 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 investments were 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 investments were discounted at rates of 12.08% and 11.54% at December 31, 2020. The Company’s two preferred equity investments paid off in March 2021 and April 2021, respectively. 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 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 value of the 4.50% Convertible Senior 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 5.75% Senior Unsecured Notes are estimated and 12.00% Senior Unsecured Notes were estimated by using a discounted cash flow model. The fair values of the junior subordinated notes RCT I and RCT II are estimated by using a discounted cash flow model. The fair values of the Company’s remaining financial and non-financial assets that are not reported at fair value on the consolidated balance sheets are reported in the following table (in thousands): Fair Value Measurements Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At September 30, 2021: Assets: CRE whole loans $ 1,822,410 $ 1,849,066 $ — $ — $ 1,849,066 CRE mezzanine loan $ 4,415 $ 4,700 $ — $ — $ 4,700 Loan receivable - related party $ 11,675 $ 10,473 $ — $ — $ 10,473 Liabilities: Senior notes in CRE securitizations $ 960,709 $ 970,552 $ — $ — $ 970,552 Senior secured financing facility $ 37,596 $ 41,182 $ — $ — $ 41,182 Warehouse financing facilities $ 320,465 $ 320,516 $ — $ — $ 320,516 4.50% Convertible Senior Notes $ 85,810 $ 87,935 $ — $ — $ 87,935 5.75% Senior Unsecured Notes (1) $ 146,474 $ 149,670 $ — $ — $ 149,670 Junior subordinated notes $ 51,548 $ 43,519 $ — $ — $ 43,519 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 (2) $ 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 Senior secured financing facility $ 29,314 $ 33,360 $ — $ — $ 33,360 Warehouse financing facility $ 12,258 $ 13,516 $ — $ — $ 13,516 4.50% Convertible Senior Notes $ 137,252 $ 132,437 $ — $ — $ 132,437 12.00% Senior Unsecured Notes $ 46,426 $ 58,910 $ — $ — $ 58,910 Junior subordinated notes $ 51,548 $ 31,955 $ — $ — $ 31,955 (1) Carrying value includes deferred debt issuance costs of $320,000 from the redeemed 12.00% Senior Unsecured Notes. (2) Classified as other assets on the consolidated balance sheet.

MARKET RISK AND DERIVATIVE INST

MARKET RISK AND DERIVATIVE INSTRUMENTS	9 Months Ended
	Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
MARKET RISK AND DERIVATIVE INSTRUMENTS	NOTE 19 - 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 September 30, 2021 and December 31, 2020 At September 30, 2021 and December 31, 2020, the Company had an unrealized gain of $370,000 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. During the three and nine months ended September 30, 2021, the Company recorded accretion income, reported in interest expense on the consolidated statements of operations, of $23,000 and $68,000, respectively, to accrete the accumulated other comprehensive income on the terminated swap agreements. During the three and nine months ended September 30, 2020, the Company recorded accretion income of $23,000 and $69,000, respectively. 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. In December 2020, these interest rate swap contracts were terminated. The following tables present the effect of the derivative instruments on the consolidated statements of operations for the nine months ended September 30, 2021 and 2020 (in thousands): Derivatives Nine Months Ended September 30, 2021 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ (1,384 ) Derivatives Nine Months Ended September 30, 2020 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts Other income (expense) $ (67 ) Interest rate swap contracts, hedging Interest expense $ (1,095 ) (1) Negative values indicate a decrease to the associated consolidated statement of operations line items.

OFFSETTING OF FINANCIAL LIABILI

OFFSETTING OF FINANCIAL LIABILITIES	9 Months Ended
	Sep. 30, 2021
Offsetting [Abstract]
OFFSETTING OF FINANCIAL LIABILITIES	NOTE 20 - 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 September 30, 2021: Warehouse financing facilities (2) $ 320,465 $ — $ 320,465 $ 320,465 $ — $ — 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. ( 2 ) The combined fair values of loans pledged against the Company’s various term warehouse financing facilities was $421.6 million and $20.0 million at September 30, 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	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 21 - COMMITMENTS AND CONTINGENCIES The Company may become involved in litigation on various matters due to the nature of the Company’s business activities. The resolution of these matters may result in adverse judgments, fines, penalties, injunctions and other relief against the Company as well as monetary payments or other agreements and obligations. In addition, the Company may enter into settlements on certain matters in order to avoid the additional costs of engaging in litigation. Except as discussed below, the Company is unaware of any contingencies arising from such litigation that would require accrual or disclosure in the consolidated financial statements at September 30, 2021. The Company’s subsidiary, Primary Capital Mortgage, LLC (“PCM”), is subject to potential litigation related to claims for repurchases or indemnifications on loans that PCM has sold to third parties. At September 30, 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 $1.4 million and $1.5 million at September 30, 2021 and December 31, 2020, respectively. 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 September 30, 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 adversely impacted, and may 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 virus variants that may exacerbate the severity of the pandemic, the extension of quarantines and restrictions on travel, the discovery of successful treatments and the ensuing reactions by consumers, companies, governmental entities and global markets. The Company had no contingent liabilities at September 30, 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 September 30, 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 $140.6 million and $67.2 million in unfunded loan commitments at September 30, 2021 and December 31, 2020, respectively. Preferred equity investments had $2.5 million in unfunded investment commitments at December 31, 2020. The preferred equity investments paid off during the nine months ended September 30, 2021. At closing, XAN 2020-RSO9 included a future advances reserve account, with $7.7 million outstanding at September 30, 2021, included in restricted cash on the consolidated balance sheet, to fund unfunded commitments.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 22 - SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this report and determined that there have not been any events, other than those in Note 11 or as discussed below, that have occurred that would require adjustments to or disclosures in the consolidated financial statements. On October 4, 2021, the Company and the Manager entered into an Equity Distribution Agreement with JonesTrading Institutional Services LLC, as placement agent (“JonesTrading”), pursuant to which the Company may issue and sell from time to time up to 2.2 million shares of the Series D Preferred Stock. Sales of the Series D Preferred Stock may be made in transactions that are deemed to be “at the market” offerings, as defined in Rule 415 of the Securities Act of 1933, as amended, including without limitation, sales made directly on the New York Stock Exchange, on any other existing trading market for the shares or to or through a market maker. Subject to the terms of the Company’s notice, JonesTrading may also sell the shares by any other method permitted by law, including but not limited to in privately negotiated transactions. The Company will pay JonesTrading a commission up to 3.0% of the gross proceeds from the sales of the Series D Preferred Stock pursuant to the agreement. The terms and conditions of the agreement include various representations and warranties, conditions to closing, indemnification rights and obligations of the parties and termination provisions. On November 5, 2021, the Board authorized and approved the continued use of its existing share repurchase program, originally authorized by the Board in March 2016, in order to repurchase up to $20.0 million of the Company’s currently outstanding shares of common stock. Under the share repurchase program, the Company intends to repurchase shares through open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 and 10b5-1 of the Exchange Act.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 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 responded to the outbreak by instituting quarantines and restrictions on travel, which resulted in the closure or remote operation of non-essential businesses. Such actions produced material and previously unforeseeable shocks to global markets, disruptions to global supply chains and adversity to many industries and economies as whole. While the U.S. and certain countries around the world have eased restrictions and financial markets have stabilized to some degree in connection with the discovery and distribution of vaccines , the pandemic , exacerbated by virus variants, continues to cause uncertainty on the U.S. and global econom ies generally, and the CRE business in particular, that make estimates and assumptions as of September 30, 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 September 30, 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 September 30, 2021 and December 31, 2020, approximately $108.4 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): September 30, 2021 2020 Cash and cash equivalents $ 109,949 $ 122,105 Restricted cash 32,406 33,776 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 142,355 $ 155,881
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.
Investment In Real Estate	Investment in Real Estate The Company amortizes the value allocated to lease right of use assets and related in-place lease liabilities, when determined to be operating leases, using the straight-line method over the remaining lease term. The value allocated to any associated above or below market lease intangible asset or liability is amortized to lease expense over the remaining lease term. The estimated useful lives of the right of use assets and lease liabilities are each 66.3 years
Leases	Leases The value of the operating leases are determined through the discounted cash flow method and are recognized on the consolidated balance sheet as offsetting right of use assets and lease liabilities. The operating lease for the Company’s office space is amortized over the lease term, or 7.3 years, using the effective-interest method. The Company’s operating lease for office equipment is amortized over the lease term, or three years, using the straight-line method.
Income Taxes	Income Taxes The Company recorded a full valuation allowance against its net deferred tax assets of $63.0 million (tax effected expense of $21.2 million) at September 30, 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 Adopted in 2021 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. In June 2021, Exantas Capital Corp. 2020-RSO8, Ltd.’s (“XAN 2020-RSO8”) and Exantas Capital Corp. 2020-RSO9, Ltd.’s (“XAN 2020-RSO9”) senior notes’ benchmark rate, one-month LIBOR, was replaced with the compounded Secured Overnight Financing Rate (“Compounded SOFR”) plus a benchmark adjustment. As each securitizations’ indentures included terms referencing a benchmark rate replacement, no amendments to the indentures were required. The Company will apply the replacement of the benchmark rate prospectively by adjusting the effective interest rate. Additionally, all of the Company’s underwritten loans contain terms that allow for a change to an alternative benchmark rate upon the discontinuation of LIBOR. For the Company’s remaining financial instruments utilizing LIBOR as a benchmark rate, the guidance is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Accounting Standards to be Adopted in Future Periods 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)	9 Months Ended
	Sep. 30, 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): September 30, 2021 2020 Cash and cash equivalents $ 109,949 $ 122,105 Restricted cash 32,406 33,776 Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows $ 142,355 $ 155,881

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 (in thousands): CRE Securitizations Other Total ASSETS Restricted cash $ 31,925 $ 460 $ 32,385 Accrued interest receivable 4,089 — 4,089 CRE loans, pledged as collateral (1) 1,169,809 — 1,169,809 Principal paydowns receivable 25,010 — 25,010 Other assets 314 — 314 Total assets (2) $ 1,231,147 $ 460 $ 1,231,607 LIABILITIES Accounts payable and other liabilities $ 129 $ — $ 129 Accrued interest payable 679 — 679 Borrowings 960,709 — 960,709 Total liabilities $ 961,517 $ — $ 961,517 (1) Excludes the allowance for credit losses. (2) Assets of each of the Consolidated VIEs may only be used to settle the obligations of each respective VIE.
VIE, Not Primary Beneficiary
Schedule of variable interest entities	The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs at September 30, 2021 (in thousands): Unsecured Junior Subordinated Debentures Maximum Exposure to Loss ASSETS Accrued interest receivable $ 5 $ — Investments in unconsolidated entities 1,548 $ 1,548 Total assets 1,553 LIABILITIES Accrued interest payable 181 N/A Borrowings 51,548 N/A Total liabilities 51,729 N/A Net (liability) asset $ (50,176 ) N/A

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, 2021 2020 Supplemental cash flows: Interest expense paid in cash $ 33,889 $ 38,246 Income taxes paid in cash $ — $ — Non-cash operating activities include the following: Receipt of right of use assets $ (479 ) $ — Execution of operating leases $ 479 $ — Non-cash investing activities include the following: Proceeds from the relinquishment of investment securities available-for-sale $ — $ 369,873 Non-cash financing activities include the following: Repayment of repurchase agreements from the relinquishment of investment securities available-for-sale $ — $ (369,873 ) Distributions on preferred stock accrued but not paid $ 3,260 $ 6,900

LOANS (Tables)

LOANS (Tables)	9 Months Ended
	Sep. 30, 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)(3) Maturity Dates (4)(5) At September 30, 2021: CRE loans held for investment: Whole loans (6)(7) 95 $ 1,853,168 $ (12,180 ) $ 1,840,988 $ (18,578 ) $ 1,822,410 1M LIBOR plus 2.70% to 1M LIBOR plus 9.00% November 2021 to September 2025 Mezzanine loan (6) 1 4,700 — 4,700 (285 ) 4,415 10.00% June 2028 Total CRE loans held for investment $ 1,857,868 $ (12,180 ) $ 1,845,688 $ (18,863 ) $ 1,826,825 At December 31, 2020: CRE loans held for investment: Whole loans (6)(7) 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 (6) 1 4,700 — 4,700 (301 ) 4,399 10.00% June 2028 Preferred equity investments (8) 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 $11.7 million and $5.7 million and deferred amendment fees of $469,000 and $495,000 at September 30, 2021 and December 31, 2020, respectively. Additionally, the amounts include unamortized loan acquisition costs of $29,000 and $118,000 at September 30, 2021 and December 31, 2020, respectively. ( 2 ) The Company’s whole loan portfolio of $1.9 billion and $1.5 billion had a weighted-average one-month LIBOR floor of 1.03% and 1.88% at September 30, 2021 and December 31, 2020, respectively. At September 30, 2021, all but one of the Company’s floating-rate whole loans had one-month LIBOR floors. At December 31, 2020, all whole loans had one-month LIBOR floors. (3) Excludes one whole loan that has a fixed interest rate of 5.75% from June 2021 through December 2021 in connection with a modification. (4) Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms that may be available to the borrowers. ( 5 ) Maturity dates exclude four and three whole loans, with amortized costs of $49.1 million and $39.7 million, in maturity default at September 30, 2021 and December 31, 2020, respectively. ( 6 ) Substantially all loans are pledged as collateral under various borrowings at September 30, 2021 and December 31, 2020. ( 7 ) CRE whole loans had $140.6 million and $67.2 million in unfunded loan commitments at September 30, 2021 and December 31, 2020, respectively. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreement, and any necessary approvals have been obtained. (8) The interest rate on the Company’s preferred equity investments paid at 8.00%. The remaining interest was deferred until payoff, which occurred in March 2021 and 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 September 30, 2021: Whole loans (1) $ 85,013 $ 530,398 $ 1,176,479 $ 1,791,890 Mezzanine loan — — 4,700 4,700 Total CRE loans (2) $ 85,013 $ 530,398 $ 1,181,179 $ 1,796,590 Description 2021 2022 2023 and Thereafter Total At December 31, 2020: Whole loans (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 four and three whole loans, with amortized costs of $49.1 million and $39.7 million, in default at September 30, 2021 and December 31, 2020, respectively. ( 2 ) At September 30, 2021, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $14.3 million, $87.2 million and $1.7 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)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Activity in Allowance for Credit Losses	The following table shows the activity in the allowance for credit losses for the nine months ended September 30, 2021 and year ended December 31, 2020 (in thousands, except amount in the footnote): Nine Months Ended September 30, 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 (15,447 ) 30,815 Realized loss on sale of loan (1) — (997 ) Allowance for credit losses at end of period $ 18,863 $ 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 nine months ended September 30, 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 amounts in the footnotes): Rating 1 Rating 2 Rating 3 Rating 4 Rating 5 Total (1) At September 30, 2021: Whole loans, floating-rate (2) $ — $ 1,310,042 $ 353,430 $ 123,647 $ 53,869 $ 1,840,988 Mezzanine loan — — 4,700 — — 4,700 Total $ — $ 1,310,042 $ 358,130 $ 123,647 $ 53,869 $ 1,845,688 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 $6.6 million and $7.3 million at September 30, 2021 and December 31, 2020, respectively. (2) Includes one $20.8 million whole loan, risk rated a 3, that has a fixed interest rate of 5.75% from June 2021 through December 2021 in connection with a modification. Credit risk profiles of CRE loans by origination year at amortized cost were as follows (in thousands, except amounts in the footnotes): 2021 2020 2019 2018 2017 Prior Total (1) At September 30, 2021: Whole loans, floating-rate: (2) Rating 2 $ 944,534 $ 197,627 $ 114,859 $ 53,022 $ — $ — $ 1,310,042 Rating 3 (3) 10,315 10,084 190,708 108,327 16,496 17,500 353,430 Rating 4 — — 28,420 86,025 — 9,202 123,647 Rating 5 — — 22,373 9,300 19,900 2,296 53,869 Total whole loans, floating-rate 954,849 207,711 356,360 256,674 36,396 28,998 1,840,988 Mezzanine loan (rating 3) — — — 4,700 — — 4,700 Total $ 954,849 $ 207,711 $ 356,360 $ 261,374 $ 36,396 $ 28,998 $ 1,845,688 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 $6.6 million and $7.3 million at September 30, 2021 and December 31, 2020, respectively (2) Acquired CRE whole loans are grouped within each loan’s year of issuance. (3) Includes one $20.8 million whole loan, originated in 2018, that has a fixed interest rate of 5.75% from June 2021 through December 2021 in connection with a modification.
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 At September 30, 2021: Whole loans, floating-rate (4) $ — $ — $ 39,798 $ 39,798 $ 1,801,190 $ 1,840,988 $ 19,898 Mezzanine loan — — — — 4,700 4,700 — Total $ — $ — $ 39,798 $ 39,798 $ 1,805,890 $ 1,845,688 $ 19,898 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 and nine months ended September 30, 2021, the Company recognized interest income of $480,000 and $1.7 million, respectively, on the three loans with principal payments past due greater than 90 days at September 30, 2021. During the three and nine months ended September 30, 2020, the Company recognized interest income of $605,000 and $1.8 million, respectively, on these loans. (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 $6.6 million and $7.3 million at September 30, 2021 and December 31, 2020, respectively. (4) Includes one $20.8 million whole loan, which is current, that has a fixed interest rate of 5.75% from June 2021 through December 2021 in connection with a modification.

INVESTMENT IN REAL ESTATE AND_2

INVESTMENT IN REAL ESTATE AND OTHER ACQUIRED ASSETS AND ASSUMED LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Cost Accumulated Depreciation & Amortization Book Value Cost Accumulated Depreciation & Amortization Book Value Assets acquired: Investments in real estate (1) $ 34,104 $ (1,305 ) $ 32,799 $ 33,929 $ (123 ) $ 33,806 Right of use assets (2)(3) 5,603 (74 ) 5,529 5,603 (11 ) 5,592 Intangible assets (4) 3,337 (296 ) 3,041 3,336 (42 ) 3,294 Total 43,044 (1,675 ) 41,369 42,868 (176 ) 42,692 Liabilities assumed: Lease liabilities (3) (3,113 ) 41 (3,072 ) (3,113 ) 6 (3,107 ) Total (3,113 ) 41 (3,072 ) (3,113 ) 6 (3,107 ) $ 39,931 $ 38,297 $ 39,755 $ 39,585 (1) Includes approximately $180,000 and $5,000 of furniture and fixtures purchased for the property, subsequent to the date of acquisition, at September 30, 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) Refer to Note 8 for additional information on the Company’s remaining operating leases. (4) Intangible assets include a franchise agreement intangible asset of $2.7 million and $2.8 million and a customer list intangible asset of $352,000 and $477,000 at September 30, 2021 and December 31, 2020, respectively.

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Summary of Operating Leases	The following table summarizes the Company’s operating leases (in thousands): September 30, 2021 Operating Leases: Right of use assets $ 455 Lease liabilities $ (488 ) Weighted average remaining lease term: 6.8 years Weighted average discount rate: 10.65 %
Summary of Operating Lease Costs and Cash Payments	The following table summarizes the Company’s operating lease costs and cash payments during the respective periods (in thousands): Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Lease Cost: Operating lease cost $ 24 $ 50
Summary of Operating Leases by Maturity Date Based on Undiscounted Cash Flows	The following table summarizes the Company’s operating leases by maturity date based on undiscounted cash flows (in thousands): Operating Leases 2021 $ 24 2022 97 2023 99 2024 99 2025 102 Thereafter 274 Subtotal 695 Less: impact of discount (207 ) Total $ 488

INVESTMENT SECURITIES AVAILAB_2

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Tables)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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 footnotes): Principal Outstanding Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Borrowing Rate Weighted Average Remaining Maturity Value of Collateral At September 30, 2021: XAN 2020-RSO8 Senior Notes $ 173,600 $ 1,142 $ 172,458 2.02 % 13.4 years $ 260,488 XAN 2020-RSO9 Senior Notes 119,824 1,191 118,633 3.91 % 15.6 years 169,371 ACR 2021-FL1 Senior Notes (1) 675,223 5,605 669,618 1.57 % 14.7 years 802,643 Senior secured financing facility 41,182 3,586 37,596 5.75 % 5.8 years 217,835 CRE - term warehouse financing facilities (2)(3) 320,515 50 320,465 2.05 % 27 days 421,644 4.50% Convertible Senior Notes 88,014 2,204 85,810 4.50 % 319 days — 5.75% Senior Unsecured Notes (4) 150,000 3,526 146,474 5.75 % 4.9 years — Unsecured junior subordinated debentures 51,548 — 51,548 4.09 % 14.9 years — Total $ 1,619,906 $ 17,304 $ 1,602,602 2.62 % 9.9 years $ 1,871,981 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 Senior secured financing facility 33,360 4,046 29,314 5.75 % 6.6 years 239,385 CRE - term warehouse financing facility (2) 13,516 1,258 12,258 2.66 % 299 days 20,000 4.50% Convertible Senior Notes 143,750 6,498 137,252 4.50 % 1.6 years — 12.00% Senior Unsecured Notes 50,000 3,574 46,426 12.00 % 6.6 years — Unsecured junior subordinated debentures 51,548 — 51,548 4.18 % 15.7 years — Total $ 1,330,985 $ 26,258 $ 1,304,727 2.83 % 13.0 years $ 1,537,573 (1) Value of collateral excludes exit fees of $752,000 and interest received of $87,000 at September 30, 2021 . (2) Principal outstanding includes accrued interest payable of $320,000 and $16,000 at September 30, 2021 and December 31, 2020, respectively. (3) In October 2021, the Company extended the maturity of its Barclays Bank PLC (“Barclays”) and JPMorgan Chase Bank, N.A. (“JPMorgan Chase”) CRE - term warehouse financing facilities to October 2022 and October 2024, respectively, and allowed the Wells Fargo Bank, N.A. (“Wells Fargo”) CRE - term warehouse financing facility to mature. (4) Includes deferred debt issuance costs of $320,000 at September 30, 2021
Schedule of securitizations	The following table sets forth certain information with respect to the Company’s consolidated securitizations at September 30, 2021 (in thousands, except amount in footnotes): Closing Date Maturity Date Permitted Funded Companion Participation Acquisition Period End (1) Reinvestment Period End (2) Total Note Paydowns Received from Closing Date through September 30, 2021 XAN 2020-RSO8 March 2020 March 2035 March 2023 N/A $ 262,143 XAN 2020-RSO9 (3) September 2020 April 2037 N/A N/A $ 125,970 ACR 2021-FL1 May 2021 June 2036 N/A May 2023 $ — (1) The permitted funded companion participation acquisition 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) The reinvestment period is the period in which principal proceeds received before the end of the period may be used to acquire CRE loans for reinvestment into the securitization. (3) XAN 2020-RSO9 includes a future advances reserve account of $7.7 million at September 30, 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 September 30, 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 $ 88,014 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 and nine months ended September 30, 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 September 30, 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): September 30, 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) $ 37,596 $ 217,835 12 5.75 % $ 29,314 $ 239,385 15 5.75 % CRE - Term Warehouse Financing Facilities Barclays Bank PLC 109,471 138,422 6 1.95 % — — — — % JPMorgan Chase Bank, N.A. (2)(3) 210,994 283,222 14 2.10 % 12,258 20,000 1 2.66 % Total $ 358,061 $ 639,479 $ 41,572 $ 259,385 (1) Includes $3.6 million and $4.0 million of deferred debt issuance costs at September 30, 2021 and December 31, 2020, respectively. (2) Outstanding borrowings include accrued interest payable. ( 3 ) Includes $50,000 and $1.3 million of deferred debt issuance costs at September 30, 2021 and December 31, 2020, respectively, which includes $678,000 of deferred debt issuance costs at December 31, 2020 from other term warehouse financing facilities with no balance.
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 September 30, 2021: CRE - Term Warehouse Financing Facilities Barclays Bank PLC (2) $ 29,312 29 days 1.95 % JPMorgan Chase Bank, N.A. (2) $ 73,020 26 days 2.10 % (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. (2) In October 2021, the Company extended the maturity of its Barclays and JPMorgan Chase CRE - term warehouse financing facilities to October 2022 and October 2024, respectively.
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 September 30, 2021: CRE securitizations $ 968,647 $ — $ — $ — $ — $ 968,647 Senior secured financing facility 41,182 — — — — 41,182 Term warehouse financing facilities (1)(2) 320,515 320,515 — — — — 4.50% Convertible Senior Notes 88,014 — 88,014 — — — 5.75% Senior Unsecured Notes 150,000 — — — — 150,000 Unsecured junior subordinated debentures 51,548 — — — — 51,548 Total $ 1,619,906 $ 320,515 $ 88,014 $ — $ — $ 1,211,377 (1) Includes accrued interest payable in the balances of principal outstanding. (2) In October 2021, the Company extended the maturity of its Barclays and JPMorgan Chase CRE - term warehouse financing facilities to October 2022 and October 2024, respectively, and allowed the Wells Fargo CRE - term warehouse financing facility to mature.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 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: Number of Shares Weighted-Average Grant-Date Fair Value Unvested shares at January 1, 2021 11,610 $ 6.46 Issued 333,329 17.39 Vested (11,610 ) 6.46 Forfeited — — Unvested shares at September 30, 2021 333,329 $ 17.39
Summary of unvested restricted common stock expected to vest	The unvested restricted common stock shares are expected to vest during the following years: Year Shares 2021 — 2022 83,331 2023 83,331 2024 83,331 2025 83,336 Total 333,329
Summary of stock option transactions	The following table summarizes the status of the Company’s vested stock options at September 30, 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 (3,333 ) 76.80 Vested at September 30, 2021 — $ — — $ —

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 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 For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net (loss) income $ (4,928 ) $ 8,159 $ 21,767 $ (221,762 ) Net income allocated to preferred shares (4,877 ) (2,588 ) (11,033 ) (7,763 ) Net (loss) income allocable to common shares $ (9,805 ) $ 5,571 $ 10,734 $ (229,525 ) Weighted average number of common shares outstanding: Weighted average number of common shares outstanding - basic 9,086,751 10,650,112 9,351,477 10,587,147 Weighted average number of warrants outstanding (1) 466,661 314,492 466,661 105,596 Total weighted average number of common shares outstanding - basic 9,553,412 10,964,604 9,818,138 10,692,743 Effect of dilutive securities - unvested restricted stock — 1,682 18,465 — Weighted average number of common shares outstanding - diluted 9,553,412 10,966,286 9,836,603 10,692,743 Net (loss) income per common share - basic $ (1.03 ) $ 0.51 $ 1.09 $ (21.47 ) Net (loss) income per common share - diluted $ (1.03 ) $ 0.51 $ 1.09 $ (21.47 ) (1) See Note 12 for further details regarding the warrants.

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	9 Months Ended
	Sep. 30, 2021
Distributions [Abstract]
Distributions Declared	The following tables present distributions declared (on a per share basis) for the nine months ended September 30, 2021 and the year ended December 31, 2020: Series C Preferred Stock Series D Preferred Stock Date Paid Total Distributions Paid Distributions Per Share Date Paid Total Distributions Paid Distributions Per Share (in thousands) (in thousands) 2021 September 30 November 1 $ 2,588 $ 0.5390625 November 1 $ 2,264 $ 0.4921875 June 30 July 30 $ 2,588 $ 0.5390625 July 30 $ 1,736 $ 0.377344 March 31 April 30 $ 2,588 $ 0.5390625 N/A N/A N/A 2020 December 31 February 1, 2021 $ 2,587 $ 0.5390625 N/A N/A N/A March 31, June 30 and September 30 October 30 $ 7,763 $ 1.6171875 N/A N/A N/A

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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) 1,384 Balance at September 30, 2021 $ (8,594 ) (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)	9 Months Ended
	Sep. 30, 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, September 30, 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 September 30, 2021: Assets: CRE whole loans $ 1,822,410 $ 1,849,066 $ — $ — $ 1,849,066 CRE mezzanine loan $ 4,415 $ 4,700 $ — $ — $ 4,700 Loan receivable - related party $ 11,675 $ 10,473 $ — $ — $ 10,473 Liabilities: Senior notes in CRE securitizations $ 960,709 $ 970,552 $ — $ — $ 970,552 Senior secured financing facility $ 37,596 $ 41,182 $ — $ — $ 41,182 Warehouse financing facilities $ 320,465 $ 320,516 $ — $ — $ 320,516 4.50% Convertible Senior Notes $ 85,810 $ 87,935 $ — $ — $ 87,935 5.75% Senior Unsecured Notes (1) $ 146,474 $ 149,670 $ — $ — $ 149,670 Junior subordinated notes $ 51,548 $ 43,519 $ — $ — $ 43,519 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 (2) $ 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 Senior secured financing facility $ 29,314 $ 33,360 $ — $ — $ 33,360 Warehouse financing facility $ 12,258 $ 13,516 $ — $ — $ 13,516 4.50% Convertible Senior Notes $ 137,252 $ 132,437 $ — $ — $ 132,437 12.00% Senior Unsecured Notes $ 46,426 $ 58,910 $ — $ — $ 58,910 Junior subordinated notes $ 51,548 $ 31,955 $ — $ — $ 31,955 (1) Carrying value includes deferred debt issuance costs of $320,000 from the redeemed 12.00% Senior Unsecured Notes. (2) Classified as other assets on the consolidated balance sheet.

MARKET RISK AND DERIVATIVE IN_2

MARKET RISK AND DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2021 and 2020 (in thousands): Derivatives Nine Months Ended September 30, 2021 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ (1,384 ) Derivatives Nine Months Ended September 30, 2020 Consolidated Statements of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts Other income (expense) $ (67 ) Interest rate swap contracts, hedging Interest expense $ (1,095 ) (1) Negative values indicate a decrease to the associated consolidated statement of operations line items.

OFFSETTING OF FINANCIAL LIABI_2

OFFSETTING OF FINANCIAL LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021: Warehouse financing facilities (2) $ 320,465 $ — $ 320,465 $ 320,465 $ — $ — 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. ( 2 ) The combined fair values of loans pledged against the Company’s various term warehouse financing facilities was $421.6 million and $20.0 million at September 30, 2021 and December 31, 2020, respectively.

ORGANIZATION (Details)

ORGANIZATION (Details)	Feb. 16, 2021$ / sharesshares	Sep. 30, 2021$ / sharesshares	May 31, 2021shares	Apr. 30, 2021shares	Dec. 31, 2020$ / sharesshares
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Reverse stock split of common stock	0.333
Number of fractional shares issued	0
Common stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001			$ 0.001
Capital stock, shares authorized			141,666,666	225,000,000
Common stock, shares authorized		41,666,666	41,666,666	125,000,000	125,000,000
Preferred stock, shares authorized			100,000,000	100,000,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Cash balance in excess of federal deposit Insurance limit, amount	$ 108.4	$ 27.3
Right of use assets estimated useful lives	66 years 3 months 18 days
Lease liabilities estimated useful lives	66 years 3 months 18 days
Operating loss carryforwards, valuation allowance	$ 63
Operating loss carryforwards, valuation allowance, tax expense impact	$ 21.2
Office Space
Summary Of Significant Accounting Policies [Line Items]
Operating lease term	7 years 3 months 18 days
Office Equipment
Summary Of Significant Accounting Policies [Line Items]
Operating lease term	3 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 109,949	$ 29,355	$ 122,105
Restricted cash	32,406	38,386	33,776
Total cash, cash equivalents and restricted cash shown on the Company’s consolidated statements of cash flows	$ 142,355	$ 67,741	$ 155,881	$ 94,434

VARIABLE INTEREST ENTITIES (Con

VARIABLE INTEREST ENTITIES (Consolidated VIEs) (the Company is the primary beneficiary) (Details) - VIE, Primary Beneficiary	9 Months Ended
	Sep. 30, 2021USD ($)entity	Sep. 30, 2020USD ($)	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	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
ASSETS:
Restricted cash	$ 32,406	$ 38,386	$ 33,776
Accrued interest receivable	6,678	7,372
Principal paydowns receivable	25,000	4,300
Other assets	5,835	8,783
Total assets	2,061,750	1,654,084
LIABILITIES
Accounts payable and other liabilities	3,987	2,068
Accrued interest payable	2,521	6,036
Borrowings	1,602,602	1,304,727
Total liabilities	1,618,481	1,319,702
VIE, Primary Beneficiary
ASSETS:
Restricted cash	32,385	38,353
Accrued interest receivable	4,089	5,398
CRE loans, pledged as collateral	1,169,809	1,231,184
Principal paydowns receivable	25,010
Other assets	314	114
Total assets	1,231,607	1,279,299
LIABILITIES
Accounts payable and other liabilities	129	136
Accrued interest payable	679	806
Borrowings	960,709	1,027,929
Total liabilities	961,517	$ 1,028,871
CRE Securitizations | VIE, Primary Beneficiary
ASSETS:
Restricted cash	31,925
Accrued interest receivable	4,089
CRE loans, pledged as collateral	1,169,809
Principal paydowns receivable	25,010
Other assets	314
Total assets	1,231,147
LIABILITIES
Accounts payable and other liabilities	129
Accrued interest payable	679
Borrowings	960,709
Total liabilities	961,517
Other | VIE, Primary Beneficiary
ASSETS:
Restricted cash	460
Accrued interest receivable	0
CRE loans, pledged as collateral	0
Other assets	0
Total assets	460
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 ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 1,548,000	$ 1,548,000
Borrowings	$ 1,602,602,000	$ 1,304,727,000
VIE, Not Primary Beneficiary | Investment in RCT I and II
Variable Interest Entity [Line Items]
Ownership percentage in VIE	100.00%
Investments in unconsolidated entities	$ 1,500,000
VIE, Not Primary Beneficiary | Interest in RCT I
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 774,000
Percentage of value of trusts owned	3.00%
Borrowings	$ 25,800,000
VIE, Not Primary Beneficiary | Interest in RCT II
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 774,000
Percentage of value of trusts owned	3.00%
Borrowings	$ 25,800,000

VARIABLE INTEREST ENTITIES (S_2

VARIABLE INTEREST ENTITIES (Schedule of Classification, Carrying Value, and Maximum Exposure to Loss of Unconsolidated VIEs) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS:
Total assets	$ 2,061,750	$ 1,654,084
LIABILITIES
Total liabilities	1,618,481	$ 1,319,702
VIE, Not Primary Beneficiary | Interest Receivable
LIABILITIES
Maximum Exposure to Loss	0
VIE, Not Primary Beneficiary | Investments in Unconsolidated Entities
LIABILITIES
Maximum Exposure to Loss	1,548
Unsecured Junior Subordinated Debentures | VIE, Not Primary Beneficiary
ASSETS:
Accrued interest receivable	5
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)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Supplemental cash flows:
Interest expense paid in cash	$ 33,889	$ 38,246
Non-cash operating activities include the following:
Receipt of right of use assets	(479)
Execution of operating leases	479
Non-cash investing activities include the following:
Proceeds from the relinquishment of investment securities available-for-sale		369,873
Non-cash financing activities include the following:
Repayment of repurchase agreements from the relinquishment of investment securities available-for-sale		(369,873)
Preferred Stock
Non-cash financing activities include the following:
Distributions accrued but not paid	$ 3,260	$ 6,900

LOANS (Summary of Loans) (Detai

LOANS (Summary of Loans) (Details)	9 Months Ended
	Sep. 30, 2021USD ($)Loan	Dec. 31, 2020USD ($)Loan	Dec. 31, 2019USD ($)
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 1,845,688,000	$ 1,541,992,000
Allowance for Credit Losses	(18,863,000)	(34,310,000)
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	1,857,868,000	1,548,072,000
Unamortized (Discount) Premium, net	(12,180,000)	(6,080,000)
Amortized Cost, Loans held for investment	1,845,688,000	1,541,992,000
Allowance for Credit Losses	(18,863,000)	(34,310,000)	$ (1,460,000)
Carrying Value, Loans held for investment	1,826,825,000	1,507,682,000
Loan origination fees	11,700,000	5,700,000
Deferred amendment fees	469,000	495,000
Unamortized loan acquisition costs	$ 29,000	118,000
Loans receivable, contracted interest rate	5.75%
Commercial Real Estate Loans | Whole Loans
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment	$ 1,853,168,000	1,515,722,000
Unamortized (Discount) Premium, net	(12,180,000)	(6,144,000)
Amortized Cost, Loans held for investment	1,840,988,000	1,509,578,000
Allowance for Credit Losses	(18,578,000)	(32,283,000)
Carrying Value, Loans held for investment	$ 1,822,410,000	$ 1,477,295,000
Quantity | Loan	95	95
Loans held for investment, unfunded loan commitments	$ 140,600,000	$ 67,200,000
Commercial Real Estate Loans | Whole Loans | London Interbank Offered Rate (LIBOR)
Receivables With Imputed Interest [Line Items]
Loan receivable, floor interest rate	1.03%	1.88%
Commercial Real Estate Loans | 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 | Whole Loans | London Interbank Offered Rate (LIBOR) | Maximum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates	9.00%	9.00%
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	(285,000)	(301,000)
Carrying Value, Loans held for investment	$ 4,415,000	$ 4,399,000
Quantity | Loan	1	1
Contractual Interest Rates	10.00%	10.00%
Commercial Real Estate Loans | Preferred equity investments
Receivables With Imputed Interest [Line Items]
Principal, Loans held for investment		$ 27,650,000
Unamortized (Discount) Premium, net		64,000
Amortized Cost, Loans held for investment		27,714,000
Allowance for Credit Losses		(1,726,000)
Carrying Value, Loans held for investment		$ 25,988,000
Quantity | Loan		2
Loans receivable, contracted interest rate		8.00%
Loans held for investment, unfunded loan commitments		$ 2,500,000
Commercial Real Estate Loans | Preferred equity investments | Minimum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates		11.00%
Commercial Real Estate Loans | Preferred equity investments | Maximum
Receivables With Imputed Interest [Line Items]
Contractual Interest Rates		11.50%
Commercial Real Estate Loans | Whole Loans Fixed Interest Rate
Receivables With Imputed Interest [Line Items]
Quantity | Loan	1
Loans receivable, contracted interest rate	5.75%
Fixed interest rate period	June 2021 through December 2021
Commercial Real Estate Loans | Whole Loans in Default
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 49,100,000	$ 39,700,000
Quantity | Loan	4	3

LOANS (Commercial Real Estate L

LOANS (Commercial Real Estate Loans, at Amortized Cost) (Details) $ in Thousands	Sep. 30, 2021USD ($)Loan	Dec. 31, 2020USD ($)Loan
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 1,845,688	$ 1,541,992
Commercial Real Estate Loans
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	1,845,688	1,541,992
Commercial Real Estate Loans | Whole Loans in Default
Receivables With Imputed Interest [Line Items]
Amortized Cost, Loans held for investment	$ 49,100	$ 39,700
Number of loans | Loan	4	3
Commercial Real Estate Debt Investments
Receivables With Imputed Interest [Line Items]
2021	$ 85,013	$ 599,053
2022	530,398	547,091
2023 and Thereafter	1,181,179	356,105
Amortized Cost, Loans held for investment	1,796,590	1,502,249
Commercial Real Estate Debt Investments | Whole Loans
Receivables With Imputed Interest [Line Items]
2021	85,013	599,053
2022	530,398	540,639
2023 and Thereafter	1,176,479	330,143
Amortized Cost, Loans held for investment	1,791,890	1,469,835
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 investments
Receivables With Imputed Interest [Line Items]
2022		6,452
2023 and Thereafter		21,262
Amortized Cost, Loans held for investment		27,714
Commercial Real Estate Debt Investments | Floating-rate CRE whole loans | Whole Loan in Extension Option
Receivables With Imputed Interest [Line Items]
2021	14,300	112,400
2022	87,200	125,100
2023 and Thereafter	$ 1,700,000	$ 1,300,000

LOANS (Details)

LOANS (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Principal paydowns receivable	$ 25	$ 4.3
Commercial Real Estate Loans | Southwest Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	18.40%	17.90%
Commercial Real Estate Loans | Mountain Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	15.70%	21.40%
Commercial Real Estate Loans | Southeast Region
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk	22.00%	16.10%

FINANCING RECEIVABLES (Activity

FINANCING RECEIVABLES (Activity in Allowance for Credit Losses) (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 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			(15,447,000)	$ 49,449,000
Allowance for credit losses at end of period	$ 18,863,000		18,863,000		$ 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	537,000	$ (8,100,000)	(15,447,000)	$ 48,500,000	30,815,000
Realized loss on sale of loan			0		(997,000)
Allowance for credit losses at end of period	$ 18,863,000		$ 18,863,000		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 ($)	9 Months Ended	12 Months Ended
	Sep. 30, 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		9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)Loan	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)LoanContractBorrower	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)Loan
Accounts Notes And Loans Receivable [Line Items]
Provision (Reversal) for credit losses			$ (15,447,000)	$ 49,449,000
Troubled-debt restructurings	$ 0	$ 0	$ 0	0
Extension Agreements
Accounts Notes And Loans Receivable [Line Items]
No of extension agreements | Contract			13
Weighted average extension period of contracts			11 months
Principal Forgiveness
Accounts Notes And Loans Receivable [Line Items]
Number of borrowers | Borrower			3
Number of borrowers, default | Borrower			1
Office Loan
Accounts Notes And Loans Receivable [Line Items]
Provision (Reversal) for credit losses	400,000
Loan appraised value			$ 17,600,000
Current expected credit losses (CECL) allowance	2,300,000		2,300,000
Hotel Loan
Accounts Notes And Loans Receivable [Line Items]
Current expected credit losses (CECL) allowance	0		0
Northeast Region
Accounts Notes And Loans Receivable [Line Items]
Current expected credit losses (CECL) allowance	1,800,000		1,800,000
Northeast Region | Office Loan
Accounts Notes And Loans Receivable [Line Items]
Principal balance individually evaluated	19,900,000		19,900,000
Northeast Region | Hotel Loan
Accounts Notes And Loans Receivable [Line Items]
Provision (Reversal) for credit losses			(465,000)
Principal balance individually evaluated	23,300,000		23,300,000
Principal balance, bid for sale			9,300,000
East North Central Region | Hotel Loan
Accounts Notes And Loans Receivable [Line Items]
Principal balance individually evaluated	8,400,000		8,400,000
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Provision (Reversal) for credit losses	$ 537,000	$ (8,100,000)	$ (15,447,000)	$ 48,500,000	$ 30,815,000
Number of defaulted loans | Loan	4		4		3
Number of defaulted loans completed receipt of deed-in-lieu of foreclosure | Loan	1		1
Number of defaulted loans making current interest payments | Loan	2		2
Number of defaulted loans in non-accrual status | Loan	1		1
Recorded investment	$ 49,100,000		$ 49,100,000		$ 39,700,000
Loan appraised value	$ 17,600,000		17,600,000
Commercial Real Estate Loans | Preferred Equity Investment
Accounts Notes And Loans Receivable [Line Items]
Proceeds from the payoffs of loans receivable			$ 28,800,000

FINANCING RECEIVABLES (Credit R

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	$ 1,845,688	$ 1,541,992
Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	1,845,688	1,541,992
Commercial Real Estate Loans | Whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	1,840,988	1,509,578
Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	4,700	4,700
Commercial Real Estate Loans | Preferred equity investments
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost		27,714
Rating 1 | Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	0	0
Rating 1 | Commercial Real Estate Loans | Whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	0	0
Rating 1 | Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	0	0
Rating 1 | Commercial Real Estate Loans | Preferred equity investments
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost		0
Rating 2 | Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	1,310,042	611,838
Rating 2 | Commercial Real Estate Loans | Whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	1,310,042	611,838
Rating 2 | Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	0	0
Rating 2 | Commercial Real Estate Loans | Preferred equity investments
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost		0
Rating 3 | Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	358,130	610,360
Rating 3 | Commercial Real Estate Loans | Whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	353,430	599,208
Rating 3 | Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	4,700	4,700
Rating 3 | Commercial Real Estate Loans | Preferred equity investments
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost		6,452
Rating 4 | Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	123,647	283,660
Rating 4 | Commercial Real Estate Loans | Whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	123,647	262,398
Rating 4 | Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	0	0
Rating 4 | Commercial Real Estate Loans | Preferred equity investments
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost		21,262
Rating 5 | Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	53,869	36,134
Rating 5 | Commercial Real Estate Loans | Whole loans floating-rate
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	53,869	36,134
Rating 5 | Commercial Real Estate Loans | Mezzanine loan
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost	$ 0	0
Rating 5 | Commercial Real Estate Loans | Preferred equity investments
Schedule Of Financing Receivables [Line Items]
Loans at amortized cost		$ 0

FINANCING RECEIVABLES (Credit_2

FINANCING RECEIVABLES (Credit Risk Profiles and Allowance For Loan Losses) (Parenthetical) (Details) - Commercial Real Estate Loans - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Recorded investment excluded accrued interest receivable	$ 6.6	$ 7.3
Loan amount	$ 20.8
Loan amount fixed interest rate	5.75%

FINANCING RECEIVABLES (Credit_3

FINANCING RECEIVABLES (Credit Risk Profiles of CRE Loans by Origination Year at Amortized Costs) (Details) - Commercial Real Estate Loans - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2021	$ 954,849	$ 264,943
Loans and receivables by origination year, 2020	207,711	623,035
Loans and receivables by origination year, 2019	356,360	513,839
Loans and receivables by origination year, 2018	261,374	111,262
Loans and receivables by origination year, 2017	36,396	0
Loans and receivables by origination year, Prior	28,998	28,913
Loans and receivables by origination year, Total	1,845,688	1,541,992
Whole loans floating-rate
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2021	954,849	264,943
Loans and receivables by origination year, 2020	207,711	616,583
Loans and receivables by origination year, 2019	356,360	487,877
Loans and receivables by origination year, 2018	256,674	111,262
Loans and receivables by origination year, 2017	36,396	0
Loans and receivables by origination year, Prior	28,998	28,913
Loans and receivables by origination year, Total	1,840,988	1,509,578
Whole loans floating-rate | Rating 2
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2021	944,534	221,364
Loans and receivables by origination year, 2020	197,627	279,077
Loans and receivables by origination year, 2019	114,859	111,397
Loans and receivables by origination year, 2018	53,022	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	1,310,042	611,838
Whole loans floating-rate | Rating 3
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2021	10,315	43,579
Loans and receivables by origination year, 2020	10,084	246,073
Loans and receivables by origination year, 2019	190,708	246,944
Loans and receivables by origination year, 2018	108,327	45,142
Loans and receivables by origination year, 2017	16,496	0
Loans and receivables by origination year, Prior	17,500	17,470
Loans and receivables by origination year, Total	353,430	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	28,420	129,536
Loans and receivables by origination year, 2018	86,025	46,220
Loans and receivables by origination year, 2017	0	0
Loans and receivables by origination year, Prior	9,202	9,147
Loans and receivables by origination year, Total	123,647	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	22,373	0
Loans and receivables by origination year, 2018	9,300	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	53,869	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 investments
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 investments | 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 investments | Rating 4
Financing Receivable Recorded Investment [Line Items]
Loans and receivables by origination year, 2021		0
Loans and receivables by origination year, 2020		0
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		$ 21,262

FINANCING RECEIVABLES (Credit_4

FINANCING RECEIVABLES (Credit Risk Profiles of CRE Loans by Origination Year at Amortized Costs) (Parenthetical) (Details) - Commercial Real Estate Loans - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable Recorded Investment Past Due [Line Items]
Recorded investment excluded accrued interest receivable	$ 6.6	$ 7.3
Loan amount	$ 20.8
Loan amount fixed interest rate	5.75%

FINANCING RECEIVABLES (Loan Por

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	$ 1,845,688	$ 1,541,992
Total Loans > Than 90 days and Accruing	19,898	11,443
30-59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
60-89 Days
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
Greater than 90 Days
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	39,798	11,443
Total Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	39,798	11,443
Current
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	1,805,890	1,530,549
Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	1,845,688	1,541,992
Commercial Real Estate Loans | Whole loans floating-rate
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	1,840,988	1,509,578
Total Loans > Than 90 days and Accruing	19,898	11,443
Commercial Real Estate Loans | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	4,700	4,700
Total Loans > Than 90 days and Accruing	0	0
Commercial Real Estate Loans | Preferred equity investments
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans		27,714
Total Loans > Than 90 days and Accruing		0
Commercial Real Estate Loans | 30-59 Days | Whole loans floating-rate
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
Commercial Real Estate Loans | 30-59 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
Commercial Real Estate Loans | 30-59 Days | Preferred equity investments
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans		0
Commercial Real Estate Loans | 60-89 Days | Whole loans floating-rate
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
Commercial Real Estate Loans | 60-89 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
Commercial Real Estate Loans | 60-89 Days | Preferred equity investments
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans		0
Commercial Real Estate Loans | Greater than 90 Days | Whole loans floating-rate
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	39,798	11,443
Commercial Real Estate Loans | Greater than 90 Days | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
Commercial Real Estate Loans | Greater than 90 Days | Preferred equity investments
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans		0
Commercial Real Estate Loans | Total Past Due | Whole loans floating-rate
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	39,798	11,443
Commercial Real Estate Loans | Total Past Due | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	0	0
Commercial Real Estate Loans | Total Past Due | Preferred equity investments
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans		0
Commercial Real Estate Loans | Current | Whole loans floating-rate
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	1,801,190	1,498,135
Commercial Real Estate Loans | Current | Mezzanine loan
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans	$ 4,700	4,700
Commercial Real Estate Loans | Current | Preferred equity investments
Financing Receivable Recorded Investment Past Due [Line Items]
CRE loans		$ 27,714

FINANCING RECEIVABLES (Loan P_2

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis) (Parenthetical) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)Loan	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Loan	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Interest income	$ 23,986,000	$ 24,638,000	$ 74,528,000	$ 85,171,000
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	4		4		3
Recorded investment	$ 49,100,000		$ 49,100,000		$ 39,700,000
Recorded investment excluded accrued interest receivable	6,600,000		6,600,000		$ 7,300,000
Loan amount	$ 20,800,000		$ 20,800,000
Loan amount fixed interest rate	5.75%		5.75%
Commercial Real Estate Loans | Greater than 90 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Number of defaulted loans | Loan	3		3
Commercial Real Estate Loans | Whole Loans In Maturity Default
Financing Receivable Recorded Investment Past Due [Line Items]
Interest income	$ 480,000	$ 605,000	$ 1,700,000	$ 1,800,000

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	9 Months Ended
	Nov. 30, 2020	Sep. 30, 2021	Sep. 30, 2021
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Amortization expense on intangible assets		$ 94,000	$ 282,000
Amortization expense on intangible assets during 2021		375,000	375,000
Amortization expense on intangible assets during 2022		375,000	375,000
Amortization expense on intangible assets during 2023		355,000	355,000
Amortization expense on intangible assets during 2024		210,000	210,000
Amortization expense on intangible assets during 2025		$ 210,000	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			$ 35,000
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	Sep. 30, 2021	Dec. 31, 2020
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Abstract]
Investment in Real Estate, Cost	$ 34,104	$ 33,929
Investment in Real Estate Accumulated Depreciation & Amortization	(1,305)	(123)
Investment in Real Estate, Book Value	32,799	33,806
Right of use Assets, Cost	5,603	5,603
Right of use Assets Accumulated Depreciation & Amortization	(74)	(11)
Right of use Assets, Book Value	5,529	5,592
Intangible Assets, Cost	3,337	3,336
Intangible Assets, Accumulated Depreciation & Amortization	(296)	(42)
Intangible Assets, Book Value	3,041	3,294
Assets Acquired, Cost	43,044	42,868
Assets Acquired, Accumulated Depreciation & Amortization	(1,675)	(176)
Assets Acquired, Book Value	41,369	42,692
Lease Liabilities, Cost	(3,113)	(3,113)
Lease Liabilities, Accumulated Depreciation & Amortization	41	6
Lease Liabilities, Book Value	(3,072)	(3,107)
Liabilities Assumed, Cost	(3,113)	(3,113)
Liabilities Assumed, Accumulated Depreciation & Amortization	41	6
Liabilities Assumed, Book Value	(3,072)	(3,107)
Assets Acquired and Liabilities Assumed, Cost	39,931	39,755
Asset Acquired and Liabilities Assumed, Book Value	$ 38,297	$ 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 ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Furniture and fixtures purchased for the property	$ 180,000	$ 5,000
Ground leases	3,100,000	3,100,000
Below market lease intangible asset	2,500,000	2,500,000
Intangible assets	3,041,000	3,294,000
Franchise Agreement
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Intangible assets	2,700,000	2,800,000
Customer Lists
Investment In Real Estate And Other Acquired Assets And Assumed Liabilities [Line Items]
Intangible assets	$ 352,000	$ 477,000

LEASES (Details)

LEASES (Details) - Office Space and Office Equipment	9 Months Ended
	Sep. 30, 2021
Minimum
Lessee Lease Description [Line Items]
Operating lease expiration date	2024-01
Maximum
Lessee Lease Description [Line Items]
Operating lease expiration date	2028-07

LEASES (Summary of Operating Le

LEASES (Summary of Operating Leases) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases [Abstract]
Right of use assets	$ 455
Lease liabilities	$ (488)
Weighted average remaining lease term:	6 years 9 months 18 days
Weighted average discount rate:	10.65%

LEASES (Summary of Operating _2

LEASES (Summary of Operating Lease Costs and Cash Payments) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Lease Cost:
Operating lease cost	$ 24	$ 50

LEASES (Summary of Operating _3

LEASES (Summary of Operating Leases by Maturity Date Based on Undiscounted Cash Flows) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases [Abstract]
2021	$ 24
2022	97
2023	99
2024	99
2025	102
Thereafter	274
Subtotal	695
Less: impact of discount	(207)
Total	$ 488

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 ($)	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 6,678,000	$ 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	9 Months Ended
	Mar. 31, 2021position	Apr. 30, 2020position	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Total losses					$ 186,100,000
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					180,300,000
Positions Sold/Redeemed | position		67
CMBS
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Positions Sold/Redeemed | position	2
Unrealized losses			$ 203,000		$ 5,800,000
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		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 1,548,000		$ 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		$ 1,500,000
Dividends from investments in unconsolidated entities	$ 16,000	$ 19,000	$ 49,000	$ 62,000
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%		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%		3.00%

BORROWINGS (Schedule of Debt) (

BORROWINGS (Schedule of Debt) (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal Outstanding	$ 1,619,906,000	$ 1,330,985,000
Unamortized Issuance Costs and Discounts	17,304,000	26,258,000
Outstanding Borrowings	$ 1,602,602,000	$ 1,304,727,000
Weighted Average Borrowing Rate	2.62%	2.83%
Weighted Average Remaining Maturity	9 years 10 months 24 days	13 years
Value of Collateral	$ 1,871,981,000	$ 1,537,573,000
XAN 2020-RSO8 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	173,600,000	388,459,000
Unamortized Issuance Costs and Discounts	1,142,000	4,164,000
Outstanding Borrowings	$ 172,458,000	$ 384,295,000
Weighted Average Borrowing Rate	2.02%	1.62%
Weighted Average Remaining Maturity	13 years 4 months 24 days	14 years 2 months 12 days
Value of Collateral	$ 260,488,000	$ 475,347,000
XAN 2020-RSO9 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	119,824,000	234,731,000
Unamortized Issuance Costs and Discounts	1,191,000	3,857,000
Outstanding Borrowings	$ 118,633,000	$ 230,874,000
Weighted Average Borrowing Rate	3.91%	3.31%
Weighted Average Remaining Maturity	15 years 7 months 6 days	16 years 3 months 18 days
Value of Collateral	$ 169,371,000	$ 285,862,000
4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	88,014,000	143,750,000
Unamortized Issuance Costs and Discounts	2,204,000	6,498,000
Outstanding Borrowings	$ 85,810,000	$ 137,252,000
Weighted Average Borrowing Rate	4.50%	4.50%
Weighted Average Remaining Maturity	319 days	1 year 7 months 6 days
Value of Collateral	$ 0	$ 0
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Principal Outstanding	51,548,000	51,548,000
Unamortized Issuance Costs and Discounts	0	0
Outstanding Borrowings	$ 51,548,000	$ 51,548,000
Weighted Average Borrowing Rate	4.09%	4.18%
Weighted Average Remaining Maturity	14 years 10 months 24 days	15 years 8 months 12 days
Value of Collateral	$ 0	$ 0
ACR 2021-FL1 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	675,223,000
Unamortized Issuance Costs and Discounts	5,605,000
Outstanding Borrowings	$ 669,618,000
Weighted Average Borrowing Rate	1.57%
Weighted Average Remaining Maturity	14 years 8 months 12 days
Value of Collateral	$ 802,643,000
Senior Secured Financing Facility
Debt Instrument [Line Items]
Principal Outstanding	41,182,000	33,360,000
Unamortized Issuance Costs and Discounts	3,586,000	4,046,000
Outstanding Borrowings	$ 37,596,000	$ 29,314,000
Weighted Average Borrowing Rate	5.75%	5.75%
Weighted Average Remaining Maturity	5 years 9 months 18 days	6 years 7 months 6 days
Value of Collateral	$ 217,835,000	$ 239,385,000
5.75% Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Outstanding	150,000,000
Unamortized Issuance Costs and Discounts	3,526,000
Outstanding Borrowings	$ 146,474,000
Weighted Average Borrowing Rate	5.75%
Weighted Average Remaining Maturity	4 years 10 months 24 days
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Principal Outstanding	$ 320,515,000	13,516,000
Unamortized Issuance Costs and Discounts	50,000	1,258,000
Outstanding Borrowings	$ 320,465,000	$ 12,258,000
Weighted Average Borrowing Rate	2.05%	2.66%
Weighted Average Remaining Maturity	27 days	299 days
Value of Collateral	$ 421,644,000	$ 20,000,000
XAN 2019-RSO7 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding		415,621,000
Unamortized Issuance Costs and Discounts		2,861,000
Outstanding Borrowings		$ 412,760,000
Weighted Average Borrowing Rate		1.60%
Weighted Average Remaining Maturity		15 years 3 months 18 days
Value of Collateral		$ 516,979,000
12.00% Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Outstanding		50,000,000
Unamortized Issuance Costs and Discounts	$ 320,000	3,574,000
Outstanding Borrowings		$ 46,426,000
Weighted Average Borrowing Rate		12.00%
Weighted Average Remaining Maturity		6 years 7 months 6 days

BORROWINGS (Schedule of Debt)_2

BORROWINGS (Schedule of Debt) (Parenthetical) (Details) - USD ($)	1 Months Ended	9 Months Ended
	Oct. 31, 2021	Sep. 30, 2021	Aug. 16, 2021	Dec. 31, 2020	Sep. 30, 2020	Aug. 31, 2017
Debt Instrument [Line Items]
Accrued interest costs		$ 2,521,000		$ 6,036,000
Unamortized issuance costs and discounts		$ 17,304,000		$ 26,258,000
4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		4.50%		4.50%	4.50%	4.50%
Unamortized issuance costs and discounts		$ 2,204,000		$ 6,498,000
5.75% Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		5.75%	5.75%
Unamortized issuance costs and discounts		$ 3,526,000
12.00% Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate, stated percentage				12.00%
Unamortized issuance costs and discounts		320,000		$ 3,574,000
ACR 2021-FL1 Senior Notes
Debt Instrument [Line Items]
Exit fees		752,000
Interest received		87,000
Unamortized issuance costs and discounts		5,605,000
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Accrued interest costs		320,000		16,000
Unamortized issuance costs and discounts		$ 50,000		$ 1,258,000
CRE - Term Warehouse Financing Facilities | Barclays Bank PLC | Subsequent Event
Debt Instrument [Line Items]
Debt instrument extended maturity year and month	2022-10
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A. | Subsequent Event
Debt Instrument [Line Items]
Debt instrument extended maturity year and month	2024-10

BORROWINGS (Securitization) (De

BORROWINGS (Securitization) (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	May 31, 2021	Sep. 30, 2021
XAN 2020-RSO8 Senior Notes
Debt Instrument [Line Items]
Closing Date		2020-03
Maturity Date		2035-03
Permitted Funded Companion Participation Acquisition Period End		2023-03
Total Note Paydowns Received from Closing Date through September 30, 2021		$ 262,143
XAN 2020-RSO9 Senior Notes
Debt Instrument [Line Items]
Closing Date		2020-09
Maturity Date		2037-04
Total Note Paydowns Received from Closing Date through September 30, 2021		$ 125,970
ACR 2021-FL1 Senior Notes
Debt Instrument [Line Items]
Closing Date		2021-05
Maturity Date	2036-06	2036-06
End of Designated Principal Reinvestment Period		2023-05
Total Note Paydowns Received from Closing Date through September 30, 2021		$ 0

BORROWINGS (Securitization) (Pa

BORROWINGS (Securitization) (Parenthetical) (Details) $ in Millions	Sep. 30, 2021USD ($)
XAN 2020-RSO9 Senior Notes
Debt Instrument [Line Items]
Future advance reserve account to unfunded commitments	$ 7.7

BORROWINGS (XAN 2019-RSO7) (Det

BORROWINGS (XAN 2019-RSO7) (Details) $ in Millions	Apr. 30, 2019USD ($)
XAN 2019-RSO7 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 687.2

BORROWINGS (XAN 2020-RSO8) (Det

BORROWINGS (XAN 2020-RSO8) (Details) $ in Millions	Mar. 31, 2020USD ($)
XAN 2020-RSO8 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 522.6

BORROWINGS (XAN 2020-RSO9) (Det

BORROWINGS (XAN 2020-RSO9) (Details) $ in Millions	Sep. 30, 2020USD ($)
XAN 2020-RSO9 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 297

BORROWINGS (ACR 2021-FL1) (Deta

BORROWINGS (ACR 2021-FL1) (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	May 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Face amount of debt issued		$ 358,061	$ 41,572
ACR 2021-FL1 Senior Notes
Debt Instrument [Line Items]
Closing transaction amount	$ 802,600
Face amount of debt issued	$ 675,200
Maturity Date	2036-06	2036-06
ACR 2021-FL1 Senior Notes | Debt Instrument, Class A
Debt Instrument [Line Items]
Face amount of debt issued	$ 431,400
ACR 2021-FL1 Senior Notes | Debt Instrument, Class A | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%
ACR 2021-FL1 Senior Notes | Debt Instrument, Class A-S
Debt Instrument [Line Items]
Face amount of debt issued	$ 100,300
ACR 2021-FL1 Senior Notes | Debt Instrument, Class A-S | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
ACR 2021-FL1 Senior Notes | Debt Instrument, Class B
Debt Instrument [Line Items]
Face amount of debt issued	$ 37,100
ACR 2021-FL1 Senior Notes | Debt Instrument, Class B | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.80%
ACR 2021-FL1 Senior Notes | Debt Instrument, Class C
Debt Instrument [Line Items]
Face amount of debt issued	$ 43,100
ACR 2021-FL1 Senior Notes | Debt Instrument, Class C | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
ACR 2021-FL1 Senior Notes | Debt Instrument, Class D
Debt Instrument [Line Items]
Face amount of debt issued	$ 50,200
ACR 2021-FL1 Senior Notes | Debt Instrument, Class D | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.65%
ACR 2021-FL1 Senior Notes | Debt Instrument, Class E
Debt Instrument [Line Items]
Face amount of debt issued	$ 13,000
ACR 2021-FL1 Senior Notes | Debt Instrument, Class E | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	3.10%
ACR 2021-FL1 Senior Notes | Preferred Stock | Subsidiary of ACRES Realty Funding, Inc
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100.00%
ACR 2021-FL1 Senior Notes | Debt Instrument, Class F | Subsidiary of ACRES Realty Funding, Inc
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100.00%
ACR 2021-FL1 Senior Notes | Debt Instrument, Class G | Subsidiary of ACRES Realty Funding, Inc
Debt Instrument [Line Items]
Interest ownership percentage on outstanding debt	100.00%

BORROWINGS (4.50% Convertible S

BORROWINGS (4.50% Convertible Senior Notes and 8.00% Convertible Senior Notes) (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jan. 31, 2015
Debt Instrument [Line Items]
Face amount of debt issued		$ 358,061,000		$ 358,061,000		$ 41,572,000
Loss on extinguishment of debt		(9,006,000)	$ 0	(9,006,000)	$ 0
Interest expense		$ 14,534,000	$ 13,033,000	$ 46,960,000	$ 43,974,000
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%	8.00%		8.00%
Extinguishment of debt, amount	$ 78,800,000
4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Face amount of debt issued	$ 143,800,000
Debt instrument, interest rate, stated percentage	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%
Repurchase of convertible senior notes		$ 55,700,000		$ 55,700,000
Charge to earnings		1,500,000
Loss on extinguishment of debt		1,200,000
Interest expense		$ 304,000
Closing price of common stock		$ 16.17		$ 16.17

BORROWINGS (Schedule of Convert

BORROWINGS (Schedule of Convertible Senior Notes) (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)	Sep. 30, 2020	Aug. 31, 2017
Debt Instrument [Line Items]
Principal Outstanding	$ 1,619,906	$ 1,330,985
4.50% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	$ 88,014	$ 143,750
Borrowing Rate	4.50%	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 ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 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%	4.50%

BORROWINGS (5.75% Senior Unsecu

BORROWINGS (5.75% Senior Unsecured Notes Due 2026) (Details) - USD ($)	Aug. 16, 2021	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Face amount of debt issued		$ 358,061,000	$ 41,572,000
5.75% Senior Unsecured Notes
Debt Instrument [Line Items]
Face amount of debt issued	$ 150,000,000
Debt instrument, interest rate, stated percentage	5.75%	5.75%
Percentage of principal amount to be redeemed	100.00%
Debt instrument redemption term		Prior to May 15, 2026, the Company may at its option redeem the 5.75% Senior Unsecured Notes, in whole or in part, at a redemption price equal to the sum of (i) 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date, and (ii) a make-whole premium. On or after May 15, 2026, the Company may at its option redeem the 5.75% Senior Unsecured Notes, at any time, in whole or in part, on not less than 15 nor more than 60 days’ prior notice, at a redemption price equal to 100% of the principal amount of the 5.75% Senior Unsecured Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date
Minimum invested amount in capital	$ 75,000,000
Minimum percentage of aggregate principal amount	25.00%

BORROWINGS (12.00% Senior Unsec

BORROWINGS (12.00% Senior Unsecured Notes Due 2027) (Details) - USD ($)	Aug. 18, 2021	Jul. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Face amount of debt issued			$ 358,061,000		$ 358,061,000		$ 41,572,000
Loss on extinguishment of debt			(9,006,000)	$ 0	(9,006,000)	$ 0
Interest expense			$ 14,534,000	$ 13,033,000	$ 46,960,000	$ 43,974,000
12.00% Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage							12.00%
12.00% Senior Unsecured Notes | Note and Warrant Purchase Agreement | Oaktree and MassMutual
Debt Instrument [Line Items]
Debt instrument, maximum borrowing capacity		$ 125,000,000
Debt instrument, interest rate, stated percentage		12.00%
Debt instrument, pay-in-kind interest rate maximum percentage		3.25%
Face amount of debt issued	$ 50,000,000
Debt instrument, redemption amount	55,300,000
Debt instrument redemption interest amount	329,000
Debt instrument make-whole amount	5,000,000
Debt instrument, charge to earnings in connection with redemption	8,000,000
Loss on extinguishment of debt	7,800,000
Debt instrument net make-whole amount	5,000,000
Debt instrument, acceleration of remaining market discount	2,800,000
Interest expense	$ 218,000
12.00% Senior Unsecured Notes | Note and Warrant Purchase Agreement | Oaktree
Debt Instrument [Line Items]
Face amount of debt issued		$ 42,000,000
12.00% Senior Unsecured Notes | Note and Warrant Purchase Agreement | MassMutual
Debt Instrument [Line Items]
Face amount of debt issued		$ 8,000,000

BORROWINGS (Senior Secured Fina

BORROWINGS (Senior Secured Financing and Term Warehouse Financing Facilities and Repurchase Agreements) (Details) $ in Thousands	Sep. 30, 2021USD ($)Loan	Dec. 31, 2020USD ($)Loan
Debt Instrument [Line Items]
Outstanding Borrowings	$ 358,061	$ 41,572
Value of Collateral	$ 639,479	$ 259,385
Weighted Average Interest Rate	2.62%	2.83%
Senior Secured Financing Facility | Massachusetts Mutual Life Insurance Company
Debt Instrument [Line Items]
Outstanding Borrowings	$ 37,596	$ 29,314
Value of Collateral	$ 217,835	$ 239,385
Number of Positions as Collateral | Loan	12	15
Weighted Average Interest Rate	5.75%	5.75%
CRE - Term Warehouse Financing Facilities | Barclays Bank PLC
Debt Instrument [Line Items]
Outstanding Borrowings	$ 109,471
Value of Collateral	$ 138,422
Number of Positions as Collateral | Loan	6
Weighted Average Interest Rate	1.95%
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Outstanding Borrowings	$ 210,994	$ 12,258
Value of Collateral	$ 283,222	$ 20,000
Number of Positions as Collateral | Loan	14	1
Weighted Average Interest Rate	2.10%	2.66%

BORROWINGS (Senior Secured Fi_2

BORROWINGS (Senior Secured Financing and Term Warehouse Financing Facilities and Repurchase Agreements) (Parenthetical) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	$ 17,304,000	$ 26,258,000
Senior Secured Financing Facility | Massachusetts Mutual Life Insurance Company
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	3,600,000	4,000,000
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Unamortized issuance costs and discounts	$ 50,000	1,300,000
Interest Receivable | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Unamortized issuance costs and discounts		$ 678,000

BORROWINGS (Amount at Risk Unde

BORROWINGS (Amount at Risk Under Warehouse Financing Facilities) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	9 years 10 months 24 days	13 years
Weighted Average Interest Rate	2.62%	2.83%
CRE - Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	27 days	299 days
Weighted Average Interest Rate	2.05%	2.66%
CRE - Term Warehouse Financing Facilities | Barclays Bank PLC
Debt Instrument [Line Items]
Amount at Risk	$ 29,312
Weighted Average Remaining Maturity	29 days
Weighted Average Interest Rate	1.95%
CRE - Term Warehouse Financing Facilities | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Amount at Risk	$ 73,020
Weighted Average Remaining Maturity	26 days
Weighted Average Interest Rate	2.10%

BORROWINGS (Amount at Risk Un_2

BORROWINGS (Amount at Risk Under Warehouse Financing Facilities) (Parenthetical) (Details) - Subsequent Event - CRE - Term Warehouse Financing Facilities	1 Months Ended
	Oct. 31, 2021
Barclays Bank PLC
Debt Instrument [Line Items]
Debt instrument extended maturity year and month	2022-10
JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Debt instrument extended maturity year and month	2024-10

BORROWINGS (CRE - Term Warehous

BORROWINGS (CRE - Term Warehouse Financing Facilities) (Details) - Line of Credit - CRE - Term Warehouse Financing Facilities - Morgan Stanley Mortgage Capital Holdings LLC - Subsequent Event	Nov. 08, 2021USD ($)extension
Debt Instrument [Line Items]
Facility amount | $	$ 250,000,000
Maturity Date	2022-11
Number of options to extend | extension	2
Option to extend, term	1 year
Guaranty Agreement, maximum percentage of then current unpaid aggregate repurchase price of all purchased assets	25.00%

BORROWINGS (Contractual Commitm

BORROWINGS (Contractual Commitments) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Debt Instrument [Line Items]
Total	$ 1,619,906
2021	320,515
2022	88,014
2023	0
2024	0
2025 and Thereafter	1,211,377
CRE securitizations
Debt Instrument [Line Items]
Total	968,647
2021	0
2022	0
2023	0
2024	0
2025 and Thereafter	968,647
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	88,014
2021	0
2022	88,014
2023	0
2024	0
2025 and Thereafter	0
Senior Secured Financing Facility
Debt Instrument [Line Items]
Total	41,182
2021	0
2022	0
2023	0
2024	0
2025 and Thereafter	41,182
5.75% Senior Unsecured Notes
Debt Instrument [Line Items]
Total	150,000
2021	0
2022	0
2023	0
2024	0
2025 and Thereafter	150,000
Term Warehouse Financing Facilities
Debt Instrument [Line Items]
Total	320,515
2021	320,515
2022	0
2023	0
2024	0
2025 and Thereafter	$ 0

BORROWINGS (Contractual Commi_2

BORROWINGS (Contractual Commitments) (Parenthetical) (Details) - Subsequent Event - CRE - Term Warehouse Financing Facilities	1 Months Ended
	Oct. 31, 2021
Barclays Bank PLC
Debt Instrument [Line Items]
Debt instrument extended maturity year and month	2022-10
JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Debt instrument extended maturity year and month	2024-10

SHARE ISSUANCE AND REPURCHASE (

SHARE ISSUANCE AND REPURCHASE (Details) - USD ($)	Jul. 31, 2020	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Nov. 30, 2020
Class Of Stock [Line Items]
Proceeds from issuance of preferred stock, net			$ 110,533,000
Shares repurchased during period, value			$ 14,700,000	$ 0	$ 20,000,000
Shares repurchased during period, shares			1,100,000		1,607,382
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	1,166,653
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
Equity and Debt Securities Repurchase Program
Class Of Stock [Line Items]
Stock repurchase program, authorized amount (up to)			$ 20,000,000		$ 20,000,000		$ 20,000,000
8.625% Series C Preferred Stock
Class Of Stock [Line Items]
Preferred stock, coupon authorized			8.625%			8.625%
Preferred stock, liquidation preference (in dollars per share)			$ 25		$ 25	$ 25
Preferred stock, shares issued (in shares)			4,800,000		4,800,000	4,800,000
Preferred stock, shares outstanding (in shares)			4,800,000		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%		5.927%
7.875% Series D Preferred Stock
Class Of Stock [Line Items]
Preferred stock, coupon authorized		7.875%	7.875%			7.875%
Preferred stock, liquidation preference (in dollars per share)			$ 25		$ 25	$ 25
Preferred stock, shares issued (in shares)		4,600,000	4,600,000		4,600,000	0
Offering price		$ 25
Proceeds from issuance of preferred stock, net		$ 110,500,000
Underwriting discounts and other offering expenses		$ 4,500,000
Preferred stock, shares outstanding (in shares)			4,600,000		4,600,000	0

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($)	May 31, 2021	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vest in installments					4 years
Total unrecognized compensation costs related to unvested restricted stock			$ 4,900,000		$ 4,900,000
Cost is expected to be recognized over a weighted average period					3 years 8 months 12 days
Manager Pursuant To Management Agreement
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	$ 0
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized stock-based compensation expense			$ 771,000	$ 1.9	$ 961,000	$ 3,100,000
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)					0	0
Contractual term					10 years
2007 Omnibus Equity Compensation Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of share authorized for issue (in shares)			1,100,000		1,100,000
Share based compensation expiration period	2029-06	2031-06
Common shares granted			1,700,817		1,700,817

SHARE-BASED COMPENSATION (Commo

SHARE-BASED COMPENSATION (Common Stock Activity) (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Restricted common stock transactions
Unvested shares, beginning of period (in shares) | shares	11,610
Issued (shares) | shares	333,329
Vested (shares) | shares	(11,610)
Unvested shares, end of period (in shares) | shares	333,329
Weighted-Average Grant-Date Fair Value, beginning of period (in shares) | $ / shares	$ 6.46
Weighted-Average Grant-Date Fair Value, Issued | $ / shares	17.39
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	6.46
Weighted-Average Grant-Date Fair Value, end of period (in shares) | $ / shares	$ 17.39

SHARE-BASED COMPENSATION (Com_2

SHARE-BASED COMPENSATION (Common Stock Expected to Vest) (Details) - Restricted Stock - shares	Sep. 30, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
2022	83,331
2023	83,331
2024	83,331
2025	83,336
Total	333,329	11,610

SHARE-BASED COMPENSATION (Statu

SHARE-BASED COMPENSATION (Status of Vested Stock Options) (Details) - Vested $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 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	(3,333)
Outstanding end of period (in shares) | shares	0
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	76.80
Outstanding end of period (in dollars per share) | $ / shares	$ 0
Weighted Average Remaining Contractual Term	0 years
Aggregate Intrinsic Value | $	$ 0

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net (loss) income	$ (4,928)	$ 13,639	$ 13,056	$ 8,159	$ (33,400)	$ (196,521)	$ 21,767	$ (221,762)
Net income allocated to preferred shares	(4,877)			(2,588)			(11,033)	(7,763)
NET (LOSS) INCOME ALLOCABLE TO COMMON SHARES	$ (9,805)			$ 5,571			$ 10,734	$ (229,525)
Weighted average number of common shares outstanding:
Weighted average number of common shares outstanding - basic	9,086,751			10,650,112			9,351,477	10,587,147
Weighted average number of warrants outstanding	466,661			314,492			466,661	105,596
Total weighted average number of common shares outstanding - basic	9,553,412			10,964,604			9,818,138	10,692,743
Effect of dilutive securities - unvested restricted stock	0			1,682			18,465	0
Weighted average number of common shares outstanding - diluted	9,553,412			10,966,286			9,836,603	10,692,743
NET (LOSS) INCOME PER COMMON SHARE - BASIC	$ (1.03)			$ 0.51			$ 1.09	$ (21.47)
NET (LOSS) INCOME PER COMMON SHARE - DILUTED	$ (1.03)			$ 0.51			$ 1.09	$ (21.47)

EARNINGS PER SHARE (Additional

EARNINGS PER SHARE (Additional Information) (Details)	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 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%	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
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Class Of Stock [Line Items]
REIT required taxable income distribution, percentage (at least)						90.00%
REIT taxable income distribution required for exempt federal income taxes, percentage						100.00%
Common Stock
Class Of Stock [Line Items]
Dividend per share (in dollars per share)	$ 0				$ 0
Series C Preferred Stock
Class Of Stock [Line Items]
Dividend per share (in dollars per share)	0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 1.62		$ 1.6171875
Series D Preferred Stock
Class Of Stock [Line Items]
Dividend per share (in dollars per share)	$ 0.4921875	$ 0.377344

DISTRIBUTIONS (Distributions De

DISTRIBUTIONS (Distributions Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Sep. 30, 2020
Series C Preferred Stock
Class Of Stock [Line Items]
Date Paid	Nov. 1, 2021	Jul. 30, 2021	Apr. 30, 2021	Feb. 1, 2021		Oct. 30, 2020
Total Distributions Paid	$ 2,588	$ 2,588	$ 2,588	$ 2,587		$ 7,763
Distributions Per Share	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 0.5390625	$ 1.62	$ 1.6171875
Series D Preferred Stock
Class Of Stock [Line Items]
Date Paid	Nov. 1, 2021	Jul. 30, 2021
Total Distributions Paid	$ 2,264	$ 1,736
Distributions Per Share	$ 0.4921875	$ 0.377344

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	$ 334,382
Ending balance	443,269
Net Unrealized Loss on Derivatives
Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(9,978)
Amounts reclassified from accumulated other comprehensive loss	1,384
Ending balance	$ (8,594)

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Relationship with ACRES Capital Corp and Certain of its Subsidiaries) (Details)	Jul. 31, 2020USD ($)extension	Sep. 30, 2021USD ($)shares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)entityshares	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Base management fees paid by the Company		$ 1,700,000	$ 1,284,000	$ 4,405,000	$ 4,728,000
General and administrative		2,664,000	5,295,000	8,533,000	11,552,000
Interest income		23,986,000	24,638,000	74,528,000	85,171,000
Accrued interest receivable		6,678,000		$ 6,678,000		$ 7,372,000
Vest in installments				4 years
Manager Pursuant To Management Agreement | ACRES Commercial Realty Corp
Related Party Transaction [Line Items]
Base management fees paid by the Company		1,700,000	898,000	$ 4,400,000	898,000
Incentive compensation		0	0	0	0
Incentive compensation payable and Servicing fees payable		0		0		0
Total indebtedness		1,100,000		1,100,000		442,000
General and administrative		899,000	432,000	3,500,000	432,000
Manager Pursuant To Management Agreement | ACRES Commercial Realty Corp | Other Liabilities
Related Party Transaction [Line Items]
Total indebtedness		819,000		$ 819,000		380,000
ACRES Capital Corp
Related Party Transaction [Line Items]
Number of securitization entities | entity				2
ACRES Capital Corp | XAN 2020-RSO9 Senior Notes
Related Party Transaction [Line Items]
Portfolio servicing fees		0	0	$ 0	0
Special servicing fees		0	0	14,000	0
ACRES Capital Corp | ACRES Commercial Realty 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		11,700,000		11,700,000		11,900,000
Accrued interest receivable		29,000		29,000		$ 0
ACRES Capital Corp | ACRES Commercial Realty Corp | Loan Evidenced by Promissory Note | Other Income (Expense)
Related Party Transaction [Line Items]
Interest income		$ 90,000	$ 62,000	$ 268,000	$ 62,000
ACRES Share Holdings, LLC
Related Party Transaction [Line Items]
Number of share authorized for issue (in shares) | shares		1,100,000		1,100,000
Common shares granted | shares		299,999		299,999
Shares of common stock vest percentage				25.00%
Vest in installments				4 years
Shares of common stock issued | shares		0

RELATED PARTY TRANSACTIONS (R_2

RELATED PARTY TRANSACTIONS (Relationship with C-III and Certain of its Subsidiaries) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Base management fees paid by the Company	$ 1,700,000	$ 1,284,000	$ 4,405,000	$ 4,728,000
General and administrative	$ 2,664,000	5,295,000	$ 8,533,000	11,552,000
Prior Manager Pursuant To Management Agreement | ACRES Commercial Realty Corp
Related Party Transaction [Line Items]
Base management fees paid by the Company		385,000		3,800,000
Incentive compensation		0		0
General and administrative		$ 727,000		$ 4,000,000

RELATED PARTY TRANSACTIONS (R_3

RELATED PARTY TRANSACTIONS (Relationship with Resource Real Estate, LLC) (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Mar. 31, 2020	Jul. 31, 2017	Aug. 31, 2015	Feb. 28, 2015	Jul. 31, 2014
Resource Real Estate
Related Party Transaction [Line Items]
Special servicing fees	$ 0	$ 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
XAN 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	9 Months Ended
	May 31, 2019	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 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%
Fees earned		$ 227,000	$ 361,000	$ 32,000
Outstanding payables		$ 0	$ 0		$ 48,000

RELATED PARTY TRANSACTIONS (R_5

RELATED PARTY TRANSACTIONS (Relationship with Resource Real Estate Opportunity REIT) (Details) - Resource Real Estate Opportunity REIT - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Expense in connection with agreement	$ 21,000	$ 67,000	$ 21,000
Payables for rent and professional services		$ 0
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	9 Months Ended
	Sep. 30, 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, September 30, 2021	$ 0

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2021	Sep. 30, 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 investments | 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 investments | 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		3.00%	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		9.75%	9.75%

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	$ 1,826,825	$ 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]
Loan receivable - related party	0	0
Senior notes in CRE securitizations	0	0
Warehouse financing facilities	0	0
Junior subordinated notes	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	0
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	0	0
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) | Preferred equity investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		0
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) | 4.50% Convertible Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
4.50% Convertible Senior Notes	0	0
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) | 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes	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
Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1) | 12.00% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes		0
Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party	0	0
Senior notes in CRE securitizations	0	0
Warehouse financing facilities	0	0
Junior subordinated notes	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	0
Significant Other Observable Inputs (Level 2) | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	0	0
Significant Other Observable Inputs (Level 2) | Preferred equity investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		0
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) | 4.50% Convertible Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
4.50% Convertible Senior Notes	0	0
Significant Other Observable Inputs (Level 2) | 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes	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 Other Observable Inputs (Level 2) | 12.00% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes		0
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party	10,473	10,184
Senior notes in CRE securitizations	970,552	1,030,854
Warehouse financing facilities	320,516	13,516
Junior subordinated notes	43,519	31,955
Significant Unobservable Inputs (Level 3) | CRE whole loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	1,849,066	1,513,822
Significant Unobservable Inputs (Level 3) | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	4,700	4,700
Significant Unobservable Inputs (Level 3) | Preferred equity investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		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) | 4.50% Convertible Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
4.50% Convertible Senior Notes	87,935	132,437
Significant Unobservable Inputs (Level 3) | 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes	149,670
Significant Unobservable Inputs (Level 3) | Senior Secured Financing Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior secured financing facility	41,182	33,360
Significant Unobservable Inputs (Level 3) | 12.00% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes		58,910
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party	11,675	11,875
Senior notes in CRE securitizations	960,709	1,027,929
Warehouse financing facilities	320,465	12,258
Junior subordinated notes	51,548	51,548
Carrying Value | CRE whole loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	1,822,410	1,477,295
Carrying Value | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	4,415	4,399
Carrying Value | Preferred equity investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		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 | 4.50% Convertible Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
4.50% Convertible Senior Notes	85,810	137,252
Carrying Value | 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes	146,474
Carrying Value | Senior Secured Financing Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior secured financing facility	37,596	29,314
Carrying Value | 12.00% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes		46,426
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loan receivable - related party	10,473	10,184
Senior notes in CRE securitizations	970,552	1,030,854
Warehouse financing facilities	320,516	13,516
Junior subordinated notes	43,519	31,955
Fair Value | CRE whole loans
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	1,849,066	1,513,822
Fair Value | Mezzanine loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables	4,700	4,700
Fair Value | Preferred equity investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans and receivables		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 | 4.50% Convertible Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
4.50% Convertible Senior Notes	87,935	132,437
Fair Value | 5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes	149,670
Fair Value | Senior Secured Financing Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior secured financing facility	$ 41,182	33,360
Fair Value | 12.00% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Unsecured Notes		$ 58,910

FAIR VALUE OF FINANCIAL INSTR_7

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Parenthetical) (Details) - USD ($)	Sep. 30, 2021	Aug. 16, 2021	Dec. 31, 2020	Sep. 30, 2020	Aug. 31, 2017
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unamortized issuance costs and discounts	$ 17,304,000		$ 26,258,000
12.00% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unamortized issuance costs and discounts	$ 320,000,000
4.50% Convertible Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage	4.50%		4.50%	4.50%	4.50%
Unamortized issuance costs and discounts	$ 2,204,000		$ 6,498,000
5.75% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage	5.75%	5.75%
Unamortized issuance costs and discounts	$ 3,526,000
12.00% Senior Unsecured Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage			12.00%
Unamortized issuance costs and discounts	$ 320,000		$ 3,574,000

MARKET RISK AND DERIVATIVE IN_3

MARKET RISK AND DERIVATIVE INSTRUMENTS (Details) - Terminated interest rate swap	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)derivative	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Derivatives, Fair Value [Line Items]
Realized loss on derivatives, net	$ (11,800,000)
Gain (loss) on derivatives				$ (9,000,000)		$ (10,400,000)
Amortization expense reported in interest expense		$ 489,000	$ 489,000	1,500,000	$ 857,000
Unrealized gains (loss) on derivatives, net				$ 370,000		$ 438,000
Number of hedges terminated | derivative				2
Interest expense to fully amortize		$ 23,000	$ 23,000	$ 68,000	$ 69,000

MARKET RISK AND DERIVATIVE IN_4

MARKET RISK AND DERIVATIVE INSTRUMENTS (Fair Value and Classification of Derivatives) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Other Income (Expense)
Derivatives, Fair Value [Line Items]
Realized and Unrealized Gain (Loss)		$ (67)
Interest rate swaps | Interest expense
Derivatives, Fair Value [Line Items]
Realized and Unrealized Gain (Loss)	$ (1,384)	$ (1,095)

OFFSETTING OF FINANCIAL LIABI_3

OFFSETTING OF FINANCIAL LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Warehouse financing facilities
Gross Amounts of Recognized Liabilities	$ 320,465	$ 12,258
Gross Amounts Offset on the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included on the Consolidated Balance Sheets	320,465	12,258
Gross Amounts Not Offset on the Consolidated Balance Sheets- Financial Instruments	320,465	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 term warehouse financing facilities	$ 421,600	$ 20,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended
	May 31, 2017USD ($)Loan	Sep. 30, 2021USD ($)	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		7,700,000
Commercial Real Estate Loans | CRE whole loans
Loss Contingencies [Line Items]
Loans held for investment, unfunded loan commitments		140,600,000	67,200,000
Commercial Real Estate Loans | Preferred equity investments
Loss Contingencies [Line Items]
Loans held for investment, unfunded loan commitments			2,500,000
Indemnification Agreement
Loss Contingencies [Line Items]
Estimated litigation liability		1,400,000	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

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($)	Nov. 05, 2021	Oct. 04, 2021
Subsequent Event [Line Items]
Stock repurchase program, authorized amount (up to)	$ 20,000,000
Equity Distribution Agreement | Maximum | JonesTrading Institutional Services LLC | Series D Preferred Stock
Subsequent Event [Line Items]
Number of shares that may be issued or sold from time to time under agreement		$ 2,200,000
Commission fee payable of gross proceeds from sale of stock in percentage		3.00%