Ares Commercial Real Estate (ACRE) 10-Q 4 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 03, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-35517
Entity Registrant Name	ARES COMMERCIAL REAL ESTATE CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-3148087
Entity Address, Address Line One	245 Park Avenue
Entity Address, Address Line Two	42nd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10167
City Area Code	212
Local Phone Number	750-7300
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	ACRE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001529377
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Common Stock, Shares Outstanding		40,501,121

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 97,944	$ 74,776
Loans held for investment ($1,189,234 and $550,590 related to consolidated VIEs, respectively)	1,908,001	1,815,219
Current expected credit loss reserve	(20,895)	(23,604)
Loans held for investment, net of current expected credit loss reserve	1,887,106	1,791,615
Real estate owned, net	37,059	37,283
Other assets ($2,599 and $1,079 of interest receivable related to consolidated VIEs, respectively; $35,025 and $6,410 of other receivables related to consolidated VIEs, respectively)	68,694	25,823
Total assets	2,090,803	1,929,497
LIABILITIES
Secured funding agreements	349,582	755,552
Notes payable	40,428	61,837
Secured term loan	60,000	110,000
Collateralized loan obligation securitization debt (consolidated VIEs)	979,257	443,871
Secured borrowings	59,845	59,790
Due to affiliate	3,319	3,150
Dividends payable	14,248	11,124
Other liabilities ($650 and $391 of interest payable related to consolidated VIEs, respectively)	8,151	11,158
Total liabilities	1,514,830	1,456,482
Commitments and contingencies (Note 9)
STOCKHOLDERS' EQUITY
Common stock, par value $0.01 per share, 450,000,000 shares authorized at March 31, 2021 and December 31, 2020 and 40,477,841 and 33,442,332 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	399	329
Additional paid-in capital	598,936	497,803
Accumulated other comprehensive income	263	0
Accumulated earnings (deficit)	(23,625)	(25,117)
Total stockholders' equity	575,973	473,015
Total liabilities and stockholders' equity	$ 2,090,803	$ 1,929,497

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Loans held for investment	$ 1,908,001	$ 1,815,219
Other assets	68,694	25,823
Other liabilities	$ 8,151	$ 11,158
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock shares issued (in shares)	40,477,841	33,442,332
Common stock, shares outstanding (in shares)	40,477,841	33,442,332
Variable Interest Entity, Primary Beneficiary
Loans held for investment	$ 1,189,234,000	$ 550,590,000
Interest receivable	2,599,000	1,079,000
Other assets	35,025,000	6,410,000
Other liabilities	$ 650,000	$ 391,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Interest income	$ 30,704	$ 31,448
Interest expense	(12,139)	(15,534)
Net interest margin	18,565	15,914
Revenue from real estate owned	2,658	5,220
Total revenue	21,223	21,134
Expenses:
Management and incentive fees to affiliate	2,567	1,773
Professional fees	785	903
General and administrative expenses	1,157	868
General and administrative expenses reimbursed to affiliate	752	1,051
Expenses from real estate owned	3,277	6,676
Total expenses	8,538	11,271
Provision for current expected credit losses	(3,240)	27,117
Income (loss) before income taxes	15,925	(17,254)
Income tax expense, including excise tax	185	9
Net income (loss) attributable to common stockholders	$ 15,740	$ (17,263)
Earnings (loss) per common share:
Basic earnings (loss) per common share (in dollars per share)	$ 0.46	$ (0.54)
Diluted earnings (loss) per common share (in dollars per share)	$ 0.45	$ (0.54)
Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in shares)	34,417,040	31,897,952
Diluted weighted average shares of common stock outstanding (in shares)	34,720,950	31,897,952
Dividends per share amount declared (in dollars per share)	$ 0.35	$ 0.33

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss) attributable to common stockholders	$ 15,740	$ (17,263)
Other comprehensive income:
Unrealized gains (losses) on derivative financial instruments	263	0
Comprehensive income (loss)	$ 16,003	$ (17,263)

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Impact of adoption of CECL	Common Stock	Additional Paid-in Capital	AOCI Attributable to Parent	Accumulated Earnings (Deficit)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Beginning Balance (in shares) at Dec. 31, 2019			28,865,610
Beginning Balance at Dec. 31, 2019	$ 426,339	$ (5,051)	$ 283	$ 423,619	$ 0	$ 2,437
Increase (Decrease) in Stockholders' Equity
Sale of common stock (in shares)			4,600,000
Sale of common stock	73,232		$ 46	73,186
Offering costs	(341)			(341)
Stock-based compensation (in shares)			(66,658)
Stock-based compensation	225			225
Other comprehensive income	0
Net income (loss)	(17,263)					(17,263)
Dividends declared	(11,076)					(11,076)
Ending Balance (in shares) at Mar. 31, 2020			33,398,952
Ending Balance at Mar. 31, 2020	466,065		$ 329	496,689	0	(30,953)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation (in shares)			42,985
Stock-based compensation	365			365
Net income (loss)	9,768					9,768
Dividends declared	(11,072)					(11,072)
Ending Balance (in shares) at Jun. 30, 2020			33,441,937
Ending Balance at Jun. 30, 2020	465,126		$ 329	497,054	0	(32,257)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	367			367
Net income (loss)	14,928					14,928
Dividends declared	(11,072)					(11,072)
Ending Balance (in shares) at Sep. 30, 2020			33,441,937
Ending Balance at Sep. 30, 2020	469,349		$ 329	497,421	0	(28,401)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation (in shares)			395
Stock-based compensation	382			382
Net income (loss)	14,407					14,407
Dividends declared	$ (11,123)					(11,123)
Ending Balance (in shares) at Dec. 31, 2020	33,442,332		33,442,332
Ending Balance at Dec. 31, 2020	$ 473,015		$ 329	497,803	0	(25,117)
Increase (Decrease) in Stockholders' Equity
Sale of common stock (in shares)			7,000,000
Sale of common stock	100,870		$ 70	100,800
Offering costs	(188)			(188)
Stock-based compensation (in shares)			35,509
Stock-based compensation	521			521
Other comprehensive income	263				263
Net income (loss)	15,740					15,740
Dividends declared	$ (14,248)					(14,248)
Ending Balance (in shares) at Mar. 31, 2021	40,477,841		40,477,841
Ending Balance at Mar. 31, 2021	$ 575,973		$ 399	$ 598,936	$ 263	$ (23,625)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net income (loss)	$ 15,740	$ (17,263)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of deferred financing costs	2,232	1,622
Accretion of deferred loan origination fees and costs	(2,022)	(1,967)
Stock-based compensation	521	225
Depreciation of real estate owned	224	221
Provision for current expected credit losses	(3,240)	27,117
Changes in operating assets and liabilities:
Other assets	(2,677)	(1,343)
Due to affiliate	169	75
Other liabilities	(1,023)	(420)
Net cash provided by (used in) operating activities	9,924	8,267
Investing activities:
Issuance of and fundings on loans held for investment	(219,205)	(294,733)
Principal repayment of loans held for investment	87,321	17,471
Receipt of origination fees	680	3,538
Purchases of capitalized additions to real estate owned	0	(227)
Payments under derivative financial instruments	(150)	0
Net cash provided by (used in) investing activities	(131,354)	(273,951)
Financing activities:
Repayments of secured funding agreements	(483,223)	(93,108)
Proceeds from notes payable	6,206	0
Repayments of notes payable	(27,880)	0
Proceeds from secured borrowings	0	10,555
Payment of secured funding costs	(7,962)	(1,005)
Proceeds from issuance of debt of consolidated VIEs	540,471	0
Dividends paid	(11,124)	(9,565)
Proceeds from sale of common stock	100,870	73,232
Payment of offering costs	(13)	(266)
Net cash provided by (used in) financing activities	144,598	334,926
Change in cash, cash equivalents and restricted cash	23,168	69,242
Cash, cash equivalents and restricted cash, beginning of period	74,776	5,635
Cash, cash equivalents and restricted cash, end of period	97,944	74,877
Secured term loan
Financing activities:
Proceeds from secured funding agreements	(50,000)	0
Secured Funding Agreements
Financing activities:
Proceeds from secured funding agreements	$ 77,253	$ 355,083

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Ares Commercial Real Estate Corporation (together with its consolidated subsidiaries, the “Company” or “ACRE”) is a specialty finance company primarily engaged in originating and investing in commercial real estate loans and related investments. Through Ares Commercial Real Estate Management LLC (“ACREM” or the Company’s “Manager”), a Securities and Exchange Commission (“SEC”) registered investment adviser and a subsidiary of Ares Management Corporation (NYSE: ARES) (“Ares Management” or “Ares”), a publicly traded, leading global alternative investment manager, it has investment professionals strategically located across the United States and Europe who directly source new loan opportunities for the Company with owners, operators and sponsors of commercial real estate (“CRE”) properties. The Company was formed and commenced operations in late 2011. The Company is a Maryland corporation and completed its initial public offering (the “IPO”) in May 2012. The Company is externally managed by its Manager, pursuant to the terms of a management agreement (the “Management Agreement”). The Company operates as one operating segment and is primarily focused on directly originating and managing a diversified portfolio of CRE debt-related investments for the Company’s own account. The Company’s target investments include senior mortgage loans, subordinated debt, preferred equity, mezzanine loans and other CRE investments, including commercial mortgage backed securities. These investments are generally held for investment and are secured, directly or indirectly, by office, multifamily, retail, industrial, lodging, senior-living, self storage, student housing, residential and other commercial real estate properties, or by ownership interests therein. The Company has elected and qualified to be taxed as a real estate investment trust (“REIT”) for United States federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2012. The Company generally will not be subject to United States federal income taxes on its REIT taxable income as long as it annually distributes all of its REIT taxable income prior to the deduction for dividends paid to stockholders and complies with various other requirements as a REIT.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and the related management's discussion and analysis of financial condition and results of operations included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC. Refer to the Company’s Annual Report on Form 10-K for a description of the Company’s recurring accounting policies. The Company has included disclosure below regarding basis of presentation and other accounting policies that (i) are required to be disclosed quarterly or (ii) the Company views as critical as of the date of this report. Basis of Presentation The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with United States generally accepted accounting principles (“GAAP”) and include the accounts of the Company, the consolidated variable interest entities (“VIEs”) that the Company controls and of which the Company is the primary beneficiary, and the Company’s wholly-owned subsidiaries. The consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented. All intercompany balances and transactions have been eliminated. Interim financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2021. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. As of the filing date of this Quarterly Report, there is a continued outbreak of the novel coronavirus (“COVID-19”) pandemic, for which the World Health Organization has declared a global pandemic, the United States has declared a national emergency and every state in the United States is under a federal disaster declaration. Many states, including those in which the Company and its borrowers operate, have issued orders requiring the closure of, or certain restrictions on the operation of, non-essential businesses and/or requiring residents to stay at home. The COVID-19 pandemic and preventative measures taken to contain or mitigate its spread have caused, and are continuing to cause, business shutdowns or the re-introduction of business shutdowns, cancellations of events and restrictions on travel, significant reductions in demand for certain goods and services, reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both globally and in the United States. While several countries, as well as certain states in the United States, have relaxed the public health restrictions with a view to partially or fully reopen their economies, recurring COVID-19 outbreaks have led to the re-introduction of such restrictions in certain states in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere. Additionally, in December 2020, the U.S. Food and Drug Administration authorized certain vaccines for emergency use, which are currently being distributed nationwide and globally. However, it remains unclear how quickly “herd immunity” will be achieved and the restrictions that were imposed to slow the spread of the virus will be lifted entirely. These uncertainties could lead the public to continue to self-isolate and not participate in the economy at pre-pandemic levels for a prolonged period of time. Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience a recession, and we anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States. The Company believes the estimates and assumptions underlying its consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2021, however, uncertainty over the ultimate impact the COVID-19 pandemic will have on the global economy and the Company’s business, makes any estimates and assumptions as of March 31, 2021 inherently less certain than they would be absent the current and potential impacts of the COVID-19 pandemic. Actual results could differ from those estimates. Variable Interest Entities The Company evaluates all of its interests in VIEs for consolidation. When the Company’s interests are determined to be variable interests, the Company assesses whether it is deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation , defines the primary beneficiary as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant. The Company considers its variable interests, as well as any variable interests of its related parties in making this determination. Where both of these factors are present, the Company is deemed to be the primary beneficiary and it consolidates the VIE. Where either one of these factors is not present, the Company is not the primary beneficiary and it does not consolidate the VIE. To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Company considers all facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers all of its economic interests, including debt and equity investments, servicing fees, and other arrangements deemed to be variable interests in the VIE. This assessment requires that the Company applies judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Company. For VIEs of which the Company is determined to be the primary beneficiary, all of the underlying assets, liabilities, equity, revenue and expenses of the structures are consolidated into the Company’s consolidated financial statements. The Company performs an ongoing reassessment of: (1) whether any entities previously evaluated under the majority voting interest framework have become VIEs, based on certain events, and therefore are subject to the VIE consolidation framework, and (2) whether changes in the facts and circumstances regarding its involvement with a VIE cause the Company’s consolidation conclusion regarding the VIE to change. See Note 16 included in these consolidated financial statements for further discussion of the Company’s VIEs. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions. Cash and short‑term investments with an original maturity of three months or less when acquired are considered cash and cash equivalents for the purpose of the consolidated balance sheets and statements of cash flows. Restricted cash includes deposits required under certain Secured Funding Agreements (each individually defined in Note 6 included in these consolidated financial statements). The following table provides a reconciliation of cash, cash equivalents and restricted cash in the consolidated balance sheets to the total amount shown in the consolidated statements of cash flows ($ in thousands): As of March 31, 2021 2020 Cash and cash equivalents $ 97,944 $ 74,498 Restricted cash — 379 Total cash, cash equivalents and restricted cash shown in the Company's consolidated statements of cash flows $ 97,944 $ 74,877 Loans Held for Investment The Company originates CRE debt and related instruments generally to be held for investment. Loans that are held for investment are carried at cost, net of unamortized loan fees and origination costs (the “carrying value”). Loans are generally collateralized by real estate. The extent of any credit deterioration associated with the performance and/or value of the underlying collateral property and the financial and operating capability of the borrower could impact the expected amounts received. The Company monitors performance of its loans held for investment portfolio under the following methodology: (1) borrower review, which analyzes the borrower’s ability to execute on its original business plan, reviews its financial condition, assesses pending litigation and considers its general level of responsiveness and cooperation; (2) economic review, which considers underlying collateral (i.e. leasing performance, unit sales and cash flow of the collateral and its ability to cover debt service, as well as the residual loan balance at maturity); (3) property review, which considers current environmental risks, changes in insurance costs or coverage, current site visibility, capital expenditures and market perception; and (4) market review, which analyzes the collateral from a supply and demand perspective of similar property types, as well as from a capital markets perspective. Such analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, and the borrower’s exit plan, among other factors. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding the borrower’s ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to placing a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. Loan balances that are deemed to be uncollectible are written off as a realized loss and are deducted from the current expected credit loss reserve. The write-offs are recorded in the period in which the loan balance is deemed uncollectible based on management’s judgment. Current Expected Credit Losses Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, requires the Company to reflect current expected credit losses (“CECL”) on both the outstanding balances and unfunded commitments on loans held for investment and requires consideration of a broad range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform credit loss estimates (the “CECL Reserve”). ASU No. 2016-13 was effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period. ASU No. 2016-13 was adopted by the Company on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of January 1, 2020. Subsequent period increases and decreases to expected credit losses impact earnings and are recorded within provision for current expected credit losses in the Company’s consolidated statements of operations. The CECL Reserve related to outstanding balances on loans held for investment required under ASU No. 2016-13 is a valuation account that is deducted from the amortized cost basis of the Company’s loans held for investment in the Company’s consolidated balance sheets. The CECL Reserve related to unfunded commitments on loans held for investment is recorded within other liabilities in the Company's consolidated balance sheets. See Note 4 included in these consolidated financial statements for CECL related disclosures. Real Estate Owned Real estate assets are carried at their estimated fair value at acquisition and are presented net of accumulated depreciation and impairment charges. The Company allocates the purchase price of acquired real estate assets based on the fair value of the acquired land, building, furniture, fixtures and equipment. Real estate assets are depreciated using the straight-line method over estimated useful lives of up to 40 years for buildings and improvements and up to 15 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate asset are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred. Real estate assets are evaluated for indicators of impairment on a quarterly basis. Factors that the Company may consider in its impairment analysis include, among others: (1) significant underperformance relative to historical or anticipated operating results; (2) significant negative industry or economic trends; (3) costs necessary to extend the life or improve the real estate asset; (4) significant increase in competition; and (5) ability to hold and dispose of the real estate asset in the ordinary course of business. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows expected to be generated by the real estate asset over the estimated remaining holding period is less than the carrying amount of such real estate asset. Cash flows include operating cash flows and anticipated capital proceeds generated by the real estate asset. An impairment charge is recorded equal to the excess of the carrying value of the real estate asset over the fair value. When determining the fair value of a real estate asset, the Company makes certain assumptions including, but not limited to, consideration of projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the real estate asset based upon the Company’s estimate of a capitalization rate and discount rate. The Company reviews its real estate assets, from time to time, in order to determine whether to sell such assets. Real estate assets are classified as held for sale when the Company commits to a plan to sell the asset, when the asset is being marketed for sale at a reasonable price and the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within one year. Real estate assets that are held for sale are carried at the lower of the asset’s carrying amount or its fair value less costs to sell. Debt Issuance Costs Debt issuance costs under the Company’s indebtedness are capitalized and amortized over the term of the respective debt instrument. Unamortized debt issuance costs are expensed when the associated debt is repaid prior to maturity. Debt issuance costs related to debt securitizations are capitalized and amortized over the term of the underlying loans using the effective interest method. When an underlying loan is prepaid in a debt securitization and the outstanding principal balance of the securitization debt is reduced, the related unamortized debt issuance costs are charged to expense based on a pro‑rata share of the debt issuance costs being allocated to the specific loans that were prepaid. Amortization of debt issuance costs is included within interest expense, except as noted below, in the Company’s consolidated statements of operations while the unamortized balance on (i) Secured Funding Agreements (each individually defined in Note 6 included in these consolidated financial statements) is included within other assets and (ii) Notes Payable, the Secured Term Loan (each defined in Note 6 included in these consolidated financial statements) and Secured Borrowings (defined in Note 7 included in these consolidated financial statements) and debt securitizations are each included as a reduction to the carrying amount of the liability, in the Company’s consolidated balance sheets. Amortization of debt issuance costs for the note payable on the hotel property that is recognized as real estate owned in the Company’s consolidated balance sheets (see Note 6 included in these consolidated financial statements for additional information on the note payable) is included within expenses from real estate owned in the Company’s consolidated statements of operations. Derivative Financial Instruments Derivative financial instruments are classified as either other assets (gain positions) or other liabilities (loss positions) in the Company’s consolidated balance sheets at fair value. These amounts may be offset to the extent that there is a legal right to offset and if elected by management. On the date the Company enters into a derivative contract, the Company designates each contract as a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, or as a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, the Company formally documents the hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and an evaluation of the effectiveness of its hedged transaction. The Company performs a formal assessment on a quarterly basis on whether the derivative designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. Changes in the fair value of derivative contracts are recorded each period in either current earnings or other comprehensive income (“OCI”), depending on whether the derivative is designated as part of a hedge transaction and, if so, the type of hedge transaction. For derivatives that are designated as cash flow hedges, the effective portion of the unrealized gains or losses on these contracts is recorded in OCI. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in current earnings prospectively. The Company does not enter into derivatives for trading or speculative purposes. Revenue Recognition Interest income is accrued based on the outstanding principal amount and the contractual terms of each loan. For loans held for investment, the origination fees, contractual exit fees and direct loan origination costs are also recognized in interest income over the initial loan term as a yield adjustment using the effective interest method. Revenue from real estate owned represents revenue associated with the operations of a hotel property classified as real estate owned. Revenue from the operation of the hotel property is recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales and other hotel revenues. Net Interest Margin and Interest Expense Net interest margin in the Company’s consolidated statements of operations serves to measure the performance of the Company’s loans as compared to its use of debt leverage. The Company includes interest income from its loans and interest expense related to its Secured Funding Agreements, Notes Payable, securitization debt, the Secured Term Loan (each individually defined in Note 6 included in these consolidated financial statements) and Secured Borrowings (defined in Note 7 included in these consolidated financial statements) in net interest margin. For the three months ended March 31, 2021 and 2020, interest expense is comprised of the following ($ in thousands): For the three months ended March 31, 2021 2020 Secured funding agreements $ 3,824 $ 8,847 Notes payable (1) 1,194 312 Securitization debt 4,307 4,257 Secured term loan 1,341 2,065 Secured borrowings 1,431 53 Other (2) 42 — Interest expense $ 12,139 $ 15,534 ____________________________ (1) Excludes interest expense on the $28.3 million note payable, which is secured by a hotel property that is recognized as real estate owned in the Company’s consolidated balance sheets (see Note 6 included in these consolidated financial statements for additional information on the note payable). Interest expense on the $28.3 million note payable is included within expenses from real estate owned in the Company’s consolidated statements of operations. (2) Represents the net interest expense recognized from the Company’s derivative financial instruments upon periodic settlement. Comprehensive Income Comprehensive income consists of net income and OCI that are excluded from net income. Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. ASU No. 2020-04 and ASU No. 2021-01 are effective for all entities and may be adopted retrospectively as of any date from the beginning of any interim period that includes or is subsequent to March 12, 2020 or prospectively to new modifications through December 31, 2022. The Company is currently evaluating the impact of adopting these ASUs on its consolidated financial statements.

LOANS HELD FOR INVESTMENT

LOANS HELD FOR INVESTMENT	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
LOANS HELD FOR INVESTMENT	LOANS HELD FOR INVESTMENT As of March 31, 2021, the Company’s portfolio included 53 loans held for investment, excluding 101 loans that were repaid, sold or converted to real estate owned since inception. The aggregate originated commitment under these loans at closing was approximately $2.1 billion and outstanding principal was $1.9 billion as of March 31, 2021. During the three months ended March 31, 2021, the Company funded approximately $223.4 million of outstanding principal and received repayments of $130.7 million of outstanding principal as described in more detail in the tables below. As of March 31, 2021, 97.0% of the Company’s loans have LIBOR floors, with a weighted average floor of 1.56%, calculated based on loans with LIBOR floors. References to LIBOR or “L” are to 30-day LIBOR (unless otherwise specifically stated). The Company’s investments in loans held for investment are accounted for at amortized cost. The following tables summarize the Company’s loans held for investment as of March 31, 2021 and December 31, 2020 ($ in thousands): As of March 31, 2021 Carrying Amount (1) Outstanding Principal (1) Weighted Average Unleveraged Effective Yield Weighted Average Remaining Life (Years) Senior mortgage loans $ 1,842,782 $ 1,853,141 5.7 % (2) 5.9 % (3) 1.3 Subordinated debt and preferred equity investments 65,219 65,866 15.1 % (2) 15.1 % (3) 1.5 Total loans held for investment portfolio $ 1,908,001 $ 1,919,007 6.0 % (2) 6.2 % (3) 1.3 As of December 31, 2020 Carrying Amount (1) Outstanding Principal (1) Weighted Average Unleveraged Effective Yield Weighted Average Remaining Life (Years) Senior mortgage loans $ 1,713,601 $ 1,723,638 5.9% (2) 6.2 % (3) 1.2 Subordinated debt and preferred equity investments 101,618 102,603 13.4% (2) 13.4 % (3) 1.9 Total loans held for investment portfolio $ 1,815,219 $ 1,826,241 6.3% (2) 6.6 % (3) 1.2 ______________________________ (1) The difference between the Carrying Amount and the Outstanding Principal amount of the loans held for investment consists of unamortized purchase discount, deferred loan fees and loan origination costs. (2) Unleveraged Effective Yield is the compounded effective rate of return that would be earned over the life of the investment based on the contractual interest rate (adjusted for any deferred loan fees, costs, premiums or discounts) and assumes no dispositions, early prepayments or defaults. The total Weighted Average Unleveraged Effective Yield is calculated based on the average of Unleveraged Effective Yield of all loans held by the Company as of March 31, 2021 and December 31, 2020 as weighted by the outstanding principal balance of each loan. (3) Unleveraged Effective Yield is the compounded effective rate of return that would be earned over the life of the investment based on the contractual interest rate (adjusted for any deferred loan fees, costs, premiums or discounts) and assumes no dispositions, early prepayments or defaults. The total Weighted Average Unleveraged Effective Yield is calculated based on the average of Unleveraged Effective Yield of all interest accruing loans held by the Company as of March 31, 2021 and December 31, 2020 as weighted by the total outstanding principal balance of each interest accruing loan (excludes loans on non-accrual status as of March 31, 2021 and December 31, 2020). A more detailed listing of the Company’s loans held for investment portfolio based on information available as of March 31, 2021 is as follows ($ in millions, except percentages): Loan Type Location Outstanding Principal (1) Carrying Amount (1) Interest Rate Unleveraged Effective Yield (2) Maturity Date (3) Payment Terms (4) Senior Mortgage Loans: Office IL $150.5 $149.5 L+3.61% 5.5% Mar 2023 I/O Office Diversified 110.8 110.5 L+3.65% 5.7% Jan 2023 I/O Multifamily FL 91.3 90.9 L+5.00% 6.7% Jun 2022 I/O Mixed-use FL 84.0 84.0 L+4.25% 5.7% Feb 2023 (5) I/O Multifamily TX 75.0 74.8 L+2.85% 5.0% Oct 2022 I/O Hotel OR/WA 68.1 67.2 L+3.45% 4.6% (6) May 2022 I/O Office IL 67.8 67.7 L+3.75% 5.3% Dec 2021 I/O Office NC 62.1 62.1 L+4.25% 6.7% Mar 2022 (7) I/O Hotel Diversified 60.8 60.7 L+3.60% 6.2% Sep 2021 I/O Industrial NY 59.0 58.8 L+5.00% 8.1% Aug 2021 I/O Office IL 57.5 57.5 L+3.95% 6.3% Jun 2021 I/O Mixed-use CA 56.2 56.0 (8) 5.4% Jan 2024 I/O Multifamily FL 46.2 46.1 L+5.00% 6.6% Jun 2022 I/O Office GA 44.7 44.4 L+3.05% 5.7% Dec 2022 I/O Multifamily FL 43.4 43.3 L+2.60% 5.5% Jan 2022 I/O Multifamily NJ 41.0 40.9 L+3.05% 4.9% Mar 2022 I/O Hotel CA 40.0 39.9 L+4.12% 5.8% Jan 2022 I/O Student Housing TX 39.9 39.8 L+4.75% 5.5% Jan 2022 (9) P/I (10) Student Housing CA 36.7 36.7 L+3.95% 4.3% Jul 2022 I/O Multifamily KS 35.8 35.6 L+3.25% 5.5% Nov 2022 I/O Mixed-use TX 35.3 35.1 L+3.75% (11) 4.7% Sep 2022 I/O Hotel MI 33.2 33.1 L+3.95% 4.3% Jul 2022 I/O Hotel IL 32.9 31.8 L+4.40% —% (12) May 2021 I/O Office CA 31.9 31.7 L+3.35% 6.0% Nov 2022 I/O Mixed-use CA 30.3 29.9 L+4.10% 6.3% Mar 2023 I/O Multifamily NY 30.2 30.1 L+3.20% 4.8% Dec 2021 I/O Student Housing NC 30.0 29.9 L+3.15% 5.9% Feb 2022 I/O Multifamily PA 29.4 29.3 L+3.00% 5.9% Dec 2021 I/O Office IL 28.5 28.3 L+3.80% 6.2% Jan 2023 I/O Office NC 28.5 28.0 L+3.53% 6.8% May 2023 I/O Student Housing TX 24.6 24.4 L+3.45% 5.5% Feb 2023 I/O Student Housing AL 24.1 22.7 L+4.45% —% (12) Apr 2021 (13) I/O Multifamily SC 22.9 22.6 L+6.50% 10.1% Sep 2022 I/O Office CA 22.9 22.8 L+3.40% 6.2% Nov 2021 I/O Industrial CA 22.5 22.4 L+4.50% 7.4% Dec 2021 I/O Student Housing FL 22.0 21.9 L+3.25% 5.9% Aug 2022 I/O Self Storage FL 19.5 19.4 L+3.50% 6.0% Mar 2022 I/O Multifamily WA 18.7 18.5 L+3.00% 5.1% Mar 2023 I/O Office TX 18.1 18.0 L+4.05% 7.5% Nov 2021 I/O Residential CA 14.3 14.3 13.00% 13.0% May 2021 (14) I/O Industrial CA 13.9 13.8 L+3.75% 6.3% Mar 2023 I/O Self Storage FL 10.8 10.7 L+2.90% 4.4% Dec 2023 I/O Office NC 8.6 8.6 L+4.00% 6.7% Nov 2022 I/O Self Storage FL 7.0 6.9 L+2.90% 4.3% Dec 2023 I/O Self Storage FL 6.4 6.4 L+2.90% 4.3% Dec 2023 I/O Self Storage MO 6.0 6.0 L+3.00% 4.4% Dec 2023 I/O Self Storage IL 5.4 5.4 L+3.00% 4.3% Dec 2023 I/O Self Storage FL 4.4 4.4 L+2.90% 4.2% Dec 2023 I/O Subordinated Debt and Preferred Equity Investments: Residential Condominium NY 18.3 18.3 L+14.00% 17.9% May 2021 (15) I/O Office NJ 17.0 16.4 12.00% 12.8% Jan 2026 P/I (10) Mixed-use IL 16.1 16.0 L+12.25% 14.5% Nov 2021 I/O Residential Condominium HI 11.5 11.5 14.00% 16.1% Aug 2021 (16) I/O Office CA 3.0 3.0 L+8.25% 9.7% Nov 2021 I/O Total/Weighted Average $1,919.0 $1,908.0 6.0% _________________________ (1) The difference between the Carrying Amount and the Outstanding Principal amount of the loans held for investment consists of unamortized purchase discount, deferred loan fees and loan origination costs. For the loans held for investment that represent co-investments with other investment vehicles managed by Ares Management (see Note 14 included in these consolidated financial statements for additional information on co-investments), only the portion of Carrying Amount and Outstanding Principal held by the Company is reflected. (2) Unleveraged Effective Yield is the compounded effective rate of return that would be earned over the life of the investment based on the contractual interest rate (adjusted for any deferred loan fees, costs, premiums or discounts) and assumes no dispositions, early prepayments or defaults. Unleveraged Effective Yield for each loan is calculated based on LIBOR as of March 31, 2021 or the LIBOR floor, as applicable. The total Weighted Average Unleveraged Effective Yield is calculated based on the average of Unleveraged Effective Yield of all loans held by the Company as of March 31, 2021 as weighted by the outstanding principal balance of each loan. (3) Certain loans are subject to contractual extension options that generally vary between one and two 12-month extensions and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications. (4) I/O = interest only, P/I = principal and interest. (5) In March 2021, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the senior Florida loan to February 2023. (6) At origination, the Oregon/Washington loan was structured as both a senior and mezzanine loan with the Company holding both positions. The mezzanine position of this loan, which had an outstanding principal balance of $13.1 million as of March 31, 2021, was on non-accrual status as of March 31, 2021 and therefore, the Unleveraged Effective Yield presented is for the senior position only as the mezzanine position is non-interest accruing. (7) In February 2021, the borrower exercised a one-year extension option in accordance with the loan agreement, which extended the maturity date on the senior North Carolina loan to March 2022. (8) At origination, the California loan was structured as both a senior and mezzanine loan with the Company holding both positions. The senior loan, which had an outstanding principal balance of $45.0 million as of March 31, 2021, accrues interest at a per annum rate of L + 3.80% and the mezzanine loan, which had an outstanding principal balance of $11.2 million as of March 31, 2021, accrues interest at a per annum rate of 10.00%. (9) In January 2021, the borrower exercised a one-year extension option in accordance with the loan agreement, which extended the maturity date on the senior Texas loan to January 2022. (10) In February 2021, amortization began on the senior Texas loan and the subordinated New Jersey loan, which had an outstanding principal balance of $39.9 million and $17.0 million, respectively, as of March 31, 2021. The remainder of the loans in the Company’s portfolio are non-amortizing through their primary terms. (11) In March 2021, the Company and the borrower entered into a modification agreement to, among other things, split the original senior Texas loan into two separate notes. Note A, which had an outstanding principal balance of $35.3 million as of March 31, 2021, accrues interest at a per annum rate of L + 3.75% and Note B, which had no outstanding principal balance as of March 31, 2021, accrues interest at a per annum rate of L+10.00%. (12) Loan was on non-accrual status as of March 31, 2021 and therefore, there is no Unleveraged Effective Yield as the loan is non-interest accruing. (13) In March 2021, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the senior Alabama loan to April 2021. (14) In March 2021, the Company and the borrowers entered into a modification and extension agreement to, among other things, extend the maturity date on the senior California loan to May 2021. (15) The subordinated New York loan includes a $2.6 million loan to the borrower, for which such amount accrues interest at a per annum rate of 20.00% and has an initial maturity date of April 2021. The remaining outstanding principal balance of the subordinated New York loan accrues interest at L + 14.00% and has an initial maturity date of May 2021. (16) In February 2021, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the subordinated Hawaii loan to August 2021. The Company has made, and may continue to make, modifications to loans, including loans that are in default. Loan terms that may be modified include interest rates, required prepayments, asset release prices, maturity dates, covenants, principal amounts and other loan terms. The terms and conditions of each modification vary based on individual circumstances and will be determined on a case by case basis. The Company’s Manager monitors and evaluates each of the Company’s loans held for investment and has maintained regular communications with borrowers and sponsors regarding the potential impacts of the COVID-19 pandemic on the Company’s loans. Some of the Company’s borrowers, in particular, borrowers with properties exposed to the hospitality, student housing and retail industries, have indicated that due to the impact of the COVID-19 pandemic, they may be unable to timely execute their business plans, are experiencing cash flow pressure, have had to temporarily close their businesses or have experienced other negative business consequences. Certain borrowers have requested temporary interest deferral or forbearance or other modifications of their loans. Based on these discussions with borrowers, the Company has made four loan modifications, representing an aggregate principal balance of $183.3 million, during the three months ended March 31, 2021. These modifications included deferrals or capitalization of interest, amendments in extension, future funding or performance tests, extension of the maturity date, amendments to the interest rate, repurposing of reserves or covenant waivers on loans secured by properties directly or indirectly impacted by the COVID-19 pandemic. Loan modifications during the period were conducted pursuant to the relief granted via Coronavirus Aid, Relief, and Economic Security Act and therefore are not evaluated for or accounted for as troubled debt restructurings. For the three months ended March 31, 2021, the activity in the Company’s loan portfolio was as follows ($ in thousands): Balance at December 31, 2020 $ 1,815,219 Initial funding 199,580 Origination fees and discounts, net of costs (1,748) Additional funding 23,864 Amortizing payments (413) Loan payoffs (130,523) Origination fee accretion 2,022 Balance at March 31, 2021 $ 1,908,001 As of March 31, 2021, all loans held for investment were paying in accordance with their contractual terms. As of March 31, 2021, the Company had three loans held for investment on non-accrual status due to the impact of the COVID-19 pandemic with a carrying value of $66.8 million.

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES	3 Months Ended
	Mar. 31, 2021
Credit Loss [Abstract]
CURRENT EXPECTED CREDIT LOSSES	CURRENT EXPECTED CREDIT LOSSES The Company estimates its CECL Reserve primarily using a probability-weighted model that considers the likelihood of default and expected loss given default for each individual loan. Calculation of the CECL Reserve requires loan specific data, which includes capital senior to the Company when the Company is the subordinate lender, changes in net operating income, debt service coverage ratio, loan-to-value, occupancy, property type and geographic location. Estimating the CECL Reserve also requires significant judgment with respect to various factors, including (i) the appropriate historical loan loss reference data, (ii) the expected timing of loan repayments, (iii) calibration of the likelihood of default to reflect the risk characteristics of the Company’s floating-rate loan portfolio and (iv) the Company’s current and future view of the macroeconomic environment. The Company may consider loan-specific qualitative factors on certain loans to estimate its CECL Reserve. In order to estimate the future expected loan losses relevant to the Company’s portfolio, the Company utilizes historical market loan loss data licensed from a third party data service. The third party’s loan database includes historical loss data for commercial mortgage-backed securities, or CMBS, issued dating back to 1998, which the Company believes is a reasonably comparable and available data set to its type of loans. The Company utilized macroeconomic data that reflects a current recession; however, the short and long-term economic implications of the COVID-19 pandemic and its financial impact on the Company are highly uncertain. For periods beyond the reasonable and supportable forecast period, the Company reverts back to historical loss data. Management’s current estimate of expected credit losses decreased from December 31, 2020 to March 31, 2021 primarily due to improved macroeonomic outlook. The CECL Reserve takes into consideration the macroeconomic impact of the COVID-19 pandemic on CRE properties and is not specific to any loan losses or impairments on the Company’s loans held for investment. As of March 31, 2021, the Company’s CECL Reserve for its loans held for investment portfolio is $22.0 million or 106 basis points of the Company’s total loans held for investment commitment balance of $2.1 billion and is bifurcated between the CECL Reserve (contra-asset) related to outstanding balances on loans held for investment of $20.9 million and a liability for unfunded commitments of $1.1 million. The liability was based on the unfunded portion of the loan commitment over the full contractual period over which the Company is exposed to credit risk through a current obligation to extend credit. Management considered the likelihood that funding will occur, and if funded, the expected credit loss on the funded portion. Current Expected Credit Loss Reserve for Funded Loan Commitments Activity related to the CECL Reserve for outstanding balances on the Company’s loans held for investment as of and for the three months ended March 31, 2021 was as follows ($ in thousands): Balance at December 31, 2020 $ 23,604 Provision for current expected credit losses (2,709) Write-offs — Recoveries — Balance at March 31, 2021 (1) $ 20,895 __________________________ (1) As of March 31, 2021, the CECL Reserve related to outstanding balances on loans held for investment is recorded within current expected credit loss reserve in the Company's consolidated balance sheets. Current Expected Credit Loss Reserve for Unfunded Loan Commitments Activity related to the CECL Reserve for unfunded commitments on the Company’s loans held for investment as of and for the three months ended March 31, 2021 was as follows ($ in thousands): Balance at December 31, 2020 $ 1,632 Provision for current expected credit losses (531) Write-offs — Recoveries — Balance at March 31, 2021 (1) $ 1,101 __________________________ (1) As of March 31, 2021, the CECL Reserve related to unfunded commitments on loans held for investment is recorded within other liabilities in the Company's consolidated balance sheets. The Company continuously evaluates the credit quality of each loan by assessing the risk factors of each loan and assigning a risk rating based on a variety of factors. Risk factors include property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash flow, loan structure and exit plan, loan-to-value ratio, debt service coverage ratio, project sponsorship, and other factors deemed necessary. Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows: Ratings Definition 1 Very Low Risk 2 Low Risk 3 Medium Risk 4 High Risk/Potential for Loss: Asset performance is trailing underwritten expectations. Loan at risk of impairment without material improvement to performance 5 Impaired/Loss Likely: A loan that has a significantly increased probability of default or principal loss The risk ratings are primarily based on historical data as well as taking into account future economic conditions. As of March 31, 2021, the carrying value, excluding the CECL Reserve, of the Company’s loans held for investment within each risk rating by year of origination is as follows ($ in thousands): 2021 2020 2019 2018 2017 Prior Total Risk rating: 1 $ — $ — $ — $ 8,555 $ — $ — $ 8,555 2 28,384 29,944 188,714 66,114 69,898 — 383,054 3 67,296 515,122 383,444 189,323 171,626 16,470 1,343,281 4 — — 2,604 114,709 22,657 33,141 173,111 5 — — — — — — — Total $ 95,680 $ 545,066 $ 574,762 $ 378,701 $ 264,181 $ 49,611 $ 1,908,001 Accrued Interest Receivable The Company elected not to measure a CECL Reserve on accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner. As of March 31, 2021, interest receivable of $11.3 million is included within other assets in the Company's consolidated balance sheets and is excluded from the carrying value of loans held for investment. If the Company were to have uncollectible accrued interest receivable, it generally would reverse accrued and unpaid interest against interest income and no longer accrue for these amounts.

REAL ESTATE OWNED

REAL ESTATE OWNED	3 Months Ended
	Mar. 31, 2021
Real Estate Owned [Abstract]
REAL ESTATE OWNED	REAL ESTATE OWNED On March 8, 2019, the Company acquired legal title to a hotel property located in New York through a deed in lieu of foreclosure. Prior to March 8, 2019, the hotel property collateralized a $38.6 million senior mortgage loan held by the Company that was in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the December 2018 maturity date. In conjunction with the deed in lieu of foreclosure, the Company derecognized the $38.6 million senior mortgage loan and recognized the hotel property as real estate owned. As the Company does not expect to complete a sale of the hotel property within the next twelve months, the hotel property is considered held for use, and is carried at its estimated fair value at acquisition and is presented net of accumulated depreciation and impairment charges. The Company did not recognize any gain or loss on the derecognition of the senior mortgage loan as the fair value of the hotel property of $36.9 million and the net assets held at the hotel property of $1.7 million at acquisition approximated the $38.6 million carrying value of the senior mortgage loan. The assets and liabilities of the hotel property are included within other assets and other liabilities, respectively, in the Company’s consolidated balance sheets and include items such as cash, restricted cash, trade receivables and payables and advance deposits. The following table summarizes the Company’s real estate owned as of March 31, 2021 and December 31, 2020 ($ in thousands): As of March 31, 2021 December 31, 2020 Land $ 10,200 $ 10,200 Buildings and improvements 24,281 24,281 Furniture, fixtures and equipment 4,362 4,362 38,843 38,843 Less: Accumulated depreciation (1,784) (1,560) Real estate owned, net $ 37,059 $ 37,283 As of March 31, 2021, no impairment charges have been recognized for real estate owned. For the three months ended March 31, 2021 and 2020, the Company incurred depreciation expense of $224 thousand and $221 thousand, respectively. Depreciation expense is included within expenses from real estate owned in the Company’s consolidated statements of operations.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
DEBT	DEBT Financing Agreements The Company borrows funds, as applicable in a given period, under the Wells Fargo Facility, the Citibank Facility, the CNB Facility, the MetLife Facility and the Morgan Stanley Facility (individually defined below and collectively, the “Secured Funding Agreements”), Notes Payable (as defined below) and the Secured Term Loan (as defined below). The Company refers to the Secured Funding Agreements, Notes Payable and the Secured Term Loan as the “Financing Agreements.” The outstanding balance of the Financing Agreements in the table below are presented gross of debt issuance costs. As of March 31, 2021 and December 31, 2020, the outstanding balances and total commitments under the Financing Agreements consisted of the following ($ in thousands): March 31, 2021 December 31, 2020 Outstanding Balance Total Outstanding Balance Total Secured Funding Agreements: Wells Fargo Facility $ 227,280 $ 350,000 (1) $ 336,001 $ 350,000 (1) Citibank Facility 44,730 325,000 117,506 325,000 CNB Facility — 50,000 (2) 50,000 50,000 (2) MetLife Facility 20,648 180,000 104,124 180,000 Morgan Stanley Facility 56,924 150,000 147,921 150,000 Subtotal $ 349,582 $ 1,055,000 $ 755,552 $ 1,055,000 Notes Payable $ 41,447 $ 51,755 $ 63,122 $ 84,155 Secured Term Loan $ 60,000 $ 60,000 $ 110,000 $ 110,000 Total $ 451,029 $ 1,166,755 $ 928,674 $ 1,249,155 ______________________________ (1) The maximum commitment for the Wells Fargo Facility (as defined below) may be increased to up to $500.0 million at the Company’s option, subject to the satisfaction of certain conditions, including payment of an upsize fee. (2) The CNB Facility (as defined below) has an accordion feature that provides for, subject to approval by City National Bank in its sole discretion, an increase in the commitment amount from $50.0 million to $75.0 million for up to a period of 120 days once per calendar year. Some of the Company’s Financing Agreements are collateralized by (i) assignments of specific loans, preferred equity or a pool of loans held for investment or loans held for sale owned by the Company, (ii) interests in the subordinated portion of the Company’s securitization debt, or (iii) interests in wholly-owned entity subsidiaries that hold the Company’s loans held for investment. The Company is the borrower or guarantor under each of the Financing Agreements. Generally, the Company partially offsets interest rate risk by matching the interest index of loans held for investment with the Secured Funding Agreements used to fund them. The Company’s Financing Agreements contain various affirmative and negative covenants, including negative pledges, and provisions regarding events of default that are normal and customary for similar financing arrangements. Wells Fargo Facility The Company is party to a master repurchase funding facility with Wells Fargo Bank, National Association (“Wells Fargo”) (the “Wells Fargo Facility”), which allows the Company to borrow up to $350.0 million. The maximum commitment may be increased to up to $500.0 million at the Company’s option, subject to the satisfaction of certain conditions, including payment of an upsize fee. Under the Wells Fargo Facility, the Company is permitted to sell, and later repurchase, certain qualifying senior commercial mortgage loans, A-Notes, pari-passu participations in commercial mortgage loans and mezzanine loans under certain circumstances, subject to available collateral approved by Wells Fargo in its sole discretion. The funding period of the Wells Fargo Facility expires on December 14, 2022, subject to one 12-month extension at the Company’s option, which, if exercised, would extend the funding period to December 14, 2023. The initial maturity date of the Wells Fargo Facility is December 14, 2022, subject to three 12-month extensions, each of which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if all three were exercised, would extend the maturity date of the Wells Fargo Facility to December 14, 2025. Advances under the Wells Fargo Facility accrue interest at a per annum rate equal to the sum of one-month LIBOR plus a pricing margin range of 1.50% to 2.75%, subject to certain exceptions. In December 2020, the Company amended the Wells Fargo Facility to, among other things, eliminate the non-utilization fee on the Wells Fargo Facility. Prior to the amendment, the Company incurred a non-utilization fee of 25 basis points per annum on the average daily available balance of the Wells Fargo Facility to the extent less than 75% of the Wells Fargo Facility was utilized. For the three months ended March 31, 2020, the Company incurred a non-utilization fee of $19 thousand. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. Citibank Facility The Company is party to a $325.0 million master repurchase facility with Citibank, N.A. (“Citibank”) (the “Citibank Facility”). Under the Citibank Facility, the Company is permitted to sell and later repurchase certain qualifying senior commercial mortgage loans and A-Notes approved by Citibank in its sole discretion. The initial maturity date of the Citibank Facility is December 13, 2021, subject to two 12-month extensions, each of which may be exercised at the Company’s option assuming no existing defaults under the Citibank Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citibank Facility to December 13, 2023. Advances under the Citibank Facility accrue interest at a per annum rate equal to the sum of one-month LIBOR plus an indicative pricing margin range of 1.50% to 2.25%, subject to certain exceptions. The Company incurs a non-utilization fee of 25 basis points per annum on the average daily available balance of the Citibank Facility to the extent less than 75% of the Citibank Facility is utilized. For the three months ended March 31, 2021 and 2020, the Company incurred a non-utilization fee of $159 thousand and $130 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. CNB Facility The Company is party to a $50.0 million secured revolving funding facility with City National Bank (the “CNB Facility”), which has an accordion feature that provides for, subject to approval by City National Bank in its sole discretion, an increase in the commitment amount from $50.0 million to $75.0 million for up to a period of 120 days once per calendar year. The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In March 2021, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 10, 2022. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) LIBOR for a one, two, three, six or, if available to all lenders, 12-month interest period plus 2.65% or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50%, or one-month LIBOR plus 1.00%) plus 1.00%; provided that in no event shall the interest rate be less than 2.65%. Unless at least 75% of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375% per annum. For the three months ended March 31, 2021 and 2020, the Company incurred a non-utilization fee of $27 thousand and $32 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. MetLife Facility The Company is party to a $180.0 million revolving master repurchase facility with Metropolitan Life Insurance Company (“MetLife”) (the “MetLife Facility”), pursuant to which the Company may sell, and later repurchase, commercial mortgage loans meeting defined eligibility criteria which are approved by MetLife in its sole discretion. The initial maturity date of the MetLife Facility is August 13, 2022, subject to two 12-month extensions, each of which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if both were exercised, would extend the maturity date of the MetLife Facility to August 13, 2024. Advances under the MetLife Facility accrue interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 2.50%, subject to certain exceptions. For a period of nine months subsequent to August 2020, the non-utilization fee of 25 basis points per annum on the average daily available balance of the MetLife Facility, which is owed if less than 65% of the MetLife Facility is utilized, is waived. For the three months ended March 31, 2021 and 2020, the Company did not incur a non-utilization fee. Morgan Stanley Facility The Company is party to a $150.0 million master repurchase and securities contract with Morgan Stanley Bank, N.A. (“Morgan Stanley”) (the “Morgan Stanley Facility”). Under the Morgan Stanley Facility, the Company is permitted to sell, and later repurchase, certain qualifying commercial mortgage loans collateralized by retail, office, mixed-use, multifamily, industrial, hospitality, student housing or self-storage properties. Morgan Stanley may approve the mortgage loans that are subject to the Morgan Stanley Facility in its sole discretion. The initial maturity date of the Morgan Stanley Facility is January 16, 2023, subject to two 12-month extensions, each of which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if both were exercised, would extend the maturity date of the Morgan Stanley Facility to January 16, 2025. Advances under the Morgan Stanley Facility generally accrue interest at a per annum rate equal to the sum of one-month LIBOR plus a spread ranging from 1.75% to 2.25%, determined by Morgan Stanley, depending upon the mortgage loan sold to Morgan Stanley in the applicable transaction. Notes Payable Certain of the Company’s subsidiaries are party to two separate non-recourse note agreements (the “Notes Payable”) with the lenders referred to therein, consisting of (1) a $28.3 million note that was closed in June 2019, which is secured by a hotel property located in New York that is recognized as real estate owned in the Company’s consolidated balance sheets and (2) a $23.5 million note that was closed in November 2019, which is secured by a $34.6 million senior mortgage loan held by the Company on a multifamily property located in South Carolina. The maturity date of the $28.3 million note is June 10, 2024, subject to one 6-month extension, which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, which, if exercised, would extend the maturity date to December 10, 2024. The loan may be prepaid at any time subject to the payment of a prepayment fee, if applicable. Initial advances under the $28.3 million note accrue interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 3.00%. If the hotel property that collateralizes the $28.3 million note achieves certain financial performance hurdles, the interest rate on advances will decrease to a per annum rate equal to the sum of one-month LIBOR plus a spread of 2.50%. The $28.3 million loan amount may be increased to up to $30.0 million to fund certain construction costs of improvements at the hotel, subject to the satisfaction of certain conditions and the payment of a commitment fee. As of March 31, 2021, the total outstanding principal balance of the note was $28.3 million. The initial maturity date of the $23.5 million note is September 5, 2022, subject to two 12-month extensions, each of which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if both were exercised, would extend the maturity date to September 5, 2024. Advances under the $23.5 million note accrue interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 3.75%. As of March 31, 2021, the total outstanding principal balance of the note was $13.2 million. Secured Term Loan The Company and certain of its subsidiaries are party to a $60.0 million Credit and Guaranty Agreement with the lenders referred to therein and Cortland Capital Market Services LLC, as administrative agent and collateral agent for the lenders (the “Secured Term Loan”). In December 2020, the Company exercised a 12-month extension option on the Secured Term Loan to extend the maturity date to December 22, 2021. Advances under the Secured Term Loan accrue interest at a per annum rate equal to the sum of, at the Company’s option, one, two, three or six-month LIBOR plus a spread of 5.00%. During the extension period, the spread on advances under the Secured Term Loan increases every three months by 0.125%, 0.375% and 0.750% per annum, respectively, beginning after the third-month of the extension period. In March 2021, the Company voluntarily elected to repay $50.0 million of outstanding principal on the Secured Term Loan at par prior to the scheduled maturity as permitted by the contractual terms of the Secured Term Loan. As of March 31, 2021, the Secured Term Loan has a remaining outstanding principal balance of $60.0 million. The total original issue discount on the Secured Term Loan draws was $2.6 million, which represents a discount to the debt cost to be amortized into interest expense using the effective interest method over the term of the Secured Term Loan. For the three months ended March 31, 2021 and 2020, the estimated per annum effective interest rate of the Secured Term Loan, which is equal to LIBOR plus the spread plus the accretion of the original issue discount and associated costs, was 5.1% and 7.4%, respectively. Certain of the Company’s subsidiaries are party to three separate secured borrowing arrangements related to transferred loans, consisting of (1) a secured borrowing that was closed in February 2020, which is secured by a $24.4 million senior mortgage loan on an office property located in North Carolina that was originated by the Company, (2) a secured borrowing that was closed in June 2020, which is secured by a $24.9 million subordinated loan on a multifamily property located in Florida that was originated by the Company and (3) a secured borrowing that was closed in June 2020, which is secured by a $12.6 million subordinated loan on a multifamily property located in Florida that was originated by the Company (collectively, the “Secured Borrowings”). In April 2019, the Company originated a $30.5 million loan on an office property located in North Carolina, which was bifurcated between a $24.4 million senior mortgage loan and a $6.1 million mezzanine loan. In February 2020, the Company transferred its interest in the $24.4 million senior mortgage loan to a third party and retained the $6.1 million mezzanine loan. The Company evaluated whether the transfer of the $24.4 million senior mortgage loan met the criteria in FASB ASC Topic 860, Transfers and Servicing , for treatment as a sale – legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transfer of effective control – and determined that the transfer did not qualify as a sale and thus, is treated as a financing transaction. As such, the Company did not derecognize the $24.4 million senior mortgage loan asset and recorded a secured borrowing liability in the consolidated balance sheets. The initial maturity date of the $24.4 million secured borrowing is May 5, 2023, subject to one 12-month extension, which may be exercised at the transferee’s option, which, if exercised, would extend the maturity date to May 5, 2024. Advances under the $24.4 million secured borrowing accrue interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 2.50%. As of March 31, 2021, the total outstanding principal balance of the secured borrowing was $22.7 million. In June 2020, the Company originated a $91.8 million senior mortgage loan on a multifamily property located in Florida, which the Company subsequently bifurcated between a $66.9 million senior participation, which accrues interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 2.94% and a $24.9 million subordinated participation, which accrues interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 10.50%. In June 2020, the Company transferred its interest in the $24.9 million subordinated participation to a third party and retained the $66.9 million senior participation. The Company evaluated whether the transfer of the $24.9 million subordinated participation met the criteria in FASB ASC Topic 860, Transfers and Servicing , for treatment as a sale. As the $66.9 million senior participation and the $24.9 million subordinated participation failed to meet the participating interest requirements in FASB ASC Topic 860, Transfers and Servicing , since the cash flows from the original $91.8 million senior mortgage loan are not allocated pro rata to the participation holders and there is a subordination of interest amongst the holders, it was determined that the transfer did not qualify as a sale and thus, is treated as a financing transaction. As such, the Company did not derecognize the $24.9 million subordinated participation and recorded a secured borrowing liability in the consolidated balance sheets. The initial maturity date of the $24.9 million secured borrowing is June 5, 2022, subject to one 12-month extension, which may be exercised at the borrower’s option, which, if exercised, would extend the maturity date to June 5, 2023. As of March 31, 2021, the total outstanding principal balance of the secured borrowing was $24.9 million. In June 2020, the Company closed the purchase of a $46.7 million senior mortgage loan on a multifamily property located in Florida, which the Company subsequently bifurcated between a $34.1 million senior participation, which accrues interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 2.94% and a $12.6 million subordinated participation, which accrues interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 10.50%. In June 2020, the Company transferred its interest in the $12.6 million subordinated participation to a third party and retained the $34.1 million senior participation. The Company evaluated whether the transfer of the $12.6 million subordinated participation met the criteria in FASB ASC Topic 860, Transfers and Servicing , for treatment as a sale. As the $34.1 million senior participation and the $12.6 million subordinated participation failed to meet the participating interest requirements in FASB ASC Topic 860, Transfers and Servicing , since the cash flows from the original $46.7 million senior mortgage loan are not allocated pro rata to the participation holders and there is a subordination of interest amongst the holders, it was determined that the transfer did not qualify as a sale and thus, is treated as a financing transaction. As such, the Company did not derecognize the $12.6 million subordinated participation and recorded a secured borrowing liability in the consolidated balance sheets. The initial maturity date of the $12.6 million secured borrowing is June 5, 2022, subject to one 12-month extension, which may be exercised at the borrower’s option, which, if exercised, would extend the maturity date to June 5, 2023. As of March 31, 2021, the total outstanding principal balance of the secured borrowing was $12.6 million.

SECURED BORROWINGS

SECURED BORROWINGS	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
SECURED BORROWINGS	DEBT Financing Agreements The Company borrows funds, as applicable in a given period, under the Wells Fargo Facility, the Citibank Facility, the CNB Facility, the MetLife Facility and the Morgan Stanley Facility (individually defined below and collectively, the “Secured Funding Agreements”), Notes Payable (as defined below) and the Secured Term Loan (as defined below). The Company refers to the Secured Funding Agreements, Notes Payable and the Secured Term Loan as the “Financing Agreements.” The outstanding balance of the Financing Agreements in the table below are presented gross of debt issuance costs. As of March 31, 2021 and December 31, 2020, the outstanding balances and total commitments under the Financing Agreements consisted of the following ($ in thousands): March 31, 2021 December 31, 2020 Outstanding Balance Total Outstanding Balance Total Secured Funding Agreements: Wells Fargo Facility $ 227,280 $ 350,000 (1) $ 336,001 $ 350,000 (1) Citibank Facility 44,730 325,000 117,506 325,000 CNB Facility — 50,000 (2) 50,000 50,000 (2) MetLife Facility 20,648 180,000 104,124 180,000 Morgan Stanley Facility 56,924 150,000 147,921 150,000 Subtotal $ 349,582 $ 1,055,000 $ 755,552 $ 1,055,000 Notes Payable $ 41,447 $ 51,755 $ 63,122 $ 84,155 Secured Term Loan $ 60,000 $ 60,000 $ 110,000 $ 110,000 Total $ 451,029 $ 1,166,755 $ 928,674 $ 1,249,155 ______________________________ (1) The maximum commitment for the Wells Fargo Facility (as defined below) may be increased to up to $500.0 million at the Company’s option, subject to the satisfaction of certain conditions, including payment of an upsize fee. (2) The CNB Facility (as defined below) has an accordion feature that provides for, subject to approval by City National Bank in its sole discretion, an increase in the commitment amount from $50.0 million to $75.0 million for up to a period of 120 days once per calendar year. Some of the Company’s Financing Agreements are collateralized by (i) assignments of specific loans, preferred equity or a pool of loans held for investment or loans held for sale owned by the Company, (ii) interests in the subordinated portion of the Company’s securitization debt, or (iii) interests in wholly-owned entity subsidiaries that hold the Company’s loans held for investment. The Company is the borrower or guarantor under each of the Financing Agreements. Generally, the Company partially offsets interest rate risk by matching the interest index of loans held for investment with the Secured Funding Agreements used to fund them. The Company’s Financing Agreements contain various affirmative and negative covenants, including negative pledges, and provisions regarding events of default that are normal and customary for similar financing arrangements. Wells Fargo Facility The Company is party to a master repurchase funding facility with Wells Fargo Bank, National Association (“Wells Fargo”) (the “Wells Fargo Facility”), which allows the Company to borrow up to $350.0 million. The maximum commitment may be increased to up to $500.0 million at the Company’s option, subject to the satisfaction of certain conditions, including payment of an upsize fee. Under the Wells Fargo Facility, the Company is permitted to sell, and later repurchase, certain qualifying senior commercial mortgage loans, A-Notes, pari-passu participations in commercial mortgage loans and mezzanine loans under certain circumstances, subject to available collateral approved by Wells Fargo in its sole discretion. The funding period of the Wells Fargo Facility expires on December 14, 2022, subject to one 12-month extension at the Company’s option, which, if exercised, would extend the funding period to December 14, 2023. The initial maturity date of the Wells Fargo Facility is December 14, 2022, subject to three 12-month extensions, each of which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if all three were exercised, would extend the maturity date of the Wells Fargo Facility to December 14, 2025. Advances under the Wells Fargo Facility accrue interest at a per annum rate equal to the sum of one-month LIBOR plus a pricing margin range of 1.50% to 2.75%, subject to certain exceptions. In December 2020, the Company amended the Wells Fargo Facility to, among other things, eliminate the non-utilization fee on the Wells Fargo Facility. Prior to the amendment, the Company incurred a non-utilization fee of 25 basis points per annum on the average daily available balance of the Wells Fargo Facility to the extent less than 75% of the Wells Fargo Facility was utilized. For the three months ended March 31, 2020, the Company incurred a non-utilization fee of $19 thousand. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. Citibank Facility The Company is party to a $325.0 million master repurchase facility with Citibank, N.A. (“Citibank”) (the “Citibank Facility”). Under the Citibank Facility, the Company is permitted to sell and later repurchase certain qualifying senior commercial mortgage loans and A-Notes approved by Citibank in its sole discretion. The initial maturity date of the Citibank Facility is December 13, 2021, subject to two 12-month extensions, each of which may be exercised at the Company’s option assuming no existing defaults under the Citibank Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citibank Facility to December 13, 2023. Advances under the Citibank Facility accrue interest at a per annum rate equal to the sum of one-month LIBOR plus an indicative pricing margin range of 1.50% to 2.25%, subject to certain exceptions. The Company incurs a non-utilization fee of 25 basis points per annum on the average daily available balance of the Citibank Facility to the extent less than 75% of the Citibank Facility is utilized. For the three months ended March 31, 2021 and 2020, the Company incurred a non-utilization fee of $159 thousand and $130 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. CNB Facility The Company is party to a $50.0 million secured revolving funding facility with City National Bank (the “CNB Facility”), which has an accordion feature that provides for, subject to approval by City National Bank in its sole discretion, an increase in the commitment amount from $50.0 million to $75.0 million for up to a period of 120 days once per calendar year. The Company is permitted to borrow funds under the CNB Facility to finance investments and for other working capital and general corporate needs. In March 2021, the Company exercised a 12-month extension option on the CNB Facility to extend the maturity date to March 10, 2022. Advances under the CNB Facility accrue interest at a per annum rate equal to the sum of, at the Company’s option, either (a) LIBOR for a one, two, three, six or, if available to all lenders, 12-month interest period plus 2.65% or (b) a base rate (which is the highest of a prime rate, the federal funds rate plus 0.50%, or one-month LIBOR plus 1.00%) plus 1.00%; provided that in no event shall the interest rate be less than 2.65%. Unless at least 75% of the CNB Facility is used on average, unused commitments under the CNB Facility accrue non-utilization fees at the rate of 0.375% per annum. For the three months ended March 31, 2021 and 2020, the Company incurred a non-utilization fee of $27 thousand and $32 thousand, respectively. The non-utilization fee is included within interest expense in the Company’s consolidated statements of operations. MetLife Facility The Company is party to a $180.0 million revolving master repurchase facility with Metropolitan Life Insurance Company (“MetLife”) (the “MetLife Facility”), pursuant to which the Company may sell, and later repurchase, commercial mortgage loans meeting defined eligibility criteria which are approved by MetLife in its sole discretion. The initial maturity date of the MetLife Facility is August 13, 2022, subject to two 12-month extensions, each of which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if both were exercised, would extend the maturity date of the MetLife Facility to August 13, 2024. Advances under the MetLife Facility accrue interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 2.50%, subject to certain exceptions. For a period of nine months subsequent to August 2020, the non-utilization fee of 25 basis points per annum on the average daily available balance of the MetLife Facility, which is owed if less than 65% of the MetLife Facility is utilized, is waived. For the three months ended March 31, 2021 and 2020, the Company did not incur a non-utilization fee. Morgan Stanley Facility The Company is party to a $150.0 million master repurchase and securities contract with Morgan Stanley Bank, N.A. (“Morgan Stanley”) (the “Morgan Stanley Facility”). Under the Morgan Stanley Facility, the Company is permitted to sell, and later repurchase, certain qualifying commercial mortgage loans collateralized by retail, office, mixed-use, multifamily, industrial, hospitality, student housing or self-storage properties. Morgan Stanley may approve the mortgage loans that are subject to the Morgan Stanley Facility in its sole discretion. The initial maturity date of the Morgan Stanley Facility is January 16, 2023, subject to two 12-month extensions, each of which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if both were exercised, would extend the maturity date of the Morgan Stanley Facility to January 16, 2025. Advances under the Morgan Stanley Facility generally accrue interest at a per annum rate equal to the sum of one-month LIBOR plus a spread ranging from 1.75% to 2.25%, determined by Morgan Stanley, depending upon the mortgage loan sold to Morgan Stanley in the applicable transaction. Notes Payable Certain of the Company’s subsidiaries are party to two separate non-recourse note agreements (the “Notes Payable”) with the lenders referred to therein, consisting of (1) a $28.3 million note that was closed in June 2019, which is secured by a hotel property located in New York that is recognized as real estate owned in the Company’s consolidated balance sheets and (2) a $23.5 million note that was closed in November 2019, which is secured by a $34.6 million senior mortgage loan held by the Company on a multifamily property located in South Carolina. The maturity date of the $28.3 million note is June 10, 2024, subject to one 6-month extension, which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, which, if exercised, would extend the maturity date to December 10, 2024. The loan may be prepaid at any time subject to the payment of a prepayment fee, if applicable. Initial advances under the $28.3 million note accrue interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 3.00%. If the hotel property that collateralizes the $28.3 million note achieves certain financial performance hurdles, the interest rate on advances will decrease to a per annum rate equal to the sum of one-month LIBOR plus a spread of 2.50%. The $28.3 million loan amount may be increased to up to $30.0 million to fund certain construction costs of improvements at the hotel, subject to the satisfaction of certain conditions and the payment of a commitment fee. As of March 31, 2021, the total outstanding principal balance of the note was $28.3 million. The initial maturity date of the $23.5 million note is September 5, 2022, subject to two 12-month extensions, each of which may be exercised at the Company’s option, subject to the satisfaction of certain conditions, including payment of an extension fee, which, if both were exercised, would extend the maturity date to September 5, 2024. Advances under the $23.5 million note accrue interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 3.75%. As of March 31, 2021, the total outstanding principal balance of the note was $13.2 million. Secured Term Loan The Company and certain of its subsidiaries are party to a $60.0 million Credit and Guaranty Agreement with the lenders referred to therein and Cortland Capital Market Services LLC, as administrative agent and collateral agent for the lenders (the “Secured Term Loan”). In December 2020, the Company exercised a 12-month extension option on the Secured Term Loan to extend the maturity date to December 22, 2021. Advances under the Secured Term Loan accrue interest at a per annum rate equal to the sum of, at the Company’s option, one, two, three or six-month LIBOR plus a spread of 5.00%. During the extension period, the spread on advances under the Secured Term Loan increases every three months by 0.125%, 0.375% and 0.750% per annum, respectively, beginning after the third-month of the extension period. In March 2021, the Company voluntarily elected to repay $50.0 million of outstanding principal on the Secured Term Loan at par prior to the scheduled maturity as permitted by the contractual terms of the Secured Term Loan. As of March 31, 2021, the Secured Term Loan has a remaining outstanding principal balance of $60.0 million. The total original issue discount on the Secured Term Loan draws was $2.6 million, which represents a discount to the debt cost to be amortized into interest expense using the effective interest method over the term of the Secured Term Loan. For the three months ended March 31, 2021 and 2020, the estimated per annum effective interest rate of the Secured Term Loan, which is equal to LIBOR plus the spread plus the accretion of the original issue discount and associated costs, was 5.1% and 7.4%, respectively. Certain of the Company’s subsidiaries are party to three separate secured borrowing arrangements related to transferred loans, consisting of (1) a secured borrowing that was closed in February 2020, which is secured by a $24.4 million senior mortgage loan on an office property located in North Carolina that was originated by the Company, (2) a secured borrowing that was closed in June 2020, which is secured by a $24.9 million subordinated loan on a multifamily property located in Florida that was originated by the Company and (3) a secured borrowing that was closed in June 2020, which is secured by a $12.6 million subordinated loan on a multifamily property located in Florida that was originated by the Company (collectively, the “Secured Borrowings”). In April 2019, the Company originated a $30.5 million loan on an office property located in North Carolina, which was bifurcated between a $24.4 million senior mortgage loan and a $6.1 million mezzanine loan. In February 2020, the Company transferred its interest in the $24.4 million senior mortgage loan to a third party and retained the $6.1 million mezzanine loan. The Company evaluated whether the transfer of the $24.4 million senior mortgage loan met the criteria in FASB ASC Topic 860, Transfers and Servicing , for treatment as a sale – legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transfer of effective control – and determined that the transfer did not qualify as a sale and thus, is treated as a financing transaction. As such, the Company did not derecognize the $24.4 million senior mortgage loan asset and recorded a secured borrowing liability in the consolidated balance sheets. The initial maturity date of the $24.4 million secured borrowing is May 5, 2023, subject to one 12-month extension, which may be exercised at the transferee’s option, which, if exercised, would extend the maturity date to May 5, 2024. Advances under the $24.4 million secured borrowing accrue interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 2.50%. As of March 31, 2021, the total outstanding principal balance of the secured borrowing was $22.7 million. In June 2020, the Company originated a $91.8 million senior mortgage loan on a multifamily property located in Florida, which the Company subsequently bifurcated between a $66.9 million senior participation, which accrues interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 2.94% and a $24.9 million subordinated participation, which accrues interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 10.50%. In June 2020, the Company transferred its interest in the $24.9 million subordinated participation to a third party and retained the $66.9 million senior participation. The Company evaluated whether the transfer of the $24.9 million subordinated participation met the criteria in FASB ASC Topic 860, Transfers and Servicing , for treatment as a sale. As the $66.9 million senior participation and the $24.9 million subordinated participation failed to meet the participating interest requirements in FASB ASC Topic 860, Transfers and Servicing , since the cash flows from the original $91.8 million senior mortgage loan are not allocated pro rata to the participation holders and there is a subordination of interest amongst the holders, it was determined that the transfer did not qualify as a sale and thus, is treated as a financing transaction. As such, the Company did not derecognize the $24.9 million subordinated participation and recorded a secured borrowing liability in the consolidated balance sheets. The initial maturity date of the $24.9 million secured borrowing is June 5, 2022, subject to one 12-month extension, which may be exercised at the borrower’s option, which, if exercised, would extend the maturity date to June 5, 2023. As of March 31, 2021, the total outstanding principal balance of the secured borrowing was $24.9 million. In June 2020, the Company closed the purchase of a $46.7 million senior mortgage loan on a multifamily property located in Florida, which the Company subsequently bifurcated between a $34.1 million senior participation, which accrues interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 2.94% and a $12.6 million subordinated participation, which accrues interest at a per annum rate equal to the sum of one-month LIBOR plus a spread of 10.50%. In June 2020, the Company transferred its interest in the $12.6 million subordinated participation to a third party and retained the $34.1 million senior participation. The Company evaluated whether the transfer of the $12.6 million subordinated participation met the criteria in FASB ASC Topic 860, Transfers and Servicing , for treatment as a sale. As the $34.1 million senior participation and the $12.6 million subordinated participation failed to meet the participating interest requirements in FASB ASC Topic 860, Transfers and Servicing , since the cash flows from the original $46.7 million senior mortgage loan are not allocated pro rata to the participation holders and there is a subordination of interest amongst the holders, it was determined that the transfer did not qualify as a sale and thus, is treated as a financing transaction. As such, the Company did not derecognize the $12.6 million subordinated participation and recorded a secured borrowing liability in the consolidated balance sheets. The initial maturity date of the $12.6 million secured borrowing is June 5, 2022, subject to one 12-month extension, which may be exercised at the borrower’s option, which, if exercised, would extend the maturity date to June 5, 2023. As of March 31, 2021, the total outstanding principal balance of the secured borrowing was $12.6 million.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS The Company uses derivative financial instruments, which includes interest rate swaps and interest rate caps, on certain borrowing transactions to manage its net exposure to interest rate changes and to reduce its overall cost of borrowing. These derivatives may or may not qualify as cash flow hedges under the hedge accounting requirements of FASB ASC Topic 815, Derivatives and Hedging . Derivatives not designated as cash flow hedges are not speculative and are used to manage our exposure to interest rate movements. See Note 2 included in these consolidated financial statements for additional discussion of the accounting for designated and non-designated hedges. The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties that have appropriate credit ratings and are major financial institutions with which the Company and its affiliates may also have other financial relationships. The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2021 (notional amount in thousands): Interest Rate Derivatives Number of Instruments Notional Amount Rate (1) Index Weighted Average Maturity (Years) Interest rate swaps 1 $ 870,000 0.2075 % LIBOR (2) 1.5 Interest rate caps 1 $ 275,000 0.5000 % LIBOR 1.5 _______________________________ (1) Represents fixed rate for interest rate swaps and strike rate for interest rate caps. (2) Subject to a 0.00% floor. The following table summarizes the fair value of our derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset Position (1) as of Fair Value of Derivatives in a Liability Position (2) as of March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Derivatives designated as hedging instruments: Interest rate derivatives $ 413 — — — _______________________________ (1) Included in other assets in the Company’s consolidated balance sheets. (2) Included in other liabilities in the Company’s consolidated balance sheets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES As further discussed in Note 2, the full extent of the impact of the COVID-19 pandemic on the global economy and the Company’s business is uncertain. As of March 31, 2021, there were no contingencies recorded on the Company’s consolidated balance sheets as a result of the COVID-19 pandemic, however, if the global pandemic continues and market conditions worsen, it could adversely affect the Company’s business, financial condition and results of operations. As of March 31, 2021 and December 31, 2020, the Company had the following commitments to fund various senior mortgage loans, subordinated debt investments, as well as preferred equity investments accounted for as loans held for investment ($ in thousands): As of March 31, 2021 December 31, 2020 Total commitments $ 2,078,788 $ 2,013,993 Less: funded commitments (1,919,007) (1,826,241) Total unfunded commitments $ 159,781 $ 187,752

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY At the Market Stock Offering Program On November 22, 2019, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), pursuant to which the Company may offer and sell, from time to time, shares of the Company’s common stock, par value $0.01 per share, having an aggregate offering price of up to $100.0 million. Subject to the terms and conditions of the Equity Distribution Agreement, sales of common stock, if any, may be made in transactions that are deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. During the three months ended March 31, 2021, the Company did not issue or sell any shares of common stock under the Equity Distribution Agreement. Equity Offerings On March 15, 2021, the Company entered into an underwriting agreement (the “Underwriting Agreement”), by and among the Company, ACREM, and Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, and BofA Securities, Inc., as representatives of the several underwriters listed therein (collectively, the “Underwriters”). Pursuant to the terms of the Underwriting Agreement, the Company agreed to sell, and the Underwriters agreed to purchase, subject to the terms and conditions set forth in the Underwriting Agreement, an aggregate of 7,000,000 shares of the Company’s common stock, par value $0.01 per share. The public offering closed on March 18, 2021 and generated net proceeds of approximately $100.7 million, after deducting transaction expenses. Equity Incentive Plan On April 23, 2012, the Company adopted an equity incentive plan. In April 2018, the Company’s board of directors authorized, and in June 2018, the Company’s stockholders approved, an amended and restated equity incentive plan that increased the total amount of shares of common stock the Company may grant thereunder to 1,390,000 shares (the “Amended and Restated 2012 Equity Incentive Plan”). Pursuant to the Amended and Restated 2012 Equity Incentive Plan, the Company may grant awards consisting of restricted shares of the Company’s common stock, restricted stock units (“RSUs”) and/or other equity-based awards to the Company’s outside directors, employees of the Manager, officers, ACREM and other eligible awardees under the plan. Any restricted shares of the Company’s common stock and RSUs will be accounted for under FASB ASC Topic 718, Compensation—Stock Compensation , resulting in stock-based compensation expense equal to the grant date fair value of the underlying restricted shares of common stock or RSUs. Restricted stock and RSU grants generally vest ratably over a one The following tables summarize the (i) non-vested shares of restricted stock and RSUs and (ii) vesting schedule of shares of restricted stock and RSUs for the Company’s directors and officers and employees of the Manager as of March 31, 2021: Schedule of Non-Vested Share and Share Equivalents Restricted Stock Grants—Directors Restricted Stock Grants—Officers and Employees of the Manager RSUs—Officers and Employees of the Manager Total Balance at December 31, 2020 22,324 68,851 267,507 358,682 Granted — — — — Vested (11,162) (10,648) (35,509) (57,319) Forfeited — — — — Balance at March 31, 2021 11,162 58,203 231,998 301,363 Future Anticipated Vesting Schedule Restricted Stock Grants—Directors Restricted Stock Grants—Officers and Employees of the Manager RSUs—Officers and Employees of the Manager Total 2021 11,162 29,127 — 40,289 2022 — 29,076 89,177 118,253 2023 — — 89,160 89,160 2024 — — 53,661 53,661 2025 — — — — Total 11,162 58,203 231,998 301,363

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following information sets forth the computations of basic and diluted earnings (loss) per common share for the three months ended March 31, 2021 and 2020 ($ in thousands, except share and per share data): For the three months ended March 31, 2021 2020 Net income (loss) attributable to common stockholders $ 15,740 $ (17,263) Divided by: Basic weighted average shares of common stock outstanding: 34,417,040 31,897,952 Weighted average non-vested restricted stock and RSUs (1) 303,910 — Diluted weighted average shares of common stock outstanding: 34,720,950 31,897,952 Basic earnings (loss) per common share $ 0.46 $ (0.54) Diluted earnings (loss) per common share $ 0.45 $ (0.54) _______________________________ (1) For the three months ended March 31, 2020, the weighted average non-vested restricted stock and RSUs of 223,022 shares were excluded from the computation of diluted earnings (loss) per common share as the impact of including those shares would be anti-dilutive.

INCOME TAX

INCOME TAX	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAX	INCOME TAX The Company wholly owns ACRC Lender W TRS LLC, which is a taxable REIT subsidiary (“TRS”) formed to issue and hold certain loans intended for sale. The Company also wholly owns ACRC 2017-FL3 TRS LLC, which is a TRS formed to hold a portion of the FL3 CLO Securitization and FL4 CLO Securitization (as defined below), including the portion that generates excess inclusion income. Additionally, the Company wholly owns ACRC WM Tenant LLC, which is a TRS formed to lease from an affiliate the hotel property classified as real estate owned acquired on March 8, 2019. ACRC WM Tenant LLC engaged a third-party hotel management company to operate the hotel under a management contract. The income tax provision for the Company and the TRSs consisted of the following for the three months ended March 31, 2021 and 2020 ($ in thousands): For the three months ended March 31, 2021 2020 Current $ 64 $ 18 Deferred — (99) Excise tax 121 90 Total income tax expense, including excise tax $ 185 $ 9 For the three months ended March 31, 2021 and 2020, the Company incurred an expense of $121 thousand and $90 thousand, respectively, for U.S. federal excise tax. Excise tax represents a 4% tax on the sum of a portion of the Company’s ordinary income and net capital gains not distributed during the calendar year (including any distribution declared in the fourth quarter and paid following January) plus any prior year shortfall. If it is determined that an excise tax liability exists for the current year, the Company will accrue excise tax on estimated excess taxable income as such taxable income is earned. The quarterly expense is calculated in accordance with applicable tax regulations. The TRSs recognize interest and penalties related to unrecognized tax benefits within income tax expense in the Company’s consolidated statements of operations. Accrued interest and penalties, if any, are included within other liabilities in the Company’s consolidated balance sheets. As of March 31, 2021, tax years 2017 through 2020 remain subject to examination by taxing authorities. The Company does not have any unrecognized tax benefits and the Company does not expect that to change in the next 12 months.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The Company follows FASB ASC Topic 820-10, Fair Value Measurement (“ASC 820-10”), which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure requirements for fair value measurements. ASC 820-10 determines fair value to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. ASC 820-10 specifies a hierarchy of valuation techniques based on the inputs used in measuring fair value. In accordance with ASC 820-10, the inputs used to measure fair value are summarized in the three broad levels listed below: • Level 1-Quoted prices in active markets for identical assets or liabilities. • Level 2-Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. • Level 3-Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. GAAP requires disclosure of fair value information about financial and nonfinancial assets and liabilities, whether or not recognized in the financial statements, for which it is practical to estimate the value. In cases where quoted market prices are not available, fair values are based upon the application of discount rates to estimated future cash flows using market yields, or other valuation methodologies. Any changes to the valuation methodology will be reviewed by the Company’s management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while the Company anticipates that the valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial and nonfinancial assets and liabilities could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of the measurement date, which may fall within periods of market dislocation, during which price transparency may be reduced. Recurring Fair Value Measurements The Company is required to record derivative financial instruments at fair value on a recurring basis in accordance with GAAP. The fair value of interest rate derivatives was estimated using a third-party specialist, based on contractual cash flows and observable inputs comprising credit spreads. The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2021: Level 1 Level 2 Level 3 Total Financial assets: Interest rate derivatives $ — $ 413 $ — $ 413 Financial liabilities: Interest rate derivatives $ — $ — $ — $ — As of March 31, 2021, the Company did not have any nonfinancial assets or liabilities required to be recorded at fair value on a recurring basis. As of December 31, 2020, the Company did not have any financial and nonfinancial assets or liabilities required to be recorded at fair value on a recurring basis. Nonrecurring Fair Value Measurements The Company is required to record real estate owned, a nonfinancial asset, at fair value on a nonrecurring basis in accordance with GAAP. Real estate owned consists of a hotel property that was acquired by the Company on March 8, 2019 through a deed in lieu of foreclosure. See Note 5 included in these consolidated financial statements for more information on real estate owned. Real estate owned is recorded at fair value at acquisition using Level 3 inputs and is evaluated for indicators of impairment on a quarterly basis. Real estate owned is considered impaired when the sum of estimated future undiscounted cash flows expected to be generated by the real estate owned over the estimated remaining holding period is less than the carrying amount of such real estate owned. Cash flows include operating cash flows and anticipated capital proceeds generated by the real estate owned. An impairment charge is recorded equal to the excess of the carrying value of the real estate owned over the fair value. The fair value of the hotel property at acquisition was estimated using a third-party appraisal, which utilized standard industry valuation techniques such as the income and market approach. When determining the fair value of a hotel, certain assumptions are made including, but not limited to: (1) projected operating cash flows, including factors such as booking pace, growth rates, occupancy, daily room rates, hotel specific operating costs and future capital expenditures; and (2) projected cash flows from the eventual disposition of the hotel based upon the Company’s estimation of a hotel specific capitalization rate, hotel specific discount rates and comparable selling prices in the market. As of March 31, 2021 and December 31, 2020, the Company did not have any financial assets or liabilities or nonfinancial liabilities required to be recorded at fair value on a nonrecurring basis. Financial Assets and Liabilities Not Measured at Fair Value As of March 31, 2021 and December 31, 2020, the carrying values and fair values of the Company’s financial assets and liabilities recorded at cost are as follows ($ in thousands): As of March 31, 2021 December 31, 2020 Level in Fair Value Hierarchy Carrying Value Fair Carrying Value Fair Financial assets: Loans held for investment 3 $ 1,908,001 $ 1,900,314 $ 1,815,219 $ 1,800,003 Financial liabilities: Secured funding agreements 2 $ 349,582 $ 349,582 $ 755,552 $ 755,552 Notes payable 3 40,428 41,447 61,837 63,122 Secured term loan 3 60,000 60,000 110,000 110,000 Collateralized loan obligation securitization debt (consolidated VIEs) 3 979,257 986,071 443,871 443,467 Secured borrowings 3 59,845 60,215 59,790 60,215 The carrying values of cash and cash equivalents, restricted cash, interest receivable, due to affiliate liability and accrued expenses, which are all categorized as Level 2 within the fair value hierarchy, approximate their fair values due to their short-term nature. Loans held for investment are recorded at cost, net of unamortized loan fees and origination costs. To determine the fair value of the collateral, the Company may employ different approaches depending on the type of collateral. The Company determined the fair value of loans held for investment based on a discounted cash flow methodology, taking into consideration various factors including capitalization rates, discount rates, leasing, occupancy rates, availability and cost of financing, exit plan, sponsorship, actions of other lenders, and comparable selling prices in the market. The Secured Funding Agreements are recorded at outstanding principal, which is the Company’s best estimate of the fair value. The Company determined the fair value of the Notes Payable, Secured Term Loan, collateralized loan obligation (“CLO”) securitization debt and Secured Borrowings based on a discounted cash flow methodology, taking into consideration various factors including discount rates, actions of other lenders and comparable market quotes and recent trades for similar products.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Management Agreement The Company is party to a Management Agreement under which ACREM, subject to the supervision and oversight of the Company’s board of directors, is responsible for, among other duties, (a) performing all of the Company’s day-to-day functions, (b) determining the Company’s investment strategy and guidelines in conjunction with the Company’s board of directors, (c) sourcing, analyzing and executing investments, asset sales and financing, and (d) performing portfolio management duties. In addition, ACREM has an Investment Committee that oversees compliance with the Company’s investment strategy and guidelines, loans held for investment portfolio holdings and financing strategy. In exchange for its services, ACREM is entitled to receive a base management fee, an incentive fee and expense reimbursements. In addition, ACREM and its personnel may receive grants of equity-based awards pursuant to the Company’s Amended and Restated 2012 Equity Incentive Plan and a termination fee, if applicable. The base management fee is equal to 1.5% of the Company’s stockholders’ equity per annum, which is calculated and payable quarterly in arrears in cash. For purposes of calculating the base management fee, stockholders’ equity means: (a) the sum of (i) the net proceeds from all issuances of the Company’s equity securities since inception (allocated on a pro-rata daily basis for such issuances during the fiscal quarter of any such issuance), plus (ii) the Company’s retained earnings at the end of the most recently completed fiscal quarter determined in accordance with GAAP (without taking into account any non-cash equity compensation expense incurred in current or prior periods); less (b) (x) any amount that the Company has paid to repurchase the Company’s common stock since inception, (y) any unrealized gains and losses and other non-cash items that have impacted stockholders’ equity as reported in the Company’s consolidated financial statements prepared in accordance with GAAP, and (z) one-time events pursuant to changes in GAAP, and certain non-cash items not otherwise described above, in each case after discussions between ACREM and the Company’s independent directors and approval by a majority of the Company’s independent directors. As a result, the Company’s stockholders’ equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders’ equity shown in the Company’s consolidated financial statements. The incentive fee is an amount, not less than zero, equal to the difference between: (a) the product of (i) 20% and (ii) the difference between (A) the Company’s Core Earnings (as defined below) for the previous 12-month period, and (B) the product of (1) the weighted average of the issue price per share of the Company’s common stock of all of the Company’s public offerings of common stock multiplied by the weighted average number of all shares of common stock outstanding including any restricted shares of the Company’s common stock, RSUs, or any shares of the Company’s common stock not yet issued, but underlying other awards granted under the Company’s Amended and Restated 2012 Equity Incentive Plan (see Note 10 included in these consolidated financial statements) in the previous 12-month period, and (2) 8%; and (b) the sum of any incentive fees earned by ACREM with respect to the first three fiscal quarters of such previous 12-month period; provided, however, that no incentive fee is payable with respect to any fiscal quarter unless cumulative Core Earnings for the 12 most recently completed fiscal quarters is greater than zero. “Core Earnings” is defined in the Management Agreement as GAAP net income (loss) computed in accordance with GAAP, excluding non-cash equity compensation expense, the incentive fee, depreciation and amortization (to the extent that any of the Company’s target investments are structured as debt and the Company forecloses on any properties underlying such debt), any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss), and one-time events pursuant to changes in GAAP and certain non-cash charges after discussions between ACREM and the Company’s independent directors and after approval by a majority of the Company’s independent directors. For the three months ended March 31, 2021, the Company incurred incentive fees of $658 thousand. For the three months ended March 31, 2020, no incentive fees were incurred. The Company reimburses ACREM at cost for operating expenses that ACREM incurs on the Company’s behalf, including expenses relating to legal, financial, accounting, servicing, due diligence and other services, expenses in connection with the origination and financing of the Company’s investments, communications with the Company’s stockholders, information technology systems, software and data services used for the Company, travel, complying with legal and regulatory requirements, taxes, insurance maintained for the benefit of the Company as well as all other expenses actually incurred by ACREM that are reasonably necessary for the performance by ACREM of its duties and functions under the Management Agreement. Ares Management, from time to time, incurs fees, costs and expenses on behalf of more than one investment vehicle. To the extent such fees, costs and expenses are incurred for the account or benefit of more than one fund, each such investment vehicle, including the Company, will typically bear an allocable portion of any such fees, costs and expenses in proportion to the size of its investment in the activity or entity to which such expense relates (subject to the terms of each fund’s governing documents) or in such other manner as Ares Management considers fair and equitable under the circumstances, such as the relative fund size or capital available to be invested by such investment vehicles. Where an investment vehicle’s governing documents do not permit the payment of a particular expense, Ares Management will generally pay such investment vehicle’s allocable portion of such expense. In addition, the Company is responsible for its proportionate share of certain fees and expenses, including due diligence costs, as determined by ACREM and Ares Management, including legal, accounting and financial advisor fees and related costs, incurred in connection with evaluating and consummating investment opportunities, regardless of whether such transactions are ultimately consummated by the parties thereto. The Company will not reimburse ACREM for the salaries and other compensation of its personnel, except for the allocable share of the salaries and other compensation of the Company’s (a) Chief Financial Officer, based on the percentage of his time spent on the Company’s affairs and (b) other corporate finance, tax, accounting, internal audit, legal, risk management, operations, compliance and other non-investment professional personnel of ACREM or its affiliates who spend all or a portion of their time managing the Company’s affairs based on the percentage of their time spent on the Company’s affairs. The Company is also required to pay its pro-rata portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of ACREM and its affiliates that are required for the Company’s operations. Certain of the Company’s subsidiaries, along with the Company’s lenders under certain of the Company’s Secured Funding Agreements, as well as under the CLO transaction have entered into various servicing agreements with ACREM’s subsidiary servicer, Ares Commercial Real Estate Servicer LLC (“ACRES”). The Company’s Manager will specially service, as needed, certain of the Company’s investments. Effective May 1, 2012, ACRES agreed that no servicing fees pursuant to these servicing agreements would be charged to the Company or its subsidiaries by ACRES or the Manager for so long as the Management Agreement remains in effect, but that ACRES will continue to receive reimbursement for overhead related to servicing and operational activities pursuant to the terms of the Management Agreement. The term of the Management Agreement ends on May 1, 2022, with automatic one-year renewal terms thereafter. Except under limited circumstances, upon a termination of the Management Agreement, the Company will pay ACREM a termination fee equal to three times the average annual base management fee and incentive fee received by ACREM during the 24-month period immediately preceding the most recently completed fiscal quarter prior to the date of termination, each as described above. The following table summarizes the related party costs incurred by the Company for the three months ended March 31, 2021 and 2020 and amounts payable to the Company’s Manager as of March 31, 2021 and December 31, 2020 ($ in thousands): Incurred Payable For the three months ended March 31, As of 2021 2020 March 31, 2021 December 31, 2020 Affiliate Payments Management fees $ 1,909 $ 1,773 $ 1,909 $ 1,854 Incentive fees 658 — 658 533 General and administrative expenses 752 1,051 752 762 Direct costs (1) — 53 — 1 Total $ 3,319 $ 2,877 $ 3,319 $ 3,150 _______________________________ (1) For the three months ended March 31, 2021 and 2020, direct costs incurred are included within general and administrative expenses in the Company’s consolidated statements of operations. Investments in Loans From time to time, the Company may co-invest with other investment vehicles managed by Ares Management or its affiliates, including the Manager, and their portfolio companies, including by means of splitting investments, participating in investments or other means of syndication of investments. For such co-investments, the Company expects to act as the administrative agent for the holders of such investments provided that the Company maintains a majority of the aggregate investment. No fees will be received by the Company for performing such service. The Company will be responsible for its pro-rata share of costs and expenses for such co-investments, including due diligence costs for transactions which fail to close. The Company’s investment in such co-investments are made on a pari-passu basis with the other Ares managed investment vehicles and the Company is not obligated to provide, nor has it provided, any financial support to the other Ares managed investment vehicles. As such, the Company’s risk is limited to the carrying value of its investment and the Company recognizes only the carrying value of its investment in its consolidated balance sheets. As of March 31, 2021 and December 31, 2020, the total outstanding principal balance for co-investments held by the Company was $46.0 million and $45.1 million, respectively. Loan Purchases From Affiliate An affiliate of the Company’s Manager maintains a $200 million real estate debt warehouse investment vehicle (the “Ares Warehouse Vehicle”) that holds Ares Management originated commercial real estate loans, which are made available to purchase by other investment vehicles, including the Company and other Ares Management managed investment vehicles. From time to time, the Company may purchase loans from the Ares Warehouse Vehicle. The Company’s Manager will approve the purchase of such loans only on terms, including the consideration to be paid, that are determined by the Company’s Manager in good faith to be appropriate for the Company once the Company has sufficient liquidity. The Company is not obligated to purchase any loans originated by the Ares Warehouse Vehicle. Loans purchased by the Company from the Ares Warehouse Vehicle are purchased at fair value as determined by an independent third-party valuation expert and are subject to approval by a majority of the Company’s independent directors. In January 2021, the Company purchased a $105.5 million senior mortgage loan on an office property located in Illinois from the Ares Warehouse Vehicle. At the January 2021 purchase date, the outstanding principal balance was $103.6 million, which is included within loans held for investment in the Company’s consolidated balance sheets. In January 2021, the Company purchased a $5.6 million senior mortgage loan on a self storage property located in Illinois from the Ares Warehouse Vehicle. At the January 2021 purchase date, the outstanding principal balance was $5.4 million, which is included within loans held for investment in the Company’s consolidated balance sheets. In January 2021, the Company purchased a fully funded $6.4 million senior mortgage loan on a self storage property located in Florida from the Ares Warehouse Vehicle, which is included within loans held for investment in the Company’s consolidated balance sheets. In January 2021, the Company purchased a fully funded $4.4 million senior mortgage loan on a self storage property located in Florida from the Ares Warehouse Vehicle, which is included within loans held for investment in the Company’s consolidated balance sheets. In January 2021, the Company purchased a fully funded $7.0 million senior mortgage loan on a self storage property located in Florida from the Ares Warehouse Vehicle, which is included within loans held for investment in the Company’s consolidated balance sheets. In January 2021, the Company purchased a fully funded $10.8 million senior mortgage loan on a self storage property located in Florida from the Ares Warehouse Vehicle, which is included within loans held for investment in the Company’s consolidated balance sheets.

DIVIDENDS AND DISTRIBUTIONS

DIVIDENDS AND DISTRIBUTIONS	3 Months Ended
	Mar. 31, 2021
DIVIDENDS AND DISTRIBUTIONS
DIVIDENDS AND DISTRIBUTIONS	DIVIDENDS AND DISTRIBUTIONS The following table summarizes the Company’s dividends declared during the three months ended March 31, 2021 and 2020 ($ in thousands, except per share data): Date Declared Record Date Payment Date Per Share Amount Total Amount February 17, 2021 March 31, 2021 April 15, 2021 $ 0.35 (1) $ 14,248 Total cash dividends declared for the three months ended March 31, 2021 $ 0.35 $ 14,248 February 20, 2020 March 31, 2020 April 15, 2020 $ 0.33 $ 11,057 Total cash dividends declared for the three months ended March 31, 2020 $ 0.33 $ 11,057 _______________________________ (1) Consists of a regular cash dividend of $0.33 and a supplemental cash dividend of $0.02 for the three months ended March 31, 2021.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES Consolidated VIEs As discussed in Note 2, the Company evaluates all of its investments and other interests in entities for consolidation, including its investments in the CLO Securitizations (as defined below), which are considered to be variable interests in VIEs. CLO Securitizations On January 11, 2019, ACRE Commercial Mortgage 2017-FL3 Ltd. (the “FL3 Issuer”) and ACRE Commercial Mortgage 2017-FL3 LLC (the “FL3 Co-Issuer”), both wholly-owned indirect subsidiaries of the Company, entered into an Amended and Restated Indenture (the “FL3 Amended Indenture”) with Wells Fargo Bank, National Association, as advancing agent and note administrator, and Wilmington Trust, National Association, as trustee, which governs the approximately $504.1 million principal balance of secured floating rate notes (the “FL3 Notes”) issued by the FL3 Issuer and $52.9 million of preferred equity in the FL3 Issuer (the “FL3 CLO Securitization”). The FL3 Amended Indenture amends and restates, and replaces in its entirety, the indenture for the CLO securitization issued in March 2017, which governed the issuance of approximately $308.8 million principal balance of secured floating rate notes and $32.4 million of preferred equity in the FL3 Issuer. As of March 31, 2021, the FL3 Notes were collateralized by interests in a pool of 14 mortgage assets having a total principal balance of $522.1 million (the “FL3 Mortgage Assets”) that were originated by a wholly-owned subsidiary of the Company and approximately $34.9 million of receivables related to repayments of outstanding principal on previous mortgage assets. As of December 31, 2020, the FL3 Notes were collateralized by interests in a pool of 15 mortgage assets having a total principal balance of approximately $550.6 million that were closed by a wholly-owned subsidiary of the Company and approximately $6.4 million of receivables related to repayments of outstanding principal on previous mortgage assets. During the reinvestment period, which ended on March 31, 2021, the Company could direct the FL3 Issuer to acquire additional mortgage assets meeting applicable reinvestment criteria using the principal repayments from the FL3 Mortgage Assets, subject to the satisfaction of certain conditions, including receipt of a Rating Agency Confirmation and investor approval of the new mortgage assets. See Note 17 included in these consolidated financial statements for a subsequent event related to the FL3 CLO Securitization. The contribution of the FL3 Mortgage Assets to the Issuer is governed by a Mortgage Asset Purchase Agreement between the Seller and the FL3 Issuer, and acknowledged by the Company solely for purposes of confirming its status as a REIT, in which the Seller made certain customary representations, warranties and covenants. In connection with the securitization, the FL3 Issuer and FL3 Co-Issuer offered and issued the following classes of Notes: Class A, Class A-S, Class B, Class C and Class D Notes (collectively, the “FL3 Offered Notes”) to a third party. The Company retained (through one of its wholly-owned subsidiaries) approximately $58.5 million of the FL3 Notes and all of the $52.9 million of preferred equity in the FL3 Issuer, which totaled $111.4 million. The Company, as the holder of the subordinated FL3 Notes and all of the preferred equity in the FL3 Issuer, has the obligation to absorb losses of the CLO, since the Company has a first loss position in the capital structure of the CLO. After January 16, 2023, the FL3 Issuer may redeem the FL3 Offered Notes subject to paying a make whole prepayment fee of 1.0% of the then outstanding balance of the FL3 Offered Notes. In addition, once the Class A Notes, Class A-S Notes, Class B Notes and Class C Notes have been repaid in full, the FL3 Issuer has the right to redeem the Class D Notes, subject to paying a make whole prepayment fee of 1.0% on the Class D Notes. On January 28, 2021, ACRE Commercial Mortgage 2021-FL4 Ltd. (the “FL4 Issuer”) and ACRE Commercial Mortgage 2021-FL4 LLC (the “FL4 Co-Issuer”), both wholly owned indirect subsidiaries of the Company, entered into an Indenture (the “FL4 Indenture”) with ACRC Lender LLC, a wholly owned subsidiary of the Company (the “Seller”), as advancing agent, Wells Fargo Bank, National Association, as note administrator, and Wilmington Trust, National Association, as trustee, which governs the issuance of approximately $603.0 million principal balance secured floating rate notes (the “FL4 Notes”) and $64.3 million of preferred equity in the FL4 Issuer (the “FL4 CLO Securitization”). For U.S. federal income tax purposes, the FL4 Issuer and FL4 Co-Issuer are disregarded entities. As of March 31, 2021, the FL4 Notes were collateralized by interests in a pool of 23 mortgage assets having a total principal balance of approximately $667.2 million (the “FL4 Mortgage Assets”) that were closed by a subsidiary of the Company and approximately $115 thousand of receivables related to repayments of outstanding principal on current mortgage assets. During the period ending in April 2024 (the “Companion Participation Acquisition Period”), the FL4 Issuer may use certain principal proceeds from the FL4 Mortgage Assets to acquire additional funded pari-passu participations related to the FL4 Mortgage Assets that meet certain acquisition criteria. The sale of the FL4 Mortgage Assets to the FL4 Issuer is governed by a FL4 Mortgage Asset Purchase Agreement between the Seller and the FL4 Issuer, and acknowledged by the Company solely for purposes of confirming its status as a REIT, in which the Seller made certain customary representations, warranties and covenants. In connection with the FL4 CLO Securitization, the FL4 Issuer and FL4 Co-Issuer offered and issued the following classes of FL4 Notes to third party investors: Class A, Class A-S, Class B, Class C, Class D and Class E Notes (collectively, the “FL4 Offered Notes”). A wholly owned subsidiary of the Company retained approximately $62.5 million of the FL4 Notes and all of the $64.3 million of preferred equity in the FL4 Issuer, which totaled $126.8 million. The Company, as the holder of the subordinated FL4 Notes and all of the preferred equity in the FL4 Issuer, has the obligation to absorb losses of the FL4 CLO Securitization, since the Company has a first loss position in the capital structure of the FL4 CLO Securitization. The FL3 CLO Securitization and the FL4 CLO Securitization are collectively referred to as the “CLO Securitizations.” As the directing holder of the CLO Securitizations, the Company has the ability to direct activities that could significantly impact the CLO Securitizations’ economic performance. ACRES is designated as special servicer of the CLO Securitizations and has the power to direct activities during the loan workout process on defaulted and delinquent loans, which is the activity that most significantly impacts the CLO Securitizations’ economic performance. ACRES did not waive the special servicing fee, and the Company pays its overhead costs. If an unrelated third party had the right to unilaterally remove the special servicer, then the Company would not have the power to direct activities that most significantly impact the CLO Securitizations’ economic performance. In addition, there were no substantive kick-out rights of any unrelated third party to remove the special servicer without cause. The Company’s subsidiaries, as directing holders, have the ability to remove the special servicer without cause. Based on these factors, the Company is determined to be the primary beneficiary of each of the CLO Securitizations; thus, the CLO Securitizations are consolidated into the Company’s consolidated financial statements. The CLO Securitizations are consolidated in accordance with FASB ASC Topic 810 and are structured as pass through entities that receive principal and interest on the underlying collateral and distributes those payments to the note holders, as applicable. The assets and other instruments held by the CLO Securitizations are restricted and can only be used to fulfill the obligations of the respective CLO Securitizations. Additionally, the obligations of the CLO Securitizations do not have any recourse to the general credit of any other consolidated entities, nor to the Company as the primary beneficiary.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three months ended March 31, 2021, except as disclosed below. On April 13, 2021, the FL3 Issuer and FL3 Co-Issuer entered into a First Supplement to Amended and Restated Indenture (the “2021 Amended Indenture”) with Wells Fargo Bank, National Association, as advancing agent and note administrator, and Wilmington Trust, National Association, as trustee, which governs the FL3 CLO Securitization. The purpose of the 2021 Amended Indenture was to, among other things, extend the reinvestment period to March 31, 2024, extend the date on and after which the FL3 Issuer may redeem the Notes held by third parties to March 17, 2025 (the “Redemption Date”), and eliminate the prepayment fee due on the Redemption Date. On April 22, 2021, the Company originated and fully funded a $19.5 million senior mortgage loan on a student housing property located in Alabama. The loan has a per annum interest rate of LIBOR plus 3.85%. On April 29, 2021, the Company purchased a $53.3 million senior mortgage loan on a residential condominium property located in New York from a third party. At the purchase date, the outstanding principal balance was approximately $33.8 million. The loan has a per annum interest rate of LIBOR plus 6.00%. The Company already owns the corresponding $18.3 million mezzanine loan in the Company’s loans held for investment. On April 29, 2021, the Company purchased a fully funded $15.0 million mezzanine loan on a portfolio of self storage properties located in New Jersey from a third party. The loan has a per annum interest rate of LIBOR plus 6.75%. The Company’s Board of Directors declared a regular cash dividend of $0.33 per common share and a supplemental cash dividend of $0.02 per common share for the second quarter of 2021. The second quarter 2021 and supplemental cash dividends will be payable on July 15, 2021 to common stockholders of record as of June 30, 2021.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with United States generally accepted accounting principles (“GAAP”) and include the accounts of the Company, the consolidated variable interest entities (“VIEs”) that the Company controls and of which the Company is the primary beneficiary, and the Company’s wholly-owned subsidiaries. The consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented. All intercompany balances and transactions have been eliminated. Interim financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2021.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. As of the filing date of this Quarterly Report, there is a continued outbreak of the novel coronavirus (“COVID-19”) pandemic, for which the World Health Organization has declared a global pandemic, the United States has declared a national emergency and every state in the United States is under a federal disaster declaration. Many states, including those in which the Company and its borrowers operate, have issued orders requiring the closure of, or certain restrictions on the operation of, non-essential businesses and/or requiring residents to stay at home. The COVID-19 pandemic and preventative measures taken to contain or mitigate its spread have caused, and are continuing to cause, business shutdowns or the re-introduction of business shutdowns, cancellations of events and restrictions on travel, significant reductions in demand for certain goods and services, reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both globally and in the United States. While several countries, as well as certain states in the United States, have relaxed the public health restrictions with a view to partially or fully reopen their economies, recurring COVID-19 outbreaks have led to the re-introduction of such restrictions in certain states in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere. Additionally, in December 2020, the U.S. Food and Drug Administration authorized certain vaccines for emergency use, which are currently being distributed nationwide and globally. However, it remains unclear how quickly “herd immunity” will be achieved and the restrictions that were imposed to slow the spread of the virus will be lifted entirely. These uncertainties could lead the public to continue to self-isolate and not participate in the economy at pre-pandemic levels for a prolonged period of time. Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience a recession, and we anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States. The Company believes the estimates and assumptions underlying its consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2021, however, uncertainty over the ultimate impact the COVID-19 pandemic will have on the global economy and the Company’s business, makes any estimates and assumptions as of March 31, 2021 inherently less certain than they would be absent the current and potential impacts of the COVID-19 pandemic. Actual results could differ from those estimates.
Variable Interest Entities	Variable Interest Entities The Company evaluates all of its interests in VIEs for consolidation. When the Company’s interests are determined to be variable interests, the Company assesses whether it is deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation , defines the primary beneficiary as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant. The Company considers its variable interests, as well as any variable interests of its related parties in making this determination. Where both of these factors are present, the Company is deemed to be the primary beneficiary and it consolidates the VIE. Where either one of these factors is not present, the Company is not the primary beneficiary and it does not consolidate the VIE. To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Company considers all facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers all of its economic interests, including debt and equity investments, servicing fees, and other arrangements deemed to be variable interests in the VIE. This assessment requires that the Company applies judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Company. For VIEs of which the Company is determined to be the primary beneficiary, all of the underlying assets, liabilities, equity, revenue and expenses of the structures are consolidated into the Company’s consolidated financial statements.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions. Cash and short‑term investments with an original maturity of three months or less when acquired are considered cash and cash equivalents for the purpose of the consolidated balance sheets and statements of cash flows. Restricted cash includes deposits required under certain Secured Funding Agreements (each individually defined in Note 6 included in these consolidated financial statements).
Loans Held for Investment	Loans Held for Investment The Company originates CRE debt and related instruments generally to be held for investment. Loans that are held for investment are carried at cost, net of unamortized loan fees and origination costs (the “carrying value”). Loans are generally collateralized by real estate. The extent of any credit deterioration associated with the performance and/or value of the underlying collateral property and the financial and operating capability of the borrower could impact the expected amounts received. The Company monitors performance of its loans held for investment portfolio under the following methodology: (1) borrower review, which analyzes the borrower’s ability to execute on its original business plan, reviews its financial condition, assesses pending litigation and considers its general level of responsiveness and cooperation; (2) economic review, which considers underlying collateral (i.e. leasing performance, unit sales and cash flow of the collateral and its ability to cover debt service, as well as the residual loan balance at maturity); (3) property review, which considers current environmental risks, changes in insurance costs or coverage, current site visibility, capital expenditures and market perception; and (4) market review, which analyzes the collateral from a supply and demand perspective of similar property types, as well as from a capital markets perspective. Such analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, and the borrower’s exit plan, among other factors. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding the borrower’s ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to placing a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
Current Expected Credit Losses	Current Expected Credit Losses Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,
Real Estate Owned	Real Estate Owned Real estate assets are carried at their estimated fair value at acquisition and are presented net of accumulated depreciation and impairment charges. The Company allocates the purchase price of acquired real estate assets based on the fair value of the acquired land, building, furniture, fixtures and equipment. Real estate assets are depreciated using the straight-line method over estimated useful lives of up to 40 years for buildings and improvements and up to 15 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate asset are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred. Real estate assets are evaluated for indicators of impairment on a quarterly basis. Factors that the Company may consider in its impairment analysis include, among others: (1) significant underperformance relative to historical or anticipated operating results; (2) significant negative industry or economic trends; (3) costs necessary to extend the life or improve the real estate asset; (4) significant increase in competition; and (5) ability to hold and dispose of the real estate asset in the ordinary course of business. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows expected to be generated by the real estate asset over the estimated remaining holding period is less than the carrying amount of such real estate asset. Cash flows include operating cash flows and anticipated capital proceeds generated by the real estate asset. An impairment charge is recorded equal to the excess of the carrying value of the real estate asset over the fair value. When determining the fair value of a real estate asset, the Company makes certain assumptions including, but not limited to, consideration of projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the real estate asset based upon the Company’s estimate of a capitalization rate and discount rate. The Company reviews its real estate assets, from time to time, in order to determine whether to sell such assets. Real estate assets are classified as held for sale when the Company commits to a plan to sell the asset, when the asset is being marketed for sale at a reasonable price and the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within one year. Real estate assets that are held for sale are carried at the lower of the asset’s carrying amount or its fair value less costs to sell.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs under the Company’s indebtedness are capitalized and amortized over the term of the respective debt instrument. Unamortized debt issuance costs are expensed when the associated debt is repaid prior to maturity. Debt issuance costs related to debt securitizations are capitalized and amortized over the term of the underlying loans using the effective interest method. When an underlying loan is prepaid in a debt securitization and the outstanding principal balance of the securitization debt is reduced, the related unamortized debt issuance costs are charged to expense based on a pro‑rata share of the debt issuance costs being allocated to the specific loans that were prepaid. Amortization of debt issuance costs is included within interest expense, except as noted below, in the Company’s consolidated statements of operations while the unamortized balance on (i) Secured Funding Agreements (each individually defined in Note 6 included in these consolidated financial statements) is included within other assets and (ii) Notes Payable, the Secured Term Loan (each defined in Note 6 included in these consolidated financial statements) and Secured Borrowings (defined in Note 7 included in these consolidated financial statements) and debt securitizations are each included as a reduction to the carrying amount of the liability, in the Company’s consolidated balance sheets. Amortization of debt issuance costs for the note payable on the hotel property that is recognized as
Derivative Financial Instruments	Derivative Financial Instruments Derivative financial instruments are classified as either other assets (gain positions) or other liabilities (loss positions) in the Company’s consolidated balance sheets at fair value. These amounts may be offset to the extent that there is a legal right to offset and if elected by management. On the date the Company enters into a derivative contract, the Company designates each contract as a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, or as a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, the Company formally documents the hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and an evaluation of the effectiveness of its hedged transaction. The Company performs a formal assessment on a quarterly basis on whether the derivative designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. Changes in the fair value of derivative contracts are recorded each period in either current earnings or other comprehensive income (“OCI”), depending on whether the derivative is designated as part of a hedge transaction and, if so, the type of hedge transaction. For derivatives that are designated as cash flow hedges, the effective portion of the unrealized gains or losses on these contracts is recorded in OCI. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in current earnings prospectively. The Company does not enter into derivatives for trading or speculative purposes.
Revenue Recognition	Revenue Recognition Interest income is accrued based on the outstanding principal amount and the contractual terms of each loan. For loans held for investment, the origination fees, contractual exit fees and direct loan origination costs are also recognized in interest income over the initial loan term as a yield adjustment using the effective interest method. Revenue from real estate owned represents revenue associated with the operations of a hotel property classified as real estate owned. Revenue from the operation of the hotel property is recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales and other hotel revenues.
Net Interest Margin and Interest Expense	Net Interest Margin and Interest Expense    Net interest margin in the Company’s consolidated statements of operations serves to measure the performance of the Company’s loans as compared to its use of debt leverage. The Company includes interest income from its loans and interest expense related to its Secured Funding Agreements, Notes Payable, securitization debt, the Secured Term Loan (each individually defined in Note 6 included in these consolidated financial statements) and Secured Borrowings (defined in Note 7 included in these consolidated financial statements) in net interest margin.
Comprehensive Income	Comprehensive Income Comprehensive income consists of net income and OCI that are excluded from net income.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. ASU No. 2020-04 and ASU No. 2021-01 are effective for all entities and may be adopted retrospectively as of any date from the beginning of any interim period that includes or is subsequent to March 12, 2020 or prospectively to new modifications through December 31, 2022. The Company is currently evaluating the impact of adopting these ASUs on its consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash in the consolidated balance sheets to the total amount shown in the consolidated statements of cash flows ($ in thousands): As of March 31, 2021 2020 Cash and cash equivalents $ 97,944 $ 74,498 Restricted cash — 379 Total cash, cash equivalents and restricted cash shown in the Company's consolidated statements of cash flows $ 97,944 $ 74,877
Schedule of interest expense	For the three months ended March 31, 2021 and 2020, interest expense is comprised of the following ($ in thousands): For the three months ended March 31, 2021 2020 Secured funding agreements $ 3,824 $ 8,847 Notes payable (1) 1,194 312 Securitization debt 4,307 4,257 Secured term loan 1,341 2,065 Secured borrowings 1,431 53 Other (2) 42 — Interest expense $ 12,139 $ 15,534 ____________________________ (1) Excludes interest expense on the $28.3 million note payable, which is secured by a hotel property that is recognized as real estate owned in the Company’s consolidated balance sheets (see Note 6 included in these consolidated financial statements for additional information on the note payable). Interest expense on the $28.3 million note payable is included within expenses from real estate owned in the Company’s consolidated statements of operations.

LOANS HELD FOR INVESTMENT (Tabl

LOANS HELD FOR INVESTMENT (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of loans held for investments	The Company’s investments in loans held for investment are accounted for at amortized cost. The following tables summarize the Company’s loans held for investment as of March 31, 2021 and December 31, 2020 ($ in thousands): As of March 31, 2021 Carrying Amount (1) Outstanding Principal (1) Weighted Average Unleveraged Effective Yield Weighted Average Remaining Life (Years) Senior mortgage loans $ 1,842,782 $ 1,853,141 5.7 % (2) 5.9 % (3) 1.3 Subordinated debt and preferred equity investments 65,219 65,866 15.1 % (2) 15.1 % (3) 1.5 Total loans held for investment portfolio $ 1,908,001 $ 1,919,007 6.0 % (2) 6.2 % (3) 1.3 As of December 31, 2020 Carrying Amount (1) Outstanding Principal (1) Weighted Average Unleveraged Effective Yield Weighted Average Remaining Life (Years) Senior mortgage loans $ 1,713,601 $ 1,723,638 5.9% (2) 6.2 % (3) 1.2 Subordinated debt and preferred equity investments 101,618 102,603 13.4% (2) 13.4 % (3) 1.9 Total loans held for investment portfolio $ 1,815,219 $ 1,826,241 6.3% (2) 6.6 % (3) 1.2 ______________________________ (1) The difference between the Carrying Amount and the Outstanding Principal amount of the loans held for investment consists of unamortized purchase discount, deferred loan fees and loan origination costs. (2) Unleveraged Effective Yield is the compounded effective rate of return that would be earned over the life of the investment based on the contractual interest rate (adjusted for any deferred loan fees, costs, premiums or discounts) and assumes no dispositions, early prepayments or defaults. The total Weighted Average Unleveraged Effective Yield is calculated based on the average of Unleveraged Effective Yield of all loans held by the Company as of March 31, 2021 and December 31, 2020 as weighted by the outstanding principal balance of each loan.
Schedule of current investment portfolio	A more detailed listing of the Company’s loans held for investment portfolio based on information available as of March 31, 2021 is as follows ($ in millions, except percentages): Loan Type Location Outstanding Principal (1) Carrying Amount (1) Interest Rate Unleveraged Effective Yield (2) Maturity Date (3) Payment Terms (4) Senior Mortgage Loans: Office IL $150.5 $149.5 L+3.61% 5.5% Mar 2023 I/O Office Diversified 110.8 110.5 L+3.65% 5.7% Jan 2023 I/O Multifamily FL 91.3 90.9 L+5.00% 6.7% Jun 2022 I/O Mixed-use FL 84.0 84.0 L+4.25% 5.7% Feb 2023 (5) I/O Multifamily TX 75.0 74.8 L+2.85% 5.0% Oct 2022 I/O Hotel OR/WA 68.1 67.2 L+3.45% 4.6% (6) May 2022 I/O Office IL 67.8 67.7 L+3.75% 5.3% Dec 2021 I/O Office NC 62.1 62.1 L+4.25% 6.7% Mar 2022 (7) I/O Hotel Diversified 60.8 60.7 L+3.60% 6.2% Sep 2021 I/O Industrial NY 59.0 58.8 L+5.00% 8.1% Aug 2021 I/O Office IL 57.5 57.5 L+3.95% 6.3% Jun 2021 I/O Mixed-use CA 56.2 56.0 (8) 5.4% Jan 2024 I/O Multifamily FL 46.2 46.1 L+5.00% 6.6% Jun 2022 I/O Office GA 44.7 44.4 L+3.05% 5.7% Dec 2022 I/O Multifamily FL 43.4 43.3 L+2.60% 5.5% Jan 2022 I/O Multifamily NJ 41.0 40.9 L+3.05% 4.9% Mar 2022 I/O Hotel CA 40.0 39.9 L+4.12% 5.8% Jan 2022 I/O Student Housing TX 39.9 39.8 L+4.75% 5.5% Jan 2022 (9) P/I (10) Student Housing CA 36.7 36.7 L+3.95% 4.3% Jul 2022 I/O Multifamily KS 35.8 35.6 L+3.25% 5.5% Nov 2022 I/O Mixed-use TX 35.3 35.1 L+3.75% (11) 4.7% Sep 2022 I/O Hotel MI 33.2 33.1 L+3.95% 4.3% Jul 2022 I/O Hotel IL 32.9 31.8 L+4.40% —% (12) May 2021 I/O Office CA 31.9 31.7 L+3.35% 6.0% Nov 2022 I/O Mixed-use CA 30.3 29.9 L+4.10% 6.3% Mar 2023 I/O Multifamily NY 30.2 30.1 L+3.20% 4.8% Dec 2021 I/O Student Housing NC 30.0 29.9 L+3.15% 5.9% Feb 2022 I/O Multifamily PA 29.4 29.3 L+3.00% 5.9% Dec 2021 I/O Office IL 28.5 28.3 L+3.80% 6.2% Jan 2023 I/O Office NC 28.5 28.0 L+3.53% 6.8% May 2023 I/O Student Housing TX 24.6 24.4 L+3.45% 5.5% Feb 2023 I/O Student Housing AL 24.1 22.7 L+4.45% —% (12) Apr 2021 (13) I/O Multifamily SC 22.9 22.6 L+6.50% 10.1% Sep 2022 I/O Office CA 22.9 22.8 L+3.40% 6.2% Nov 2021 I/O Industrial CA 22.5 22.4 L+4.50% 7.4% Dec 2021 I/O Student Housing FL 22.0 21.9 L+3.25% 5.9% Aug 2022 I/O Self Storage FL 19.5 19.4 L+3.50% 6.0% Mar 2022 I/O Multifamily WA 18.7 18.5 L+3.00% 5.1% Mar 2023 I/O Office TX 18.1 18.0 L+4.05% 7.5% Nov 2021 I/O Residential CA 14.3 14.3 13.00% 13.0% May 2021 (14) I/O Industrial CA 13.9 13.8 L+3.75% 6.3% Mar 2023 I/O Self Storage FL 10.8 10.7 L+2.90% 4.4% Dec 2023 I/O Office NC 8.6 8.6 L+4.00% 6.7% Nov 2022 I/O Self Storage FL 7.0 6.9 L+2.90% 4.3% Dec 2023 I/O Self Storage FL 6.4 6.4 L+2.90% 4.3% Dec 2023 I/O Self Storage MO 6.0 6.0 L+3.00% 4.4% Dec 2023 I/O Self Storage IL 5.4 5.4 L+3.00% 4.3% Dec 2023 I/O Self Storage FL 4.4 4.4 L+2.90% 4.2% Dec 2023 I/O Subordinated Debt and Preferred Equity Investments: Residential Condominium NY 18.3 18.3 L+14.00% 17.9% May 2021 (15) I/O Office NJ 17.0 16.4 12.00% 12.8% Jan 2026 P/I (10) Mixed-use IL 16.1 16.0 L+12.25% 14.5% Nov 2021 I/O Residential Condominium HI 11.5 11.5 14.00% 16.1% Aug 2021 (16) I/O Office CA 3.0 3.0 L+8.25% 9.7% Nov 2021 I/O Total/Weighted Average $1,919.0 $1,908.0 6.0% _________________________ (1) The difference between the Carrying Amount and the Outstanding Principal amount of the loans held for investment consists of unamortized purchase discount, deferred loan fees and loan origination costs. For the loans held for investment that represent co-investments with other investment vehicles managed by Ares Management (see Note 14 included in these consolidated financial statements for additional information on co-investments), only the portion of Carrying Amount and Outstanding Principal held by the Company is reflected. (2) Unleveraged Effective Yield is the compounded effective rate of return that would be earned over the life of the investment based on the contractual interest rate (adjusted for any deferred loan fees, costs, premiums or discounts) and assumes no dispositions, early prepayments or defaults. Unleveraged Effective Yield for each loan is calculated based on LIBOR as of March 31, 2021 or the LIBOR floor, as applicable. The total Weighted Average Unleveraged Effective Yield is calculated based on the average of Unleveraged Effective Yield of all loans held by the Company as of March 31, 2021 as weighted by the outstanding principal balance of each loan. (3) Certain loans are subject to contractual extension options that generally vary between one and two 12-month extensions and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications. (4) I/O = interest only, P/I = principal and interest. (5) In March 2021, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the senior Florida loan to February 2023. (6) At origination, the Oregon/Washington loan was structured as both a senior and mezzanine loan with the Company holding both positions. The mezzanine position of this loan, which had an outstanding principal balance of $13.1 million as of March 31, 2021, was on non-accrual status as of March 31, 2021 and therefore, the Unleveraged Effective Yield presented is for the senior position only as the mezzanine position is non-interest accruing. (7) In February 2021, the borrower exercised a one-year extension option in accordance with the loan agreement, which extended the maturity date on the senior North Carolina loan to March 2022. (8) At origination, the California loan was structured as both a senior and mezzanine loan with the Company holding both positions. The senior loan, which had an outstanding principal balance of $45.0 million as of March 31, 2021, accrues interest at a per annum rate of L + 3.80% and the mezzanine loan, which had an outstanding principal balance of $11.2 million as of March 31, 2021, accrues interest at a per annum rate of 10.00%. (9) In January 2021, the borrower exercised a one-year extension option in accordance with the loan agreement, which extended the maturity date on the senior Texas loan to January 2022. (10) In February 2021, amortization began on the senior Texas loan and the subordinated New Jersey loan, which had an outstanding principal balance of $39.9 million and $17.0 million, respectively, as of March 31, 2021. The remainder of the loans in the Company’s portfolio are non-amortizing through their primary terms. (11) In March 2021, the Company and the borrower entered into a modification agreement to, among other things, split the original senior Texas loan into two separate notes. Note A, which had an outstanding principal balance of $35.3 million as of March 31, 2021, accrues interest at a per annum rate of L + 3.75% and Note B, which had no outstanding principal balance as of March 31, 2021, accrues interest at a per annum rate of L+10.00%. (12) Loan was on non-accrual status as of March 31, 2021 and therefore, there is no Unleveraged Effective Yield as the loan is non-interest accruing. (13) In March 2021, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the senior Alabama loan to April 2021. (14) In March 2021, the Company and the borrowers entered into a modification and extension agreement to, among other things, extend the maturity date on the senior California loan to May 2021. (15) The subordinated New York loan includes a $2.6 million loan to the borrower, for which such amount accrues interest at a per annum rate of 20.00% and has an initial maturity date of April 2021. The remaining outstanding principal balance of the subordinated New York loan accrues interest at L + 14.00% and has an initial maturity date of May 2021. (16) In February 2021, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the subordinated Hawaii loan to August 2021.
Schedule of activity in loan portfolio	For the three months ended March 31, 2021, the activity in the Company’s loan portfolio was as follows ($ in thousands): Balance at December 31, 2020 $ 1,815,219 Initial funding 199,580 Origination fees and discounts, net of costs (1,748) Additional funding 23,864 Amortizing payments (413) Loan payoffs (130,523) Origination fee accretion 2,022 Balance at March 31, 2021 $ 1,908,001

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Tables)	3 Months Ended
	Mar. 31, 2021
Credit Loss [Abstract]
Financing Receivable, Allowance for Credit Loss	Activity related to the CECL Reserve for outstanding balances on the Company’s loans held for investment as of and for the three months ended March 31, 2021 was as follows ($ in thousands): Balance at December 31, 2020 $ 23,604 Provision for current expected credit losses (2,709) Write-offs — Recoveries — Balance at March 31, 2021 (1) $ 20,895 __________________________ (1) As of March 31, 2021, the CECL Reserve related to outstanding balances on loans held for investment is recorded within current expected credit loss reserve in the Company's consolidated balance sheets. Current Expected Credit Loss Reserve for Unfunded Loan Commitments Activity related to the CECL Reserve for unfunded commitments on the Company’s loans held for investment as of and for the three months ended March 31, 2021 was as follows ($ in thousands): Balance at December 31, 2020 $ 1,632 Provision for current expected credit losses (531) Write-offs — Recoveries — Balance at March 31, 2021 (1) $ 1,101 __________________________ (1) As of March 31, 2021, the CECL Reserve related to unfunded commitments on loans held for investment is recorded within other liabilities in the Company's consolidated balance sheets.
Schedule of Company Loan Risk Definitions	Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows: Ratings Definition 1 Very Low Risk 2 Low Risk 3 Medium Risk 4 High Risk/Potential for Loss: Asset performance is trailing underwritten expectations. Loan at risk of impairment without material improvement to performance 5 Impaired/Loss Likely: A loan that has a significantly increased probability of default or principal loss
Financing Receivable Credit Quality Indicators	As of March 31, 2021, the carrying value, excluding the CECL Reserve, of the Company’s loans held for investment within each risk rating by year of origination is as follows ($ in thousands): 2021 2020 2019 2018 2017 Prior Total Risk rating: 1 $ — $ — $ — $ 8,555 $ — $ — $ 8,555 2 28,384 29,944 188,714 66,114 69,898 — 383,054 3 67,296 515,122 383,444 189,323 171,626 16,470 1,343,281 4 — — 2,604 114,709 22,657 33,141 173,111 5 — — — — — — — Total $ 95,680 $ 545,066 $ 574,762 $ 378,701 $ 264,181 $ 49,611 $ 1,908,001

REAL ESTATE OWNED (Tables)

REAL ESTATE OWNED (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate Owned [Abstract]
Schedule of Real Estate Properties	The following table summarizes the Company’s real estate owned as of March 31, 2021 and December 31, 2020 ($ in thousands): As of March 31, 2021 December 31, 2020 Land $ 10,200 $ 10,200 Buildings and improvements 24,281 24,281 Furniture, fixtures and equipment 4,362 4,362 38,843 38,843 Less: Accumulated depreciation (1,784) (1,560) Real estate owned, net $ 37,059 $ 37,283

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of outstanding balances and total commitments under Financing Agreements	As of March 31, 2021 and December 31, 2020, the outstanding balances and total commitments under the Financing Agreements consisted of the following ($ in thousands): March 31, 2021 December 31, 2020 Outstanding Balance Total Outstanding Balance Total Secured Funding Agreements: Wells Fargo Facility $ 227,280 $ 350,000 (1) $ 336,001 $ 350,000 (1) Citibank Facility 44,730 325,000 117,506 325,000 CNB Facility — 50,000 (2) 50,000 50,000 (2) MetLife Facility 20,648 180,000 104,124 180,000 Morgan Stanley Facility 56,924 150,000 147,921 150,000 Subtotal $ 349,582 $ 1,055,000 $ 755,552 $ 1,055,000 Notes Payable $ 41,447 $ 51,755 $ 63,122 $ 84,155 Secured Term Loan $ 60,000 $ 60,000 $ 110,000 $ 110,000 Total $ 451,029 $ 1,166,755 $ 928,674 $ 1,249,155 ______________________________ (1) The maximum commitment for the Wells Fargo Facility (as defined below) may be increased to up to $500.0 million at the Company’s option, subject to the satisfaction of certain conditions, including payment of an upsize fee.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2021 (notional amount in thousands): Interest Rate Derivatives Number of Instruments Notional Amount Rate (1) Index Weighted Average Maturity (Years) Interest rate swaps 1 $ 870,000 0.2075 % LIBOR (2) 1.5 Interest rate caps 1 $ 275,000 0.5000 % LIBOR 1.5 _______________________________ (1) Represents fixed rate for interest rate swaps and strike rate for interest rate caps. (2) Subject to a 0.00% floor.
Schedule of Derivative Assets at Fair Value	The following table summarizes the fair value of our derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset Position (1) as of Fair Value of Derivatives in a Liability Position (2) as of March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Derivatives designated as hedging instruments: Interest rate derivatives $ 413 — — — _______________________________ (1) Included in other assets in the Company’s consolidated balance sheets. (2) Included in other liabilities in the Company’s consolidated balance sheets.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of loan commitments	As of March 31, 2021 and December 31, 2020, the Company had the following commitments to fund various senior mortgage loans, subordinated debt investments, as well as preferred equity investments accounted for as loans held for investment ($ in thousands): As of March 31, 2021 December 31, 2020 Total commitments $ 2,078,788 $ 2,013,993 Less: funded commitments (1,919,007) (1,826,241) Total unfunded commitments $ 159,781 $ 187,752

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Schedule of restricted stock award activity	The following tables summarize the (i) non-vested shares of restricted stock and RSUs and (ii) vesting schedule of shares of restricted stock and RSUs for the Company’s directors and officers and employees of the Manager as of March 31, 2021: Schedule of Non-Vested Share and Share Equivalents Restricted Stock Grants—Directors Restricted Stock Grants—Officers and Employees of the Manager RSUs—Officers and Employees of the Manager Total Balance at December 31, 2020 22,324 68,851 267,507 358,682 Granted — — — — Vested (11,162) (10,648) (35,509) (57,319) Forfeited — — — — Balance at March 31, 2021 11,162 58,203 231,998 301,363
Future anticipated vesting schedule of restricted stock awards	Future Anticipated Vesting Schedule Restricted Stock Grants—Directors Restricted Stock Grants—Officers and Employees of the Manager RSUs—Officers and Employees of the Manager Total 2021 11,162 29,127 — 40,289 2022 — 29,076 89,177 118,253 2023 — — 89,160 89,160 2024 — — 53,661 53,661 2025 — — — — Total 11,162 58,203 231,998 301,363

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of computations of basic and diluted earnings per share	The following information sets forth the computations of basic and diluted earnings (loss) per common share for the three months ended March 31, 2021 and 2020 ($ in thousands, except share and per share data): For the three months ended March 31, 2021 2020 Net income (loss) attributable to common stockholders $ 15,740 $ (17,263) Divided by: Basic weighted average shares of common stock outstanding: 34,417,040 31,897,952 Weighted average non-vested restricted stock and RSUs (1) 303,910 — Diluted weighted average shares of common stock outstanding: 34,720,950 31,897,952 Basic earnings (loss) per common share $ 0.46 $ (0.54) Diluted earnings (loss) per common share $ 0.45 $ (0.54) _______________________________ (1) For the three months ended March 31, 2020, the weighted average non-vested restricted stock and RSUs of 223,022 shares were excluded from the computation of diluted earnings (loss) per common share as the impact of including those shares would be anti-dilutive.

INCOME TAX (Tables)

INCOME TAX (Tables)	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of components of the TRS's income tax provision	The income tax provision for the Company and the TRSs consisted of the following for the three months ended March 31, 2021 and 2020 ($ in thousands): For the three months ended March 31, 2021 2020 Current $ 64 $ 18 Deferred — (99) Excise tax 121 90 Total income tax expense, including excise tax $ 185 $ 9

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2021: Level 1 Level 2 Level 3 Total Financial assets: Interest rate derivatives $ — $ 413 $ — $ 413 Financial liabilities: Interest rate derivatives $ — $ — $ — $ —
Fair Value, Liabilities Measured on Recurring Basis	The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2021: Level 1 Level 2 Level 3 Total Financial assets: Interest rate derivatives $ — $ 413 $ — $ 413 Financial liabilities: Interest rate derivatives $ — $ — $ — $ —
Schedule of carrying value and estimated fair value of the Company's financial instruments not carried at fair value on the consolidated balance sheet	As of March 31, 2021 and December 31, 2020, the carrying values and fair values of the Company’s financial assets and liabilities recorded at cost are as follows ($ in thousands): As of March 31, 2021 December 31, 2020 Level in Fair Value Hierarchy Carrying Value Fair Carrying Value Fair Financial assets: Loans held for investment 3 $ 1,908,001 $ 1,900,314 $ 1,815,219 $ 1,800,003 Financial liabilities: Secured funding agreements 2 $ 349,582 $ 349,582 $ 755,552 $ 755,552 Notes payable 3 40,428 41,447 61,837 63,122 Secured term loan 3 60,000 60,000 110,000 110,000 Collateralized loan obligation securitization debt (consolidated VIEs) 3 979,257 986,071 443,871 443,467 Secured borrowings 3 59,845 60,215 59,790 60,215

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Summary of related-party costs incurred by the Company and amounts payable to the Manager	The following table summarizes the related party costs incurred by the Company for the three months ended March 31, 2021 and 2020 and amounts payable to the Company’s Manager as of March 31, 2021 and December 31, 2020 ($ in thousands): Incurred Payable For the three months ended March 31, As of 2021 2020 March 31, 2021 December 31, 2020 Affiliate Payments Management fees $ 1,909 $ 1,773 $ 1,909 $ 1,854 Incentive fees 658 — 658 533 General and administrative expenses 752 1,051 752 762 Direct costs (1) — 53 — 1 Total $ 3,319 $ 2,877 $ 3,319 $ 3,150 _______________________________

DIVIDENDS AND DISTRIBUTIONS (Ta

DIVIDENDS AND DISTRIBUTIONS (Tables)	3 Months Ended
	Mar. 31, 2021
DIVIDENDS AND DISTRIBUTIONS
Summary of the Company's dividends declared	The following table summarizes the Company’s dividends declared during the three months ended March 31, 2021 and 2020 ($ in thousands, except per share data): Date Declared Record Date Payment Date Per Share Amount Total Amount February 17, 2021 March 31, 2021 April 15, 2021 $ 0.35 (1) $ 14,248 Total cash dividends declared for the three months ended March 31, 2021 $ 0.35 $ 14,248 February 20, 2020 March 31, 2020 April 15, 2020 $ 0.33 $ 11,057 Total cash dividends declared for the three months ended March 31, 2020 $ 0.33 $ 11,057 _______________________________ (1) Consists of a regular cash dividend of $0.33 and a supplemental cash dividend of $0.02 for the three months ended March 31, 2021.

ORGANIZATION (Details)

ORGANIZATION (Details)	3 Months Ended
	Mar. 31, 2021segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 97,944	$ 74,776	$ 74,498
Restricted cash	0		379
Total cash, cash equivalents and restricted cash shown in the Company's consolidated statements of cash flows	$ 97,944	$ 74,776	$ 74,877	$ 5,635

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Interest expense	$ 12,139	$ 15,534
Secured funding agreements
Debt Instrument [Line Items]
Interest expense	3,824	8,847
Notes payable
Debt Instrument [Line Items]
Interest expense	1,194	312
Securitization debt
Debt Instrument [Line Items]
Interest expense	4,307	4,257
Secured term loan
Debt Instrument [Line Items]
Interest expense	1,341	2,065
Secured borrowings
Debt Instrument [Line Items]
Interest expense	1,431	53
Other
Debt Instrument [Line Items]
Interest expense	42	$ 0
Notes payable | NEW YORK | Notes payable
Debt Instrument [Line Items]
Interest expense from real estate owned	$ 28,300

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2021
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Useful life	15 years
Maximum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Useful life	40 years

LOANS HELD FOR INVESTMENT - Nar

LOANS HELD FOR INVESTMENT - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans originated or co-originated | loan	53
Number of loans repaid or sold, since inception | loan	101
Total commitment	$ 2,100
Loans held for investment	1,900
Amount funded	223.4
Amount of repayments	$ 130.7
Percentage of loans held for investment having LIBOR floors	97.00%
Weighted average floor (as a percent)	1.56%
Impact of COVID-19
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loan modification contracts | loan	4
Troubled debt restructuring	$ 183.3
Number of loans in non-accrual status | loan	3
Financing receivable, nonaccrual	$ 66.8

LOANS HELD FOR INVESTMENT - Loa

LOANS HELD FOR INVESTMENT - Loans held for Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans held for investment	$ 1,908,001		$ 1,815,219
Outstanding principal	$ 1,919,007		1,826,241
Weighted Average Unleveraged Effective Yield, Including Non-accrual Loans	6.00%	6.30%
Weighted Average Unleveraged Effective Yield, Excluding Non-accrual Loans	6.20%	6.60%
Weighted average remaining life	1 year 3 months 18 days	1 year 2 months 12 days
Senior mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans held for investment	$ 1,842,782		1,713,601
Outstanding principal	$ 1,853,141		1,723,638
Weighted Average Unleveraged Effective Yield, Including Non-accrual Loans	5.70%	5.90%
Weighted Average Unleveraged Effective Yield, Excluding Non-accrual Loans	5.90%	6.20%
Weighted average remaining life	1 year 3 months 18 days	1 year 2 months 12 days
Subordinated debt and preferred equity investments
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans held for investment	$ 65,219		101,618
Outstanding principal	$ 65,866		$ 102,603
Weighted Average Unleveraged Effective Yield, Including Non-accrual Loans	15.10%	13.40%
Weighted Average Unleveraged Effective Yield, Excluding Non-accrual Loans	15.10%	13.40%
Weighted average remaining life	1 year 6 months	1 year 10 months 24 days

LOANS HELD FOR INVESTMENT - Inv

LOANS HELD FOR INVESTMENT - Investment Portfolio (Details) $ in Thousands	1 Months Ended			3 Months Ended
	Mar. 31, 2021USD ($)loan	Feb. 28, 2021	Jan. 31, 2021	Mar. 31, 2021USD ($)option	Dec. 31, 2020USD ($)	Mar. 07, 2019USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 1,919,007			$ 1,919,007	$ 1,826,241
Loans held for investment	$ 1,908,001			$ 1,908,001	$ 1,815,219
Unleveraged effective yield				6.00%
Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of extension options | option				1
Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of extension options | option				2
Extension period of maturity date				12 months
Senior Mortgage Loans | TEXAS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan modification agreement, number of new separate notes | loan	2
Senior Mortgage Loans | Hotel | NEW YORK
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal						$ 38,600
Senior Mortgage Loans | Residential | CALIFORNIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 14,300			$ 14,300
Loans held for investment	14,300			$ 14,300
Fixed interest rate				13.00%
Unleveraged effective yield				13.00%
Senior Mortgage Loans | LIBOR Plus 3.61%, Due March 2023 | Office | ILLINOIS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	150,500			$ 150,500
Loans held for investment	$ 149,500			$ 149,500
Unleveraged effective yield				5.50%
Senior Mortgage Loans | LIBOR Plus 3.61%, Due March 2023 | Office | ILLINOIS | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.61%			3.61%
Senior Mortgage Loans | LIBOR Plus 3.65%, Due January 2023 | Office | Diversified
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 110,800			$ 110,800
Loans held for investment	$ 110,500			$ 110,500
Unleveraged effective yield				5.70%
Senior Mortgage Loans | LIBOR Plus 3.65%, Due January 2023 | Office | Diversified | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.65%			3.65%
Senior Mortgage Loans | LIBOR Plus 5.00% Due June 2022 | Multifamily | FLORIDA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 91,300			$ 91,300
Loans held for investment	$ 90,900			$ 90,900
Unleveraged effective yield				6.70%
Senior Mortgage Loans | LIBOR Plus 5.00% Due June 2022 | Multifamily | FLORIDA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	5.00%			5.00%
Senior Mortgage Loans | LIBOR Plus 4.25% Due February 2023 | Mixed-use | FLORIDA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 84,000			$ 84,000
Loans held for investment	$ 84,000			$ 84,000
Unleveraged effective yield				5.70%
Senior Mortgage Loans | LIBOR Plus 4.25% Due February 2023 | Mixed-use | FLORIDA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	4.25%			4.25%
Senior Mortgage Loans | LIBOR Plus 2.85% Percent, Due October 2022 | Multifamily | TEXAS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 75,000			$ 75,000
Loans held for investment	$ 74,800			$ 74,800
Unleveraged effective yield				5.00%
Senior Mortgage Loans | LIBOR Plus 2.85% Percent, Due October 2022 | Multifamily | TEXAS | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	2.85%			2.85%
Senior Mortgage Loans | LIBOR Plus 3.45%, Due May 2022 | Hotel | OREGON / WASHINGTON
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 68,100			$ 68,100
Loans held for investment	67,200			$ 67,200
Unleveraged effective yield				4.60%
Financing receivable, nonaccrual	$ 13,100			$ 13,100
Senior Mortgage Loans | LIBOR Plus 3.45%, Due May 2022 | Hotel | OREGON / WASHINGTON | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.45%			3.45%
Senior Mortgage Loans | LIBOR Plus 3.75%, Due December 2021 | Office | ILLINOIS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 67,800			$ 67,800
Loans held for investment	$ 67,700			$ 67,700
Unleveraged effective yield				5.30%
Senior Mortgage Loans | LIBOR Plus 3.75%, Due December 2021 | Office | ILLINOIS | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.75%			3.75%
Senior Mortgage Loans | LIBOR Plus 4.25%, Due March 2022 | Office | NORTH CAROLINA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 62,100			$ 62,100
Loans held for investment	$ 62,100			$ 62,100
Unleveraged effective yield				6.70%
Extension option period exercised (in years)		1 year
Senior Mortgage Loans | LIBOR Plus 4.25%, Due March 2022 | Office | NORTH CAROLINA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	4.25%			4.25%
Senior Mortgage Loans | LIBOR Plus 3.60%, Due September 2021 | Hotel | Diversified
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 60,800			$ 60,800
Loans held for investment	$ 60,700			$ 60,700
Unleveraged effective yield				6.20%
Senior Mortgage Loans | LIBOR Plus 3.60%, Due September 2021 | Hotel | Diversified | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.60%			3.60%
Senior Mortgage Loans | LIBOR Plus 5.00% Due August 2021 | Industrial | NEW YORK
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 59,000			$ 59,000
Loans held for investment	$ 58,800			$ 58,800
Unleveraged effective yield				8.10%
Senior Mortgage Loans | LIBOR Plus 5.00% Due August 2021 | Industrial | NEW YORK | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	5.00%			5.00%
Senior Mortgage Loans | LIBOR Plus 3.95%, Due June 2021 | Office | ILLINOIS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 57,500			$ 57,500
Loans held for investment	$ 57,500			$ 57,500
Unleveraged effective yield				6.30%
Senior Mortgage Loans | LIBOR Plus 3.95%, Due June 2021 | Office | ILLINOIS | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.95%			3.95%
Senior Mortgage Loans | LIBOR Plus 5.4% Due January 2024 | Mixed-use | CALIFORNIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 56,200			$ 56,200
Loans held for investment	56,000			$ 56,000
Unleveraged effective yield				5.40%
Senior Mortgage Loans | LIBOR Plus 5.00% Due June 2022, Instrument 2 | Multifamily | FLORIDA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	46,200			$ 46,200
Loans held for investment	$ 46,100			$ 46,100
Unleveraged effective yield				6.60%
Senior Mortgage Loans | LIBOR Plus 5.00% Due June 2022, Instrument 2 | Multifamily | FLORIDA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	5.00%			5.00%
Senior Mortgage Loans | LIBOR Plus 3.05% Due December 2020 | Office | GEORGIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 44,700			$ 44,700
Loans held for investment	$ 44,400			$ 44,400
Unleveraged effective yield				5.70%
Senior Mortgage Loans | LIBOR Plus 3.05% Due December 2020 | Office | GEORGIA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.05%			3.05%
Senior Mortgage Loans | LIBOR Plus 2.60%, Due January 2022 | Multifamily | FLORIDA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 43,400			$ 43,400
Loans held for investment	$ 43,300			$ 43,300
Unleveraged effective yield				5.50%
Senior Mortgage Loans | LIBOR Plus 2.60%, Due January 2022 | Multifamily | FLORIDA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	2.60%			2.60%
Senior Mortgage Loans | LIBOR Plus 3.05% Due March 2022 | Multifamily | NEW JERSEY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 41,000			$ 41,000
Loans held for investment	$ 40,900			$ 40,900
Unleveraged effective yield				4.90%
Senior Mortgage Loans | LIBOR Plus 3.05% Due March 2022 | Multifamily | NEW JERSEY | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.05%			3.05%
Senior Mortgage Loans | LIBOR Plus 4.12%, Due January 2022 | Hotel | CALIFORNIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 40,000			$ 40,000
Loans held for investment	$ 39,900			$ 39,900
Unleveraged effective yield				5.80%
Senior Mortgage Loans | LIBOR Plus 4.12%, Due January 2022 | Hotel | CALIFORNIA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	4.12%			4.12%
Senior Mortgage Loans | LIBOR Plus 4.75%, Due January 2022 | Student Housing | TEXAS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 39,900			$ 39,900
Loans held for investment	$ 39,800			$ 39,800
Unleveraged effective yield				5.50%
Senior Mortgage Loans | LIBOR Plus 4.75%, Due January 2022 | Student Housing | TEXAS | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	4.75%			4.75%
Senior Mortgage Loans | LIBOR Plus 3.95%, Due July 2022 | Student Housing | CALIFORNIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 36,700			$ 36,700
Loans held for investment	$ 36,700			$ 36,700
Unleveraged effective yield				4.30%
Senior Mortgage Loans | LIBOR Plus 3.95%, Due July 2022 | Student Housing | CALIFORNIA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.95%			3.95%
Senior Mortgage Loans | LIBOR Plus 3.25% Due November 2022 | Multifamily | KANSAS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 35,800			$ 35,800
Loans held for investment	$ 35,600			$ 35,600
Unleveraged effective yield				5.50%
Senior Mortgage Loans | LIBOR Plus 3.25% Due November 2022 | Multifamily | KANSAS | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.25%			3.25%
Senior Mortgage Loans | LIBOR Plus 3.75%, Due September 2022 | Mixed-use | TEXAS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 35,300			$ 35,300
Loans held for investment	$ 35,100			$ 35,100
Basis spread on variable rate	3.75%			3.75%
Unleveraged effective yield				4.70%
Senior Mortgage Loans | LIBOR Plus 3.95%, Due July 2022, Instrument 2 | Hotel | MICHIGAN
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 33,200			$ 33,200
Loans held for investment	$ 33,100			$ 33,100
Unleveraged effective yield				4.30%
Senior Mortgage Loans | LIBOR Plus 3.95%, Due July 2022, Instrument 2 | Hotel | MICHIGAN | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.95%			3.95%
Senior Mortgage Loans | LIBOR Plus 4.40%, Due May 2021 | Hotel | ILLINOIS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 32,900			$ 32,900
Loans held for investment	$ 31,800			$ 31,800
Unleveraged effective yield				0.00%
Senior Mortgage Loans | LIBOR Plus 4.40%, Due May 2021 | Hotel | ILLINOIS | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	4.40%			4.40%
Senior Mortgage Loans | LIBOR Plus 3.35%, Due November 2022 | Office | CALIFORNIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 31,900			$ 31,900
Loans held for investment	$ 31,700			$ 31,700
Unleveraged effective yield				6.00%
Senior Mortgage Loans | LIBOR Plus 3.35%, Due November 2022 | Office | CALIFORNIA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.35%			3.35%
Senior Mortgage Loans | LIBOR Plus 4.10%, Due March 2023 | Mixed-use | CALIFORNIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 30,300			$ 30,300
Loans held for investment	$ 29,900			$ 29,900
Unleveraged effective yield				6.30%
Senior Mortgage Loans | LIBOR Plus 4.10%, Due March 2023 | Mixed-use | CALIFORNIA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	4.10%			4.10%
Senior Mortgage Loans | LIBOR Plus 3.20%, Due December 2021 | Multifamily | NEW YORK
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 30,200			$ 30,200
Loans held for investment	$ 30,100			$ 30,100
Unleveraged effective yield				4.80%
Senior Mortgage Loans | LIBOR Plus 3.20%, Due December 2021 | Multifamily | NEW YORK | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.20%			3.20%
Senior Mortgage Loans | LIBOR Plus 3.15%, Due Feb 2022 | Student Housing | NORTH CAROLINA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 30,000			$ 30,000
Loans held for investment	$ 29,900			$ 29,900
Unleveraged effective yield				5.90%
Senior Mortgage Loans | LIBOR Plus 3.15%, Due Feb 2022 | Student Housing | NORTH CAROLINA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.15%			3.15%
Senior Mortgage Loans | LIBOR Plus 3.00%, Due December 2021 | Multifamily | PENNSYLVANIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 29,400			$ 29,400
Loans held for investment	$ 29,300			$ 29,300
Unleveraged effective yield				5.90%
Senior Mortgage Loans | LIBOR Plus 3.00%, Due December 2021 | Multifamily | PENNSYLVANIA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.00%			3.00%
Senior Mortgage Loans | LIBOR Plus 3.80%, Due January 2023 | Office | ILLINOIS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 28,500			$ 28,500
Loans held for investment	$ 28,300			$ 28,300
Unleveraged effective yield				6.20%
Senior Mortgage Loans | LIBOR Plus 3.80%, Due January 2023 | Office | ILLINOIS | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.80%			3.80%
Senior Mortgage Loans | LIBOR Plus 3.53%, Due May 2023 | Office | NORTH CAROLINA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 28,500			$ 28,500
Loans held for investment	$ 28,000			$ 28,000
Unleveraged effective yield				6.80%
Senior Mortgage Loans | LIBOR Plus 3.53%, Due May 2023 | Office | NORTH CAROLINA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.53%			3.53%
Senior Mortgage Loans | LIBOR Plus 3.45%, Due February 2023 | Student Housing | TEXAS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 24,600			$ 24,600
Loans held for investment	$ 24,400			$ 24,400
Unleveraged effective yield				5.50%
Senior Mortgage Loans | LIBOR Plus 3.45%, Due February 2023 | Student Housing | TEXAS | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.45%			3.45%
Senior Mortgage Loans | LIBOR Plus 4.45%, Due February 2021 | Student Housing | ALABAMA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 24,100			$ 24,100
Loans held for investment	$ 22,700			$ 22,700
Unleveraged effective yield				0.00%
Senior Mortgage Loans | LIBOR Plus 4.45%, Due February 2021 | Student Housing | ALABAMA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	4.45%			4.45%
Senior Mortgage Loans | LIBOR Plus 6.50%, Due September 2022 | Multifamily | SOUTH CAROLINA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 22,900			$ 22,900
Loans held for investment	$ 22,600			$ 22,600
Unleveraged effective yield				10.10%
Senior Mortgage Loans | LIBOR Plus 6.50%, Due September 2022 | Multifamily | SOUTH CAROLINA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	6.50%			6.50%
Senior Mortgage Loans | LIBOR Plus 3.40%, Due November 2021 | Office | CALIFORNIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 22,900			$ 22,900
Loans held for investment	$ 22,800			$ 22,800
Unleveraged effective yield				6.20%
Senior Mortgage Loans | LIBOR Plus 3.40%, Due November 2021 | Office | CALIFORNIA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.40%			3.40%
Senior Mortgage Loans | LIBOR Plus 4.50%, Due December 2021 | Industrial | CALIFORNIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 22,500			$ 22,500
Loans held for investment	$ 22,400			$ 22,400
Unleveraged effective yield				7.40%
Senior Mortgage Loans | LIBOR Plus 4.50%, Due December 2021 | Industrial | CALIFORNIA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	4.50%			4.50%
Senior Mortgage Loans | LIBOR Plus 3.25%, Due August 2022 | Student Housing | FLORIDA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 22,000			$ 22,000
Loans held for investment	$ 21,900			$ 21,900
Unleveraged effective yield				5.90%
Senior Mortgage Loans | LIBOR Plus 3.25%, Due August 2022 | Student Housing | FLORIDA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.25%			3.25%
Senior Mortgage Loans | LIBOR Plus 3.50%, Due March 2022 | Self Storage | FLORIDA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 19,500			$ 19,500
Loans held for investment	$ 19,400			$ 19,400
Unleveraged effective yield				6.00%
Senior Mortgage Loans | LIBOR Plus 3.50%, Due March 2022 | Self Storage | FLORIDA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.50%			3.50%
Senior Mortgage Loans | LIBOR Plus 3.00%, Due March 2023 | Multifamily | WASHINGTON
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 18,700			$ 18,700
Loans held for investment	$ 18,500			$ 18,500
Unleveraged effective yield				5.10%
Senior Mortgage Loans | LIBOR Plus 3.00%, Due March 2023 | Multifamily | WASHINGTON | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.00%			3.00%
Senior Mortgage Loans | LIBOR Plus 4.05%, Due November 2021 | Office | TEXAS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 18,100			$ 18,100
Loans held for investment	$ 18,000			$ 18,000
Unleveraged effective yield				7.50%
Senior Mortgage Loans | LIBOR Plus 4.05%, Due November 2021 | Office | TEXAS | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	4.05%			4.05%
Senior Mortgage Loans | LIBOR Plus 3.75%, Due March 2023 | Industrial | CALIFORNIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 13,900			$ 13,900
Loans held for investment	$ 13,800			$ 13,800
Unleveraged effective yield				6.30%
Senior Mortgage Loans | LIBOR Plus 3.75%, Due March 2023 | Industrial | CALIFORNIA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.75%			3.75%
Senior Mortgage Loans | LIBOR Plus 2.90%, Due December 2023, Instrument 1 | Self Storage | FLORIDA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 10,800			$ 10,800
Loans held for investment	$ 10,700			$ 10,700
Unleveraged effective yield				4.40%
Senior Mortgage Loans | LIBOR Plus 2.90%, Due December 2023, Instrument 1 | Self Storage | FLORIDA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	2.90%			2.90%
Senior Mortgage Loans | LIBOR Plus 4.00%, Due November 2022 | Office | NORTH CAROLINA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 8,600			$ 8,600
Loans held for investment	$ 8,600			$ 8,600
Unleveraged effective yield				6.70%
Senior Mortgage Loans | LIBOR Plus 4.00%, Due November 2022 | Office | NORTH CAROLINA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	4.00%			4.00%
Senior Mortgage Loans | LIBOR Plus 2.90%, Due December 2023, Instrument 2 | Self Storage | FLORIDA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 7,000			$ 7,000
Loans held for investment	$ 6,900			$ 6,900
Unleveraged effective yield				4.30%
Senior Mortgage Loans | LIBOR Plus 2.90%, Due December 2023, Instrument 2 | Self Storage | FLORIDA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	2.90%			2.90%
Senior Mortgage Loans | LIBOR Plus 2.90%, Due December 2023, Instrument 3 | Self Storage | FLORIDA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 6,400			$ 6,400
Loans held for investment	$ 6,400			$ 6,400
Unleveraged effective yield				4.30%
Senior Mortgage Loans | LIBOR Plus 2.90%, Due December 2023, Instrument 3 | Self Storage | FLORIDA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	2.90%			2.90%
Senior Mortgage Loans | LIBOR Plus 3.00%, Due December 2023, Instrument 1 | Self Storage | MISSOURI
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 6,000			$ 6,000
Loans held for investment	$ 6,000			$ 6,000
Unleveraged effective yield				4.40%
Senior Mortgage Loans | LIBOR Plus 3.00%, Due December 2023, Instrument 1 | Self Storage | MISSOURI | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.00%			3.00%
Senior Mortgage Loans | LIBOR Plus 3.00%, Due December 2023, Instrument 2 | Self Storage | ILLINOIS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 5,400			$ 5,400
Loans held for investment	$ 5,400			$ 5,400
Unleveraged effective yield				4.30%
Senior Mortgage Loans | LIBOR Plus 3.00%, Due December 2023, Instrument 2 | Self Storage | ILLINOIS | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.00%			3.00%
Senior Mortgage Loans | LIBOR Plus 2.90%, Due December 2023, Instrument 4 | Self Storage | FLORIDA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 4,400			$ 4,400
Loans held for investment	$ 4,400			$ 4,400
Unleveraged effective yield				4.20%
Senior Mortgage Loans | LIBOR Plus 2.90%, Due December 2023, Instrument 4 | Self Storage | FLORIDA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	2.90%			2.90%
Senior Mortgage Loans | LIBOR Plus 4.00%, Due April 2022 | Mixed-use | CALIFORNIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 45,000			$ 45,000
Senior Mortgage Loans | LIBOR Plus 4.00%, Due April 2022 | Mixed-use | CALIFORNIA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	380.00%			380.00%
Senior Mortgage Loans | Mezzanine, 10% annual fixed rate loan | Mixed-use | CALIFORNIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 11,200			$ 11,200
Fixed interest rate				10.00%
Senior Mortgage Loans | LIBOR Plus 4.75% Due Jan 2021 | Student Housing | TEXAS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Extension option period exercised (in years)			1 year
Senior Mortgage Loans | LIBOR Plus 3.75%, Note A | TEXAS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 35,300			$ 35,300
Basis spread on variable rate	375.00%			375.00%
Senior Mortgage Loans | LIBOR Plus 10.00%, Note B | TEXAS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 0			$ 0
Basis spread on variable rate	10.00%			10.00%
Subordinated debt and preferred equity investments | Office | NEW JERSEY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 17,000			$ 17,000
Loans held for investment	16,400			$ 16,400
Fixed interest rate				12.00%
Unleveraged effective yield				12.80%
Subordinated debt and preferred equity investments | Residential Condominium | NEW YORK
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate				20.00%
Subordinated debt	2,600			$ 2,600
Subordinated debt and preferred equity investments | Residential Condominium | HAWAII
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	11,500			11,500
Loans held for investment	11,500			$ 11,500
Fixed interest rate				14.00%
Unleveraged effective yield				16.10%
Subordinated debt and preferred equity investments | LIBOR Plus 14.00%, Due May 2021 | Residential Condominium | NEW YORK
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	18,300			$ 18,300
Loans held for investment	$ 18,300			$ 18,300
Unleveraged effective yield				17.90%
Subordinated debt and preferred equity investments | LIBOR Plus 14.00%, Due May 2021 | Residential Condominium | NEW YORK | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	14.00%			14.00%
Subordinated debt and preferred equity investments | LIBOR Plus 12.25%, Due November 2021 | Mixed-use | ILLINOIS
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 16,100			$ 16,100
Loans held for investment	$ 16,000			$ 16,000
Unleveraged effective yield				14.50%
Subordinated debt and preferred equity investments | LIBOR Plus 12.25%, Due November 2021 | Mixed-use | ILLINOIS | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	12.25%			12.25%
Subordinated debt and preferred equity investments | LIBOR Plus 8.25%, Due November 2021 | Office | CALIFORNIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 3,000			$ 3,000
Loans held for investment	$ 3,000			$ 3,000
Unleveraged effective yield				9.70%
Subordinated debt and preferred equity investments | LIBOR Plus 8.25%, Due November 2021 | Office | CALIFORNIA | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	8.25%			8.25%

LOANS HELD FOR INVESTMENT - Por

LOANS HELD FOR INVESTMENT - Portfolio Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Change in the activity of loan portfolio
Balance at the beginning of the period	$ 1,815,219
Initial funding	199,580
Origination fees and discounts, net of costs	(1,748)
Additional funding	23,864
Amortizing payments	(413)
Loan payoffs	(130,523)
Origination fee accretion	2,022	$ 1,967
Balance at the end of the period	$ 1,908,001

CURRENT EXPECTED CREDIT LOSSE_2

CURRENT EXPECTED CREDIT LOSSES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, allowance for credit loss	$ 22,000
Allowance for credit loss, basis points	106.00%
Commitments	$ 2,078,788	$ 2,013,993
Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, allowance for credit loss	20,895	23,604
Unfunded Loan Commitment
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, allowance for credit loss	1,101	$ 1,632
Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, allowance for credit loss	20,900
Other Assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest receivable	$ 11,300

CURRENT EXPECTED CREDIT LOSSE_3

CURRENT EXPECTED CREDIT LOSSES - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for current expected credit losses	$ (3,240)	$ 27,117
Balance at end of the period	22,000
Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the period	23,604
Provision for current expected credit losses	(2,709)
Write-offs	0
Recoveries	0
Balance at end of the period	20,895
Unfunded Loan Commitment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the period	1,632
Provision for current expected credit losses	(531)
Write-offs	0
Recoveries	0
Balance at end of the period	$ 1,101

CURRENT EXPECTED CREDIT LOSSE_4

CURRENT EXPECTED CREDIT LOSSES - Internal Credit Risk Rating (Details) - Loans Held for Investment $ in Thousands	Mar. 31, 2021USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
2021	$ 95,680
2020	545,066
2019	574,762
2018	378,701
2017	264,181
Prior	49,611
Total	1,908,001
1 - Very Low Risk
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	0
2018	8,555
2017	0
Prior	0
Total	8,555
2 - Low Risk
Financing Receivable, Credit Quality Indicator [Line Items]
2021	28,384
2020	29,944
2019	188,714
2018	66,114
2017	69,898
Prior	0
Total	383,054
3 - Medium Risk
Financing Receivable, Credit Quality Indicator [Line Items]
2021	67,296
2020	515,122
2019	383,444
2018	189,323
2017	171,626
Prior	16,470
Total	1,343,281
4 - High Risk/Potential for Loss: Asset performance is trailing underwritten expectations. Loan at risk of impairment without material improvement to performance
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	2,604
2018	114,709
2017	22,657
Prior	33,141
Total	173,111
5 - Impaired/Loss Likely: A loan that has significantly increased probability of default or principal loss
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	0
Prior	0
Total	$ 0

REAL ESTATE OWNED - Narrative (

REAL ESTATE OWNED - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Mar. 08, 2019	Mar. 07, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 1,919,007,000		$ 1,826,241,000
Real estate owned, net	37,059,000		37,283,000
Depreciation of real estate owned	224,000	$ 221,000
NEW YORK | Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Real estate owned, net	37,059,000		37,283,000
Repossessed hotel property	38,843,000		$ 38,843,000
Impairment charges	0
Depreciation of real estate owned	$ 224,000	$ 221,000
Senior Mortgage Loans | NEW YORK | Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal					$ 38,600,000
Debt derecognized				$ 38,600,000
Real estate owned, net				36,900,000
Other repossessed hotel assets				1,700,000
Repossessed hotel property				$ 38,600,000

REAL ESTATE OWNED - Schedule of

REAL ESTATE OWNED - Schedule of Real Estate Owned, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Real estate owned, net	$ 37,059	$ 37,283
NEW YORK | Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Repossessed hotel property	38,843	38,843
Less: Accumulated depreciation	(1,784)	(1,560)
Real estate owned, net	37,059	37,283
Land | NEW YORK | Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Repossessed hotel property	10,200	10,200
Buildings and improvements | NEW YORK | Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Repossessed hotel property	24,281	24,281
Furniture, fixtures and equipment | NEW YORK | Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Repossessed hotel property	$ 4,362	$ 4,362

DEBT - Schedule of outstanding

DEBT - Schedule of outstanding balances and total commitments under Financing Agreements (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding balance	$ 451,029,000	$ 928,674,000
Total Commitment	1,166,755,000	1,249,155,000
Secured Term Loan
Debt Instrument [Line Items]
Outstanding balance	60,000,000	110,000,000
Total Commitment	60,000,000	110,000,000
CNB Facility | CNB Facility
Debt Instrument [Line Items]
Total Commitment	50,000,000
Secured funding facility
Debt Instrument [Line Items]
Outstanding balance	349,582,000	755,552,000
Total Commitment	1,055,000,000	1,055,000,000
Secured funding facility | Wells Fargo Facility
Debt Instrument [Line Items]
Outstanding balance	227,280,000	336,001,000
Total Commitment	350,000,000	350,000,000
Secured funding facility | Citibank Facility
Debt Instrument [Line Items]
Outstanding balance	44,730,000	117,506,000
Total Commitment	325,000,000	325,000,000
Secured funding facility | CNB Facility
Debt Instrument [Line Items]
Outstanding balance	0	50,000,000
Total Commitment	50,000,000	50,000,000
Secured funding facility | MetLife Facility
Debt Instrument [Line Items]
Outstanding balance	20,648,000	104,124,000
Total Commitment	180,000,000	180,000,000
Secured funding facility | Morgan Stanley Facility
Debt Instrument [Line Items]
Outstanding balance	56,924,000	147,921,000
Total Commitment	150,000,000	150,000,000
Notes Payable
Debt Instrument [Line Items]
Outstanding balance	41,447,000	63,122,000
Total Commitment	$ 51,755,000	$ 84,155,000

DEBT - Disclosures (Details)

DEBT - Disclosures (Details)	Dec. 14, 2020	Aug. 13, 2020	Nov. 30, 2019USD ($)extension	Mar. 31, 2021USD ($)extension	Dec. 31, 2020USD ($)	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021USD ($)extensionloan	Mar. 31, 2020USD ($)	Aug. 31, 2020extension
Funding agreements
Line of credit facility, maximum borrowing capacity				$ 1,166,755,000	$ 1,249,155,000				$ 1,166,755,000
Number of non-recourse notes | loan									2
Outstanding balance				451,029,000	928,674,000				$ 451,029,000
Debt issue discount on initial draw down									$ 2,600,000
Maximum
Funding agreements
Extension period of maturity date									12 months
Notes payable
Funding agreements
Number of extension periods available for maturity date | extension			2
Extension period of maturity date			12 months
Interest rate margin (as a percent)									3.75%
Outstanding balance			$ 23,500,000	13,200,000					$ 13,200,000
Secured term loan
Funding agreements
Line of credit facility, maximum borrowing capacity				60,000,000	$ 110,000,000				60,000,000
Extension period of maturity date					12 months
Outstanding balance				60,000,000	$ 110,000,000				60,000,000
Aggregate principal amount				60,000,000					$ 60,000,000
Debt discount on initial draw down (as a percent)									5.10%	7.40%
Repayments of Debt				50,000,000
Secured term loan | LIBOR
Funding agreements
Interest rate margin (as a percent)									500.00%
Secured term loan | LIBOR | Forecast
Funding agreements
Interest rate, increase (decrease)						75.00%	37.50%	12.50%
Notes Payable, Due June 10, 2024
Funding agreements
Interest rate margin (as a percent)									2.50%
Wells Fargo Facility | Secured revolving funding facility
Funding agreements
Line of credit facility, maximum borrowing capacity				350,000,000					$ 350,000,000
Non-utilization fee on average available balance (basis points)									0.25%
Facility used on average (at least) (as a percent)									75.00%
Non-utilization fee									$ 19,000
Wells Fargo Facility | Secured revolving funding facility | Minimum | 30 day LIBOR
Funding agreements
Interest rate margin (as a percent)	1.50%
Wells Fargo Facility | Secured revolving funding facility | Maximum | 30 day LIBOR
Funding agreements
Interest rate margin (as a percent)	2.75%
Wells Fargo Facility | Revolving credit facility, optional commitment amount
Funding agreements
Line of credit facility, maximum borrowing capacity				$ 500,000,000					$ 500,000,000
Number of extension periods available for maturity date | extension				3					3
Extension period of maturity date									12 months
Wells Fargo Facility | Revolving Credit Facility - Optional Funding Period
Funding agreements
Number of extension periods available for maturity date | extension				1					1
Extension period of maturity date									12 months
Citibank Facility | Secured revolving funding facility
Funding agreements
Line of credit facility, maximum borrowing capacity				$ 325,000,000					$ 325,000,000
Number of extension periods available for maturity date | extension				2					2
Extension period of maturity date									12 months
Non-utilization fee on average available balance (basis points)									0.25%
Facility used on average (at least) (as a percent)									75.00%
Non-utilization fee									$ 159,000	$ 130,000
Citibank Facility | Secured revolving funding facility | Minimum | 30 day LIBOR
Funding agreements
Interest rate margin (as a percent)									1.50%
Citibank Facility | Secured revolving funding facility | Maximum | 30 day LIBOR
Funding agreements
Interest rate margin (as a percent)									2.25%
CNB Facility | CNB Facility
Funding agreements
Line of credit facility, maximum borrowing capacity				$ 50,000,000					$ 50,000,000
Extension period of maturity date									12 months
Non-utilization fee									$ 27,000	$ 32,000
Line of credit facility, accordion feature, increase limit				75,000,000					$ 75,000,000
Line of credit facility, accordion feature, increase in limit period per calendar year									120 days
CNB Facility | CNB Facility | LIBOR
Funding agreements
Interest rate margin (as a percent)									2.65%
CNB Facility | CNB Facility | One-month LIBOR
Funding agreements
Interest rate margin (as a percent)									1.00%
CNB Facility | CNB Facility | Federal funds rate
Funding agreements
Interest rate margin (as a percent)									0.50%
Non-utilization fee on average available balance (basis points)									0.375%
Facility used on average (at least) (as a percent)									75.00%
CNB Facility | CNB Facility | Minimum | LIBOR for a one, two, three, six or 12-month
Funding agreements
Interest rate margin (as a percent)									2.65%
MetLife Facility | Secured revolving funding facility
Funding agreements
Non-utilization fee on average available balance (basis points)		0.25%
Non-utilization threshold percentage (less than) (as a percent)		65.00%
MetLife Facility | Revolving master repurchase facility
Funding agreements
Line of credit facility, maximum borrowing capacity				180,000,000					$ 180,000,000
Number of extension periods available for maturity date | extension											2
Extension period of maturity date									12 months
MetLife Facility | Revolving master repurchase facility | 30 day LIBOR
Funding agreements
Interest rate margin (as a percent)		2.50%
Notes payable
Funding agreements
Maximum amount outstanding during period									$ 30,000,000
Morgan Stanley Facility | Revolving master repurchase facility
Funding agreements
Line of credit facility, maximum borrowing capacity				$ 150,000,000					$ 150,000,000
Number of extension periods available for maturity date | extension				2					2
Extension period of maturity date									12 months
Morgan Stanley Facility | Revolving master repurchase facility | One-month LIBOR
Funding agreements
Interest rate margin (as a percent)									2.25%
Morgan Stanley Facility | Revolving master repurchase facility | Minimum | One-month LIBOR
Funding agreements
Interest rate margin (as a percent)									1.75%
NEW YORK | Notes Payable, Due June 10, 2024
Funding agreements
Interest rate margin (as a percent)									3.00%
NEW YORK | Notes payable | Notes payable
Funding agreements
Interest expense from real estate owned									$ 28,300,000
NEW YORK | Notes payable | Notes Payable, Due June 10, 2024
Funding agreements
Number of extension periods available for maturity date | extension				1					1
Extension period of maturity date									6 months
Interest expense from real estate owned									$ 28,300,000
SOUTH CAROLINA | Notes payable
Funding agreements
Outstanding balance			$ 34,600,000

SECURED BORROWINGS (Details)

SECURED BORROWINGS (Details)	Nov. 30, 2019USD ($)	Jun. 30, 2020USD ($)loanextension	Feb. 29, 2020USD ($)loan	Apr. 30, 2019USD ($)extension	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Number of secured borrowing arrangements | loan			3
Outstanding balance					$ 451,029,000	$ 928,674,000
Notes Payable
Debt Instrument [Line Items]
Outstanding balance	$ 23,500,000				$ 13,200,000
Interest rate margin (as a percent)					3.75%
Extension period of maturity date	12 months
NORTH CAROLINA | Senior Mortgage Loans
Debt Instrument [Line Items]
Outstanding balance			$ 24,400,000
Extension period of maturity date				12 months
Number of extensions | extension				1
NORTH CAROLINA | Notes Payable
Debt Instrument [Line Items]
Outstanding balance				$ 24,400,000
Aggregate principal amount				30,500,000
Multifamily | NORTH CAROLINA | Notes Payable
Debt Instrument [Line Items]
Outstanding balance				$ 6,100,000
Multifamily | FLORIDA | Subordinated Participation
Debt Instrument [Line Items]
Outstanding balance					$ 24,900,000
Multifamily | FLORIDA | Participating Mortgages
Debt Instrument [Line Items]
Outstanding balance		$ 66,900,000			91,800,000
Interest rate margin (as a percent)		2.94%
Multifamily | FLORIDA | Senior Mortgage Loan Purchased | Subordinated Participation
Debt Instrument [Line Items]
Interest rate margin (as a percent)		10.50%
Multifamily | FLORIDA | Senior Mortgage Loan Purchased | Subordinated participation notes, one-month LIBOR Plus 10.50%
Debt Instrument [Line Items]
Outstanding balance		$ 12,600,000			12,600,000
Extension period of maturity date		12 months
Number of extensions | loan		1
Multifamily | FLORIDA | Senior Mortgage Loan Purchased | Notes Payable
Debt Instrument [Line Items]
Outstanding balance		$ 24,900,000
Extension period of maturity date		12 months
Number of extensions | extension		1
Multifamily | FLORIDA | Senior Mortgage Loan Purchased | Participating Mortgages
Debt Instrument [Line Items]
Outstanding balance		$ 34,100,000			46,700,000
Interest rate margin (as a percent)		2.94%
Office | NORTH CAROLINA | Senior Mortgage Loan, Due May 5, 2023
Debt Instrument [Line Items]
Outstanding balance					$ 22,700,000
Interest rate margin (as a percent)				2.50%

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Interest Rate Derivatives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)derivative
Derivative [Line Items]
Floor rate (percent)	0
LIBOR | Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Number of Instruments | derivative	1
Notional Amount | $	$ 870,000
Interest rate swaps, Fixed Rate (percent)	0.2075%
Weighted Average Maturity (Years)	1 year 6 months
LIBOR | Interest Rate Cap | Designated as Hedging Instrument
Derivative [Line Items]
Number of Instruments | derivative	1
Notional Amount | $	$ 275,000
Interest rate caps, Fixed Rate (percent)	0.50%
Weighted Average Maturity (Years)	1 year 6 months

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Fair Value of Derivative Instruments (Details) - Designated as Hedging Instrument - Interest rate derivatives - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Assets
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	$ 413	$ 0
Other Liabilities
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Liability Position	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Commitments to Fund (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Total commitments	$ 2,078,788	$ 2,013,993
Less: funded commitments	(1,919,007)	(1,826,241)
Total unfunded commitments	$ 159,781	$ 187,752

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)	Mar. 18, 2021	Mar. 15, 2021	Nov. 22, 2019	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2018
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.01	$ 0.01
Restricted stock | Amended and Restated 2012 Equity Incentive Plan
Class of Stock [Line Items]
Shares available for grant (in shares)						1,390,000
Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Sale of common stock (in shares)		7,000,000
Proceeds from issuance of common stock	$ 100,700,000
Maximum | Restricted Stock and Restricted Stock Units
Class of Stock [Line Items]
Award vesting period				4 years
Maximum | Common Stock
Class of Stock [Line Items]
Sale of stock, consideration received on transaction			$ 100,000,000
Minimum | Restricted Stock and Restricted Stock Units
Class of Stock [Line Items]
Award vesting period				1 year

STOCKHOLDERS' EQUITY - Disclosu

STOCKHOLDERS' EQUITY - Disclosures (Details)	3 Months Ended
	Mar. 31, 2021shares
Restricted stock activity
Balance at the beginning of the period (in shares)	358,682
Granted (in shares)	0
Vested (in shares)	(57,319)
Forfeited (in shares)	0
Balance at the end of the period (in shares)	301,363
Future Anticipated Vesting Schedule
2021 (in shares)	40,289
2022 (in shares)	118,253
2023 (in shares)	89,160
2024 (in shares)	53,661
2025 (in shares)	0
Total (in shares)	301,363
Restricted stock | Director
Restricted stock activity
Balance at the beginning of the period (in shares)	22,324
Granted (in shares)	0
Vested (in shares)	(11,162)
Forfeited (in shares)	0
Balance at the end of the period (in shares)	11,162
Future Anticipated Vesting Schedule
2021 (in shares)	11,162
2022 (in shares)	0
2023 (in shares)	0
2024 (in shares)	0
2025 (in shares)	0
Total (in shares)	11,162
Restricted stock | Officers and Employees of the Manager
Restricted stock activity
Balance at the beginning of the period (in shares)	68,851
Granted (in shares)	0
Vested (in shares)	(10,648)
Forfeited (in shares)	0
Balance at the end of the period (in shares)	58,203
Future Anticipated Vesting Schedule
2021 (in shares)	29,127
2022 (in shares)	29,076
2023 (in shares)	0
2024 (in shares)	0
2025 (in shares)	0
Total (in shares)	58,203
Restricted Stock Units (RSUs) | Officers and Employees of the Manager
Restricted stock activity
Balance at the beginning of the period (in shares)	267,507
Granted (in shares)	0
Vested (in shares)	(35,509)
Forfeited (in shares)	0
Balance at the end of the period (in shares)	231,998
Future Anticipated Vesting Schedule
2021 (in shares)	0
2022 (in shares)	89,177
2023 (in shares)	89,160
2024 (in shares)	53,661
2025 (in shares)	0
Total (in shares)	231,998

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ 15,740	$ (17,263)
Divided by:
Basic weighted average shares of common stock outstanding (in shares)	34,417,040	31,897,952
Weighted average non-vested restricted stock and RSUs (in shares)	303,910	0
Diluted weighted average shares of common stock outstanding (in shares)	34,720,950	31,897,952
Basic earnings (loss) per common share (in dollars per share)	$ 0.46	$ (0.54)
Diluted earnings (loss) per common share (in dollars per share)	$ 0.45	$ (0.54)
Shares excluded from computation of diluted earnings (loss) per common share as the impact of including those shares would be antidilutive	223,022

INCOME TAX - Schedule of Compon

INCOME TAX - Schedule of Components of Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Components of the company's income tax provision
Total income tax expense, including excise tax	$ 185	$ 9
Excise tax rate	4.00%
ACRE Capital Sale
Components of the company's income tax provision
Current	$ 64	18
Deferred	0	(99)
Excise tax	121	90
Total income tax expense, including excise tax	$ 185	$ 9

FAIR VALUE - Derivative Assets

FAIR VALUE - Derivative Assets and Liabilities, Recurring (Details) - Fair Value, Recurring - Interest rate derivatives $ in Thousands	Mar. 31, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets:	$ 413
Financial liabilities:	0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets:	0
Financial liabilities:	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets:	413
Financial liabilities:	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets:	0
Financial liabilities:	$ 0

FAIR VALUE - Carrying Value and

FAIR VALUE - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial assets:
Loans held for investment	$ 1,908,001	$ 1,815,219
Financial liabilities:
Collateralized loan obligation securitization debt (consolidated VIEs)	979,257	443,871
Carrying Value
Financial assets:
Loans held for investment	1,908,001	1,815,219
Financial liabilities:
Secured funding agreements	349,582	755,552
Notes payable	40,428	61,837
Secured term loan	60,000	110,000
Collateralized loan obligation securitization debt (consolidated VIEs)	979,257	443,871
Secured borrowings	59,845	59,790
Fair Value | Level 2
Financial liabilities:
Secured funding agreements	349,582	755,552
Fair Value | Level 3
Financial assets:
Loans held for investment	1,900,314	1,800,003
Financial liabilities:
Notes payable	41,447	63,122
Secured term loan	60,000	110,000
Collateralized loan obligation securitization debt (consolidated VIEs)	986,071	443,467
Secured borrowings	$ 60,215	$ 60,215

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details)	1 Months Ended	3 Months Ended
	Jan. 31, 2021USD ($)	Mar. 31, 2021USD ($)quarter	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Incentive fees incurred		$ 658,000	$ 0
Management fee renewal term		1 year
Management agreement termination, termination fee times average annual base management free and incentive fees received		300.00%
Management fee look back period		24 months
Outstanding principal		$ 1,919,007,000		$ 1,826,241,000
Loans held for investment		$ 1,908,001,000		1,815,219,000
ACREM
Related Party Transaction [Line Items]
Base management fees as a percentage of stockholders' equity per annum		1.50%
Incentive fee payable (not less than)		$ 0
Percentage multiplied to arrive at first value affecting calculation of incentive fees		20.00%
Previous period for which core earnings are considered to arrive at first value affecting calculation of incentive fees		12 months
Previous period for product of weighted average price per share and weighted average number of shares of common stock and other shares		12 months
Percentage multiplied to arrive at difference of first value affecting calculation of incentive fees		8.00%
Period whose fiscal quarters are considered to arrive at first value affecting calculation of incentive fees		12 months
Minimum cumulative core earnings, number of quarters | quarter		12
Minimum cumulative core earnings for calculation of incentive fee		$ 0
Residential
Related Party Transaction [Line Items]
Loans held for investment		46,000,000		$ 45,100,000
Continuing Operations | ACREM
Related Party Transaction [Line Items]
Incentive fees incurred		3,319,000	2,877,000
Incentive fees | Continuing Operations | ACREM
Related Party Transaction [Line Items]
Incentive fees incurred		658,000	$ 0
Senior Mortgage Loans | Loan Purchase Commitments | Industrial
Related Party Transaction [Line Items]
Outstanding principal		$ 200,000,000
Senior Mortgage Loans | NORTH CAROLINA | Loan Purchase Commitments | Industrial
Related Party Transaction [Line Items]
Loan purchased from affiliate	$ 105,500,000
Senior Mortgage Loans | NORTH CAROLINA | Loan Purchase Commitments | Industrial | Loans Held for Investment
Related Party Transaction [Line Items]
Outstanding principal	103,600,000
LIBOR Plus 3.00%, Due January 2024 | ILLINOIS | Self Storage | Senior Mortgage Loans
Related Party Transaction [Line Items]
Outstanding principal	5,600,000
LIBOR Plus 3.00%, Due January 2024 | ILLINOIS | Self Storage | Senior Mortgage Loans | Loans Held for Investment
Related Party Transaction [Line Items]
Loans held for investment	5,400,000
LIBOR Plus 3.00%, Due January 2024 | MISSOURI | Self Storage | Senior Mortgage Loans
Related Party Transaction [Line Items]
Outstanding principal	6,500,000
LIBOR Plus 3.00%, Due January 2024 | MISSOURI | Self Storage | Senior Mortgage Loans | Loans Held for Investment
Related Party Transaction [Line Items]
Loans held for investment	5,900,000
LIBOR Plus 2.90%, Due January 2024 | FLORIDA | Self Storage | Senior Mortgage Loans | Loans Held for Investment
Related Party Transaction [Line Items]
Outstanding principal	6,400,000
LIBOR Plus 2.90%, Due January 2024, Instrument Two | FLORIDA | Self Storage | Senior Mortgage Loans | Loans Held for Investment
Related Party Transaction [Line Items]
Outstanding principal	4,400,000
LIBOR Plus 2.90%, Due January 2024, Instrument Three | FLORIDA | Self Storage | Senior Mortgage Loans | Loans Held for Investment
Related Party Transaction [Line Items]
Outstanding principal	7,000,000
LIBOR Plus 2.90%, Due January 2024, Instrument Four | FLORIDA | Self Storage | Senior Mortgage Loans | Loans Held for Investment
Related Party Transaction [Line Items]
Outstanding principal	$ 10,800,000

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Related Party Costs Incurred (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Incurred	$ 658	$ 0
Payable	3,319		$ 3,150
ACREM | Continuing Operations
Related Party Transaction [Line Items]
Incurred	3,319	2,877
Payable	3,319		3,150
ACREM | Continuing Operations | Management fees
Related Party Transaction [Line Items]
Incurred	1,909	1,773
Payable	1,909		1,854
ACREM | Continuing Operations | Incentive fees
Related Party Transaction [Line Items]
Incurred	658	0
Payable	658		533
ACREM | Continuing Operations | General and administrative expenses
Related Party Transaction [Line Items]
Incurred	752	1,051
Payable	752		762
ACREM | Continuing Operations | Direct costs
Related Party Transaction [Line Items]
Incurred	0	$ 53
Payable	$ 0		$ 1

DIVIDENDS AND DISTRIBUTIONS (De

DIVIDENDS AND DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 17, 2021	Feb. 20, 2020	Mar. 31, 2021	Mar. 31, 2020
DIVIDENDS AND DISTRIBUTIONS
Dividends per share amount declared (in dollars per share)	$ 0.35	$ 0.33	$ 0.35	$ 0.33
Total cash dividends	$ 14,248	$ 11,057	$ 14,248	$ 11,057
Cash dividends payable (in dollars per share)			$ 0.33
Supplemental cash dividend payable (in dollars per share)			$ 0.02

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details) $ in Thousands	Jan. 28, 2021USD ($)	Mar. 31, 2021USD ($)loan	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)loan	Jan. 16, 2023	Jan. 11, 2019USD ($)	Mar. 31, 2017USD ($)
Variable Interest Entity [Line Items]
Financing receivable, unpaid principal balance		$ 34,900		$ 6,400
Loans held for investment		1,908,001		$ 1,815,219
Sale of common stock		100,870	$ 73,232
Credit risk, financial instrument, maximum exposure		238,200
ACRE Commercial Mortgage 2021-FL4 Ltd. and ACRE Commercial Mortgage 2021-FL4 LLC | Preferred Stock
Variable Interest Entity [Line Items]
Sale of common stock	$ 64,300
ACRE Commercial Mortgage 2021-FL4 Ltd. and ACRE Commercial Mortgage 2021-FL4 LLC | Preferred Stock | Wholly Owned Subsidiary To Parent Company
Variable Interest Entity [Line Items]
Sale of common stock		$ 64,300
Floating Rate Notes, Weighted Average Coupon Rate, LIBOR Plus 1.85%
Variable Interest Entity [Line Items]
Number of properties collateralized for mortgage loan | loan		14		15
Receivables related to repayments of outstanding principal		$ 522,100		$ 550,600
Secured, Floating Rate Notes | ACRE Commercial Mortgage 2021-FL4 Ltd. and ACRE Commercial Mortgage 2021-FL4 LLC
Variable Interest Entity [Line Items]
Aggregate principal amount	$ 603,000
Secured, Floating Rate Notes | ACRE Commercial Mortgage 2021-FL4 Ltd. and ACRE Commercial Mortgage 2021-FL4 LLC | Wholly Owned Subsidiary To Parent Company
Variable Interest Entity [Line Items]
Aggregate principal amount		62,500
Collateral amount		$ 126,800
FL4 Mortgage Assets
Variable Interest Entity [Line Items]
Number of properties collateralized for mortgage loan | loan		23
Receivables related to repayments of outstanding principal		$ 667,200
Financing receivable, unpaid principal balance		115
Parent Company | Offered Certificates
Variable Interest Entity [Line Items]
Preferred equity fully funded amount		52,900
Parent Company | Secured funding agreements
Variable Interest Entity [Line Items]
Loans held for investment		111,400
Holdco | Mortgaged Assets
Variable Interest Entity [Line Items]
Principal amount of certificates retained by wholly owned subsidiary of the entity		$ 58,500
Wells Fargo Facility | Notes payable
Variable Interest Entity [Line Items]
Debt commitment							$ 308,800
Wells Fargo Facility | Notes payable | 2019 FL3 CLO Securitization
Variable Interest Entity [Line Items]
Debt commitment						$ 504,100
Wells Fargo Facility
Variable Interest Entity [Line Items]
Debt instrument, preferred equity component							$ 32,400
Wells Fargo Facility | 2019 FL3 CLO Securitization
Variable Interest Entity [Line Items]
Debt instrument, preferred equity component						$ 52,900
Forecast | Holdco | Offered Notes, Class A, A-S, Class B and Class C
Variable Interest Entity [Line Items]
Prepayment fee, percent					1.00%
Forecast | Holdco | Offered Notes, Class D
Variable Interest Entity [Line Items]
Prepayment fee, percent					1.00%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	May 04, 2021	Feb. 17, 2021	Feb. 20, 2020	Mar. 31, 2021	Mar. 31, 2020	Apr. 29, 2021	Apr. 22, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Outstanding principal				$ 1,919,007				$ 1,826,241
Loans held for investment				$ 1,908,001				$ 1,815,219
Dividends per share amount declared (in dollars per share)		$ 0.35	$ 0.33	$ 0.35	$ 0.33
Supplemental cash dividend payable (in dollars per share)				$ 0.02
Residential Condominium | Subordinated debt and preferred equity investments | NEW YORK | LIBOR Plus 14.00%, Due May 2021
Subsequent Event [Line Items]
Outstanding principal				$ 18,300
Loans held for investment				$ 18,300
Residential Condominium | Subordinated debt and preferred equity investments | NEW YORK | LIBOR Plus 14.00%, Due May 2021 | LIBOR
Subsequent Event [Line Items]
Basis spread on variable rate				14.00%
Subsequent Event
Subsequent Event [Line Items]
Dividends per share amount declared (in dollars per share)	$ 0.33
Supplemental cash dividend payable (in dollars per share)	$ 0.02
Subsequent Event | Residential Condominium | Senior Mortgage Loans | NEW YORK | LIBOR Plus 6 Point 00 Percent
Subsequent Event [Line Items]
Outstanding principal						$ 53,300
Basis spread on variable rate						6.00%
Loans held for investment						$ 33,800
Subsequent Event | Student Housing | Senior Mortgage Loans | ALABAMA | LIBOR Plus 3.85%
Subsequent Event [Line Items]
Outstanding principal							$ 19,500
Subsequent Event | Student Housing | Senior Mortgage Loans | ALABAMA | LIBOR Plus 3.85% | LIBOR
Subsequent Event [Line Items]
Basis spread on variable rate							3.85%
Subsequent Event | Self Storage | Senior Mortgage Loans | NEW JERSEY | LIBOR Plus 6 Point 75 Percent
Subsequent Event [Line Items]
Outstanding principal						$ 15,000
Subsequent Event | Self Storage | Senior Mortgage Loans | NEW JERSEY | LIBOR Plus 6 Point 75 Percent | LIBOR
Subsequent Event [Line Items]
Basis spread on variable rate						6.75%