Ladder Capital (LADR) 10-Q 12 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	1-May-14	1-May-14
		Class A common stock	Class B common stock
Entity Registrant Name	'Ladder Capital Corp	'	'
Entity Central Index Key	'0001577670	'	'
Document Type	'10-Q	'	'
Document Period End Date	31-Mar-14	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Non-accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	50,597,205	48,536,429
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q1	'	'

Combined_Consolidated_Balance_

Combined Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
Assets	'	'
Cash and cash equivalents	$115,465,783	$78,742,257
Cash collateral held by broker	32,595,226	28,520,788
Mortgage loan receivables held for investment, net at amortized cost	674,980,076	539,078,182
Mortgage loan receivables held for sale	162,107,043	440,489,789
Real estate securities, available-for-sale:	'	'
Real estate securities, available for sale	1,750,040,000	1,657,246,000
Real estate, net	603,752,733	624,219,015
Investments in unconsolidated joint ventures	7,311,247	9,262,762
FHLB stock	50,400,000	49,450,000
Derivative instruments	838,922	8,244,355
Due from brokers	28,676,406	1,503
Accrued interest receivable	16,115,725	14,971,167
Other assets	47,963,235	38,837,255
Total assets	3,490,246,848	3,489,063,267
Liabilities	'	'
Repurchase agreements	370,970,039	609,834,793
Long-term financing	331,936,919	291,053,406
Borrowings from the FHLB	933,000,000	989,000,000
Senior unsecured notes	325,000,000	325,000,000
Due to brokers	30,090,186	'
Derivative instruments	10,411,959	7,031,033
Accrued expenses	41,946,270	64,400,382
Other liabilities	16,098,944	17,509,888
Total liabilities	2,059,454,317	2,303,829,502
Commitments and contingencies	'	'
Equity (capital)	'	'
Common units	'	59,565,278
Additional paid-in capital	709,372,578	'
Retained earnings	12,652,341	'
Accumulated other comprehensive income/(loss)	-1,639,804	'
Total shareholders' equity (partners' capital)	720,435,712	1,176,397,231
Noncontrolling interest in operating partnership	702,004,580	'
Noncontrolling interest in consolidated joint ventures	8,352,239	'
Noncontrolling interest in consolidated joint ventures	'	8,836,534
Total equity (capital)	1,430,792,531	'
Total equity (capital)	'	1,185,233,765
Total liabilities and equity (capital)	3,490,246,848	3,489,063,267
Class A common stock	'	'
Equity (capital)	'	'
Common stock value	50,597	'
Investment grade commercial mortgage backed securities	'	'
Real estate securities, available-for-sale:	'	'
Real estate securities, available for sale	1,247,477,206	1,164,936,448
GN construction securities	'	'
Real estate securities, available-for-sale:	'	'
Real estate securities, available for sale	16,304,540	13,006,860
GN permanent securities	'	'
Real estate securities, available-for-sale:	'	'
Real estate securities, available for sale	105,249,603	113,216,186
Interest-only securities	'	'
Real estate securities, available-for-sale:	'	'
Real estate securities, available for sale	381,009,103	366,086,700
Series A preferred units	'	'
Equity (capital)	'	'
Preferred units	'	825,985,422
Series B preferred units	'	'
Equity (capital)	'	'
Preferred units	'	$290,846,531

Combined_Consolidated_Balance_1

Combined Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014
Class A common stock	'
Common stock, par value per share (in dollars per share)	$0.00
Common stock, authorized shares	600,000,000
Common stock, issued shares	50,597,205
Common stock, outstanding shares	50,597,205
Class B common stock	'
Common stock, no par value (in dollars per share)	'
Common stock, authorized shares	100,000,000
Common stock, issued shares	48,536,429
Common stock, outstanding shares	48,536,429

Combined_Consolidated_Statemen

Combined Consolidated Statements of Income (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Net interest income	'	'
Interest income	$36,822,125	$31,261,332
Interest expense	14,841,298	11,207,196
Net interest income	21,980,827	20,054,136
Provision for loan losses	150,000	150,000
Net interest income after provision for loan losses	21,830,827	19,904,136
Other income	'	'
Operating lease income	13,213,374	6,484,040
Tenant recoveries	2,080,163	'
Sale of loans, net	41,302,665	83,007,462
Gain on securities	1,808,815	2,564,893
Sale of real estate, net	6,692,907	3,697,548
Fee income	2,308,872	1,438,501
Net result from derivative transactions	-26,286,666	2,269,709
Earnings from investment in unconsolidated joint ventures	348,175	393,980
Unrealized gain (loss) on Agency interest-only securities, net	-1,034,146	-249,900
Total other income	40,434,159	99,606,233
Costs and expenses	'	'
Salaries and employee benefits	20,003,013	19,711,553
Operating expenses	3,041,301	2,272,869
Real estate operating expenses	7,601,859	2,880,425
Fee expense	501,516	1,404,204
Depreciation and amortization	7,427,258	3,123,583
Total costs and expenses	38,574,947	29,392,634
Income before taxes	23,690,039	90,117,735
Income tax expense	5,289,217	2,067,763
Net income	18,400,822	88,049,972
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures	191,520	-27,244
Net income of combined Class A Common shareholders and predecessor unit holders	18,592,342	88,022,728
Net (income) loss attributed to predecessor unit holders	12,628,031	'
Net (income) loss attributed to noncontrolling interest in operating partnership	-18,568,032	'
Earnings per share/common unit:	'	'
Basic (in dollars per share)	$0.26	'
Diluted (in dollars per share)	$0.24	'
Weighted average shares/common units outstanding:	'	'
Basic (in units)	48,909,692	'
Diluted (in units)	97,531,793	'
Class A Common Stock	'	'
Costs and expenses	'	'
Net income attributable to Class A common shareholders	$12,652,341	'

Combined_Consolidated_Statemen1

Combined Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Net income	$18,400,822	$88,049,972
Unrealized gains on securities	'	'
Unrealized gain (loss) on real estate securities, available for sale	15,603,903	987,756
Reclassification adjustment for (gains) losses included in net income	-1,808,815	-2,564,893
Total other comprehensive income (loss)	13,795,088	-1,577,137
Comprehensive income	32,195,910	86,472,835
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures	191,520	-27,244
Comprehensive income of combined Class A Common shareholders and predecessor unit holders	32,387,430	86,445,591
Net (income) loss attributed to predecessor unit holders	-4,379,909	'
Comprehensive (income) loss attributed to noncontrolling interest in operating partnership	-16,994,984	'
Class A Common Stock	'	'
Unrealized gains on securities	'	'
Comprehensive (income) loss attributable to parent	$11,012,537	'

Combined_Consolidated_Statemen2

Combined Consolidated Statements of Changes in Equity/Capital (USD $)

Total

Additional Paid-in-Capital

Retained Earnings

Accumulated Other Comprehensive Income

Noncontrolling Interests Operating Partnership

Noncontrolling Interests Consolidated Joint Ventures

Class A Common Stock

Class B Common Stock

Preferred Units

Preferred Units

Common Units

Limited partner

Noncontrolling Interests Consolidated Joint Ventures

Series A Preferred Units

Series B Preferred Units

Balance at Dec. 31, 2012

$1,098,270,215

'

'

'

'

'

'

'

$781,100,600

$272,215,202

$44,372,247

'

$582,166

Increase (Decrease) in Partners' Capital

'

'

'

'

'

'

'

'

'

'

'

'

'

Contributions

11,645,654

'

'

'

'

'

'

'

'

1,800,000

'

'

9,845,654

Distributions

-95,935,352

'

'

'

'

'

'

'

-58,092,429

-18,333,605

-19,016,182

'

-493,136

Equity based compensation

2,881,447

'

'

'

'

'

'

'

'

2,428,078

453,369

'

'

Net income (loss)

'

'

'

'

'

'

'

'

115,349,646

36,670,087

37,811,503

'

-1,098,150

Other comprehensive income

-20,361,285

'

'

'

'

'

'

'

-12,372,395

-3,933,231

-4,055,659

'

'

Balance at Dec. 31, 2013

1,185,233,765

'

'

'

'

'

'

'

825,985,422

290,846,531

59,565,278

'

8,836,534

Increase (Decrease) in Partners' Capital

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income (loss)

18,400,822

'

12,652,341

'

18,568,032

-191,520

'

'

-7,471,541

-2,630,884

-2,525,606

'

'

Other comprehensive income

13,795,088

'

'

-1,639,804

-1,573,048

'

'

'

10,062,972

3,543,380

3,401,588

'

'

Increase Decrease in Stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

Distributions

-27,766,865

'

'

'

-27,105,107

-292,775

'

-985

'

-368,983

'

'

'

Equity based compensation

2,324,980

1,683,550

'

'

351,259

'

'

'

'

290,171

'

'

'

Issuance of common stock (IPO)

259,037,500

259,020,575

'

'

'

'

16,925

'

'

'

'

'

'

Issuance of common stock (IPO

'

'

'

'

'

'

16,925,013

'

'

'

'

'

'

Offering costs

-20,232,759

-20,232,759

'

'

'

'

'

'

'

'

'

'

'

Reorganization transactions (in shares)

'

'

'

'

'

'

'

'

-828,576,853

-291,680,215

-60,441,260

1,180,698,328

'

Exchange of capital for common stock

'

483,567,974

'

'

'

'

33,672

'

'

'

'

-483,601,646

'

Exchange of capital for common stock (in shares)

'

'

'

'

'

'

33,672,192

'

'

'

'

'

'

Exchange of noncontrolling interest for common stock

'

'

'

'

697,096,682

'

'

48,537,414

'

'

'

-697,096,682

'

Rebalancing of ownership percentage between Company and Operating Partnership

'

-14,666,762

'

'

14,666,762

'

'

'

'

'

'

'

'

Balance at Mar. 31, 2014

$1,430,792,531

$709,372,578

$12,652,341

($1,639,804)

$702,004,580

$8,352,239

$50,597

'

'

'

'

'

'

Balance (in shares) at Mar. 31, 2014

'

'

'

'

'

'

50,597,205

48,536,429

'

'

'

'

'

Combined_Consolidated_Statemen3

Combined Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net income	$18,400,822	$88,049,972
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	7,427,258	3,123,583
Unrealized (gain) loss on derivative instruments	10,507,734	4,252,531
Unrealized (gain) loss on Agency interest-only securities, net	1,034,146	249,900
Provision for loan losses	150,000	150,000
Amortization of equity based compensation	2,324,980	474,501
Amortization of deferred financing costs included in interest expense	1,349,475	844,409
Amortization of (premium) discount on long-term debt	-142,440	-115,043
Amortization of above- and below-market lease intangibles	154,756	'
Accretion/amortization of discount, premium and other fees on loans and securities	17,144,061	12,212,508
Realized gain on sale of mortgage loan receivables	-41,302,665	-83,007,462
Realized gain on sale of real estate securities	-1,808,815	-2,564,893
Realized gain on sale of real estate	-6,692,907	-3,697,548
Origination of mortgage loan receivables held for sale	-463,575,489	-843,902,500
Repayment of mortgage loan receivables held for sale	316,067	545,079
Proceeds from sales of mortgage loan receivables held for sale	783,762,354	947,119,454
Accrued interest receivable	-1,144,558	1,069,347
Earnings on investment in unconsolidated joint ventures	-348,175	-393,980
Distributions of return on capital from investment in unconsolidated joint ventures	799,690	'
Changes in operating assets and liabilities:	'	'
Due to brokers	30,090,186	'
Due from brokers	-28,674,903	1,855,858
Other assets	-10,671,294	4,695,523
Accrued expenses and other liabilities	-22,722,816	19,334,686
Net cash provided by (used in) operating activities	296,372,276	150,295,925
Cash flows used in investing activities:	'	'
Cash collateral held by broker for derivatives	3,999,088	-2,854,716
Purchase of derivative instruments	'	-20,000
Purchases of real estate securities	-201,657,200	-85,465,685
Repayment of real estate securities	46,701,877	99,565,578
Proceeds from sales of real estate securities	58,286,280	41,635,894
Purchase of FHLB stock	-950,000	-8,050,000
Origination and purchases of mortgage loan receivables held for investment	-147,570,705	-96,414,750
Repayment of mortgage loan receivables held for investment	12,335,575	122,063,197
Reduction (addition) of cash collateral held by broker	-8,073,526	-22,659,733
Addition of deposits received for loan originations	-863,615	6,018,381
Security deposits included in other assets	2,007,219	'
Capital contributions to investment in unconsolidated joint ventures	'	-782,654
Distributions of return of capital from investment in unconsolidated joint ventures	1,500,000	461,729
Purchases of real estate and capital improvements	-216,428	-22,990,741
Proceeds from sale of real estate	19,935,817	8,045,319
Net cash provided by (used in) investing activities	-214,565,618	38,551,819
Cash flows from financing activities:	'	'
Deferred financing costs	-2,282,207	-415,000
Repayment of repurchase agreements	-1,644,254,432	-2,284,776,625
Proceeds from repurchase agreements	1,405,389,678	1,873,020,837
Proceeds from borrowings under credit agreements	'	30,000,000
Proceeds from long-term financing	41,083,035	52,393,529
Repayment of long-term financing	-57,082	-10,208
Proceeds from FHLB borrowings	1,649,000,000	1,654,000,000
Repayments of FHLB borrowings	-1,705,000,000	-1,493,000,000
Partners' capital distributions	-368,983	-31,796,354
Capital contributed by a noncontrolling interest	'	656,262
Capital distributed to a noncontrolling interest	-27,397,882	'
Issuance of common stock	259,037,500	'
Common stock offering costs	-20,232,759	'
Net cash provided by (used in) financing activities	-45,083,132	-199,927,559
Net increase (decrease) in cash	36,723,526	-11,079,815
Cash and cash equivalents at beginning of period	78,742,257	45,178,565
Cash and cash equivalents at end of period	115,465,783	34,098,750
Supplemental information:	'	'
Cash paid for interest	19,315,740	7,307,150
Cash paid for income taxes	1,094,686	2,412,720
Supplemental disclosure of non-cash investing activities:	'	'
Transfer from mortgage loan receivables held for investment, at amortized cost to mortgage loan receivable held for sale	'	8,320,273
Supplemental disclosure of non-cash financing activities:	'	'
Exchange of capital for common stock	483,567,974	'
Exchange of noncontrolling interest for common stock	697,096,682	'
Change in other comprehensive income related to change in deferred tax asset	305,950	'
Rebalancing of ownership percentage between Company and Operating Partnership	$14,666,762	'

ORGANIZATION_AND_OPERATIONS

ORGANIZATION AND OPERATIONS	3 Months Ended
	Mar. 31, 2014
ORGANIZATION AND OPERATIONS	'
ORGANIZATION AND OPERATIONS	'
	1.                            ORGANIZATION AND OPERATIONS
	Ladder Capital Corp was formed as a Delaware corporation on May 21, 2013. The Company conducted an initial public offering of common stock (the “IPO”) which closed on February 11, 2014. The Company used the net proceeds from the IPO to purchase newly issued LP Units from LCFH and pursuant to a reorganization into a holding corporation structure, Ladder Capital Corp became a holding corporation.  Ladder Capital Corp also became the general partner of, and has a controlling interest in, the Predecessor. Ladder Capital Corp’s only business is to act as the general partner of LCFH, and, as such, Ladder Capital Corp indirectly operates and controls all of the business and affairs of LCFH and its subsidiaries through its ability to appoint the LCFH board.  The proceeds received by LCFH in connection with the sale of newly issued LP Units has and will be used for loan origination, real estate businesses and for general corporate purposes.
	Ladder Capital Corp consolidates the financial results of LCFH and its subsidiaries. The ownership interest of certain existing owners of LCFH, who own LP Units and an equivalent number of shares of Ladder Capital Corp Class B common stock as of the completion of the offering (the “Continuing LCFH Limited Partners”) are reflected as a noncontrolling interest in Ladder Capital Corp’s combined consolidated financial statements.
	Immediately prior to the closing of the IPO on February 11, 2014, LCFH effectuated certain transactions intended to simplify the capital structure of LCFH (the “Reorganization Transactions”). Prior to the Reorganization Transactions, LCFH’s capital structure consisted of three different classes of membership interests (Series A and Series B Participating Preferred Units and Class A Common Units), each of which had different capital accounts. The net effect of the Reorganization Transactions was to convert the multiple-class structure into a single new class of units in LCFH (“LP Units”) and an equal number of shares of Class B common stock of Ladder Capital Corp. The conversion of all of the different classes of LCFH occurred in accordance with conversion ratios for each class of outstanding units based upon the liquidation value of LCFH, as if it had been liquidated upon the IPO, with such value determined by the $17.00 price per share of Class A common stock sold in the IPO. The distribution of LP Units per class of outstanding units was determined pursuant to the distribution provisions set forth in LCFH’s amended and restated Limited Liability Limited Partnership Agreement (the “Amended and Restated LLLP Agreement”). In addition, in connection with the IPO, certain of LCFH’s existing investors (the “Exchanging Existing Owners”) received 33,672,192 shares of Ladder Capital Corp Class A common stock in lieu of any or all LP Units and shares of Ladder Capital Corp Class B common stock that would otherwise have been issued to such existing investors in the Reorganization Transactions, which resulted in Ladder Capital Corp, or a wholly-owned subsidiary of Ladder Capital Corp, owning one LP Unit for each share of Class A Common Stock so issued to the Exchanging Existing Owners.
	The IPO resulted in the issuance by Ladder Capital Corp of 15,237,500 shares of Class A common stock to the public, including 1,987,500 shares of Class A common stock offered as a result of the exercise of the underwriters’ over-allotment option, and net proceeds to Ladder Capital Corp of approximately $238.8 million (after deducting fees and expenses associated with the IPO). In addition, in connection with the IPO, the Company granted 1,687,513 shares of restricted Class A common stock to members of management, certain directors and certain employees.
	Pursuant to the Amended and Restated LLLP Agreement, and subject to the applicable minimum retained ownership requirements and certain other restrictions, including notice requirements, from time to time, Continuing LCFH Limited Partners (or certain transferees thereof) will have the right to exchange with Ladder Capital Corp their LP Units for shares of Ladder Capital Corp’s Class A common stock on a one-for-one basis.
	As a result of the transactions described above, at the close of business on February 11, 2014:
	·                  Ladder Capital Corp became the general partner of LCFH and, through LCFH and its subsidiaries, operates the Ladder Capital business. Accordingly, Ladder Capital Corp has a 51.3% economic interest in LCFH, and Ladder Capital Corp has a majority voting interest and controls the management of LCFH. As a result, Ladder Capital Corp consolidates the financial results of LCFH and records noncontrolling interest for the economic interest in LCFH held by the Continuing LCFH Limited Partners to the extent the book value of their interest in LCFH is greater than zero;
	·                  50,597,205 shares of Ladder Capital Corp’s Class A common stock were outstanding (comprised of 15,237,500 shares issued to the investors in the IPO, 33,672,192 shares issued to the Exchanging Existing Owners and 1,687,513 shares issued to certain directors, officers, and employees in connection with the IPO), and 48,537,414 shares of Ladder Capital Corp’s Class B common stock were outstanding.  Class B common stock has no economic interest but rather voting interest in the Company. With respect to LCFH, 99,139,017 LP Units of LCFH were outstanding, of which 50,597,205 LP Units were held by Ladder Capital Corp and its subsidiaries and 48,537,414 units were held by the Continuing LCFH Limited Partners; and
	·                  LP Units are exchangeable on a one-for-one basis for shares of Ladder Capital Corp Class A common stock. In connection with an exchange, a corresponding number of shares of Ladder Capital Corp Class B common stock will be required to be cancelled. LCFH LP units and Ladder Capital Corp Class B common stock cannot be legally separated.  However, the exchange of LP Units for shares of Ladder Capital Corp Class A common stock will not affect the exchanging owners’ voting power since the votes represented by the cancelled shares of Ladder Capital Corp Class B common stock will be replaced with the votes represented by the shares of Class A common stock for which such LP Units are exchanged.
	The Reorganization Transactions and the IPO are collectively referred to as the “IPO Transactions.”

SIGNIFICANT_ACCOUNTING_POLICIE

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2014
SIGNIFICANT ACCOUNTING POLICIES	'
SIGNIFICANT ACCOUNTING POLICIES	'
	2.                            SIGNIFICANT ACCOUNTING POLICIES
	Basis of Accounting and Principles of Combination and Consolidation
	The accompanying combined consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).  In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows.  The interim combined consolidated financial statements should be read in conjunction with audited consolidated financial statements for the year ended December 31, 2013 of our Predecessor, LCFH, which are included in the Company’s annual report on Form 10-K, as certain disclosures would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report.  Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The interim combined consolidated financial statements have been prepared, without audit, and do not necessarily include all information and footnotes necessary for a fair statement of our combined consolidated financial position, results of operations and cash flows in accordance with GAAP.
	The combined consolidated financial statements include the Company’s accounts and those of its subsidiaries which are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any.  All significant intercompany transactions and balances have been eliminated.  The combined consolidated financial statements of the Company are comprised of the consolidation of LCFH and its wholly-owned and majority owned subsidiaries, prior to the IPO Transactions, and the consolidated financial statements of Ladder Capital Corp, subsequent to the IPO Transactions.
	Accounting Standards Codification (“ASC”) 810, Consolidation, provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest.  The Company consolidates VIEs in which it is considered to be the primary beneficiary.  The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE.
	The Company accounted for the IPO Transactions as an exchange between entities under common control and recorded the net assets and shareholders’ equity of the contributed entities at historical cost.
	Noncontrolling interests in consolidated subsidiaries are defined as “the portion of the equity (net assets) in the subsidiaries not attributable, directly or indirectly, to a parent.”  Noncontrolling interests are presented as a separate component of capital in the combined consolidated balance sheets.  In addition, the presentation of net income attributes earnings to shareholders/unitholders (controlling interest) and noncontrolling interests.
	Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary, changes in a parent’s ownership interest (and transactions with noncontrolling interest unitholders in the subsidiary) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying amount of the noncontrolling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of reorganization transactions which caused changes in ownership percentages between the Company’s class A shareholders and the noncontrolling interests in the Operating Partnership that occurred during the period ended March 31, 2014, the Company has increased noncontrolling interests in the Operating Partnership and decreased additional paid-in capital in the Company’s shareholders’ equity by approximately $14.7 million as of March 31, 2014.
	Revision of Previously Issued Financial Statements
	During the Company’s reporting processes for each of the quarters ended June 30, 2013 and September 30, 2013, the Company identified and corrected certain errors that impacted the financial statements as of and for the quarter ended March 31, 2013.  At that time, in accordance with accounting guidance found in ASC 250-10 (SEC Staff Accounting Bulletin No. 99, Materiality), the Company concluded that the errors in accounting were not material to the financial statements to any previous reporting period when taken as a whole, both on a quantitative and qualitative basis.  However, the Company elected to revise previously issued financial statements to properly reflect the impact of the errors in such financial statements.  Following is a summary of the errors identified and corrected:
	The Company identified and corrected an error in the manner in which it accounted for the unrealized gains/losses related to its investment in Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”).  Specifically, the Company historically incorrectly accounted for its investments in Agency interest-only securities as available-for-sale securities, rather than as financial instruments containing an embedded derivative for which the change in fair value is recorded in earnings. The effect of the correction is the reclassification of unrealized gains and losses on Agency interest-only securities from other comprehensive income to a component of net income, and accordingly impacts the combined consolidated statements of income, cash flows, comprehensive income,  and segment reporting included in Note 18.
	The Company identified and corrected an error in the manner in which it accounted for the sale of loans into a securitization that had been originated to a consolidated affiliate (“Intercompany Loans”). Specifically, the Company historically incorrectly accounted for the sale of Intercompany Loans as a transfer of financial assets under ASC 860, Transfers and Servicing of Financial Assets, rather than as origination of debt. The effect of the correction is the reclassification from sale of loans, net to a component of long-term financing, with the premium on long-term financing amortized over the life of the loan as a reduction of interest expense, and accordingly impacts the combined consolidated, statements of income, cash flows, comprehensive income,  and segment reporting included in Note 18. Net income was decreased by $2.0 million for the three month period ended March 31, 2013, with a corresponding increase to long-term financing.
	Additionally, the Company corrected its previous presentation of certain cash accounts held by brokers. Specifically, the prior period amounts have been revised to reflect $410,535 of unrestricted cash held by brokers as cash and cash equivalents, which has the effect of increasing cash and cash equivalents and increasing cash used in operating activities in the combined consolidated statement of cash flows for the three months ended March 31, 2013.
	The effects of the revisions are summarized in the following tables:
	Consolidated Statements of Income
		Three Months Ended March 31, 2013
		As Originally			Adjustments		As Revised
		Reported
	Interest expense	$	11,322,239		(115,043	)	$	11,207,196
	Net interest income	19,939,093			115,043		20,054,136
	Net interest income after provision for loan losses	19,789,093			115,043		19,904,136
	Sale of loans, net	85,157,414			(2,149,952	)	83,007,462
	Unrealized gain (loss) on agency IO securities, net	—			(249,900	)	(249,900		)
	Total other income	102,006,085			(2,399,852	)	99,606,233
	Income before taxes	92,402,544			(2,284,809	)	90,117,735
	Net Income	90,334,781			(2,284,809	)	88,049,972
	Net income attributable to preferred and common unit holders	90,307,537			(2,284,809	)	88,022,728
	Consolidated Statements of Comprehensive Income
		Three Months Ended March 31, 2013
		As Originally			Adjustments			As Revised
		Reported
	Net Income	$	90,334,781		$	(2,284,809	)	$	88,049,972
	Unrealized gain (loss) on real estate securities, available for sale	737,856			249,900			987,756
	Total Other Comprehensive Income (loss)	(1,827,037		)	249,900			(1,577,137		)
	Comprehensive Income	88,507,744			(2,034,909		)	86,472,835
	Comprehensive income attributable to preferred and common unit holders	88,480,500			(2,034,909		)	86,445,591
	Consolidated Statements of Cash Flows
		Three Months Ended March 31, 2013
		As Originally			Adjustments			As Revised
		Reported
	Net Income	$	90,334,781		$	(2,284,809	)	$	88,049,972
	Unrealized gain (loss) on agency IO securities, net	—			249,900			249,900
	Amortization of (premium) discount on long-term debt	—			(115,043		)	(115,043		)
	Realized gain on sale of mortgage loan receivables	(85,157,414		)	2,149,952			(83,007,462		)
	Proceeds from sales of mortgage loan receivables held for sale	949,269,406			(2,149,952		)	947,119,454
	Net cash provided by (used in) operating activities	152,445,877			(2,149,952		)	150,295,925
	Reduction (addition) of cash collateral held by broker	(21,687,366		)	(972,367		)	(22,659,733		)
	Net cash provided by financing activities	39,524,186			(972,367		)	38,551,819
	Proceeds from long-term financing	50,243,577			2,149,952			52,393,529
	Net cash used in financing activities	(202,077,511		)	2,149,952			(199,927,559		)
	Net increase/(decrease) in cash	(10,107,448		)	(972,367		)	(11,079,815		)
	Cash at beginning of period	43,795,663			1,382,902			45,178,565
	Cash at end of period	33,688,215			410,535			34,098,750
	Use of Estimates
	The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the balance sheets and the reported amounts of revenues and expenses during the reporting period. In particular, the estimates used in the pricing process for real estate securities and the process for determining effective yield for purposes of recognition of interest income and determining other than temporary impairment, are inherently subjective and imprecise. Actual results could differ from those estimates.
	Cash Collateral Held by Broker
	The Company maintains accounts with brokers to facilitate financial derivative transactions in support of its loan and securities investments and risk management activities. Based on the value of the positions in these accounts and the associated margin requirements, the Company may be required to deposit additional cash into these broker accounts.  The cash collateral held by broker is considered restricted cash.
	Mortgage Loans Receivable Held for Investment
	Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, adjusted for actual prepayments.  The Company may sell mortgage loans receivable held for investment to an unaffiliated third party or LCRIP I described in Note 7.  Before the sale of such loans, the Company will transfer the loan from mortgage loans receivable held for investment to Mortgage loans receivable available for sale on the combined consolidated balance sheets.
	The Company evaluates each loan classified as a mortgage loan receivable held for investment for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loans contractual effective rate or the fair value of the collateral, if recovery of the Company’s investment is expected solely from the collateral.
	The Company’s loans are typically collateralized by real estate. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data.
	Upon the completion of the process above, the Company concluded that no loans originated by the Company were impaired as of March 31, 2014 and December 31, 2013. Significant judgment is required when evaluating loans for impairment, therefore actual results over time could be materially different.
	Real Estate
The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 47 years for buildings, four to 15 years for building fixtures and improvements and the remaining lease term for acquired intangible lease assets.
The Company classifies investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense.
Certain of the Company’s real estate investments are condominium units that the Company intends to sell over time. The results of operations and the related gain or loss on sale of properties that have been sold are not reflected as held for sale or presented in discontinued operations in the consolidated statements of income due to fact that the disposal does not represent a strategic shift that has (or will have) a major effect on the Company’s operations and financial results.
Certain of the Company’s real estate is leased to others on a net basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance. These leases are for fixed terms of varying length and provide for annual rentals. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable within other assets in the consolidated balance sheets.
Allocation of Purchase Price for Acquired Real Estate
In accordance with the guidance for business combinations, the Company determines whether a transaction or other event is a business combination. If the transaction is determined to be a business combination, the Company determines if the transaction is considered to be between entities under common control. The acquisition of an entity under common control is accounted for on the carryover basis of accounting whereby the assets and liabilities of the companies are recorded upon the merger on the same basis as they were carried by the companies on the merger date. All other business combinations are accounted for by applying the acquisition method of accounting. Under the acquisition method, the Company recognizes the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquired entity. In addition, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company will immediately expense acquisition-related costs and fees associated with business combinations.
The Company allocates the purchase price of acquired properties and businesses accounted for under the acquisition method of accounting to tangible and identifiable intangible assets acquired based an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, and insurance and other operating expenses. The Company also estimates costs to execute similar leases including leasing commissions, legal and other related expenses.
Above-market and below-market in-place lease values for owned properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease intangibles are amortized as a decrease to rental income over the remaining term of the lease plus any assumed renewals of below market lease terms. The capitalized below-market lease values will be amortized as an increase to rental income over the remaining term of the lease and any below market fixed rate renewal periods provided within the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time.
The fair value of investments and debt are valued using techniques consistent with those disclosed in Note 9, depending on the nature of the investment or debt. The fair value of all other assumed assets and liabilities based on the best information available.
The aggregate value of intangible assets related to customer relationships is measured based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors.
The value of in-place leases is amortized to expense over the initial terms of the respective leases, including any probable renewal periods, which range primarily from one to 24 years. The value of customer relationship intangibles is amortized to expense over the initial terms and any presumed renewal periods to be exercised in the respective leases, but in no event do the amortization periods for intangible assets exceed the remaining depreciable lives of the buildings. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense.
In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, as well as subsequent marketing and leasing activities, in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed.
Impairment of held for use property
On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired.  In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment.  The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property.  A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property.  To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property.  The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions.  These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions.  The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property.  As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future.
Rental Property Held for Sale
When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets.  If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, a valuation allowance is established.
If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used.  A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
Sales of Real Estate
Gains on sales of real estate are recognized pursuant to the provisions included in ASC 360-20 “Real Estate Sales” (“ASC 360-20”). The specific timing of a sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain recognition and accounts for the continued operations of the property by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria are met.
Valuation Hierarchy
In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP (FASB — Accounting Standards Codification Topic 820), the methodologies used for valuing such instruments have been categorized into three broad levels as follows:
Level 1 - Quoted prices in active markets for identical instruments.
Level 2 - Valuations based principally on other observable market parameters, including:
·  Quoted prices in active markets for similar instruments,
·  Quoted prices in less active or inactive markets for identical or similar instruments,
·  Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and
·  Market corroborated inputs (derived principally from or corroborated by observable market data).
Level 3 - Valuations based significantly on unobservable inputs.
·                  Valuations based on third party indications (broker quotes, counterparty quotes or pricing services) which were, in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations.
·                  Valuations based on internal models with significant unobservable inputs.
Pursuant to the authoritative guidance, these levels form a hierarchy.  The Company follows this hierarchy for its financial instruments measured at fair value on a recurring basis.  The classifications are based on the lowest level of input that is significant to the fair value measurement.
It is the Company’s policy to determine when transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the reporting period.
Income Taxes
The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740 — Income Taxes (“ASC 740”), which requires the recognition of tax benefits or expenses on the temporary differences between financial reporting and tax bases of assets and liabilities.  The Company’s operations were historically organized as a limited liability limited partnership which elected to be treated as a partnership for income tax purposes.  Accordingly, the Company’s income was not subject to U.S. federal income taxes.  Taxes related to income earned by this entity represented obligations of the individual partners and were not reflected in the combined consolidated financial statements.  Instead, income taxes shown on the Company’s historical consolidated financial statements were attributable to the New York City Unincorporated Business Tax.  After the Company’s IPO, the income from operations attributable to the Company is taxed at the prevailing federal, state and local and foreign income tax rates.  Income from operations of LCFH remain taxable to its limited partners.
The Company determines whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50%  likely of being realized upon ultimate settlement which could result in the Company recording a tax liability that would reduce shareholders’ equity.
The Company’s policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as a component of general and administrative expense on its combined consolidated statements of income. For the three months ended March 31, 2014 and 2013, the Company did not have any interest or penalties associated with the underpayment of any income taxes. The last three tax years remain open and subject to examination by tax jurisdictions.
Recently Issued and Adopted Accounting Pronouncements
In February 2013, the Federal Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation Is Fixed at the Reporting Date (ASU 2013-04”).  ASU 2013-04 addresses the recognition, measurement, and disclosure of certain obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, including debt arrangements, other contractual obligations, and settled litigation and judicial rulings. U.S. GAAP does not currently include specific guidance on accounting for such obligations with joint and several liability which has resulted in diversity in practice. The ASU requires an entity to measure these obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The ASU also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The ASU is to be applied retrospectively to all prior periods presented for those obligations resulting from joint and several liability arrangements within the updates scope that exist within the Company’s statement of financial position at the beginning of the year of adoption. This guidance became effective for the Company beginning January 1, 2014. The adoption of this standard did not have a material impact on its combined consolidated financial statements or footnote disclosures.
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). The objective of this update is to eliminate the diversity in practice in the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. Under this guidance, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except in certain circumstances. This update does not require any new recurring disclosures and is effective for annual and interim periods beginning after December 15, 2013.  This guidance became effective for the Company beginning January 1, 2014. The adoption of this standard did not have a material impact on its combined consolidated financial statements or footnote disclosures.
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). The objective of this update is to change the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under this guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This update requires expanded disclosures for discontinued operations reporting and is effective for annual and interim periods beginning after December 15, 2014 with early adoption permitted for disposals that have not been reported in financial statements previously issued or available for issuance.  The Company adopted this guidance during the quarter ended March 31, 2014.

CAPITALIZED_OFFERING_COSTS

CAPITALIZED OFFERING COSTS	3 Months Ended
	Mar. 31, 2014
CAPITALIZED OFFERING COSTS	'
CAPITALIZED OFFERING COSTS	'
	3.                            CAPITALIZED OFFERING COSTS
	The Company completed an IPO of its Class A Common Stock on February 11, 2014.   As described in Note 1, the Company consummated a number of internal reorganization transactions to transition the Company to a corporate structure form.  Costs directly attributable to the Company’s IPO, of $20,232,759, were capitalized and charged against the proceeds of the IPO once completed.

MORTGAGE_LOAN_RECEIVABLES

MORTGAGE LOAN RECEIVABLES	3 Months Ended
	Mar. 31, 2014
MORTGAGE LOAN RECEIVABLES	'
MORTGAGE LOAN RECEIVABLES	'
	4.                            MORTGAGE LOAN RECEIVABLES
	March 31, 2014
								Weighted		Remaining
		Outstanding			Carrying			Average		Maturity
		Face Amount			Value			Yield		(years)
	Mortgage loan receivables held for investment, at amortized cost	$	687,212,184		$	674,980,076	-1	9.51	%	2.11
	Mortgage loan receivables held for sale	162,554,033			162,107,043			5.46	%	7.43
	Total	$	849,766,217		$	837,087,119
	December 31, 2013
								Weighted		Remaining
		Outstanding			Carrying			Average		Maturity
		Face Amount			Value			Yield		(years)
	Mortgage loan receivables held for investment, at amortized cost	$	549,573,788		$	539,078,182	-1	9.76	%	2.14
	Mortgage loan receivables held for sale	440,774,789			440,489,789			5.47	%	9.62
	Total	$	990,348,577		$	978,967,971
	(1)         The carrying amount of loan receivables held for investment are presented net of provision for loan losses of $2,650,000 and $2,500,000 at March 31, 2014 and December 31, 2013, respectively.
	The following table summarizes the mortgage loan receivables by loan type:
		As of March 31, 2014						As of December 31, 2013
		Outstanding			Carrying			Outstanding			Carrying
		Face Amount			Value			Face Amount			Value
	Mortgage loan receivables held for sale
	First mortgage loan	$	162,554,033		$	162,107,043		$	440,774,789		$	440,489,789
	Total mortgage loan receivables held for sale	162,554,033			162,107,043			440,774,789			440,489,789
	Mortgage loan receivables held for investment, at amortized cost
	First mortgage loan	546,093,172			537,577,880			420,672,555			413,564,066
	Mezzanine loan	141,119,012			140,052,196			128,901,233			128,014,116
	Total mortgage loan receivables held for investment, at amortized cost	687,212,184			677,630,076			549,573,788			541,578,182
	Reserve for loan losses	—			2,650,000			—			2,500,000
	Total	$	849,766,217		$	837,087,119		$	990,348,577		$	979,567,971
	For the three months ended March 31, 2014 and 2013, the activity in our loan portfolio was as follows:
		Mortgage loan			Mortgage loan
		receivables held			receivables held
		for investment, at			for sale
		amortized cost
	Balance December 31, 2012	$	326,318,550		$	623,332,620
	Origination of mortgage loan receivables	96,414,750			843,902,500
	Repayment of mortgage loan receivables	(122,063,197		)	(545,079		)
	Proceeds from sales of mortgage loan receivables	—			(947,119,454		)
	Realized gain on sale of mortgage loan receivables	—			83,007,462
	Transfer between held for investment and held for sale	(8,320,273		)	8,320,273
	Accretion/amortization of discount, premium and other fees	1,007,628			—
	Loan loss provision	(150,000		)	—
	Balance March 31, 2013	$	293,207,458		$	610,898,322
	Balance December 31, 2013	$	539,078,182		$	440,489,789
	Origination of mortgage loan receivables	147,570,705			463,575,489
	Repayment of mortgage loan receivables	(12,335,575		)	(316,067		)
	Proceeds from sales of mortgage loan receivables	—			(783,762,354		)
	Realized gain on sale of mortgage loan receivables	—			41,302,665
	Transfer between held for investment and held for sale	—			—
	Accretion/amortization of discount, premium and other fees	816,764			817,521
	Loan loss provision	(150,000		)	—
	Balance March 31, 2014	$	674,980,076		$	162,107,043
	During the three months ended March 31, 2014 and 2013, the transfers of financial assets via sales of loans have been treated as sales by us under ASC 860.
	The Company evaluates each of its loans for potential losses at least quarterly.  Its loans are typically collateralized by real estate directly or indirectly.  As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, as well as the financial and operating capability of the borrower.  Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan at maturity, and/or (iii) the property’s liquidation value.  The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties.  In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the collateral property is located.  Such impairment analyses are completed and reviewed by asset management personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data. As a result of this analysis, the Company has concluded that none of its loans are individually impaired. However, based on the inherent risks shared among the loans as a group, it is probable that the loans had incurred an impairment due to common characteristics and inherent risks in the portfolio. Therefore, the Company has recorded a reserve, based on a targeted percentage level which it seeks to maintain over the life of the portfolio, as disclosed in the tables below.   Historically, the Company has not incurred losses on originated loans.  At March 31, 2014 and December 31, 2013, there was $4,255,164 and $4,273,890, respectively, of unamortized discounts included in our mortgage loan receivables held for investment, at amortized cost on our combined consolidated balance sheets.  At March 31, 2014, there is one loan on non-accrual status with an amortized cost of $4,620,000 included in our mortgage loan receivables held for investment, at amortized cost on our combined consolidated balance sheets.  This loan was not originated by the Company.  Instead it was credit impaired at the time of acquisition, which was reflected in Ladder’s purchase price.  At December 31, 2013, there is one loan on non-accrual status with an amortized cost of $4,620,000 included in our mortgage loan receivables held for investment, at amortized cost on our combined consolidated balance sheets.  This is the same loan described in the previous sentence.
	Reserve for Loan Losses
		Three Months Ended March 31,
		2014			2013
	Reserve for loan losses at beginning of period	$	2,500,000		$	1,900,000
	Reserve for loan losses	150,000			150,000
	Charge-offs	—			—
	Reserve for loan losses at end of period	$	2,650,000		$	2,050,000

REAL_ESTATE_SECURITIES

REAL ESTATE SECURITIES	3 Months Ended
	Mar. 31, 2014
REAL ESTATE SECURITIES	'
REAL ESTATE SECURITIES	'
	5.                            REAL ESTATE SECURITIES
	CMBS, CMBS interest-only, GN construction securities, and GN permanent securities are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income.  Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The following is a summary of the Company’s securities at March 31, 2014 and December 31, 2013 ($ in thousands):
	March 31, 2014
															Weighted Average
																				Remaining
		Outstanding			Amortized Cost		Gross Unrealized							# of						Duration
	Asset Type	Face Amount			Basis		Gains		Losses			Carrying Value		Securities	Rating (2)	Coupon %		Yield %		(years)
	CMBS	$	1,227,308		$	1,225,746	$	22,466	$	(735	)	$	1,247,477	102	AAA	4.08	%	3.68	%	4.79
	CMBS interest-only	6,075,913		-1	275,802		3,357		(327		)	278,832		25	AAA	0.98	%	4.25	%	3.35
	GNMA interest-only	1,799,019		-1	98,682		1,652		(5,720		)	94,614		37	AA+	1	%	5.03	%	3.1
	FHLMC interest-only	218,834		-1	7,541		90		(68		)	7,563		2	AA+	0.88	%	5.32	%	2.03
	GN construction securities	16,321			16,808		47		(550		)	16,305		8	AA+	4.01	%	3.46	%	6.67
	GN permanent securities	101,175			103,244		2,010		(5		)	105,249		13	AAA	5.46	%	4.4	%	3.64
	Total	$	9,438,570		$	1,727,823	$	29,622	$	(7,405	)	$	1,750,040
	December 31, 2013
															Weighted Average
																				Remaining
		Outstanding			Amortized Cost		Gross Unrealized							# of						Duration
	Asset Type	Face Amount			Basis		Gains		Losses			Carrying Value		Securities	Rating (2)	Coupon %		Yield %		(years)
	CMBS	$	1,160,741		$	1,156,230	$	13,853	$	(5,147	)	$	1,164,936	101	AAA	4.24	%	4.08	%	4.88
	CMBS interest-only	5,702,862		-1	256,869		2,204		(1,015		)	258,058		21	AAA	1	%	4.19	%	3.38
	GNMA interest-only	1,848,270		-1	103,136		1,630		(4,889		)	99,877		36	AA+	1.12	%	5.32	%	2.12
	FHLMC interest-only	219,677		-1	7,904		248		—			8,152		2	AA+	0.95	%	5.21	%	3.04
	GN construction securities	12,858			13,261		36		(290		)	13,007		8	AA+	4.11	%	3.49	%	6.57
	GN permanent securities	108,310			110,724		2,492		—			113,216		14	AAA	5.53	%	4.64	%	3.27
	Total	$	9,052,718		$	1,648,124	$	20,463	$	(11,341	)	$	1,657,246
	(1) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.
	(2) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating.  For each security rated by multiple rating agencies, the highest rating is used.  Ratings provided were determined by third party rating agencies as of a particular date, may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time.
	The following is a breakdown of the fair value of the Company’s securities by remaining maturity based upon expected cash flows at March 31, 2014 and December 31, 2013 ($ in thousands):
	March 31, 2014
	Asset Type	Within 1 year			1-5 years		5-10 years		After 10 years			Total
	CMBS	$	192,253		$	430,024	$	625,200	$	—		$	1,247,477
	CMBS interest-only	5,632			273,200		—		—			278,832
	GNMA interest-only	297			86,705		7,612		—			94,614
	FHLMC interest-only	—			7,563		—		—			7,563
	GN construction securities	—			3,203		13,102		—			16,305
	GN permanent securities	3,184			73,895		28,170		—			105,249
	Total	$	201,366		$	874,590	$	674,084	$	—		$	1,750,040
	December 31, 2013
	Asset Type	Within 1 year			1-5 years		5-10 years		After 10 years			Total
	CMBS	$	175,042		$	390,116	$	599,778	$	—		$	1,164,936
	CMBS interest-only	7,482			250,576		—		—			258,058
	GNMA interest-only	371			94,001		5,505		—			99,877
	FHLMC interest-only	—			8,152		—		—			8,152
	GN construction securities	—			3,280		9,727		—			13,007
	GN permanent securities	62,605			15,080		28,841		6,690			113,216
	Total	$	245,500		$	761,205	$	643,851	$	6,690		$	1,657,246
	There were no unrealized losses on securities assessed as other than temporary impairments for the three months ended March 31, 2014 and March 31, 2013.

REAL_ESTATE_NET

REAL ESTATE, NET	3 Months Ended
	Mar. 31, 2014
REAL ESTATE, NET	'
REAL ESTATE, NET	'
	6.                            REAL ESTATE, NET
	During the three months ended March 31, 2014, there were no acquisitions of properties.
	During three months ended March 31, 2014, the Company disposed of 44 residential condominium units in Veer Towers which were sold for $18,900,643, resulting in a net gain on sale of $6,413,382.
	During three months ended March 31, 2014, the Company disposed of 4 residential condominium units in Terrazas River Park Village which were sold for $1,192,209, resulting in a net gain on sale of $287,834.
	During the three months ended March 31, 2013, the Company acquired the following properties:
	·                                          One single-tenant retail property subject to long-term net lease obligations for a total of $4,990,742. At January 28, 2013, the date of acquisition, the retail property was 100% leased and occupied. During the three months ended March 31, 2013, the Company recorded $56,508 of rental income from the retail property.
	·                                          One 13-story office building in Southfield, MI for $18,000,000, through a consolidated, majority-owned joint venture. At February 1, 2013, the date of acquisition, the office building was 83.8% leased and occupied.  During the three months ended March 31, 2013, the Company recorded $14,500 of rental income from the office building.
	During the three months ended March 31, 2013, 19 of these condominium units were sold for $8,045,319, resulting in a gain on sale of $3,697,548. In addition, during the three months ended March 31, 2013, the Company recorded $1,452,976 of rental income from the condominium units subject to residential leases.
	The following unaudited pro forma information has been prepared based upon our historical consolidated financial statements and certain historical financial information of the acquired properties, which are accounted for as business combinations, and should be read in conjunction with the consolidated financial statements and notes thereto. The unaudited pro forma consolidated financial information reflects the acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2012. This unaudited pro forma information may not be indicative of the results that actually would have occurred if these transactions had been in effect on the dates indicated, nor do they purport to represent our future results of operations.
		For the three months ended March 31, 2013
		Company					Consolidated
		Historical			Acquisitions		Pro Forma
	Operating lease income	$	6,484,040		433,880		$	6,917,920
	Net income	88,049,972			190,352		88,240,324
	Net (income) loss attributable to noncontrolling interest	(27,244		)	(16,690	)	(43,934		)
	Net income attributable to preferred and common unit holders	88,022,728			173,663		88,196,391
	The most significant adjustments made in preparing the unaudited pro forma information were to: (i) include the incremental operating lease income, (ii) include the incremental depreciation and, (iii) exclude transaction costs associated with the properties acquired from 2013.
	From the date of acquisition through March 31, 2013, the Company recorded $466,046 of operating lease income and $269,357 of net income from the real estate acquisitions.
	The following table presents additional detail related to our real estate portfolio:
		March 31, 2014			December 31, 2013
	Land	$	91,609,368		$	91,609,368
	Building	460,927,579			474,301,322
	In-place leases and other intangibles	83,909,105			83,909,105
	Real estate	636,446,052			649,819,795
	Less: Accumulated depreciation and amortization	(32,693,319		)	(25,600,780		)
	Real estate, net	$	603,752,733		$	624,219,015
	The following table presents depreciation and amortization expense on real estate recorded by the Company:
		Three Months Ended March 31,
		2014			2013
	Depreciation expense	$	4,842,086		$	2,388,871
	Amortization expense	2,448,149			597,885
	Total real estate deprecation and amortization expense (1)	$	7,290,235		$	2,986,756
	(1)         Depreciation expense on the combined consolidated statement of income also includes $137,023 and $136,827 of depreciation on corporate fixed assets for the three months ended March 31, 2014 and 2013, respectively.
	The Company’s intangible assets are comprised of in-place leases, favorable/unfavorable leases compared to market leases and other intangibles.  At March 31, 2014, gross intangible assets totaled $83,909,105 with total accumulated amortization of $12,278,154, resulting in net intangible assets of $71,630,951, including $4,897,276 of unamortized favorable/unfavorable lease intangibles.  At December 31, 2013, gross intangible assets totaled $83,909,105 with total accumulated amortization of $9,675,249, resulting in net intangible assets of $74,233,856. As of March 31, 2014 and March 31,2013, the Company recorded an offset against rental revenues of $154,756 and $54,343, respectively, for favorable/unfavorable leases.
	The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles for property owned as of March 31, 2014:
	Period ended December 31,	Amount
	2014 (last 9 months)	$	7,808,714
	2015	10,411,619
	2016	10,288,686
	2017	5,399,510
	2018	3,938,820
	Thereafter	28,886,327
	Total	$	66,733,676
	The following is a schedule of contractual future minimum rent under leases from tenants at March 31, 2014:
	Period ended December 31,	Amount
	2014 (last 9 months)	$	32,912,425
	2015	41,011,099
	2016	35,572,690
	2017	32,504,605
	2018	30,157,074
	Thereafter	291,112,205
	Total	$	463,270,098

INVESTMENT_IN_UNCONSOLIDATED_J

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	3 Months Ended
	Mar. 31, 2014
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
	7.                            INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
	As of March 31, 2014, the Company had an aggregate investment of $7,311,247 in its equity method joint ventures with unaffiliated third parties.  The Company formed the first of these ventures to invest in first mortgage loans held for investment and acquired an equity interest in the second in connection with the refinancing of a first mortgage loan on an office building campus in Van Buren Township, MI.  As of March 31, 2014, the Company owned a 10% limited partnership interest in Ladder Capital Realty Income Partnership I LP (“LCRIP I”) and acted as general partner and Manager to LCRIP I, and owned a 25% membership interest in Grace Lake JV, LLC (“Grace Lake JV”).
	The Company accounts for its interest in LCRIP I using the equity method of accounting as it exerts significant influence but the unrelated limited partners have substantive participating rights as well as kick-out rights.  The Company accounts for its interest in Grace Lake JV using the equity method of accounting as it has a 25% investment, compared to the 75% investment of its operating partner.
	The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of March 31, 2014 and December 31, 2013:
		March 31, 2014		December 31, 2013
	Total assets	$	154,533,364	$	190,415,719
	Total liabilities	102,380,310		112,808,701
	Partners’/members’ capital	$	52,153,054	$	77,607,018
	The following is a summary of the Company’s investments in unconsolidated joint ventures, which we account for using the equity method, as of March 31, 2014 and December 31, 2013:
	Entity	March 31, 2014		December 31, 2013
	Ladder Capital Realty Income Partnership I LP	$	5,168,349	$	7,119,864
	Grace Lake JV, LLC	2,142,898		2,142,898
	Company’s investment in unconsolidated joint ventures	$	7,311,247	$	9,262,762
	The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three months ended March 31, 2014 and 2013:
		Three Months Ended March 31,
		2014		2013
	Total revenues	$	7,112,612	$	9,894,877
	Total expenses	$	2,591,047	3,078,030
	Net income	$	4,521,565	$	6,816,847
	The following is a summary of the Company’s allocated earnings based on its ownership interests from investment in unconsolidated joint ventures for the three months ended March 31, 2014 and 2013:
		Three Months Ended March 31,
	Entity	2014		2013
	Ladder Capital Realty Income Partnership I LP	$	123,175	$	393,980
	Grace Lake JV, LLC	225,000		—
	Earnings from investment in unconsolidated joint ventures	$	348,175	$	393,980
	Ladder Capital Realty Income Partnership I LP
	On April 15, 2011, the Company entered into a limited partnership agreement becoming the general partner and acquiring a 10% limited partnership interest in LCRIP I. Simultaneously with the execution of the LCRIP I Partnership agreement, the Company was engaged as the Manager of LCRIP I and is entitled to a fee based upon the average net equity invested in LCRIP I, which is subject to a fee reduction in the event average net equity invested in LCRIP I exceeds $100,000,000. During the three months ended March 31, 2014 and 2013, the Company recorded $134,460 and $242,480, respectively, in management fees, which is reflected in fee income in the combined consolidated statements of income.
	During the three months ended March 31, 2014, there were no sales of loans to LCRIP I.  During the three months ended March 31, 2013, the Company sold one loan to LCRIP I for aggregate proceeds of $17,200,000, which exceeded its carrying value by $139,901, and is included in sale of loans, net on the combined consolidated statements of operations.  The Company has deferred 10% of the gain on sale of loans to LCRIP I, representing its 10% limited partnership interest, until such loans are subsequently sold by LCRIP I.
	The Company is entitled to income allocations and distributions based upon its limited partnership interest of 10% and is eligible for additional distributions of up to 25% if certain return thresholds are met upon asset sale, full prepayment or other disposition.  During the three months ended March 31, 2014 and 2013, the return thresholds were met on certain assets that have been fully realized.
	Grace Lake JV, LLC
	In connection with the origination of a loan in April 2012, the Company received a 25% equity kicker with the right to convert upon a capital event. On March 22, 2013, the loan was refinanced and the Company converted its interest into a 25% limited liability company membership interest in Grace Lake JV, which holds an investment in an office building complex.  After taking into account the preferred return of 8.25% and the return of all equity remaining in the property to the Company’s operating partner, the Company is entitled to 25% of the distribution of all excess cash flows and all disposition proceeds upon any sale.  The Company does not participate in losses from its investment.

FINANCING

FINANCING	3 Months Ended
	Mar. 31, 2014
FINANCING	'
FINANCING	'
	8.                            FINANCING
	Committed Loan and Securities Repurchase Facilities
	The Company has entered into multiple committed master repurchase agreements in order to finance its lending activities throughout the fiscal year.  The Company has entered into four committed master repurchase agreements, as outlined in the table below, with multiple counterparties totaling $1,150,000,000 of credit capacity.  Assets pledged as collateral under these facilities are limited to whole mortgage loans or participation interests in mortgage loans collateralized by first liens on commercial properties.  The Company’s repurchase facilities include covenants covering net worth requirements, minimum liquidity levels, and maximum leverage ratios.  The Company believes it is in compliance with all covenants as of March 31, 2014 and December 31, 2013.
	The Company has the option to extend some of the current facilities subject to a number of conditions, including satisfaction of certain notice requirements, no event of default exists, and no margin deficit exists, all as defined in the repurchase facility agreements.  The lenders have sole discretion with respect to the inclusion of collateral in these facilities, to determine the market value of the collateral on a daily basis, to be exercised on a good faith basis, and have the right to require additional collateral, a full and/or partial repayment of the facilities (margin call), or a reduction in unused availability under the facilities, sufficient to rebalance the facilities if the estimated market value of the included collateral declines.
	On January 15, 2014, the Company amended its term master repurchase agreement with a major U.S. insurance company to finance loans it originates. The material changes from the prior agreement include (i) extending the termination date of the facility for six months from January 24, 2014 to July 24, 2014 and (ii) reducing the maximum aggregate facility amount from $300,000,000 to $150,000,000. The Company opted to reduce the maximum aggregate facility amount under this facility in light of the success that the Company has had using other sources of financing of conduit first mortgage loans, including the Federal Home Loan Bank (“FHLB”), on a long term committed basis.
	On February 19, 2014, the Company exercised its right to extend the term of its master repurchase agreement with a major U.S. bank to finance loans it originates for an additional 364 days from the initial termination date of April 8, 2014.
	The Company has also entered into a term master repurchase agreement with a major U.S. banking institution to finance CMBS totaling $600,000,000.  On October 18, 2013, the Company amended its term master repurchase agreement. The material changes from the prior agreement include (a) extending the termination date of the facility an additional fifteen months from January 25, 2014 to April 30, 2015, (b) reducing the maximum aggregate facility amount from $600,000,000 to $300,000,000 effective as of January 25, 2014, (c) releasing of certain guarantors under the facility and (d) changing the pricing spread for all transactions under the facility occurring after October 18, 2013 to be the greater of (i) a percentage of the credit spread over the relevant benchmark rate and (ii) a fixed amount.
	Uncommitted Securities Repurchase Facilities
	The Company has also entered into multiple master repurchase agreements with several counterparties collateralized by real estate securities.  The borrowings under these agreements have typical advance rates between 60% and 95% of the collateral.
	March 31, 2014
										Remaining		Carrying		Fair
	Committed			Outstanding		Committed but		Interest Rate(s)		Extension	Eligible	Amount of		Value of
	Amount			Amount		Unfunded		at March 31, 2014	Maturity	Options	Collateral	Collateral		Collateral
										Two additional
										twelve month	First mortgage
										periods at	commercial real
	$	300,000,000		$	—	$	300,000,000		5/18/15	Company’s option	estate loans	$	42,193,299	$	42,193,299
										Two additional
										364 day	First mortgage
								Between 2.40%		periods at	commercial real
	$	250,000,000		$	8,959,856	$	241,040,144	and 3.04%	4/10/16	Company’s option	estate loans	$	18,694,318	$	19,091,939
										Two additional
										twelve month	First mortgage
								Between 2.41%		periods at	commercial real
	$	450,000,000		$	71,804,918	$	378,195,082	and 3.17%	5/26/17	Company’s option	estate loans	$	223,612,914	$	223,612,914
											First mortgage
											commercial real
	$	150,000,000		$	—	$	150,000,000		7/24/14	N/A	estate loans	$	—	$	—
	$	1,150,000,000		$	80,764,774	$	1,069,235,226					$	284,500,531	$	284,898,152
											Investment grade
											commercial real
	$	300,000,000		$	43,492,265	$	256,507,735	1.25%	4/30/15	N/A	estate securities	$	107,378,953	$	107,378,953
											Investment grade
											commercial real
	$	—		$	246,713,000	$	—		Various	N/A	estate securities	$	294,409,237	$	294,409,237
	$	1,450,000,000		$	370,970,039	$	1,325,742,961					$	686,288,721	$	686,686,342
	December 31, 2013
										Remaining		Carrying		Fair
	Committed			Outstanding		Committed but		Interest Rate(s)		Extension	Eligible	Amount of		Value of
	Amount			Amount		Unfunded		at December 31, 2013	Maturity	Options	Collateral	Collateral		Collateral
										Two additional
										twelve month	First mortgage
								Between 2.42%		periods at	commercial real
	$	300,000,000		$	22,749,015	$	277,250,985	and 2.67%	5/18/15	Company’s option	estate loans	$	46,084,620	$	46,483,618
										Two additional
										364 day	First mortgage
								Between 2.42%		periods at	commercial real
	$	250,000,000		$	28,407,500	$	221,592,500	and 3.04%	4/10/14	Company’s option	estate loans	$	41,428,429	$	41,518,063
										Two additional
										twelve month	First mortgage
								Between 2.41%		periods at	commercial real
	$	450,000,000		$	60,423,328	$	389,576,672	and 3.18%	5/26/15	Company’s option	estate loans	$	132,160,677	$	132,673,364
											First mortgage
								Between 2.66%			commercial real
	$	300,000,000		$	47,732,500	$	252,267,500	and 2.67%	1/24/14	N/A	estate loans	$	65,350,000	$	65,813,055
	$	1,300,000,000		$	159,312,343	$	1,140,687,657					$	285,023,726	$	286,488,100
											Investment grade
								Between 1.26%			commercial real
	$	600,000,000		$	88,921,450	$	511,078,550	and 1.27%	4/30/15	N/A	estate securities	$	110,400,378	$	110,400,378
											Investment grade
								Between 0.42%			commercial real
	$	—		$	361,601,000	$	—	and 1.67%	1/17/14	N/A	estate securities	$	440,721,692	$	440,721,692
	$	1,900,000,000		$	609,834,793	$	1,651,766,207					$	836,145,796	$	837,610,170
Borrowings under Credit Agreement
On January 24, 2013, the Company entered into a $50,000,000 credit agreement with one of its multiple committed financing counterparties in order to finance its securities and lending activities (the “Credit Agreement”). The Credit Agreement terminates on January 24, 2015, with an additional one year extension available. As of March 31, 2014 and December 31, 2013, there were no borrowings outstanding under the Company’s Credit Agreement.   The Company’s Credit Agreement includes covenants covering net worth requirements, minimum liquidity levels, and maximum leverage ratios.  The Company believes it is in compliance with all covenants as of March 31, 2014 and December 31, 2013.
Revolving Credit Facility
On February 11, 2014, the Company entered into a revolving credit facility (the “New Revolving Credit Facility”). The New Revolving Credit Facility provides for an aggregate maximum borrowing amount of $75.0 million, including a $25.0 million sublimit for the issuance of letters of credit. The New Revolving Credit Facility will be available on a revolving basis to finance the Company’s working capital needs and for general corporate purposes. The New Revolving Credit Facility has a three-year maturity, which maturity may be extended by two twelve-month periods subject to the satisfaction of customary conditions, including the absence of default. Interest on the New Revolving Credit Facility is one-month LIBOR plus 3.50% per annum payable monthly in arrears.
The obligations under the New Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries. The New Revolving Credit Facility is secured by a pledge of the shares of (or other ownership or equity interests in) certain subsidiaries to the extent the pledge is not restricted under existing regulations, law or contractual obligations.
The New Revolving Credit Facility is subject to customary affirmative covenants and negative covenants, including limitations on the incurrence of additional debt, liens, restricted payments, sales of assets and affiliate transactions. In addition, under the New Revolving Credit Facility, LCFH is required to comply with financial covenants relating to minimum net worth, maximum leverage, minimum liquidity, and minimum fixed charge coverage, consistent with our other credit facilities. Our ability to borrow under the New Revolving Credit Facility is dependent on, among other things, LCFH’s compliance with the financial covenants. The New Revolving Credit Facility contains customary events of default, including non-payment of principal or interest, fees or other amounts, failure to perform or observe covenants, cross-default to other indebtedness, the rendering of judgments against the Company or certain of our subsidiaries to pay certain amounts of money and certain events of bankruptcy or insolvency.
As of March 31, 2014, there were no borrowings outstanding under the New Revolving Credit Facility.
Long-Term Financing
During the three months ended March 31, 2014, the Company executed one term debt agreement to finance properties in its real estate portfolio.  During the three months ended March 31, 2013, the Company executed seven term debt agreements to finance such real estate.  These nonrecourse debt agreements are fixed rate financing at rates ranging from 4.25% to 6.75%, maturing in 2018, 2020, 2021, 2022 and 2023 and totaling $331,936,919 at March 31, 2014 and $291,053,406 at December 31, 2013.  These long-term nonrecourse mortgages include net unamortized premiums of $4,998,075 and $3,807,479 at March 31, 2014 and December 31, 2013, respectively, representing proceeds received upon financing greater than the contractual amounts due under the agreements.  The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method.  The Company recorded $142,440 and $115,043 of premium amortization, which decreased interest expense, for the three months ended March 31, 2014 and 2013, respectively. The loans are collateralized by real estate of $445,401,248 and $401,262,302 as of March 31, 2014 and December 31, 2013, respectively.
Borrowings from the FHLB
On July 11, 2012, Tuebor, a wholly-owned consolidated subsidiary, became a member of the FHLB and subsequently drew its first secured funding advances from the FHLB.  As of March 31, 2014, Tuebor had $933,000,000 of borrowings outstanding (with an additional $472,000,000 of committed term financing available from the FHLB), with terms of overnight to 7 years, interest rates of 0.28% to 2.40%, and advance rates of 57% to 95% of the collateral.  Collateral for the borrowings was comprised of $988,459,827 of CMBS and U.S. Agency Securities and $187,904,186 of first mortgage commercial real estate loans.  As of December 31, 2013, Tuebor had $989,000,000 of borrowings outstanding (with an additional $416,000,000 of committed term financing available from the FHLB), with terms of overnight to 7 years, interest rates of 0.20% to 2.40%, and advance rates of 57% to 95% of the collateral.  Collateral for the borrowings was comprised of $1,013,640,649 of CMBS and U.S. Agency Securities and $276,722,665 of first mortgage commercial real estate loans.  Tuebor is subject to state regulations which require that dividends (including dividends to the Company as its parent) may only be made with regulatory approval. However, there can be no assurance that we would obtain such approval if sought. Largely as a result of this restriction, approximately $210.3 of the member’s capital were restricted from transfer to Tuebor’s parent without prior approval of state insurance regulators at March 31, 2014.
Senior Unsecured Notes
On September 14, 2012, LCFH issued $325,000,000 in aggregate principal amount of 7.375% Senior Notes due October 1, 2017 (the “Notes”).  The Notes require interest payments semi-annually in cash in arrears on April 1 and October 1 of each year, beginning on September 19, 2012.  The Notes are unsecured and are subject to incurrence-based covenants, including limitations on the incurrence of additional debt, restricted payments, liens, sales of assets, affiliate transactions and other covenants typical for financings of this type.
LCFH issued the Notes with Ladder Capital Finance Corporation, as co-issuers on a joint and several basis.  Ladder Capital Finance Corporation is a 100% owned finance subsidiary of LCFH with no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Notes.  Ladder Capital Corp and certain subsidiaries of LCFH currently guarantee the obligations under the Notes and the indenture.  Ladder Capital Corp is the general partner of LCFH and, through LCFH and its subsidiaries, operates the Ladder Capital business. Ladder Capital Corp has a 51.0% economic interest in LCFH, and has a majority voting interest and controls the management of LCFH as a result of its ability to appoint board members, as of March 31, 2014. As a result, Ladder Capital Corp consolidates the financial results of LCFH and records noncontrolling interest for the economic interest in LCFH held by the Continuing LCFH Limited Partners.  In addition, Ladder Capital Corp is subject to federal, state and local income taxes due to its corporate structure.  Other than the noncontrolling interest in the operating partnership and federal, state and local income taxes, there are no material differences between Ladder Capital Corp’s combined consolidated financial statements and LCFH’s consolidated financial statements.
The following schedule reflects the Company’s contractual payments under borrowings by maturity:
Period ending December 31,		Borrowings by
		Maturity
2014 (last 9 months)		$	571,713,000
2015		307,297,183
2016		184,959,856
2017		505,000,000
2018		25,000,000
Thereafter		366,936,919
Total		$	1,960,906,958

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2014
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
	9.                            FAIR VALUE OF FINANCIAL INSTRUMENTS
	Fair value is based upon market quotations, broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity.  The fair value of the mortgage loan receivables held for sale is based upon a securitization model utilizing market data from recent securitization spreads and pricing.
	Fair Value Summary Table
	The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at March 31, 2014 and December 31, 2013 are as follows ($ in thousands):
	March 31, 2014
											Weighted Average
		Outstanding			Amortized				Fair Value		Yield		Remaining
		Face Amount			Cost Basis		Fair Value		Method		%		Maturity/Duration (years)
	Assets:
	CMBS(1)	$	1,227,308		$	1,225,746	$	1,247,477	Broker quotations, pricing services		3.68	%	4.79
	CMBS interest-only(1)	6,075,913		-7	275,802		278,832		Broker quotations, pricing services		4.25	%	3.35
	GNMA interest-only(1)	1,799,019		-7	98,682		94,614		Broker quotations, pricing services		5.03	%	3.1
	FHLMC interest-only(1)	218,834		-7	7,541		7,563		Broker quotations, pricing services		5.32	%	2.03
	GN construction securities(1)	16,321			16,808		16,305		Broker quotations, pricing services		3.46	%	6.67
	GN permanent securities(1)	101,175			103,244		105,249		Broker quotations, pricing services		4.4	%	3.64
	Mortgage loan receivable held for investment, at amortized cost	687,212			674,980		677,630		Discounted Cash Flow(3)		9.51	%	2.11
	Mortgage loan receivable held for sale	162,554			162,107		168,356		Discounted Cash Flow(4)		5.46	%	7.43
	FHLB stock(5)	50,400			50,400		50,400		-5		3.5	%	N/A
	Nonhedge derivatives(1)(6)	89,602			N/A		839		Counterparty quotations		N/A		2.23
	Liabilities:
	Repurchase agreements - short-term	246,713			246,713		246,713		Discounted Cash Flow(2)		1.24	%	0.08
	Repurchase agreements - long-term	124,257			124,257		124,257		Discounted Cash Flow(2)		1.98	%	1.19
	Long-term financing	324,689			331,937		320,196		Discounted Cash Flow(2)		4.88	%	8.59
	Borrowings from the FHLB	933,000			933,000		907,286		Discounted Cash Flow(2)		0.61	%	1.69
	Senior unsecured notes	325,000			325,000		340,844		Broker quotations, pricing services		7.38	%	3.5
	Nonhedge derivatives(1)(6)	724,100			N/A		10,412		Counterparty quotations		N/A		3.17
	(1)          Measured at fair value on a recurring basis.
	(2)          Fair value for repurchase agreement liabilities is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions.  For the borrowings from the FHLB, the carrying value approximates the fair value discounting the expected cash flows. For the long-term financing, the carrying value approximates the fair value discounting the expected cash flows.  If the collateral is determined to be impaired, the related financing would be revalued accordingly.  There are no impairments on any security positions.
	(3)          Fair value for mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk.
	(4)          Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing.
	(5)          The fair value of the FHLB stock approximates outstanding face amount as the Company’s wholly-owned subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par.
	(6)          The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
	(7)          Represents notional outstanding balance of underlying collateral.
	December 31, 2013
											Weighted Average
		Outstanding			Amortized				Fair Value		Yield		Remaining
		Face Amount			Cost Basis		Fair Value		Method		%		Maturity/Duration (years)
	Assets:
	CMBS(1)	$	1,160,741		$	1,156,230	$	1,164,936	Broker quotations, pricing services		4.08	%	4.88
	CMBS interest-only(1)	5,702,862		-7	259,061		258,058		Broker quotations, pricing services		4.19	%	3.38
	GNMA interest-only(1)	1,848,270		-7	103,136		99,877		Broker quotations, pricing services		5.32	%	2.12
	FHLMC interest-only(1)	219,677		-7	7,904		8,152		Broker quotations, pricing services		5.21	%	3.04
	GN construction securities(1)	12,858			13,261		13,007		Broker quotations, pricing services		3.49	%	6.57
	GN permanent securities(1)	108,310			110,724		113,216		Broker quotations, pricing services		4.64	%	3.27
	Mortgage loan receivable held for investment, at amortized cost	549,574			539,078		541,578		Discounted Cash Flow(3)		9.76	%	2.14
	Mortgage loan receivable held for sale	440,775			440,490		455,804		Discounted Cash Flow(4)		5.47	%	9.62
	FHLB stock(5)	49,450			49,450		49,450		-5		3.5	%	N/A
	Nonhedge derivatives(1)(6)	808,700			N/A		8,244		Counterparty quotations		N/A		0.5
	Liabilities:
	Repurchase agreements - short-term	409,334			409,334		409,334		Discounted Cash Flow(2)		1.46	%	0.04
	Repurchase agreements - long-term	200,501			200,501		200,501		Discounted Cash Flow(2)		2.13	%	1.49
	Long-term financing	287,246			291,053		278,129		Discounted Cash Flow(2)		4.84	%	8.7
	Borrowings from the FHLB	989,000			989,000		987,896		Discounted Cash Flow(2)		0.57	%	1.6
	Senior unsecured notes	325,000			325,000		341,250		Broker quotations, pricing services		7.38	%	3.75
	Nonhedge derivatives(1)(6)	154,500			N/A		7,031		Counterparty quotations		N/A		4.55
	(1)          Measured at fair value on a recurring basis.
	(2)          Fair value for repurchase agreement liabilities is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions.  For the borrowings from the FHLB, the carrying value approximates the fair value discounting the expected cash flows.  If the collateral is determined to be impaired, the related financing would be revalued accordingly.  There are no impairments on any security positions.
	(3)          Fair value for mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days, and no significant change in credit risk).
	(4)          Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing.
	(5)          The fair value of the FHLB stock approximates outstanding face amount as the Company’s wholly-owned subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par.
	(6)          The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
	(7)          Represents notional outstanding balance of underlying collateral.
	The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at March 31, 2014 and December 31, 2013 ($ in thousands):
March 31, 2014
	Outstanding Face			Fair Value
	Amount			Level 1		Level 2		Level 3			Total
Assets:
CMBS(1)	$	1,227,308		$	—	$	1,247,477	$	—		$	1,247,477
CMBS interest-only(1)	6,075,913		-2	—		278,832		—			278,832
GNMA interest-only(1)	1,799,019		-2	—		94,614		—			94,614
FHLMC interest-only(1)	218,834		-2	—		7,563		—			7,563
GN construction securities(1)	16,321			—		16,305		—			16,305
GN permanent securities(1)	101,175			—		105,249		—			105,249
Mortgage loan receivable held for investment	687,212			—		—		677,630			677,630
Mortgage loan receivable held for sale	162,554			—		—		168,356			168,356
FHLB stock	50,400			—		—		50,400			50,400
Nonhedge derivatives(1)	89,602			—		839		—			839
Liabilities:
Repurchase agreements - short-term	246,713			—		246,713		—			246,713
Repurchase agreements - long-term	124,257			—		124,257		—			124,257
Long-term financing	324,689			—		—		320,196			320,196
Borrowings from the FHLB	933,000			—		—		907,286			907,286
Senior unsecured notes	325,000			—		340,844		—			340,844
Nonhedge derivatives(1)	724,100			—		10,412		—			10,412
December 31, 2013
	Outstanding Face			Fair Value
	Amount			Level 1		Level 2		Level 3			Total
Assets:
CMBS(1)	$	1,160,741		$	—	$	1,164,936	$	—		$	1,164,936
CMBS interest-only(1)	5,702,862		-2	—		258,058		—			258,058
GNMA interest-only(1)	1,848,270		-2	—		99,877		—			99,877
FHLMC interest-only(1)	219,677		-2	—		8,152		—			8,152
GN construction securities(1)	12,858			—		13,007		—			13,007
GN permanent securities(1)	108,310			—		113,216		—			113,216
Mortgage loan receivable held for investment	549,574			—		—		541,578			541,578
Mortgage loan receivable held for sale	440,775			—		—		455,804			455,804
FHLB stock	49,450			—		—		49,450			49,450
Nonhedge derivatives(1)	808,700			—		8,244		—			8,244
Liabilities:
Repurchase agreements - short-term	409,334			—		409,334		—			409,334
Repurchase agreements - long-term	—			—		—		—			—
Long-term financing	287,246			—		—		278,129			278,129
Borrowings from the FHLB	989,000			—		—		987,896			987,896
Senior unsecured notes	325,000			—		341,250		—			341,250
Nonhedge derivatives(1)	154,500			—		7,031		—			7,031
(1) Measured at fair value on a recurring basis.  The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
(2) Represents notional outstanding balance of underlying collateral.

DERIVATIVE_INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2014
DERIVATIVE INSTRUMENTS	'
DERIVATIVE INSTRUMENTS	'
	10.                     DERIVATIVE INSTRUMENTS
	The Company uses derivative instruments primarily to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk.  The following is a breakdown of the derivatives outstanding as of March 31, 2014 and December 31, 2013:
	March 31, 2014
											Remaining
					Fair Value						Maturity
	Contract Type	Notional			Asset(1)			Liability(1)			(years)
	Futures
	5-years U.S. T-Note	$	79,600,000		$	245,242		$	891		0.25
	10-year U.S. T-Note	569,600,000			298,592			2,921,813			0.25
	Total futures	649,200,000			543,834			2,922,704
	Swaps
	3MO LIB	121,000,000			—			6,878,440			4.27
	Credit Derivatives
	CMBX	10,000,000			211,170			—			8.38
	CDX	33,500,000			—			610,815			4.73
	S&P 500 PUT OPTION 3/4/14	1,900			83,918			—			0.47
	Total credit derivatives	43,501,900			295,088			610,815
	Total derivatives	$	813,701,900		$	838,922		$	10,411,959
	December 31, 2013
											Remaining
					Fair Value						Maturity
	Contract Type	Notional			Asset(1)			Liability(1)			(years)
	Caps
	1MO LIB	$	71,250,000		$	—		$	—		0.14
	Futures
	5-years U.S. T-Note	$	45,000,000		$	402,719		$	—		0.25
	10-year U.S. T-Note	753,700,000			7,589,466			—			0.25
	Total futures	798,700,000			7,992,185			—
	Swaps
	3MO LIB	121,000,000			—			6,420,495			4.51
	Credit Derivatives
	CMBX	10,000,000			252,170			—			8.38
	CDX	33,500,000			—			610,538			4.97
	Total credit derivatives	43,500,000			252,170			610,538
	Total derivatives	$	1,034,450,000		$	8,244,355		$	7,031,033
	(1)         Included in derivative instruments, at fair value, in the accompanying combined consolidated balance sheets.
	The following table indicates the net realized gains/(losses) and unrealized appreciation/(depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the combined consolidated statements of operations for the three months ended March 31, 2014 and 2013:
		Three Months Ended March 31, 2014
		Unrealized			Realized			Net Result
		Gain/(Loss)			Gain/(Loss)			from
								Derivative
								Transactions
	Contract Type
	Futures	(10,371,054		)	(14,781,407		)	(25,152,461		)
	Swaps	(179,320		)	(800,138		)	(979,458		)
	Credit Derivatives	42,640			(197,387		)	(154,747		)
	Total	$	(10,507,734	)	$	(15,778,932	)	$	(26,286,666	)
		Three Months Ended March 31, 2013
		Unrealized			Realized			Net Result
		Gain/(Loss)			Gain/(Loss)			from
								Derivative
								Transactions
	Contract Type
	Caps	$	819		$	—		$	819
	Futures	(7,019,081		)	8,774,316			1,755,235
	Swaps	3,423,323			(1,346,948		)	2,076,375
	Credit Derivatives	(231,017		)	(1,331,703		)	(1,562,720		)
	Total	$	(3,825,956	)	$	6,095,665		$	2,269,709
	The Company’s counterparties held $25,958,202 and $21,959,114 of cash margin as collateral for derivatives as of March 31, 2014 and December 31, 2013, respectively, which is included in cash collateral held by brokers in the combined consolidated balance sheets.
	Credit Risk-Related Contingent Features
	The Company has agreements with certain of its derivative counterparties that contain a provision whereby if the Company defaults on certain of its indebtedness, the Company could also be declared in default on its derivatives, resulting in an acceleration of payment under the derivatives.  As of March 31, 2014 and December 31, 2013, the Company was in compliance with these requirements and not in default on its indebtedness.  As of March 31, 2014 and December 31, 2013, there was $25,958,202 and $21,959,114 of cash collateral held by the derivative counterparties for these derivatives, respectively.  No additional cash would be required to be posted if the acceleration of payment under the derivatives was triggered.

OFFSETTING_ASSETS_AND_LIABILIT

OFFSETTING ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2014
OFFSETTING ASSETS AND LIABILITIES	'
OFFSETTING ASSETS AND LIABILITIES	'
	11.                     OFFSETTING ASSETS AND LIABILITIES
	The following table presents both gross information and net information about derivatives and other instruments eligible for offset in the statement of financial position as of March 31, 2014. The Company’s accounting policy is to record derivative asset and liability positions on a gross basis, therefore, the following table presents the gross derivative asset and liability positions recorded on the balance sheets while also disclosing the eligible amounts of financial instruments and cash collateral to the extent those amounts could offset the gross amount of derivative asset and liability positions. The actual amounts of collateral posted by or received from counterparties may be in excess than the amounts disclosed in the following table as the following only discloses amounts eligible to be offset to the extent of the recorded gross derivative positions.
	As of March 31, 2014
	Offsetting of Financial Assets and Derivative Assets
						Net amounts of		Gross amounts not offset in the balance
				Gross amounts		assets presented		sheet
	Description	Gross amounts of		offset in the		in the balance		Financial		Cash collateral		Net amount
		recognized assets		balance sheet		sheet		instruments		received/(posted)(1)
	Derivatives	$	838,922	$	—	$	838,922	$	—	$	—	$	838,922
	Total	$	838,922	$	—	$	838,922	$	—	$	—	$	838,922
	As of March 31, 2014
	Offsetting of Financial Liabilities and Derivative Liabilities
								Gross amounts not offset in the balance
						Net amounts of		sheet
	Description	Gross amounts of		Gross amounts		liabilities		Financial		Cash collateral		Net amount
		recognized		offset in the		presented in the		instruments		posted/(received)(1)
		liabilities		balance sheet		balance sheet		collateral
	Derivatives	$	10,411,959	$	—	$	10,411,959	$	—	$	10,411,959	$	—
	Repurchase agreements	370,970,039		—		370,970,039		370,970,039		—		—
	Total	$	381,381,998	$	—	$	381,381,998	$	370,970,039	$	10,411,959	$	—
	(1) Included in cash collateral held by broker on consolidated balance sheets.
	As of December 31, 2013
	Offsetting of Financial Assets and Derivative Assets
						Net amounts of		Gross amounts not offset in the balance
				Gross amounts		assets presented		sheet
	Description	Gross amounts of		offset in the		in the balance		Financial		Cash collateral		Net amount
		recognized assets		balance sheet		sheet		instruments		received/(posted)(1)
	Derivatives	$	8,244,355	$	—	$	8,244,355	$	—	$	—	$	8,244,355
	Total	$	8,244,355	$	—	$	8,244,355	$	—	$	—	$	8,244,355
	As of December 31, 2013
	Offsetting of Financial Liabilities and Derivative Liabilities
								Gross amounts not offset in the balance
						Net amounts of		sheet
	Description	Gross amounts of		Gross amounts		liabilities		Financial		Cash collateral		Net amount
		recognized		offset in the		presented in the		instruments		posted/(received)(1)
		liabilities		balance sheet		balance sheet		collateral
	Derivatives	$	7,031,033	$	—	$	7,031,033	$	—	$	7,031,033	$	—
	Repurchase agreements	609,834,793		—		609,834,793		609,834,793		—		—
	Total	$	616,865,826	$	—	$	616,865,826	$	609,834,793	$	7,031,033	$	—
	(1) Included in cash collateral held by broker on consolidated balance sheets.
	Master netting agreements that the Company has entered into with its derivative and repurchase agreement counterparties allow for netting of the same transaction, in the same currency, on the same date.  Assets, liabilities, and collateral subject to master netting agreements as of March 31, 2014 and December 31, 2013 are disclosed in the tables above. The Company does not present its derivative and repurchase agreements net on the combined consolidated financial statements.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2014
EARNINGS PER SHARE	'
EARNINGS PER SHARE	'
	12.                     EARNINGS PER SHARE
	The Company’s net income and weighted average shares outstanding for the period February 11, 2014 through March 31, 2014 consists of the following:
	(In thousands except share amounts)	For the Period
		February 11,
		2014 through
		March 31, 2014
	Basic Net income available for Class A common stockholders	$	12,652
	Diluted Net income available for Class A common stockholders	$	23,513
	Weighted average shares outstanding
	Basic	48,909,692
	Diluted	97,531,793
	Net income per share information is not applicable for reporting periods prior to February 11, 2014.  The calculation of basic and diluted net income per share amounts for the period February 11, 2014 through March 31, 2014 are described and presented below.
	Basic Net Income per Share
	Numerator—utilizes net income available for Class A common shareholders for the period February 11, 2014 through March 31, 2014.
	Denominator—utilizes the weighted average shares of Class A common stock for the period February 11, 2014 through March 31, 2014.
	Diluted Net Income per Share
	Numerator—utilizes net income available for Class A common shareholders for the period February 11, 2014 through March 31, 2014 for the basic net income per share calculation described above, adding net income amounts attributable to the noncontrolling interest in the operating partnership using the as-if converted method for the Class B common shareholders while adjusting for additional corporate income tax expense for the described net income add back.
	Denominator—utilizes the weighted average number of shares of Class A common stock for the period February 11, 2014 through March 31, 2014 for the basic net income per share calculation described above adding the dilutive effect of shares issuable relating to operating partnership exchangeable interests and the incremental shares of unvested Class A restricted stock using the treasury method.
	(In thousands except share amounts)	For the Period
		February 11,
		2014 through
		March 31, 2014
	Basic Net Income Per Share of Class A Common Stock
	Numerator:
	Net income attributable to Class A common shareholders	$	12,652
	Denominator:
	Weighted average number of shares of Class A common stock outstanding	48,909,692
	Basic net income per share of Class A common stock	$	0.26
	Diluted Net Income Per Share of Class A Common Stock
	Numerator:
	Net income attributable to Class A common shareholders	$	12,652
	Add (deduct) - dilutive effect of:
	Amounts attributable to operating partnership’s share of Ladder Capital Corp net income	18,568
	Additional corporate tax	(7,708		)
	Diluted net income attributable to Class A common shareholders	$	23,513
	Denominator:
	Basic weighted average number of shares of Class A common stock outstanding	48,909,692
	Add - dilutive effect of:
	Shares issuable relating to converted Class B common shareholders	48,537,414
	Incremental shares of unvested Class A restricted stock	84,687
	Diluted weighted average number of shares of Class A common stock outstanding	97,531,793
	Diluted net income per share of Class A common stock	$	0.24
	The shares of Class B common stock do not share in the earnings of Ladder Capital Corp and are therefore not participating securities. Accordingly, basic and diluted net loss per share of Class B common stock has not been presented, although the assumed conversion of Class B common stock has been included in the presented diluted net income per share.

CAPITAL_STRUCTURE

CAPITAL STRUCTURE	3 Months Ended
	Mar. 31, 2014
CAPITAL STRUCTURE	'
CAPITAL STRUCTURE	'
	13.                     CAPITAL STRUCTURE
	Please refer to the description of the IPO and the Reorganization Transactions as described in Note 1- Organization and Operations for further information regarding the current capital structure of Ladder Capital Corp.
	Subsequent to the IPO Transactions, the Company has two classes of common stock, Class A and Class B, which are described as follows:
	Class A Common Stock
	Voting Rights
	Holders of shares of Class A common stock are entitled to one vote per share on all matters to be voted upon by the shareholders. The holders of Class A common stock do not have cumulative voting rights in the election of directors.
	Dividend Rights
	Subject to the rights of the holders of any preferred stock that may be outstanding and any contractual or statutory restrictions, holders of Class A common stock are entitled to receive equally and ratably, share for share, dividends as may be declared by the Board of Directors out of funds legally available to pay dividends. Dividends upon Class A common stock may be declared by the Board of Directors at any regular or special meeting and may be paid in cash, in property, or in shares of capital stock.
	Before payment of any dividend, there may be set aside out of any funds available for dividends, such sums as the Board of Directors deems proper as reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any of the Company’s property, or for any proper purpose, and the Board of Directors may modify or abolish any such reserve.
	Liquidation Rights
	Upon liquidation, dissolution, distribution of assets or other winding up, the holders of Class A common stock are entitled to receive ratably the assets available for distribution to the shareholders after payment of liabilities and the liquidation preference of any outstanding shares of preferred stock.
	Other Matters
	The shares of Class A common stock have no preemptive or conversion rights and are not subject to further calls or assessment by the Company. There are no redemption or sinking fund provisions applicable to the Class A common stock. All outstanding shares of Class A common stock are fully paid and non-assessable.
	Allocation of Income and Loss
	Income and losses are allocated among the shareholders based upon the number of shares outstanding.
	Class B Common Stock
	Voting Rights
	Holders of shares of Class B common stock are entitled to one vote for each share held of record by such holder and all matters submitted to a vote of shareholders. Accordingly, the Continuing LCFH Limited Partners, as holders of Class B common stock, collectively have a number of votes in Ladder Capital Corp that is equal to the aggregate number of LP Units that they hold. Holders of shares of our Class A common stock and Class B common stock vote together as a single class on all matters presented to our shareholders for their vote or approval, except as otherwise required by applicable law.
	No Dividend or Liquidation Rights
	Holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of Ladder Capital Corp.
	Exchange for Class A Common Stock
	Pursuant to the LLLP Agreement, the Continuing LCFH Limited Partners may from time to time, beginning, 181 days after February 11, 2014 (subject to the conditions therein), exchange an equal number of LP Units and Class B common stock for shares of Class A common stock on a one-for-one basis, subject to equitable adjustments for stock splits, stock dividends and reclassifications.
	Predecessor Capital Structure
	The capital structure discussed below is reflective of LCFH’s structure as it existed at February 11, 2014, immediately prior to the Reorganization Transactions.  Immediately following the Reorganization Transactions, with the exception of the discussions regarding quarterly tax distributions, the provisions set forth below no longer apply.
	Pursuant to the Limited Liability Limited Partnership Agreement (“LLLP Agreement”), the Company’s general partner has delegated all management powers to the Company’s Board of Directors, who, pursuant to the same LLLP Agreement, are appointed by certain significant investors and the Chief Executive Officer (“CEO”) of the Company.
	Cash Distributions to Partners
	Distributions (other than tax distributions which are described below) will be made in the priorities described below at such times and in such amounts as determined by the Company’s Board of Directors.  All capitalized items used in this section but not defined shall have the respective meanings given to such capitalized terms in the LLLP Agreement.
	First, to the holders of Series A and Series B participating preferred units pro rata based on the capital account of each such holder’s interests, until the Series A and Series B participating preferred unit holders have each received an amount equivalent to their respective capital accounts; then
	Second, 20% to the common unit holders, and 80% to the holders of Series A participating preferred units, until the Series A participating preferred unit holders have each received an amount equivalent to $124 per unit; and
	Thereafter, 20% to common unit holders, and 80% to the holders of Series A and Series B participating preferred units, pro rata based on the units held by each holder.
	Notwithstanding the foregoing, subject to available liquidity as determined by Company’s Board of Directors, the Company intends to make quarterly tax distributions equal to a partner’s “Quarterly Estimated Tax Amount,” which shall be computed (as more fully described in the Company’s LLLP agreement) for each partner as the product of (x) the federal taxable income (or alternative minimum taxable income, as the case may be,) allocated by the Company to such partner in respect of the partnership interests of the Company held by such partner and (y) the highest marginal blended federal, state and local income tax rate applicable to an individual residing in New York, NY, taking into account for federal income tax purposes, the deductibility of state and local taxes.
	Allocation of Income and Loss
	Income and losses are allocated among the partners in a manner to reflect as closely as possible the amount each partner would be distributed under the LLLP Agreement upon liquidation of the Operating Partnership’s assets.
	Changes in Accumulated Other Comprehensive Income
		Unrealized gain (loss) on
		real estate securities,
		available for sale
	December 31, 2013	$	12,133,807
	Other comprehensive income of predecessor	18,605,177
	Amounts reclassified from accumulated other comprehensive income of predecessor(1)	(1,597,237		)
	February 10, 2014	29,141,747
	Less: Accumulated other comprehensive income of predecessor	(29,141,747		)
	February 11, 2014	—
	Other comprehensive income before reclassifications	(3,001,274		)
	Amounts reclassified from accumulated other comprehensive income(1)	(211,578		)
	Net current-period other comprehensive income	(3,212,852		)
	Net current-period other comprehensive income attributable to noncontrolling interest in operating partnership	(1,573,048		)
	Net current-period other comprehensive income attributable to Class A common shareholders	$	(1,639,804	)
	(1) Amount of change reflects change in unrealized (gains)/losses related to investments in real estate securities, net of reclassification adjustments, and is included in gain on securities on the combined consolidated statements of income.

STOCK_BASED_COMPENSATION_PLANS

STOCK BASED COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2014
STOCK BASED COMPENSATION PLANS	'
STOCK BASED COMPENSATION PLANS	'
	14.                     STOCK BASED COMPENSATION PLANS
	The 2008 Incentive Equity Plan
	The 2008 Incentive Equity Plan of the Company, as amended in 2012, was adopted by the Board of Directors on September 22, 2008 (the “2008 Plan”) and provides certain members of management, employees and directors of the Company or any other Ladder Company (as defined in the 2008 Plan) with additional incentives.
	On April 20, 2010, 910,491 Class A-2 Common Units were granted to a member of management.  The grants issued are subject to a forty-two (42) month vesting period, commencing on April 20, 2010.  On June 4, 2012, 1,127,543 Class A-2 Common Units and 31,451.61 Series B Participating Preferred Units were granted to a new member of the management team.  The grants issued are subject to a thirty-six (36) month vesting period, commencing on January 1, 2012 and vest monthly.  In addition, the new member purchased 24,193.55 Series B Participating Preferred Units as well as received an option to purchase an additional 24,193.55 Series B Participating Preferred Units within one year of grant date at a price of $124 per unit.  The fair value of the units at grant date was $130.0 per unit, and the difference is recognized as deferred compensation expense over the vesting period.  The option in respect of 14,516.13 Series B Participating Preferred Units was exercised on May 29, 2013 at an exercise price of $124.0 per unit. The remaining options held were terminated on May 29, 2013.  On May 20, 2013, 6,570 Series B Participating Preferred Units were granted to a new employee.  The grant issued is subject to a thirty-six (36) month vesting period, commencing on February 1, 2013 and vests monthly.  On June 3, 2013, 2,531 Series B Participating Preferred Units were granted to a new employee.  The grant issued is subject to a thirty-six (36) month vesting period, commencing on February 1, 2013 and vests monthly.  In accordance with a provision under the grant agreements, certain Series B Participating Preferred unitholders have elected to return a portion of their Series B Participating Preferred Units at each vesting, to reimburse the Company for payroll taxes paid on behalf of the unitholders.
	The Company has estimated the fair value of such units granted based, in part, on the price to book value ratios of comparable companies, which is approved by the Board of Directors.  Other key inputs are based on management’s prior experience, current market conditions and projected conditions of the commercial real estate industry.  All units issued under the 2008 Plan are amortized over the units’ vesting periods and charged against income and were converted to Class A common shares in connection with the IPO.  Post-IPO incentive-based compensation is governed by the 2014 Omnibus Incentive Plan discussed below.
	2014 Omnibus Incentive Plan
	In connection with the IPO Transactions, the 2014 Ladder Capital Corp Incentive Equity Plan, (the “2014 Omnibus Incentive Plan”), was adopted by the Board of Directors on February 11, 2014, and provides certain members of management, employees and directors of the Company or any other Ladder Company (as defined in the 2008 Plan) with additional incentives including grants of stock options, stock appreciation rights, restricted stock, other stock-based awards and other cash-based awards.
	2014 Restricted Stock Awards in Connection with the IPO Transactions
	In connection with the IPO Transactions, restricted stock awards were granted to members of management and certain employees (the “Grantees”) with an aggregate value of $27,489,109 which represents 1,619,865 shares of restricted Class A common stock. Fifty percent of each restricted stock award granted in connection with the offering is subject to time-based vesting criteria, and the remaining fifty percent of each restricted stock award is subject to specified performance-based vesting criteria. The time-vesting restricted stock granted to Brian Harris will vest in three equal installments on each of the first three anniversaries of the date of grant, subject to his continued employment on the applicable vesting dates. Twenty-five percent of the time-vesting restricted stock granted to the other Grantees will vest in full on the eighteen-month anniversary of the date of grant and the remaining seventy-five percent will vest in full on the three-year anniversary of the date of grant, subject to continued employment on the applicable vesting date. The performance-vesting restricted stock will vest in three equal installments on December 31 of each of 2014, 2015 and 2016 if the Company achieves a return on equity, based on core earnings divided by the Company’s average book value of equity, equal to or greater than 8% for such year (the “Performance Target”), provided that if the Company misses the Performance Target during either the first or second calendar year but meets the Performance Target for a subsequent year during the three-year performance period and the Company’s return on equity for such subsequent year and any years for which it missed its Performance Target equals or exceeds the compounded return on equity of 8%, based on core earnings divided by the Company’s average book value of equity, the performance-vesting restricted stock which failed to vest because the Company previously missed its Performance Target will vest on the last day of such subsequent year. If the term “core earnings” is no longer used in the Company’s SEC filings and approved by the compensation committee, then the Performance Target will be calculated using such other pre-tax performance measurement defined in the Company’s SEC filings, as determined by the compensation committee.
	The Company has elected the policy of recognizing the compensation expense related to the time-based vesting criteria on a straight-line basis over the requisite service period for the entire award.  We feel that this aligns the compensation expense with the liability of the Company.  The compensation expense related to the upfront grants to directors, officers and certain employees in connection with the IPO shall be recognized as follows:
	1.              Compensation expense for restricted stock subject to time-based vesting criteria granted to Brian Harris will be expensed 1/3 each year, for three years, on an annual basis following such grant
	2.              Compensation expense for restricted stock subject to time-based vesting criteria granted to directors will be expensed 1/3 each year, for three years on an annual basis following such grant
	3.              Compensation expense for restricted stock subject to time-based vesting criteria granted to officers other than Mr. Harris, and certain employees will be expensed 1/3 each year, for three years on an annual basis following such grant
	Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition.  Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved.
	Upon termination of a Grantee’s employment of service due to death or disability, and, in the case of Mr. Harris, by the Company without cause or by Mr. Harris for good reason (each, as defined in the 2014 Omnibus Incentive Plan), the Grantee’s time-vesting restricted stock will accelerate and vest in full, and the Grantee’s unvested performance-vesting restricted stock will remain outstanding for the performance period and will vest to the extent the Company meets the Performance Target, including via the catch up provision described above. Upon a change in control (as defined in the 2014 Omnibus Incentive Plan) all restricted stock will become fully vested, if (1) the Grantee continues to be employed through the closing of the change in control or (2) after the signing of definitive documentation related to the change in control but prior to its closing, Grantee’s employment is terminated without cause or due to death or disability or Grantee resigns for good reason. The compensation committee retains the right, in its sole discretion, to provide for the accelerated vesting (in whole or in part) of the restricted stock awards granted in connection with the IPO Transactions.
	In connection with the IPO Transactions, Alan Fishman and each of Joel C. Peterson and Douglas Durst, who were appointed to the Board of Directors in connection with the IPO Transactions, received an initial restricted stock award with a grant date fair value of approximately $1 million, $75,000 and $75,000, respectively, which represents 67,648 shares of restricted Class A common stock. The grants will vest in three equal installments on each of the first three anniversaries of the date of grant, and will receive an annual restricted stock award with a grant date fair value of $50,000, which will vest in full on the one-year anniversary of the date of grant, with both such awards subject to continued service on the Board of Directors. Messrs. Peterson and Durst will also receive a $75,000 annual cash payment for their service on our Board of Directors. Additionally certain directors may receive $15,000 annually for service as a chairperson of the audit committee or compensation committee and $10,000 for service as a chairperson of the nominating and corporate governance committee, with all or a portion of such fee payable to an applicable director in cash or restricted stock (with a grant date fair value equal to such amount payable) at the election of such director.
	The Company recognized equity-based compensation expense of 2,324,980 and $474,501 for the three months ended March 31, 2014 and 2013, respectively.
	A summary of the grants is presented below:
		For the Three Months Ended March 31,
		2014				2013
			Weighted					Weighted
		Number of	Average			Number of		Average
		Units	Fair Value			Units		Fair Value
	Grants - Class A Common Stock (restricted)	1,687,513	$	28,637,096		—		$	—
	Amortization to compensation expense
	Predecessor compensation expense		(290,171		)			(474,501		)
	LP Units		(351,259		)			—
	Class A Common Stock (restricted)		(1,683,550		)			—
	Total amortization to compensation expense		$	(2,324,980	)			$	(474,501	)
	The table below presents the status at March 31, 2014 of the Class A Common Stock of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan and the Class A-2 Common Units, Series B Participating Preferred Units of LCFH granted under the 2008 Plan and the LP units of LCFH and changes during 2014.
		Class A	Class A		Series B		LP Units
		Common	Common Units		Participating
		Shares			Preferred Units
	Outstanding at January 1, 2014	—	365,407		14,276		—
	Granted	1,687,513	—		—		—
	Vested	—	(32,365	)	(993	)	(575,388	)
	Returned	—	—		(165	)	(985	)
	Converted	—	(333,042	)	(13,118	)	3,186,066
	Outstanding at March 31, 2014	1,687,513	—		—		2,609,693
	(1)         Converted to LP Units of LCFH on February 11, 2014 in connection with IPO.
	At March 31, 2014, there was an estimated 28,917,407 of total unrecognized compensation cost related to certain share-based compensation awards that is expected to be recognized over a period of up to 36 months, with a weighted-average period of 32.9 months.
	Phantom Equity Investment Plan (Deferred Compensation Plan)
	LCFH entered into a Phantom Equity Investment Plan, effective on June 30, 2011 (the “Plan”). The Plan is an annual deferred compensation plan pursuant to which mandatory contributions are made to the Plan, depending upon the participant’s specific level of compensation and to which participants may make elective contributions. Generally, if a participant’s total compensation is in excess of a certain threshold, a portion of a participant’s performance-based annual bonus is required to be deferred into the Plan. Otherwise, amounts may be deferred into the Plan at the election of the participant, so long as such elections are timely made in accordance with the terms and procedures of the Plan.
	In the event that a participant elects to (or is required to) defer a portion of their compensation pursuant to the Plan, such amount is not paid to the participant and is instead credited to such participant’s notional account under the Plan. Prior to the IPO, such amounts would have been invested, on a phantom basis, in the Series B Participating Preferred Units of LCFH until such amounts are eventually paid to the participant pursuant to the Plan. Following the IPO, as described below, such amounts are invested on a phantom basis in Class A common stock of Ladder Capital Corp. Mandatory contributions are subject to one-third vesting over a three year period on a straight-line basis following the applicable Plan year in which the related compensation was earned. Elective contributions are immediately vested upon contribution. Unvested amounts are generally forfeited upon the participant’s resignation or termination for cause. The phantom units do not share in the earnings of Ladder Capital Corp and are therefore not participating securities.
	The date that the amounts deferred into the Plan are paid to a participant depends upon whether such deferral was a mandatory deferral or an elective deferral. Elective deferrals are paid upon the earlier to occur of (1) a change in control (as defined in the Plan), (2) the end of the participant’s employment, or (3) December 31, 2017. The vested amounts of the mandatory contributions are paid upon the first to occur of (1) a change in control and (2) the first to occur of (x) December 31, 2017 or (y) the date of payment of the annual bonus payments following December 31 of the third calendar year following the applicable plan year to which the underlying deferred annual bonus relates. Payment may be in cash in an amount equal to the then fair market value of such units. Mandatory contributions that are paid at the time specified in 2(y) above may be made in cash at the election of the participant, subject to LCFH having sufficient cash to make such payment.
	In February 2014, Company employees contributed $6,427,127 to the Plan.  Compensation expense is liability-based and 100% expensed upon contribution.  The employees received phantom units of Series B Participating Preferred Units of LCFH at the fair market value of the units.  In connection with the IPO Transactions, the notional interest in LCFH’s Series B Participating Preferred Units converted into a notional interest in Class A common stock of Ladder Capital Corp, based on the $17.00 issuance price of its Class A common stock. As of March 31, 2014 there have been $11,851,733 total contributions to the Plan resulting in 82,026.58 phantom units outstanding, of which 37,250.66 are unvested.
	2013 Bonus Payments
	On February 12, 2014, the Board of Directors of Ladder Capital Corp approved bonus payments to employees, including officers, totaling $43,719,000.  The bonuses were paid to employees on February 18, 2014.  As of March 31, 2014, $12,664,286 of bonus accrual is included in accrued expenses on the combined consolidated balance sheets.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2014
INCOME TAXES	'
INCOME TAXES	'
	15.                     INCOME TAXES
	Prior to February 11, 2014, the Company had not been subject to U.S. federal income taxes as the predecessor entity is an LLLP, but had been subject to the New York City Unincorporated Business Tax (“NYC UBT”).  As a result of the IPO, a portion of the Company’s income will be subject to U.S. federal, state and local income taxes and taxed at the prevailing corporate tax rates.
	Components of the provision for income taxes consist of the following:
		Three Months
		Ended March 31,
		2014
	Current expense
	Federal	$	5,366,975
	State and local	1,805,512
	Total current expense	7,172,487
	Deferred expense/(benefit)
	Federal	(1,521,455		)
	State and local	(361,815		)
	Total deferred expense/(benefit)	(1,883,270		)
	Provision for income tax expense	$	5,289,217
	Corporate taxes payable as of March 31, 2014 were $6,661,704. There were no corporate taxes payable as of December 31, 2013.  NYC UBT taxes payable (receivable) at March 31, 2014 and December 31, 2013 were ($95,815) and $482,324, respectively.
	A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the period ended March 31, 2014 is as follows:
		Three Months
		Ended March 31,
		2014
	US statutory tax rate	35	%
	Increase due to state and local taxes	4.65	%
	Benefit of partnership income not subject to taxation	-17.32	%
	Effective income tax rate	22.33	%
	The Company’s net deferred tax assets were $1,577,319 as of March 31, 2014. We believe it is more likely than not that the net deferred tax assets will be realized in the foreseeable future. Realization of our net deferred tax assets is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences, The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. The components of the Company’s deferred tax assets and liabilities are as follows:
		As of March 31,
		2014
	Deferred Tax Assets
	Depreciation	$	933,065
	Equity based compensation	950,204
	Unrealized gains and losses	297,344
	Total Deferred Tax Assets	$	2,180,613
	Deferred Tax Liabilities
	Unrealized gains and losses	603,294
	Total Deferred Tax Assets	$	603,294
	Net Deferred Tax Assets/(Liabilities)	$	1,577,319
	Our tax returns are subject to audit by taxing authorities. With a few exceptions, as of March 31, 2014 the tax years 2010, 2011 and 2012 remain open to examination by the major taxing jurisdictions in which we are subject to taxes.  U.S. federal and state taxing authorities are currently examining income tax returns of various subsidiaries of the Company for tax years 2010 through 2012. The Company believes that the audits will result in no material changes, however, these audits can often take a long time to complete and settle and there can be no assurances as to the possible outcomes.
	Under U.S. GAAP, a tax benefit related to an income tax position may be recognized when it is more likely than not that the position will be sustained upon examination by the tax authorities based on the technical merits of the position. The Company determined that no liability for unrecognized tax benefits for uncertain income tax positions was required to be recorded as of March 31, 2014. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2014
RELATED PARTY TRANSACTIONS	'
RELATED PARTY TRANSACTIONS	'
	16.                     RELATED PARTY TRANSACTIONS
	The Company entered into a loan referral agreement with Meridian Capital Group LLC (“Meridian”), which is an affiliate of a member of the Company’s Board of Directors and an investor in the Company.  The agreement provides for the payment of referral fees for loans originated pursuant to a formula based on the Company’s net profit on a referred loan, as defined in the agreement, payable annually in arrears.  While the arrangement gives rise to a potential conflict of interest, full disclosure is given to the borrower who, in each case, waives the conflict in writing.  This agreement is cancellable by the Company based on the occurrence of certain events, or by Meridian for nonpayment of amounts due under the agreement.  The Company terminated the loan referral agreement on April 2, 2014, as a result of the occurrence of the IPO on February 11, 2014.
	The Company incurred no fees during the three months ended March 31, 2014 for loans originated in accordance with this agreement. As of March 31, 2014, $425,000 was payable.   The Company incurred fees of $150,000 during the three months ended March 31, 2013 for loans originated in accordance with this agreement, of which $150,000 is accrued for and payable as of March 31, 2013. These fees are reflected in fee expense in the accompanying combined consolidated statements of income.

COMMITMENTS

COMMITMENTS	3 Months Ended
	Mar. 31, 2014
COMMITMENTS	'
COMMITMENTS	'
	17.                     COMMITMENTS
	Leases
	The Company entered into an operating lease for its previous primary office space, which commenced on January 5, 2009 and expires on May 30, 2015.  There is an option to renew the lease for an additional five years at an increased monthly rental.  The office space has subsequently been subleased to a third party.  Income received on the subleased office space is recorded in other income on the combined consolidated statements of income.  In 2011, the Company entered into a new lease for its primary office space which commenced on October 1, 2011 and expires on January 31, 2022 with no extension option.   In 2012, the Company entered into one new lease for secondary office space.  The lease commenced on May 15, 2012 and expires on May 14, 2015 with no extension option.
	The following is a schedule of future minimum rental payments required under the above operating leases:
	Year ended December 31,	Amount
	2014 (last 9 months)	$	1,336,287
	2015	1,381,992
	2016	1,125,069
	2017	1,180,400
	2018	1,180,400
	Thereafter	3,639,567
	Total	$	9,843,715
	GN Construction Loan Securities
	The Company committed to purchase GN construction loan securities over a period of twelve to fifteen months.  As of March 31, 2014, the Company’s commitment to purchase these securities at fixed prices ranging from 102.0 to 107.3 was $118,502,265, of which $88,236,267 was funded, with $30,265,998 remaining to be funded.  As of December 31, 2013, the Company’s commitment to purchase these securities at fixed prices ranging from 102.0 to 107.3 was $150,271,380, of which $112,780,499 was funded, with $37,490,881 remaining to be funded.  The fair value of those commitments at March 31, 2014 and December 31, 2013 was ($304,109) and ($176,736), respectively, which was determined by pricing services as adjusted for estimated liquidity discounts and are included in GN construction securities on the combined consolidated balance sheets.
	Off-Balance Sheet Arrangements
	As of March 31, 2014, the Company’s off-balance sheet arrangements consisted of $66,008,670 of unfunded commitments of mortgage loan receivables held for investment, which was comprised of $62,378,672 to provide additional first mortgage loan financing and $3,629,998 to provide additional mezzanine loan financing. As of December 31, 2013, the Company’s off-balance sheet arrangements consisted of $71,514,519 of unfunded commitments of mortgage loan receivables held for investment, which was comprised of $65,314,519 to provide additional first mortgage loan financing and $6,200,000 to provide additional mezzanine loan financing. Such commitments are subject to our borrowers’ satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in and are not reflected on our the Combined Consolidated Balance Sheets.

SEGMENT_REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2014
SEGMENT REPORTING	'
SEGMENT REPORTING	'
	18.                    SEGMENT REPORTING
	The Company has determined that it has three reportable segments based on how management reviews and manages its business.  These reportable segments include Loans, Securities, and Real Estate.  The Loans segment includes mortgage loan receivables held for investment (balance sheet loans) and mortgage loan receivables held for sale (conduit loans).  The Securities segment is composed of all of the Company’s activities related to commercial real estate securities, which include investments in CMBS and U.S. Agency Securities.  The Real Estate segment includes selected net lease and other real estate assets.  Corporate/Other includes our investments in joint ventures, other asset management activities and operating expenses.
	The Company evaluates performance based on the following financial measures for each segment ($ in thousands):
		Loans			Securities			Real Estate			Corporate/Other(1)			Company Total
	Three months ended March 31, 2014
	Interest income	$	20,309		$	16,505		$	—		$	8		$	36,822
	Interest expense	(2,188		)	(1,265		)	(3,331		)	(8,057		)	(14,841		)
	Net interest income (expense)	18,121			15,240			(3,331		)	(8,049		)	21,981
	Provision for loan losses	(150		)	—			—			—			(150		)
	Net interest income (expense) after provision for loan losses	17,971			15,240			(3,331		)	(8,049		)	21,831
	Operating lease income	—			—			13,213			—			13,213
	Tenant recoveries	—			—			2,080			—			2,080
	Sale of loans, net	41,303			—			—			—			41,303
	Gain on securities	—			1,809			—			—			1,809
	Sale of real estate, net	347			—			6,346			—			6,693
	Fee income	665			91			—			1,553			2,309
	Net result from derivative transactions	(10,742		)	(15,544		)	—			—			(26,287		)
	Earnings from investment in unconsolidated joint ventures	—			—			348			—			348
	Unrealized gain (loss) on Agency interest-only securities, net	—			(1,034		)	—			—			(1,034		)
	Total other income	31,573			(14,678		)	21,987			1,553			40,434
	Salaries and employee benefits	(6,300		)	—			—			(13,703		)	(20,003		)
	Operating expenses	41			—			—			(3,082		)	(3,041		)
	Real estate operating expenses	—			—			(7,602		)	—			(7,602		)
	Fee expense	(303		)	(22		)	(17		)	(160		)	(502		)
	Depreciation and amortization	—			—			(7,290		)	(137		)	(7,427		)
	Total costs and expenses	(6,562		)	(22		)	(14,909		)	(17,082		)	(38,575		)
	Tax expense	—			—			—			(5,289		)	(5,289		)
	Segment profit (loss)	$	42,982		$	540		$	3,747		$	(28,867	)	$	18,401
	Total assets as of March 31, 2014	$	837,087		$	1,750,040		$	603,753		$	299,367		$	3,490,247
	Three months ended March 31, 2013
	Interest income	$	18,712		$	14,555		$	—		$	(2,005	)	$	31,261
	Interest expense	(1,876		)	(1,329		)	(1,080		)	(6,922		)	(11,207		)
	Net interest income (expense)	16,835			13,225			(1,080		)	(8,927		)	20,054
	Provision for loan losses	(150		)	—			—			—			(150		)
	Net interest income (expense) after provision for loan losses	16,685			13,225			(1,080		)	(8,927		)	19,904
	Operating lease income	—			—			6,484			—			6,484
	Tenant recoveries	—			—			—			—			—
	Sale of loans, net	82,868			—			—			140			83,007
	Gain on securities	—			2,565			—			—			2,565
	Sale of real estate, net	(186		)	—			3,884			—			3,698
	Fee income	993			—			167			278			1,439
	Net result from derivative transactions	(117		)	2,387			—			—			2,270
	Earnings from investment in unconsolidated joint ventures	—			—			—			394			394
	Unrealized gain (loss) on Agency interest-only securities, net	—			(250		)	—			—			(250		)
	Total other income	83,558			4,702			10,535			812			99,607
	Salaries and employee benefits	(11,300		)	—			—			(8,412		)	(19,712		)
	Operating expenses	50			—			—			(2,322		)	(2,273		)
	Real estate operating expenses	—			—			(2,880		)	—			(2,880		)
	Fee expense	(846		)	(17		)	(451		)	(90		)	(1,404		)
	Depreciation and amortization	—			—			(2,987		)	(137		)	(3,124		)
	Total costs and expenses	(12,097		)	(17		)	(6,318		)	(10,961		)	(29,393		)
	Tax expense	—			—			(232		)	(1,836		)	(2,068		)
	Segment profit (loss)	$	88,146		$	17,910		$	2,905		$	(20,911	)	$	88,050
	Total assets as of March 31, 2013	$	904,106		$	1,057,343		$	395,678		$	184,367		$	2,541,494
	Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to combined consolidated Company totals.  This caption also includes the Company’s investment in unconsolidated joint ventures and strategic investments that are not related to the other reportable segments above, including the Company’s investment in FHLB stock of $50.4 million as of March 31, 2014.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2014
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	19.                     SUBSEQUENT EVENTS
	The Company has evaluated subsequent events through the issuance date of the financial statements and determined that the following disclosure is necessary:
	Committed Loan Repurchase Facilities
	On April 29, 2014, the Company amended the terms of its master repurchase agreement with a major U.S. bank to finance loans it originates to temporarily increase financing capacity on its facility from $300.0 million to $450.0 million to enable the financing of one of its assets.  The increase in capacity will terminate no later than April 18, 2015.

SIGNIFICANT_ACCOUNTING_POLICIE1

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2014
SIGNIFICANT ACCOUNTING POLICIES	'
Basis of Accounting and Principles of Combination and Consolidation	'
	Basis of Accounting and Principles of Combination and Consolidation
	The accompanying combined consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).  In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows.  The interim combined consolidated financial statements should be read in conjunction with audited consolidated financial statements for the year ended December 31, 2013 of our Predecessor, LCFH, which are included in the Company’s annual report on Form 10-K, as certain disclosures would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report.  Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The interim combined consolidated financial statements have been prepared, without audit, and do not necessarily include all information and footnotes necessary for a fair statement of our combined consolidated financial position, results of operations and cash flows in accordance with GAAP.
	The combined consolidated financial statements include the Company’s accounts and those of its subsidiaries which are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any.  All significant intercompany transactions and balances have been eliminated.  The combined consolidated financial statements of the Company are comprised of the consolidation of LCFH and its wholly-owned and majority owned subsidiaries, prior to the IPO Transactions, and the consolidated financial statements of Ladder Capital Corp, subsequent to the IPO Transactions.
	Accounting Standards Codification (“ASC”) 810, Consolidation, provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest.  The Company consolidates VIEs in which it is considered to be the primary beneficiary.  The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE.
	The Company accounted for the IPO Transactions as an exchange between entities under common control and recorded the net assets and shareholders’ equity of the contributed entities at historical cost.
	Noncontrolling interests in consolidated subsidiaries are defined as “the portion of the equity (net assets) in the subsidiaries not attributable, directly or indirectly, to a parent.”  Noncontrolling interests are presented as a separate component of capital in the combined consolidated balance sheets.  In addition, the presentation of net income attributes earnings to shareholders/unitholders (controlling interest) and noncontrolling interests.
	Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary, changes in a parent’s ownership interest (and transactions with noncontrolling interest unitholders in the subsidiary) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying amount of the noncontrolling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of reorganization transactions which caused changes in ownership percentages between the Company’s class A shareholders and the noncontrolling interests in the Operating Partnership that occurred during the period ended March 31, 2014, the Company has increased noncontrolling interests in the Operating Partnership and decreased additional paid-in capital in the Company’s shareholders’ equity by approximately $14.7 million as of March 31, 2014.
Revision of Previously Issued Financial Statements	'
	Revision of Previously Issued Financial Statements
	During the Company’s reporting processes for each of the quarters ended June 30, 2013 and September 30, 2013, the Company identified and corrected certain errors that impacted the financial statements as of and for the quarter ended March 31, 2013.  At that time, in accordance with accounting guidance found in ASC 250-10 (SEC Staff Accounting Bulletin No. 99, Materiality), the Company concluded that the errors in accounting were not material to the financial statements to any previous reporting period when taken as a whole, both on a quantitative and qualitative basis.  However, the Company elected to revise previously issued financial statements to properly reflect the impact of the errors in such financial statements.  Following is a summary of the errors identified and corrected:
	The Company identified and corrected an error in the manner in which it accounted for the unrealized gains/losses related to its investment in Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”).  Specifically, the Company historically incorrectly accounted for its investments in Agency interest-only securities as available-for-sale securities, rather than as financial instruments containing an embedded derivative for which the change in fair value is recorded in earnings. The effect of the correction is the reclassification of unrealized gains and losses on Agency interest-only securities from other comprehensive income to a component of net income, and accordingly impacts the combined consolidated statements of income, cash flows, comprehensive income,  and segment reporting included in Note 18.
	The Company identified and corrected an error in the manner in which it accounted for the sale of loans into a securitization that had been originated to a consolidated affiliate (“Intercompany Loans”). Specifically, the Company historically incorrectly accounted for the sale of Intercompany Loans as a transfer of financial assets under ASC 860, Transfers and Servicing of Financial Assets, rather than as origination of debt. The effect of the correction is the reclassification from sale of loans, net to a component of long-term financing, with the premium on long-term financing amortized over the life of the loan as a reduction of interest expense, and accordingly impacts the combined consolidated, statements of income, cash flows, comprehensive income,  and segment reporting included in Note 18. Net income was decreased by $2.0 million for the three month period ended March 31, 2013, with a corresponding increase to long-term financing.
	Additionally, the Company corrected its previous presentation of certain cash accounts held by brokers. Specifically, the prior period amounts have been revised to reflect $410,535 of unrestricted cash held by brokers as cash and cash equivalents, which has the effect of increasing cash and cash equivalents and increasing cash used in operating activities in the combined consolidated statement of cash flows for the three months ended March 31, 2013.
	The effects of the revisions are summarized in the following tables:
	Consolidated Statements of Income
		Three Months Ended March 31, 2013
		As Originally			Adjustments		As Revised
		Reported
	Interest expense	$	11,322,239		(115,043	)	$	11,207,196
	Net interest income	19,939,093			115,043		20,054,136
	Net interest income after provision for loan losses	19,789,093			115,043		19,904,136
	Sale of loans, net	85,157,414			(2,149,952	)	83,007,462
	Unrealized gain (loss) on agency IO securities, net	—			(249,900	)	(249,900		)
	Total other income	102,006,085			(2,399,852	)	99,606,233
	Income before taxes	92,402,544			(2,284,809	)	90,117,735
	Net Income	90,334,781			(2,284,809	)	88,049,972
	Net income attributable to preferred and common unit holders	90,307,537			(2,284,809	)	88,022,728
	Consolidated Statements of Comprehensive Income
		Three Months Ended March 31, 2013
		As Originally			Adjustments			As Revised
		Reported
	Net Income	$	90,334,781		$	(2,284,809	)	$	88,049,972
	Unrealized gain (loss) on real estate securities, available for sale	737,856			249,900			987,756
	Total Other Comprehensive Income (loss)	(1,827,037		)	249,900			(1,577,137		)
	Comprehensive Income	88,507,744			(2,034,909		)	86,472,835
	Comprehensive income attributable to preferred and common unit holders	88,480,500			(2,034,909		)	86,445,591
	Consolidated Statements of Cash Flows
		Three Months Ended March 31, 2013
		As Originally			Adjustments			As Revised
		Reported
	Net Income	$	90,334,781		$	(2,284,809	)	$	88,049,972
	Unrealized gain (loss) on agency IO securities, net	—			249,900			249,900
	Amortization of (premium) discount on long-term debt	—			(115,043		)	(115,043		)
	Realized gain on sale of mortgage loan receivables	(85,157,414		)	2,149,952			(83,007,462		)
	Proceeds from sales of mortgage loan receivables held for sale	949,269,406			(2,149,952		)	947,119,454
	Net cash provided by (used in) operating activities	152,445,877			(2,149,952		)	150,295,925
	Reduction (addition) of cash collateral held by broker	(21,687,366		)	(972,367		)	(22,659,733		)
	Net cash provided by financing activities	39,524,186			(972,367		)	38,551,819
	Proceeds from long-term financing	50,243,577			2,149,952			52,393,529
	Net cash used in financing activities	(202,077,511		)	2,149,952			(199,927,559		)
	Net increase/(decrease) in cash	(10,107,448		)	(972,367		)	(11,079,815		)
	Cash at beginning of period	43,795,663			1,382,902			45,178,565
	Cash at end of period	33,688,215			410,535			34,098,750
Use of Estimates	'
	Use of Estimates
	The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the balance sheets and the reported amounts of revenues and expenses during the reporting period. In particular, the estimates used in the pricing process for real estate securities and the process for determining effective yield for purposes of recognition of interest income and determining other than temporary impairment, are inherently subjective and imprecise. Actual results could differ from those estimates.
Cash Collateral Held by Broker	'
	Cash Collateral Held by Broker
	The Company maintains accounts with brokers to facilitate financial derivative transactions in support of its loan and securities investments and risk management activities. Based on the value of the positions in these accounts and the associated margin requirements, the Company may be required to deposit additional cash into these broker accounts.  The cash collateral held by broker is considered restricted cash.
Mortgage Loans Receivable Held for Investment	'
	Mortgage Loans Receivable Held for Investment
	Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, adjusted for actual prepayments.  The Company may sell mortgage loans receivable held for investment to an unaffiliated third party or LCRIP I described in Note 7.  Before the sale of such loans, the Company will transfer the loan from mortgage loans receivable held for investment to Mortgage loans receivable available for sale on the combined consolidated balance sheets.
	The Company evaluates each loan classified as a mortgage loan receivable held for investment for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loans contractual effective rate or the fair value of the collateral, if recovery of the Company’s investment is expected solely from the collateral.
	The Company’s loans are typically collateralized by real estate. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data.
	Upon the completion of the process above, the Company concluded that no loans originated by the Company were impaired as of March 31, 2014 and December 31, 2013. Significant judgment is required when evaluating loans for impairment, therefore actual results over time could be materially different.
Real Estate	'
	Real Estate
	The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 47 years for buildings, four to 15 years for building fixtures and improvements and the remaining lease term for acquired intangible lease assets.
	The Company classifies investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense.
	Certain of the Company’s real estate investments are condominium units that the Company intends to sell over time. The results of operations and the related gain or loss on sale of properties that have been sold are not reflected as held for sale or presented in discontinued operations in the consolidated statements of income due to fact that the disposal does not represent a strategic shift that has (or will have) a major effect on the Company’s operations and financial results.
	Certain of the Company’s real estate is leased to others on a net basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance. These leases are for fixed terms of varying length and provide for annual rentals. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable within other assets in the consolidated balance sheets.
Allocation of Purchase Price for Acquired Real Estate	'
	Allocation of Purchase Price for Acquired Real Estate
	In accordance with the guidance for business combinations, the Company determines whether a transaction or other event is a business combination. If the transaction is determined to be a business combination, the Company determines if the transaction is considered to be between entities under common control. The acquisition of an entity under common control is accounted for on the carryover basis of accounting whereby the assets and liabilities of the companies are recorded upon the merger on the same basis as they were carried by the companies on the merger date. All other business combinations are accounted for by applying the acquisition method of accounting. Under the acquisition method, the Company recognizes the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquired entity. In addition, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company will immediately expense acquisition-related costs and fees associated with business combinations.
	The Company allocates the purchase price of acquired properties and businesses accounted for under the acquisition method of accounting to tangible and identifiable intangible assets acquired based an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, and insurance and other operating expenses. The Company also estimates costs to execute similar leases including leasing commissions, legal and other related expenses.
	Above-market and below-market in-place lease values for owned properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease intangibles are amortized as a decrease to rental income over the remaining term of the lease plus any assumed renewals of below market lease terms. The capitalized below-market lease values will be amortized as an increase to rental income over the remaining term of the lease and any below market fixed rate renewal periods provided within the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time.
	The fair value of investments and debt are valued using techniques consistent with those disclosed in Note 9, depending on the nature of the investment or debt. The fair value of all other assumed assets and liabilities based on the best information available.
	The aggregate value of intangible assets related to customer relationships is measured based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors.
	The value of in-place leases is amortized to expense over the initial terms of the respective leases, including any probable renewal periods, which range primarily from one to 24 years. The value of customer relationship intangibles is amortized to expense over the initial terms and any presumed renewal periods to be exercised in the respective leases, but in no event do the amortization periods for intangible assets exceed the remaining depreciable lives of the buildings. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense.
	In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, as well as subsequent marketing and leasing activities, in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed.
Impairment of held for use property	'
	Impairment of held for use property
	On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired.  In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment.  The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property.  A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property.  To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property.  The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions.  These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions.  The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property.  As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future.
Rental Property Held for Sale	'
	Rental Property Held for Sale
	When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets.  If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, a valuation allowance is established.
	If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used.  A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
Sales of Real Estate	'
	Sales of Real Estate
	Gains on sales of real estate are recognized pursuant to the provisions included in ASC 360-20 “Real Estate Sales” (“ASC 360-20”). The specific timing of a sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain recognition and accounts for the continued operations of the property by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria are met.
Valuation Hierarchy	'
	Valuation Hierarchy
	In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP (FASB — Accounting Standards Codification Topic 820), the methodologies used for valuing such instruments have been categorized into three broad levels as follows:
	Level 1 - Quoted prices in active markets for identical instruments.
	Level 2 - Valuations based principally on other observable market parameters, including:
	·  Quoted prices in active markets for similar instruments,
	·  Quoted prices in less active or inactive markets for identical or similar instruments,
	·  Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and
	·  Market corroborated inputs (derived principally from or corroborated by observable market data).
	Level 3 - Valuations based significantly on unobservable inputs.
	·                  Valuations based on third party indications (broker quotes, counterparty quotes or pricing services) which were, in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations.
	·                  Valuations based on internal models with significant unobservable inputs.
	Pursuant to the authoritative guidance, these levels form a hierarchy.  The Company follows this hierarchy for its financial instruments measured at fair value on a recurring basis.  The classifications are based on the lowest level of input that is significant to the fair value measurement.
	It is the Company’s policy to determine when transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the reporting period.
Income Taxes	'
	Income Taxes
	The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740 — Income Taxes (“ASC 740”), which requires the recognition of tax benefits or expenses on the temporary differences between financial reporting and tax bases of assets and liabilities.  The Company’s operations were historically organized as a limited liability limited partnership which elected to be treated as a partnership for income tax purposes.  Accordingly, the Company’s income was not subject to U.S. federal income taxes.  Taxes related to income earned by this entity represented obligations of the individual partners and were not reflected in the combined consolidated financial statements.  Instead, income taxes shown on the Company’s historical consolidated financial statements were attributable to the New York City Unincorporated Business Tax.  After the Company’s IPO, the income from operations attributable to the Company is taxed at the prevailing federal, state and local and foreign income tax rates.  Income from operations of LCFH remain taxable to its limited partners.
	The Company determines whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50%  likely of being realized upon ultimate settlement which could result in the Company recording a tax liability that would reduce shareholders’ equity.
	The Company’s policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as a component of general and administrative expense on its combined consolidated statements of income. For the three months ended March 31, 2014 and 2013, the Company did not have any interest or penalties associated with the underpayment of any income taxes. The last three tax years remain open and subject to examination by tax jurisdictions.
Recently Issued and Adopted Accounting Pronouncements	'
	Recently Issued and Adopted Accounting Pronouncements
	In February 2013, the Federal Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation Is Fixed at the Reporting Date (ASU 2013-04”).  ASU 2013-04 addresses the recognition, measurement, and disclosure of certain obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, including debt arrangements, other contractual obligations, and settled litigation and judicial rulings. U.S. GAAP does not currently include specific guidance on accounting for such obligations with joint and several liability which has resulted in diversity in practice. The ASU requires an entity to measure these obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The ASU also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The ASU is to be applied retrospectively to all prior periods presented for those obligations resulting from joint and several liability arrangements within the updates scope that exist within the Company’s statement of financial position at the beginning of the year of adoption. This guidance became effective for the Company beginning January 1, 2014. The adoption of this standard did not have a material impact on its combined consolidated financial statements or footnote disclosures.
	In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). The objective of this update is to eliminate the diversity in practice in the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. Under this guidance, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except in certain circumstances. This update does not require any new recurring disclosures and is effective for annual and interim periods beginning after December 15, 2013.  This guidance became effective for the Company beginning January 1, 2014. The adoption of this standard did not have a material impact on its combined consolidated financial statements or footnote disclosures.
	In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). The objective of this update is to change the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under this guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This update requires expanded disclosures for discontinued operations reporting and is effective for annual and interim periods beginning after December 15, 2014 with early adoption permitted for disposals that have not been reported in financial statements previously issued or available for issuance.  The Company adopted this guidance during the quarter ended March 31, 2014.

SIGNIFICANT_ACCOUNTING_POLICIE2

SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2014
SIGNIFICANT ACCOUNTING POLICIES	'
Summary of effects of the revision on financial statements	'
	Consolidated Statements of Income
		Three Months Ended March 31, 2013
		As Originally			Adjustments		As Revised
		Reported
	Interest expense	$	11,322,239		(115,043	)	$	11,207,196
	Net interest income	19,939,093			115,043		20,054,136
	Net interest income after provision for loan losses	19,789,093			115,043		19,904,136
	Sale of loans, net	85,157,414			(2,149,952	)	83,007,462
	Unrealized gain (loss) on agency IO securities, net	—			(249,900	)	(249,900		)
	Total other income	102,006,085			(2,399,852	)	99,606,233
	Income before taxes	92,402,544			(2,284,809	)	90,117,735
	Net Income	90,334,781			(2,284,809	)	88,049,972
	Net income attributable to preferred and common unit holders	90,307,537			(2,284,809	)	88,022,728
	Consolidated Statements of Comprehensive Income
		Three Months Ended March 31, 2013
		As Originally			Adjustments			As Revised
		Reported
	Net Income	$	90,334,781		$	(2,284,809	)	$	88,049,972
	Unrealized gain (loss) on real estate securities, available for sale	737,856			249,900			987,756
	Total Other Comprehensive Income (loss)	(1,827,037		)	249,900			(1,577,137		)
	Comprehensive Income	88,507,744			(2,034,909		)	86,472,835
	Comprehensive income attributable to preferred and common unit holders	88,480,500			(2,034,909		)	86,445,591
	Consolidated Statements of Cash Flows
		Three Months Ended March 31, 2013
		As Originally			Adjustments			As Revised
		Reported
	Net Income	$	90,334,781		$	(2,284,809	)	$	88,049,972
	Unrealized gain (loss) on agency IO securities, net	—			249,900			249,900
	Amortization of (premium) discount on long-term debt	—			(115,043		)	(115,043		)
	Realized gain on sale of mortgage loan receivables	(85,157,414		)	2,149,952			(83,007,462		)
	Proceeds from sales of mortgage loan receivables held for sale	949,269,406			(2,149,952		)	947,119,454
	Net cash provided by (used in) operating activities	152,445,877			(2,149,952		)	150,295,925
	Reduction (addition) of cash collateral held by broker	(21,687,366		)	(972,367		)	(22,659,733		)
	Net cash provided by financing activities	39,524,186			(972,367		)	38,551,819
	Proceeds from long-term financing	50,243,577			2,149,952			52,393,529
	Net cash used in financing activities	(202,077,511		)	2,149,952			(199,927,559		)
	Net increase/(decrease) in cash	(10,107,448		)	(972,367		)	(11,079,815		)
	Cash at beginning of period	43,795,663			1,382,902			45,178,565
	Cash at end of period	33,688,215			410,535			34,098,750

MORTGAGE_LOAN_RECEIVABLES_Tabl

MORTGAGE LOAN RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2014
MORTGAGE LOAN RECEIVABLES	'
Schedule of mortgage loan receivables	'
	March 31, 2014
								Weighted		Remaining
		Outstanding			Carrying			Average		Maturity
		Face Amount			Value			Yield		(years)
	Mortgage loan receivables held for investment, at amortized cost	$	687,212,184		$	674,980,076	-1	9.51	%	2.11
	Mortgage loan receivables held for sale	162,554,033			162,107,043			5.46	%	7.43
	Total	$	849,766,217		$	837,087,119
	December 31, 2013
								Weighted		Remaining
		Outstanding			Carrying			Average		Maturity
		Face Amount			Value			Yield		(years)
	Mortgage loan receivables held for investment, at amortized cost	$	549,573,788		$	539,078,182	-1	9.76	%	2.14
	Mortgage loan receivables held for sale	440,774,789			440,489,789			5.47	%	9.62
	Total	$	990,348,577		$	978,967,971
	(1)         The carrying amount of loan receivables held for investment are presented net of provision for loan losses of $2,650,000 and $2,500,000 at March 31, 2014 and December 31, 2013, respectively.
Summary of mortgage loan receivables by loan type	'
		As of March 31, 2014						As of December 31, 2013
		Outstanding			Carrying			Outstanding			Carrying
		Face Amount			Value			Face Amount			Value
	Mortgage loan receivables held for sale
	First mortgage loan	$	162,554,033		$	162,107,043		$	440,774,789		$	440,489,789
	Total mortgage loan receivables held for sale	162,554,033			162,107,043			440,774,789			440,489,789
	Mortgage loan receivables held for investment, at amortized cost
	First mortgage loan	546,093,172			537,577,880			420,672,555			413,564,066
	Mezzanine loan	141,119,012			140,052,196			128,901,233			128,014,116
	Total mortgage loan receivables held for investment, at amortized cost	687,212,184			677,630,076			549,573,788			541,578,182
	Reserve for loan losses	—			2,650,000			—			2,500,000
	Total	$	849,766,217		$	837,087,119		$	990,348,577		$	979,567,971
Schedule of activity in loan portfolio	'
		Mortgage loan			Mortgage loan
		receivables held			receivables held
		for investment, at			for sale
		amortized cost
	Balance December 31, 2012	$	326,318,550		$	623,332,620
	Origination of mortgage loan receivables	96,414,750			843,902,500
	Repayment of mortgage loan receivables	(122,063,197		)	(545,079		)
	Proceeds from sales of mortgage loan receivables	—			(947,119,454		)
	Realized gain on sale of mortgage loan receivables	—			83,007,462
	Transfer between held for investment and held for sale	(8,320,273		)	8,320,273
	Accretion/amortization of discount, premium and other fees	1,007,628			—
	Loan loss provision	(150,000		)	—
	Balance March 31, 2013	$	293,207,458		$	610,898,322
	Balance December 31, 2013	$	539,078,182		$	440,489,789
	Origination of mortgage loan receivables	147,570,705			463,575,489
	Repayment of mortgage loan receivables	(12,335,575		)	(316,067		)
	Proceeds from sales of mortgage loan receivables	—			(783,762,354		)
	Realized gain on sale of mortgage loan receivables	—			41,302,665
	Transfer between held for investment and held for sale	—			—
	Accretion/amortization of discount, premium and other fees	816,764			817,521
	Loan loss provision	(150,000		)	—
	Balance March 31, 2014	$	674,980,076		$	162,107,043
Schedule of reserve for loan losses	'
		Three Months Ended March 31,
		2014			2013
	Reserve for loan losses at beginning of period	$	2,500,000		$	1,900,000
	Reserve for loan losses	150,000			150,000
	Charge-offs	—			—
	Reserve for loan losses at end of period	$	2,650,000		$	2,050,000

REAL_ESTATE_SECURITIES_Tables

REAL ESTATE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2014
REAL ESTATE SECURITIES	'
Summary of securities which are classified as available-for-sale	'
	The following is a summary of the Company’s securities at March 31, 2014 and December 31, 2013 ($ in thousands):
	March 31, 2014
															Weighted Average
																				Remaining
		Outstanding			Amortized Cost		Gross Unrealized							# of						Duration
	Asset Type	Face Amount			Basis		Gains		Losses			Carrying Value		Securities	Rating (2)	Coupon %		Yield %		(years)
	CMBS	$	1,227,308		$	1,225,746	$	22,466	$	(735	)	$	1,247,477	102	AAA	4.08	%	3.68	%	4.79
	CMBS interest-only	6,075,913		-1	275,802		3,357		(327		)	278,832		25	AAA	0.98	%	4.25	%	3.35
	GNMA interest-only	1,799,019		-1	98,682		1,652		(5,720		)	94,614		37	AA+	1	%	5.03	%	3.1
	FHLMC interest-only	218,834		-1	7,541		90		(68		)	7,563		2	AA+	0.88	%	5.32	%	2.03
	GN construction securities	16,321			16,808		47		(550		)	16,305		8	AA+	4.01	%	3.46	%	6.67
	GN permanent securities	101,175			103,244		2,010		(5		)	105,249		13	AAA	5.46	%	4.4	%	3.64
	Total	$	9,438,570		$	1,727,823	$	29,622	$	(7,405	)	$	1,750,040
	December 31, 2013
															Weighted Average
																				Remaining
		Outstanding			Amortized Cost		Gross Unrealized							# of						Duration
	Asset Type	Face Amount			Basis		Gains		Losses			Carrying Value		Securities	Rating (2)	Coupon %		Yield %		(years)
	CMBS	$	1,160,741		$	1,156,230	$	13,853	$	(5,147	)	$	1,164,936	101	AAA	4.24	%	4.08	%	4.88
	CMBS interest-only	5,702,862		-1	256,869		2,204		(1,015		)	258,058		21	AAA	1	%	4.19	%	3.38
	GNMA interest-only	1,848,270		-1	103,136		1,630		(4,889		)	99,877		36	AA+	1.12	%	5.32	%	2.12
	FHLMC interest-only	219,677		-1	7,904		248		—			8,152		2	AA+	0.95	%	5.21	%	3.04
	GN construction securities	12,858			13,261		36		(290		)	13,007		8	AA+	4.11	%	3.49	%	6.57
	GN permanent securities	108,310			110,724		2,492		—			113,216		14	AAA	5.53	%	4.64	%	3.27
	Total	$	9,052,718		$	1,648,124	$	20,463	$	(11,341	)	$	1,657,246
	(1) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.
	(2) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating.  For each security rated by multiple rating agencies, the highest rating is used.  Ratings provided were determined by third party rating agencies as of a particular date, may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time.
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows	'
	The following is a breakdown of the fair value of the Company’s securities by remaining maturity based upon expected cash flows at March 31, 2014 and December 31, 2013 ($ in thousands):
	March 31, 2014
	Asset Type	Within 1 year			1-5 years		5-10 years		After 10 years			Total
	CMBS	$	192,253		$	430,024	$	625,200	$	—		$	1,247,477
	CMBS interest-only	5,632			273,200		—		—			278,832
	GNMA interest-only	297			86,705		7,612		—			94,614
	FHLMC interest-only	—			7,563		—		—			7,563
	GN construction securities	—			3,203		13,102		—			16,305
	GN permanent securities	3,184			73,895		28,170		—			105,249
	Total	$	201,366		$	874,590	$	674,084	$	—		$	1,750,040
	December 31, 2013
	Asset Type	Within 1 year			1-5 years		5-10 years		After 10 years			Total
	CMBS	$	175,042		$	390,116	$	599,778	$	—		$	1,164,936
	CMBS interest-only	7,482			250,576		—		—			258,058
	GNMA interest-only	371			94,001		5,505		—			99,877
	FHLMC interest-only	—			8,152		—		—			8,152
	GN construction securities	—			3,280		9,727		—			13,007
	GN permanent securities	62,605			15,080		28,841		6,690			113,216
	Total	$	245,500		$	761,205	$	643,851	$	6,690		$	1,657,246

REAL_ESTATE_NET_Tables

REAL ESTATE, NET (Tables)	3 Months Ended
	Mar. 31, 2014
REAL ESTATE, NET	'
Schedule of unaudited pro forma information	'
		For the three months ended March 31, 2013
		Company					Consolidated
		Historical			Acquisitions		Pro Forma
	Operating lease income	$	6,484,040		433,880		$	6,917,920
	Net income	88,049,972			190,352		88,240,324
	Net (income) loss attributable to noncontrolling interest	(27,244		)	(16,690	)	(43,934		)
	Net income attributable to preferred and common unit holders	88,022,728			173,663		88,196,391
Schedule of additional detail related to the entity's real estate portfolio	'
		March 31, 2014			December 31, 2013
	Land	$	91,609,368		$	91,609,368
	Building	460,927,579			474,301,322
	In-place leases and other intangibles	83,909,105			83,909,105
	Real estate	636,446,052			649,819,795
	Less: Accumulated depreciation and amortization	(32,693,319		)	(25,600,780		)
	Real estate, net	$	603,752,733		$	624,219,015
Schedule of depreciation and amortization expense recorded	'
		Three Months Ended March 31,
		2014			2013
	Depreciation expense	$	4,842,086		$	2,388,871
	Amortization expense	2,448,149			597,885
	Total real estate deprecation and amortization expense (1)	$	7,290,235		$	2,986,756
	(1)         Depreciation expense on the combined consolidated statement of income also includes $137,023 and $136,827 of depreciation on corporate fixed assets for the three months ended March 31, 2014 and 2013, respectively.
Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned	'
	Period ended December 31,	Amount
	2014 (last 9 months)	$	7,808,714
	2015	10,411,619
	2016	10,288,686
	2017	5,399,510
	2018	3,938,820
	Thereafter	28,886,327
	Total	$	66,733,676
Schedule of contractual future minimum rent under leases	'
	Period ended December 31,	Amount
	2014 (last 9 months)	$	32,912,425
	2015	41,011,099
	2016	35,572,690
	2017	32,504,605
	2018	30,157,074
	Thereafter	291,112,205
	Total	$	463,270,098

INVESTMENT_IN_UNCONSOLIDATED_J1

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	3 Months Ended
	Mar. 31, 2014
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
Summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests	'
		March 31, 2014		December 31, 2013
	Total assets	$	154,533,364	$	190,415,719
	Total liabilities	102,380,310		112,808,701
	Partners’/members’ capital	$	52,153,054	$	77,607,018
Summary of the Company's investments in unconsolidated joint ventures, which the entity accounts for using the equity method	'
	Entity	March 31, 2014		December 31, 2013
	Ladder Capital Realty Income Partnership I LP	$	5,168,349	$	7,119,864
	Grace Lake JV, LLC	2,142,898		2,142,898
	Company’s investment in unconsolidated joint ventures	$	7,311,247	$	9,262,762
Summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests	'
		Three Months Ended March 31,
		2014		2013
	Total revenues	$	7,112,612	$	9,894,877
	Total expenses	$	2,591,047	3,078,030
	Net income	$	4,521,565	$	6,816,847
Summary of the Company's allocated earnings based on its ownership interests from investment in unconsolidated joint ventures	'
		Three Months Ended March 31,
	Entity	2014		2013
	Ladder Capital Realty Income Partnership I LP	$	123,175	$	393,980
	Grace Lake JV, LLC	225,000		—
	Earnings from investment in unconsolidated joint ventures	$	348,175	$	393,980

FINANCING_Tables

FINANCING (Tables)	3 Months Ended
	Mar. 31, 2014
FINANCING	'
Schedule of repurchase agreement	'
	March 31, 2014
										Remaining		Carrying		Fair
	Committed			Outstanding		Committed but		Interest Rate(s)		Extension	Eligible	Amount of		Value of
	Amount			Amount		Unfunded		at March 31, 2014	Maturity	Options	Collateral	Collateral		Collateral
										Two additional
										twelve month	First mortgage
										periods at	commercial real
	$	300,000,000		$	—	$	300,000,000		5/18/15	Company’s option	estate loans	$	42,193,299	$	42,193,299
										Two additional
										364 day	First mortgage
								Between 2.40%		periods at	commercial real
	$	250,000,000		$	8,959,856	$	241,040,144	and 3.04%	4/10/16	Company’s option	estate loans	$	18,694,318	$	19,091,939
										Two additional
										twelve month	First mortgage
								Between 2.41%		periods at	commercial real
	$	450,000,000		$	71,804,918	$	378,195,082	and 3.17%	5/26/17	Company’s option	estate loans	$	223,612,914	$	223,612,914
											First mortgage
											commercial real
	$	150,000,000		$	—	$	150,000,000		7/24/14	N/A	estate loans	$	—	$	—
	$	1,150,000,000		$	80,764,774	$	1,069,235,226					$	284,500,531	$	284,898,152
											Investment grade
											commercial real
	$	300,000,000		$	43,492,265	$	256,507,735	1.25%	4/30/15	N/A	estate securities	$	107,378,953	$	107,378,953
											Investment grade
											commercial real
	$	—		$	246,713,000	$	—		Various	N/A	estate securities	$	294,409,237	$	294,409,237
	$	1,450,000,000		$	370,970,039	$	1,325,742,961					$	686,288,721	$	686,686,342
	December 31, 2013
										Remaining		Carrying		Fair
	Committed			Outstanding		Committed but		Interest Rate(s)		Extension	Eligible	Amount of		Value of
	Amount			Amount		Unfunded		at December 31, 2013	Maturity	Options	Collateral	Collateral		Collateral
										Two additional
										twelve month	First mortgage
								Between 2.42%		periods at	commercial real
	$	300,000,000		$	22,749,015	$	277,250,985	and 2.67%	5/18/15	Company’s option	estate loans	$	46,084,620	$	46,483,618
										Two additional
										364 day	First mortgage
								Between 2.42%		periods at	commercial real
	$	250,000,000		$	28,407,500	$	221,592,500	and 3.04%	4/10/14	Company’s option	estate loans	$	41,428,429	$	41,518,063
										Two additional
										twelve month	First mortgage
								Between 2.41%		periods at	commercial real
	$	450,000,000		$	60,423,328	$	389,576,672	and 3.18%	5/26/15	Company’s option	estate loans	$	132,160,677	$	132,673,364
											First mortgage
								Between 2.66%			commercial real
	$	300,000,000		$	47,732,500	$	252,267,500	and 2.67%	1/24/14	N/A	estate loans	$	65,350,000	$	65,813,055
	$	1,300,000,000		$	159,312,343	$	1,140,687,657					$	285,023,726	$	286,488,100
											Investment grade
								Between 1.26%			commercial real
	$	600,000,000		$	88,921,450	$	511,078,550	and 1.27%	4/30/15	N/A	estate securities	$	110,400,378	$	110,400,378
											Investment grade
								Between 0.42%			commercial real
	$	—		$	361,601,000	$	—	and 1.67%	1/17/14	N/A	estate securities	$	440,721,692	$	440,721,692
	$	1,900,000,000		$	609,834,793	$	1,651,766,207					$	836,145,796	$	837,610,170
Schedule of contractual payments under borrowings by maturity	'
	Period ending December 31,		Borrowings by
			Maturity
	2014 (last 9 months)		$	571,713,000
	2015		307,297,183
	2016		184,959,856
	2017		505,000,000
	2018		25,000,000
	Thereafter		366,936,919
	Total		$	1,960,906,958

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
Summary of fair value	'
	The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at March 31, 2014 and December 31, 2013 are as follows ($ in thousands):
	March 31, 2014
											Weighted Average
		Outstanding			Amortized				Fair Value		Yield		Remaining
		Face Amount			Cost Basis		Fair Value		Method		%		Maturity/Duration (years)
	Assets:
	CMBS(1)	$	1,227,308		$	1,225,746	$	1,247,477	Broker quotations, pricing services		3.68	%	4.79
	CMBS interest-only(1)	6,075,913		-7	275,802		278,832		Broker quotations, pricing services		4.25	%	3.35
	GNMA interest-only(1)	1,799,019		-7	98,682		94,614		Broker quotations, pricing services		5.03	%	3.1
	FHLMC interest-only(1)	218,834		-7	7,541		7,563		Broker quotations, pricing services		5.32	%	2.03
	GN construction securities(1)	16,321			16,808		16,305		Broker quotations, pricing services		3.46	%	6.67
	GN permanent securities(1)	101,175			103,244		105,249		Broker quotations, pricing services		4.4	%	3.64
	Mortgage loan receivable held for investment, at amortized cost	687,212			674,980		677,630		Discounted Cash Flow(3)		9.51	%	2.11
	Mortgage loan receivable held for sale	162,554			162,107		168,356		Discounted Cash Flow(4)		5.46	%	7.43
	FHLB stock(5)	50,400			50,400		50,400		-5		3.5	%	N/A
	Nonhedge derivatives(1)(6)	89,602			N/A		839		Counterparty quotations		N/A		2.23
	Liabilities:
	Repurchase agreements - short-term	246,713			246,713		246,713		Discounted Cash Flow(2)		1.24	%	0.08
	Repurchase agreements - long-term	124,257			124,257		124,257		Discounted Cash Flow(2)		1.98	%	1.19
	Long-term financing	324,689			331,937		320,196		Discounted Cash Flow(2)		4.88	%	8.59
	Borrowings from the FHLB	933,000			933,000		907,286		Discounted Cash Flow(2)		0.61	%	1.69
	Senior unsecured notes	325,000			325,000		340,844		Broker quotations, pricing services		7.38	%	3.5
	Nonhedge derivatives(1)(6)	724,100			N/A		10,412		Counterparty quotations		N/A		3.17
	(1)          Measured at fair value on a recurring basis.
	(2)          Fair value for repurchase agreement liabilities is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions.  For the borrowings from the FHLB, the carrying value approximates the fair value discounting the expected cash flows. For the long-term financing, the carrying value approximates the fair value discounting the expected cash flows.  If the collateral is determined to be impaired, the related financing would be revalued accordingly.  There are no impairments on any security positions.
	(3)          Fair value for mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit risk.
	(4)          Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing.
	(5)          The fair value of the FHLB stock approximates outstanding face amount as the Company’s wholly-owned subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par.
	(6)          The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
	(7)          Represents notional outstanding balance of underlying collateral.
	December 31, 2013
											Weighted Average
		Outstanding			Amortized				Fair Value		Yield		Remaining
		Face Amount			Cost Basis		Fair Value		Method		%		Maturity/Duration (years)
	Assets:
	CMBS(1)	$	1,160,741		$	1,156,230	$	1,164,936	Broker quotations, pricing services		4.08	%	4.88
	CMBS interest-only(1)	5,702,862		-7	259,061		258,058		Broker quotations, pricing services		4.19	%	3.38
	GNMA interest-only(1)	1,848,270		-7	103,136		99,877		Broker quotations, pricing services		5.32	%	2.12
	FHLMC interest-only(1)	219,677		-7	7,904		8,152		Broker quotations, pricing services		5.21	%	3.04
	GN construction securities(1)	12,858			13,261		13,007		Broker quotations, pricing services		3.49	%	6.57
	GN permanent securities(1)	108,310			110,724		113,216		Broker quotations, pricing services		4.64	%	3.27
	Mortgage loan receivable held for investment, at amortized cost	549,574			539,078		541,578		Discounted Cash Flow(3)		9.76	%	2.14
	Mortgage loan receivable held for sale	440,775			440,490		455,804		Discounted Cash Flow(4)		5.47	%	9.62
	FHLB stock(5)	49,450			49,450		49,450		-5		3.5	%	N/A
	Nonhedge derivatives(1)(6)	808,700			N/A		8,244		Counterparty quotations		N/A		0.5
	Liabilities:
	Repurchase agreements - short-term	409,334			409,334		409,334		Discounted Cash Flow(2)		1.46	%	0.04
	Repurchase agreements - long-term	200,501			200,501		200,501		Discounted Cash Flow(2)		2.13	%	1.49
	Long-term financing	287,246			291,053		278,129		Discounted Cash Flow(2)		4.84	%	8.7
	Borrowings from the FHLB	989,000			989,000		987,896		Discounted Cash Flow(2)		0.57	%	1.6
	Senior unsecured notes	325,000			325,000		341,250		Broker quotations, pricing services		7.38	%	3.75
	Nonhedge derivatives(1)(6)	154,500			N/A		7,031		Counterparty quotations		N/A		4.55
	(1)          Measured at fair value on a recurring basis.
	(2)          Fair value for repurchase agreement liabilities is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions.  For the borrowings from the FHLB, the carrying value approximates the fair value discounting the expected cash flows.  If the collateral is determined to be impaired, the related financing would be revalued accordingly.  There are no impairments on any security positions.
	(3)          Fair value for mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days, and no significant change in credit risk).
	(4)          Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing.
	(5)          The fair value of the FHLB stock approximates outstanding face amount as the Company’s wholly-owned subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par.
	(6)          The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
	(7)          Represents notional outstanding balance of underlying collateral.
Summary of financial assets and liabilities, both reported at fair value on a recurring basis or amortized cost/par	'
	The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at March 31, 2014 and December 31, 2013 ($ in thousands):
	March 31, 2014
		Outstanding Face			Fair Value
		Amount			Level 1		Level 2		Level 3			Total
	Assets:
	CMBS(1)	$	1,227,308		$	—	$	1,247,477	$	—		$	1,247,477
	CMBS interest-only(1)	6,075,913		-2	—		278,832		—			278,832
	GNMA interest-only(1)	1,799,019		-2	—		94,614		—			94,614
	FHLMC interest-only(1)	218,834		-2	—		7,563		—			7,563
	GN construction securities(1)	16,321			—		16,305		—			16,305
	GN permanent securities(1)	101,175			—		105,249		—			105,249
	Mortgage loan receivable held for investment	687,212			—		—		677,630			677,630
	Mortgage loan receivable held for sale	162,554			—		—		168,356			168,356
	FHLB stock	50,400			—		—		50,400			50,400
	Nonhedge derivatives(1)	89,602			—		839		—			839
	Liabilities:
	Repurchase agreements - short-term	246,713			—		246,713		—			246,713
	Repurchase agreements - long-term	124,257			—		124,257		—			124,257
	Long-term financing	324,689			—		—		320,196			320,196
	Borrowings from the FHLB	933,000			—		—		907,286			907,286
	Senior unsecured notes	325,000			—		340,844		—			340,844
	Nonhedge derivatives(1)	724,100			—		10,412		—			10,412
	December 31, 2013
		Outstanding Face			Fair Value
		Amount			Level 1		Level 2		Level 3			Total
	Assets:
	CMBS(1)	$	1,160,741		$	—	$	1,164,936	$	—		$	1,164,936
	CMBS interest-only(1)	5,702,862		-2	—		258,058		—			258,058
	GNMA interest-only(1)	1,848,270		-2	—		99,877		—			99,877
	FHLMC interest-only(1)	219,677		-2	—		8,152		—			8,152
	GN construction securities(1)	12,858			—		13,007		—			13,007
	GN permanent securities(1)	108,310			—		113,216		—			113,216
	Mortgage loan receivable held for investment	549,574			—		—		541,578			541,578
	Mortgage loan receivable held for sale	440,775			—		—		455,804			455,804
	FHLB stock	49,450			—		—		49,450			49,450
	Nonhedge derivatives(1)	808,700			—		8,244		—			8,244
	Liabilities:
	Repurchase agreements - short-term	409,334			—		409,334		—			409,334
	Repurchase agreements - long-term	—			—		—		—			—
	Long-term financing	287,246			—		—		278,129			278,129
	Borrowings from the FHLB	989,000			—		—		987,896			987,896
	Senior unsecured notes	325,000			—		341,250		—			341,250
	Nonhedge derivatives(1)	154,500			—		7,031		—			7,031
	(1) Measured at fair value on a recurring basis.  The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
	(2) Represents notional outstanding balance of underlying collateral.

DERIVATIVE_INSTRUMENTS_Tables

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
DERIVATIVE INSTRUMENTS	'
Schedule of breakdown of the derivatives outstanding	'
	March 31, 2014
											Remaining
					Fair Value						Maturity
	Contract Type	Notional			Asset(1)			Liability(1)			(years)
	Futures
	5-years U.S. T-Note	$	79,600,000		$	245,242		$	891		0.25
	10-year U.S. T-Note	569,600,000			298,592			2,921,813			0.25
	Total futures	649,200,000			543,834			2,922,704
	Swaps
	3MO LIB	121,000,000			—			6,878,440			4.27
	Credit Derivatives
	CMBX	10,000,000			211,170			—			8.38
	CDX	33,500,000			—			610,815			4.73
	S&P 500 PUT OPTION 3/4/14	1,900			83,918			—			0.47
	Total credit derivatives	43,501,900			295,088			610,815
	Total derivatives	$	813,701,900		$	838,922		$	10,411,959
	December 31, 2013
											Remaining
					Fair Value						Maturity
	Contract Type	Notional			Asset(1)			Liability(1)			(years)
	Caps
	1MO LIB	$	71,250,000		$	—		$	—		0.14
	Futures
	5-years U.S. T-Note	$	45,000,000		$	402,719		$	—		0.25
	10-year U.S. T-Note	753,700,000			7,589,466			—			0.25
	Total futures	798,700,000			7,992,185			—
	Swaps
	3MO LIB	121,000,000			—			6,420,495			4.51
	Credit Derivatives
	CMBX	10,000,000			252,170			—			8.38
	CDX	33,500,000			—			610,538			4.97
	Total credit derivatives	43,500,000			252,170			610,538
	Total derivatives	$	1,034,450,000		$	8,244,355		$	7,031,033
	(1)         Included in derivative instruments, at fair value, in the accompanying combined consolidated balance sheets.
Schedule of net realized gains/(losses) and unrealized appreciation/(depreciation) on derivatives	'
		Three Months Ended March 31, 2014
		Unrealized			Realized			Net Result
		Gain/(Loss)			Gain/(Loss)			from
								Derivative
								Transactions
	Contract Type
	Futures	(10,371,054		)	(14,781,407		)	(25,152,461		)
	Swaps	(179,320		)	(800,138		)	(979,458		)
	Credit Derivatives	42,640			(197,387		)	(154,747		)
	Total	$	(10,507,734	)	$	(15,778,932	)	$	(26,286,666	)
		Three Months Ended March 31, 2013
		Unrealized			Realized			Net Result
		Gain/(Loss)			Gain/(Loss)			from
								Derivative
								Transactions
	Contract Type
	Caps	$	819		$	—		$	819
	Futures	(7,019,081		)	8,774,316			1,755,235
	Swaps	3,423,323			(1,346,948		)	2,076,375
	Credit Derivatives	(231,017		)	(1,331,703		)	(1,562,720		)
	Total	$	(3,825,956	)	$	6,095,665		$	2,269,709

OFFSETTING_ASSETS_AND_LIABILIT1

OFFSETTING ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2014
OFFSETTING ASSETS AND LIABILITIES	'
Schedule of offsetting of financial assets	'
	As of March 31, 2014
	Offsetting of Financial Assets and Derivative Assets
						Net amounts of		Gross amounts not offset in the balance
				Gross amounts		assets presented		sheet
	Description	Gross amounts of		offset in the		in the balance		Financial		Cash collateral		Net amount
		recognized assets		balance sheet		sheet		instruments		received/(posted)(1)
	Derivatives	$	838,922	$	—	$	838,922	$	—	$	—	$	838,922
	Total	$	838,922	$	—	$	838,922	$	—	$	—	$	838,922
	As of December 31, 2013
	Offsetting of Financial Assets and Derivative Assets
						Net amounts of		Gross amounts not offset in the balance
				Gross amounts		assets presented		sheet
	Description	Gross amounts of		offset in the		in the balance		Financial		Cash collateral		Net amount
		recognized assets		balance sheet		sheet		instruments		received/(posted)(1)
	Derivatives	$	8,244,355	$	—	$	8,244,355	$	—	$	—	$	8,244,355
	Total	$	8,244,355	$	—	$	8,244,355	$	—	$	—	$	8,244,355
	(1) Included in cash collateral held by broker on consolidated balance sheets.
Schedule of offsetting of financial liabilities	'
	As of March 31, 2014
	Offsetting of Financial Liabilities and Derivative Liabilities
								Gross amounts not offset in the balance
						Net amounts of		sheet
	Description	Gross amounts of		Gross amounts		liabilities		Financial		Cash collateral		Net amount
		recognized		offset in the		presented in the		instruments		posted/(received)(1)
		liabilities		balance sheet		balance sheet		collateral
	Derivatives	$	10,411,959	$	—	$	10,411,959	$	—	$	10,411,959	$	—
	Repurchase agreements	370,970,039		—		370,970,039		370,970,039		—		—
	Total	$	381,381,998	$	—	$	381,381,998	$	370,970,039	$	10,411,959	$	—
	As of December 31, 2013
	Offsetting of Financial Liabilities and Derivative Liabilities
								Gross amounts not offset in the balance
						Net amounts of		sheet
	Description	Gross amounts of		Gross amounts		liabilities		Financial		Cash collateral		Net amount
		recognized		offset in the		presented in the		instruments		posted/(received)(1)
		liabilities		balance sheet		balance sheet		collateral
	Derivatives	$	7,031,033	$	—	$	7,031,033	$	—	$	7,031,033	$	—
	Repurchase agreements	609,834,793		—		609,834,793		609,834,793		—		—
	Total	$	616,865,826	$	—	$	616,865,826	$	609,834,793	$	7,031,033	$	—
	(1) Included in cash collateral held by broker on consolidated balance sheets.

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2014
EARNINGS PER SHARE	'
Schedule of the Company's net income and weighted average shares outstanding	'
	(In thousands except share amounts)	For the Period
		February 11,
		2014 through
		March 31, 2014
	Basic Net income available for Class A common stockholders	$	12,652
	Diluted Net income available for Class A common stockholders	$	23,513
	Weighted average shares outstanding
	Basic	48,909,692
	Diluted	97,531,793
Schedule of calculation of basic and diluted net income per share amounts	'
	(In thousands except share amounts)	For the Period
		February 11,
		2014 through
		March 31, 2014
	Basic Net Income Per Share of Class A Common Stock
	Numerator:
	Net income attributable to Class A common shareholders	$	12,652
	Denominator:
	Weighted average number of shares of Class A common stock outstanding	48,909,692
	Basic net income per share of Class A common stock	$	0.26
	Diluted Net Income Per Share of Class A Common Stock
	Numerator:
	Net income attributable to Class A common shareholders	$	12,652
	Add (deduct) - dilutive effect of:
	Amounts attributable to operating partnership’s share of Ladder Capital Corp net income	18,568
	Additional corporate tax	(7,708		)
	Diluted net income attributable to Class A common shareholders	$	23,513
	Denominator:
	Basic weighted average number of shares of Class A common stock outstanding	48,909,692
	Add - dilutive effect of:
	Shares issuable relating to converted Class B common shareholders	48,537,414
	Incremental shares of unvested Class A restricted stock	84,687
	Diluted weighted average number of shares of Class A common stock outstanding	97,531,793
	Diluted net income per share of Class A common stock	$	0.24

CAPITAL_STRUCTURE_Tables

CAPITAL STRUCTURE (Tables)	3 Months Ended
	Mar. 31, 2014
CAPITAL STRUCTURE	'
Schedule of changes in accumulated other comprehensive income	'
	Changes in Accumulated Other Comprehensive Income
		Unrealized gain (loss) on
		real estate securities,
		available for sale
	December 31, 2013	$	12,133,807
	Other comprehensive income of predecessor	18,605,177
	Amounts reclassified from accumulated other comprehensive income of predecessor(1)	(1,597,237		)
	February 10, 2014	29,141,747
	Less: Accumulated other comprehensive income of predecessor	(29,141,747		)
	February 11, 2014	—
	Other comprehensive income before reclassifications	(3,001,274		)
	Amounts reclassified from accumulated other comprehensive income(1)	(211,578		)
	Net current-period other comprehensive income	(3,212,852		)
	Net current-period other comprehensive income attributable to noncontrolling interest in operating partnership	(1,573,048		)
	Net current-period other comprehensive income attributable to Class A common shareholders	$	(1,639,804	)
	(1) Amount of change reflects change in unrealized (gains)/losses related to investments in real estate securities, net of reclassification adjustments, and is included in gain on securities on the combined consolidated statements of income.

STOCK_BASED_COMPENSATION_PLANS1

STOCK BASED COMPENSATION PLANS (Tables)	3 Months Ended
	Mar. 31, 2014
STOCK BASED COMPENSATION PLANS	'
Summary of the grants	'
		For the Three Months Ended March 31,
		2014				2013
			Weighted					Weighted
		Number of	Average			Number of		Average
		Units	Fair Value			Units		Fair Value
	Grants - Class A Common Stock (restricted)	1,687,513	$	28,637,096		—		$	—
	Amortization to compensation expense
	Predecessor compensation expense		(290,171		)			(474,501		)
	LP Units		(351,259		)			—
	Class A Common Stock (restricted)		(1,683,550		)			—
	Total amortization to compensation expense		$	(2,324,980	)			$	(474,501	)
Schedule of status of the Class A Common Stock of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan and the Class A-2 Common Units, Series A Participating Preferred Units and Series B Participating Preferred Units granted under the 2008 Plan and changes	'
		Class A	Class A		Series B		LP Units
		Common	Common Units		Participating
		Shares			Preferred Units
	Outstanding at January 1, 2014	—	365,407		14,276		—
	Granted	1,687,513	—		—		—
	Vested	—	(32,365	)	(993	)	(575,388	)
	Returned	—	—		(165	)	(985	)
	Converted	—	(333,042	)	(13,118	)	3,186,066
	Outstanding at March 31, 2014	1,687,513	—		—		2,609,693
	(1)         Converted to LP Units of LCFH on February 11, 2014 in connection with IPO.

INCOME_TAXES_Tables

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2014
INCOME TAXES	'
Schedule of provision for income taxes	'
		Three Months
		Ended March 31,
		2014
	Current expense
	Federal	$	5,366,975
	State and local	1,805,512
	Total current expense	7,172,487
	Deferred expense/(benefit)
	Federal	(1,521,455		)
	State and local	(361,815		)
	Total deferred expense/(benefit)	(1,883,270		)
	Provision for income tax expense	$	5,289,217
Schedule of reconciliation between the U.S. federal statutory income tax rate and the effective tax rate	'
		Three Months
		Ended March 31,
		2014
	US statutory tax rate	35	%
	Increase due to state and local taxes	4.65	%
	Benefit of partnership income not subject to taxation	-17.32	%
	Effective income tax rate	22.33	%
Schedule of components of the Company's deferred tax assets and liabilities	'
		As of March 31,
		2014
	Deferred Tax Assets
	Depreciation	$	933,065
	Equity based compensation	950,204
	Unrealized gains and losses	297,344
	Total Deferred Tax Assets	$	2,180,613
	Deferred Tax Liabilities
	Unrealized gains and losses	603,294
	Total Deferred Tax Assets	$	603,294
	Net Deferred Tax Assets/(Liabilities)	$	1,577,319

COMMITMENTS_Tables

COMMITMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
COMMITMENTS	'
Schedule of future minimum rental payments	'
	Year ended December 31,	Amount
	2014 (last 9 months)	$	1,336,287
	2015	1,381,992
	2016	1,125,069
	2017	1,180,400
	2018	1,180,400
	Thereafter	3,639,567
	Total	$	9,843,715

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2014
SEGMENT REPORTING	'
Schedule of segment	'
	The Company evaluates performance based on the following financial measures for each segment ($ in thousands):
		Loans			Securities			Real Estate			Corporate/Other(1)			Company Total
	Three months ended March 31, 2014
	Interest income	$	20,309		$	16,505		$	—		$	8		$	36,822
	Interest expense	(2,188		)	(1,265		)	(3,331		)	(8,057		)	(14,841		)
	Net interest income (expense)	18,121			15,240			(3,331		)	(8,049		)	21,981
	Provision for loan losses	(150		)	—			—			—			(150		)
	Net interest income (expense) after provision for loan losses	17,971			15,240			(3,331		)	(8,049		)	21,831
	Operating lease income	—			—			13,213			—			13,213
	Tenant recoveries	—			—			2,080			—			2,080
	Sale of loans, net	41,303			—			—			—			41,303
	Gain on securities	—			1,809			—			—			1,809
	Sale of real estate, net	347			—			6,346			—			6,693
	Fee income	665			91			—			1,553			2,309
	Net result from derivative transactions	(10,742		)	(15,544		)	—			—			(26,287		)
	Earnings from investment in unconsolidated joint ventures	—			—			348			—			348
	Unrealized gain (loss) on Agency interest-only securities, net	—			(1,034		)	—			—			(1,034		)
	Total other income	31,573			(14,678		)	21,987			1,553			40,434
	Salaries and employee benefits	(6,300		)	—			—			(13,703		)	(20,003		)
	Operating expenses	41			—			—			(3,082		)	(3,041		)
	Real estate operating expenses	—			—			(7,602		)	—			(7,602		)
	Fee expense	(303		)	(22		)	(17		)	(160		)	(502		)
	Depreciation and amortization	—			—			(7,290		)	(137		)	(7,427		)
	Total costs and expenses	(6,562		)	(22		)	(14,909		)	(17,082		)	(38,575		)
	Tax expense	—			—			—			(5,289		)	(5,289		)
	Segment profit (loss)	$	42,982		$	540		$	3,747		$	(28,867	)	$	18,401
	Total assets as of March 31, 2014	$	837,087		$	1,750,040		$	603,753		$	299,367		$	3,490,247
	Three months ended March 31, 2013
	Interest income	$	18,712		$	14,555		$	—		$	(2,005	)	$	31,261
	Interest expense	(1,876		)	(1,329		)	(1,080		)	(6,922		)	(11,207		)
	Net interest income (expense)	16,835			13,225			(1,080		)	(8,927		)	20,054
	Provision for loan losses	(150		)	—			—			—			(150		)
	Net interest income (expense) after provision for loan losses	16,685			13,225			(1,080		)	(8,927		)	19,904
	Operating lease income	—			—			6,484			—			6,484
	Tenant recoveries	—			—			—			—			—
	Sale of loans, net	82,868			—			—			140			83,007
	Gain on securities	—			2,565			—			—			2,565
	Sale of real estate, net	(186		)	—			3,884			—			3,698
	Fee income	993			—			167			278			1,439
	Net result from derivative transactions	(117		)	2,387			—			—			2,270
	Earnings from investment in unconsolidated joint ventures	—			—			—			394			394
	Unrealized gain (loss) on Agency interest-only securities, net	—			(250		)	—			—			(250		)
	Total other income	83,558			4,702			10,535			812			99,607
	Salaries and employee benefits	(11,300		)	—			—			(8,412		)	(19,712		)
	Operating expenses	50			—			—			(2,322		)	(2,273		)
	Real estate operating expenses	—			—			(2,880		)	—			(2,880		)
	Fee expense	(846		)	(17		)	(451		)	(90		)	(1,404		)
	Depreciation and amortization	—			—			(2,987		)	(137		)	(3,124		)
	Total costs and expenses	(12,097		)	(17		)	(6,318		)	(10,961		)	(29,393		)
	Tax expense	—			—			(232		)	(1,836		)	(2,068		)
	Segment profit (loss)	$	88,146		$	17,910		$	2,905		$	(20,911	)	$	88,050
	Total assets as of March 31, 2013	$	904,106		$	1,057,343		$	395,678		$	184,367		$	2,541,494

ORGANIZATION_AND_OPERATIONS_De

ORGANIZATION AND OPERATIONS (Details) (USD $)	Feb. 10, 2014	Feb. 12, 2014	Feb. 12, 2014	Mar. 31, 2014	Feb. 12, 2014	Mar. 31, 2014	Mar. 31, 2014	Feb. 12, 2014
	item	LCFH	Class A common stock	Class A common stock	Class A common stock	Class A common stock	Class B common stock	Class B common stock
					LCFH	LCFH
ORGANIZATION AND OPERATIONS	'	'	'	'	'	'	'	'
Number of classes of membership interests prior to the Reorganization Transactions	3	'	'	'	'	'	'	'
Share price used in the conversion of the three classes of membership (in dollars per share)	$17	'	$17	'	'	'	'	'
Shares received by Exchanging Existing Owners in lieu of any or all LP Units and shares of Class B common stock	'	'	'	'	33,672,192	'	'	'
Number of LP unit for each share issued to the Exchanging Existing Owners	'	'	'	'	1	'	'	'
Shares sold as a result of the exercise of the underwriter's over-allotment option	'	'	1,987,500	'	'	'	'	'
Shares issued to the investors	'	'	15,237,500	'	'	'	'	'
Net proceeds after deducting fees and expenses associated with the IPO	'	'	$238,800,000	'	'	'	'	'
Stock exchange ratio	'	'	'	'	1	1	'	'
Economic interest (as a percent)	'	51.30%	'	'	'	'	'	'
Minimum book value of interest in the Company up to which, noncontrolling interest held by the Continuing the Company Limited Partners	'	$0	'	'	'	'	'	'
Shares outstanding	'	'	50,597,205	50,597,205	'	'	48,536,429	48,537,414
Shares issued to the Exchanging Existing Owners	'	'	33,672,192	'	'	'	'	'
Shares issued to certain directors, officers and employees	'	'	1,687,513	'	'	'	'	'
Units outstanding	'	99,139,017	'	'	'	'	'	'
Units held by company	'	50,597,205	'	'	'	'	'	'
Units held by the Continuing the Company Limited Partners	'	48,537,414	'	'	'	'	'	'

SIGNIFICANT_ACCOUNTING_POLICIE3

SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Noncontrolling Interests Operating Partnership	'
Basis of accounting and principles of combination and consolidation	'
Rebalancing of ownership percentage between Company and Operating Partnership	$14,666,762
Additional Paid-in-Capital	'
Basis of accounting and principles of combination and consolidation	'
Rebalancing of ownership percentage between Company and Operating Partnership	($14,666,762)

SIGNIFICANT_ACCOUNTING_POLICIE4

SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Net income	$18,400,822	$88,049,972	'
Unrestricted cash held by brokers	32,595,226	'	28,520,788
Consolidated Statements of Income	'	'	'
Interest expense	14,841,298	11,207,196	'
Net interest income	21,980,827	20,054,136	'
Net interest income after provision for loan losses	21,830,827	19,904,136	'
Sale of loans, net	41,302,665	83,007,462	'
Unrealized gain (loss) from Agency IO securities, net	-1,034,146	-249,900	'
Total other income	40,434,159	99,606,233	'
Income before taxes	23,690,039	90,117,735	'
Net Income	18,400,822	88,049,972	'
Net income attributable to preferred and common unit holders	12,628,031	88,022,728	'
As Originally Reported	'	'	'
Net income	'	90,334,781	'
Consolidated Statements of Income	'	'	'
Interest expense	'	11,322,239	'
Net interest income	'	19,939,093	'
Net interest income after provision for loan losses	'	19,789,093	'
Sale of loans, net	'	85,157,414	'
Total other income	'	102,006,085	'
Income before taxes	'	92,402,544	'
Net Income	'	90,334,781	'
Net income attributable to preferred and common unit holders	'	90,307,537	'
Adjustments	'	'	'
Net income	'	-2,284,809	'
Unrestricted cash held by brokers	'	410,535	'
Consolidated Statements of Income	'	'	'
Interest expense	'	-115,043	'
Net interest income	'	115,043	'
Net interest income after provision for loan losses	'	115,043	'
Sale of loans, net	'	-2,149,952	'
Unrealized gain (loss) from Agency IO securities, net	'	-249,900	'
Total other income	'	-2,399,852	'
Income before taxes	'	-2,284,809	'
Net Income	'	-2,284,809	'
Net income attributable to preferred and common unit holders	'	($2,284,809)	'

SIGNIFICANT_ACCOUNTING_POLICIE5

SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Consolidated Statements of Comprehensive Income	'	'	'
Net Income	$18,400,822	$88,049,972	'
Unrealized gain (loss) on real estate securities, available for sale	15,603,903	987,756	'
Total Other Comprehensive Income (loss)	13,795,088	-1,577,137	-20,361,285
Comprehensive Income	32,195,910	86,472,835	'
Comprehensive Income Net of Tax Including Noncontrolling Interest in Operating Partnership	32,387,430	86,445,591	'
As Originally Reported	'	'	'
Consolidated Statements of Comprehensive Income	'	'	'
Net Income	'	90,334,781	'
Unrealized gain (loss) on real estate securities, available for sale	'	737,856	'
Total Other Comprehensive Income (loss)	'	-1,827,037	'
Comprehensive Income	'	88,507,744	'
Comprehensive Income Net of Tax Including Noncontrolling Interest in Operating Partnership	'	88,480,500	'
Adjustments	'	'	'
Consolidated Statements of Comprehensive Income	'	'	'
Net Income	'	-2,284,809	'
Unrealized gain (loss) on real estate securities, available for sale	'	249,900	'
Total Other Comprehensive Income (loss)	'	249,900	'
Comprehensive Income	'	-2,034,909	'
Comprehensive Income Net of Tax Including Noncontrolling Interest in Operating Partnership	'	($2,034,909)	'

SIGNIFICANT_ACCOUNTING_POLICIE6

SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Consolidated Statements of Cash Flows	'	'
Net Income	$18,400,822	$88,049,972
Unrealized gain (loss) on agency IO securities, net	1,034,146	249,900
Amortization of (premium) discount on long-term debt	-142,440	-115,043
Realized gain on sale of mortgage loan receivables	-41,302,665	-83,007,462
Proceeds from sales of mortgage loan receivables held for sale	783,762,354	947,119,454
Net cash provided by (used in) operating activities	296,372,276	150,295,925
Reduction (addition) of cash collateral held by broker	-8,073,526	-22,659,733
Net cash provided by financing activities	-214,565,618	38,551,819
Proceeds from long-term financing	41,083,035	52,393,529
Net cash used in financing activities	-45,083,132	-199,927,559
Net increase/(decrease) in cash	36,723,526	-11,079,815
Cash and cash equivalents at beginning of period	78,742,257	45,178,565
Cash and cash equivalents at end of period	115,465,783	34,098,750
As Originally Reported	'	'
Consolidated Statements of Cash Flows	'	'
Net Income	'	90,334,781
Realized gain on sale of mortgage loan receivables	'	-85,157,414
Proceeds from sales of mortgage loan receivables held for sale	'	949,269,406
Net cash provided by (used in) operating activities	'	152,445,877
Reduction (addition) of cash collateral held by broker	'	-21,687,366
Net cash provided by financing activities	'	39,524,186
Proceeds from long-term financing	'	50,243,577
Net cash used in financing activities	'	-202,077,511
Net increase/(decrease) in cash	'	-10,107,448
Cash and cash equivalents at beginning of period	'	43,795,663
Cash and cash equivalents at end of period	'	33,688,215
Adjustments	'	'
Consolidated Statements of Cash Flows	'	'
Net Income	'	-2,284,809
Unrealized gain (loss) on agency IO securities, net	'	249,900
Amortization of (premium) discount on long-term debt	'	-115,043
Realized gain on sale of mortgage loan receivables	'	2,149,952
Proceeds from sales of mortgage loan receivables held for sale	'	-2,149,952
Net cash provided by (used in) operating activities	'	-2,149,952
Reduction (addition) of cash collateral held by broker	'	-972,367
Net cash provided by financing activities	'	-972,367
Proceeds from long-term financing	'	2,149,952
Net cash used in financing activities	'	2,149,952
Net increase/(decrease) in cash	'	-972,367
Cash and cash equivalents at beginning of period	'	1,382,902
Cash and cash equivalents at end of period	'	$410,535

SIGNIFICANT_ACCOUNTING_POLICIE7

SIGNIFICANT ACCOUNTING POLICIES (Details 5)	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	loan	loan	loan
Mortgage Loans Receivable Held for Investment	'	'	'
Number of mortgage loans impaired	0	0	0

SIGNIFICANT_ACCOUNTING_POLICIE8

SIGNIFICANT ACCOUNTING POLICIES (Details 6)	3 Months Ended
	Mar. 31, 2014
Minimum | Building	'
Real estate	'
Estimated useful lives of real estate	'20 years
Minimum | Building fixtures and improvements	'
Real estate	'
Estimated useful lives of real estate	'4 years
Minimum | In-place leases	'
Real estate	'
Term of lease	'1 year
Maximum | Building	'
Real estate	'
Estimated useful lives of real estate	'47 years
Maximum | Building fixtures and improvements	'
Real estate	'
Estimated useful lives of real estate	'15 years
Maximum | In-place leases	'
Real estate	'
Term of lease	'24 years

CAPITALIZED_OFFERING_COSTS_Det

CAPITALIZED OFFERING COSTS (Details) (USD $)	0 Months Ended	3 Months Ended
	Feb. 12, 2014	Mar. 31, 2014
CAPITALIZED OFFERING COSTS	'	'
Costs directly attributable to the Company's IPO	$20,232,759	$20,232,759

MORTGAGE_LOAN_RECEIVABLES_Deta

MORTGAGE LOAN RECEIVABLES (Details) (USD $)

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

loan

loan

loan

Mortgage loan receivables held for investment, at amortized cost

Mortgage loan receivables held for investment, at amortized cost

Mortgage loan receivables held for investment, at amortized cost

First mortgage loan, held for investment

First mortgage loan, held for investment

Mezzanine loan

Mezzanine loan

Loan on non-accrual status

Loan on non-accrual status

Mortgage loan receivables held for sale

Mortgage loan receivables held for sale

Mortgage loan receivables held for sale

First mortgage loan, held for sale

First mortgage loan, held for sale

loan

loan

MORTGAGE LOAN RECEIVABLES

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding Face Amount

$849,766,217

'

$990,348,577

'

$687,212,184

'

$549,573,788

$546,093,172

$420,672,555

$141,119,012

$128,901,233

'

'

$162,554,033

'

$440,774,789

$162,554,033

$440,774,789

Carrying Value

837,087,119

'

979,567,971

'

674,980,076

'

539,078,182

'

'

'

'

4,620,000

4,620,000

162,107,043

'

440,489,789

162,107,043

440,489,789

Carrying Value, Gross

'

'

'

'

677,630,076

'

541,578,182

537,577,880

413,564,066

140,052,196

128,014,116

'

'

'

'

'

'

'

Weighted Average Yield (as a percent)

'

'

'

'

9.51%

'

9.76%

'

'

'

'

'

'

5.46%

'

5.47%

'

'

Remaining Maturity

'

'

'

'

'2 years 1 month 10 days

'

'2 years 1 month 20 days

'

'

'

'

'

'

'7 years 5 months 5 days

'

'9 years 7 months 13 days

'

'

Activity in loan portfolio

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance at the beginning of the period

'

'

'

'

539,078,182

326,318,550

326,318,550

'

'

'

'

'

'

440,489,789

623,332,620

623,332,620

'

'

Origination of mortgage loan receivables

'

'

'

'

147,570,705

96,414,750

'

'

'

'

'

'

'

463,575,489

843,902,500

'

'

'

Repayment of mortgage loan receivables

'

'

'

'

-12,335,575

-122,063,197

'

'

'

'

'

'

'

-316,067

-545,079

'

'

'

Proceeds from sales of mortgage loan receivables

'

'

'

'

'

'

'

'

'

'

'

'

'

-783,762,354

-947,119,454

'

'

'

Realized gain on sale of mortgage loan receivables

41,302,665

83,007,462

'

'

'

'

'

'

'

'

'

'

'

41,302,665

83,007,462

'

'

'

Transfer between held for investment and held for sale

'

'

'

'

'

-8,320,273

'

'

'

'

'

'

'

'

8,320,273

'

'

'

Accretion/amortization of discount, premium and other fees

'

'

'

'

816,764

1,007,628

'

'

'

'

'

'

'

817,521

'

'

'

'

Loan loss provision

150,000

150,000

'

'

-150,000

-150,000

'

'

'

'

'

'

'

'

'

'

'

'

Balance at the end of the period

'

'

'

'

674,980,076

293,207,458

539,078,182

'

'

'

'

'

'

162,107,043

610,898,322

440,489,789

'

'

Number of mortgage loans impaired

0

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost

4,255,164

'

4,273,890

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans on non-accrual status

'

'

'

'

'

'

'

'

'

'

'

1

1

'

'

'

'

'

Change in reserve for loan losses

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reserve for loan losses at beginning of period

2,500,000

1,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reserve for loan losses at end of period

$2,650,000

$2,050,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

REAL_ESTATE_SECURITIES_Details

REAL ESTATE SECURITIES (Details) (USD $)

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

CMBS

CMBS

CMBS interest-only

CMBS interest-only

GNMA interest-only

GNMA interest-only

FHLMC interest-only

FHLMC interest-only

GN construction securities

GN construction securities

GN permanent securities

GN permanent securities

securities

securities

securities

securities

securities

securities

securities

securities

securities

securities

securities

securities

REAL ESTATE SECURITIES

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding Face Amount

$9,438,570,000

'

$9,052,718,000

$1,227,308,000

$1,160,741,000

$6,075,913,000

$5,702,862,000

$1,799,019,000

$1,848,270,000

$218,834,000

$219,677,000

$16,321,000

$12,858,000

$101,175,000

$108,310,000

Amortized Cost Basis

1,727,823,000

'

1,648,124,000

1,225,746,000

1,156,230,000

275,802,000

256,869,000

98,682,000

103,136,000

7,541,000

7,904,000

16,808,000

13,261,000

103,244,000

110,724,000

Gross Unrealized Gains

29,622,000

'

20,463,000

22,466,000

13,853,000

3,357,000

2,204,000

1,652,000

1,630,000

90,000

248,000

47,000

36,000

2,010,000

2,492,000

Gross Unrealized Losses

-7,405,000

'

-11,341,000

-735,000

-5,147,000

-327,000

-1,015,000

-5,720,000

-4,889,000

-68,000

'

-550,000

-290,000

-5,000

'

Fair value of real estate securities

1,750,040,000

'

1,657,246,000

1,247,477,206

1,164,936,448

278,832,000

258,058,000

94,614,000

99,877,000

7,563,000

8,152,000

16,304,540

13,006,860

105,249,603

113,216,186

# of Securities

'

'

'

102

101

25

21

37

36

2

2

8

8

13

14

Weighted Average Coupon %

'

'

'

4.08%

4.24%

0.98%

1.00%

1.00%

1.12%

0.88%

0.95%

4.01%

4.11%

5.46%

5.53%

Weighted Average Yield %

'

'

'

3.68%

4.08%

4.25%

4.19%

5.03%

5.32%

5.32%

5.21%

3.46%

3.49%

4.40%

4.64%

Remaining Duration

'

'

'

'4 years 9 months 14 days

'4 years 10 months 17 days

'3 years 4 months 6 days

'3 years 4 months 17 days

'3 years 1 month 6 days

'2 years 1 month 13 days

'2 years 11 days

'3 years 14 days

'6 years 8 months 1 day

'6 years 6 months 25 days

'3 years 7 months 20 days

'3 years 3 months 7 days

Available-for-Sale, Fair Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Within 1 year

201,366,000

'

'

192,253,000

'

5,632,000

'

297,000

'

'

'

'

'

3,184,000

'

1-5 years

874,590,000

'

'

430,024,000

'

273,200,000

'

86,705,000

'

7,563,000

'

3,203,000

'

73,895,000

'

5-10 years

674,084,000

'

'

625,200,000

'

'

'

7,612,000

'

'

'

13,102,000

'

28,170,000

'

Available-for-Sale, Fair Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Within 1 year

'

'

245,500,000

'

175,042,000

'

7,482,000

'

371,000

'

'

'

'

'

62,605,000

1-5 years

'

'

761,205,000

'

390,116,000

'

250,576,000

'

94,001,000

'

8,152,000

'

3,280,000

'

15,080,000

5-10 years

'

'

643,851,000

'

599,778,000

'

'

'

5,505,000

'

'

'

9,727,000

'

28,841,000

After 10 years

'

'

6,690,000

'

'

'

'

'

'

'

'

'

'

'

6,690,000

Other than temporary impairments included in consolidated statements of income

$0

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

REAL_ESTATE_NET_Details

REAL ESTATE, NET (Details) (USD $)

3 Months Ended

3 Months Ended

14 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2013

Feb. 01, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Jan. 28, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

property

Acquisitions

Acquisitions

Consolidated Pro Forma

Office Building in Oakland County, MI

Office Building in Oakland County, MI

In-place leases and other intangibles

In-place leases and other intangibles

In-place leases intangibles

Land

Land

Building

Building

Retail property

Retail property

Residential condominium in Veer Towers

Residential condominium in Terrazas

Residential condominium

item

property

unit

unit

unit

property

REAL ESTATE, NET

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from sale of real estate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$18,900,643

$1,192,209

$8,045,319

Number of properties purchased

0

'

'

'

'

'

1

'

'

'

'

'

'

'

'

1

'

'

'

'

Number of stories

'

'

'

'

'

'

13

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain on sale

6,692,907

3,697,548

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,413,382

287,834

3,697,548

Number of units sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

44

4

19

Real estate purchased

216,428

22,990,741

'

'

'

'

18,000,000

'

'

'

'

'

'

'

'

4,990,742

'

'

'

'

Percentage of real estate property leased and occupied

'

'

'

'

'

'

'

83.80%

'

'

'

'

'

'

'

'

100.00%

'

'

'

Unaudited pro forma information

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Operating lease income

13,213,374

6,484,040

'

433,880

466,046

6,917,920

14,500

'

'

'

'

'

'

'

'

56,508

'

'

'

1,452,976

Net income

18,400,822

88,049,972

'

190,352

269,357

88,240,324

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net (income) loss attributable to noncontrolling interest

'

-27,244

'

-16,690

'

-43,934

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income attributable to preferred and common unit holders

12,628,031

88,022,728

'

173,663

'

88,196,391

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties disposed

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate

636,446,052

'

649,819,795

'

'

'

'

'

83,909,105

83,909,105

'

91,609,368

91,609,368

460,927,579

474,301,322

'

'

'

'

'

Less: Accumulated depreciation and amortization

-32,693,319

'

-25,600,780

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate, net

603,752,733

'

624,219,015

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Depreciation and amortization expense

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Depreciation

4,842,086

2,388,871

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization expense

2,448,149

597,885

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total real estate deprecation and amortization

7,290,235

2,986,756

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Depreciation on corporate fixed assets

137,023

136,827

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gross intangible assets

83,909,105

'

83,909,105

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accumulated amortization

12,278,154

'

9,675,249

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net intangible assets

71,630,951

'

74,233,856

'

'

'

'

'

'

'

66,733,676

'

'

'

'

'

'

'

'

'

Unamortized favorable/unfavorable lease intangibles

4,897,276

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Adjustment against rental revenue for favorable/unfavorable leases

154,756

54,343

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Expected amortization expense related to the acquired in-place lease intangibles, for property owned

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2014 (last 9 months)

'

'

'

'

'

'

'

'

'

'

7,808,714

'

'

'

'

'

'

'

'

'

2015

'

'

'

'

'

'

'

'

'

'

10,411,619

'

'

'

'

'

'

'

'

'

2016

'

'

'

'

'

'

'

'

'

'

10,288,686

'

'

'

'

'

'

'

'

'

2017

'

'

'

'

'

'

'

'

'

'

5,399,510

'

'

'

'

'

'

'

'

'

2018

'

'

'

'

'

'

'

'

'

'

3,938,820

'

'

'

'

'

'

'

'

'

Thereafter

'

'

'

'

'

'

'

'

'

'

28,886,327

'

'

'

'

'

'

'

'

'

Net intangible assets

71,630,951

'

74,233,856

'

'

'

'

'

'

'

66,733,676

'

'

'

'

'

'

'

'

'

Future minimum rental income under leases

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2014 (last 9 months)

32,912,425

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

41,011,099

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

35,572,690

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

32,504,605

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

30,157,074

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Thereafter

291,112,205

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total

$463,270,098

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

INVESTMENT_IN_UNCONSOLIDATED_J2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details) (USD $)

3 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Apr. 15, 2011

Apr. 30, 2012

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 22, 2013

Mar. 31, 2014

Limited liability company

LCRIP I

LCRIP I

LCRIP I

LCRIP I

LCRIP I

Grace Lake JV, LLC.

Grace Lake JV, LLC.

Grace Lake JV, LLC.

Grace Lake JV, LLC.

Grace Lake JV, LLC.

Grace Lake JV, LLC.

loan

loan

Limited partner

Limited partner

Limited partner

Limited partner

Limited liability company

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment in equity method joint ventures

$7,311,247

'

$9,262,762

'

$5,168,349

'

$7,119,864

'

'

'

$2,142,898

$2,142,898

'

'

'

Ownership interest (as a percent)

'

'

'

25.00%

'

'

'

10.00%

10.00%

'

'

'

25.00%

25.00%

25.00%

Minimum average net equity partnership investment as a basis for management fee reduction

'

'

'

'

100,000,000

'

'

'

'

'

'

'

'

'

'

Percentage of investment of operating partner

'

'

'

'

'

'

'

'

'

'

75.00%

'

'

'

'

Financial position

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total assets

154,533,364

'

190,415,719

'

'

'

'

'

'

'

'

'

'

'

'

Total liabilities

102,380,310

'

112,808,701

'

'

'

'

'

'

'

'

'

'

'

'

Partners'/members' capital

52,153,054

'

77,607,018

'

'

'

'

'

'

'

'

'

'

'

'

Unconsolidated joint ventures

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total revenues

7,112,612

9,894,877

'

'

'

'

'

'

'

'

'

'

'

'

'

Total expenses

2,591,047

3,078,030

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income

4,521,565

6,816,847

'

'

'

'

'

'

'

'

'

'

'

'

'

Allocated earnings based on its ownership interests

348,175

393,980

'

'

123,175

393,980

'

'

'

'

225,000

'

'

'

'

Management fee

2,308,872

1,438,501

'

'

134,460

242,480

'

'

'

'

'

'

'

'

'

Number of loans sold to a related party

'

'

'

'

0

1

'

'

'

'

'

'

'

'

'

Cost of mortgages sold to a related party

783,762,354

947,119,454

'

'

'

17,200,000

'

'

'

'

'

'

'

'

'

Gain on sale of loan

'

'

'

'

'

$139,901

'

'

'

'

'

'

'

'

'

Gain on sale of loans deferred (as a percent)

'

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

'

Maximum additional distribution percentage if return thresholds are met

'

'

'

'

25.00%

'

'

'

'

'

'

'

'

'

'

Percentage of equity kicker received with right to convert upon capital event

'

'

'

'

'

'

'

'

'

25.00%

'

'

'

'

'

Preferred return used to determine distribution of excess cash flow (as a percent)

'

'

'

'

'

'

'

'

'

'

8.25%

'

'

'

'

Percentage of distribution of all excess cash flows and all disposition proceeds upon any sale entitled after consideration of preferred return and return of equity remaining in the property to operating partner

'

'

'

'

'

'

'

'

'

'

25.00%

'

'

'

'

FINANCING_Details

FINANCING (Details) (USD $)

3 Months Ended

3 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

3 Months Ended

3 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Feb. 10, 2014

Feb. 10, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Jan. 15, 2014

Oct. 18, 2013

Mar. 31, 2014

Jan. 25, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Feb. 19, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Jan. 15, 2014

Mar. 31, 2014

Jan. 15, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jan. 24, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Sep. 14, 2012

Tuebor

New Revolving Credit Facility

New Revolving Credit Facility

Letters of credit

Master repurchase agreements

Master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

Term master repurchase agreement

Term master repurchase agreement

Term master repurchase agreement

Term master repurchase agreement

Term master repurchase agreement

Term master repurchase agreement

Term master repurchase agreement

Uncommitted Securities Repurchase Facilities

Uncommitted Securities Repurchase Facilities

5/18/15

5/18/15

5/18/15

5/18/15

4/10/14

4/10/14

4/10/14

4/10/14

4/10/16

4/10/16

4/10/16

5/26/17

5/26/17

5/26/17

7/24/14

7/24/14

1/24/14

1/24/14

1/24/14

1/24/14

1/17/14

1/17/14

1/17/14

Various

5/26/15

5/26/15

5/26/15

Credit Agreement

Credit Agreement

Credit Agreement

Long term financing

Long term financing

Long term financing

Borrowings from the FHLB

Borrowings from the FHLB

Borrowings from the FHLB

Borrowings from the FHLB

Borrowings from the FHLB

Borrowings from the FHLB

Borrowings from the FHLB

Borrowings from the FHLB

Borrowings from the FHLB

Borrowings from the FHLB

Senior Unsecured Notes

item

agreement

Minimum

Maximum

Minimum

Maximum

Committed master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

Minimum

Maximum

Committed master repurchase agreements

Committed master repurchase agreements

Committed master repurchase agreements

item

agreement

agreement

Tuebor

Tuebor

Tuebor

Tuebor

Tuebor

Tuebor

Tuebor

Tuebor

Tuebor

Tuebor

period

period

Minimum

Maximum

period

Minimum

Maximum

period

Minimum

Maximum

period

Minimum

Maximum

Minimum

Maximum

period

Minimum

Maximum

Minimum

Minimum

Maximum

Maximum

CMBS and U.S. Agency Securities

CMBS and U.S. Agency Securities

First mortgage commercial real estate loans

First mortgage commercial real estate loans

FINANCING

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of agreements

'

'

'

'

'

'

'

'

'

4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

7

'

'

'

'

'

'

'

'

'

'

'

'

Committed Amount

'

'

'

'

'

'

'

$1,450,000,000

$1,900,000,000

$1,150,000,000

$1,300,000,000

'

'

$300,000,000

$300,000,000

$600,000,000

'

'

'

'

$300,000,000

$300,000,000

'

'

'

$250,000,000

'

'

$250,000,000

'

'

$450,000,000

'

'

$150,000,000

$150,000,000

$300,000,000

$300,000,000

'

'

'

'

'

'

$450,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Committed Amount

'

'

'

'

'

75,000,000

25,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period for which termination date of the facility is extended

'

'

'

'

'

'

'

'

'

'

'

'6 months

'15 months

'

'

'

'

'

'

'

'

'

'

'

'364 days

'

'

'

'

'

'

'

'

'

'

'

'6 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Advance rates (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

60.00%

95.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

57.00%

57.00%

95.00%

95.00%

'

'

'

'

'

Outstanding Amount

370,970,039

'

609,834,793

'

0

'

'

370,970,039

609,834,793

80,764,774

159,312,343

'

'

43,492,265

'

88,921,450

'

'

'

'

'

22,749,015

'

'

'

28,407,500

'

'

8,959,856

'

'

71,804,918

'

'

'

'

'

47,732,500

'

'

361,601,000

'

'

246,713,000

60,423,328

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Committed but Unfunded

'

'

'

'

'

'

'

1,325,742,961

1,651,766,207

1,069,235,226

1,140,687,657

'

'

256,507,735

'

511,078,550

'

'

'

'

300,000,000

277,250,985

'

'

'

221,592,500

'

'

241,040,144

'

'

378,195,082

'

'

'

150,000,000

'

252,267,500

'

'

'

'

'

'

389,576,672

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Rate(s) (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

1.25%

'

'

1.26%

1.27%

'

'

'

'

2.42%

2.67%

'

'

2.42%

3.04%

'

2.40%

3.04%

'

2.41%

3.17%

'

'

'

'

2.66%

2.67%

'

0.42%

1.67%

'

'

2.41%

3.18%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of remaining periods of extension options

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

2

'

'

'

2

'

'

2

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Length of extension options

'

'

'

'

'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'12 months

'12 months

'

'

'

'364 days

'

'

'364 days

'

'

'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying Amount of Collateral

'

'

'

'

'

'

'

686,288,721

836,145,796

284,500,531

285,023,726

'

'

107,378,953

'

110,400,378

'

'

'

'

42,193,299

46,084,620

'

'

'

41,428,429

'

'

18,694,318

'

'

223,612,914

'

'

'

'

'

65,350,000

'

'

440,721,692

'

'

294,409,237

132,160,677

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value of collateral

'

'

'

'

'

'

'

686,686,342

837,610,170

284,898,152

286,488,100

'

'

107,378,953

'

110,400,378

'

'

'

'

42,193,299

46,483,618

'

'

'

41,518,063

'

'

19,091,939

'

'

223,612,914

'

'

'

'

'

65,813,055

'

'

440,721,692

'

'

294,409,237

132,673,364

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of multiple committed financing counterparties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Borrowings outstanding under credit agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.38%

Collateral for debt instrument

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

445,401,248

'

401,262,302

'

'

'

'

'

'

988,459,827

1,013,640,649

187,904,186

276,722,665

'

Amount restricted from transfer

'

'

'

210,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate, minimum (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.25%

'

'

0.28%

0.20%

'

'

'

'

'

'

'

'

'

Interest rate, maximum (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.75%

'

'

2.40%

2.40%

'

'

'

'

'

'

'

'

'

Long-term financing

331,936,919

'

291,053,406

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

331,936,919

'

291,053,406

'

'

'

'

'

'

'

'

'

'

'

Net unamortized premiums

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,998,075

'

3,807,479

'

'

'

'

'

'

'

'

'

'

'

Amortization of premiums

-142,440

-115,043

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

142,440

115,043

'

'

'

'

'

'

'

'

'

'

'

'

FHLB borrowings outstanding

933,000,000

'

989,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

933,000,000

989,000,000

'

'

'

'

'

'

'

'

'

Additional committed term financing available from FHLB

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

472,000,000

416,000,000

'

'

'

'

'

'

'

'

'

Debt borrowings term

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'7 years

'7 years

'

'

'

'

'

'

'

'

'

Number of twelve-month extension maturity periods

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate basis on credit facility

'

'

'

'

'one-month LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Spread on interest (as a percent)

'

'

'

'

3.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

325,000,000

Ownership interest in subsidiary (as a percent)

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Economic interest (as a percent)

51.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Borrowings by maturity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2014 (last 9 months)

571,713,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

307,297,183

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

184,959,856

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

505,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

25,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Thereafter

366,936,919

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total

$1,960,906,958

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

FAIR_VALUE_OF_FINANCIAL_INSTRU2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Repurchase agreements - short term	'	'
Liabilities:	'	'
Outstanding Face Amount	$246,713	$409,334
Repurchase agreements - short term | Discounted Cash Flow	'	'
Liabilities:	'	'
Outstanding Face Amount	246,713	409,334
Amortized Cost Basis	246,713	409,334
Fair Value	246,713	409,334
Fair Value Assumptions:	'	'
Weighted average yield %	1.24%	1.46%
Weighted Average Remaining Maturity/Duration	'29 days	'14 days
Repurchase agreements - long term	'	'
Liabilities:	'	'
Outstanding Face Amount	124,257	'
Repurchase agreements - long term | Discounted Cash Flow	'	'
Liabilities:	'	'
Outstanding Face Amount	124,257	200,501
Amortized Cost Basis	124,257	200,501
Fair Value	124,257	200,501
Fair Value Assumptions:	'	'
Weighted average yield %	1.98%	2.13%
Weighted Average Remaining Maturity/Duration	'1 year 2 months 8 days	'1 year 5 months 26 days
Long term financing	'	'
Liabilities:	'	'
Outstanding Face Amount	324,689	287,246
Fair Value Assumptions:	'	'
Impairment on security positions	0	0
Long term financing | Discounted Cash Flow	'	'
Liabilities:	'	'
Outstanding Face Amount	324,689	287,246
Amortized Cost Basis	331,937	291,053
Fair Value	320,196	278,129
Fair Value Assumptions:	'	'
Weighted average yield %	4.88%	4.84%
Weighted Average Remaining Maturity/Duration	'8 years 7 months 2 days	'8 years 8 months 12 days
Borrowings from the FHLB	'	'
Liabilities:	'	'
Outstanding Face Amount	933,000	989,000
Fair Value Assumptions:	'	'
Impairment on security positions	0	0
Borrowings from the FHLB | Discounted Cash Flow	'	'
Liabilities:	'	'
Outstanding Face Amount	933,000	989,000
Amortized Cost Basis	933,000	989,000
Fair Value	907,286	987,896
Fair Value Assumptions:	'	'
Weighted average yield %	0.61%	0.57%
Weighted Average Remaining Maturity/Duration	'1 year 8 months 8 days	'1 year 7 months 6 days
Senior unsecured notes	'	'
Liabilities:	'	'
Outstanding Face Amount	325,000	325,000
Senior unsecured notes | Broker quotations, pricing services	'	'
Liabilities:	'	'
Outstanding Face Amount	325,000	325,000
Amortized Cost Basis	325,000	325,000
Fair Value	340,844	341,250
Fair Value Assumptions:	'	'
Weighted average yield %	7.38%	7.38%
Weighted Average Remaining Maturity/Duration	'3 years 6 months	'3 years 9 months
Repurchase agreement liabilities	'	'
Fair Value Assumptions:	'	'
Period of short interest rate reset risk	'30 days	'30 days
Impairment on security positions	0	0
Mortgage loan receivables held for investment, at amortized cost	'	'
Assets:	'	'
Outstanding Face Amount	687,212	549,574
Mortgage loan receivables held for investment, at amortized cost | Discounted Cash Flow	'	'
Assets:	'	'
Outstanding Face Amount	687,212	549,574
Amortized Cost Basis	674,980	539,078
Fair Value	677,630	541,578
Fair Value Assumptions:	'	'
Weighted average yield %	9.51%	9.76%
Weighted Average Remaining Maturity/Duration	'2 years 1 month 10 days	'2 years 1 month 20 days
Mortgage loan receivables held for sale	'	'
Assets:	'	'
Outstanding Face Amount	162,554	440,775
Mortgage loan receivables held for sale | Discounted Cash Flow	'	'
Assets:	'	'
Outstanding Face Amount	162,554	440,775
Amortized Cost Basis	162,107	440,490
Fair Value	168,356	455,804
Fair Value Assumptions:	'	'
Weighted average yield %	5.46%	5.47%
Weighted Average Remaining Maturity/Duration	'7 years 5 months 5 days	'9 years 7 months 13 days
FHLB stock	'	'
Assets:	'	'
Outstanding Face Amount	50,400	49,450
FHLB stock | Put Value	'	'
Assets:	'	'
Outstanding Face Amount	50,400	49,450
Amortized Cost Basis	50,400	49,450
Fair Value	50,400	49,450
Fair Value Assumptions:	'	'
Weighted average yield %	3.50%	3.50%
Mortgage loan receivables	'	'
Fair Value Assumptions:	'	'
Period of short interest rate reset risk	'30 days	'30 days
Recurring | Nonhedge derivatives	'	'
Liabilities:	'	'
Derivative liability face amount	724,100	154,500
Recurring | Nonhedge derivatives | Counterparty quotations	'	'
Liabilities:	'	'
Derivative liability face amount	724,100	154,500
Fair Value	10,412	7,031
Fair Value Assumptions:	'	'
Weighted Average Remaining Maturity/Duration	'3 years 2 months 1 day	'4 years 6 months 18 days
Recurring | CMBS	'	'
Assets:	'	'
Outstanding Face Amount	1,227,308	1,160,741
Recurring | CMBS | Broker quotations, pricing services	'	'
Assets:	'	'
Outstanding Face Amount	1,227,308	1,160,741
Amortized Cost Basis	1,225,746	1,156,230
Fair Value	1,247,477	1,164,936
Fair Value Assumptions:	'	'
Weighted average yield %	3.68%	4.08%
Weighted Average Remaining Maturity/Duration	'4 years 9 months 14 days	'4 years 10 months 17 days
Recurring | CMBS interest-only	'	'
Assets:	'	'
Outstanding Face Amount	6,075,913	5,702,862
Recurring | CMBS interest-only | Broker quotations, pricing services	'	'
Assets:	'	'
Outstanding Face Amount	6,075,913	5,702,862
Amortized Cost Basis	275,802	259,061
Fair Value	278,832	258,058
Fair Value Assumptions:	'	'
Weighted average yield %	4.25%	4.19%
Weighted Average Remaining Maturity/Duration	'3 years 4 months 6 days	'3 years 4 months 17 days
Recurring | GNMA interest-only	'	'
Assets:	'	'
Outstanding Face Amount	1,799,019	184,827
Recurring | GNMA interest-only | Broker quotations, pricing services	'	'
Assets:	'	'
Outstanding Face Amount	1,799,019	1,848,270
Amortized Cost Basis	98,682	103,136
Fair Value	94,614	99,877
Fair Value Assumptions:	'	'
Weighted average yield %	5.03%	5.32%
Weighted Average Remaining Maturity/Duration	'3 years 1 month 6 days	'2 years 1 month 13 days
Recurring | FHLMC interest-only	'	'
Assets:	'	'
Outstanding Face Amount	218,834	219,677
Recurring | FHLMC interest-only | Broker quotations, pricing services	'	'
Assets:	'	'
Outstanding Face Amount	218,834	219,677
Amortized Cost Basis	7,541	7,904
Fair Value	7,563	8,152
Fair Value Assumptions:	'	'
Weighted average yield %	5.32%	5.21%
Weighted Average Remaining Maturity/Duration	'2 years 11 days	'3 years 14 days
Recurring | GN construction securities	'	'
Assets:	'	'
Outstanding Face Amount	16,321	12,858
Recurring | GN construction securities | Broker quotations, pricing services	'	'
Assets:	'	'
Outstanding Face Amount	16,321	12,858
Amortized Cost Basis	16,808	13,261
Fair Value	16,305	13,007
Fair Value Assumptions:	'	'
Weighted average yield %	3.46%	3.49%
Weighted Average Remaining Maturity/Duration	'6 years 8 months 1 day	'6 years 6 months 25 days
Recurring | GN permanent securities	'	'
Assets:	'	'
Outstanding Face Amount	101,175	108,310
Recurring | GN permanent securities | Broker quotations, pricing services	'	'
Assets:	'	'
Outstanding Face Amount	101,175	108,310
Amortized Cost Basis	103,244	110,724
Fair Value	105,249	113,216
Fair Value Assumptions:	'	'
Weighted average yield %	4.40%	4.64%
Weighted Average Remaining Maturity/Duration	'3 years 7 months 20 days	'3 years 3 months 7 days
Recurring | Nonhedge derivatives	'	'
Assets:	'	'
Derivative asset face amount	89,602	808,700
Recurring | Nonhedge derivatives | Counterparty quotations	'	'
Assets:	'	'
Derivative asset face amount	89,602	808,700
Fair Value	$839	$8,244
Fair Value Assumptions:	'	'
Weighted Average Remaining Maturity/Duration	'2 years 2 months 23 days	'6 months

FAIR_VALUE_OF_FINANCIAL_INSTRU3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Repurchase agreements - short-term	'	'
Liabilities:	'	'
Outstanding Face Amount	$246,713	$409,334
Repurchase agreements - long-term	'	'
Liabilities:	'	'
Outstanding Face Amount	124,257	'
Long-term financing	'	'
Liabilities:	'	'
Outstanding Face Amount	324,689	287,246
Borrowings from the FHLB	'	'
Liabilities:	'	'
Outstanding Face Amount	933,000	989,000
Senior unsecured notes	'	'
Liabilities:	'	'
Outstanding Face Amount	325,000	325,000
Mortgage loan receivables held for investment	'	'
Assets:	'	'
Outstanding Face Amount	687,212	549,574
Mortgage loan receivables held for sale	'	'
Assets:	'	'
Outstanding Face Amount	162,554	440,775
FHLB stock	'	'
Assets:	'	'
Outstanding Face Amount	50,400	49,450
Level 2 | Repurchase agreements - short-term	'	'
Liabilities:	'	'
Fair Value	246,713	409,334
Level 2 | Repurchase agreements - long-term	'	'
Liabilities:	'	'
Fair Value	124,257	'
Level 2 | Senior unsecured notes	'	'
Liabilities:	'	'
Fair Value	340,844	341,250
Level 3 | Long-term financing	'	'
Liabilities:	'	'
Fair Value	320,196	278,129
Level 3 | Borrowings from the FHLB	'	'
Liabilities:	'	'
Fair Value	907,286	987,896
Level 3 | Mortgage loan receivables held for investment	'	'
Assets:	'	'
Fair Value	677,630	541,578
Level 3 | Mortgage loan receivables held for sale	'	'
Assets:	'	'
Fair Value	168,356	455,804
Level 3 | FHLB stock	'	'
Assets:	'	'
Fair Value	50,400	49,450
Total | Repurchase agreements - short-term	'	'
Liabilities:	'	'
Fair Value	246,713	409,334
Total | Repurchase agreements - long-term	'	'
Liabilities:	'	'
Fair Value	124,257	'
Total | Long-term financing	'	'
Liabilities:	'	'
Fair Value	320,196	278,129
Total | Borrowings from the FHLB	'	'
Liabilities:	'	'
Fair Value	907,286	987,896
Total | Senior unsecured notes	'	'
Liabilities:	'	'
Fair Value	340,844	341,250
Total | Mortgage loan receivables held for investment	'	'
Assets:	'	'
Fair Value	677,630	541,578
Total | Mortgage loan receivables held for sale	'	'
Assets:	'	'
Fair Value	168,356	455,804
Total | FHLB stock	'	'
Assets:	'	'
Fair Value	50,400	49,450
Recurring | Nonhedge derivatives	'	'
Liabilities:	'	'
Derivative liability face amount	724,100	154,500
Recurring | CMBS	'	'
Assets:	'	'
Outstanding Face Amount	1,227,308	1,160,741
Recurring | CMBS interest-only	'	'
Assets:	'	'
Outstanding Face Amount	6,075,913	5,702,862
Recurring | GNMA interest-only	'	'
Assets:	'	'
Outstanding Face Amount	1,799,019	184,827
Recurring | FHLMC interest-only	'	'
Assets:	'	'
Outstanding Face Amount	218,834	219,677
Recurring | GN construction securities	'	'
Assets:	'	'
Outstanding Face Amount	16,321	12,858
Recurring | GN permanent securities	'	'
Assets:	'	'
Outstanding Face Amount	101,175	108,310
Recurring | Nonhedge derivatives	'	'
Assets:	'	'
Derivative asset face amount	89,602	808,700
Recurring | Level 2 | Nonhedge derivatives	'	'
Liabilities:	'	'
Fair Value	10,412	7,031
Recurring | Level 2 | CMBS	'	'
Assets:	'	'
Fair Value	1,247,477	1,164,936
Recurring | Level 2 | CMBS interest-only	'	'
Assets:	'	'
Fair Value	278,832	258,058
Recurring | Level 2 | GNMA interest-only	'	'
Assets:	'	'
Fair Value	94,614	99,877
Recurring | Level 2 | FHLMC interest-only	'	'
Assets:	'	'
Fair Value	7,563	8,152
Recurring | Level 2 | GN construction securities	'	'
Assets:	'	'
Fair Value	16,305	13,007
Recurring | Level 2 | GN permanent securities	'	'
Assets:	'	'
Fair Value	105,249	113,216
Recurring | Level 2 | Nonhedge derivatives	'	'
Assets:	'	'
Fair Value	839	8,244
Recurring | Total | Nonhedge derivatives	'	'
Liabilities:	'	'
Fair Value	10,412	7,031
Recurring | Total | CMBS	'	'
Assets:	'	'
Fair Value	1,247,477	1,164,936
Recurring | Total | CMBS interest-only	'	'
Assets:	'	'
Fair Value	278,832	258,058
Recurring | Total | GNMA interest-only	'	'
Assets:	'	'
Fair Value	94,614	99,877
Recurring | Total | FHLMC interest-only	'	'
Assets:	'	'
Fair Value	7,563	8,152
Recurring | Total | GN construction securities	'	'
Assets:	'	'
Fair Value	16,305	13,007
Recurring | Total | GN permanent securities	'	'
Assets:	'	'
Fair Value	105,249	113,216
Recurring | Total | Nonhedge derivatives	'	'
Assets:	'	'
Fair Value	$839	$8,244

DERIVATIVE_INSTRUMENTS_Details

DERIVATIVE INSTRUMENTS (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
DERIVATIVE INSTRUMENTS	'	'	'
Notional	$813,701,900	'	$1,034,450,000
Fair value, Asset	838,922	'	8,244,355
Fair value, Liability	10,411,959	'	7,031,033
Unrealized Gain/(Loss)	-10,507,734	-3,825,956	'
Realized Gain/(Loss)	-15,778,932	6,095,665	'
Net Result from Derivative Transactions	-26,286,666	2,269,709	-35,650,989
Cash margins held as collateral for derivatives by counterparties	25,958,202	'	21,959,114
Cash collateral held by counterparty	25,958,202	'	21,959,114
Caps 1MO LIB	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'
Notional	'	'	71,250,000
Remaining Maturity	'	'	'1 month 20 days
Variable interest rate	'	'	'1MO LIB
Unrealized Gain/(Loss)	'	819	'
Net Result from Derivative Transactions	'	819	'
Futures	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'
Notional	649,200,000	'	798,700,000
Fair value, Asset	543,834	'	7,992,185
Fair value, Liability	2,922,704	'	'
Unrealized Gain/(Loss)	-10,371,054	-7,019,081	'
Realized Gain/(Loss)	-14,781,407	8,774,316	'
Net Result from Derivative Transactions	-25,152,461	1,755,235	'
5-years US T-Note	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'
Notional	79,600,000	'	45,000,000
Fair value, Asset	245,242	'	402,719
Fair value, Liability	891	'	'
Remaining Maturity	'3 months	'	'3 months
Term of derivative contract	'5 years	'	'5 years
10-years US T-Note	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'
Notional	569,600,000	'	753,700,000
Fair value, Asset	298,592	'	7,589,466
Fair value, Liability	2,921,813	'	'
Remaining Maturity	'3 months	'	'3 months
Term of derivative contract	'10 years	'	'10 years
Swaps 3MO LIB	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'
Notional	121,000,000	'	121,000,000
Fair value, Liability	6,878,440	'	6,420,495
Remaining Maturity	'4 years 3 months 7 days	'	'4 years 6 months 4 days
Variable interest rate	'3MO LIB	'	'3MO LIB
Unrealized Gain/(Loss)	-179,320	3,423,323	'
Realized Gain/(Loss)	-800,138	-1,346,948	'
Net Result from Derivative Transactions	-979,458	2,076,375	'
Credit Derivatives	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'
Notional	43,501,900	'	43,500,000
Fair value, Asset	295,088	'	252,170
Fair value, Liability	610,815	'	610,538
Unrealized Gain/(Loss)	42,640	-231,017	'
Realized Gain/(Loss)	-197,387	-1,331,703	'
Net Result from Derivative Transactions	-154,747	-1,562,720	'
CMBX	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'
Notional	10,000,000	'	10,000,000
Fair value, Asset	211,170	'	252,170
Remaining Maturity	'8 years 4 months 17 days	'	'8 years 4 months 17 days
CDX	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'
Notional	33,500,000	'	33,500,000
Fair value, Liability	610,815	'	610,538
Remaining Maturity	'4 years 8 months 23 days	'	'4 years 11 months 19 days
S&P 500 Put Options 3/4/14	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'
Notional	1,900	'	'
Fair value, Asset	$83,918	'	'
Remaining Maturity	'5 months 19 days	'	'

OFFSETTING_ASSETS_AND_LIABILIT2

OFFSETTING ASSETS AND LIABILITIES (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Offsetting of derivative assets	'	'
Gross amounts of recognized assets	$838,922	$8,244,355
Net amounts of assets presented in the balance sheet	838,922	8,244,355
Net amount	$838,922	$8,244,355

OFFSETTING_ASSETS_AND_LIABILIT3

OFFSETTING ASSETS AND LIABILITIES (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Offsetting of derivative liabilities	'	'
Gross amounts of recognized liabilities	$10,411,959	$7,031,033
Net amount presented in the balance sheet	10,411,959	7,031,033
Gross amounts not offset in the balance sheet	'	'
Cash collateral posted/(received)	10,411,959	7,031,033
Offsetting of repurchase agreements	'	'
Gross amounts of recognized liabilities	370,970,039	609,834,793
Net amount presented in the balance sheet	370,970,039	609,834,793
Gross amounts not offset in the balance sheet	'	'
Financial instruments	370,970,039	609,834,793
Offsetting of financial liabilities and derivative liabilities	'	'
Gross amounts of recognized liabilities	381,381,998	616,865,826
Net amount presented in the balance sheet	381,381,998	616,865,826
Gross amounts not offset in the balance sheet	'	'
Financial instruments collateral	370,970,039	609,834,793
Cash collateral posted/(received)	$10,411,959	$7,031,033

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	2 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2014
Weighted average shares outstanding	'	'
Basic (in shares)	48,909,692	48,909,692
Diluted (in shares)	97,531,793	97,531,793
Class A common stock	'	'
Earnings per share	'	'
Basic Net income available for Class A common stockholders	12,652,000	12,652,341
Diluted Net income available for Class A common stockholders	23,513,000	'
Weighted average shares outstanding	'	'
Basic (in shares)	48,909,692	'
Diluted (in shares)	97,531,793	'

EARNINGS_PER_SHARE_Details_2

EARNINGS PER SHARE (Details 2) (USD $)	2 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2014
Denominator:	'	'
Weighted average number of shares of Class A common stock outstanding	48,909,692	48,909,692
Basic net income per share of Class A common stock (in dollars per share)	'	$0.26
Denominator:	'	'
Basic weighted average number of shares of Class A common stock outstanding	48,909,692	48,909,692
Add - dilutive effect of:	'	'
Diluted weighted average number of shares of Class A common stock outstanding	97,531,793	97,531,793
Diluted net income per share of Class A common stock (in dollars per share)	'	$0.24
Class A common stock	'	'
Numerator:	'	'
Net income attributable to Class A common shareholders	12,652,000	$12,652,341
Denominator:	'	'
Weighted average number of shares of Class A common stock outstanding	48,909,692	'
Basic net income per share of Class A common stock (in dollars per share)	0.26	'
Numerator:	'	'
Net income attributable to Class A common shareholders	12,652,000	12,652,341
Add (deduct) - dilutive effect of:	'	'
Amounts attributable to operating partnership's share of Ladder Capital Corp net income	18,568,000	'
Additional corporate tax	-7,708,000	'
Diluted net income attributable to Class A common shareholders	23,513,000	'
Denominator:	'	'
Basic weighted average number of shares of Class A common stock outstanding	48,909,692	'
Add - dilutive effect of:	'	'
Shares issuable relating to converted Class B common shareholders	48,537,414	'
Incremental shares of unvested Class A restricted stock	84,687	'
Diluted weighted average number of shares of Class A common stock outstanding	97,531,793	'
Diluted net income per share of Class A common stock (in dollars per share)	0.24	'

CAPITAL_STRUCTURE_Details

CAPITAL STRUCTURE (Details)	0 Months Ended	3 Months Ended
	Feb. 12, 2014	Mar. 31, 2014
CAPITAL STRUCTURE	'	'
Number of classes of common stock	'	2
Class A common stock	'	'
CAPITAL STRUCTURE	'	'
Number of votes per share	'	1
Class A common stock | LCFH	'	'
CAPITAL STRUCTURE	'	'
Period after which units and common stock can be exchanged by Continuing LCFH Limited Partners	'	'181 days
Stock exchange ratio	1	1
Class B common stock	'	'
CAPITAL STRUCTURE	'	'
Number of votes per share	'	1

CAPITAL_STRUCTURE_Details_2

CAPITAL STRUCTURE (Details 2) (USD $)	1 Months Ended
	Feb. 10, 2014
Common Units	'
Cash distributions to partners	'
Second cash distributions to partners (as a percent)	20.00%
Second cash distributions after completion of second distribution (as a percent)	20.00%
Series A participating preferred units	'
Cash distributions to partners	'
Second cash distributions to participating preferred units (as a percent)	80.00%
Specified amount up to which second distribution to participating preferred units required (in dollars per unit)	124
Series A and Series B participating preferred units	'
Cash distributions to partners	'
Second cash distributions after completion of second distribution (as a percent)	80.00%

CAPITAL_STRUCTURE_Details_3

CAPITAL STRUCTURE (Details 3) (USD $)	Mar. 31, 2014	Mar. 31, 2014	Feb. 12, 2014	Mar. 31, 2014	Feb. 10, 2014
		Class A Common Stock	Unrealized gain (loss) on real estate securities, available for sale	Unrealized gain (loss) on real estate securities, available for sale	Unrealized gain (loss) on real estate securities, available for sale
Accumulated Other Comprehensive Income	'	'	'	'	'
Beginning balance	($1,639,804)	'	'	$29,141,747	$12,133,807
Other comprehensive income of predecessor	'	'	'	'	18,605,177
Amounts reclassified from accumulated other comprehensive income of predecessor	'	'	'	'	-1,597,237
Less: Accumulated other comprehensive income of predecessor	'	'	-29,141,747	'	'
Other comprehensive income before reclassifications	'	'	'	-3,001,274	'
Amounts reclassified from accumulated other comprehensive income	'	'	'	-211,578	'
Net current-period other comprehensive income	'	'	'	-3,212,852	'
Net current-period other comprehensive income attributable to noncontrolling interest in operating partnership	'	'	'	-1,573,048	'
Net current-period other comprehensive income attributable to Class A common shareholders	'	-1,639,804	'	'	'
Ending balance	($1,639,804)	'	'	'	$29,141,747

STOCK_BASED_COMPENSATION_PLANS2

STOCK BASED COMPENSATION PLANS (Details) (USD $)

0 Months Ended

1 Months Ended

3 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

Feb. 12, 2014

Feb. 28, 2014

Mar. 31, 2014

Mar. 31, 2013

Feb. 18, 2014

Feb. 10, 2014

Mar. 31, 2014

Mar. 31, 2013

Feb. 12, 2014

Feb. 12, 2014

Feb. 12, 2014

Feb. 12, 2014

Feb. 12, 2014

Feb. 12, 2014

Mar. 31, 2014

Feb. 12, 2014

Feb. 12, 2014

Feb. 12, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Apr. 20, 2010

Jun. 04, 2012

Jan. 02, 2012

Mar. 31, 2014

29-May-13

Jun. 04, 2012

Jan. 02, 2012

Jun. 03, 2013

20-May-13

Feb. 01, 2013

Mar. 31, 2014

Mar. 31, 2014

Feb. 12, 2014

Feb. 12, 2014

Feb. 12, 2014

PREDECESSOR

PREDECESSOR

Director

Restricted stock awards

Restricted stock awards

Restricted stock awards

Restricted stock awards

Restricted stock awards

Restricted stock awards

Restricted stock awards

Restricted stock awards

Restricted stock awards

Restricted stock awards

Restricted stock awards

Class A-2 Common Units

Class A-2 Common Units

Class A-2 Common Units

Class A-2 Common Units

Series B Participating Preferred Units

Series B Participating Preferred Units

Series B Participating Preferred Units

Series B Participating Preferred Units

Series B Participating Preferred Units

Series B Participating Preferred Units

Series B Participating Preferred Units

LP Units

Class A Common Stock (restricted)

Class A Common Stock (restricted)

Class A Common Stock (restricted)

Class A Common Stock

Grantees

Grantees

Grantees

Grantees

Harris

Harris

Mr. Fishman

Joel C. Peterson

Douglas Durst

Director

Officers other than Mr. Harris, and certain employees

Certain executives

New member of the management team

New member of the management team

New member of the management team

New member of the management team

New member of the management team

New employee

New employee

New employee

Grantees

Mr. Fishman/Mr. Peterson/Mr. Durst

Time-based vesting

Eighteen month anniversary

Three year anniversary

Performance-based vesting

Time-based vesting

Time-based vesting

item

item

item

Time-based vesting

Time-based vesting

item

item

STOCK BASED COMPENSATION PLANS

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vesting period

'

'

'

'

'

'

'

'

'

'

'18 months

'3 years

'

'3 years

'

'3 years

'3 years

'3 years

'

'

'

'42 months

'

'36 years

'

'

'

'36 months

'

'

'36 months

'

'

'

'

'

Aggregate value of awards granted

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$27,489,109

'

'

Exercised (in shares/units)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

14,516.13

24,193.55

'

'

'

'

'

'

'

'

'

Vesting percentage

'

'

'

'

'

'

'

'

'

50.00%

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of installments in which awards are vested

'

'

'

'

'

'

'

'

'

'

'

'

3

3

'

3

3

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of awards vested

'

'

'

'

'

'

'

'

'

'

25.00%

75.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Minimum performance target percentage

'

'

'

'

'

'

'

'

'

'

'

'

8.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Performance period

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Option to purchase additional units

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

24,193.55

'

'

'

'

'

'

'

'

'

Grant date fair value of awards granted

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

75,000

75,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Grant date fair value of awards to be granted

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50,000

50,000

50,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Annual cash payment for service on our board of directors

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

75,000

75,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount may be paid for service as a chairperson of the audit committee or compensation committee

'

'

'

'

'

'

'

'

15,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount may be paid for service as a chairperson of the nominating and corporate governance committee

'

'

'

'

'

'

'

'

10,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period within which additional units can be purchased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

Purchase price of additional units (in dollars per unit)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$124

'

'

'

'

'

'

'

'

'

Grant date fair value (in dollars per unit)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$130

'

'

'

'

'

'

'

'

'

Exercised price (in dollars per unit)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$124

'

'

'

'

'

'

'

'

'

'

Weighted Average Fair Value (in dollars)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

28,637,096

'

'

'

Amortization to compensation expense

'

'

-2,324,980

-474,501

'

'

-290,171

-474,501

'

'

'

'

'

'

'

'

'

'

'

'

-641,430

'

'

'

-290,171

'

'

'

'

'

'

-351,259

-1,683,550

'

'

'

Status of units granted under the Plan and changes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the beginning of the period (in shares/units)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

365,407

'

'

'

14,276

'

'

'

'

'

'

'

'

'

'

'

Granted (in shares/units)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

910,491

1,127,543

'

'

'

31,451.61

'

2,531

6,570

'

'

1,687,513

1,619,865

67,648

'

Returned (in shares/units)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-165

'

'

'

'

'

'

-985

'

'

'

'

Vested

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-32,365

'

'

'

-993

'

'

'

'

'

'

-575,388

'

'

'

'

Converted (in shares/units)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-333,042

'

'

'

-13,118

'

'

'

'

'

'

3,186,066

'

'

'

'

Outstanding at the end of the period (in shares/units)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,609,693

1,687,513

'

'

'

Unrecognized compensation cost

'

'

28,917,407

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period over which unrecognized compensation cost is expected to be recognized

'

'

'36 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Portion of compensation expense to be recognized annually (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

33.00%

'

'

'

33.00%

33.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted-average period over which unrecognized compensation cost is expected to be recognized

'

'

'32 months 27 days

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'3 years

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share price (in dollars per share)

'

'

'

'

'

$17

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$17

Deferred Compensation Plan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Employee's contribution

'

6,427,127

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of compensation expensed upon contribution

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total employee's contribution

'

'

11,851,733

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units outstanding

'

'

82,026.58

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units unvested

'

'

37,250.66

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Bonus payment to employees

'

'

'

'

43,719,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Bonus accrual

'

'

$12,664,286

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Current expense	'	'	'
Federal	$5,366,975	'	'
State and local	1,805,512	'	'
Total current expense	7,172,487	'	'
Deferred expense/(benefit)	'	'	'
Federal	-1,521,455	'	'
State and local	-361,815	'	'
Total deferred expense/(benefit)	-1,883,270	'	'
Provision for income tax expense	5,289,217	2,067,763	'
Corporate taxes payable	6,661,704	'	0
NYC UBT taxes receivable	-95,815	'	'
NYC UBT taxes payable	'	'	482,324
Reconciliation between the U.S. federal statutory income tax rate and the effective tax rate	'	'	'
US statutory tax rate (as a percent)	35.00%	'	'
Increase due to state and local taxes (as a percent)	4.65%	'	'
Benefit of partnership income not subject to taxation (as a percent)	-17.32%	'	'
Effective income tax rate (as a percent)	22.33%	'	'
Deferred Tax Assets	'	'	'
Depreciation	933,065	'	'
Equity based compensation	950,204	'	'
Unrealized gains and losses	297,344	'	'
Deferred Tax Assets, Gross	2,180,613	'	'
Deferred Tax Liabilities	'	'	'
Unrealized gains and losses	603,294	'	'
Total Deferred Tax Assets	603,294	'	'
Net Deferred Tax Assets/(Liabilities)	1,577,319	'	'
Liability for unrecognized tax benefits for uncertain income tax positions	$0	'	'

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (Meridian, USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Meridian	'	'
RELATED PARTY TRANSACTIONS	'	'
Fees incurred for loans originated	$0	$150,000
Fees accrued and payable	$425,000	$150,000

COMMITMENTS_Details

COMMITMENTS (Details) (USD $)	3 Months Ended	12 Months Ended				3 Months Ended		3 Months Ended
	Mar. 31, 2014	Dec. 31, 2012	Dec. 31, 2011	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
		lease	item	Commitment to purchase GN construction loan securities	Commitment to purchase GN construction loan securities	Commitment to purchase GN construction loan securities	Commitment to purchase GN construction loan securities	Commitment to purchase GN construction loan securities	Commitment to purchase GN construction loan securities
		item				Minimum	Minimum	Maximum	Maximum
Leases	'	'	'	'	'	'	'	'	'
Additional term of lease	'5 years	'	'	'	'	'	'	'	'
Number of extension options	'	0	0	'	'	'	'	'	'
Number of leases	'	1	'	'	'	'	'	'	'
Future minimum rental payments	'	'	'	'	'	'	'	'	'
2014 (last 9 months)	$1,336,287	'	'	'	'	'	'	'	'
2015	1,381,992	'	'	'	'	'	'	'	'
2016	1,125,069	'	'	'	'	'	'	'	'
2017	1,180,400	'	'	'	'	'	'	'	'
2018	1,180,400	'	'	'	'	'	'	'	'
Thereafter	3,639,567	'	'	'	'	'	'	'	'
Total	9,843,715	'	'	'	'	'	'	'	'
COMMITMENTS	'	'	'	'	'	'	'	'	'
Period over which commitment is made to purchase loan securities	'	'	'	'	'	'12 months	'	'15 months	'
Fixed prices (in dollars per unit)	'	'	'	'	'	$102	$102	$107.30	$107.30
Commitment to purchase loan securities	'	'	'	118,502,265	150,271,380	'	'	'	'
Funded	'	'	'	88,236,267	112,780,499	'	'	'	'
Remaining to be funded	'	'	'	30,265,998	37,490,881	'	'	'	'
Fair value of commitments	'	'	'	($304,109)	($176,736)	'	'	'	'

COMMITMENTS_Details_2

COMMITMENTS (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Mortgage loan receivables held for investment	'	'
Off-Balance Sheet Arrangements	'	'
Unfunded commitments of mortgage loan receivables held for investment	$66,008,670	$71,514,519
First mortgage loan financing	'	'
Off-Balance Sheet Arrangements	'	'
Unfunded commitments of mortgage loan receivables held for investment	62,378,672	65,314,519
Mezzanine loan financing	'	'
Off-Balance Sheet Arrangements	'	'
Unfunded commitments of mortgage loan receivables held for investment	$3,629,998	$6,200,000

SEGMENT_REPORTING_Details

SEGMENT REPORTING (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	segment
SEGMENT REPORTING	'	'	'
Number of reportable segments	3	'	'
Interest income	$36,822,125	$31,261,332	'
Interest expense	-14,841,298	-11,207,196	'
Net interest income	21,980,827	20,054,136	'
Provision for loan losses	-150,000	-150,000	'
Net interest income after provision for loan losses	21,830,827	19,904,136	'
Operating lease income	13,213,374	6,484,040	'
Tenant recoveries	2,080,163	'	'
Sale of loans, net	41,302,665	83,007,462	'
Gain on securities	1,808,815	2,564,893	'
Sale of real estate, net	6,692,907	3,697,548	'
Fee income	2,308,872	1,438,501	'
Net result from derivative transactions	-26,286,666	2,269,709	-35,650,989
Earnings from investment in unconsolidated joint ventures	348,175	393,980	'
Unrealized gain (loss) on Agency interest-only securities, net	-1,034,146	-249,900	'
Total other income	40,434,159	99,606,233	'
Salaries and employee benefits	-20,003,013	-19,711,553	'
Operating expenses	-3,041,301	-2,272,869	'
Real estate operating expenses	-7,601,859	-2,880,425	'
Fee expense	-501,516	-1,404,204	'
Depreciation and amortization	-7,427,258	-3,123,583	'
Total costs and expenses	-38,574,947	-29,392,634	'
Tax expense	-5,289,217	-2,067,763	'
Net income	18,400,822	88,049,972	'
Total assets	3,490,246,848	2,541,494,000	3,489,063,267
Investment in FHLB stock	50,400,000	'	49,450,000
Operating Segment | Loans	'	'	'
SEGMENT REPORTING	'	'	'
Interest income	20,309,000	18,712,000	'
Interest expense	-2,188,000	-1,876,000	'
Net interest income	18,121,000	16,835,000	'
Provision for loan losses	-150,000	-150,000	'
Net interest income after provision for loan losses	17,971,000	16,685,000	'
Sale of loans, net	41,303,000	82,868,000	'
Sale of real estate, net	347,000	-186,000	'
Fee income	665,000	993,000	'
Net result from derivative transactions	-10,742,000	-117,000	'
Total other income	31,573,000	83,558,000	'
Salaries and employee benefits	-6,300,000	-11,300,000	'
Operating expenses	41,000	50,000	'
Fee expense	-303,000	-846,000	'
Total costs and expenses	-6,562,000	-12,097,000	'
Net income	42,982,000	88,146,000	'
Total assets	837,087,000	904,106,000	'
Operating Segment | Securities	'	'	'
SEGMENT REPORTING	'	'	'
Interest income	16,505,000	14,555,000	'
Interest expense	-1,265,000	-1,329,000	'
Net interest income	15,240,000	13,225,000	'
Net interest income after provision for loan losses	15,240,000	13,225,000	'
Gain on securities	1,809,000	2,565,000	'
Fee income	91,000	'	'
Net result from derivative transactions	-15,544,000	2,387,000	'
Unrealized gain (loss) on Agency interest-only securities, net	-1,034,000	-250,000	'
Total other income	-14,678,000	4,702,000	'
Fee expense	-22,000	-17,000	'
Total costs and expenses	-22,000	-17,000	'
Net income	540,000	17,910,000	'
Total assets	1,750,040,000	1,057,343,000	'
Operating Segment | Real Estate	'	'	'
SEGMENT REPORTING	'	'	'
Interest expense	-3,331,000	-1,080,000	'
Net interest income	-3,331,000	-1,080,000	'
Net interest income after provision for loan losses	-3,331,000	-1,080,000	'
Operating lease income	13,213,000	6,484,000	'
Tenant recoveries	2,080,000	'	'
Sale of real estate, net	6,346,000	3,884,000	'
Fee income	'	167,000	'
Earnings from investment in unconsolidated joint ventures	348,000	'	'
Total other income	21,987,000	10,535,000	'
Real estate operating expenses	-7,602,000	-2,880,000	'
Fee expense	-17,000	-451,000	'
Depreciation and amortization	-7,290,000	-2,987,000	'
Total costs and expenses	-14,909,000	-6,318,000	'
Tax expense	'	-232,000	'
Net income	3,747,000	2,905,000	'
Total assets	603,753,000	395,678,000	'
Corporate / Other	'	'	'
SEGMENT REPORTING	'	'	'
Interest income	8,000	-2,005,000	'
Interest expense	-8,057,000	-6,922,000	'
Net interest income	-8,049,000	-8,927,000	'
Net interest income after provision for loan losses	-8,049,000	-8,927,000	'
Sale of loans, net	'	140,000	'
Fee income	1,553,000	278,000	'
Earnings from investment in unconsolidated joint ventures	'	394,000	'
Total other income	1,553,000	812,000	'
Salaries and employee benefits	-13,703,000	-8,412,000	'
Operating expenses	-3,082,000	-2,322,000	'
Fee expense	-160,000	-90,000	'
Depreciation and amortization	-137,000	-137,000	'
Total costs and expenses	-17,082,000	-10,961,000	'
Tax expense	-5,289,000	-1,836,000	'
Net income	-28,867,000	-20,911,000	'
Total assets	$299,367,000	$184,367,000	'

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (Committed loan repurchase facilities, USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Apr. 29, 2014	Mar. 31, 2014
			5/18/15	5/18/15	Subsequent event	Subsequent event
					5/18/15	5/18/15
Subsequent events	'	'	'	'	'	'
Financing capacity	$1,150,000,000	$1,300,000,000	$300,000,000	$300,000,000	$450,000,000	$300,000,000