Ladder Capital (LADR) 10-Q 6 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 01, 2014	Aug. 01, 2014
		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	30-Jun-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	48,532,489
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q2	'	'

Combined_Consolidated_Balance_

Combined Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Assets	'	'
Cash and cash equivalents	$84,966,296	$78,742,257
Cash collateral held by broker	37,995,922	28,520,788
Mortgage loan receivables held for investment, net, at amortized cost	1,026,118,013	539,078,182
Mortgage loan receivables held for sale	103,718,508	440,489,789
Real estate securities, available-for-sale:	'	'
Real estate securities, available for sale	1,834,488,000	1,657,246,000
Real estate held for sale	19,028,992	'
Real estate, net	542,147,792	624,219,015
Investments in unconsolidated joint ventures	5,836,776	9,262,762
FHLB stock	57,240,000	49,450,000
Derivative instruments	196,009	8,244,355
Due from brokers	33,435,077	1,503
Accrued interest receivable	18,448,989	14,971,167
Other assets	60,463,345	38,837,255
Total assets	3,824,083,991	3,489,063,267
Liabilities	'	'
Repurchase agreements	685,693,352	609,834,793
Long-term financing	314,554,965	291,053,406
Borrowings from the FHLB	903,000,000	989,000,000
Senior unsecured notes	325,000,000	325,000,000
Due to brokers	16,865,739	'
Derivative instruments	15,732,862	7,031,033
Accrued expenses	72,013,194	64,400,382
Other liabilities	24,069,898	17,509,888
Total liabilities	2,356,930,010	2,303,829,502
Commitments and contingencies	'	'
Equity (Capital)	'	'
Common units	'	59,565,278
Additional paid-in capital	720,322,279	'
Retained earnings	25,157,129	'
Accumulated other comprehensive income/(loss)	5,024,250	'
Total shareholders' equity (partners' capital)	750,554,255	'
Total shareholders' equity (partners' capital)	'	1,176,397,231
Noncontrolling interest in operating partnership	709,126,369	'
Noncontrolling interest in consolidated joint ventures	'	8,836,534
Noncontrolling interest in consolidated joint ventures	7,473,357	'
Total equity (capital)	'	1,185,233,765
Total equity (capital)	1,467,153,981	'
Total liabilities and equity (capital)	3,824,083,991	3,489,063,267
Class A common stock	'	'
Equity (Capital)	'	'
Common stock value	50,597	'
Total equity (capital)	50,597	'
Investment grade commercial mortgage backed securities	'	'
Real estate securities, available-for-sale:	'	'
Real estate securities, available for sale	1,239,296,993	1,164,936,448
GN construction securities	'	'
Real estate securities, available-for-sale:	'	'
Real estate securities, available for sale	20,277,121	13,006,860
GN permanent securities	'	'
Real estate securities, available-for-sale:	'	'
Real estate securities, available for sale	99,917,460	113,216,186
Interest-only securities	'	'
Real estate securities, available-for-sale:	'	'
Real estate securities, available for sale	474,996,698	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 $)	Jun. 30, 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	48,533,473
Common stock, outstanding shares	48,533,473

Combined_Consolidated_Statemen

Combined Consolidated Statements of Income (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net interest income	'	'	'	'
Interest income	$45,112,289	$30,167,774	$81,934,414	$61,429,106
Interest expense	16,751,627	11,941,719	31,592,925	23,148,915
Net interest income	28,360,662	18,226,055	50,341,489	38,280,191
Provision for loan losses	150,000	150,000	300,000	300,000
Net interest income after provision for loan losses	28,210,662	18,076,055	50,041,489	37,980,191
Other income	'	'	'	'
Operating lease income	12,803,327	8,906,286	26,016,701	15,390,326
Tenant recoveries	2,142,214	'	4,222,377	'
Sale of loans, net	45,418,742	35,813,760	86,721,407	118,821,222
Gain on securities	5,376,206	3,311,422	7,185,021	5,876,315
Sale of real estate, net	9,060,194	3,665,173	15,753,101	7,362,721
Fee income	2,191,847	2,164,377	4,500,719	3,602,878
Net result from derivative transactions	-25,273,324	20,679,027	-51,559,990	22,948,736
Earnings from investment in unconsolidated joint ventures	987,385	595,371	1,335,560	989,351
Unrealized gain (loss) on Agency interest-only securities, net	2,782,051	-4,788,943	1,747,905	-5,038,843
Total other income	55,488,642	70,346,473	95,922,801	169,952,706
Costs and expenses	'	'	'	'
Salaries and employee benefits	26,483,185	13,881,840	46,486,198	33,593,393
Operating expenses	3,663,819	2,736,255	6,705,120	5,009,124
Real estate operating expenses	7,379,677	3,544,717	14,981,536	6,425,142
Fee expense	713,570	3,788,808	1,215,086	5,193,012
Depreciation and amortization	7,017,736	3,075,606	14,444,994	6,199,189
Total costs and expenses	45,257,987	27,027,226	83,832,934	56,419,860
Income before taxes	38,441,317	61,395,302	62,131,356	151,513,037
Income tax expense	8,198,624	1,615,757	13,487,841	3,683,520
Net income	30,242,693	59,779,545	48,643,515	147,829,517
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures	-46,409	354,274	145,111	327,030
Net (income) loss attributable to predecessor unitholders	'	60,133,819	12,628,031	148,156,547
Net (income) loss attributable to noncontrolling interest in operating partnership	($17,691,496)	'	($36,259,528)	'
Earnings per share/common unit:	'	'	'	'
Basic (in dollars per share)	$0.26	'	$0.51	'
Diluted (in dollars per share)	$0.22	'	$0.46	'
Weighted average shares outstanding	'	'	'	'
Basic (in units)	48,909,692	'	48,909,692	'
Diluted (in units)	97,617,710	'	97,714,070	'

Combined_Consolidated_Statemen1

Combined Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net income	$30,242,693	$59,779,545	$48,643,515	$147,829,517
Unrealized gains on securities, net of tax:	'	'	'	'
Unrealized gain (loss) on real estate securities, available for sale	22,118,417	-11,942,940	37,722,320	-10,955,184
Reclassification adjustment for (gains) losses included in net income	-5,699,736	-3,311,422	-7,508,551	-5,876,315
Total other comprehensive income (loss)	16,418,681	-15,254,362	30,213,769	-16,831,499
Comprehensive income	46,661,374	44,525,183	78,857,284	130,998,018
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures	-46,409	354,274	145,111	327,030
Comprehensive income of combined Class A Common shareholders and predecessor unit holders	46,614,965	44,879,457	79,002,395	131,325,048
Comprehensive (income) loss attributable to predecessor unitholders	'	'	-4,379,909	'
Comprehensive (income) loss attributable to noncontrolling interest in operating partnership	-27,446,074	'	-44,441,058	'
Comprehensive (income) loss	'	'	'	131,325,048
Class A Common Stock	'	'	'	'
Unrealized gains on securities, net of tax:	'	'	'	'
Comprehensive (income) loss	$19,168,891	'	$30,181,428	'

Combined_Consolidated_Statemen2

Combined Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Combined Consolidated Statements of Comprehensive Income	'	'	'	'
Income tax (benefit) expense	$4,923,857	$0	$5,229,808	$0
Income tax (benefit) expense	($1,248,607)	$0	($1,248,607)	$0

Combined_Consolidated_Statemen3

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

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Series A preferred units

Series B Preferred Units

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Balance at Dec. 31, 2012

$1,098,270,215

'

'

'

'

'

'

'

$781,100,600

$272,215,202

$44,372,247

'

$582,166

Increase Decrease in Stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

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)

188,733,086

'

'

'

'

'

'

'

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 Stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

Distributions

-42,028,562

'

'

'

-40,441,513

-1,218,066

'

'

'

-368,983

'

'

'

Equity based compensation

6,552,452

125,425

'

'

6,136,856

'

'

'

'

290,171

'

'

'

Issuance of common stock (IPO)

259,037,500

259,020,575

'

'

'

'

16,925

'

'

'

'

'

'

Issuance of common stock (IPO)

'

'

'

'

'

'

16,925,013

'

'

'

'

'

'

Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock

'

'

'

'

'

'

'

-3,941

'

'

'

'

'

Offering costs

-20,498,458

-20,498,458

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

-697,096,682

'

Exchange of noncontrolling interest for common stock (in shares)

'

'

'

'

'

'

'

48,537,414

'

'

'

'

'

Net income (loss)

48,643,515

'

25,157,129

'

36,259,528

-145,111

'

'

-7,471,541

-2,630,884

-2,525,606

'

'

Other comprehensive income

30,213,769

'

'

5,024,299

8,181,530

'

'

'

10,062,972

3,543,380

3,401,588

'

'

Rebalancing of ownership percentage between Company and Operating Partnership

'

-1,893,237

'

-49

1,893,286

'

'

'

'

'

'

'

'

Balance at Jun. 30, 2014

$1,467,153,981

$720,322,279

$25,157,129

$5,024,250

$709,126,369

$7,473,357

$50,597

'

'

'

'

'

'

Balance (in shares) at Jun. 30, 2014

'

'

'

'

'

'

50,597,205

48,533,473

'

'

'

'

'

Combined_Consolidated_Statemen4

Combined Consolidated Statements of Cash Flows (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net income	$48,643,515	$147,829,517
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	14,444,994	6,199,189
Unrealized (gain) loss on derivative instruments	16,784,639	-20,178,151
Unrealized (gain) loss on Agency interest-only securities, net	-1,747,905	5,038,843
Provision for loan losses	300,000	300,000
Amortization of equity based compensation	6,552,452	1,569,962
Amortization of deferred financing costs included in interest expense	2,625,355	1,820,122
Amortization of (premium) discount on long-term debt	-305,846	-262,573
Amortization of above- and below-market lease intangibles	345,235	'
Accretion/amortization of discount, premium and other fees on loans and securities	37,206,089	24,605,139
Realized gain on sale of mortgage loan receivables	-86,721,407	-118,821,222
Realized gain on real estate securities	-7,185,021	-5,876,315
Realized gain on sale of real estate	-15,753,101	-7,362,721
Origination of mortgage loan receivables held for sale	-1,291,509,649	-1,213,546,008
Repayment of mortgage loan receivables held for sale	781,837	4,767,867
Proceeds from sales of mortgage loan receivables held for sale	1,727,178,351	1,381,912,189
Accrued interest receivable	-3,477,822	2,226,653
Earnings on investment in unconsolidated joint ventures	-1,335,560	-989,351
Distributions of return on capital from investment in unconsolidated joint ventures	1,604,181	2,988,807
Changes in operating assets and liabilities:	'	'
Due to brokers	16,865,739	'
Due from brokers	-33,433,574	-1,431,523
Other assets	-27,884,077	-9,310,495
Accrued expenses and other liabilities	11,727,463	33,937,974
Net cash provided by (used in) operating activities	415,705,888	235,417,903
Cash flows used in investing activities:	'	'
Reduction (addition) of Cash collateral held by broker for derivatives	-8,004,098	-25,850,397
Purchase of derivative instruments	-7,125	-20,000
Purchases of real estate securities	-527,611,888	-113,439,927
Repayment of real estate securities	122,764,169	210,159,099
Proceeds from sales of real estate securities	229,914,265	98,964,627
Purchase of FHLB stock	-7,790,000	-15,800,000
Origination and purchases of mortgage loan receivables held for investment	-575,326,984	-179,021,609
Repayment of mortgage loan receivables held for investment	78,642,485	164,521,316
Reduction (addition) of cash collateral held by broker for derivatives	-1,471,036	41,876,366
Addition of deposits received for loan originations	2,418,020	6,322,863
Security deposits included in other assets	1,659,787	'
Capital contributions to investment in unconsolidated joint ventures	'	-3,725,552
Distributions of return of capital from investment in unconsolidated joint ventures	3,157,365	4,150,211
Purchases of real estate and capital improvements	-622,886	-157,996,522
Proceeds from sale of real estate	64,901,840	18,086,325
Net cash provided by (used in) investing activities	-617,376,086	48,226,800
Cash flows from financing activities:	'	'
Deferred financing costs	-2,282,207	3,533,380
Repayment of repurchase agreements	-4,585,180,010	-3,061,960,487
Proceeds from repurchase agreements	4,661,038,569	2,523,021,309
Repayment of borrowings under credit agreements	'	-30,000,000
Proceeds from borrowings under credit agreements	'	30,000,000
Proceeds from long-term financing	41,083,035	65,170,439
Repayment of long-term financing	-17,275,630	-32,924
Proceeds from FHLB borrowings	2,731,000,000	2,414,000,000
Repayments of FHLB borrowings	-2,817,000,000	-2,178,000,000
Partners' capital contributions	'	1,800,000
Partners' capital distributions	-368,983	-58,900,697
Capital contributed by a noncontrolling interest	'	8,437,262
Capital distributed by a noncontrolling interest	-41,659,579	-7,813
Issuance of common stock	259,037,500	'
Common stock offering costs	-20,498,458	'
Net cash provided by (used in) financing activities	207,894,237	-282,939,531
Net increase (decrease) in cash	6,224,039	705,172
Cash and cash equivalents at beginning of period	78,742,257	45,178,565
Cash and cash equivalents at end of period	84,966,296	45,883,737
Supplemental information:	'	'
Cash paid for interest	29,266,388	22,763,174
Cash paid for income taxes	11,417,069	5,828,477
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	12,000,000	8,320,273
Transfer from real estate, net to real estate held for sale	19,028,992	'
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 current and deferred tax provision	3,981,201	'
Rebalancing of ownership percentage between Company and Operating Partnership	$1,893,286	'

ORGANIZATION_AND_OPERATIONS

ORGANIZATION AND OPERATIONS	6 Months Ended
	Jun. 30, 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.  In connection with the IPO, Ladder Capital Corp also became a holding corporation and the general partner of, and obtained a controlling interest in, LCFH. 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 have 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 $238.5 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 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:
	·         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 51.0% 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, 99,134,619 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	6 Months Ended
	Jun. 30, 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”) Topic 810 — Consolidation (“ASC 810”), 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. As of June 30, 2014, the Company does not have investments in VIEs.
	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 six months ended June 30, 2014, the Company has increased noncontrolling interests in the Operating Partnership and decreased additional paid-in capital in the Company’s shareholders’ equity by $2.2 million as of June 30, 2014.
	Revision of Previously Issued Financial Statements
	During the Company’s reporting process for the quarter ended September 30, 2013, the Company identified and corrected an error that impacted the financial statements as of and for the six months ended June 30, 2013.  At that time, in accordance with accounting guidance found in ASC Topic 250 - Accounting Changes and Error Corrections (“ASC 250”), the Company concluded that the error in accounting was 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 its previously issued financial statements to properly reflect the impact of the error in such financial statements.  Following is a summary of the error identified and corrected:
	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 Topic 860 - Transfers and Servicing of Financial Assets (“ASC 860”), rather than as origination of debt. The effect of the correction is the reclassification of a portion of net proceeds from sale of loans, net to a component of long-term financing, with the resulting 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 $2.4 million for the six months ended June 30, 2013, with a corresponding increase to long-term financing.
	The effects of the revision are summarized in the following tables:
	Consolidated Statements of Income
		Six Months Ended June 30, 2013
		As Previously			Adjustments		As Revised
		Reported
	Interest expense	$	23,411,488		(262,573	)	$	23,148,915
	Net interest income	38,017,618			262,573		38,280,191
	Net interest income after provision for loan losses	37,717,618			262,573		37,980,191
	Sale of loans, net	121,444,307			(2,623,085	)	118,821,222
	Total other income	172,575,791			(2,623,085	)	169,952,706
	Income before taxes	153,873,549			(2,360,512	)	151,513,037
	Net Income	150,190,029			(2,360,512	)	147,829,517
	Net income attributable to preferred and common unit holders	150,517,059			(2,360,512	)	148,156,547
	Consolidated Statements of Comprehensive Income
		Six Months Ended June 30, 2013
		As Previously			Adjustments			As Revised
		Reported
	Net Income	$	150,190,029		$	(2,360,512	)	$	147,829,517
	Comprehensive Income	133,358,530			(2,360,512		)	130,998,018
	Comprehensive income attributable to preferred and common unit holders	133,685,560			(2,360,512		)	131,325,048
	Consolidated Statements of Cash Flows
		Six Months Ended June 30, 2013
		As Previously			Adjustments			As Revised
		Reported
	Net Income	$	150,190,029		$	(2,360,512	)	$	147,829,517
	Amortization of (premium) discount on long-term debt	—			(262,573		)	(262,573		)
	Realized gain on sale of mortgage loan receivables	(121,444,307		)	2,623,085			(118,821,222		)
	Proceeds from sales of mortgage loan receivables held for sale	1,384,535,274			(2,623,085		)	1,381,912,189
	Net cash provided by (used in) operating activities	244,363,851			(2,623,085		)	241,740,766
	Proceeds from long-term financing	62,547,354			2,623,085			65,170,439
	Net cash provided by (used in) financing activities	(285,562,616		)	2,623,085			(282,939,531		)
	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 and repurchase agreement 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, as described in Note 7.  Upon the decision to sell such loans, the Company will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value less cost to sell 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 loan’s 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 estimates its loan loss provision based on its historical loss experience and expectation of losses inherent in the investment portfolio but not yet realized. Since inception, the Company has had no events of impairment on any of the loans it has originated, however, to ensure that the risk exposures are properly measured and the appropriate reserves are taken, the Company assesses a loan loss provision balance that will grow over time with its portfolio and the related risk as the assets are aged and approach maturity and ultimate refinancing where applicable.
	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 June 30, 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 and impairments, as applicable.
	Certain of the Company’s real estate investments are condominium units that the Company intends to sell over time. As of January 1, 2014, the date the Company adopted the accounting guidance in 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 results of operations and the related gain or loss on sale of properties that have been sold are not reflected as real estate 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 and full disposal is not expected to be completed within one year.  Prior to January 1, 2014, the results of operations and the related gain or loss on sale of condominium units that have been sold are not reflected as held for sale or presented in discontinued operations in the consolidated statements of income due to the significant continuing involvement in the real estate held through the consolidated homeowner’s association.
	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 are 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 four to 25 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 properties classified as 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.
Real Estate Held for Sale
In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), 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, an impairment charge will be recorded in the combined consolidated statements of income.
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 ASC 820, Fair Value Measurement, 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 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 remains 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 and six months ended June 30, 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 June 2014, the Federal Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, a consensus of the FASB Emerging Issues Task Force (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting of share-based payment awards and that could be achieved after the requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. ASU 2014-12 is effective for all entities for interim and annual periods beginning after December 15, 2015, with early adoption permitted. An entity may apply the amendments in ASU 2014-12 either (i) prospectively to all awards granted or modified after the effective date or (ii) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of ASU 2014-12 is not expected to have a material impact on the Company’s consolidated financial condition or results of operations.
In June 2014, the FASB issued ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures (“ASU 2014-11”). The pronouncement changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. The pronouncement also requires two new disclosures. The first disclosure requires an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements. The second disclosure provides increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The pronouncement is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is not permitted. The adoption of this pronouncement is not expected to have a material impact on the Company’s consolidated financial condition or results of operations.
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.  ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s consolidated financial condition or results of operations.
In February 2013, the 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	6 Months Ended
	Jun. 30, 2014
CAPITALIZED OFFERING COSTS	'
CAPITALIZED OFFERING COSTS	'
	3.                            CAPITALIZED OFFERING COSTS
	As described in Note 1, the Company completed an IPO of its Class A Common Stock on February 11, 2014. Costs directly attributable to the Company’s IPO of $20,498,458 were capitalized and charged against the proceeds of the IPO once completed.

MORTGAGE_LOAN_RECEIVABLES

MORTGAGE LOAN RECEIVABLES	6 Months Ended
	Jun. 30, 2014
MORTGAGE LOAN RECEIVABLES	'
MORTGAGE LOAN RECEIVABLES	'
	4.                            MORTGAGE LOAN RECEIVABLES
	June 30, 2014
								Weighted		Remaining
		Outstanding			Carrying			Average		Maturity
		Face Amount			Value			Yield (2)		(years)
	Mortgage loan receivables held for investment, at amortized cost	$	1,040,581,058		$	1,026,118,013	-1	8	%	2.15
	Mortgage loan receivables held for sale	103,718,508			103,718,508			4.88	%	8.99
	Total	$	1,144,299,566		$	1,129,836,521
	December 31, 2013
								Weighted		Remaining
		Outstanding			Carrying			Average		Maturity
		Face Amount			Value			Yield (2)		(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 $2,800,000 and $2,500,000 at June 30, 2014 and December 31, 2013, respectively.
	(2)     June 30, 2014 yields are used to calculate weighted average yield for floating rate loans.
	The following table summarizes mortgage loan receivables by loan type:
		June 30, 2014						December 31, 2013
		Outstanding			Carrying			Outstanding			Carrying
		Face Amount			Value			Face Amount			Value
	Mortgage loan receivables held for sale
	First mortgage loan	$	103,718,508		$	103,718,508		$	440,774,789		$	440,489,789
	Total mortgage loan receivables held for sale	103,718,508			103,718,508			440,774,789			440,489,789
	Mortgage loan receivables held for investment, at amortized cost
	First mortgage loan	925,540,706			914,675,965			420,672,555			413,564,066
	Mezzanine loan	115,040,352			114,242,048			128,901,233			128,014,116
	Total mortgage loan receivables held for investment, at amortized cost	1,040,581,058			1,028,918,013			549,573,788			541,578,182
	Provision for loan losses	—			2,800,000			—			2,500,000
	Total	$	1,144,299,566		$	1,129,836,521		$	990,348,577		$	979,567,971
	For the six months ended June 30, 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	179,021,609			1,213,546,008
	Repayment of mortgage loan receivables	(164,521,316		)	(4,767,867		)
	Proceeds from sales of mortgage loan receivables	—			(1,381,912,189		)
	Realized gain on sale of mortgage loan receivables	—			118,821,222
	Transfer between held for investment and held for sale	(8,320,273		)	8,320,273
	Accretion/amortization of discount, premium and other fees	1,755,403			—
	Loan loss provision	(300,000		)	—
	Balance June 30, 2013	$	333,953,973		$	577,340,067
	Balance December 31, 2013	$	539,078,182		$	440,489,789
	Origination of mortgage loan receivables	575,326,984			1,291,509,649
	Repayment of mortgage loan receivables	(78,642,485		)	(781,837		)
	Proceeds from sales of mortgage loan receivables	—			(1,727,178,351		)
	Realized gain on sale of mortgage loan receivables	—			86,721,407
	Transfer between held for investment and held for sale	(12,000,000		)	12,000,000
	Accretion/amortization of discount, premium and other fees	2,655,332			957,851
	Loan loss provision	(300,000		)	—
	Balance June 30, 2014	$	1,026,118,013		$	103,718,508
	During the three and six months ended June 30, 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 any originated loans.  At June 30, 2014 and December 31, 2013, there was $4,100,655 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 June 30, 2014 and December 31, 2013, there was 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.
	Provision for Loan Losses
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Provision for loan losses at beginning of period	$	2,650,000		$	2,050,000		$	2,500,000		$	1,900,000
	Provision for loan losses	150,000			150,000			300,000			300,000
	Charge-offs	—			—			—			—
	Provision for loan losses at end of period	$	2,800,000		$	2,200,000		$	2,800,000		$	2,200,000

REAL_ESTATE_SECURITIES

REAL ESTATE SECURITIES	6 Months Ended
	Jun. 30, 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, consisting of GNMA and FHLMC 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 June 30, 2014 and December 31, 2013 ($ in thousands):
	June 30, 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	$	1,199,855		$	1,204,777	$	34,654	$	(134	)	$	1,239,297	102	AAA	3.92	%	3.51	%	4.6
	CMBS interest-only	7,435,884		-1	368,593		10,178		(66		)	378,705		35	AAA	1.07	%	4.12	%	3.34
	GNMA interest-only	1,714,071		-1	90,460		2,694		(4,256		)	88,898		37	AA+	1.09	%	5.07	%	4.35
	FHLMC interest-only	217,926		-1	7,137		257		—			7,394		2	AA+	0.95	%	5.33	%	1.91
	GN construction securities	20,193			20,737		83		(543		)	20,277		6	AA+	3.97	%	3.51	%	6.68
	GN permanent securities	95,868			97,761		2,158		(2		)	99,917		14	AA+	5.48	%	4.35	%	3.7
	Total	$	10,683,797		$	1,789,465	$	50,024	$	(5,001	)	$	1,834,488
	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 June 30, 2014 and December 31, 2013 ($ in thousands):
	June 30, 2014
	Asset Type	Within 1 year			1-5 years		5-10 years		After 10 years			Total
	CMBS	$	238,165		$	310,843	$	690,289	$	—		$	1,239,297
	CMBS interest-only	3,700			375,005		—		—			378,705
	GNMA interest-only	1,318			72,748		14,832		—			88,898
	FHLMC interest-only	—			7,394		—		—			7,394
	GN construction securities	—			3,100		17,177		—			20,277
	GN permanent securities	3,186			66,905		29,826		—			99,917
	Total	$	246,369		$	835,995	$	752,124	$	—		$	1,834,488
	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 $1,572,136 unrealized losses on securities recorded as other than temporary impairments for the three and six months ended June 30, 2014 included in gain on securities in the combined consolidated statements of income. There were no unrealized losses on securities recorded as other than temporary impairments for the three and six months ended June 30, 2013.

REAL_ESTATE_NET

REAL ESTATE, NET	6 Months Ended
	Jun. 30, 2014
REAL ESTATE, NET	'
REAL ESTATE, NET	'
	6.                            REAL ESTATE, NET
	Acquisitions
	During the three and six months ended June 30, 2014, there were no acquisitions of properties.
	During the six months ended June 30, 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 ($593,502 land, $3,899,528 building, $497,712 intangibles). At January 28, 2013, the date of acquisition, the retail property was 100% leased and occupied.
	·                     One 13-story office building in Southfield, MI for $18,000,000 ($1,146,864 land, $7,706,897 building, $9,146,239 intangibles), through a consolidated, majority-owned joint venture. At February 1, 2013, the date of acquisition, the office building was 83.8% leased and occupied.
	·                     A portfolio of 14 office buildings in Richmond, VA for $135,000,000 ($15,904,485 land, $99,374,779 building, $19,720,736 intangibles), through a consolidated, majority-owned joint venture. At June 7, 2013, the date of acquisition, the portfolio of office building was 97.6% leased and 96.6% occupied.
	Sales
	The Company sold the following properties during the six months ended June 30, 2014:
	·         One single-tenant retail property, subject to long-term net lease obligations, for a total of $8,426,444, resulting in a net gain on sale of $1,683,107.
	·         One office building in Richmond, VA, subject to long-term lease obligations, for a total of $16,793,524, resulting in a net gain on sale of $1,151,299.
	·         75 residential condominium units in Veer Towers which were sold for $35,394,183, resulting in a net gain on sale of $12,081,446.
	·         16 residential condominium units in Terrazas River Park Village which were sold for $4,287,689, resulting in a net gain on sale of $837,249.
	During the six months ended June 30, 2013, 43 condominium units in Veer Towers were sold for $18,086,325, resulting in a gain on sale of $7,362,721.
	Real Estate Held for Sale
	During the six months ended June 30, 2014, the Company entered into Purchase Sale Agreements (“PSA”) to sell four single-tenant retail properties, subject to long-term net lease obligations.  The Company expects the sale of these properties to occur on or before December 31, 2014 and has designated these properties as real estate available for sale in the statements of financial condition.  The real estate held for sale, recorded at carrying value, is $19,028,992, as of June 30, 2014.
	On January 1, 2014, the Company early adopted the new discontinued operations standard and as the properties sold/classified as real estate held for sale in the six months ended June 30, 2014 will not represent a strategic shift (as the Company is not entirely exiting markets or property types), they have not been reflected as part of discontinued operations.
	The following table summarizes income from the properties sold/classified as held for sale during the six months ended June 30, 2014 for the three and six months ended June 30, 2014 and June 30, 2013:
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Operating lease income	$	921,475		$	857,203		$	1,971,541		$	1,647,399
	Tenant recoveries	303,485			79,671			555,293			79,671
	Depreciation and amortization	(808,194		)	(210,809		)	(1,621,814		)	(357,106		)
	Income from properties sold/held for sale	$	416,766		$	726,065		$	905,020		$	1,369,964
	The following table summarizes income from the properties sold for sale during the six months ended June 30, 2013 for the three and six months ended June 30, 2013:
		Three Months			Six Months
		Ended June			Ended June
		30, 2013			30, 2013
	Operating lease income	$	415,872		$	967,008
	Tenant recoveries	—			—
	Depreciation and amortization	(64,511		)	(64,511		)
	Income from properties sold/held for sale	$	351,361		$	902,497
	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, 2013. 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.
		Three Months ended June 30, 2013									Six Months ended June 30, 2013
		Company						Consolidated			Company						Consolidated
		Historical			Acquisitions			Pro Forma			Historical			Acquisitions			Pro Forma
	Operating lease income	$	8,906,286		$	2,248,579		$	11,154,865		$	15,390,326		$	5,969,290		$	21,359,616
	Net income	59,779,545			(594,602		)	59,184,943			147,829,517			(1,071,155		)	146,758,362
	Net (income) loss attributable to noncontrolling interest in consolidated joint ventures	354,274			59,460			413,734			327,030			109,461			436,491
	Net income attributable to preferred and common unit holders	60,133,819			(535,142		)	59,598,677			148,156,547			(961,694		)	147,194,853
	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.
	The following table presents additional detail related to our real estate portfolio:
		June 30, 2014			December 31, 2013
	Land	$	5,867,327		$	—
	Building	10,884,388			—
	In-place leases and other intangibles	3,264,444			—
	Real estate	20,016,159			—
	Less: Accumulated depreciation and amortization	(987,167		)	—
	Real estate held for sale	$	19,028,992		$	—
		June 30, 2014			December 31, 2013
	Land	$	82,530,229		$	91,609,368
	Building	420,367,228			474,301,322
	In-place leases and other intangibles	76,105,744			83,909,105
	Real estate	579,003,201			649,819,795
	Less: Accumulated depreciation and amortization	(36,855,409		)	(25,600,780		)
	Real estate, net	$	542,147,792		$	624,219,015
	The following table presents depreciation and amortization expense on real estate recorded by the Company:
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Depreciation expense (1)	$	4,472,197		$	2,362,804		$	9,314,283		$	4,751,675
	Amortization expense	2,408,711			575,975			4,856,860			1,173,860
	Total real estate deprecation and amortization expense	$	6,880,908		$	2,938,779		$	14,171,143		$	5,925,535
	(1)     Depreciation expense on the combined consolidated statements of income also includes $136,827 and $136,827 of depreciation on corporate fixed assets for the three months ended June 30, 2014 and 2013, respectively, and $273,850 and $273,654 of depreciation on corporate fixed assets for the six months ended June 30, 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 June 30, 2014, gross intangible assets totaled $79,370,188 with total accumulated amortization of $14,517,121, resulting in net intangible assets of $64,853,067, including $4,706,797 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. For the three and six months ended June 30, 2014, the Company recorded an offset against rental revenues of $190,479 and $345,235, respectively, for favorable/unfavorable leases, compared to $111,017 and $191,337 for the three and six months ended June 30, 2013, respectively.
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 June 30, 2014:
Period ended December 31,	Amount
2014 (last 6 months)	$	4,729,204
2015	9,458,408
2016	9,873,122
2017	3,884,036
2018	3,884,036
Thereafter	28,317,464
Total	$	60,146,270
The following is a schedule of contractual future minimum rent under leases from tenants at June 30, 2014:
Period ended December 31,	Amount
2014 (last 6 months)	$	24,976,642
2015	41,472,929
2016	34,803,587
2017	31,423,170
2018	28,695,964
Thereafter	281,945,089
Total	$	443,317,381

INVESTMENT_IN_UNCONSOLIDATED_J

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	6 Months Ended
	Jun. 30, 2014
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
	7.                            INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
	As of June 30, 2014, the Company had an aggregate investment of $5,836,776 in its equity method joint ventures with unaffiliated third parties.
	As of June 30, 2014, the Company owned a 10% limited partnership interest in Ladder Capital Realty Income Partnership I LP (“LCRIP I”) to invest in first mortgage loans held for investment and acted as general partner and Manager to LCRIP I. 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.
	As of June 30, 2014, the Company owned a 25% membership interest in Grace Lake JV, LLC (“Grace Lake JV”) which it received in connection with the refinancing of a first mortgage loan on an office building campus in Van Buren Township, MI. 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 June 30, 2014 and December 31, 2013:
		June 30, 2014		December 31, 2013
	Total assets	$	124,600,972	$	190,415,719
	Total liabilities	86,333,402		112,808,701
	Partners’/members’ capital	$	38,267,570	$	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 June 30, 2014 and December 31, 2013:
	Entity	June 30, 2014		December 31, 2013
	Ladder Capital Realty Income Partnership I LP	$	3,693,878	$	7,119,864
	Grace Lake JV, LLC	2,142,898		2,142,898
	Company’s investment in unconsolidated joint ventures	$	5,836,776	$	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 and six months ended June 30, 2014 and 2013:
		Three Months Ended June 30,				Six Months Ended June 30,
		2014		2013		2014		2013
	Total revenues	$	6,869,366	$	10,091,894	$	13,981,978	$	19,986,771
	Total expenses	1,962,745		2,652,773		$	4,553,792	5,730,803
	Net income	$	4,906,621	$	7,439,121	$	9,428,186	$	14,255,968
	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 and six months ended June 30, 2014 and 2013:
		Three Months Ended June 30,				Six Months Ended June 30,
	Entity	2014		2013		2014		2013
	Ladder Capital Realty Income Partnership I LP	$	762,385	$	445,371	$	885,560	$	839,351
	Grace Lake JV, LLC	225,000		150,000		450,000		150,000
	Earnings from investment in unconsolidated joint ventures	$	987,385	$	595,371	$	1,335,560	$	989,351
	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 June 30, 2014 and 2013, the Company recorded $94,084 and $226,381, respectively, in management fees, which is reflected in fee income in the combined consolidated statements of income. During the six months ended June 30, 2014 and 2013, the Company recorded $228,544 and $468,861, respectively, in management fees, which is reflected in fee income in the combined consolidated statements of income.
	During the six months ended June 30, 2014, there were no sales of loans to LCRIP I. During the six months ended June 30, 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 and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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.  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 also has a term master repurchase agreement with a major U.S. bank to finance CMBS totaling $300,000,000. 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 June 30, 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 April 29, 2014, the Company amended the terms of its master repurchase agreement with a major U.S. bank to finance loans the Company originates to temporarily increase financing capacity on its facility from $300,000,000 to $450,000,000 to enable the financing of one of its assets.  The increase in capacity has since terminated in accordance with its terms.
	On June 17, 2014, the Company amended the terms of its master repurchase agreement with a major U.S. bank to finance loans the Company originates to modify the maximum advance rate available on all classes of assets.
	On June 30, 2014, the Company amended its master repurchase agreement with a major U.S. insurance company to finance loans the Company originates to extend the maturity date of the facility to December 31, 2014.
	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 65% and 95% of the collateral.
	June 30, 2014
										Remaining		Carrying		Fair
	Committed			Outstanding		Committed but		Interest Rate(s)		Extension	Eligible	Amount of		Value of
	Amount			Amount		Unfunded		at June 30, 2014	Maturity	Options	Collateral	Collateral		Collateral
										Two additional
										twelve month	First mortgage
										periods at	commercial real
	$	300,000,000		$	78,015,745	$	221,984,255	2.65%	5/18/15	Company’s option	estate loans	$	167,341,438	$	167,341,438
										Two additional
										364 day	First mortgage
								Between 2.40%		periods at	commercial real
	$	250,000,000		$	25,160,900	$	224,839,100	and 3.04%	4/10/16	Company’s option	estate loans	$	42,951,660	$	44,116,726
										Two additional
										twelve month	First mortgage
								Between 3.15%		periods at	commercial real
	$	450,000,000		$	75,793,707	$	374,206,293	and 3.17%	5/26/17	Company’s option	estate loans	$	221,895,900	$	221,895,900
											First mortgage
											commercial real
	$	150,000,000		$	—	$	150,000,000		12/31/14	N/A	estate loans	$	—	$	—
	$	1,150,000,000		$	178,970,352	$	971,029,648					$	432,188,998	$	433,354,064
											Investment grade
											commercial real
	$	300,000,000		$	20,000,000	$	280,000,000	1.25%	4/30/15	N/A	estate securities	$	98,173,451	$	98,173,451
											Investment grade
								Between 0.45%			commercial real
	$	—		$	486,723,000	$	—	and 1.65%	Various	N/A	estate securities	$	574,037,233	$	574,037,233
	$	1,450,000,000		$	685,693,352	$	1,251,029,648					$	1,104,399,682	$	1,105,564,748
	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 June 30, 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 June 30, 2014 and December 31, 2013.
Revolving Credit Facility
On February 11, 2014, the Company entered into a revolving credit facility (the “ Revolving Credit Facility”). The 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 Revolving Credit Facility is available on a revolving basis to finance the Company’s working capital needs and for general corporate purposes. The 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 Revolving Credit Facility is one-month LIBOR plus 3.50% per annum payable monthly in arrears.
The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries. The 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 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 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 Revolving Credit Facility is dependent on, among other things, LCFH’s compliance with the financial covenants. The 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 June 30, 2014, there were no borrowings outstanding under the Revolving Credit Facility.
Long-Term Financing
During the six months ended June 30, 2014, the Company executed one term debt agreement to finance properties in its real estate portfolio.  During the six months ended June 30, 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 $314,554,965 at June 30, 2014 and $291,053,406 at December 31, 2013.  These long-term nonrecourse mortgages include net unamortized premiums of $4,834,668 and $3,807,479 at June 30, 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 $305,846 and $262,573 of premium amortization, which decreased interest expense, for the six months ended June 30, 2014 and June 30, 2013, respectively. The loans are collateralized by real estate, net of $417,242,482 and $401,262,302 as of June 30, 2014 and December 31, 2013, respectively.
Borrowings from the FHLB
On July 11, 2012, Tuebor Captive Insurance Company LLC (“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 June 30, 2014, Tuebor had $903,000,000 of borrowings outstanding (with an additional $358,947,717 of committed term financing available from the FHLB), with terms of overnight to 7 years, interest rates of 0.32% to 2.40%, and advance rates of 46% to 95% of the collateral.  Collateral for the borrowings was comprised of $939,490,612 of CMBS and U.S. Agency Securities and $226,692,106 of first mortgage commercial real estate loans.  On May 29, 2014, Tuebor’s advance limit was increased to the lesser of $1.9 billion or 33% of Ladder Capital Corp’s total assets.  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 $240.7 million of the member’s capital were restricted from transfer to Tuebor’s parent without prior approval of state insurance regulators at June 30, 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. As of June 30, 2014, 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 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.
Combined Maturity of Debt Obligations
The following schedule reflects the Company’s contractual payments under all borrowings by maturity:
Period ending December 31,		Borrowings by
		Maturity
2014 (last 6 months)		$	683,723,000
2015		393,209,452
2016		246,760,900
2017		520,000,000
2018		25,000,000
Thereafter		359,554,965
Total		$	2,228,248,317

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 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 June 30, 2014 and December 31, 2013 are as follows ($ in thousands):
	June 30, 2014
											Weighted Average
		Outstanding			Amortized				Fair Value		Yield		Remaining
		Face Amount			Cost Basis		Fair Value		Method		%		Maturity/Duration (years)
	Assets:
	CMBS(1)	$	1,199,855		$	1,204,777	$	1,239,297	Internal model, third-party inputs		3.51	%	4.6
	CMBS interest-only(1)	7,435,884			368,593		378,705		Internal model, third-party inputs		4.12	%	3.34
	GNMA interest-only(1)	1,714,071			90,460		88,898		Internal model, third-party inputs		5.07	%	4.35
	FHLMC interest-only(1)	217,926			7,137		7,394		Internal model, third-party inputs		5.33	%	1.91
	GN construction securities(1)	20,193			20,737		20,277		Internal model, third-party inputs		3.51	%	6.68
	GN permanent securities(1)	95,868			97,761		99,917		Internal model, third-party inputs		4.35	%	3.7
	Mortgage loan receivable held for investment, at amortized cost	1,040,581			1,026,118		1,028,918		Discounted Cash Flow(3)		8	%	2.15
	Mortgage loan receivable held for sale	103,719			103,719		109,651		Discounted Cash Flow(4)		4.88	%	8.99
	FHLB stock(5)	57,240			57,240		57,240		-5		3.5	%	N/A
	Nonhedge derivatives(1)(6)	81,272			N/A		196		Counterparty quotations		N/A		5.94
	Liabilities:
	Repurchase agreements - short-term	677,932			677,932		677,932		Discounted Cash Flow(2)		1.3	%	0.28
	Repurchase agreements - long-term	7,761			7,761		7,761		Discounted Cash Flow(2)		2.57	%	1.78
	Long-term financing	309,720			314,555		313,623		Discounted Cash Flow(2)		4.9	%	8.32
	Borrowings from the FHLB	903,000			903,000		902,812		Discounted Cash Flow(2)		0.67	%	1.77
	Senior unsecured notes	325,000			325,000		350,188		Broker quotations, pricing services		7.38	%	3.25
	Nonhedge derivatives(1)(6)	859,400			N/A		15,733		Counterparty quotations		N/A		2.15
	(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			259,061		258,058		Broker quotations, pricing services		4.19	%	3.38
	GNMA interest-only(1)	1,848,270			103,136		99,877		Broker quotations, pricing services		5.32	%	2.12
	FHLMC interest-only(1)	219,677			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 June 30, 2014 and December 31, 2013 ($ in thousands):
June 30, 2014
	Outstanding Face			Fair Value
	Amount			Level 1		Level 2		Level 3			Total
Assets:
CMBS(1)	$	1,199,855		$	—	$	1,239,297	$	—		$	1,239,297
CMBS interest-only(1)	7,435,884		-2	—		378,705		—			378,705
GNMA interest-only(1)	1,714,071		-2	—		88,898		—			88,898
FHLMC interest-only(1)	217,926		-2	—		7,394		—			7,394
GN construction securities(1)	20,193			—		20,277		—			20,277
GN permanent securities(1)	95,868			—		99,917		—			99,917
Mortgage loan receivable held for investment	1,040,581			—		—		1,028,918			1,028,918
Mortgage loan receivable held for sale	103,719			—		—		109,651			109,651
FHLB stock	57,240			—		—		57,240			57,240
Nonhedge derivatives(1)	81,272			—		196		—			196
Liabilities:
Repurchase agreements - short-term	677,932			—		677,932		—			677,932
Repurchase agreements - long-term	7,761			—		7,761		—			7,761
Long-term financing	309,720			—		—		313,623			313,623
Borrowings from the FHLB	903,000			—		—		902,812			902,812
Senior unsecured notes	325,000			—		350,188		—			350,188
Nonhedge derivatives(1)	859,400			—		15,733		—			15,733
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	200,501			—		200,501		—			200,501
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	6 Months Ended
	Jun. 30, 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 June 30, 2014 and December 31, 2013:
	June 30, 2014
											Remaining
					Fair Value						Maturity
	Contract Type	Notional			Asset(1)			Liability(1)			(years)
	Caps
	1MO LIB	$	71,250,000		$	85		$	—		0.92
	Futures
	5-years U.S. T-Note	$	151,200,000		$	—		$	671,719		0.25
	10-year U.S. T-Note	553,700,000			—			7,170,434			0.25
	Total futures	704,900,000			—			7,842,153
	Swaps
	3MO LIB	121,000,000			—			7,163,971			4.02
	Credit Derivatives
	CMBX	10,000,000			148,310			—			7.74
	CDX	33,500,000			—			726,738			4.48
	S&P 500 PUT OPTION 3/4/14	1,900			14,378			—			0.22
	SPX VOLATILITY INDEX CALL 11/19/14	20,000			33,236			—			0.39
	Total credit derivatives	43,521,900			195,924			726,738
	Total derivatives	$	940,671,900		$	196,009		$	15,732,862
	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 and six months ended June 30, 2014 and 2013:
		Three Months Ended June 30, 2014									Six Months Ended June 30, 2014
		Unrealized			Realized			Net Result			Unrealized			Realized			Net Result
		Gain/(Loss)			Gain/(Loss)			from			Gain/(Loss)			Gain/(Loss)			from
								Derivative									Derivative
								Transactions									Transactions
	Contract Type
	Caps	$	85		$	(7,125	)	$	(7,040	)	$	85		$	(7,125	)	$	(7,040	)
	Futures	(5,462,311		)	(18,090,064		)	(23,552,375		)	(15,833,365		)	(32,871,471		)	(48,704,836		)
	Swaps	(561,124		)	(801,783		)	(1,362,907		)	(740,444		)	(1,601,921		)	(2,342,365		)
	Credit Derivatives	(253,555		)	(97,447		)	(351,002		)	(210,915		)	(294,834		)	(505,749		)
	Total	$	(6,276,905	)	$	(18,996,419	)	$	(25,273,324	)	$	(16,784,639	)	$	(34,775,351	)	$	(51,559,990	)
		Three Months Ended June 30, 2013									Six Months Ended June 30, 2013
		Unrealized			Realized			Net Result			Unrealized			Realized			Net Result
		Gain/(Loss)			Gain/(Loss)			from			Gain/(Loss)			Gain/(Loss)			from
								Derivative									Derivative
								Transactions									Transactions
	Contract Type
	Caps	$	(717	)	$	—		$	(717	)	$	102		$	—		$	102
	Futures	18,020,544			(759,515		)	17,261,029			11,001,463			8,014,801			19,016,264
	Swaps	6,819,824			(2,779,955		)	4,039,869			10,243,147			(4,126,903		)	6,116,244
	Credit Derivatives	(666,693		)	45,539			(621,154		)	(897,710		)	(1,286,164		)	(2,183,874		)
	Total	$	24,172,958		$	(3,493,931	)	$	20,679,027		$	20,347,002		$	2,601,734		$	22,948,736
	The Company’s counterparties held $29,963,211 and $21,959,114 of cash margin as collateral for derivatives as of June 30, 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 June 30, 2014 and December 31, 2013, the Company was in compliance with these requirements and not in default on its indebtedness.  As of June 30, 2014 and December 31, 2013, there was $1,230,402 and $919,315 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2014
	Offsetting of Financial Assets and Derivative Assets
				Gross amounts		Net amounts of		Gross amounts not offset in the balance
						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	$	196,009	$	—	$	196,009	$	—	$	—	$	196,009
	Total	$	196,009	$	—	$	196,009	$	—	$	—	$	196,009
	As of June 30, 2014
	Offsetting of Financial Liabilities and Derivative Liabilities
						Net amounts of		Gross amounts not offset in the balance
								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	$	15,732,862	$	—	$	15,732,862	$	—	$	15,732,862	$	—
	Repurchase agreements	685,693,352		—		685,693,352		685,693,352		—		—
	Total	$	701,426,214	$	—	$	701,426,214	$	685,693,352	$	15,732,862	$	—
	(1) Included in cash collateral held by broker on consolidated balance sheets.
	As of December 31, 2013
	Offsetting of Financial Assets and Derivative Assets
				Gross amounts		Net amounts of		Gross amounts not offset in the balance
						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
						Net amounts of		Gross amounts not offset in the balance
								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 June 30, 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 as it has elected gross presentation.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2014
EARNINGS PER SHARE	'
EARNINGS PER SHARE	'
	12.              EARNINGS PER SHARE
	The Company’s net income and weighted average shares outstanding for the three months ended June 30, 2014 and the period February 11, 2014 through June 30, 2014 consists of the following:
	(In thousands except share amounts)	For the Three			For the Period
		Months Ended			February 11,
		June 30, 2014			2014 through
					June 30, 2014
	Basic Net income available for Class A common stockholders	$	12,505		$	25,157
	Diluted Net income available for Class A common stockholders	$	21,951		$	45,249
	Weighted average shares outstanding
	Basic	48,909,692			48,909,692
	Diluted	97,617,710			97,714,070
	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 three months ended June 30, 2014 and the period February 11, 2014 through June 30, 2014 are described and presented below.
	Basic Net Income per Share
	Numerator-utilizes net income available for Class A common shareholders for the three months ended June 30, 2014 and the period February 11, 2014 through June 30, 2014, respectively.
	Denominator-utilizes the weighted average shares of Class A common stock for the three months ended June 30, 2014 and the period February 11, 2014 through June 30, 2014, respectively.
	Diluted Net Income per Share
	Numerator-utilizes net income available for Class A common shareholders for the three months ended June 30, 2014 and the period February 11, 2014 through June 30, 2014, respectively, 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 three months ended June 30, 2014 and the period February 11, 2014 through June 30, 2014, respectively, 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 Three			For the Period
		Months Ended			February 11,
		June 30, 2014			2014 through
					June 30, 2014
	Basic Net Income Per Share of Class A Common Stock
	Numerator:
	Net income attributable to Class A common shareholders	$	12,505		$	25,157
	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	$	0.26		$	0.51
	Diluted Net Income Per Share of Class A Common Stock
	Numerator:
	Net income attributable to Class A common shareholders	$	12,505		$	25,157
	Add (deduct) - dilutive effect of:
	Amounts attributable to operating partnership’s share of Ladder Capital Corp net income	17,691			36,260
	Additional corporate tax	(8,246		)	(16,168		)
	Diluted net income attributable to Class A common shareholders	$	21,951		$	45,249
	Denominator:
	Basic weighted average number of shares of Class A common stock outstanding	48,909,692			48,909,692
	Add - dilutive effect of:
	Shares issuable relating to converted Class B common shareholders	48,534,459			48,535,268
	Incremental shares of unvested Class A restricted stock	173,559			269,110
	Diluted weighted average number of shares of Class A common stock outstanding	97,617,710			97,714,070
	Diluted net income per share of Class A common stock	$	0.22		$	0.46
	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 income 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_AND_ACCOUNTS

CAPITAL STRUCTURE AND ACCOUNTS	6 Months Ended
	Jun. 30, 2014
CAPITAL STRUCTURE AND ACCOUNTS	'
CAPITAL STRUCTURE AND ACCOUNTS	'
	13.                     CAPITAL STRUCTURE AND ACCOUNTS
	A description of the IPO and the Reorganization Transactions is included in Note 1- Organization and Operations.
	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 Amended and Restated 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 LCFH’s Amended and Restated LLLP Agreement, the LCFH’s general partner has delegated all management powers to the Company’s Board of Directors, who, pursuant to the Amended and Restated 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 Amended and Restated 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 (2)	19,117,143
	Amounts reclassified from accumulated other comprehensive income(1)	(5,911,314		)
	Net current-period other comprehensive income	13,205,829
	Net current-period other comprehensive income attributable to noncontrolling interest in operating partnership	8,181,530
	Net current-period other comprehensive income attributable to Class A common shareholders	$	5,024,299
	(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.
	(2)     Excludes provision for income taxes of $3,981,201 for the six months ended June 30, 2014.

STOCK_BASED_COMPENSATION_PLANS

STOCK BASED COMPENSATION PLANS	6 Months Ended
	Jun. 30, 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 LP Units of LCFH 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”).  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 to recognize the compensation expense related to the time-based vesting criteria for the entire award on a straight-line basis over the requisite service period.  We feel that this aligns the compensation expense with the liability of the Company.  As such, 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 to 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 such 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 such grants, and each 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 the 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 $4,227,472 and $1,095,461 for the three months ended June 30, 2014 and 2013, respectively. The Company recognized equity-based compensation expense of $6,552,452 and $1,569,962 for the six months ended June 30, 2014 and 2013, respectively.
	A summary of the grants is presented below:
		Three Months Ended June 30,									Six Months ended June 30,
		2014				2013					2014				2013
			Weighted					Weighted				Weighted				Weighted
		Number of	Average			Number of		Average			Number of	Average			Number of	Average
		Units	Fair Value			Units		Fair Value			Units	Fair Value			Units	Fair Value
	Grants - Series B Participating Preferred Units	—	—			9,101		$	1,365,150		—	—			9,101	$	1,365,150
	Grants - Class A Common Stock (restricted)	—	—			—		—			1,687,513	28,637,096			—	—
	Amortization to compensation expense
	Predecessor compensation expense		—					(1,095,461		)		(290,171		)		(1,569,962		)
	LP Units		(5,785,597		)			—				(6,136,856		)		—
	Class A Common Stock (restricted)		1,558,125					—				(125,425		)		—
	Total amortization to compensation expense		$	(4,227,472	)			$	(1,095,461	)		$	(6,552,452	)		$	(1,569,962	)
	The table below presents the number of unvested shares at June 30, 2014 and changes during 2014 of the (i) Class A Common stock of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan and (ii) Class A-2 Common Units and, Series B Participating Preferred Units of LCFH granted under the 2008 Plan, which were subsequently converted to LP Units of LCFH in connection with the IPO.
		Class A Common	Class A Common		Series B		LP Units
		Shares	Units		Participating
					Preferred Units
	Outstanding at January 1, 2014	—	365,407		14,276		—
	Granted	1,687,513	—		—		—
	Vested	—	(32,365	)	(1,158	)	(1,463,541	)
	Converted (1)	—	(333,042	)	(13,118	)	3,186,066
	Outstanding at June 30, 2014	1,687,513	—		—		1,722,525
	(1)     Converted to LP Units of LCFH on February 11, 2014 in connection with IPO.
	At June 30, 2014, there was $28,335,469 of total unrecognized compensation cost related to certain share-based compensation awards that is expected to be recognized over a period of up to 33 months, with a weighted-average remaining vesting period of 30.3 months.
	Phantom Equity Investment Plan
	LCFH entered into a Phantom Equity Investment Plan effective as of June 30, 2011 (the “Plan”). The Plan is an annual deferred compensation plan pursuant to which certain mandatory contributions are made to the Plan depending upon the participant’s specific level of compensation and to which participants may also 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. 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 would have eventually been 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 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 earlier of (1) a change in control and (2) the earlier 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 will be in cash in an amount equal to the then fair market value of such units.
	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 June 30, 2014, there have been $11,851,733 total contributions (net of forfeitures and payouts related to employee terminations) made to the Plan resulting in 82,027 phantom units outstanding, of which 37,251 are unvested.
	On July 3, 2014 the Board of Directors froze the Plan, effective as of such date, so that there will be no future participants in the Plan, nor additional amounts contributed to any accounts outstanding under the Plan.  Amounts previously outstanding under the Plan will be paid in accordance with their original payment terms, including limiting payment to the dates and events specified above.  In connection with freezing the Plan, the Board of Directors also updated the definition of fair market value for purposes of measuring the value of its Class A Common Stock, to provide that, generally, such value would be the closing price of such stock on the principal national securities on which it is then traded.
	Ladder Capital Corp Deferred Compensation Plan
	On July 3, 2014, the Company adopted a new, nonqualified deferred compensation plan (the “2014 Deferred Compensation Plan”).  Pursuant to the 2014 Deferred Compensation Plan, participants may elect, or in some cases may be required, to defer all or a portion of their annual cash performance-based bonuses into the 2014 Deferred Compensation Plan.  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 2014 Deferred Compensation Plan. Otherwise, a portion of the participant’s annual bonus may be deferred into the 2014 Deferred Compensation Plan at the election of the participant, so long as such elections are timely made in accordance with the terms and procedures of the 2014 Deferred Compensation Plan.  The phantom units do not share in the earnings of the Company and are therefore not participating securities.
	In the event that a participant elects to (or is required to) defer a portion of their compensation pursuant to the 2014 Deferred Compensation Plan, such amount is not paid to the participant and is instead credited to such participant’s notional account under the 2014 Deferred Compensation Plan. Such amounts are then invested on a phantom basis in Class A common stock of the Company. Elective contributions are immediately vested upon contribution. Mandatory contributions are subject to one-third vesting over a three-year period on a straight-line basis following the applicable year in which the related compensation was earned. Unvested amounts are generally forfeited upon the participant’s resignation or termination, however, if a participant’s employment with the Company is terminated by the Company other than for Cause and such termination is within six (6) months following a Change in Control (as each such term is defined in the 2014 Deferred Compensation Plan), then the participant will fully vest in their unvested account balances.
	Furthermore, the unvested account balances will fully vest in the event of the participant’s death, disability, or in the event of certain hostile takeovers of the Board of Directors of the Company.  In the event that a participant’s employment is terminated by the Company other than for Cause, the participant will vest in the portion of the participant’s account that would have vested had the participant remained employed through the end of the year in which such termination occurs, subject to the participant timely executing a general release of claims in favor of the Company, and all other account balances will be forfeited. Vested shares are forfeited only in the event of a participant’s termination for cause.
	Amounts deferred into the 2014 Deferred Compensation Plan are paid upon the earlier to occur of (1) a change in control (as defined in the Plan), (2) within sixty (60) days following the the end of the participant’s employment with the Company, or (3) the date of payment of the annual bonus payments following December 31 of the third calendar year following the applicable year to which the underlying deferred annual compensation relates.  Payment is made in cash.  The amount of the final cash payment may be more or less than the amount initially deferred into the 2014 Deferred Compensation Plan, depending upon the change in the value of the Class A common stock of the Company during such period.
	Bonus Payments
	On February 12, 2014, the Board of Directors of Ladder Capital Corp approved 2013 bonus payments to employees, including officers, totaling $43,719,000.  The bonuses were paid to employees in full on February 18, 2014.  During the three and six months ended June 30, 2014, the Company accrued and recorded compensation expense of $17,950,000 and $30,614,286 related to 2014 bonuses. During the three and six months ended June 30, 2013, the Company accrued and recorded compensation expense of $6,842,998 and $13,858,049 related to 2013 bonuses.

INCOME_TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 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 a Limited Liability limited partnership (“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 is 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			Six Months Ended
		Ended			June 30, 2014
		June 30, 2014
	Current expense
	Federal	$	10,452,799		$	15,819,774
	State and local	2,957,292			4,762,804
	Total current expense	13,410,091			20,582,578
	Deferred expense/(benefit)
	Federal	(4,353,718		)	(5,875,173		)
	State and local	(857,749		)	(1,219,564		)
	Total deferred expense/(benefit)	(5,211,467		)	(7,094,737		)
	Provision for income tax expense	$	8,198,624		$	13,487,841
	Corporate taxes payable as of June 30, 2014 were $13,634,798. There were no corporate taxes payable as of December 31, 2013.  NYC UBT taxes payable at June 30, 2014 and December 31, 2013 were $412,066 and $482,324, respectively.
	A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the period ended June 30, 2014 is as follows:
		Three Months		Six Months Ended
		Ended June 30, 2014		June 30, 2014
	US statutory tax rate	35	%	35	%
	Increase due to state and local taxes	3.76	%	4.1	%
	Benefit of partnership income not subject to taxation	-17.33	%	-17.33	%
	Effective income tax rate	21.43	%	21.77	%
	As of June 30, 2014, the Company’s net deferred tax assets were $7,094,737 and included in other assets in the Company’s combined consolidated balance sheets. The Company believes it is more likely than not that the net deferred tax assets will be realized in the foreseeable future. Realization of the 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:
		June 30, 2014
	Deferred Tax Assets
	Depreciation	$	2,033,698
	Equity based compensation	2,613,308
	Unrealized gains and losses	2,447,731
	Total Deferred Tax Assets	$	7,094,737
	Deferred Tax Liabilities
	Unrealized gains and losses	—
	Total Deferred Tax Liabilities	$	—
	Net Deferred Tax Assets/(Liabilities)	$	7,094,737
	Our tax returns are subject to audit by taxing authorities. With a few minor exceptions, as of June 30, 2014 the tax years 2010, 2011 and 2012 remain open to examination by the major taxing jurisdictions in which the Company is 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 June 30, 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	6 Months Ended
	Jun. 30, 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 IPO on February 11, 2014.
	The Company incurred no fees during the three months ended June 30, 2014 and $150,000 in fees for the three months ended June 30, 2013, for loans originated in accordance with this agreement. The Company incurred no fees during the six months ended June 30, 2014 and $300,000 in fees for the six months ended June 30, 2013, for loans originated in accordance with this agreement. As of June 30, 2014, $425,000 was payable to Meridian pursuant to this agreement.   These fees are reflected in fee expense in the accompanying combined consolidated statements of income.

COMMITMENTS

COMMITMENTS	6 Months Ended
	Jun. 30, 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.  Subsequent to entering into this leasing arrangement, the office space has 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 6 months)	$	890,858
	2015	1,381,992
	2016	1,125,069
	2017	1,180,400
	2018	1,180,400
	Thereafter	3,639,567
	Total	$	9,398,286
	GN Construction Loan Securities
	The Company committed to purchase GN construction loan securities over a period of twelve to eighteen months.  As of June 30, 2014, the Company’s commitment to purchase these securities at fixed prices ranging from $102.0 to $105.7 was $92,493,765, of which $69,294,500 was funded, with $23,199,265 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 June 30, 2014 and December 31, 2013 was ($209,850) and ($176,736), respectively, as determined by market activity and third-party market quotes and as adjusted for estimated liquidity discounts.  The fair value of these commitments are included in GN construction securities on the combined consolidated balance sheets.
	Off-Balance Sheet Arrangements
	As of June 30, 2014, the Company’s off-balance sheet arrangements consisted of $155,277,157 of unfunded commitments of mortgage loan receivables held for investment to provide additional first mortgage loan financing, at rates to be determined at the time of funding. 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, at rates to be determined at the time of funding, 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.  These commitments are not reflected on the Combined Consolidated Balance Sheets.

SEGMENT_REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 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 the Company’s 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 June 30, 2014
	Interest income	$	27,731		$	17,363		$	—		$	18		$	45,112
	Interest expense	(3,596		)	(1,538		)	(3,783		)	(7,835		)	(16,752		)
	Net interest income (expense)	24,135			15,825			(3,783		)	(7,817		)	28,360
	Provision for loan losses	(150		)	—			—			—			(150		)
	Net interest income (expense) after provision for loan losses	23,985			15,825			(3,783		)	(7,817		)	28,210
	Operating lease income	—			—			12,803			—			12,803
	Tenant recoveries	—			—			2,142			—			2,142
	Sale of loans, net	45,419			—			—			—			45,419
	Gain on securities	—			5,376			—			—			5,376
	Sale of real estate, net	435			—			8,625			—			9,060
	Fee income	688			5			—			1,499			2,192
	Net result from derivative transactions	(9,126		)	(16,147		)	—			—			(25,273		)
	Earnings from investment in unconsolidated joint ventures	—			—			987			—			987
	Unrealized gain (loss) on Agency interest-only securities, net	—			2,782			—			—			2,782
	Total other income	37,416			(7,984		)	24,557			1,499			55,488
	Salaries and employee benefits	(8,200		)	—			—			(18,283		)	(26,483		)
	Operating expenses	48			—			—			(3,712		)	(3,664		)
	Real estate operating expenses	—			—			(7,380		)	—			(7,380		)
	Fee expense	(420		)	(17		)	(23		)	(253		)	(713		)
	Depreciation and amortization	—			—			(6,881		)	(137		)	(7,018		)
	Total costs and expenses	(8,572		)	(17		)	(14,284		)	(22,385		)	(45,258		)
	Tax expense	—			—			—			(8,199		)	(8,199		)
	Segment profit (loss)	$	52,829		$	7,824		$	6,490		$	(36,902	)	$	30,241
	Total assets as of June 30, 2014	$	1,129,837		$	1,834,488		$	561,177		$	298,582		$	3,824,084
	Three months ended June 30, 2013
	Interest income	$	14,078		$	14,056		$	—		$	2,034		$	30,168
	Interest expense	(1,217		)	(717		)	(2,920		)	(7,088		)	(11,942		)
	Net interest income (expense)	12,861			13,339			(2,920		)	(5,054		)	18,226
	Provision for loan losses	(150		)	—			—			—			(150		)
	Net interest income (expense) after provision for loan losses	12,711			13,339			(2,920		)	(5,054		)	18,076
	Operating lease income	—			—			8,906			—			8,906
	Tenant recoveries	—			—			—			—			—
	Sale of loans, net	35,814			—			—			—			35,814
	Gain on securities	—			3,311			—			—			3,311
	Sale of real estate, net	186			—			3,479			—			3,665
	Fee income	332			8			46			1,779			2,165
	Net result from derivative transactions	14,230			6,449			—			—			20,679
	Earnings from investment in unconsolidated joint ventures	—			—			—			595			595
	Unrealized gain (loss) on Agency interest-only securities, net	—			(4,789		)	—			—			(4,789		)
	Total other income	50,562			4,979			12,431			2,374			70,346
	Salaries and employee benefits	(5,000		)	—			—			(8,882		)	(13,882		)
	Operating expenses	53			—			—			(2,789		)	(2,736		)
	Real estate operating expenses	—			—			(3,545		)	—			(3,545		)
	Fee expense	(716		)	(340		)	(2,606		)	(127		)	(3,789		)
	Depreciation and amortization	—			—			(2,938		)	(137		)	(3,075		)
	Total costs and expenses	(5,663		)	(340		)	(9,089		)	(11,935		)	(27,027		)
	Tax expense	—			—			(242		)	(1,374		)	(1,616		)
	Segment profit (loss)	$	57,610		$	17,978		$	180		$	(15,989	)	$	59,779
	Total assets as of June 30, 2013	$	911,295		$	887,523		$	521,369		$	178,077		$	2,498,264
		Loans			Securities			Real Estate			Corporate/Other(1)			Company Total
	Six months ended June 30, 2014
	Interest income	$	48,040		$	33,868		$	—		$	26		$	81,934
	Interest expense	(5,784		)	(2,803		)	(7,114		)	(15,892		)	(31,593		)
	Net interest income (expense)	42,256			31,065			(7,114		)	(15,866		)	50,341
	Provision for loan losses	(300		)	—			—			—			(300		)
	Net interest income (expense) after provision for loan losses	41,956			31,065			(7,114		)	(15,866		)	50,041
	Operating lease income	—			—			26,017			—			26,017
	Tenant recoveries	—			—			4,222			—			4,222
Sale of loans, net	86,721			—			—			—			86,721
Gain on securities	—			7,185			—			—			7,185
Sale of real estate, net	782			—			14,971			—			15,753
Fee income	1,353			96			—			3,052			4,501
Net result from derivative transactions	(19,869		)	(31,691		)	—			—			(51,560		)
Earnings from investment in unconsolidated joint ventures	—			—			1,336			—			1,336
Unrealized gain (loss) on Agency interest-only securities, net	—			1,748			—			—			1,748
Total other income	68,987			(22,662		)	46,546			3,052			95,923
Salaries and employee benefits	(14,500		)	—			—			(31,986		)	(46,486		)
Operating expenses	89			—			—			(6,794		)	(6,705		)
Real estate operating expenses	—			—			(14,982		)	—			(14,982		)
Fee expense	(722		)	(39		)	(41		)	(413		)	(1,215		)
Depreciation and amortization	—			—			(14,171		)	(274		)	(14,445		)
Total costs and expenses	(15,133		)	(39		)	(29,194		)	(39,467		)	(83,833		)
Tax expense	—			—			—			(13,488		)	(13,488		)
Segment profit (loss)	$	95,810		$	8,364		$	10,238		$	(65,769	)	$	48,643
Total assets as of June 30, 2014	$	1,129,837		$	1,834,488		$	561,177		$	298,582		$	3,824,084
Six months ended June 30, 2013
Interest income	$	32,789		$	28,611		$	—		$	29		$	61,429
Interest expense	(3,093		)	(2,046		)	(4,000		)	(14,010		)	(23,149		)
Net interest income (expense)	29,696			26,565			(4,000		)	(13,981		)	38,280
Provision for loan losses	(300		)	—			—			—			(300		)
Net interest income (expense) after provision for loan losses	29,396			26,565			(4,000		)	(13,981		)	37,980
Operating lease income	—			—			15,390			—			15,390
Tenant recoveries	—			—			—			—			—
Sale of loans, net	118,681			—			—			140			118,821
Gain on securities	—			5,876			—			—			5,876
Sale of real estate, net	—			—			7,363			—			7,363
Fee income	1,325			8			213			2,057			3,603
Net result from derivative transactions	14,113			8,836			—			—			22,949
Earnings from investment in unconsolidated joint ventures	—			—			—			989			989
Unrealized gain (loss) on Agency interest-only securities, net	—			(5,039		)	—			—			(5,039		)
Total other income	134,119			9,681			22,966			3,186			169,952
Salaries and employee benefits	(16,300		)	—			—			(17,293		)	(33,593		)
Operating expenses	103			—			—			(5,112		)	(5,009		)
Real estate operating expenses	—			—			(6,425		)	—			(6,425		)
Fee expense	(1,562		)	(357		)	(3,057		)	(217		)	(5,193		)
Depreciation and amortization	—			—			(5,925		)	(274		)	(6,199		)
Total costs and expenses	(17,759		)	(357		)	(15,407		)	(22,896		)	(56,419		)
Tax expense	—			—			(474		)	(3,210		)	(3,684		)
Segment profit (loss)	$	145,756		$	35,889		$	3,085		$	(36,901	)	$	147,829
Total assets as of June 30, 2013	$	911,295		$	887,523		$	521,369		$	178,077		$	2,498,264
(1)     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 $57.2 million as of June 30, 2014.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 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:
	Senior Notes Offering
	On August 1, 2014, Ladder Capital Finance Holdings LLLP (the “Issuer”) and Ladder Capital Finance Corporation (the “Co-Issuer” and, together with the Issuer, the “Issuers”) issued $300.0 million in 5.875% senior notes due 2021 (the “Senior Notes”). The Issuers, the Company (the “Parent Guarantor”) and certain of the Parent Guarantor’s subsidiaries (together with the Parent Guarantor, the “Guarantors”) entered into a purchase agreement with certain initial purchasers (the “Initial Purchasers”). The net proceeds from the offering, after deducting the offering discount, Initial Purchaser’s commissions and the estimated offering expenses payable by the Issuers, were approximately $295.0 million.
	The Senior Notes are governed by an indenture dated as of August 1, 2014 (the “Indenture”), between the Issuers, the Guarantors and Wilmington Trust, National Association as trustee (the “Trustee”).
	The Senior Notes bear interest at a rate of 5.875% per year, payable semi-annually in arrears in cash on February 1 and August 1 of each year, beginning on February 1, 2015. The Senior Notes will mature on August 1, 2021.
	The Senior Notes and the guarantees are senior in right of payment to all of the Issuers’ and the Guarantors’ existing and future subordinated indebtedness. The Senior Notes rank equal in right of payment to all of the Issuers’ and Guarantors’ other existing and future senior indebtedness, including indebtedness under the Company’s revolving credit facility (the “Revolving Credit Facility”). The Senior Notes are effectively subordinated in right of payment to all of the Issuers’ and the Guarantors’ secured indebtedness to the extent of the value of the assets securing such indebtedness, including obligations under the Credit Agreement, which are secured by substantially all of the assets of the Issuers and Guarantors.
	Committed Loan Repurchase Facility
	On July 17, 2014, the Company entered into an agreement with a major U.S. bank to modify the terms of its credit facility to modify the terms of certain leverage covenants and reporting requirements.

SIGNIFICANT_ACCOUNTING_POLICIE1

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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”) Topic 810 — Consolidation (“ASC 810”), 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. As of June 30, 2014, the Company does not have investments in VIEs.
	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 six months ended June 30, 2014, the Company has increased noncontrolling interests in the Operating Partnership and decreased additional paid-in capital in the Company’s shareholders’ equity by $2.2 million as of June 30, 2014.
Revision of Previously Issued Financial Statements	'
	Revision of Previously Issued Financial Statements
	During the Company’s reporting process for the quarter ended September 30, 2013, the Company identified and corrected an error that impacted the financial statements as of and for the six months ended June 30, 2013.  At that time, in accordance with accounting guidance found in ASC Topic 250 - Accounting Changes and Error Corrections (“ASC 250”), the Company concluded that the error in accounting was 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 its previously issued financial statements to properly reflect the impact of the error in such financial statements.  Following is a summary of the error identified and corrected:
	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 Topic 860 - Transfers and Servicing of Financial Assets (“ASC 860”), rather than as origination of debt. The effect of the correction is the reclassification of a portion of net proceeds from sale of loans, net to a component of long-term financing, with the resulting 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 $2.4 million for the six months ended June 30, 2013, with a corresponding increase to long-term financing.
	The effects of the revision are summarized in the following tables:
	Consolidated Statements of Income
		Six Months Ended June 30, 2013
		As Previously			Adjustments		As Revised
		Reported
	Interest expense	$	23,411,488		(262,573	)	$	23,148,915
	Net interest income	38,017,618			262,573		38,280,191
	Net interest income after provision for loan losses	37,717,618			262,573		37,980,191
	Sale of loans, net	121,444,307			(2,623,085	)	118,821,222
	Total other income	172,575,791			(2,623,085	)	169,952,706
	Income before taxes	153,873,549			(2,360,512	)	151,513,037
	Net Income	150,190,029			(2,360,512	)	147,829,517
	Net income attributable to preferred and common unit holders	150,517,059			(2,360,512	)	148,156,547
	Consolidated Statements of Comprehensive Income
		Six Months Ended June 30, 2013
		As Previously			Adjustments			As Revised
		Reported
	Net Income	$	150,190,029		$	(2,360,512	)	$	147,829,517
	Comprehensive Income	133,358,530			(2,360,512		)	130,998,018
	Comprehensive income attributable to preferred and common unit holders	133,685,560			(2,360,512		)	131,325,048
	Consolidated Statements of Cash Flows
		Six Months Ended June 30, 2013
		As Previously			Adjustments			As Revised
		Reported
	Net Income	$	150,190,029		$	(2,360,512	)	$	147,829,517
	Amortization of (premium) discount on long-term debt	—			(262,573		)	(262,573		)
	Realized gain on sale of mortgage loan receivables	(121,444,307		)	2,623,085			(118,821,222		)
	Proceeds from sales of mortgage loan receivables held for sale	1,384,535,274			(2,623,085		)	1,381,912,189
	Net cash provided by (used in) operating activities	244,363,851			(2,623,085		)	241,740,766
	Proceeds from long-term financing	62,547,354			2,623,085			65,170,439
	Net cash provided by (used in) financing activities	(285,562,616		)	2,623,085			(282,939,531		)
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 and repurchase agreement 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, as described in Note 7.  Upon the decision to sell such loans, the Company will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value less cost to sell 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 loan’s 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 estimates its loan loss provision based on its historical loss experience and expectation of losses inherent in the investment portfolio but not yet realized. Since inception, the Company has had no events of impairment on any of the loans it has originated, however, to ensure that the risk exposures are properly measured and the appropriate reserves are taken, the Company assesses a loan loss provision balance that will grow over time with its portfolio and the related risk as the assets are aged and approach maturity and ultimate refinancing where applicable.
	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 June 30, 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 and impairments, as applicable.
	Certain of the Company’s real estate investments are condominium units that the Company intends to sell over time. As of January 1, 2014, the date the Company adopted the accounting guidance in 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 results of operations and the related gain or loss on sale of properties that have been sold are not reflected as real estate 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 and full disposal is not expected to be completed within one year.  Prior to January 1, 2014, the results of operations and the related gain or loss on sale of condominium units that have been sold are not reflected as held for sale or presented in discontinued operations in the consolidated statements of income due to the significant continuing involvement in the real estate held through the consolidated homeowner’s association.
	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 are 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 four to 25 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 properties classified as 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.
Real Estate Held for Sale	'
	Real Estate Held for Sale
	In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), 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, an impairment charge will be recorded in the combined consolidated statements of income.
	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 ASC 820, Fair Value Measurement, 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 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 remains 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 and six months ended June 30, 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 June 2014, the Federal Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, a consensus of the FASB Emerging Issues Task Force (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting of share-based payment awards and that could be achieved after the requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. ASU 2014-12 is effective for all entities for interim and annual periods beginning after December 15, 2015, with early adoption permitted. An entity may apply the amendments in ASU 2014-12 either (i) prospectively to all awards granted or modified after the effective date or (ii) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of ASU 2014-12 is not expected to have a material impact on the Company’s consolidated financial condition or results of operations.
	In June 2014, the FASB issued ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures (“ASU 2014-11”). The pronouncement changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. The pronouncement also requires two new disclosures. The first disclosure requires an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements. The second disclosure provides increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The pronouncement is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is not permitted. The adoption of this pronouncement is not expected to have a material impact on the Company’s consolidated financial condition or results of operations.
	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.  ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s consolidated financial condition or results of operations.
	In February 2013, the 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)	6 Months Ended
	Jun. 30, 2014
SIGNIFICANT ACCOUNTING POLICIES	'
Summary of effects of the revision on financial statements	'
	Consolidated Statements of Income
		Six Months Ended June 30, 2013
		As Previously			Adjustments		As Revised
		Reported
	Interest expense	$	23,411,488		(262,573	)	$	23,148,915
	Net interest income	38,017,618			262,573		38,280,191
	Net interest income after provision for loan losses	37,717,618			262,573		37,980,191
	Sale of loans, net	121,444,307			(2,623,085	)	118,821,222
	Total other income	172,575,791			(2,623,085	)	169,952,706
	Income before taxes	153,873,549			(2,360,512	)	151,513,037
	Net Income	150,190,029			(2,360,512	)	147,829,517
	Net income attributable to preferred and common unit holders	150,517,059			(2,360,512	)	148,156,547
	Consolidated Statements of Comprehensive Income
		Six Months Ended June 30, 2013
		As Previously			Adjustments			As Revised
		Reported
	Net Income	$	150,190,029		$	(2,360,512	)	$	147,829,517
	Comprehensive Income	133,358,530			(2,360,512		)	130,998,018
	Comprehensive income attributable to preferred and common unit holders	133,685,560			(2,360,512		)	131,325,048
	Consolidated Statements of Cash Flows
		Six Months Ended June 30, 2013
		As Previously			Adjustments			As Revised
		Reported
	Net Income	$	150,190,029		$	(2,360,512	)	$	147,829,517
	Amortization of (premium) discount on long-term debt	—			(262,573		)	(262,573		)
	Realized gain on sale of mortgage loan receivables	(121,444,307		)	2,623,085			(118,821,222		)
	Proceeds from sales of mortgage loan receivables held for sale	1,384,535,274			(2,623,085		)	1,381,912,189
	Net cash provided by (used in) operating activities	244,363,851			(2,623,085		)	241,740,766
	Proceeds from long-term financing	62,547,354			2,623,085			65,170,439
	Net cash provided by (used in) financing activities	(285,562,616		)	2,623,085			(282,939,531		)

MORTGAGE_LOAN_RECEIVABLES_Tabl

MORTGAGE LOAN RECEIVABLES (Tables)	6 Months Ended
	Jun. 30, 2014
MORTGAGE LOAN RECEIVABLES	'
Schedule of mortgage loan receivables	'
	June 30, 2014
								Weighted		Remaining
		Outstanding			Carrying			Average		Maturity
		Face Amount			Value			Yield (2)		(years)
	Mortgage loan receivables held for investment, at amortized cost	$	1,040,581,058		$	1,026,118,013	-1	8	%	2.15
	Mortgage loan receivables held for sale	103,718,508			103,718,508			4.88	%	8.99
	Total	$	1,144,299,566		$	1,129,836,521
	December 31, 2013
								Weighted		Remaining
		Outstanding			Carrying			Average		Maturity
		Face Amount			Value			Yield (2)		(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 $2,800,000 and $2,500,000 at June 30, 2014 and December 31, 2013, respectively.
	(2)     June 30, 2014 yields are used to calculate weighted average yield for floating rate loans.
Summary of mortgage loan receivables by loan type	'
		June 30, 2014						December 31, 2013
		Outstanding			Carrying			Outstanding			Carrying
		Face Amount			Value			Face Amount			Value
	Mortgage loan receivables held for sale
	First mortgage loan	$	103,718,508		$	103,718,508		$	440,774,789		$	440,489,789
	Total mortgage loan receivables held for sale	103,718,508			103,718,508			440,774,789			440,489,789
	Mortgage loan receivables held for investment, at amortized cost
	First mortgage loan	925,540,706			914,675,965			420,672,555			413,564,066
	Mezzanine loan	115,040,352			114,242,048			128,901,233			128,014,116
	Total mortgage loan receivables held for investment, at amortized cost	1,040,581,058			1,028,918,013			549,573,788			541,578,182
	Provision for loan losses	—			2,800,000			—			2,500,000
	Total	$	1,144,299,566		$	1,129,836,521		$	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	179,021,609			1,213,546,008
	Repayment of mortgage loan receivables	(164,521,316		)	(4,767,867		)
	Proceeds from sales of mortgage loan receivables	—			(1,381,912,189		)
	Realized gain on sale of mortgage loan receivables	—			118,821,222
	Transfer between held for investment and held for sale	(8,320,273		)	8,320,273
	Accretion/amortization of discount, premium and other fees	1,755,403			—
	Loan loss provision	(300,000		)	—
	Balance June 30, 2013	$	333,953,973		$	577,340,067
	Balance December 31, 2013	$	539,078,182		$	440,489,789
	Origination of mortgage loan receivables	575,326,984			1,291,509,649
	Repayment of mortgage loan receivables	(78,642,485		)	(781,837		)
	Proceeds from sales of mortgage loan receivables	—			(1,727,178,351		)
	Realized gain on sale of mortgage loan receivables	—			86,721,407
	Transfer between held for investment and held for sale	(12,000,000		)	12,000,000
	Accretion/amortization of discount, premium and other fees	2,655,332			957,851
	Loan loss provision	(300,000		)	—
	Balance June 30, 2014	$	1,026,118,013		$	103,718,508
Schedule of provision for loan losses	'
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Provision for loan losses at beginning of period	$	2,650,000		$	2,050,000		$	2,500,000		$	1,900,000
	Provision for loan losses	150,000			150,000			300,000			300,000
	Charge-offs	—			—			—			—
	Provision for loan losses at end of period	$	2,800,000		$	2,200,000		$	2,800,000		$	2,200,000

REAL_ESTATE_SECURITIES_Tables

REAL ESTATE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2014 and December 31, 2013 ($ in thousands):
	June 30, 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	$	1,199,855		$	1,204,777	$	34,654	$	(134	)	$	1,239,297	102	AAA	3.92	%	3.51	%	4.6
	CMBS interest-only	7,435,884		-1	368,593		10,178		(66		)	378,705		35	AAA	1.07	%	4.12	%	3.34
	GNMA interest-only	1,714,071		-1	90,460		2,694		(4,256		)	88,898		37	AA+	1.09	%	5.07	%	4.35
	FHLMC interest-only	217,926		-1	7,137		257		—			7,394		2	AA+	0.95	%	5.33	%	1.91
	GN construction securities	20,193			20,737		83		(543		)	20,277		6	AA+	3.97	%	3.51	%	6.68
	GN permanent securities	95,868			97,761		2,158		(2		)	99,917		14	AA+	5.48	%	4.35	%	3.7
	Total	$	10,683,797		$	1,789,465	$	50,024	$	(5,001	)	$	1,834,488
	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 June 30, 2014 and December 31, 2013 ($ in thousands):
	June 30, 2014
	Asset Type	Within 1 year			1-5 years		5-10 years		After 10 years			Total
	CMBS	$	238,165		$	310,843	$	690,289	$	—		$	1,239,297
	CMBS interest-only	3,700			375,005		—		—			378,705
	GNMA interest-only	1,318			72,748		14,832		—			88,898
	FHLMC interest-only	—			7,394		—		—			7,394
	GN construction securities	—			3,100		17,177		—			20,277
	GN permanent securities	3,186			66,905		29,826		—			99,917
	Total	$	246,369		$	835,995	$	752,124	$	—		$	1,834,488
	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)	6 Months Ended
	Jun. 30, 2014
REAL ESTATE, NET	'
Summary of income from the properties sold/classified as held for sale	'
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Operating lease income	$	921,475		$	857,203		$	1,971,541		$	1,647,399
	Tenant recoveries	303,485			79,671			555,293			79,671
	Depreciation and amortization	(808,194		)	(210,809		)	(1,621,814		)	(357,106		)
	Income from properties sold/held for sale	$	416,766		$	726,065		$	905,020		$	1,369,964
Summary of income from the properties sold	'
		Three Months			Six Months
		Ended June			Ended June
		30, 2013			30, 2013
	Operating lease income	$	415,872		$	967,008
	Tenant recoveries	—			—
	Depreciation and amortization	(64,511		)	(64,511		)
	Income from properties sold/held for sale	$	351,361		$	902,497
Schedule of unaudited pro forma information	'
		Three Months ended June 30, 2013									Six Months ended June 30, 2013
		Company						Consolidated			Company						Consolidated
		Historical			Acquisitions			Pro Forma			Historical			Acquisitions			Pro Forma
	Operating lease income	$	8,906,286		$	2,248,579		$	11,154,865		$	15,390,326		$	5,969,290		$	21,359,616
	Net income	59,779,545			(594,602		)	59,184,943			147,829,517			(1,071,155		)	146,758,362
	Net (income) loss attributable to noncontrolling interest in consolidated joint ventures	354,274			59,460			413,734			327,030			109,461			436,491
	Net income attributable to preferred and common unit holders	60,133,819			(535,142		)	59,598,677			148,156,547			(961,694		)	147,194,853
Schedule of additional detail related to the entity's real estate portfolio	'
		June 30, 2014			December 31, 2013
	Land	$	5,867,327		$	—
	Building	10,884,388			—
	In-place leases and other intangibles	3,264,444			—
	Real estate	20,016,159			—
	Less: Accumulated depreciation and amortization	(987,167		)	—
	Real estate held for sale	$	19,028,992		$	—
		June 30, 2014			December 31, 2013
	Land	$	82,530,229		$	91,609,368
	Building	420,367,228			474,301,322
	In-place leases and other intangibles	76,105,744			83,909,105
	Real estate	579,003,201			649,819,795
	Less: Accumulated depreciation and amortization	(36,855,409		)	(25,600,780		)
	Real estate, net	$	542,147,792		$	624,219,015
Schedule of depreciation and amortization expense recorded	'
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Depreciation expense (1)	$	4,472,197		$	2,362,804		$	9,314,283		$	4,751,675
	Amortization expense	2,408,711			575,975			4,856,860			1,173,860
	Total real estate deprecation and amortization expense	$	6,880,908		$	2,938,779		$	14,171,143		$	5,925,535
	(1)     Depreciation expense on the combined consolidated statements of income also includes $136,827 and $136,827 of depreciation on corporate fixed assets for the three months ended June 30, 2014 and 2013, respectively, and $273,850 and $273,654 of depreciation on corporate fixed assets for the six months ended June 30, 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 6 months)	$	4,729,204
	2015	9,458,408
	2016	9,873,122
	2017	3,884,036
	2018	3,884,036
	Thereafter	28,317,464
	Total	$	60,146,270
Schedule of contractual future minimum rent under leases	'
	Period ended December 31,	Amount
	2014 (last 6 months)	$	24,976,642
	2015	41,472,929
	2016	34,803,587
	2017	31,423,170
	2018	28,695,964
	Thereafter	281,945,089
	Total	$	443,317,381

INVESTMENT_IN_UNCONSOLIDATED_J1

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	6 Months Ended
	Jun. 30, 2014
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
Summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests	'
		June 30, 2014		December 31, 2013
	Total assets	$	124,600,972	$	190,415,719
	Total liabilities	86,333,402		112,808,701
	Partners’/members’ capital	$	38,267,570	$	77,607,018
Summary of the Company's investments in unconsolidated joint ventures, which the entity accounts for using the equity method	'
	Entity	June 30, 2014		December 31, 2013
	Ladder Capital Realty Income Partnership I LP	$	3,693,878	$	7,119,864
	Grace Lake JV, LLC	2,142,898		2,142,898
	Company’s investment in unconsolidated joint ventures	$	5,836,776	$	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 June 30,				Six Months Ended June 30,
		2014		2013		2014		2013
	Total revenues	$	6,869,366	$	10,091,894	$	13,981,978	$	19,986,771
	Total expenses	1,962,745		2,652,773		$	4,553,792	5,730,803
	Net income	$	4,906,621	$	7,439,121	$	9,428,186	$	14,255,968
Summary of the Company's allocated earnings based on its ownership interests from investment in unconsolidated joint ventures	'
		Three Months Ended June 30,				Six Months Ended June 30,
	Entity	2014		2013		2014		2013
	Ladder Capital Realty Income Partnership I LP	$	762,385	$	445,371	$	885,560	$	839,351
	Grace Lake JV, LLC	225,000		150,000		450,000		150,000
	Earnings from investment in unconsolidated joint ventures	$	987,385	$	595,371	$	1,335,560	$	989,351

FINANCING_Tables

FINANCING (Tables)	6 Months Ended
	Jun. 30, 2014
FINANCING	'
Schedule of repurchase agreement	'
	June 30, 2014
										Remaining		Carrying		Fair
	Committed			Outstanding		Committed but		Interest Rate(s)		Extension	Eligible	Amount of		Value of
	Amount			Amount		Unfunded		at June 30, 2014	Maturity	Options	Collateral	Collateral		Collateral
										Two additional
										twelve month	First mortgage
										periods at	commercial real
	$	300,000,000		$	78,015,745	$	221,984,255	2.65%	5/18/15	Company’s option	estate loans	$	167,341,438	$	167,341,438
										Two additional
										364 day	First mortgage
								Between 2.40%		periods at	commercial real
	$	250,000,000		$	25,160,900	$	224,839,100	and 3.04%	4/10/16	Company’s option	estate loans	$	42,951,660	$	44,116,726
										Two additional
										twelve month	First mortgage
								Between 3.15%		periods at	commercial real
	$	450,000,000		$	75,793,707	$	374,206,293	and 3.17%	5/26/17	Company’s option	estate loans	$	221,895,900	$	221,895,900
											First mortgage
											commercial real
	$	150,000,000		$	—	$	150,000,000		12/31/14	N/A	estate loans	$	—	$	—
	$	1,150,000,000		$	178,970,352	$	971,029,648					$	432,188,998	$	433,354,064
											Investment grade
											commercial real
	$	300,000,000		$	20,000,000	$	280,000,000	1.25%	4/30/15	N/A	estate securities	$	98,173,451	$	98,173,451
											Investment grade
								Between 0.45%			commercial real
	$	—		$	486,723,000	$	—	and 1.65%	Various	N/A	estate securities	$	574,037,233	$	574,037,233
	$	1,450,000,000		$	685,693,352	$	1,251,029,648					$	1,104,399,682	$	1,105,564,748
	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 all borrowings by maturity	'
	Period ending December 31,		Borrowings by
			Maturity
	2014 (last 6 months)		$	683,723,000
	2015		393,209,452
	2016		246,760,900
	2017		520,000,000
	2018		25,000,000
	Thereafter		359,554,965
	Total		$	2,228,248,317

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2014 and December 31, 2013 are as follows ($ in thousands):
	June 30, 2014
											Weighted Average
		Outstanding			Amortized				Fair Value		Yield		Remaining
		Face Amount			Cost Basis		Fair Value		Method		%		Maturity/Duration (years)
	Assets:
	CMBS(1)	$	1,199,855		$	1,204,777	$	1,239,297	Internal model, third-party inputs		3.51	%	4.6
	CMBS interest-only(1)	7,435,884			368,593		378,705		Internal model, third-party inputs		4.12	%	3.34
	GNMA interest-only(1)	1,714,071			90,460		88,898		Internal model, third-party inputs		5.07	%	4.35
	FHLMC interest-only(1)	217,926			7,137		7,394		Internal model, third-party inputs		5.33	%	1.91
	GN construction securities(1)	20,193			20,737		20,277		Internal model, third-party inputs		3.51	%	6.68
	GN permanent securities(1)	95,868			97,761		99,917		Internal model, third-party inputs		4.35	%	3.7
	Mortgage loan receivable held for investment, at amortized cost	1,040,581			1,026,118		1,028,918		Discounted Cash Flow(3)		8	%	2.15
	Mortgage loan receivable held for sale	103,719			103,719		109,651		Discounted Cash Flow(4)		4.88	%	8.99
	FHLB stock(5)	57,240			57,240		57,240		-5		3.5	%	N/A
	Nonhedge derivatives(1)(6)	81,272			N/A		196		Counterparty quotations		N/A		5.94
	Liabilities:
	Repurchase agreements - short-term	677,932			677,932		677,932		Discounted Cash Flow(2)		1.3	%	0.28
	Repurchase agreements - long-term	7,761			7,761		7,761		Discounted Cash Flow(2)		2.57	%	1.78
	Long-term financing	309,720			314,555		313,623		Discounted Cash Flow(2)		4.9	%	8.32
	Borrowings from the FHLB	903,000			903,000		902,812		Discounted Cash Flow(2)		0.67	%	1.77
	Senior unsecured notes	325,000			325,000		350,188		Broker quotations, pricing services		7.38	%	3.25
	Nonhedge derivatives(1)(6)	859,400			N/A		15,733		Counterparty quotations		N/A		2.15
	(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			259,061		258,058		Broker quotations, pricing services		4.19	%	3.38
	GNMA interest-only(1)	1,848,270			103,136		99,877		Broker quotations, pricing services		5.32	%	2.12
	FHLMC interest-only(1)	219,677			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 June 30, 2014 and December 31, 2013 ($ in thousands):
	June 30, 2014
		Outstanding Face			Fair Value
		Amount			Level 1		Level 2		Level 3			Total
	Assets:
	CMBS(1)	$	1,199,855		$	—	$	1,239,297	$	—		$	1,239,297
	CMBS interest-only(1)	7,435,884		-2	—		378,705		—			378,705
	GNMA interest-only(1)	1,714,071		-2	—		88,898		—			88,898
	FHLMC interest-only(1)	217,926		-2	—		7,394		—			7,394
	GN construction securities(1)	20,193			—		20,277		—			20,277
	GN permanent securities(1)	95,868			—		99,917		—			99,917
	Mortgage loan receivable held for investment	1,040,581			—		—		1,028,918			1,028,918
	Mortgage loan receivable held for sale	103,719			—		—		109,651			109,651
	FHLB stock	57,240			—		—		57,240			57,240
	Nonhedge derivatives(1)	81,272			—		196		—			196
	Liabilities:
	Repurchase agreements - short-term	677,932			—		677,932		—			677,932
	Repurchase agreements - long-term	7,761			—		7,761		—			7,761
	Long-term financing	309,720			—		—		313,623			313,623
	Borrowings from the FHLB	903,000			—		—		902,812			902,812
	Senior unsecured notes	325,000			—		350,188		—			350,188
	Nonhedge derivatives(1)	859,400			—		15,733		—			15,733
	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	200,501			—		200,501		—			200,501
	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)	6 Months Ended
	Jun. 30, 2014
DERIVATIVE INSTRUMENTS	'
Schedule of breakdown of the derivatives outstanding	'
	June 30, 2014
											Remaining
					Fair Value						Maturity
	Contract Type	Notional			Asset(1)			Liability(1)			(years)
	Caps
	1MO LIB	$	71,250,000		$	85		$	—		0.92
	Futures
	5-years U.S. T-Note	$	151,200,000		$	—		$	671,719		0.25
	10-year U.S. T-Note	553,700,000			—			7,170,434			0.25
	Total futures	704,900,000			—			7,842,153
	Swaps
	3MO LIB	121,000,000			—			7,163,971			4.02
	Credit Derivatives
	CMBX	10,000,000			148,310			—			7.74
	CDX	33,500,000			—			726,738			4.48
	S&P 500 PUT OPTION 3/4/14	1,900			14,378			—			0.22
	SPX VOLATILITY INDEX CALL 11/19/14	20,000			33,236			—			0.39
	Total credit derivatives	43,521,900			195,924			726,738
	Total derivatives	$	940,671,900		$	196,009		$	15,732,862
	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 June 30, 2014									Six Months Ended June 30, 2014
		Unrealized			Realized			Net Result			Unrealized			Realized			Net Result
		Gain/(Loss)			Gain/(Loss)			from			Gain/(Loss)			Gain/(Loss)			from
								Derivative									Derivative
								Transactions									Transactions
	Contract Type
	Caps	$	85		$	(7,125	)	$	(7,040	)	$	85		$	(7,125	)	$	(7,040	)
	Futures	(5,462,311		)	(18,090,064		)	(23,552,375		)	(15,833,365		)	(32,871,471		)	(48,704,836		)
	Swaps	(561,124		)	(801,783		)	(1,362,907		)	(740,444		)	(1,601,921		)	(2,342,365		)
	Credit Derivatives	(253,555		)	(97,447		)	(351,002		)	(210,915		)	(294,834		)	(505,749		)
	Total	$	(6,276,905	)	$	(18,996,419	)	$	(25,273,324	)	$	(16,784,639	)	$	(34,775,351	)	$	(51,559,990	)
		Three Months Ended June 30, 2013									Six Months Ended June 30, 2013
		Unrealized			Realized			Net Result			Unrealized			Realized			Net Result
		Gain/(Loss)			Gain/(Loss)			from			Gain/(Loss)			Gain/(Loss)			from
								Derivative									Derivative
								Transactions									Transactions
	Contract Type
	Caps	$	(717	)	$	—		$	(717	)	$	102		$	—		$	102
	Futures	18,020,544			(759,515		)	17,261,029			11,001,463			8,014,801			19,016,264
	Swaps	6,819,824			(2,779,955		)	4,039,869			10,243,147			(4,126,903		)	6,116,244
	Credit Derivatives	(666,693		)	45,539			(621,154		)	(897,710		)	(1,286,164		)	(2,183,874		)
	Total	$	24,172,958		$	(3,493,931	)	$	20,679,027		$	20,347,002		$	2,601,734		$	22,948,736

OFFSETTING_ASSETS_AND_LIABILIT1

OFFSETTING ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2014
OFFSETTING ASSETS AND LIABILITIES	'
Schedule of offsetting of financial assets	'
	As of June 30, 2014
	Offsetting of Financial Assets and Derivative Assets
				Gross amounts		Net amounts of		Gross amounts not offset in the balance
						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	$	196,009	$	—	$	196,009	$	—	$	—	$	196,009
	Total	$	196,009	$	—	$	196,009	$	—	$	—	$	196,009
	As of December 31, 2013
	Offsetting of Financial Assets and Derivative Assets
				Gross amounts		Net amounts of		Gross amounts not offset in the balance
						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 June 30, 2014
	Offsetting of Financial Liabilities and Derivative Liabilities
						Net amounts of		Gross amounts not offset in the balance
								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	$	15,732,862	$	—	$	15,732,862	$	—	$	15,732,862	$	—
	Repurchase agreements	685,693,352		—		685,693,352		685,693,352		—		—
	Total	$	701,426,214	$	—	$	701,426,214	$	685,693,352	$	15,732,862	$	—
	As of December 31, 2013
	Offsetting of Financial Liabilities and Derivative Liabilities
						Net amounts of		Gross amounts not offset in the balance
								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)	6 Months Ended
	Jun. 30, 2014
EARNINGS PER SHARE	'
Schedule of the Company's net income and weighted average shares outstanding	'
	(In thousands except share amounts)	For the Three			For the Period
		Months Ended			February 11,
		June 30, 2014			2014 through
					June 30, 2014
	Basic Net income available for Class A common stockholders	$	12,505		$	25,157
	Diluted Net income available for Class A common stockholders	$	21,951		$	45,249
	Weighted average shares outstanding
	Basic	48,909,692			48,909,692
	Diluted	97,617,710			97,714,070
Schedule of calculation of basic and diluted net income per share amounts	'
	(In thousands except share amounts)	For the Three			For the Period
		Months Ended			February 11,
		June 30, 2014			2014 through
					June 30, 2014
	Basic Net Income Per Share of Class A Common Stock
	Numerator:
	Net income attributable to Class A common shareholders	$	12,505		$	25,157
	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	$	0.26		$	0.51
	Diluted Net Income Per Share of Class A Common Stock
	Numerator:
	Net income attributable to Class A common shareholders	$	12,505		$	25,157
	Add (deduct) - dilutive effect of:
	Amounts attributable to operating partnership’s share of Ladder Capital Corp net income	17,691			36,260
	Additional corporate tax	(8,246		)	(16,168		)
	Diluted net income attributable to Class A common shareholders	$	21,951		$	45,249
	Denominator:
	Basic weighted average number of shares of Class A common stock outstanding	48,909,692			48,909,692
	Add - dilutive effect of:
	Shares issuable relating to converted Class B common shareholders	48,534,459			48,535,268
	Incremental shares of unvested Class A restricted stock	173,559			269,110
	Diluted weighted average number of shares of Class A common stock outstanding	97,617,710			97,714,070
	Diluted net income per share of Class A common stock	$	0.22		$	0.46

CAPITAL_STRUCTURE_AND_ACCOUNTS1

CAPITAL STRUCTURE AND ACCOUNTS (Tables)	6 Months Ended
	Jun. 30, 2014
CAPITAL STRUCTURE AND ACCOUNTS	'
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 (2)	19,117,143
	Amounts reclassified from accumulated other comprehensive income(1)	(5,911,314		)
	Net current-period other comprehensive income	13,205,829
	Net current-period other comprehensive income attributable to noncontrolling interest in operating partnership	8,181,530
	Net current-period other comprehensive income attributable to Class A common shareholders	$	5,024,299
	(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.
	(2)     Excludes provision for income taxes of $3,981,201 for the six months ended June 30, 2014.

STOCK_BASED_COMPENSATION_PLANS1

STOCK BASED COMPENSATION PLANS (Tables)	6 Months Ended
	Jun. 30, 2014
STOCK BASED COMPENSATION PLANS	'
Summary of the grants	'
		Three Months Ended June 30,									Six Months ended June 30,
		2014				2013					2014				2013
			Weighted					Weighted				Weighted				Weighted
		Number of	Average			Number of		Average			Number of	Average			Number of	Average
		Units	Fair Value			Units		Fair Value			Units	Fair Value			Units	Fair Value
	Grants - Series B Participating Preferred Units	—	—			9,101		$	1,365,150		—	—			9,101	$	1,365,150
	Grants - Class A Common Stock (restricted)	—	—			—		—			1,687,513	28,637,096			—	—
	Amortization to compensation expense
	Predecessor compensation expense		—					(1,095,461		)		(290,171		)		(1,569,962		)
	LP Units		(5,785,597		)			—				(6,136,856		)		—
	Class A Common Stock (restricted)		1,558,125					—				(125,425		)		—
	Total amortization to compensation expense		$	(4,227,472	)			$	(1,095,461	)		$	(6,552,452	)		$	(1,569,962	)
Schedule of number of unvested shares and changes 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, which were subsequently converted to LP Units of LCFH in connection with the IPO	'
		Class A Common	Class A Common		Series B		LP Units
		Shares	Units		Participating
					Preferred Units
	Outstanding at January 1, 2014	—	365,407		14,276		—
	Granted	1,687,513	—		—		—
	Vested	—	(32,365	)	(1,158	)	(1,463,541	)
	Converted (1)	—	(333,042	)	(13,118	)	3,186,066
	Outstanding at June 30, 2014	1,687,513	—		—		1,722,525
	(1)     Converted to LP Units of LCFH on February 11, 2014 in connection with IPO.

INCOME_TAXES_Tables

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2014
INCOME TAXES	'
Schedule of provision for income taxes	'
		Three Months			Six Months Ended
		Ended			June 30, 2014
		June 30, 2014
	Current expense
	Federal	$	10,452,799		$	15,819,774
	State and local	2,957,292			4,762,804
	Total current expense	13,410,091			20,582,578
	Deferred expense/(benefit)
	Federal	(4,353,718		)	(5,875,173		)
	State and local	(857,749		)	(1,219,564		)
	Total deferred expense/(benefit)	(5,211,467		)	(7,094,737		)
	Provision for income tax expense	$	8,198,624		$	13,487,841
Schedule of reconciliation between the U.S. federal statutory income tax rate and the effective tax rate	'
		Three Months		Six Months Ended
		Ended June 30, 2014		June 30, 2014
	US statutory tax rate	35	%	35	%
	Increase due to state and local taxes	3.76	%	4.1	%
	Benefit of partnership income not subject to taxation	-17.33	%	-17.33	%
	Effective income tax rate	21.43	%	21.77	%
Schedule of components of the Company's deferred tax assets and liabilities	'
		June 30, 2014
	Deferred Tax Assets
	Depreciation	$	2,033,698
	Equity based compensation	2,613,308
	Unrealized gains and losses	2,447,731
	Total Deferred Tax Assets	$	7,094,737
	Deferred Tax Liabilities
	Unrealized gains and losses	—
	Total Deferred Tax Liabilities	$	—
	Net Deferred Tax Assets/(Liabilities)	$	7,094,737

COMMITMENTS_Tables

COMMITMENTS (Tables)	6 Months Ended
	Jun. 30, 2014
COMMITMENTS	'
Schedule of future minimum rental payments	'
	Year ended December 31,	Amount
	2014 (last 6 months)	$	890,858
	2015	1,381,992
	2016	1,125,069
	2017	1,180,400
	2018	1,180,400
	Thereafter	3,639,567
	Total	$	9,398,286

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2014
	Interest income	$	27,731		$	17,363		$	—		$	18		$	45,112
	Interest expense	(3,596		)	(1,538		)	(3,783		)	(7,835		)	(16,752		)
	Net interest income (expense)	24,135			15,825			(3,783		)	(7,817		)	28,360
	Provision for loan losses	(150		)	—			—			—			(150		)
	Net interest income (expense) after provision for loan losses	23,985			15,825			(3,783		)	(7,817		)	28,210
	Operating lease income	—			—			12,803			—			12,803
	Tenant recoveries	—			—			2,142			—			2,142
	Sale of loans, net	45,419			—			—			—			45,419
	Gain on securities	—			5,376			—			—			5,376
	Sale of real estate, net	435			—			8,625			—			9,060
	Fee income	688			5			—			1,499			2,192
	Net result from derivative transactions	(9,126		)	(16,147		)	—			—			(25,273		)
	Earnings from investment in unconsolidated joint ventures	—			—			987			—			987
	Unrealized gain (loss) on Agency interest-only securities, net	—			2,782			—			—			2,782
	Total other income	37,416			(7,984		)	24,557			1,499			55,488
	Salaries and employee benefits	(8,200		)	—			—			(18,283		)	(26,483		)
	Operating expenses	48			—			—			(3,712		)	(3,664		)
	Real estate operating expenses	—			—			(7,380		)	—			(7,380		)
	Fee expense	(420		)	(17		)	(23		)	(253		)	(713		)
	Depreciation and amortization	—			—			(6,881		)	(137		)	(7,018		)
	Total costs and expenses	(8,572		)	(17		)	(14,284		)	(22,385		)	(45,258		)
	Tax expense	—			—			—			(8,199		)	(8,199		)
	Segment profit (loss)	$	52,829		$	7,824		$	6,490		$	(36,902	)	$	30,241
	Total assets as of June 30, 2014	$	1,129,837		$	1,834,488		$	561,177		$	298,582		$	3,824,084
	Three months ended June 30, 2013
	Interest income	$	14,078		$	14,056		$	—		$	2,034		$	30,168
	Interest expense	(1,217		)	(717		)	(2,920		)	(7,088		)	(11,942		)
	Net interest income (expense)	12,861			13,339			(2,920		)	(5,054		)	18,226
	Provision for loan losses	(150		)	—			—			—			(150		)
	Net interest income (expense) after provision for loan losses	12,711			13,339			(2,920		)	(5,054		)	18,076
	Operating lease income	—			—			8,906			—			8,906
	Tenant recoveries	—			—			—			—			—
	Sale of loans, net	35,814			—			—			—			35,814
	Gain on securities	—			3,311			—			—			3,311
	Sale of real estate, net	186			—			3,479			—			3,665
	Fee income	332			8			46			1,779			2,165
	Net result from derivative transactions	14,230			6,449			—			—			20,679
	Earnings from investment in unconsolidated joint ventures	—			—			—			595			595
	Unrealized gain (loss) on Agency interest-only securities, net	—			(4,789		)	—			—			(4,789		)
	Total other income	50,562			4,979			12,431			2,374			70,346
	Salaries and employee benefits	(5,000		)	—			—			(8,882		)	(13,882		)
	Operating expenses	53			—			—			(2,789		)	(2,736		)
	Real estate operating expenses	—			—			(3,545		)	—			(3,545		)
	Fee expense	(716		)	(340		)	(2,606		)	(127		)	(3,789		)
	Depreciation and amortization	—			—			(2,938		)	(137		)	(3,075		)
	Total costs and expenses	(5,663		)	(340		)	(9,089		)	(11,935		)	(27,027		)
	Tax expense	—			—			(242		)	(1,374		)	(1,616		)
	Segment profit (loss)	$	57,610		$	17,978		$	180		$	(15,989	)	$	59,779
	Total assets as of June 30, 2013	$	911,295		$	887,523		$	521,369		$	178,077		$	2,498,264
		Loans			Securities			Real Estate			Corporate/Other(1)			Company Total
	Six months ended June 30, 2014
	Interest income	$	48,040		$	33,868		$	—		$	26		$	81,934
	Interest expense	(5,784		)	(2,803		)	(7,114		)	(15,892		)	(31,593		)
	Net interest income (expense)	42,256			31,065			(7,114		)	(15,866		)	50,341
	Provision for loan losses	(300		)	—			—			—			(300		)
	Net interest income (expense) after provision for loan losses	41,956			31,065			(7,114		)	(15,866		)	50,041
	Operating lease income	—			—			26,017			—			26,017
	Tenant recoveries	—			—			4,222			—			4,222
	Sale of loans, net	86,721			—			—			—			86,721
	Gain on securities	—			7,185			—			—			7,185
Sale of real estate, net	782			—			14,971			—			15,753
Fee income	1,353			96			—			3,052			4,501
Net result from derivative transactions	(19,869		)	(31,691		)	—			—			(51,560		)
Earnings from investment in unconsolidated joint ventures	—			—			1,336			—			1,336
Unrealized gain (loss) on Agency interest-only securities, net	—			1,748			—			—			1,748
Total other income	68,987			(22,662		)	46,546			3,052			95,923
Salaries and employee benefits	(14,500		)	—			—			(31,986		)	(46,486		)
Operating expenses	89			—			—			(6,794		)	(6,705		)
Real estate operating expenses	—			—			(14,982		)	—			(14,982		)
Fee expense	(722		)	(39		)	(41		)	(413		)	(1,215		)
Depreciation and amortization	—			—			(14,171		)	(274		)	(14,445		)
Total costs and expenses	(15,133		)	(39		)	(29,194		)	(39,467		)	(83,833		)
Tax expense	—			—			—			(13,488		)	(13,488		)
Segment profit (loss)	$	95,810		$	8,364		$	10,238		$	(65,769	)	$	48,643
Total assets as of June 30, 2014	$	1,129,837		$	1,834,488		$	561,177		$	298,582		$	3,824,084
Six months ended June 30, 2013
Interest income	$	32,789		$	28,611		$	—		$	29		$	61,429
Interest expense	(3,093		)	(2,046		)	(4,000		)	(14,010		)	(23,149		)
Net interest income (expense)	29,696			26,565			(4,000		)	(13,981		)	38,280
Provision for loan losses	(300		)	—			—			—			(300		)
Net interest income (expense) after provision for loan losses	29,396			26,565			(4,000		)	(13,981		)	37,980
Operating lease income	—			—			15,390			—			15,390
Tenant recoveries	—			—			—			—			—
Sale of loans, net	118,681			—			—			140			118,821
Gain on securities	—			5,876			—			—			5,876
Sale of real estate, net	—			—			7,363			—			7,363
Fee income	1,325			8			213			2,057			3,603
Net result from derivative transactions	14,113			8,836			—			—			22,949
Earnings from investment in unconsolidated joint ventures	—			—			—			989			989
Unrealized gain (loss) on Agency interest-only securities, net	—			(5,039		)	—			—			(5,039		)
Total other income	134,119			9,681			22,966			3,186			169,952
Salaries and employee benefits	(16,300		)	—			—			(17,293		)	(33,593		)
Operating expenses	103			—			—			(5,112		)	(5,009		)
Real estate operating expenses	—			—			(6,425		)	—			(6,425		)
Fee expense	(1,562		)	(357		)	(3,057		)	(217		)	(5,193		)
Depreciation and amortization	—			—			(5,925		)	(274		)	(6,199		)
Total costs and expenses	(17,759		)	(357		)	(15,407		)	(22,896		)	(56,419		)
Tax expense	—			—			(474		)	(3,210		)	(3,684		)
Segment profit (loss)	$	145,756		$	35,889		$	3,085		$	(36,901	)	$	147,829
Total assets as of June 30, 2013	$	911,295		$	887,523		$	521,369		$	178,077		$	2,498,264
(1)     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 $57.2 million as of June 30, 2014.

ORGANIZATION_AND_OPERATIONS_De

ORGANIZATION AND OPERATIONS (Details) (USD $)	Feb. 10, 2014	Feb. 12, 2014	Feb. 12, 2014	Jun. 30, 2014	Feb. 12, 2014	Jun. 30, 2014	Jun. 30, 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	'	'	$238,500,000	'	'	'	'	'
Stock exchange ratio	'	'	'	'	1	1	'	'
Economic interest (as a percent)	'	51.00%	'	'	'	'	'	'
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	'	'	48,533,473	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	'	99,134,619	'	'	'	'	'	'
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 $)	6 Months Ended
	Jun. 30, 2014
Noncontrolling Interests Operating Partnership	'
Basis of accounting and principles of combination and consolidation	'
Rebalancing of ownership percentage between Company and Operating Partnership	$1,893,286
Additional Paid-in-Capital	'
Basis of accounting and principles of combination and consolidation	'
Rebalancing of ownership percentage between Company and Operating Partnership	($1,893,237)

SIGNIFICANT_ACCOUNTING_POLICIE4

SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Net income	$30,242,693	$59,779,545	$48,643,515	$147,829,517	$188,733,086
Consolidated Statements of Income	'	'	'	'	'
Interest expense	16,751,627	11,941,719	31,592,925	23,148,915	'
Net interest income	28,360,662	18,226,055	50,341,489	38,280,191	'
Net interest income after provision for loan losses	28,210,662	18,076,055	50,041,489	37,980,191	'
Sale of loans, net	45,418,742	35,813,760	86,721,407	118,821,222	'
Total other income	55,488,642	70,346,473	95,922,801	169,952,706	'
Income before taxes	38,441,317	61,395,302	62,131,356	151,513,037	'
Net income	30,242,693	59,779,545	48,643,515	147,829,517	188,733,086
Net income attributable to preferred and common unit holders	'	60,133,819	'	148,156,547	'
As Previously Reported	'	'	'	'	'
Net income	'	'	'	150,190,029	'
Consolidated Statements of Income	'	'	'	'	'
Interest expense	'	'	'	23,411,488	'
Net interest income	'	'	'	38,017,618	'
Net interest income after provision for loan losses	'	'	'	37,717,618	'
Sale of loans, net	'	'	'	121,444,307	'
Total other income	'	'	'	172,575,791	'
Income before taxes	'	'	'	153,873,549	'
Net income	'	'	'	150,190,029	'
Net income attributable to preferred and common unit holders	'	'	'	150,517,059	'
Adjustments	'	'	'	'	'
Net income	'	'	'	-2,360,512	'
Consolidated Statements of Income	'	'	'	'	'
Interest expense	'	'	'	-262,573	'
Net interest income	'	'	'	262,573	'
Net interest income after provision for loan losses	'	'	'	262,573	'
Sale of loans, net	'	'	'	-2,623,085	'
Total other income	'	'	'	-2,623,085	'
Income before taxes	'	'	'	-2,360,512	'
Net income	'	'	'	-2,360,512	'
Net income attributable to preferred and common unit holders	'	'	'	($2,360,512)	'

SIGNIFICANT_ACCOUNTING_POLICIE5

SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Consolidated Statements of Comprehensive Income	'	'	'	'	'
Net income	$30,242,693	$59,779,545	$48,643,515	$147,829,517	$188,733,086
Comprehensive Income	46,661,374	44,525,183	78,857,284	130,998,018	'
Comprehensive income attributable to preferred and common unit holders	'	'	'	131,325,048	'
As Previously Reported	'	'	'	'	'
Consolidated Statements of Comprehensive Income	'	'	'	'	'
Net income	'	'	'	150,190,029	'
Comprehensive Income	'	'	'	133,358,530	'
Comprehensive income attributable to preferred and common unit holders	'	'	'	133,685,560	'
Adjustments	'	'	'	'	'
Consolidated Statements of Comprehensive Income	'	'	'	'	'
Net income	'	'	'	-2,360,512	'
Comprehensive Income	'	'	'	-2,360,512	'
Comprehensive income attributable to preferred and common unit holders	'	'	'	($2,360,512)	'

SIGNIFICANT_ACCOUNTING_POLICIE6

SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Consolidated Statements of Cash Flows	'	'	'	'	'
Net income	$30,242,693	$59,779,545	$48,643,515	$147,829,517	$188,733,086
Amortization of (premium) discount on long-term debt	'	'	-305,846	-262,573	'
Realized gain on sale of mortgage loan receivables	-45,418,742	-35,813,760	-86,721,407	-118,821,222	'
Proceeds from sales of mortgage loan receivables held for sale	'	'	1,727,178,351	1,381,912,189	'
Net cash provided by (used in) operating activities	'	'	415,705,888	235,417,903	'
Proceeds from long-term financing	'	'	41,083,035	65,170,439	'
Net cash provided by (used in) financing activities	'	'	207,894,237	-282,939,531	'
As Previously Reported	'	'	'	'	'
Consolidated Statements of Cash Flows	'	'	'	'	'
Net income	'	'	'	150,190,029	'
Realized gain on sale of mortgage loan receivables	'	'	'	-121,444,307	'
Proceeds from sales of mortgage loan receivables held for sale	'	'	'	1,384,535,274	'
Net cash provided by (used in) operating activities	'	'	'	244,363,851	'
Proceeds from long-term financing	'	'	'	62,547,354	'
Net cash provided by (used in) financing activities	'	'	'	-285,562,616	'
Adjustments	'	'	'	'	'
Consolidated Statements of Cash Flows	'	'	'	'	'
Net income	'	'	'	-2,360,512	'
Amortization of (premium) discount on long-term debt	'	'	'	-262,573	'
Realized gain on sale of mortgage loan receivables	'	'	'	2,623,085	'
Proceeds from sales of mortgage loan receivables held for sale	'	'	'	-2,623,085	'
Net cash provided by (used in) operating activities	'	'	'	-2,623,085	'
Proceeds from long-term financing	'	'	'	2,623,085	'
Net cash provided by (used in) financing activities	'	'	'	$2,623,085	'

SIGNIFICANT_ACCOUNTING_POLICIE7

SIGNIFICANT ACCOUNTING POLICIES (Details 5)	Jun. 30, 2014	Dec. 31, 2013
	loan	loan
Mortgage Loans Receivable Held for Investment	'	'
Number of mortgage loans impaired	0	0

SIGNIFICANT_ACCOUNTING_POLICIE8

SIGNIFICANT ACCOUNTING POLICIES (Details 6)	6 Months Ended
	Jun. 30, 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	'4 years
Maximum	'
Real estate	'
Expected term for completion of full disposal	'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	'25 years

CAPITALIZED_OFFERING_COSTS_Det

CAPITALIZED OFFERING COSTS (Details) (USD $)	0 Months Ended	6 Months Ended
	Feb. 12, 2014	Jun. 30, 2014
CAPITALIZED OFFERING COSTS	'	'
Costs directly attributable to the Company's IPO	$20,498,458	$20,498,458

MORTGAGE_LOAN_RECEIVABLES_Deta

MORTGAGE LOAN RECEIVABLES (Details) (USD $)

3 Months Ended

6 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 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

$1,144,299,566

'

$1,144,299,566

'

$990,348,577

$1,040,581,058

'

$549,573,788

$925,540,706

$420,672,555

$115,040,352

$128,901,233

'

'

$103,718,508

'

$440,774,789

$103,718,508

$440,774,789

Carrying Value

1,129,836,521

'

1,129,836,521

'

978,967,971

1,026,118,013

'

539,078,182

'

'

'

'

4,620,000

4,620,000

103,718,508

'

440,489,789

103,718,508

440,489,789

Carrying Value, Gross

'

'

'

'

'

1,028,918,013

'

541,578,182

914,675,965

413,564,066

114,242,048

128,014,116

'

'

'

'

'

'

'

Weighted Average Yield (as a percent)

'

'

'

'

'

8.00%

'

9.76%

'

'

'

'

'

'

4.88%

'

5.47%

'

'

Remaining Maturity

'

'

'

'

'

'2 years 1 month 24 days

'

'2 years 1 month 20 days

'

'

'

'

'

'

'8 years 11 months 26 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

'

'

'

'

'

575,326,984

179,021,609

'

'

'

'

'

'

'

1,291,509,649

1,213,546,008

'

'

'

Repayment of mortgage loan receivables

'

'

'

'

'

-78,642,485

-164,521,316

'

'

'

'

'

'

'

-781,837

-4,767,867

'

'

'

Proceeds from sales of mortgage loan receivables

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,727,178,351

-1,381,912,189

'

'

'

Realized gain on sale of mortgage loan receivables

45,418,742

35,813,760

86,721,407

118,821,222

'

'

'

'

'

'

'

'

'

'

86,721,407

118,821,222

'

'

'

Transfer between held for investment and held for sale

'

'

'

'

'

-12,000,000

-8,320,273

'

'

'

'

'

'

'

-12,000,000

8,320,273

'

'

'

Accretion/amortization of discount, premium and other fees

'

'

'

'

'

2,655,332

1,755,403

'

'

'

'

'

'

'

957,851

'

'

'

'

Loan loss provision

150,000

150,000

300,000

300,000

'

-300,000

-300,000

'

'

'

'

'

'

'

'

'

'

'

'

Balance at the end of the period

'

'

'

'

'

1,026,118,013

333,953,973

539,078,182

'

'

'

'

'

'

103,718,508

577,340,067

440,489,789

'

'

Number of mortgage loans impaired

0

'

0

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

4,100,655

'

4,100,655

'

4,273,890

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans on non-accrual status

'

'

'

'

'

'

'

'

'

'

'

'

1

1

'

'

'

'

'

Change in provision for loan losses

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Provision for loan losses at beginning of period

2,650,000

2,050,000

2,500,000

1,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Provision for loan losses at end of period

$2,800,000

$2,200,000

$2,800,000

$2,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

REAL_ESTATE_SECURITIES_Details

REAL ESTATE SECURITIES (Details) (USD $)

3 Months Ended

6 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 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

$10,683,797,000

'

$10,683,797,000

'

$9,052,718,000

$1,199,855,000

$1,160,741,000

$7,435,884,000

$5,702,862,000

$1,714,071,000

$1,848,270,000

$217,926,000

$219,677,000

$20,193,000

$12,858,000

$95,868,000

$108,310,000

Amortized Cost Basis

1,789,465,000

'

1,789,465,000

'

1,648,124,000

1,204,777,000

1,156,230,000

368,593,000

256,869,000

90,460,000

103,136,000

7,137,000

7,904,000

20,737,000

13,261,000

97,761,000

110,724,000

Gross Unrealized Gains

50,024,000

'

50,024,000

'

20,463,000

34,654,000

13,853,000

10,178,000

2,204,000

2,694,000

1,630,000

257,000

248,000

83,000

36,000

2,158,000

2,492,000

Gross Unrealized Losses

-5,001,000

'

-5,001,000

'

-11,341,000

-134,000

-5,147,000

-66,000

-1,015,000

-4,256,000

-4,889,000

'

'

-543,000

-290,000

-2,000

'

Fair value of real estate securities

1,834,488,000

'

1,834,488,000

'

1,657,246,000

1,239,296,993

1,164,936,448

378,705,000

258,058,000

88,898,000

99,877,000

7,394,000

8,152,000

20,277,121

13,006,860

99,917,460

113,216,186

# of Securities

'

'

'

'

'

102

101

35

21

37

36

2

2

6

8

14

14

Weighted Average Coupon %

'

'

'

'

'

3.92%

4.24%

1.07%

1.00%

1.09%

1.12%

0.95%

0.95%

3.97%

4.11%

5.48%

5.53%

Weighted Average Yield %

'

'

'

'

'

3.51%

4.08%

4.12%

4.19%

5.07%

5.32%

5.33%

5.21%

3.51%

3.49%

4.35%

4.64%

Remaining Duration

'

'

'

'

'

'4 years 7 months 6 days

'4 years 10 months 17 days

'3 years 4 months 2 days

'3 years 4 months 17 days

'4 years 4 months 6 days

'2 years 1 month 13 days

'1 year 10 months 28 days

'3 years 14 days

'6 years 8 months 5 days

'6 years 6 months 25 days

'3 years 8 months 12 days

'3 years 3 months 7 days

Available-for-Sale, Fair Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Within 1 year

246,369,000

'

246,369,000

'

'

238,165,000

'

3,700,000

'

1,318,000

'

'

'

'

'

3,186,000

'

1-5 years

835,995,000

'

835,995,000

'

'

310,843,000

'

375,005,000

'

72,748,000

'

7,394,000

'

3,100,000

'

66,905,000

'

5-10 years

752,124,000

'

752,124,000

'

'

690,289,000

'

'

'

14,832,000

'

'

'

17,177,000

'

29,826,000

'

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

$1,572,136

$0

$1,572,136

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

REAL_ESTATE_NET_Details

REAL ESTATE, NET (Details) (USD $)

3 Months Ended

6 Months Ended

12 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

6 Months Ended

6 Months Ended

6 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Feb. 01, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 07, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jan. 28, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

property

property

Real Estate Held for Sale

Real Estate Held for Sale

Real Estate Held for Sale

Real Estate Held for Sale

Real estate sold

Real estate sold

PSA

Acquisitions

Acquisitions

Consolidated Pro Forma

Consolidated Pro Forma

Office Building in Oakland County, MI

Office Building in Oakland County, MI

Office Building in Richmond, VA

Office Building in Richmond, VA

Office Building in Richmond, VA

In-place leases and other intangibles

In-place leases and other intangibles

In-place leases and other intangibles

In-place leases intangibles

Land

Land

Land

Land

Land

Building

Building

Building

Building

Building

Intangibles

Intangibles

Retail property

Retail property

Retail property

Retail property

Retail property

Retail property

Residential condominium in Veer Towers

Residential condominium in Veer Towers

Residential condominium in Terrazas

unit

item

unit

item

Real Estate Held for Sale

Real Estate Held for Sale

Office Building in Oakland County, MI

Office Building in Richmond, VA

Real Estate Held for Sale

Office Building in Oakland County, MI

Office Building in Richmond, VA

Office Building in Oakland County, MI

Office Building in Richmond, VA

unit

property

Land

Building

Intangibles

unit

unit

unit

property

REAL ESTATE, NET

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from sale of real estate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$16,793,524

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$8,426,444

'

'

'

'

'

$35,394,183

$18,086,325

$4,287,689

Number of properties purchased

0

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

Number of stories

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

13

'

'

14

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain on sale

9,060,194

3,665,173

15,753,101

7,362,721

'

416,766

726,065

905,020

1,369,964

351,361

902,497

'

'

'

'

'

'

'

1,151,299

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,683,107

'

'

'

'

'

12,081,446

7,362,721

837,249

Number of units sold

'

'

'

'

'

'

'

'

'

'

'

4

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

75

43

16

Real estate purchased

'

'

622,886

157,996,522

'

'

'

'

'

'

'

'

'

'

'

'

18,000,000

'

'

135,000,000

'

'

'

'

'

'

'

'

1,146,864

15,904,485

'

'

'

7,706,897

99,374,779

9,146,239

19,720,736

'

4,990,742

'

593,502

3,899,528

497,712

'

'

'

Real estate held for sale

19,028,992

'

19,028,992

'

'

'

'

'

'

'

'

19,028,992

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Tenant recoveries

2,142,214

'

4,222,377

'

'

303,485

79,671

555,293

79,671

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Depreciation and amortization

-7,017,736

-3,075,606

-14,444,994

-6,199,189

'

-808,194

-210,809

-1,621,814

-357,106

-64,511

-64,511

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of real estate property leased and occupied

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

83.80%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

Percentage of real estate property leased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

97.60%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of real estate property occupied

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

96.60%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unaudited pro forma information

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Operating lease income

12,803,327

8,906,286

26,016,701

15,390,326

'

921,475

857,203

1,971,541

1,647,399

415,872

967,008

'

2,248,579

5,969,290

11,154,865

21,359,616

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,737,687

'

Net income

30,242,693

59,779,545

48,643,515

147,829,517

188,733,086

'

'

'

'

'

'

'

-594,602

-1,071,155

59,184,943

146,758,362

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net (income) loss attributable to noncontrolling interest in consolidated joint ventures

'

354,274

'

327,030

'

'

'

'

'

'

'

'

59,460

109,461

413,734

436,491

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income attributable to preferred and common unit holders

'

60,133,819

'

148,156,547

'

'

'

'

'

'

'

'

-535,142

-961,694

59,598,677

147,194,853

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate

579,003,201

'

579,003,201

'

649,819,795

20,016,159

'

20,016,159

'

'

'

'

'

'

'

'

'

'

'

'

'

76,105,744

83,909,105

3,264,444

'

82,530,229

91,609,368

5,867,327

'

'

420,367,228

474,301,322

10,884,388

'

'

'

'

'

'

'

'

'

'

'

'

'

Less: Accumulated depreciation and amortization

-36,855,409

'

-36,855,409

'

-25,600,780

-987,167

'

-987,167

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate, net

542,147,792

'

542,147,792

'

624,219,015

19,028,992

'

19,028,992

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Depreciation and amortization expense

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Depreciation

4,472,197

2,362,804

9,314,283

4,751,675

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization expense

2,408,711

575,975

4,856,860

1,173,860

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total real estate deprecation and amortization

6,880,908

2,938,779

14,171,143

5,925,535

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Depreciation on corporate fixed assets

136,827

136,827

273,850

273,654

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gross intangible assets

79,370,188

'

79,370,188

'

83,909,105

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accumulated amortization

14,517,121

'

14,517,121

'

9,675,249

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net intangible assets

64,853,067

'

64,853,067

'

74,233,856

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

60,146,270

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unamortized favorable/unfavorable lease intangibles

4,706,797

'

4,706,797

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Adjustment against rental revenue for favorable/unfavorable leases

190,479

111,017

345,235

191,337

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2014 (last 6 months)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,729,204

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9,458,408

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9,873,122

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,884,036

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,884,036

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Thereafter

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

28,317,464

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net intangible assets

64,853,067

'

64,853,067

'

74,233,856

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

60,146,270

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future minimum rental income under leases

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2014 (last 6 months)

24,976,642

'

24,976,642

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

41,472,929

'

41,472,929

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

34,803,587

'

34,803,587

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

31,423,170

'

31,423,170

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

28,695,964

'

28,695,964

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Thereafter

281,945,089

'

281,945,089

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total

$443,317,381

'

$443,317,381

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

INVESTMENT_IN_UNCONSOLIDATED_J2

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

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Apr. 15, 2011

Apr. 30, 2012

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Mar. 22, 2013

Jun. 30, 2014

Limited liability company

LCRIP I

LCRIP I

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.

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

$5,836,776

'

$5,836,776

'

$9,262,762

'

$3,693,878

'

$3,693,878

'

$7,119,864

'

'

'

$2,142,898

'

$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

124,600,972

'

124,600,972

'

190,415,719

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total liabilities

86,333,402

'

86,333,402

'

112,808,701

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Partners'/members' capital

38,267,570

'

38,267,570

'

77,607,018

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unconsolidated joint ventures

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total revenues

6,869,366

10,091,894

13,981,978

19,986,771

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total expenses

1,962,745

2,652,773

4,553,792

5,730,803

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income

4,906,621

7,439,121

9,428,186

14,255,968

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Allocated earnings based on its ownership interests

987,385

595,371

1,335,560

989,351

'

'

762,385

445,371

885,560

839,351

'

'

'

'

225,000

150,000

450,000

150,000

'

'

'

'

Management fee

2,191,847

2,164,377

4,500,719

3,602,878

'

'

94,084

226,381

228,544

468,861

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans sold to a related party

'

'

'

'

'

'

'

'

0

1

'

'

'

'

'

'

'

'

'

'

'

'

Cost of mortgages sold to a related party

'

'

1,727,178,351

1,381,912,189

'

'

'

'

'

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 $)

6 Months Ended

6 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

12 Months Ended

12 Months Ended

6 Months Ended

6 Months Ended

12 Months Ended

0 Months Ended

6 Months Ended

6 Months Ended

12 Months Ended

0 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Feb. 10, 2014

Feb. 10, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Apr. 29, 2014

Apr. 28, 2014

Dec. 31, 2013

Jan. 15, 2014

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jan. 24, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

29-May-14

29-May-14

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Sep. 14, 2012

Tuebor

Revolving Credit Facility

Revolving Credit Facility

Letters of credit

Master repurchase agreements

Master repurchase agreements

Committed master repurchase agreements

Committed 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

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

4/10/16

4/10/16

4/10/16

5/26/17

5/26/17

5/26/17

12/31/14

1/24/14

1/24/14

1/24/14

1/17/14

1/17/14

1/17/14

Various

Various

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

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

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

Tuebor

Tuebor

period

period

Minimum

Maximum

period

Minimum

Maximum

period

Minimum

Maximum

period

Minimum

Maximum

Minimum

Maximum

period

Minimum

Maximum

Ladder Capital Corp

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

$450,000,000

$300,000,000

$1,300,000,000

'

$300,000,000

$600,000,000

'

'

'

'

$300,000,000

$300,000,000

'

'

$250,000,000

'

'

$250,000,000

'

'

$450,000,000

'

'

$150,000,000

$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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Advance rates (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

65.00%

95.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

46.00%

57.00%

95.00%

95.00%

'

'

'

'

'

Outstanding Amount

685,693,352

'

609,834,793

'

0

'

'

685,693,352

609,834,793

178,970,352

'

'

159,312,343

'

20,000,000

88,921,450

'

'

'

'

78,015,745

22,749,015

'

'

28,407,500

'

'

25,160,900

'

'

75,793,707

'

'

'

47,732,500

'

'

361,601,000

'

'

486,723,000

'

'

60,423,328

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Committed but Unfunded

'

'

'

'

'

'

'

1,251,029,648

1,651,766,207

971,029,648

'

'

1,140,687,657

'

280,000,000

511,078,550

'

'

'

'

221,984,255

277,250,985

'

'

221,592,500

'

'

224,839,100

'

'

374,206,293

'

'

150,000,000

252,267,500

'

'

'

'

'

'

'

'

389,576,672

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Rate(s) (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.25%

'

1.26%

1.27%

'

'

2.65%

'

2.42%

2.67%

'

2.42%

3.04%

'

2.40%

3.04%

'

3.15%

3.17%

'

'

2.66%

2.67%

'

0.42%

1.67%

'

0.45%

1.65%

'

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

'

'

'

'

'

'

'

1,104,399,682

836,145,796

432,188,998

'

'

285,023,726

'

98,173,451

110,400,378

'

'

'

'

167,341,438

46,084,620

'

'

41,428,429

'

'

42,951,660

'

'

221,895,900

'

'

'

65,350,000

'

'

440,721,692

'

'

574,037,233

'

'

132,160,677

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value of collateral

'

'

'

'

'

'

'

1,105,564,748

837,610,170

433,354,064

'

'

286,488,100

'

98,173,451

110,400,378

'

'

'

'

167,341,438

46,483,618

'

'

41,518,063

'

'

44,116,726

'

'

221,895,900

'

'

'

65,813,055

'

'

440,721,692

'

'

574,037,233

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

417,242,482

'

401,262,302

'

'

'

'

'

'

'

'

939,490,612

1,013,640,649

226,692,106

276,722,665

'

Maximum advance limit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,900,000,000

'

'

'

'

'

'

'

'

'

'

Advance rates of total assets (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

33.00%

'

'

'

'

'

'

'

'

'

Interest rate, minimum (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.25%

'

'

0.32%

0.20%

'

'

'

'

'

'

'

'

'

'

'

Amount restricted from transfer

'

'

'

240,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate, maximum (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.75%

'

'

2.40%

2.40%

'

'

'

'

'

'

'

'

'

'

'

Long-term financing

314,554,965

'

291,053,406

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

314,554,965

'

291,053,406

'

'

'

'

'

'

'

'

'

'

'

'

'

Net unamortized premiums

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,834,668

'

3,807,479

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization of premiums

-305,846

-262,573

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

305,846

262,573

'

'

'

'

'

'

'

'

'

'

'

'

'

'

FHLB borrowings outstanding

903,000,000

'

989,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

903,000,000

989,000,000

'

'

'

'

'

'

'

'

'

'

'

Additional committed term financing available from FHLB

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

358,947,717

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%

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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 6 months)

683,723,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

393,209,452

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

246,760,900

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

520,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

25,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Thereafter

359,554,965

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total

$2,228,248,317

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

'

'

'

'

'

FAIR_VALUE_OF_FINANCIAL_INSTRU2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Repurchase agreements - short term	'	'
Liabilities:	'	'
Outstanding Face Amount	$677,932	$409,334
Repurchase agreements - short term | Discounted Cash Flow	'	'
Liabilities:	'	'
Outstanding Face Amount	677,932	409,334
Amortized Cost Basis	677,932	409,334
Fair Value	677,932	409,334
Fair Value Assumptions:	'	'
Weighted average yield %	1.30%	1.46%
Weighted Average Remaining Maturity/Duration	'3 months 11 days	'14 days
Repurchase agreements - long term	'	'
Liabilities:	'	'
Outstanding Face Amount	7,761	200,501
Repurchase agreements - long term | Discounted Cash Flow	'	'
Liabilities:	'	'
Outstanding Face Amount	7,761	200,501
Amortized Cost Basis	7,761	200,501
Fair Value	7,761	200,501
Fair Value Assumptions:	'	'
Weighted average yield %	2.57%	2.13%
Weighted Average Remaining Maturity/Duration	'1 year 9 months 11 days	'1 year 5 months 26 days
Long term financing	'	'
Liabilities:	'	'
Outstanding Face Amount	309,720	287,246
Fair Value Assumptions:	'	'
Impairment on security positions	0	0
Long term financing | Discounted Cash Flow	'	'
Liabilities:	'	'
Outstanding Face Amount	309,720	287,246
Amortized Cost Basis	314,555	291,053
Fair Value	313,623	278,129
Fair Value Assumptions:	'	'
Weighted average yield %	4.90%	4.84%
Weighted Average Remaining Maturity/Duration	'8 years 3 months 25 days	'8 years 8 months 12 days
Borrowings from the FHLB	'	'
Liabilities:	'	'
Outstanding Face Amount	903,000	989,000
Fair Value Assumptions:	'	'
Impairment on security positions	0	0
Borrowings from the FHLB | Discounted Cash Flow	'	'
Liabilities:	'	'
Outstanding Face Amount	903,000	989,000
Amortized Cost Basis	903,000	989,000
Fair Value	902,812	987,896
Fair Value Assumptions:	'	'
Weighted average yield %	0.67%	0.57%
Weighted Average Remaining Maturity/Duration	'1 year 9 months 7 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	350,188	341,250
Fair Value Assumptions:	'	'
Weighted average yield %	7.38%	7.38%
Weighted Average Remaining Maturity/Duration	'3 years 3 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	1,040,581	549,574
Mortgage loan receivables held for investment, at amortized cost | Discounted Cash Flow	'	'
Assets:	'	'
Outstanding Face Amount	1,040,581	549,574
Amortized Cost Basis	1,026,118	539,078
Fair Value	1,028,918	541,578
Fair Value Assumptions:	'	'
Weighted average yield %	8.00%	9.76%
Weighted Average Remaining Maturity/Duration	'2 years 1 month 24 days	'2 years 1 month 20 days
Mortgage loan receivables held for sale	'	'
Assets:	'	'
Outstanding Face Amount	103,719	440,775
Mortgage loan receivables held for sale | Discounted Cash Flow	'	'
Assets:	'	'
Outstanding Face Amount	103,719	440,775
Amortized Cost Basis	103,719	440,490
Fair Value	109,651	455,804
Fair Value Assumptions:	'	'
Weighted average yield %	4.88%	5.47%
Weighted Average Remaining Maturity/Duration	'8 years 11 months 26 days	'9 years 7 months 13 days
FHLB stock	'	'
Assets:	'	'
Outstanding Face Amount	57,240	49,450
FHLB stock | Put Value	'	'
Assets:	'	'
Outstanding Face Amount	57,240	49,450
Amortized Cost Basis	57,240	49,450
Fair Value	57,240	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	859,400	154,500
Recurring | Nonhedge derivatives | Counterparty quotations	'	'
Liabilities:	'	'
Derivative liability face amount	859,400	154,500
Fair Value	15,733	7,031
Fair Value Assumptions:	'	'
Weighted Average Remaining Maturity/Duration	'2 years 1 month 24 days	'4 years 6 months 18 days
Recurring | CMBS	'	'
Assets:	'	'
Outstanding Face Amount	1,199,855	1,160,741
Recurring | CMBS | Internal model, third-party inputs	'	'
Assets:	'	'
Outstanding Face Amount	1,199,855	'
Amortized Cost Basis	1,204,777	'
Fair Value	1,239,297	'
Fair Value Assumptions:	'	'
Weighted average yield %	3.51%	'
Weighted Average Remaining Maturity/Duration	'4 years 7 months 6 days	'
Recurring | CMBS | Broker quotations, pricing services	'	'
Assets:	'	'
Outstanding Face Amount	'	1,160,741
Amortized Cost Basis	'	1,156,230
Fair Value	'	1,164,936
Fair Value Assumptions:	'	'
Weighted average yield %	'	4.08%
Weighted Average Remaining Maturity/Duration	'	'4 years 10 months 17 days
Recurring | CMBS interest-only	'	'
Assets:	'	'
Outstanding Face Amount	7,435,884	5,702,862
Recurring | CMBS interest-only | Internal model, third-party inputs	'	'
Assets:	'	'
Outstanding Face Amount	7,435,884	'
Amortized Cost Basis	368,593	'
Fair Value	378,705	'
Fair Value Assumptions:	'	'
Weighted average yield %	4.12%	'
Weighted Average Remaining Maturity/Duration	'3 years 4 months 2 days	'
Recurring | CMBS interest-only | Broker quotations, pricing services	'	'
Assets:	'	'
Outstanding Face Amount	'	5,702,862
Amortized Cost Basis	'	259,061
Fair Value	'	258,058
Fair Value Assumptions:	'	'
Weighted average yield %	'	4.19%
Weighted Average Remaining Maturity/Duration	'	'3 years 4 months 17 days
Recurring | GNMA interest-only	'	'
Assets:	'	'
Outstanding Face Amount	1,714,071	1,848,270
Recurring | GNMA interest-only | Internal model, third-party inputs	'	'
Assets:	'	'
Outstanding Face Amount	1,714,071	'
Amortized Cost Basis	90,460	'
Fair Value	88,898	'
Fair Value Assumptions:	'	'
Weighted average yield %	5.07%	'
Weighted Average Remaining Maturity/Duration	'4 years 4 months 6 days	'
Recurring | GNMA interest-only | Broker quotations, pricing services	'	'
Assets:	'	'
Outstanding Face Amount	'	1,848,270
Amortized Cost Basis	'	103,136
Fair Value	'	99,877
Fair Value Assumptions:	'	'
Weighted average yield %	'	5.32%
Weighted Average Remaining Maturity/Duration	'	'2 years 1 month 13 days
Recurring | FHLMC interest-only	'	'
Assets:	'	'
Outstanding Face Amount	217,926	219,677
Recurring | FHLMC interest-only | Internal model, third-party inputs	'	'
Assets:	'	'
Outstanding Face Amount	217,926	'
Amortized Cost Basis	7,137	'
Fair Value	7,394	'
Fair Value Assumptions:	'	'
Weighted average yield %	5.33%	'
Weighted Average Remaining Maturity/Duration	'1 year 10 months 28 days	'
Recurring | FHLMC interest-only | Broker quotations, pricing services	'	'
Assets:	'	'
Outstanding Face Amount	'	219,677
Amortized Cost Basis	'	7,904
Fair Value	'	8,152
Fair Value Assumptions:	'	'
Weighted average yield %	'	5.21%
Weighted Average Remaining Maturity/Duration	'	'3 years 14 days
Recurring | GN construction securities	'	'
Assets:	'	'
Outstanding Face Amount	20,193	12,858
Recurring | GN construction securities | Internal model, third-party inputs	'	'
Assets:	'	'
Outstanding Face Amount	20,193	'
Amortized Cost Basis	20,737	'
Fair Value	20,277	'
Fair Value Assumptions:	'	'
Weighted average yield %	3.51%	'
Weighted Average Remaining Maturity/Duration	'6 years 8 months 5 days	'
Recurring | GN construction securities | Broker quotations, pricing services	'	'
Assets:	'	'
Outstanding Face Amount	'	12,858
Amortized Cost Basis	'	13,261
Fair Value	'	13,007
Fair Value Assumptions:	'	'
Weighted average yield %	'	3.49%
Weighted Average Remaining Maturity/Duration	'	'6 years 6 months 25 days
Recurring | GN permanent securities	'	'
Assets:	'	'
Outstanding Face Amount	95,868	108,310
Recurring | GN permanent securities | Internal model, third-party inputs	'	'
Assets:	'	'
Outstanding Face Amount	95,868	'
Amortized Cost Basis	97,761	'
Fair Value	99,917	'
Fair Value Assumptions:	'	'
Weighted average yield %	4.35%	'
Weighted Average Remaining Maturity/Duration	'3 years 8 months 12 days	'
Recurring | GN permanent securities | Broker quotations, pricing services	'	'
Assets:	'	'
Outstanding Face Amount	'	108,310
Amortized Cost Basis	'	110,724
Fair Value	'	113,216
Fair Value Assumptions:	'	'
Weighted average yield %	'	4.64%
Weighted Average Remaining Maturity/Duration	'	'3 years 3 months 7 days
Recurring | Nonhedge derivatives	'	'
Assets:	'	'
Derivative asset face amount	81,272	808,700
Recurring | Nonhedge derivatives | Counterparty quotations	'	'
Assets:	'	'
Derivative asset face amount	81,272	808,700
Fair Value	$196	$8,244
Fair Value Assumptions:	'	'
Weighted Average Remaining Maturity/Duration	'5 years 11 months 8 days	'6 months

FAIR_VALUE_OF_FINANCIAL_INSTRU3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Repurchase agreements - short-term	'	'
Liabilities:	'	'
Outstanding Face Amount	$677,932	$409,334
Repurchase agreements - long-term	'	'
Liabilities:	'	'
Outstanding Face Amount	7,761	200,501
Long-term financing	'	'
Liabilities:	'	'
Outstanding Face Amount	309,720	287,246
Borrowings from the FHLB	'	'
Liabilities:	'	'
Outstanding Face Amount	903,000	989,000
Senior unsecured notes	'	'
Liabilities:	'	'
Outstanding Face Amount	325,000	325,000
Mortgage loan receivables held for investment	'	'
Assets:	'	'
Outstanding Face Amount	1,040,581	549,574
Mortgage loan receivables held for sale	'	'
Assets:	'	'
Outstanding Face Amount	103,719	440,775
FHLB stock	'	'
Assets:	'	'
Outstanding Face Amount	57,240	49,450
Level 2 | Repurchase agreements - short-term	'	'
Liabilities:	'	'
Fair Value	677,932	409,334
Level 2 | Repurchase agreements - long-term	'	'
Liabilities:	'	'
Fair Value	7,761	200,501
Level 2 | Senior unsecured notes	'	'
Liabilities:	'	'
Fair Value	350,188	341,250
Level 3 | Long-term financing	'	'
Liabilities:	'	'
Fair Value	313,623	278,129
Level 3 | Borrowings from the FHLB	'	'
Liabilities:	'	'
Fair Value	902,812	987,896
Level 3 | Mortgage loan receivables held for investment	'	'
Assets:	'	'
Fair Value	1,028,918	541,578
Level 3 | Mortgage loan receivables held for sale	'	'
Assets:	'	'
Fair Value	109,651	455,804
Level 3 | FHLB stock	'	'
Assets:	'	'
Fair Value	57,240	49,450
Total | Repurchase agreements - short-term	'	'
Liabilities:	'	'
Fair Value	677,932	409,334
Total | Repurchase agreements - long-term	'	'
Liabilities:	'	'
Fair Value	7,761	200,501
Total | Long-term financing	'	'
Liabilities:	'	'
Fair Value	313,623	278,129
Total | Borrowings from the FHLB	'	'
Liabilities:	'	'
Fair Value	902,812	987,896
Total | Senior unsecured notes	'	'
Liabilities:	'	'
Fair Value	350,188	341,250
Total | Mortgage loan receivables held for investment	'	'
Assets:	'	'
Fair Value	1,028,918	541,578
Total | Mortgage loan receivables held for sale	'	'
Assets:	'	'
Fair Value	109,651	455,804
Total | FHLB stock	'	'
Assets:	'	'
Fair Value	57,240	49,450
Recurring | Nonhedge derivatives	'	'
Liabilities:	'	'
Derivative liability face amount	859,400	154,500
Recurring | CMBS	'	'
Assets:	'	'
Outstanding Face Amount	1,199,855	1,160,741
Recurring | CMBS interest-only	'	'
Assets:	'	'
Outstanding Face Amount	7,435,884	5,702,862
Recurring | GNMA interest-only	'	'
Assets:	'	'
Outstanding Face Amount	1,714,071	1,848,270
Recurring | FHLMC interest-only	'	'
Assets:	'	'
Outstanding Face Amount	217,926	219,677
Recurring | GN construction securities	'	'
Assets:	'	'
Outstanding Face Amount	20,193	12,858
Recurring | GN permanent securities	'	'
Assets:	'	'
Outstanding Face Amount	95,868	108,310
Recurring | Nonhedge derivatives	'	'
Assets:	'	'
Derivative asset face amount	81,272	808,700
Recurring | Level 2 | Nonhedge derivatives	'	'
Liabilities:	'	'
Fair Value	15,733	7,031
Recurring | Level 2 | CMBS	'	'
Assets:	'	'
Fair Value	1,239,297	1,164,936
Recurring | Level 2 | CMBS interest-only	'	'
Assets:	'	'
Fair Value	378,705	258,058
Recurring | Level 2 | GNMA interest-only	'	'
Assets:	'	'
Fair Value	88,898	99,877
Recurring | Level 2 | FHLMC interest-only	'	'
Assets:	'	'
Fair Value	7,394	8,152
Recurring | Level 2 | GN construction securities	'	'
Assets:	'	'
Fair Value	20,277	13,007
Recurring | Level 2 | GN permanent securities	'	'
Assets:	'	'
Fair Value	99,917	113,216
Recurring | Level 2 | Nonhedge derivatives	'	'
Assets:	'	'
Fair Value	196	8,244
Recurring | Total | Nonhedge derivatives	'	'
Liabilities:	'	'
Fair Value	15,733	7,031
Recurring | Total | CMBS	'	'
Assets:	'	'
Fair Value	1,239,297	1,164,936
Recurring | Total | CMBS interest-only	'	'
Assets:	'	'
Fair Value	378,705	258,058
Recurring | Total | GNMA interest-only	'	'
Assets:	'	'
Fair Value	88,898	99,877
Recurring | Total | FHLMC interest-only	'	'
Assets:	'	'
Fair Value	7,394	8,152
Recurring | Total | GN construction securities	'	'
Assets:	'	'
Fair Value	20,277	13,007
Recurring | Total | GN permanent securities	'	'
Assets:	'	'
Fair Value	99,917	113,216
Recurring | Total | Nonhedge derivatives	'	'
Assets:	'	'
Fair Value	$196	$8,244

DERIVATIVE_INSTRUMENTS_Details

DERIVATIVE INSTRUMENTS (Details) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
DERIVATIVE INSTRUMENTS	'	'	'	'	'
Notional	$940,671,900	'	$940,671,900	'	$1,034,450,000
Fair value, Asset	196,009	'	196,009	'	8,244,355
Fair value, Liability	15,732,862	'	15,732,862	'	7,031,033
Unrealized Gain/(Loss)	-6,276,905	24,172,958	-16,784,639	20,347,002	'
Realized Gain/(Loss)	-18,996,419	-3,493,931	-34,775,351	2,601,734	'
Net Result from Derivative Transactions	-25,273,324	20,679,027	-51,559,990	22,948,736	'
Cash margins held as collateral for derivatives by counterparties	29,963,211	'	29,963,211	'	21,959,114
Cash collateral held by counterparty	1,230,402	'	1,230,402	'	919,315
Caps 1MO LIB	'	'	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'	'	'
Notional	71,250,000	'	71,250,000	'	71,250,000
Fair value, Asset	85	'	85	'	'
Remaining Maturity	'	'	'11 months 1 day	'	'1 month 20 days
Variable interest rate	'	'	'1MO LIB	'	'1MO LIB
Unrealized Gain/(Loss)	85	-717	85	102	'
Realized Gain/(Loss)	-7,125	'	-7,125	'	'
Net Result from Derivative Transactions	-7,040	-717	-7,040	102	'
Futures	'	'	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'	'	'
Notional	704,900,000	'	704,900,000	'	798,700,000
Fair value, Asset	'	'	'	'	7,992,185
Fair value, Liability	7,842,153	'	7,842,153	'	'
Unrealized Gain/(Loss)	-5,462,311	18,020,544	-15,833,365	11,001,463	'
Realized Gain/(Loss)	-18,090,064	-759,515	-32,871,471	8,014,801	'
Net Result from Derivative Transactions	-23,552,375	17,261,029	-48,704,836	19,016,264	'
5-years US T-Note	'	'	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'	'	'
Notional	151,200,000	'	151,200,000	'	45,000,000
Fair value, Asset	'	'	'	'	402,719
Fair value, Liability	671,719	'	671,719	'	'
Remaining Maturity	'	'	'3 months	'	'3 months
Term of derivative contract	'	'	'5 years	'	'5 years
10-years US T-Note	'	'	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'	'	'
Notional	553,700,000	'	553,700,000	'	753,700,000
Fair value, Asset	'	'	'	'	7,589,466
Fair value, Liability	7,170,434	'	7,170,434	'	'
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	'	121,000,000
Fair value, Liability	7,163,971	'	7,163,971	'	6,420,495
Remaining Maturity	'	'	'4 years 7 days	'	'4 years 6 months 4 days
Variable interest rate	'	'	'3MO LIB	'	'3MO LIB
Unrealized Gain/(Loss)	-561,124	6,819,824	-740,444	10,243,147	'
Realized Gain/(Loss)	-801,783	-2,779,955	-1,601,921	-4,126,903	'
Net Result from Derivative Transactions	-1,362,907	4,039,869	-2,342,365	6,116,244	'
Credit Derivatives	'	'	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'	'	'
Notional	43,521,900	'	43,521,900	'	43,500,000
Fair value, Asset	195,924	'	195,924	'	252,170
Fair value, Liability	726,738	'	726,738	'	610,538
Unrealized Gain/(Loss)	-253,555	-666,693	-210,915	-897,710	'
Realized Gain/(Loss)	-97,447	45,539	-294,834	-1,286,164	'
Net Result from Derivative Transactions	-351,002	-621,154	-505,749	-2,183,874	'
CMBX	'	'	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'	'	'
Notional	10,000,000	'	10,000,000	'	10,000,000
Fair value, Asset	148,310	'	148,310	'	252,170
Remaining Maturity	'	'	'7 years 8 months 26 days	'	'8 years 4 months 17 days
CDX	'	'	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'	'	'
Notional	33,500,000	'	33,500,000	'	33,500,000
Fair value, Liability	726,738	'	726,738	'	610,538
Remaining Maturity	'	'	'4 years 5 months 23 days	'	'4 years 11 months 19 days
S&P 500 Put Options 3/4/14	'	'	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'	'	'
Notional	1,900	'	1,900	'	'
Fair value, Asset	14,378	'	14,378	'	'
Remaining Maturity	'	'	'2 months 19 days	'	'
SPX VOLATILITY INDEX CALL 11/19/14	'	'	'	'	'
DERIVATIVE INSTRUMENTS	'	'	'	'	'
Notional	20,000	'	20,000	'	'
Fair value, Asset	$33,236	'	$33,236	'	'
Remaining Maturity	'	'	'4 months 20 days	'	'

OFFSETTING_ASSETS_AND_LIABILIT2

OFFSETTING ASSETS AND LIABILITIES (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Offsetting of derivative assets	'	'
Gross amounts of recognized assets	$196,009	$8,244,355
Net amounts of assets presented in the balance sheet	196,009	8,244,355
Net amount	$196,009	$8,244,355

OFFSETTING_ASSETS_AND_LIABILIT3

OFFSETTING ASSETS AND LIABILITIES (Details 2) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Offsetting of derivative liabilities	'	'
Gross amounts of recognized liabilities	$15,732,862	$7,031,033
Net amount presented in the balance sheet	15,732,862	7,031,033
Gross amounts not offset in the balance sheet	'	'
Cash collateral posted/(received)	15,732,862	7,031,033
Offsetting of repurchase agreements	'	'
Gross amounts of recognized liabilities	685,693,352	609,834,793
Net amount presented in the balance sheet	685,693,352	609,834,793
Gross amounts not offset in the balance sheet	'	'
Financial instruments	685,693,352	609,834,793
Offsetting of financial liabilities and derivative liabilities	'	'
Gross amounts of recognized liabilities	701,426,214	616,865,826
Net amount presented in the balance sheet	701,426,214	616,865,826
Gross amounts not offset in the balance sheet	'	'
Financial instruments collateral	685,693,352	609,834,793
Cash collateral posted/(received)	$15,732,862	$7,031,033

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended	5 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
Weighted average shares outstanding	'	'	'
Basic (in shares)	48,909,692	'	48,909,692
Diluted (in shares)	97,617,710	'	97,714,070
Class A common stock	'	'	'
Earnings per share	'	'	'
Basic Net income available for Class A common stockholders	$12,504,788	$25,157,000	$25,157,129
Diluted Net income available for Class A common stockholders	$21,951,000	$45,249,000	'
Weighted average shares outstanding	'	'	'
Basic (in shares)	48,909,692	48,909,692	'
Diluted (in shares)	97,617,710	97,714,070	'

EARNINGS_PER_SHARE_Details_2

EARNINGS PER SHARE (Details 2) (USD $)	3 Months Ended	5 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 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	'	$0.51
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	97,617,710	'	97,714,070
Diluted net income per share of Class A common stock (in dollars per share)	$0.22	'	$0.46
Class A common stock	'	'	'
Numerator:	'	'	'
Net income attributable to Class A common shareholders	$12,504,788	$25,157,000	$25,157,129
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	$0.51	'
Numerator:	'	'	'
Net income attributable to Class A common shareholders	12,504,788	25,157,000	25,157,129
Add (deduct) - dilutive effect of:	'	'	'
Amounts attributable to operating partnership's share of Ladder Capital Corp net income	17,691,000	36,260,000	'
Additional corporate tax	-8,246,000	-16,168,000	'
Diluted net income attributable to Class A common shareholders	$21,951,000	$45,249,000	'
Denominator:	'	'	'
Basic weighted average number of shares of Class A common stock outstanding	48,909,692	48,909,692	'
Add - dilutive effect of:	'	'	'
Shares issuable relating to converted Class B common shareholders	48,534,459	48,535,268	'
Incremental shares of unvested Class A restricted stock	173,559	269,110	'
Diluted weighted average number of shares of Class A common stock outstanding	97,617,710	97,714,070	'
Diluted net income per share of Class A common stock (in dollars per share)	$0.22	$0.46	'

CAPITAL_STRUCTURE_AND_ACCOUNTS2

CAPITAL STRUCTURE AND ACCOUNTS (Details)	0 Months Ended	6 Months Ended
	Feb. 12, 2014	Jun. 30, 2014
CAPITAL STRUCTURE AND ACCOUNTS	'	'
Number of classes of common stock	'	2
Class A common stock	'	'
CAPITAL STRUCTURE AND ACCOUNTS	'	'
Number of votes per share	'	1
Class A common stock | LCFH	'	'
CAPITAL STRUCTURE AND ACCOUNTS	'	'
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 AND ACCOUNTS	'	'
Number of votes per share	'	1

CAPITAL_STRUCTURE_AND_ACCOUNTS3

CAPITAL STRUCTURE AND ACCOUNTS (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_AND_ACCOUNTS4

CAPITAL STRUCTURE AND ACCOUNTS (Details 3) (USD $)	3 Months Ended		6 Months Ended			0 Months Ended	1 Months Ended	5 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Feb. 12, 2014	Feb. 10, 2014	Jun. 30, 2014	Jun. 30, 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	Unrealized gain (loss) on real estate securities, available for sale
Accumulated Other Comprehensive Income	'	'	'	'	'	'	'	'	'
Beginning balance	'	'	'	'	'	'	$12,133,807	'	$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	'	'	'	'	'	'	'	19,117,143	'
Amounts reclassified from accumulated other comprehensive income	'	'	'	'	'	'	'	-5,911,314	'
Net current-period other comprehensive income	'	'	'	'	'	'	'	13,205,829	'
Net current-period other comprehensive income attributable to noncontrolling interest in operating partnership	'	'	'	'	'	'	'	8,181,530	'
Net current-period other comprehensive income attributable to Class A common shareholders	'	'	'	'	5,024,299	'	'	'	'
Ending balance	5,024,250	'	5,024,250	'	'	29,141,747	'	'	'
Provision for income taxes	$4,923,857	$0	$5,229,808	$0	'	'	'	'	$3,981,201

STOCK_BASED_COMPENSATION_PLANS2

STOCK BASED COMPENSATION PLANS (Details) (USD $)

3 Months Ended

6 Months Ended

0 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Feb. 18, 2014

Feb. 10, 2014

Feb. 12, 2014

Apr. 20, 2010

Jun. 04, 2012

Jan. 02, 2012

29-May-13

Jun. 04, 2012

Jan. 02, 2012

Jun. 03, 2013

20-May-13

Feb. 01, 2013

Feb. 12, 2014

Feb. 12, 2014

Feb. 12, 2014

Feb. 12, 2014

Feb. 12, 2014

Feb. 12, 2014

Jun. 30, 2014

Feb. 12, 2014

Feb. 12, 2014

Feb. 12, 2014

Jun. 30, 2014

Jun. 30, 2014

Feb. 12, 2014

Feb. 12, 2014

Feb. 12, 2014

Feb. 28, 2014

Jun. 30, 2014

Feb. 12, 2014

Jul. 03, 2014

Jul. 03, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Class A Common Stock

2008 Incentive Equity Plan

2008 Incentive Equity Plan

2008 Incentive Equity Plan

2008 Incentive Equity Plan

2008 Incentive Equity Plan

2008 Incentive Equity Plan

2008 Incentive Equity Plan

2008 Incentive Equity Plan

2008 Incentive Equity Plan

2014 Omnibus Incentive Plan

2014 Omnibus Incentive Plan

2014 Omnibus Incentive Plan

2014 Omnibus Incentive Plan

2014 Omnibus Incentive Plan

2014 Omnibus Incentive Plan

2014 Omnibus Incentive Plan

2014 Omnibus Incentive Plan

2014 Omnibus Incentive Plan

2014 Omnibus Incentive Plan

2014 Omnibus Incentive Plan

2014 Omnibus Incentive Plan

2014 Omnibus Incentive Plan

2014 Omnibus Incentive Plan

The Plan

The Plan

The Plan

The Plan

2014 Deferred Compensation Plan

2014 Deferred Compensation Plan

2008 Incentive Equity Plan and 2014 Omnibus Incentive Plan

2008 Incentive Equity Plan and 2014 Omnibus Incentive Plan

2008 Incentive Equity Plan and 2014 Omnibus Incentive Plan

2008 Incentive Equity Plan and 2014 Omnibus Incentive Plan

2008 Incentive Equity Plan and 2014 Omnibus Incentive Plan

2008 Incentive Equity Plan and 2014 Omnibus Incentive Plan

2008 Incentive Equity Plan and 2014 Omnibus Incentive Plan

2008 Incentive Equity Plan and 2014 Omnibus Incentive Plan

2008 Incentive Equity Plan and 2014 Omnibus Incentive Plan

2008 Incentive Equity Plan and 2014 Omnibus Incentive Plan

2008 Incentive Equity Plan and 2014 Omnibus Incentive Plan

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

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 Common Stock (restricted)

Class A Common Stock (restricted)

Class A Common Stock

Subsequent event

Maximum

PREDECESSOR

PREDECESSOR

PREDECESSOR

Class A-2 Common Units

Series B Participating Preferred Units

Series B Participating Preferred Units

Series B Participating Preferred Units

LP Units

LP Units

Class A Common Stock (restricted)

Class A Common Stock (restricted)

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

Grantees

Grantees

Grantees

Harris

Harris

Mr. Fishman

Joel C. Peterson

Douglas Durst

Director

Officers other than Mr. Harris, and certain employees

Grantees

Mr. Fishman/Mr. Peterson/Mr. Durst

Subsequent event

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

'

'

'

'

'

'

'

'42 months

'

'36 months

'

'

'36 months

'

'

'36 months

'

'

'18 months

'3 years

'

'3 years

'

'3 years

'3 years

'3 years

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

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)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,365,150

'

1,365,150

'

'

'

28,637,096

Amortization to compensation expense

-4,227,472

-1,095,461

-6,552,452

-1,569,962

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,095,461

-290,171

-1,569,962

'

'

'

'

-5,785,597

-6,136,856

1,558,125

-125,425

Unvested shares 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

'

'

'

'

'

'

'

'

'

'

'

'

'

1,619,865

67,648

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,687,513

Vested (in shares/units)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-32,365

'

-1,158

'

'

-1,463,541

'

'

Converted (in shares/units)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-333,042

'

-13,118

'

'

3,186,066

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9,101

'

9,101

1,722,525

1,722,525

1,687,513

1,687,513

Unrecognized compensation cost

28,335,469

'

28,335,469

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period over which unrecognized compensation cost is expected to be recognized

'

'

'33 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

33.00%

'

'

'

33.00%

33.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'30 months 9 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'3 years

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share price (in dollars per share)

'

'

'

'

'

$17

$17

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$17

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of termination following a change in control during which participant will fully vest in their unvested account balances

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'6 months

'

'

'

'

'

'

'

'

'

'

'

Period of payment following the end of the participant's employment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'60 days

'

'

'

'

'

'

'

'

'

'

'

Deferred Compensation Plan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Employee's contribution

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,427,127

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of compensation expensed upon contribution

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total employee's contribution, net of forfeitures and payouts related to terminations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11,851,733

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

82,027

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units unvested

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

37,251

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Bonus payment to employees

'

'

'

'

43,719,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Compensation expense

$17,950,000

$6,842,998

$30,614,286

$13,858,049

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Current expense	'	'	'	'	'
Federal	$10,452,799	'	$15,819,774	'	'
State and local	2,957,292	'	4,762,804	'	'
Total current expense	13,410,091	'	20,582,578	'	'
Deferred expense/(benefit)	'	'	'	'	'
Federal	-4,353,718	'	-5,875,173	'	'
State and local	-857,749	'	-1,219,564	'	'
Total deferred expense/(benefit)	-5,211,467	'	-7,094,737	'	'
Provision for income tax expense	8,198,624	1,615,757	13,487,841	3,683,520	'
Corporate taxes payable	13,634,798	'	13,634,798	'	0
NYC UBT taxes payable	412,066	'	412,066	'	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%	'	35.00%	'	'
Increase due to state and local taxes (as a percent)	3.76%	'	4.10%	'	'
Benefit of partnership income not subject to taxation (as a percent)	-17.33%	'	-17.33%	'	'
Effective income tax rate (as a percent)	21.43%	'	21.77%	'	'
Deferred Tax Assets	'	'	'	'	'
Depreciation	2,033,698	'	2,033,698	'	'
Equity based compensation	2,613,308	'	2,613,308	'	'
Unrealized gains and losses	2,447,731	'	2,447,731	'	'
Total Deferred Tax Assets	7,094,737	'	7,094,737	'	'
Net Deferred Tax Assets/(Liabilities)	7,094,737	'	7,094,737	'	'
Liability for unrecognized tax benefits for uncertain income tax positions	$0	'	$0	'	'

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (Meridian, USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Meridian	'	'	'	'
RELATED PARTY TRANSACTIONS	'	'	'	'
Fees incurred for loans originated	$0	$150,000	$0	$300,000
Fees accrued and payable	$425,000	'	$425,000	'

COMMITMENTS_Details

COMMITMENTS (Details) (USD $)	6 Months Ended	12 Months Ended				6 Months Ended		6 Months Ended
	Jun. 30, 2014	Dec. 31, 2012	Dec. 31, 2011	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 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 6 months)	$890,858	'	'	'	'	'	'	'	'
2015	1,381,992	'	'	'	'	'	'	'	'
2016	1,125,069	'	'	'	'	'	'	'	'
2017	1,180,400	'	'	'	'	'	'	'	'
2018	1,180,400	'	'	'	'	'	'	'	'
Thereafter	3,639,567	'	'	'	'	'	'	'	'
Total	9,398,286	'	'	'	'	'	'	'	'
COMMITMENTS	'	'	'	'	'	'	'	'	'
Period over which commitment is made to purchase loan securities	'	'	'	'	'	'12 months	'	'18 months	'
Fixed prices (in dollars per unit)	'	'	'	'	'	$102	$102	$105.70	$107.30
Commitment to purchase loan securities	'	'	'	92,493,765	150,271,380	'	'	'	'
Funded	'	'	'	69,294,500	112,780,499	'	'	'	'
Remaining to be funded	'	'	'	23,199,265	37,490,881	'	'	'	'
Fair value of commitments	'	'	'	($209,850)	($176,736)	'	'	'	'

COMMITMENTS_Details_2

COMMITMENTS (Details 2) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Mortgage loan receivables held for investment	'	'
Off-Balance Sheet Arrangements	'	'
Unfunded commitments of mortgage loan receivables held for investment	$155,277,157	$71,514,519
First mortgage loan financing	'	'
Off-Balance Sheet Arrangements	'	'
Unfunded commitments of mortgage loan receivables held for investment	'	65,314,519
Mezzanine loan financing	'	'
Off-Balance Sheet Arrangements	'	'
Unfunded commitments of mortgage loan receivables held for investment	'	$6,200,000

SEGMENT_REPORTING_Details

SEGMENT REPORTING (Details) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
			segment
SEGMENT REPORTING	'	'	'	'	'
Number of reportable segments	'	'	3	'	'
Interest income	$45,112,289	$30,167,774	$81,934,414	$61,429,106	'
Interest expense	-16,751,627	-11,941,719	-31,592,925	-23,148,915	'
Net interest income	28,360,662	18,226,055	50,341,489	38,280,191	'
Provision for loan losses	-150,000	-150,000	-300,000	-300,000	'
Net interest income after provision for loan losses	28,210,662	18,076,055	50,041,489	37,980,191	'
Operating lease income	12,803,327	8,906,286	26,016,701	15,390,326	'
Tenant recoveries	2,142,214	'	4,222,377	'	'
Sale of loans, net	45,418,742	35,813,760	86,721,407	118,821,222	'
Gain on securities	5,376,206	3,311,422	7,185,021	5,876,315	'
Sale of real estate, net	9,060,194	3,665,173	15,753,101	7,362,721	'
Fee income	2,191,847	2,164,377	4,500,719	3,602,878	'
Net result from derivative transactions	-25,273,324	20,679,027	-51,559,990	22,948,736	'
Earnings from investment in unconsolidated joint ventures	987,385	595,371	1,335,560	989,351	'
Unrealized gain (loss) on Agency interest-only securities, net	2,782,051	-4,788,943	1,747,905	-5,038,843	'
Total other income	55,488,642	70,346,473	95,922,801	169,952,706	'
Salaries and employee benefits	-26,483,185	-13,881,840	-46,486,198	-33,593,393	'
Operating expenses	-3,663,819	-2,736,255	-6,705,120	-5,009,124	'
Real estate operating expenses	-7,379,677	-3,544,717	-14,981,536	-6,425,142	'
Fee expense	-713,570	-3,788,808	-1,215,086	-5,193,012	'
Depreciation and amortization	-7,017,736	-3,075,606	-14,444,994	-6,199,189	'
Total costs and expenses	-45,257,987	-27,027,226	-83,832,934	-56,419,860	'
Tax expense	-8,198,624	-1,615,757	-13,487,841	-3,683,520	'
Net income	30,242,693	59,779,545	48,643,515	147,829,517	188,733,086
Total assets	3,824,083,991	2,498,264,000	3,824,083,991	2,498,264,000	3,489,063,267
Investment in FHLB stock	57,240,000	'	57,240,000	'	49,450,000
Operating Segment | Loans	'	'	'	'	'
SEGMENT REPORTING	'	'	'	'	'
Interest income	27,731,000	14,078,000	48,040,000	32,789,000	'
Interest expense	-3,596,000	-1,217,000	-5,784,000	-3,093,000	'
Net interest income	24,135,000	12,861,000	42,256,000	29,696,000	'
Provision for loan losses	-150,000	-150,000	-300,000	-300,000	'
Net interest income after provision for loan losses	23,985,000	12,711,000	41,956,000	29,396,000	'
Sale of loans, net	45,419,000	35,814,000	86,721,000	118,681,000	'
Sale of real estate, net	435,000	186,000	782,000	'	'
Fee income	688,000	332,000	1,353,000	1,325,000	'
Net result from derivative transactions	-9,126,000	14,230,000	-19,869,000	14,113,000	'
Total other income	37,416,000	50,562,000	68,987,000	134,119,000	'
Salaries and employee benefits	-8,200,000	-5,000,000	-14,500,000	-16,300,000	'
Operating expenses	48,000	53,000	89,000	103,000	'
Fee expense	-420,000	-716,000	-722,000	-1,562,000	'
Total costs and expenses	-8,572,000	-5,663,000	-15,133,000	-17,759,000	'
Net income	52,829,000	57,610,000	95,810,000	145,756,000	'
Total assets	1,129,837,000	911,295,000	1,129,837,000	911,295,000	'
Operating Segment | Securities	'	'	'	'	'
SEGMENT REPORTING	'	'	'	'	'
Interest income	17,363,000	14,056,000	33,868,000	28,611,000	'
Interest expense	-1,538,000	-717,000	-2,803,000	-2,046,000	'
Net interest income	15,825,000	13,339,000	31,065,000	26,565,000	'
Net interest income after provision for loan losses	15,825,000	13,339,000	31,065,000	26,565,000	'
Gain on securities	5,376,000	3,311,000	7,185,000	5,876,000	'
Fee income	5,000	8,000	96,000	8,000	'
Net result from derivative transactions	-16,147,000	6,449,000	-31,691,000	8,836,000	'
Unrealized gain (loss) on Agency interest-only securities, net	2,782,000	-4,789,000	1,748,000	-5,039,000	'
Total other income	-7,984,000	4,979,000	-22,662,000	9,681,000	'
Fee expense	-17,000	-340,000	-39,000	-357,000	'
Total costs and expenses	-17,000	-340,000	-39,000	-357,000	'
Net income	7,824,000	17,978,000	8,364,000	35,889,000	'
Total assets	1,834,488,000	887,523,000	1,834,488,000	887,523,000	'
Operating Segment | Real Estate	'	'	'	'	'
SEGMENT REPORTING	'	'	'	'	'
Interest expense	-3,783,000	-2,920,000	-7,114,000	-4,000,000	'
Net interest income	-3,783,000	-2,920,000	-7,114,000	-4,000,000	'
Net interest income after provision for loan losses	-3,783,000	-2,920,000	-7,114,000	-4,000,000	'
Operating lease income	12,803,000	8,906,000	26,017,000	15,390,000	'
Tenant recoveries	2,142,000	'	4,222,000	'	'
Sale of real estate, net	8,625,000	3,479,000	14,971,000	7,363,000	'
Fee income	'	46,000	'	213,000	'
Earnings from investment in unconsolidated joint ventures	987,000	'	1,336,000	'	'
Total other income	24,557,000	12,431,000	46,546,000	22,966,000	'
Real estate operating expenses	-7,380,000	-3,545,000	-14,982,000	-6,425,000	'
Fee expense	-23,000	-2,606,000	-41,000	-3,057,000	'
Depreciation and amortization	-6,881,000	-2,938,000	-14,171,000	-5,925,000	'
Total costs and expenses	-14,284,000	-9,089,000	-29,194,000	-15,407,000	'
Tax expense	'	-242,000	'	-474,000	'
Net income	6,490,000	180,000	10,238,000	3,085,000	'
Total assets	561,177,000	521,369,000	561,177,000	521,369,000	'
Corporate / Other	'	'	'	'	'
SEGMENT REPORTING	'	'	'	'	'
Interest income	18,000	2,034,000	26,000	29,000	'
Interest expense	-7,835,000	-7,088,000	-15,892,000	-14,010,000	'
Net interest income	-7,817,000	-5,054,000	-15,866,000	-13,981,000	'
Net interest income after provision for loan losses	-7,817,000	-5,054,000	-15,866,000	-13,981,000	'
Sale of loans, net	'	'	'	140,000	'
Fee income	1,499,000	1,779,000	3,052,000	2,057,000	'
Earnings from investment in unconsolidated joint ventures	'	595,000	'	989,000	'
Total other income	1,499,000	2,374,000	3,052,000	3,186,000	'
Salaries and employee benefits	-18,283,000	-8,882,000	-31,986,000	-17,293,000	'
Operating expenses	-3,712,000	-2,789,000	-6,794,000	-5,112,000	'
Fee expense	-253,000	-127,000	-413,000	-217,000	'
Depreciation and amortization	-137,000	-137,000	-274,000	-274,000	'
Total costs and expenses	-22,385,000	-11,935,000	-39,467,000	-22,896,000	'
Tax expense	-8,199,000	-1,374,000	-13,488,000	-3,210,000	'
Net income	-36,902,000	-15,989,000	-65,769,000	-36,901,000	'
Total assets	$298,582,000	$178,077,000	$298,582,000	$178,077,000	'

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (Subsequent event, Senior Notes, USD $)	0 Months Ended
	Aug. 01, 2014
Subsequent event | Senior Notes	'
Subsequent events	'
Debt issued	$300,000,000
Interest rate (as a percent)	5.88%
Net proceeds from the offering	$295,000,000