Ladder Capital (LADR) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 30, 2015
Entity Registrant Name	Ladder Capital Corp
Entity Central Index Key	1,577,670
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A common stock
Entity Common Stock, Shares Outstanding		55,151,814
Class B common stock
Entity Common Stock, Shares Outstanding		44,198,745

Combined Consolidated Balance S

Combined Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 181,540	$ 76,218
Cash collateral held by broker	50,921	42,438
Mortgage loan receivables held for investment, net, at amortized cost	1,794,812	1,521,053
Mortgage loan receivables held for sale	333,531	417,955
Real estate securities, available-for-sale	2,415,382	2,815,566
Real estate held for sale	49,022	0
Real estate and related lease intangibles, net	791,577	768,986
Investments in unconsolidated joint ventures	33,793	6,041
FHLB stock	77,915	72,340
Derivative instruments	299	423
Due from brokers	4	4
Accrued interest receivable	22,220	24,658
Other assets	78,945	68,553
Total assets	5,829,961	5,814,235
Liabilities
Debt obligations	3,603,512	3,572,825
Senior unsecured notes	611,981	610,129
Due to brokers	2,012	0
Derivative instruments	21,942	13,445
Amount payable pursuant to tax receivable agreement	2,234	862
Dividends payable	1,380	0
Accrued expenses	57,753	91,993
Other liabilities	30,005	19,774
Total liabilities	4,330,819	4,309,028
Commitments and contingencies (Note 18)	0	0
Equity
Additional paid-in capital	766,516	725,538
Retained earnings	49,571	44,187
Accumulated other comprehensive income	14,443	15,656
Total shareholders’ equity	830,629	785,432
Noncontrolling interest in operating partnership	661,505	711,674
Noncontrolling interest in consolidated joint ventures	7,008	8,101
Total equity	1,499,142	1,505,207
Total liabilities and equity	5,829,961	5,814,235
Class A common stock
Equity
Common stock value	55	51
Class B common stock
Equity
Common stock value	$ 44	$ 0

Combined Consolidated Balance 3

Combined Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Class A common stock
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares	600,000,000	600,000,000
Common stock, issued shares	55,122,895	51,431,872
Common stock, outstanding shares	55,122,895	51,431,872
Class B common stock
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	44,227,923	47,647,023
Common stock, outstanding shares	44,227,923	47,647,023
Common stock, no par value (in dollars per share)	$ 0.001	$ 0.001

Combined Consolidated Statement

Combined Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net interest income
Interest income	$ 63,013	$ 48,459	$ 178,635	$ 130,394
Interest expense	29,535	19,928	83,846	51,521
Net interest income	33,478	28,531	94,789	78,873
Provision for loan losses	150	150	450	450
Net interest income after provision for loan losses	33,328	28,381	94,339	78,423
Other income
Operating lease income	20,671	12,810	60,207	38,827
Tenant recoveries	2,847	2,252	7,883	6,473
Sale of loans, net	15,165	20,414	59,717	107,135
Realized gain (loss) on securities	513	14,074	23,680	21,259
Unrealized gain (loss) on Agency interest-only securities	731	(1,282)	(639)	466
Realized gain on sale of real estate, net	6,406	8,471	21,347	24,225
Fee income	3,483	2,715	10,857	7,216
Net result from derivative transactions	(42,242)	1,125	(54,594)	(50,435)
Earnings (loss) from investment in unconsolidated joint ventures	(25)	326	580	1,662
Gain on assignment of mortgage loan financing	0	432	0	432
Total other income	7,549	61,337	129,038	157,260
Costs and expenses
Salaries and employee benefits	17,628	19,830	47,333	66,316
Operating expenses	4,951	6,190	20,487	12,896
Real estate operating expenses	8,975	7,150	27,976	22,131
Real estate acquisition costs	470	1,712	1,524	1,712
Fee expense	675	496	3,260	1,711
Depreciation and amortization	9,561	6,829	29,238	21,274
Total costs and expenses	42,260	42,207	129,818	126,040
Income (loss) before taxes	(1,383)	47,511	93,559	109,643
Income tax expense (benefit)	(4,181)	10,335	4,101	23,823
Net income	2,798	37,176	89,458	85,820
Net loss attributable to noncontrolling interest in consolidated joint ventures	85	306	578	451
Net loss attributable to predecessor unitholders	0	0	0	12,628
Net (income) loss attributable to noncontrolling interest in operating partnership	430	(22,826)	(43,338)	(59,086)
Net income attributable to Class A common shareholders	$ 3,313	$ 14,656	$ 46,698	$ 39,813
Earnings per share:
Basic (in dollars per share)	$ 0.06	$ 0.30	$ 0.91	$ 0.81
Diluted (in dollars per share)	$ 0.06	$ 0.28	$ 0.91	$ 0.74
Weighted average shares outstanding:
Basic (in shares)	52,922,487	49,394,399	51,091,977	49,101,904
Diluted (in shares)	53,348,858	97,918,235	51,388,851	97,750,385
Class A Common Stock
Costs and expenses
Net income attributable to Class A common shareholders	$ 3,313	$ 14,656	$ 46,698	$ 39,813
Earnings per share:
Basic (in dollars per share)	$ 0.06	$ 0.30	$ 0.91
Diluted (in dollars per share)	$ 0.06	$ 0.28	$ 0.91
Weighted average shares outstanding:
Basic (in shares)	52,922,487	49,394,399	51,091,977
Diluted (in shares)	53,348,858	97,918,235	51,388,851
Dividends per common stock (in dollars per share)	$ 0.275	$ 0	$ 0.775	$ 0

Combined Consolidated Statemen5

Combined Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net income		$ 2,798	$ 37,176	$ 89,458	$ 85,820
Unrealized gains on securities, net of tax:
Unrealized gain (loss) on real estate securities, available for sale	[1]	16,697	(7,211)	20,732	30,511
Reclassification adjustment for (gains) included in net income	[2]	(705)	(11,352)	(24,851)	(18,860)
Total other comprehensive income (loss)		15,992	(18,563)	(4,119)	11,651
Comprehensive income		18,790	18,613	85,339	97,471
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures		85	306	578	451
Comprehensive income of combined Class A common shareholders and Predecessor unit holders		18,875	18,919	85,917	97,922
Comprehensive (income) attributable to predecessor unitholders		0	0	0	(4,380)
Comprehensive (income) attributable to noncontrolling interest in operating partnership		(6,810)	(11,418)	(41,245)	(55,859)
Class A Common Stock
Unrealized gains on securities, net of tax:
Comprehensive income attributable to Class A common shareholders		$ 12,065	$ 7,501	$ 44,672	$ 37,683
[1]	Amounts are net of provision for (benefit from) no income taxes and $(2.0) million of income taxes for the three months ended September 30, 2015 and 2014, respectively, and $0.5 million and $3.2 million for the nine months ended September 30, 2015 and 2014, respectively.
[2]	Amounts are net of (provision for) benefit of no income taxes and $(3.2) million for the three months ended September 30, 2015 and 2014, respectively, and $(0.5) million and $(4.5) million for the nine months ended September 30, 2015 and 2014, respectively.

Combined Consolidated Statemen6

Combined Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on securities, tax	$ 0	$ (2,000,000)	$ 500,000	$ 3,200,000
Reclassification adjustment for unrealized gains on securities, tax	$ 0	$ (3,200,000)	$ (500,000)	$ (4,500,000)

Combined Consolidated Statemen7

Combined Consolidated Statements of Changes in Equity/Capital - USD ($) $ in Thousands	Total	Additional Paid-in-Capital	Retained Earnings	Accumulated Other Comprehensive Income	Noncontrolling Interests Operating Partnership	Noncontrolling Interests Consolidated Joint Ventures	Class A Common StockCommon Stock	Class B Common StockCommon Stock	Preferred UnitsSeries A preferred units	Preferred UnitsSeries B Preferred Units	Common Units	LP Units
Beginning Balance at Dec. 31, 2013									$ 825,985	$ 290,847	$ 59,565
Increase (Decrease) in Partners' Capital
Contributions	$ 1,841					$ 1,841
Distributions	(50,502)				$ (47,926)	(2,207)				(369)
Ending Balance at Dec. 31, 2014									0	0	0
Beginning Balance at Dec. 31, 2013	1,185,234	$ 0	$ 0	$ 0	0	8,837	$ 0
Beginning Balance (in shares) at Dec. 31, 2013							0	0
Increase Decrease in Stockholders' Equity
Equity based compensation	14,451	332			13,829					290
Issuance of common stock (IPO)	259,037	259,021					$ 16
Issuance of common stock (IPO) (in shares)							16,925,000
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(125)				(125)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock								(10,000)
Forfeitures (in shares)							(40,000)	(6,000)
Offering costs	(20,523)	(20,523)
Reorganization transactions (in shares)									(828,577)	(291,680)	(60,441)	$ 1,180,698
Exchange of capital for common stock		468,694		14,874			$ 34					(483,602)
Exchange of capital for common stock (in shares)							33,673,000
Exchange of predecessor LP Units for common stock					697,096							$ (697,096)
Exchange of predecessor LP Units for common stock (in shares)								48,537,000
Exchange of noncontrolling interest for common stock		12,502		324	(12,827)		$ 1
Exchange of noncontrolling interest for common stock (in shares)							874,374	(874,374)
Adjustment to tax receivable agreement as a result of the exchange of Class B shares	152	152
Net income (loss)	97,626		44,187		66,437	(370)			(7,471)	(2,631)	(2,526)
Other comprehensive income (loss)	18,016			488	520				$ 10,063	$ 3,543	$ 3,402
Rebalancing of ownership percentage between Company and Operating Partnership		5,360		(30)	(5,330)
Ending Balance (in shares) at Dec. 31, 2014							51,432,000	47,647,000
Ending Balance at Dec. 31, 2014	1,505,207	725,538	44,187	15,656	711,674	8,101	$ 51
Increase (Decrease) in Partners' Capital
Contributions	74					74
Distributions	(56,863)				(56,274)	(589)
Increase Decrease in Stockholders' Equity
Amendment of the par value of the Class B shares from no par value per share to $0.001 per share					(47)			$ 47
Equity based compensation	11,342	308			11,034
Grants of restricted stock		(1)					$ 1
Grants of restricted stock (in shares)							726,000
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(4,885)	(4,817)			(68)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock							(262,000)	(4,000)
Forfeitures (in shares)							(188,000)	0
Dividends declared	(41,314)		(41,314)
Exchange of noncontrolling interest for common stock	0	50,449		620	(51,069)		$ 3	$ (3)
Exchange of noncontrolling interest for common stock (in shares)							3,415,389	(3,415,389)
Adjustment to tax receivable agreement as a result of the exchange of Class B shares	242	242
Net income (loss)	89,458		46,698		43,338	(578)
Other comprehensive income (loss)	(4,119)			(2,027)	(2,092)
Rebalancing of ownership percentage between Company and Operating Partnership	0	(5,203)		194	5,009
Ending Balance (in shares) at Sep. 30, 2015							55,123,000	44,228,000
Ending Balance at Sep. 30, 2015	$ 1,499,142	$ 766,516	$ 49,571	$ 14,443	$ 661,505	$ 7,008	$ 55	$ 44

Combined Consolidated Statemen8

Combined Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 89,458	$ 85,820
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	29,238	21,274
Unrealized (gain) loss on derivative instruments	8,407	2,753
Unrealized (gain) loss on Agency interest-only securities	639	(466)
Provision for loan losses	450	450
Amortization of equity based compensation	11,342	10,304
Amortization of deferred financing costs included in interest expense	4,167	4,081
Amortization of premium on mortgage loan financing	(678)	(471)
Amortization of above- and below-market lease intangibles	(201)	533
Accretion/amortization of discount, premium and other fees on loans	(8,584)	(4,342)
Accretion/amortization of discount, premium and other fees on securities	67,773	68,094
Capitalization of interest on investment in unconsolidated joint ventures	(128)	0
Realized gain on sale of mortgage loan receivables held for sale	(59,717)	(107,135)
Realized gain on real estate securities	(23,680)	(21,259)
Realized gain on sale of real estate, net	(21,347)	(24,225)
Realized gain on assignment of mortgage loan financing	0	(432)
Origination of mortgage loan receivables held for sale	(1,781,355)	(2,027,845)
Repayment of mortgage loan receivables held for sale	1,613	951
Proceeds from sales of mortgage loan receivables held for sale	1,923,883	2,379,818
Accrued interest receivable	2,438	(6,103)
Earnings on investment in unconsolidated joint ventures	(580)	(1,662)
Distributions from operations of investment in unconsolidated joint ventures	294	1,732
Deferred tax asset	(1,588)	(5,544)
Changes in operating assets and liabilities:
Other assets	(4,278)	(26,292)
Amount payable pursuant to tax receivable agreement	0	672
Accrued expenses and other liabilities	(31,443)	16,006
Net cash provided by (used in) operating activities	206,123	366,712
Cash flows from investing activities:
Reduction (addition) of cash collateral held by broker for derivatives	(4,877)	(791)
Purchase of derivative instruments	0	(7)
Purchases of real estate securities	(578,299)	(1,286,236)
Repayment of real estate securities	142,680	165,755
Proceeds from sales of real estate securities	788,964	565,097
Purchase of FHLB stock	(7,984)	(10,290)
Sale of FHLB stock	2,409	0
Origination and purchases of mortgage loan receivables held for investment	(840,652)	(951,438)
Repayment of mortgage loan receivables held for investment	575,028	159,329
Reduction (addition) of cash collateral held by broker	(3,605)	(25,214)
Addition of deposits received for loan originations	1,226	6,461
Title deposits included in other assets	(3,382)	(5,289)
Capital contributions to investment in unconsolidated joint ventures	(31,085)	0
Distributions of return of capital from investment in unconsolidated joint ventures	3,747	3,255
Purchases of real estate	(166,763)	(126,997)
Capital improvements of real estate	(2,006)	(1,971)
Proceeds from sale of real estate	84,656	103,462
Net cash provided by (used in) investing activities	(39,943)	(1,404,874)
Cash flows from financing activities:
Deferred financing costs paid	(1,924)	(7,215)
Proceeds from borrowings under debt obligations	12,833,258	11,484,815
Repayment of borrowings under debt obligations	(12,790,584)	(10,922,908)
Cash dividends paid to Class A common shareholders	(39,934)	0
Proceeds from Notes issued	0	300,000
Partners’ capital distributions	0	(369)
Capital distributed to noncontrolling interests in operating partnership	(56,274)	(44,829)
Capital contributed by noncontrolling interests in consolidated joint ventures	74	1,278
Capital distributed to noncontrolling interests in consolidated joint ventures	(589)	(2,046)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(4,885)	(125)
Issuance of common stock	0	259,037
Common stock offering costs	0	(20,523)
Adjustment to tax receivable agreement as a result of the exchange of Class B shares	0	138
Net cash provided by (used in) financing activities	(60,858)	1,047,253
Net increase (decrease) in cash	105,322	9,091
Cash and cash equivalents at beginning of period	76,218	78,742
Cash and cash equivalents at end of period	181,540	87,833
Supplemental information:
Cash paid for interest	90,565	50,509
Cash paid for income taxes	19,676	9,539
Supplemental disclosure of non-cash investing activities:
Securities purchased, not settled	(2,012)	0
Securities sold, not settled	0	3
Supplemental disclosure of non-cash financing activities:
Exchange of capital for common stock	0	483,568
Exchange of predecessor LP Units for common stock	0	697,097
Exchange of noncontrolling interest for common stock	51,072	0
Change in deferred tax asset related to change in tax receivable agreement	1,615	1,293
Mortgage debt assumed by buyer in real estate sale	$ 11,310	$ 0

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS Ladder Capital Corp is an internally-managed real estate investment trust (“REIT”) that is a leader in commercial real estate finance. As the general partner of Ladder Capital Finance Holdings LLLP (“LCFH,” “Predecessor” or the “Operating Partnership”), Ladder Capital Corp, through LCFH and its subsidiaries, operates the Ladder Capital business. As of September 30, 2015 , Ladder Capital Corp has a 55.5% economic interest in LCFH and controls the management of LCFH as a result of its ability to appoint its 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 (as defined below). In addition, Ladder Capital Corp, through certain subsidiaries which are treated as taxable REIT subsidiaries (each a “TRS”), is indirectly subject to federal, state and local income taxes. Other than the noncontrolling interest in the Operating Partnership and such indirect federal, state and local income taxes, there are no material differences between Ladder Capital Corp’s combined consolidated financial statements and LCFH’s consolidated financial statements. The IPO Transactions Ladder Capital Corp was formed as a Delaware corporation on May 21, 2013. The Company conducted an initial public offering (“IPO”) which closed on February 11, 2014. The Company used the net proceeds from the IPO to purchase newly issued limited partnership units (“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 the LP Units have been 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 owned LP Units and an equivalent number of shares of Ladder Capital Corp Class B common stock as of the completion of the IPO (the “Continuing LCFH Limited Partners”) and continue to hold equivalent units in the Series of LCFH (as described below) and Ladder Capital Corp Class B common stock, is 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 its capital structure (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 LP Units, a single new class of units in LCFH, 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 $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. As a result, the equivalent number of LP Units were issued by LCFH to Ladder Capital Corp. 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) had 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 Company’s acquisition of LP Units of LCFH and LCFH’s election under Section 754 of Internal Revenue Code of 1986, as amended (the “Code”), the Company expects to benefit from depreciation and other tax deductions reflecting LCFH’s tax basis for its assets. Those deductions will be allocated to the Company and will be taken into account in reporting the Company’s taxable income. As a result of the transactions described above, at the time of the IPO: • Ladder Capital Corp became the general partner of LCFH and, through LCFH and its subsidiaries, operates the Ladder Capital business. Accordingly, Ladder Capital Corp had a 51.0% economic interest in LCFH (which has since increased), and Ladder Capital Corp has a majority voting interest and controls the management of LCFH; • 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. At the time of the IPO, 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 became 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 were required to be provided and canceled. LP units and Ladder Capital Corp Class B common stock could not be legally separated. However, the exchange of LP Units for shares of Ladder Capital Corp Class A common stock would not affect the exchanging owners’ voting power since the votes represented by the canceled shares of Ladder Capital Corp Class B common stock would be replaced with the votes represented by the shares of Class A common stock for which such LP Units were exchanged. The Company accounted for the Reorganization Transactions as an exchange between entities under common control and recorded the net assets and shareholders’ equity of the contributed entities at historical cost. The Reorganization Transactions and the IPO are collectively referred to as the “IPO Transactions.” The REIT Structuring Transactions In anticipation of the Company’s election to be subject to tax as a REIT beginning with its 2015 taxable year (the “REIT Election”), we effected an internal realignment as of December 31, 2014 that we believe permits us to operate as a REIT, subject to the risk factors described in our Annual Report on Form 10-K (the “Annual Report”) (see “Risk Factors—Risks Related to Our Taxation as a REIT”). As part of this realignment, LCFH and certain of its wholly-owned subsidiaries were serialized in order to segregate our REIT-qualified assets and income from our non-REIT-qualified assets and income. Pursuant to such serialization, all assets and liabilities of LCFH and each such subsidiary were identified as TRS assets and liabilities (e.g., our conduit securitization and condominium sales businesses) and REIT assets and liabilities (e.g., balance sheet loans, real estate and most securities), and were allocated on our internal books and records into two pools within LCFH or such subsidiary, Series TRS and Series REIT (collectively, the “Series”), respectively. In connection with this serialization, the Amended and Restated LLLP Agreement was amended and restated, effective as of December 5, 2014 and again as of December 31, 2014 (the “Third Amended and Restated LLLP Agreement”). Pursuant to the Third Amended and Restated LLLP Agreement, as of December 31, 2014: • all assets and liabilities of LCFH were allocated on LCFH’s internal books and records to either Series REIT or Series TRS of LCFH; • the Company serves as general partner of LCFH and of Series REIT of LCFH; • LC TRS I LLC (“LC TRS I”), a Delaware limited liability company wholly-owned by Series REIT of LCFH, serves as the general partner of Series TRS of LCFH; • each outstanding LP Unit was exchanged for one Series REIT LP Unit (which is entitled to receive profits and losses derived from REIT assets and liabilities) and one Series TRS LP Unit (which is entitled to receive profits and losses derived from TRS assets and liabilities) (collectively, “Series Units”); • as a result, Ladder Capital Corp owned, directly and indirectly, an aggregate of 51.9% of Series REIT of LCFH, and, through such ownership, the right to receive 51.9% of the profits and distributions of Series TRS; • the limited partners of LCFH owned the remaining 48.1% of each of Series REIT and Series TRS of LCFH; • Series REIT of LCFH, in turn, owns, directly or indirectly, 100% of the REIT series of each of its serialized subsidiaries as well as certain wholly-owned REIT subsidiaries; • Series TRS of LCFH owns, directly or indirectly, 100% of the TRS series of each of its serialized subsidiaries as well as certain wholly-owned TRSs; • Series TRS LP Units are exchangeable for an equal number of shares (“TRS Shares”) of LC TRS I (a “TRS Exchange”); • in order to effect the exchange of Series Units for shares of Class A common stock of the Company on a one-for-one basis (the “Class A Exchange”), holders are required to surrender (i) one share of the Company’s Class B common stock, (ii) one Series REIT LP Unit, and (iii) either one Series TRS LP Unit or one TRS Share; and • Series REIT and Series TRS have separate boards, officers, books and records, bank accounts, and tax identification numbers. Each Series of LCFH also signed a separate joinder agreement, agreeing effective as of 11:59:59 pm on December 31, 2014 (the “Effective Time”), to assume and pay when due (i) any and all liabilities of LCFH incurred or accrued by LCFH as of the Effective Time and (ii) any and all obligations of LCFH arising under contracts, bonds, notes, guarantees, leases or other agreements to which LCFH was a party as of the Effective Time (collectively, the “Agreements”), regardless of whether such obligations arise under the applicable Agreement at, prior to, or after the Effective Time, in each case, with the same force and effect as if each Series had been a signatory to such Agreements on the date thereof. Also in connection with the planned REIT Election, the Company’s certificate of incorporation was amended and restated, effective as of February 27, 2015, following approval by our shareholders (the “Charter Amendment”), to, among other things, impose ownership limitations and transfer restrictions to facilitate our compliance with the REIT requirements. To qualify as a REIT under the Code, our stock must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year (other than the first year for which an election to be a REIT has been made). Also, not more than 50% of the value of the outstanding shares of our capital stock may be owned, directly or indirectly, by five or fewer “individuals” (as defined to include certain entities such as private foundations) during the last half of a taxable year (other than the first taxable year for which an election to be a REIT has been made). Finally, a person actually or constructively owning 10% or more of the vote or value of the outstanding shares of our capital stock could lead to a level of affiliation between the Company and one or more of its tenants that could disqualify our revenues from the affiliated tenants and possibly jeopardize or otherwise adversely impact our qualification as a REIT. To facilitate satisfaction of these requirements for qualification as a REIT, the Charter Amendment contains provisions restricting the ownership and transfer of shares of all classes or series of our capital stock. Including ownership limitations in a REIT’s charter is the most effective mechanism to monitor compliance with the above-described provisions of the Code. The Charter Amendment provides that, subject to certain exceptions and the constructive ownership rules, no person may own, or be deemed to own by virtue of the attribution provisions of the Code, in excess of (i) 9.8% in value of the outstanding shares of all classes or series of our capital stock or (ii) 9.8% in value or number (whichever is more restrictive) of the outstanding shares of any class of our common stock. In addition, our Tax Receivable Agreement with the Continuing LCFH Limited Partners (the “TRA Members”) was amended and restated in connection with our REIT Election, effective as of December 31, 2014 (the “TRA Amendment”), in order to preserve a portion of the potential tax benefits currently existing under the Tax Receivable Agreement that would otherwise be reduced in connection with our REIT Election. The TRA Amendment provides that, in lieu of the existing tax benefit payments under the Tax Receivable Agreement for the 2015 taxable year and beyond, LC TRS I will pay to the TRA Members 85% of the amount of the benefits, if any, that LC TRS I realizes or under certain circumstances (such as a change of control) is deemed to realize as a result of (i) the increases in tax basis resulting from the TRS Exchanges by the TRA Members, (ii) any incremental tax basis adjustments attributable to payments made pursuant to the TRA Amendment, and (iii) any deemed interest deductions arising from payments made by LC TRS I under the TRA Amendment. Under the TRA Amendment, LC TRS I expects to benefit from the remaining 15% of cash savings in income tax that it realizes, which is in the same proportion realized by the Company under the existing Tax Receivable Agreement. The purpose of the TRA Amendment was to preserve the benefits of the Tax Receivable Agreement to the extent possible in a REIT, although, as a result, the amount of payments made to the TRA Members under the TRA Amendment is expected to be less than would be made under the prior Tax Receivable Agreement. The TRA Amendment continues to share such benefits in the same proportions and otherwise has substantially the same terms and provisions as the prior Tax Receivable Agreement. See Note 2 and Note 16 for further discussion of the Tax Receivable Agreement. As of March 4, 2015, the Company has made the necessary TRS and check-the-box elections and intends to elect to be taxed as a REIT on its tax return for the year ended December 31, 2015, expected to be filed in September 2016.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
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 the audited combined consolidated financial statements for the year ended December 31, 2014, which are included in the Company’s Annual Report on Form 10-K (“Annual Report”), as certain disclosures would substantially duplicate those contained in the audited combined 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. 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. Use of Estimates The preparation of the combined 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. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically and the effects of resulting changes are reflected in the combined consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying combined consolidated financial statements include, but are not limited to the following: • valuation of real estate securities; • allocation of purchase price for acquired real estate; • impairment, and useful lives, of real estate; • useful lives of intangible assets; • valuation of derivative instruments; • valuation of deferred tax asset; • amounts payable pursuant to the Tax Receivable Agreement; • determination of effective yield for recognition of interest income; • adequacy of provision for loan losses; • determination of other than temporary impairment of real estate securities and investments in unconsolidated joint ventures; • certain estimates and assumptions used in the accrual of incentive compensation and calculation of the fair value of equity compensation issued to employees; • determination of the effective tax rate for income tax provision; and • certain estimates and assumptions used in the allocation of revenue and expenses for our segment reporting. Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of September 30, 2015 and December 31, 2014 . At September 30, 2015 and December 31, 2014 and at various times during the years, balances exceeded the insured limits. 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. Restricted Cash As of September 30, 2015 and December 31, 2014 , included in other assets on the Company’s combined consolidated balance sheets are $27.6 million and $24.4 million , respectively, of tenant security deposits, deposits related to real estate sales and acquisitions and required escrow balances on credit facilities, which are considered restricted cash. Real Estate Securities The Company designates its real estate securities investments on the date of acquisition of the investment. Real estate securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses on all securities, except for Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”), recorded as a component of other comprehensive income (loss) in shareholders’ equity. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the combined consolidated statements of income in accordance with ASC 815. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the combined consolidated statements of income. The Company uses the specific identification method when determining the cost of securities sold and the amount reclassified out of accumulated other comprehensive income into earnings. The Company accounts for the changes in the fair value of the unfunded portion of its GNMA Construction securities, which are included in real estate securities, available-for-sale, on the combined consolidated balance sheet, as available for sale securities. Unrealized losses on securities that, in the judgment of management, are other than temporary are charged against earnings as a loss in the combined consolidated statements of income. When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an other-than-temporary impairment in the value of the security. An impairment will be considered other-than-temporary based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) the Company does not expect to recover the security’s cost basis (i.e., a credit loss). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is other-than-temporary and will be recognized currently in earnings equal to the entire difference between fair value and amortized cost. If a credit loss exists, but the Company does not intend to, nor is it more likely than not that it will be required to sell before recovery, the impairment is other-than-temporary and will be separated into (i) the estimated amount relating to the credit loss, and (ii) the amount relating to all other factors. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss recognized in other comprehensive income. Estimating cash flows and determining whether there is other-than-temporary impairment require management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts. The Company utilizes an internal model as its primary pricing source to develop its prices for its commercial mortgage-backed securities (“CMBS”) and other commercial real estate securities guaranteed by a U.S. governmental agency or by a government sponsored entity (together, “U.S. Agency Securities”). Different judgments and assumptions could result in materially different estimates of fair value. To confirm its own valuations, the Company requests prices for each of its CMBS and U.S. Agency Securities investments from three different sources, including pricing services and brokers, although since broker quotes for the same or similar securities in which Ladder has invested are non-binding, the Company does not consider them to be a primary source for valuation. The Company may also develop a price for a security based on its direct observations of market activity and other observations. Typically, at least two prices per security are obtained. Prior to using a third-party pricing service for valuation, the Company develops an understanding of the valuation methodologies used by such pricing services through discussions with their representatives and review of their valuation methodologies used for different types of securities. The Company understands that the pricing services develop estimates of fair value for CMBS and U.S. Agency Securities using various techniques, including discussion with their internal trading desks, proprietary models and matrix pricing approaches. The Company does not have access to, and is therefore not able to review in detail, the inputs used by the pricing services in developing their estimates of fair value. However, on at least a monthly basis as part of our closing process, the Company evaluates the fair value information provided by the pricing services by comparing this information for reasonableness against its direct observations of market activity for similar securities and anecdotal information obtained from market participants that, in its assessment, is relevant to the determination of fair value. This process may result in the Company “challenging” the estimate of fair value for a security if it is unable to reconcile the estimate provided by the pricing service with its assessment of fair value for the security. Accordingly, in following this approach, the Company’s objective is to ensure that the information used by pricing services in their determination of fair value of securities is reasonable and appropriate. Since inception, the Company has not encountered significant variation in the values obtained from the various pricing sources. In the extremely limited occasions where the prices received were challenged, the challenge resulted in the prices provided by the pricing services being updated to reflect current market updates or cash flow assumptions. Debt Issuance Costs In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Beginning April 1, 2015, the Company elected to early adopt ASU 2015-03 and appropriately retrospectively applied the guidance to its senior unsecured notes, to all periods presented. Unamortized debt issuance costs of $7.6 million are included in senior unsecured notes as of September 30, 2015 , and unamortized debt issuance costs of $9.4 million are included in senior unsecured notes as of December 31, 2014 (previously included in other assets on the combined consolidated balance sheets). This new guidance is framed around how to account for costs related to term debt and it does not address how to present fees paid to lenders or other costs to secure revolving lines of credit, which are, at the outset, not associated with an outstanding borrowing. In August 2015, FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), which amends ASC 835-30, Interest - Imputation of Interest. This update clarifies the presentation and subsequent measurement of debt issuance costs associated with lines of credit. These costs may be deferred and presented as an asset and subsequently amortized ratably over the term of the revolving debt arrangement. The Company considers its committed loan master repurchase facilities, borrowings under credit agreement and revolving credit facility to be revolving debt arrangements. Refer to Note 7, Debt Obligations and Note 8, Senior Unsecured Notes . Revision The Company had previously incorrectly included due to broker and due from broker amounts, which represent amounts related to purchases and sales of securities that had not settled as of the end of the period, as cash provided by (used in) operating activities rather than as non-cash investing activities. These transactions generally settle in three business days. Management evaluated the impact of the correction to the previously issued financial statements and concluded the effect was not material. However, for comparative purposes, the Company has revised the amounts in the prior quarter. Recently Issued and Adopted Accounting Pronouncements In September 2015, FASB issued ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustment (“ASU 2015-16”). This update requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 applies to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Entities must apply the new guidance prospectively to adjustments to provisional amounts that occur after the effective date of ASU 2015-16, with earlier adoption permitted for financial statements that have not yet been made available for issuance. The Company anticipates adopting this update in the quarter ending March 31, 2016 and does not expect the adoption to have a material impact on the Company’s combined consolidated financial statements. As described above, in August 2015, FASB issued ASU 2015-15. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company elected to early adopt this update in the quarter ended September 30, 2015. The adoption did not have a material impact on the Company’s combined consolidated financial statements. In June 2015, FASB issued ASU 2015-10, Technical Corrections and Improvements (“ASU 2015-10”). The amendments in this update cover a wide range of topics in the codification and are generally categorized as follows: amendments related to differences between original guidance and the codification; guidance clarification and reference corrections; simplification, and minor improvements. The amendments are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, but not required. As the objectives of this standard are to clarify the codification, correct unintended application of guidance, eliminate inconsistencies and to improve the codification’s presentation of guidance, the adoption of this standard is not expected to have a significant effect on current accounting practice or create a significant administrative cost on most entities. The Company anticipates adopting this update in the quarter ending March 31, 2016 and does not expect the adoption to have a material impact on the Company’s combined consolidated financial statements. In May 2015, FASB issued ASU 2015-08, Business Combinations (Topic 805): Pushdown Accounting - Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 (“ASU 2015-08”). The amendments in ASU 2015-08 amend various SEC paragraphs included in the FASB’s Accounting Standards Codification (“ASC”) to reflect the issuance of Staff Accounting Bulletin No. 115 (“SAB 115”). SAB 115 rescinds portions of the interpretive guidance included in the SEC’s Staff Accounting Bulletins series and brings existing guidance into conformity with ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting , which provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The Company has adopted the amendments in ASU 2015-08, effective May 8, 2015, as the amendments in the update are effective upon issuance. The adoption did not have a material impact on the Company’s combined consolidated financial statements. In April 2015, FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). The amended guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by the amendments in this ASU. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of this ASU is permitted for financial statements that have not been previously issued. Entities must apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, an entity is required to comply with the applicable disclosures for a change in an accounting principle. The Company elected to early adopt this update in the quarter ended June 30, 2015. The adoption did not have a material impact on the Company’s combined consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”). This ASU makes changes to the VIE model and voting interest ("VOE") model consolidation guidance. The main provisions of the ASU include the following: i) adding a requirement that limited partnerships and similar legal entities must provide partners with either substantive kick-out rights or substantive participating rights over the general partner to qualify as a VOE rather than a VIE; ii) eliminating the presumption that the general partner should consolidate a limited partnership; iii) eliminating certain conditions that need to be met when evaluating whether fees paid to a decision maker or service provider are considered a variable interest; iv) excluding certain fees paid to decision makers or service providers when evaluating which party is the primary beneficiary of a VIE; and v) revising how related parties are evaluated under the VIE guidance. Lastly, the ASU eliminates the indefinite deferral of FAS 167, which allowed reporting entities with interests in certain investment funds to follow previous guidance in FIN 46 (R). However, the ASU permanently exempts reporting entities from consolidating registered money market funds that operate in accordance with Rule 2a-7 of the Investment Company Act. The ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Entities may apply this ASU either using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning period of adoption or retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted provided that the ASU is applied from the beginning of the fiscal year of adoption. The Company anticipates adopting this update in the quarter ending March 31, 2016 and does not expect the adoption to have a material impact on the Company’s combined consolidated financial statements. In August 2014, FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). The guidance in ASU 2014-15 sets forth management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern as well as required disclosures. ASU 2014-15 indicates that, when preparing interim and annual financial statements, management should evaluate whether conditions or events, in the aggregate, raise substantial doubt about the entity’s ability to continue as a going concern for one year from the date the financial statements are issued or are available to be issued. This evaluation should include consideration of conditions and events that are either known or are reasonably knowable at the date the financial statements are issued or are available to be issued, and, if applicable, whether it is probable that management’s plans to address the substantial doubt will be implemented and, if so, whether it is probable that the plans will alleviate the substantial doubt. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods and annual periods thereafter. Early application is permitted. The Company anticipates adopting this update in the quarter ending March 31, 2017 and does not expect the adoption to have a material impact on the Company’s combined consolidated financial statements. In August 2014, FASB issued ASU 2014-14, Receivables-Trouble Debt Restructurings by Creditor (ASC Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure (“ASU 2014-14”). The guidance in ASU 2014-14 requires that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure; (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The guidance is effective for fiscal years beginning after December 15, 2014, and the interim periods within those fiscal years. An entity should adopt the amendments in ASU 2014-14 using either a prospective transition method or a modified retrospective transition method. Early adoption, including adoption in an interim period, is permitted if the entity already has adopted ASU 2014-4. The Company adopted this update in the quarter ended March 31, 2015, and the adoption did not have a material effect on the Company’s combined consolidated financial condition, results of operations or cash flows. In August 2014, FASB issued ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“ASU 2014-13”) . For entities that consolidate a collateralized financing entity within the scope of this update, an option to elect to measure the financial assets and the financial liabilities of that collateralized financing entity using either the measurement alternative included in ASU 2014-13 or Topic 820 on fair value measurement is provided. The guidance is effective for fiscal years beginning after December 15, 2015, and the interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period. The Company anticipates adopting this update in the quarter ending March 31, 2016 and does not expect the adoption to have a material effect on the Company’s combined consolidated financial condition, results of operations or cash flows. In June 2014, FASB issued 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 likely to be 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 Company anticipates adopting this update in the quarter ending March 31, 2016 and does not expect the adoption to have a material impact on the Company’s combined consolidated financial condition or results of operations. In June 2014, 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 Company adopted this update in the quarter ended March 31, 2015, and the adoption did not have a material effect on the Company’s combined consolidated financial condition, results of operations or cash flows. In May 2014, FASB issued ASU 2014-9, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-9”). ASU 2014-9 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 2014-9, 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. In August 2015, FASB issued ASU 2015-14, Deferral of the Effective Date (“ASU 2015-14”), which amends ASU 2014-09. As a result, the effective date for the amendments contained in ASU 2014-09 will be the first quarter of fiscal year 2018, with early adoption permitted in the first quarter of fiscal year 2017. The adoption will use one of two retrospective application methods. The Company anticipates adopting this update in the quarter ending March 31, 2018 and does not expect the adoption to have a material impact on the Company’s combined consolidated financial condition or results of operations.

MORTGAGE LOAN RECEIVABLES

MORTGAGE LOAN RECEIVABLES	9 Months Ended
	Sep. 30, 2015
Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOAN RECEIVABLES	3. MORTGAGE LOAN RECEIVABLES September 30, 2015 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loan receivables held for investment, at amortized cost $ 1,811,216 $ 1,798,362 7.61 % 1.58 Provision for loan losses N/A (3,550 ) Total mortgage loan receivables held for investment, at amortized cost 1,811,216 1,794,812 Mortgage loan receivables held for sale 333,488 333,531 4.15 % 7.60 Total $ 2,144,704 $ 2,128,343 (1) September 30, 2015 LIBOR rates are used to calculate weighted average yield for floating rate loans. As of September 30, 2015 , $347.1 million , or 19.3% , of the carrying value of our mortgage loan receivables held for investment, at amortized cost, were at fixed interest rates and $1.5 billion , or 80.7% , of the carrying value of our mortgage loan receivables held for investment, at amortized cost, were at variable interest rates, linked to LIBOR, some of which include interest rate floors. As of September 30, 2015 , $333.5 million , or 100.0% , of the carrying value of our mortgage loan receivables held for sale, were at fixed interest rates. December 31, 2014 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loan receivables held for investment, at amortized cost $ 1,536,923 $ 1,524,153 7.33 % 1.96 Provision for loan losses N/A (3,100 ) Total mortgage loan receivables held for investment, at amortized cost 1,536,923 1,521,053 Mortgage loan receivables held for sale 417,955 417,955 4.31 % 9.72 Total 1,954,878 1,939,008 (1) December 31, 2014 LIBOR rates are used to calculate weighted average yield for floating rate loans. As of December 31, 2014 , $231.9 million , or 15.2% , of the carrying value of our mortgage loan receivables held for investment, at amortized cost, were at fixed interest rates and $1.3 billion , or 84.8% , of the carrying value of our mortgage loan receivables held for investment, at amortized cost, were at variable interest rates, linked to LIBOR, some of which include interest rate floors. As of December 31, 2014 , $418.0 million , or 100% , of the carrying value of our mortgage loan receivables held for sale, were at fixed interest rates. The following table summarizes mortgage loan receivables by loan type ($ in thousands): September 30, 2015 December 31, 2014 Outstanding Face Amount Carrying Value Outstanding Face Amount Carrying Value Mortgage loan receivables held for sale First mortgage loan $ 333,488 $ 333,531 $ 417,955 $ 417,955 Total mortgage loan receivables held for sale 333,488 333,531 417,955 417,955 Mortgage loan receivables held for investment, at amortized cost First mortgage loan 1,524,080 1,512,731 1,373,476 1,361,754 Mezzanine loan 287,136 285,631 163,447 162,399 Total mortgage loan receivables held for investment, at amortized cost 1,811,216 1,798,362 1,536,923 1,524,153 Provision for loan losses N/A (3,550 ) N/A (3,100 ) Total $ 2,144,704 $ 2,128,343 $ 1,954,878 $ 1,939,008 For the nine months ended September 30, 2015 and 2014 the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, at amortized cost Mortgage loan receivables held for sale Balance December 31, 2014 $ 1,521,054 $ 417,955 Origination of mortgage loan receivables 840,652 1,781,355 Repayment of mortgage loan receivables (575,028 ) (1,613 ) Proceeds from sales of mortgage loan receivables — (1,923,883 ) Realized gain on sale of mortgage loan receivables — 59,717 Transfer between held for investment and held for sale — — Accretion/amortization of discount, premium and other fees 8,584 — Loan loss provision (450 ) — Balance September 30, 2015 $ 1,794,812 $ 333,531 Mortgage loan receivables held for investment, at amortized cost Mortgage loan receivables held for sale Balance December 31, 2013 $ 539,078 $ 440,490 Origination of mortgage loan receivables 951,438 2,027,845 Repayment of mortgage loan receivables (159,329 ) (951 ) Proceeds from sales of mortgage loan receivables — (2,379,818 ) Realized gain on sale of mortgage loan receivables — 107,135 Transfer between held for investment and held for sale (11,800 ) 11,800 Accretion/amortization of discount, premium and other fees 4,342 — Loan loss provision (450 ) — Balance September 30, 2014 $ 1,323,279 $ 206,501 During the three and nine months ended September 30, 2015 and 2014 , the transfers of financial assets via sales of loans have been treated as sales under ASC Topic 860 — Transfers and Servicing. At September 30, 2015 and December 31, 2014 , there was $4.1 million and $4.2 million , respectively, of unamortized discounts included in our mortgage loan receivables held for investment, at amortized cost on our combined consolidated balance sheets. 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 as of September 30, 2015 and December 31, 2014 . 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 September 30, 2015 and December 31, 2014 , there was one loan on non-accrual status with an amortized cost of $5.9 million and an unamortized discount of $2.2 million included in our mortgage loan receivables held for investment, at amortized cost on our combined consolidated balance sheets. This loan was not originated by the Company. Instead it was credit impaired at the time of acquisition, which was reflected in Ladder’s purchase price. Provision for Loan Losses ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Provision for loan losses at beginning of period $ 3,400 $ 2,800 $ 3,100 $ 2,500 Provision for loan losses 150 150 450 450 Charge-offs — — — — Provision for loan losses at end of period $ 3,550 $ 2,950 $ 3,550 $ 2,950

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE SECURITIES	4. REAL ESTATE SECURITIES Commercial mortgage-backed securities (“CMBS”), CMBS interest-only securities, 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. Government National Mortgage Association (“GNMA”) and Federal Home Loan Mortgage Corp (“FHLMC”) securities (collectively, “Agency interest-only securities”), are recorded at fair value with changes in fair value recorded in current period earnings. The following is a summary of the Company’s securities at September 30, 2015 and December 31, 2014 ($ in thousands): September 30, 2015 Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Amortized Cost Basis Gains Losses Carrying Value # of Securities Rating (2) Coupon % Yield % Remaining Duration (years) CMBS(3) $ 1,936,316 $ 1,960,371 $ 25,897 $ (1,073 ) $ 1,985,195 120 AAA 3.25 % 2.63 % 3.35 CMBS interest-only(3) 7,246,777 (1) 356,204 1,726 (1,002 ) 356,928 47 AAA 0.90 % 3.74 % 3.46 GNMA interest-only(4) 662,161 (1) 30,109 77 (1,583 ) 28,603 21 AA+ 0.81 % 4.27 % 5.48 GN construction securities(3) 26,730 27,223 589 37 27,849 2 AA+ 4.10 % 3.86 % 9.46 GN permanent securities(3) 16,435 16,950 287 (430 ) 16,807 12 AA+ 4.55 % 4.00 % 6.09 Total $ 9,888,419 $ 2,390,857 $ 28,576 $ (4,051 ) $ 2,415,382 202 1.37 % 3.56 % 3.59 December 31, 2014 Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Amortized Cost Basis Gains Losses Carrying Value # of Securities Rating (2) Coupon % Yield % Remaining Duration (years) CMBS(3) $ 2,247,565 $ 2,277,995 $ 28,453 $ (1,038 ) $ 2,305,410 145 AAA 3.31 % 2.60 % 4.23 CMBS interest-only(3) 7,239,503 (1) 376,085 2,973 (723 ) 378,335 41 AAA 1.04 % 4.88 % 3.45 GNMA interest-only(4) 1,400,141 (1) 67,544 1,035 (1,937 ) 66,642 34 AA+ 0.85 % 5.90 % 4.50 GN construction securities(3) 27,538 28,178 503 (275 ) 28,406 4 AA+ 3.89 % 3.56 % 9.42 GN permanent securities(3) 36,232 36,515 258 — 36,773 11 AA+ 5.49 % 4.94 % 1.32 Total $ 10,950,979 $ 2,786,317 $ 33,222 $ (3,973 ) $ 2,815,566 235 1.50 % 4.54 % 3.75 (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. (3) CMBS, CMBS interest-only securities, 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. (4) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The following is a breakdown of the carrying value of the Company’s securities by remaining maturity based upon expected cash flows at September 30, 2015 and December 31, 2014 ($ in thousands): September 30, 2015 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 604,249 $ 776,565 $ 604,381 $ — $ 1,985,195 CMBS interest-only(1) 70 356,858 — — 356,928 GNMA interest-only(2) 9 8,929 19,104 561 28,603 GN construction securities(1) — 414 27,435 — 27,849 GN permanent securities(1) — 8,859 7,948 — 16,807 Total $ 604,328 $ 1,151,625 $ 658,868 $ 561 $ 2,415,382 December 31, 2014 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 474,357 $ 814,702 $ 1,016,351 $ — $ 2,305,410 CMBS interest-only(1) 391 370,993 6,951 — 378,335 GNMA interest-only(2) 1,356 42,105 23,181 — 66,642 GN construction securities(1) — 507 5,183 22,716 28,406 GN permanent securities(1) 25,915 9,334 1,524 — 36,773 Total $ 502,019 $ 1,237,641 $ 1,053,190 $ 22,716 $ 2,815,566 (1) CMBS, CMBS interest-only securities, 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. (2) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. There were $0.2 million and $1.6 million in unrealized losses on securities recorded as other than temporary impairments for the three and nine months ended September 30, 2015 , respectively, included in realized gain on securities in the combined consolidated statements of income. There were $0.5 million and $2.1 million in unrealized losses on securities recorded as other than temporary impairments for the three and nine months ended September 30, 2014 , respectively. For cash flow statement purposes, all receipts of interest from interest-only real estate securities are treated as part of cash flows from operations.

REAL ESTATE AND RELATED LEASE I

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	5. REAL ESTATE AND RELATED LEASE INTANGIBLES, NET Acquisitions The purchase price for certain of the Company’s 2015 acquisitions was allocated to the assets acquired and liabilities assumed based upon their preliminary estimated fair values, which are based on management’s best estimates to date. The Company is in the process of finalizing its assessment of the fair value of the assets acquired and liabilities assumed. During the nine months ended September 30, 2015 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) January 2015 Net Lease Jacksonville, NC $ 7,877 100.0% January 2015 Net Lease Iberia, MO 1,328 100.0% January 2015 Net Lease Isle, MN 1,078 100.0% January 2015 Net Lease Pine Island, MN 1,142 100.0% January 2015 Net Lease Kings Mountain, NC 21,241 100.0% February 2015 Net Lease Village of Menomonee Falls, WI 17,050 100.0% February 2015 Net Lease Rockland, MA 7,316 100.0% February 2015 Net Lease Crawfordsville, IA 6,000 100.0% February 2015 Net Lease Boardman Township, OH 5,400 100.0% March 2015 Net Lease Hilliard, OH 6,384 100.0% March 2015 Net Lease Weathersfield Township, OH 5,200 100.0% March 2015 Net Lease Rotterdam, NY 12,000 100.0% March 2015 Net Lease Wheaton, MO 970 100.0% March 2015 Net Lease Paynesville, MN 1,254 100.0% March 2015 Net Lease Loveland, CO 5,600 100.0% March 2015 Net Lease Battle Lake, MN 1,098 100.0% March 2015 Net Lease Yorktown, TX 1,207 100.0% March 2015 Net Lease St. Francis, MN 1,117 100.0% May 2015 Net Lease Red Oak, IA 1,185 100.0% May 2015 Net Lease Zapata, TX 1,150 100.0% June 2015 Net Lease Aurora, MN 952 100.0% June 2015 Net Lease Canyon Lake, TX 1,377 100.0% June 2015 Net Lease Wheeler, TX 1,075 100.0% June 2015 Other Grand Rapids, MI 9,300 97.0% June 2015 Other Grand Rapids, MI 6,300 97.0% June 2015 Net Lease Bridgeport, IL 1,186 100.0% June 2015 Net Lease Peoria, IL 1,226 100.0% June 2015 Net Lease Pleasanton, TX 1,316 100.0% June 2015 Other Wayne, NJ 9,700 100.0% June 2015 Net Lease Warren, MN 1,055 100.0% June 2015 Net Lease Tremont, IL 1,150 100.0% August 2015 Net Lease Ponce, Puerto Rico 8,900 100.0% August 2015 Net Lease Effingham County, IL 1,195 100.0% August 2015 Net Lease Lebanon, MI 1,200 100.0% August 2015 Net Lease Minot, ND 6,644 100.0% August 2015 Net Lease Floresville, TX 1,251 100.0% August 2015 Net Lease Kerrville, TX 1,174 97.0% September 2015 Net Lease De Soto, IL 1,066 97.0% September 2015 Net Lease Biscoe, NC 1,216 100.0% September 2015 Net Lease Moultrie, GA 1,305 100.0% September 2015 Net Lease Rose Hill, NC 1,420 100.0% September 2015 Net Lease Rockingham, NC 1,158 100.0% Totals $ 166,763 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the nine months ended September 30, 2015 , as follows ($ in thousands): Purchase Price Allocation Land $ 21,794 Building 129,032 Intangibles 15,937 Total purchase price $ 166,763 The Company recorded $3.9 million and $7.9 million in revenues from its 2015 acquisitions for the three and nine months ended September 30, 2015 , respectively, which are included in operating lease income on the combined consolidated statements of income. During the nine months ended September 30, 2014 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) August 2014 Net Lease O'Fallon, IL $ 8,000 100.0% August 2014 Net Lease El Centro, CA 4,277 100.0% August 2014 Other Richmond, VA 19,850 77.5% August 2014 Net Lease Conyers, GA 32,530 100.0% September 2014 Other St. Paul, MN 62,340 97.0% Totals $ 126,997 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the nine months ended September 30, 2014 , as follows ($ in thousands): Purchase Price Allocation Land $ 17,886 Building 82,233 Intangibles 26,878 Total purchase price $ 126,997 The Company recorded $0.9 million in revenues from its 2014 acquisitions for the three and nine months ended September 30, 2014 , which are included in operating lease income on the combined consolidated statements of income. Sales The Company sold the following properties during the nine months ended September 30, 2015 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units May 2015 Net Lease Plattsmouth, NE $ 8,440 $ 7,983 $ 457 1 — May 2015 Net Lease Worthington, MN 8,793 8,321 472 1 — May 2015 Net Lease Loveland, CO 6,249 5,600 649 1 — Sep 2015 Net Lease Village of Menomonee Falls, WI 18,186 16,827 1,359 1 — Various Condominium Las Vegas, NV 31,997 18,617 13,380 — 72 Various Condominium Miami, FL 22,301 17,271 5,030 — 74 Totals $ 95,966 $ 74,619 $ 21,347 The Company sold the following properties during the nine months ended September 30, 2014 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units May 2014 Net Lease Tilton, NH $ 8,432 $ 6,743 $ 1,689 1 — Jun 2014 Other Richmond, VA 16,793 15,642 1,151 1 — Sep 2014 Net Lease Yulee, FL 1,436 1,246 190 1 — Sep 2014 Net Lease Middleburg, FL 1,262 1,077 185 1 — Sep 2014 Net Lease Jonesboro, AR 9,413 8,016 1,397 1 — Sep 2014 Net Lease Mt. Juliet, TN 10,167 8,724 1,443 1 — Various Condominium Las Vegas, NV 46,213 30,035 16,178 — 96 Various Condominium Miami, FL 9,746 7,754 1,992 — 34 Totals $ 103,462 $ 79,237 $ 24,225 Real Estate Held for Sale During the nine months ended September 30, 2015 , the Company entered into a purchase and sale agreement to sell a 26-story office building in Minneapolis, MN . The sale of this property, which resulted in a gain, occurred on November 3, 2015 . As of September 30, 2015 , this property was designated as real estate held for sale in the combined consolidated statements of financial condition. The real estate held for sale, recorded at carrying value, is $49.0 million as of September 30, 2015 . There was no real estate designated as real estate held for sale as of December 31, 2014 . Real Estate Sold or Classified as Held for Sale On January 1, 2014, the Company early adopted ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , and as the properties sold or classified as real estate held for sale in the nine months ended September 30, 2015 will not represent a strategic shift (as the Company is not entirely exiting markets or property types), they have not been reflected as part of discontinued operations. The following table summarizes income from the properties sold or classified as held for sale during the nine months ended September 30, 2015 , for the three and nine months ended September 30, 2015 and 2014 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Operating lease income $ 1,663 $ 1,304 $ 5,517 $ 4,687 Tenant recoveries 1,348 1,233 3,806 3,228 Depreciation and amortization (32 ) (1,067 ) (1,962 ) (3,176 ) Income from properties sold $ 2,979 $ 1,470 $ 7,361 $ 4,739 The following table summarizes income from the properties sold or classified as held for sale during the nine months ended September 30, 2014 , for the three and nine months ended September 30, 2014 ($ in thousands): Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Operating lease income $ 469 $ 2,682 Tenant recoveries — 278 Depreciation and amortization (14 ) (1,223 ) Income from properties sold $ 455 $ 1,737 The following unaudited pro forma information has been prepared based upon our historical combined 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 combined consolidated financial statements and notes thereto. The unaudited pro forma combined consolidated financial information reflects the 2014 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2013 and the 2015 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2014 . 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. ($ in thousands) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Company Historical Acquisitions Consolidated Pro Forma Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 20,671 $ 240 $ 20,911 $ 60,207 $ 1,077 $ 61,284 Net income 2,798 138 2,936 89,458 625 90,083 Net loss attributable to noncontrolling interest in consolidated joint ventures 85 — 85 578 — 578 Net (income) loss attributable to noncontrolling interest in operating partnership 430 (64 ) 366 (43,338 ) (292 ) (43,630 ) Net income attributable to Class A common shareholders 3,313 73 3,386 46,698 332 47,030 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Company Historical Acquisitions Consolidated Pro Forma Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 12,810 $ 433 $ 13,243 $ 38,827 $ 1,299 $ 40,126 Net income 37,176 (183 ) 36,993 85,820 307 86,127 Net loss attributable to noncontrolling interest in consolidated joint ventures 306 — 306 451 — 451 Net (income) loss attributable to predecessor unitholders — — — 12,628 — 12,628 Net (income) loss attributable to noncontrolling interest in operating partnership (22,826 ) 86 (22,740 ) (59,086 ) (143 ) (59,229 ) Net income attributable to Class A common shareholders 14,656 (97 ) 14,559 39,813 163 39,976 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) adjust for transaction costs associated with the properties acquired in 2015 as if they incurred on January 1, 2014. Real Estate and Related Lease Intangibles, Net The following tables present additional detail related to our real estate portfolio ($ in thousands): September 30, 2015 December 31, 2014 Land $ 9,447 $ — Building 30,429 — In-place leases and other intangibles 14,516 — Real estate 54,392 — Less: Accumulated depreciation and amortization (5,370 ) — Real estate held for sale $ 49,022 $ — September 30, 2015 December 31, 2014 Land $ 128,446 $ 122,458 Building 605,347 569,774 In-place leases and other intangibles 131,252 127,359 Real estate 865,045 819,591 Less: Accumulated depreciation and amortization (73,468 ) (50,605 ) Real estate and related lease intangibles, net $ 791,577 $ 768,986 The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Depreciation expense (1) $ 5,900 $ 3,399 $ 17,802 $ 12,713 Amortization expense 3,633 3,293 11,356 8,150 Total real estate depreciation and amortization expense $ 9,533 $ 6,692 $ 29,158 $ 20,863 (1) Depreciation expense on the combined consolidated statements of income also includes $28,493 and $0.1 million of depreciation on corporate fixed assets for the three months ended September 30, 2015 and 2014 , respectively, and $79,904 and $0.4 million of depreciation on corporate fixed assets for the nine months ended September 30, 2015 and 2014 , respectively. The Company’s intangible assets are comprised of in-place leases, favorable leases compared to market leases and other intangibles. At September 30, 2015 , gross intangible assets totaled $145.8 million with total accumulated amortization of $31.8 million , resulting in net intangible assets of $114.0 million , including $7.2 million of unamortized favorable lease intangibles which are included in real estate and related lease intangibles, net on the combined consolidated balance sheets. At December 31, 2014 , gross intangible assets totaled $127.4 million with total accumulated amortization of $19.9 million , resulting in net intangible assets of $107.5 million , including $7.4 million of unamortized favorable lease intangibles which are included in real estate and related lease intangibles, net on the combined consolidated balance sheets. For the three and nine months ended September 30, 2015 , the Company recorded an offset against operating lease income of $0.4 million and $1.2 million , respectively, for favorable leases, compared to $0.4 million and $1.1 million , respectively, for the three and nine months ended September 30, 2014 . The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles for property owned as of September 30, 2015 ($ in thousands): Period Ending December 31, Amount 2015 (last 3 months) $ 5,256 2016 13,271 2017 8,657 2018 7,609 2019 7,346 Thereafter 60,258 Total $ 102,397 There were $5.0 million and $3.0 million of unbilled rent receivables included in other assets on the combined consolidated balance sheets as of September 30, 2015 and December 31, 2014 , respectively. There was unencumbered real estate of $60.9 million and $85.7 million as of September 30, 2015 and December 31, 2014 , respectively. The following is a schedule of contractual future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases or rent escalations under other leases from tenants) at September 30, 2015 ($ in thousands): Period Ending December 31, Amount 2015 (last 3 months) $ 22,651 2016 67,685 2017 63,553 2018 61,015 2019 56,697 Thereafter 529,372 Total $ 800,973

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	6. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of September 30, 2015 , the Company had an aggregate investment of $33.8 million in its equity method joint ventures with unaffiliated third parties. Included in the Company’s investments in unconsolidated joint ventures as of September 30, 2015 is one unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture is primarily established to develop real estate property for long-term investment and was deemed to be a VIE primarily based on the fact there are disproportionate voting and economic rights within the joint venture. The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has shared control of this entity along with the entity’s partner and therefore does not have controlling financial interests in this VIE. The Company’s aggregate investment in this VIE was $31.0 million . The Company has not provided financial support to this VIE that it was not previously contractually required to provide. In general, future costs of development not financed through a third party will be funded with capital contributions from the Company and its outside partner in accordance with their respective ownership percentages. As of September 30, 2015 , 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. During the quarter ended June 30, 2015, the last loan held by LCRIP I was repaid. LCRIP I will continue in existence until the fifth anniversary of the date of its closing, April 15, 2016. As of September 30, 2015 , 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. As of September 30, 2015 , the Company owned a 73.8% membership interest in 24 Second Avenue Holdings LLC (“24 Second Avenue”) to invest in a condominium development located at 24 Second Avenue, New York, NY. The Company accounts for its interest in 24 Second Avenue using the equity method of accounting as its joint venture partner is the managing member of 24 Second Avenue and has substantive participating rights. The following is a summary of the Company’s investments in unconsolidated joint ventures, which we account for using the equity method, as of September 30, 2015 and December 31, 2014 ($ in thousands): Entity September 30, 2015 December 31, 2014 Ladder Capital Realty Income Partnership I LP $ 49 $ 3,898 Grace Lake JV, LLC 2,753 2,143 24 Second Avenue Holdings LLC 30,991 — Company’s investment in unconsolidated joint ventures $ 33,793 $ 6,041 The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the three and nine months ended September 30, 2015 and 2014 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, Entity 2015 2014 2015 2014 Ladder Capital Realty Income Partnership I LP $ — $ 101 $ 116 $ 987 Grace Lake JV, LLC 196 225 685 675 24 Second Avenue Holdings LLC (221 ) — (221 ) — Earnings (loss) from investment in unconsolidated joint ventures $ (25 ) $ 326 $ 580 $ 1,662 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 $100.0 million . During the three months ended September 30, 2015 the Company recorded no management fees. During the three months ended September 30, 2014 , the Company recorded $83,873 in management fees, which is reflected in fee income in the combined consolidated statements of income. During the nine months ended September 30, 2015 and 2014 , the Company recorded $77,447 and $312,417 , respectively, in management fees, which is reflected in fee income in the combined consolidated statements of income. During the three and nine months ended September 30, 2015 and 2014 , there were no sales of loans to LCRIP I. It is the Company’s policy to defer 10% of the gain on any sale of loans to LCRIP I, representing its 10% limited partnership interest, until such loans are subsequently sold by LCRIP I or repaid. 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 nine months ended September 30, 2015 and the three and nine months ended September 30, 2014 , the return thresholds were met on certain assets that have been fully realized. The Company is obligated to provide LCRIP I 10% of any costs related to the assets held in its portfolio as of September 30, 2015 . 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 is not legally required to provide any future funding to Grace Lake JV. 24 Second Avenue Holdings LLC On August 7, 2015 , 24 Second Avenue Holdings LLC was formed between the Company and an operating partner, who is the managing member of 24 Second Avenue. The Company contributed $31.1 million for a 73.8% interest and the operating partner has a 26.2% interest. The Company is entitled to income allocations and distributions based upon its membership interest of 73.8% until the Company achieves a 1.70x profit multiple, after which, ultimately, income is allocated and distributed 50% to the Company and 50% to the operating partner. During the three and nine months ended September 30, 2015 , the Company recorded $0.2 million in expenses , which is recorded in earnings (loss) from investment in unconsolidated joint ventures in the combined consolidated statements of income. The Company capitalizes interest related to the cost of its investment as 24 Second Avenue has activities in progress necessary to construct and ultimately sell condominium units. During the three and nine months ended September 30, 2015 , the Company capitalized $0.1 million of interest expense, using a weighted average interest rate, which is recorded in investment in unconsolidated joint ventures in the combined consolidated balance sheets. Combined Summary Financial Information for Unconsolidated Joint Ventures The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of September 30, 2015 and December 31, 2014 ($ in thousands): September 30, 2015 December 31, 2014 Total assets $ 130,433 $ 118,762 Total liabilities 88,405 81,073 Partners’/members’ capital $ 42,028 $ 37,689 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 nine months ended September 30, 2015 and 2014 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Total revenues $ 4,203 $ 5,700 $ 14,666 $ 19,661 Total expenses 4,626 3,727 11,987 12,571 Net income (loss) $ (423 ) $ 1,973 $ 2,679 $ 7,090

DEBT OBLIGATIONS

DEBT OBLIGATIONS	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	7. DEBT OBLIGATIONS The details of the Company’s debt obligations at September 30, 2015 and December 31, 2014 are as follows ($ in thousands): September 30, 2015 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at September 30, 2015 Current Term Maturity Remaining Extension Options Eligible Collateral (1) Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 218,516 $ 381,484 1.96% - 2.71% 10/30/2016 (3) (6) $ 323,137 $ 325,108 Committed Loan Repurchase Facility 400,000 128,955 271,045 2.45% - 4.21% 4/10/2016 (4) (7) 253,930 255,235 Committed Loan Repurchase Facility 450,000 276,540 173,460 2.45% - 4.21% 5/24/2016 (3) (6) 498,487 502,738 Total Committed Loan Repurchase Facilities 1,450,000 624,011 825,989 1,075,554 1,083,081 Committed Securities Repurchase Facility 300,000 161,529 138,471 0.88% - 1.30% 10/31/2016 N/A (8) 193,271 193,271 Uncommitted Securities Repurchase Facility N/A (2) 405,786 N/A (2) 0.50% - 1.82% 10/2015 N/A (8) 479,670 479,670 Total Repurchase Facilities 1,750,000 1,191,326 964,460 1,748,495 1,756,022 Borrowings Under Credit Agreement 50,000 20,400 29,600 2.94% - 2.96% 1/24/2016 N/A (9) 21,765 22,920 Revolving Credit Facility 75,000 50,000 25,000 3.69% - 5.75% 2/11/2017 (3) N/A (11) N/A (11) N/A (11) Mortgage Loan Financing 555,786 555,786 — 4.25% - 6.75% 2018 - 2025 N/A (12) 723,407 796,740 FHLB Financing 2,248,712 1,786,000 462,712 0.27% - 2.74% 2015 - 2024 N/A (9) 2,250,547 2,258,794 Total Debt Obligations $ 4,679,498 $ 3,603,512 $ 1,481,772 $ 4,744,214 $ 4,834,476 (1) Collateral includes first mortgage and mezzanine real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities. (2) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances (3) Two additional twelve month periods at Company's option (4) Three additional 364 day periods at Company's option (5) One additional twelve month period (6) First mortgage commercial real estate loans (7) First mortgage and mezzanine commercial real estate loans (8) Investment grade commercial real estate securities (9) First mortgage and mezzanine commercial real estate loans and investment grade commercial real estate securities (10) First mortgage commercial real estate loan (11) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries. (12) Using undepreciated value of commercial real estate to approximate fair value December 31, 2014 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2014 Current Term Maturity Remaining Extension Options Eligible Collateral (1) Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 450,000 $ 147,796 $ 302,204 2.42% - 2.66% 10/30/2016 (3) (6) $ 278,530 $ 279,921 Committed Loan Repurchase Facility 250,000 138,711 111,289 2.41% - 3.04% 4/10/2016 (4) (7) 144,858 145,749 Committed Loan Repurchase Facility 450,000 222,516 227,484 2.42% - 3.16% 5/26/2015 (3) (6) 378,573 380,344 Total Committed Loan Repurchase Facilities 1,150,000 509,023 640,977 801,961 806,014 Committed Securities Repurchase Facility 300,000 174,853 125,147 0.87% - 1.27% 4/30/2015 N/A (8) 214,617 214,617 Uncommitted Securities Repurchase Facility N/A (2) 747,789 N/A (2) 0.50% - 1.66% Various N/A (8) 861,456 861,456 Total Repurchase Facilities 1,450,000 1,431,665 766,124 1,878,034 1,882,087 Borrowings Under Credit Agreement 50,000 11,000 39,000 2.91% 1/24/2016 N/A (9) — — Borrowings Under Credit and Security Agreement 46,750 46,750 — 2.01% 10/6/2015 (5) (10) 54,775 55,000 Revolving Credit Facility 75,000 25,000 50,000 3.66% - 5.75% 2/11/2017 (3) N/A (11) N/A (11) N/A (11) Mortgage Loan Financing 447,410 447,410 — 4.25% - 6.75% 2018 - 2024 N/A (12) 591,613 637,271 FHLB Financing 1,900,000 1,611,000 289,000 0.30% - 2.74% 2015 - 2024 N/A (9) 2,068,988 2,073,955 Total Debt Obligations $ 3,969,160 $ 3,572,825 $ 1,144,124 $ 4,593,410 $ 4,648,313 (1) Collateral includes first mortgage and mezzanine real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities. (2) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances (3) Two additional twelve month periods at Company's option (4) One additional 364 day period at Company's option (5) One additional twelve month period (6) First mortgage commercial real estate loans (7) First mortgage and mezzanine commercial real estate loans (8) Investment grade commercial real estate securities (9) First mortgage and mezzanine commercial real estate loans and investment grade commercial real estate securities (10) First mortgage commercial real estate loan (11) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries. (12) Using undepreciated value of commercial real estate to approximate fair value 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 three committed master repurchase agreements, as outlined in the September 30, 2015 table above, totaling $1.5 billion 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 $300.0 million . The Company’s repurchase facilities include covenants covering net worth requirements, minimum liquidity levels, and maximum leverage ratios. The Company believes it was in compliance with all covenants as of September 30, 2015 and December 31, 2014 . 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 $300.0 million to $450.0 million to enable the financing of one of its assets. The increase in capacity terminated in accordance with its terms. On October 30, 2014, the Company amended the terms of this master repurchase agreement to increase the financing capacity from $300.0 million to $450.0 million , to temporarily increase financing capacity on its facility from $450.0 million to $650.0 million to enable the financing of one of its assets and to remove the concentration limit on balance sheet financing. The temporary increase in capacity has since terminated in accordance with its terms. On December 31, 2014, the Series of LCFH were also added as additional guarantors. 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 increase 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. The Company terminated this master repurchase agreement effective November 30, 2014. On December 31, 2014, the Company amended the terms of its master repurchase agreement with a major U.S. bank to finance loans the Company originates to, among other items, permit the financing of mezzanine debt and amend the leverage covenant to be consistent with those in most of our other credit facilities. The Series of LCFH were also added as additional guarantors. On February 19, 2015, the Company executed an amendment and extension of one of its credit facilities with a major banking institution, providing for, among other things, extending the maximum term of the facility to May 24, 2018, limiting the recourse exposure to the Company and modifying the pricing terms of the facility. On April 10, 2015, the Company executed an amendment and extension of one of its credit facilities with a major banking institution, providing for, among other things, the extension of the maximum term of the facility to April 10, 2019 and increasing the maximum funding capacity of the facility to $400.0 million . On August 14, 2015, the Company executed an amendment of one of its credit facilities with a major banking institution, providing for, among other things, an increase in the maximum funding capacity to $600.0 million . Borrowings under Credit Agreement On January 24, 2013, the Company entered into a $50.0 million 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, 2016 with no further extension options. Interest on the Credit Agreement is London Interbank Offered Rate (“ LIBOR ”) plus 275 basis points per annum payable monthly in arrears. LCFH is subject to customary affirmative covenants and negative covenants, including limitations on the assumption or incurrence of additional liens or debt, restrictions on certain payments or transfers of assets, and restrictions on the amendment of contracts or documents related to the assets under pledge. Under the Credit Agreement, LCFH is subject to customary financial covenants relating to maximum leverage, minimum tangible net worth, and minimum liquidity consistent with our other credit facilities. The Company’s ability to borrow under the Credit Agreement is dependent on, among other things, LCFH’s compliance with the financial covenants. The Company believes it was in compliance with all covenants as of September 30, 2015 and December 31, 2014 . Borrowings under Credit and Security Agreement On October 31, 2014, the Company entered into a credit and security agreement (the “Credit and Security Agreement”) with a major banking institution to finance one of its assets in the amount of $46.8 million and an interest rate of LIBOR plus 185 basis points . On September 21, 2015, the debt was repaid, and the Credit and Security Agreement was terminated. 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. LCFH 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. The Company’s 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. Debt Issuance Costs As discussed in Note 2, Significant Accounting Policies , the Company considers its committed loan master repurchase facilities, borrowings under the Credit Agreement and Revolving Credit Facility to be revolving debt arrangements. As such, the Company continues to defer and present costs associated with these facilities as an asset, subsequently amortizing them ratably over the term of each revolving debt arrangement. As of September 30, 2015 and December 31, 2014 , the amount of unamortized costs relating to such facilities are $3.7 million and $4.0 million , respectively and are included in other assets in the combined consolidated balance sheets. 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 fair value of collateral. Mortgage Loan Financing During the nine months ended September 30, 2015 , the Company executed 36 term debt agreements to finance properties in its real estate portfolio. During the nine months ended September 30, 2014 , the Company executed five term debt agreement to finance such real estate. These nonrecourse debt agreements provide for fixed rate financing at rates, ranging from 4.25% to 6.75% , maturing in 2018, 2020, 2021, 2022, 2023, 2024 and 2025. These loans have carrying amounts of $555.8 million and $447.4 million , net of unamortized premiums of $7.0 million and $5.3 million at September 30, 2015 and December 31, 2014 , respectively, representing proceeds received upon financing greater than the contractual amounts due under these agreements. The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method. The Company recorded $0.2 million and $0.7 million of premium amortization, which decreased interest expense, for the three and nine months ended September 30, 2015 , respectively. The Company recorded $0.2 million and $0.5 million of premium amortization, which decreased interest expense, for the three and nine months ended September 30, 2014 , respectively. The loans are collateralized by real estate and related lease intangibles, net, of $723.4 million and $591.6 million as of September 30, 2015 and December 31, 2014 , respectively. Borrowings from the Federal Home Loan Bank (“FHLB”) On July 11, 2012, Tuebor, a wholly-owned consolidated subsidiary, became a member of the FHLB and subsequently drew its first secured funding advances from the FHLB. On June 26, 2015, Tuebor’s advance limit was increased to the lesser of $2.9 billion , 40% of Ladder Capital Corp’s total assets or 150% of Ladder Capital Corp’s total equity. As of September 30, 2015 , Tuebor had $1.8 billion of borrowings outstanding (with an additional $462.7 million of committed term financing available from the FHLB), with terms of overnight to nine years (with a weighted average of 1.6 years ), interest rates of 0.27% to 2.74% (with a weighted average of 0.83% ), and advance rates of 50.0% to 95.2% of the collateral. As of September 30, 2015 , collateral for the borrowings was comprised of $1.7 billion of CMBS and U.S. Agency Securities and $523.3 million of first mortgage commercial real estate loans. As of December 31, 2014 , Tuebor had $1.6 billion of borrowings outstanding (with an additional $289.0 million of committed term financing available from the FHLB), with terms of overnight to 10 years (with a weighted average of 2.0 years ), interest rates of 0.30% to 2.74% (with a weighted average of 0.79% ), and advance rates of 50.0% to 95.2% of the collateral. As of December 31, 2014 , collateral for the borrowings was comprised of $1.6 billion of CMBS and U.S. Agency Securities and $451.8 million 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 $414.2 million of the member’s capital were restricted from transfer to Tuebor’s parent without prior approval of state insurance regulators at September 30, 2015 . Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by Maturity (1)(2) 2015 (last 3 months) $ 685,221 2016 1,746,509 2017 610,534 2018 78,502 2019 28,731 Thereafter 1,066,535 Total $ 4,216,032 (1) Contractual payments under current maturities, some of which are subject to extensions. (2) Includes $612.0 million of the Company’s senior unsecured notes. Refer to Note 8 . The Company’s debt facilities are subject to covenants which require the Company to maintain a minimum level of total equity. Largely as a result of this restriction, approximately $900.3 million of the total equity is restricted from payment as a dividend by the Company at September 30, 2015 . 8. SENIOR UNSECURED NOTES In April 2015, FASB issued ASU 2015-03, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Beginning April 1, 2015, the Company elected to early adopt ASU 2015-03 and appropriately retrospectively applied the guidance to its senior unsecured notes, to all periods presented. Unamortized debt issuance costs of $7.6 million are included in senior unsecured notes as of September 30, 2015 and unamortized debt issuance costs of $9.4 million are included in senior unsecured notes as of December 31, 2014 (previously included in other assets on the combined consolidated balance sheets). On September 19, 2012, LCFH issued $325.0 million in aggregate principal amount of 7.375% Senior Notes due October 1, 2017 (the “2017 Notes”). The 2017 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 2017 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. On August 1, 2014, LCFH issued $300.0 million in aggregate principal amount of 5.875% senior notes due 2021 (the “2021 Notes”). The 2021 Notes require interest payments semi-annually in cash in arrears on February 1 and August 1 of each year, beginning on February 1, 2015. The 2021 Notes will mature on August 1, 2021. The 2021 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. On December 17, 2014, the Company retired $5.4 million of principal of the 2017 Notes for a repurchase price of $5.6 million recognizing a $0.2 million loss on extinguishment of debt. The remaining $319.6 million in aggregate principal amount of the 2017 Senior Notes is due October 2, 2017. LCFH issued the 2021 Notes and the 2017 Notes (collectively, the “Notes”) with Ladder Capital Finance Corporation (“LCFC”), as co-issuers on a joint and several basis. LCFC 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.

SENIOR UNSECURED NOTES

SENIOR UNSECURED NOTES	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
SENIOR UNSECURED NOTES	7. DEBT OBLIGATIONS The details of the Company’s debt obligations at September 30, 2015 and December 31, 2014 are as follows ($ in thousands): September 30, 2015 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at September 30, 2015 Current Term Maturity Remaining Extension Options Eligible Collateral (1) Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 218,516 $ 381,484 1.96% - 2.71% 10/30/2016 (3) (6) $ 323,137 $ 325,108 Committed Loan Repurchase Facility 400,000 128,955 271,045 2.45% - 4.21% 4/10/2016 (4) (7) 253,930 255,235 Committed Loan Repurchase Facility 450,000 276,540 173,460 2.45% - 4.21% 5/24/2016 (3) (6) 498,487 502,738 Total Committed Loan Repurchase Facilities 1,450,000 624,011 825,989 1,075,554 1,083,081 Committed Securities Repurchase Facility 300,000 161,529 138,471 0.88% - 1.30% 10/31/2016 N/A (8) 193,271 193,271 Uncommitted Securities Repurchase Facility N/A (2) 405,786 N/A (2) 0.50% - 1.82% 10/2015 N/A (8) 479,670 479,670 Total Repurchase Facilities 1,750,000 1,191,326 964,460 1,748,495 1,756,022 Borrowings Under Credit Agreement 50,000 20,400 29,600 2.94% - 2.96% 1/24/2016 N/A (9) 21,765 22,920 Revolving Credit Facility 75,000 50,000 25,000 3.69% - 5.75% 2/11/2017 (3) N/A (11) N/A (11) N/A (11) Mortgage Loan Financing 555,786 555,786 — 4.25% - 6.75% 2018 - 2025 N/A (12) 723,407 796,740 FHLB Financing 2,248,712 1,786,000 462,712 0.27% - 2.74% 2015 - 2024 N/A (9) 2,250,547 2,258,794 Total Debt Obligations $ 4,679,498 $ 3,603,512 $ 1,481,772 $ 4,744,214 $ 4,834,476 (1) Collateral includes first mortgage and mezzanine real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities. (2) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances (3) Two additional twelve month periods at Company's option (4) Three additional 364 day periods at Company's option (5) One additional twelve month period (6) First mortgage commercial real estate loans (7) First mortgage and mezzanine commercial real estate loans (8) Investment grade commercial real estate securities (9) First mortgage and mezzanine commercial real estate loans and investment grade commercial real estate securities (10) First mortgage commercial real estate loan (11) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries. (12) Using undepreciated value of commercial real estate to approximate fair value December 31, 2014 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2014 Current Term Maturity Remaining Extension Options Eligible Collateral (1) Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 450,000 $ 147,796 $ 302,204 2.42% - 2.66% 10/30/2016 (3) (6) $ 278,530 $ 279,921 Committed Loan Repurchase Facility 250,000 138,711 111,289 2.41% - 3.04% 4/10/2016 (4) (7) 144,858 145,749 Committed Loan Repurchase Facility 450,000 222,516 227,484 2.42% - 3.16% 5/26/2015 (3) (6) 378,573 380,344 Total Committed Loan Repurchase Facilities 1,150,000 509,023 640,977 801,961 806,014 Committed Securities Repurchase Facility 300,000 174,853 125,147 0.87% - 1.27% 4/30/2015 N/A (8) 214,617 214,617 Uncommitted Securities Repurchase Facility N/A (2) 747,789 N/A (2) 0.50% - 1.66% Various N/A (8) 861,456 861,456 Total Repurchase Facilities 1,450,000 1,431,665 766,124 1,878,034 1,882,087 Borrowings Under Credit Agreement 50,000 11,000 39,000 2.91% 1/24/2016 N/A (9) — — Borrowings Under Credit and Security Agreement 46,750 46,750 — 2.01% 10/6/2015 (5) (10) 54,775 55,000 Revolving Credit Facility 75,000 25,000 50,000 3.66% - 5.75% 2/11/2017 (3) N/A (11) N/A (11) N/A (11) Mortgage Loan Financing 447,410 447,410 — 4.25% - 6.75% 2018 - 2024 N/A (12) 591,613 637,271 FHLB Financing 1,900,000 1,611,000 289,000 0.30% - 2.74% 2015 - 2024 N/A (9) 2,068,988 2,073,955 Total Debt Obligations $ 3,969,160 $ 3,572,825 $ 1,144,124 $ 4,593,410 $ 4,648,313 (1) Collateral includes first mortgage and mezzanine real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities. (2) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances (3) Two additional twelve month periods at Company's option (4) One additional 364 day period at Company's option (5) One additional twelve month period (6) First mortgage commercial real estate loans (7) First mortgage and mezzanine commercial real estate loans (8) Investment grade commercial real estate securities (9) First mortgage and mezzanine commercial real estate loans and investment grade commercial real estate securities (10) First mortgage commercial real estate loan (11) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries. (12) Using undepreciated value of commercial real estate to approximate fair value 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 three committed master repurchase agreements, as outlined in the September 30, 2015 table above, totaling $1.5 billion 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 $300.0 million . The Company’s repurchase facilities include covenants covering net worth requirements, minimum liquidity levels, and maximum leverage ratios. The Company believes it was in compliance with all covenants as of September 30, 2015 and December 31, 2014 . 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 $300.0 million to $450.0 million to enable the financing of one of its assets. The increase in capacity terminated in accordance with its terms. On October 30, 2014, the Company amended the terms of this master repurchase agreement to increase the financing capacity from $300.0 million to $450.0 million , to temporarily increase financing capacity on its facility from $450.0 million to $650.0 million to enable the financing of one of its assets and to remove the concentration limit on balance sheet financing. The temporary increase in capacity has since terminated in accordance with its terms. On December 31, 2014, the Series of LCFH were also added as additional guarantors. 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 increase 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. The Company terminated this master repurchase agreement effective November 30, 2014. On December 31, 2014, the Company amended the terms of its master repurchase agreement with a major U.S. bank to finance loans the Company originates to, among other items, permit the financing of mezzanine debt and amend the leverage covenant to be consistent with those in most of our other credit facilities. The Series of LCFH were also added as additional guarantors. On February 19, 2015, the Company executed an amendment and extension of one of its credit facilities with a major banking institution, providing for, among other things, extending the maximum term of the facility to May 24, 2018, limiting the recourse exposure to the Company and modifying the pricing terms of the facility. On April 10, 2015, the Company executed an amendment and extension of one of its credit facilities with a major banking institution, providing for, among other things, the extension of the maximum term of the facility to April 10, 2019 and increasing the maximum funding capacity of the facility to $400.0 million . On August 14, 2015, the Company executed an amendment of one of its credit facilities with a major banking institution, providing for, among other things, an increase in the maximum funding capacity to $600.0 million . Borrowings under Credit Agreement On January 24, 2013, the Company entered into a $50.0 million 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, 2016 with no further extension options. Interest on the Credit Agreement is London Interbank Offered Rate (“ LIBOR ”) plus 275 basis points per annum payable monthly in arrears. LCFH is subject to customary affirmative covenants and negative covenants, including limitations on the assumption or incurrence of additional liens or debt, restrictions on certain payments or transfers of assets, and restrictions on the amendment of contracts or documents related to the assets under pledge. Under the Credit Agreement, LCFH is subject to customary financial covenants relating to maximum leverage, minimum tangible net worth, and minimum liquidity consistent with our other credit facilities. The Company’s ability to borrow under the Credit Agreement is dependent on, among other things, LCFH’s compliance with the financial covenants. The Company believes it was in compliance with all covenants as of September 30, 2015 and December 31, 2014 . Borrowings under Credit and Security Agreement On October 31, 2014, the Company entered into a credit and security agreement (the “Credit and Security Agreement”) with a major banking institution to finance one of its assets in the amount of $46.8 million and an interest rate of LIBOR plus 185 basis points . On September 21, 2015, the debt was repaid, and the Credit and Security Agreement was terminated. 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. LCFH 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. The Company’s 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. Debt Issuance Costs As discussed in Note 2, Significant Accounting Policies , the Company considers its committed loan master repurchase facilities, borrowings under the Credit Agreement and Revolving Credit Facility to be revolving debt arrangements. As such, the Company continues to defer and present costs associated with these facilities as an asset, subsequently amortizing them ratably over the term of each revolving debt arrangement. As of September 30, 2015 and December 31, 2014 , the amount of unamortized costs relating to such facilities are $3.7 million and $4.0 million , respectively and are included in other assets in the combined consolidated balance sheets. 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 fair value of collateral. Mortgage Loan Financing During the nine months ended September 30, 2015 , the Company executed 36 term debt agreements to finance properties in its real estate portfolio. During the nine months ended September 30, 2014 , the Company executed five term debt agreement to finance such real estate. These nonrecourse debt agreements provide for fixed rate financing at rates, ranging from 4.25% to 6.75% , maturing in 2018, 2020, 2021, 2022, 2023, 2024 and 2025. These loans have carrying amounts of $555.8 million and $447.4 million , net of unamortized premiums of $7.0 million and $5.3 million at September 30, 2015 and December 31, 2014 , respectively, representing proceeds received upon financing greater than the contractual amounts due under these agreements. The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method. The Company recorded $0.2 million and $0.7 million of premium amortization, which decreased interest expense, for the three and nine months ended September 30, 2015 , respectively. The Company recorded $0.2 million and $0.5 million of premium amortization, which decreased interest expense, for the three and nine months ended September 30, 2014 , respectively. The loans are collateralized by real estate and related lease intangibles, net, of $723.4 million and $591.6 million as of September 30, 2015 and December 31, 2014 , respectively. Borrowings from the Federal Home Loan Bank (“FHLB”) On July 11, 2012, Tuebor, a wholly-owned consolidated subsidiary, became a member of the FHLB and subsequently drew its first secured funding advances from the FHLB. On June 26, 2015, Tuebor’s advance limit was increased to the lesser of $2.9 billion , 40% of Ladder Capital Corp’s total assets or 150% of Ladder Capital Corp’s total equity. As of September 30, 2015 , Tuebor had $1.8 billion of borrowings outstanding (with an additional $462.7 million of committed term financing available from the FHLB), with terms of overnight to nine years (with a weighted average of 1.6 years ), interest rates of 0.27% to 2.74% (with a weighted average of 0.83% ), and advance rates of 50.0% to 95.2% of the collateral. As of September 30, 2015 , collateral for the borrowings was comprised of $1.7 billion of CMBS and U.S. Agency Securities and $523.3 million of first mortgage commercial real estate loans. As of December 31, 2014 , Tuebor had $1.6 billion of borrowings outstanding (with an additional $289.0 million of committed term financing available from the FHLB), with terms of overnight to 10 years (with a weighted average of 2.0 years ), interest rates of 0.30% to 2.74% (with a weighted average of 0.79% ), and advance rates of 50.0% to 95.2% of the collateral. As of December 31, 2014 , collateral for the borrowings was comprised of $1.6 billion of CMBS and U.S. Agency Securities and $451.8 million 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 $414.2 million of the member’s capital were restricted from transfer to Tuebor’s parent without prior approval of state insurance regulators at September 30, 2015 . Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by Maturity (1)(2) 2015 (last 3 months) $ 685,221 2016 1,746,509 2017 610,534 2018 78,502 2019 28,731 Thereafter 1,066,535 Total $ 4,216,032 (1) Contractual payments under current maturities, some of which are subject to extensions. (2) Includes $612.0 million of the Company’s senior unsecured notes. Refer to Note 8 . The Company’s debt facilities are subject to covenants which require the Company to maintain a minimum level of total equity. Largely as a result of this restriction, approximately $900.3 million of the total equity is restricted from payment as a dividend by the Company at September 30, 2015 . 8. SENIOR UNSECURED NOTES In April 2015, FASB issued ASU 2015-03, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Beginning April 1, 2015, the Company elected to early adopt ASU 2015-03 and appropriately retrospectively applied the guidance to its senior unsecured notes, to all periods presented. Unamortized debt issuance costs of $7.6 million are included in senior unsecured notes as of September 30, 2015 and unamortized debt issuance costs of $9.4 million are included in senior unsecured notes as of December 31, 2014 (previously included in other assets on the combined consolidated balance sheets). On September 19, 2012, LCFH issued $325.0 million in aggregate principal amount of 7.375% Senior Notes due October 1, 2017 (the “2017 Notes”). The 2017 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 2017 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. On August 1, 2014, LCFH issued $300.0 million in aggregate principal amount of 5.875% senior notes due 2021 (the “2021 Notes”). The 2021 Notes require interest payments semi-annually in cash in arrears on February 1 and August 1 of each year, beginning on February 1, 2015. The 2021 Notes will mature on August 1, 2021. The 2021 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. On December 17, 2014, the Company retired $5.4 million of principal of the 2017 Notes for a repurchase price of $5.6 million recognizing a $0.2 million loss on extinguishment of debt. The remaining $319.6 million in aggregate principal amount of the 2017 Senior Notes is due October 2, 2017. LCFH issued the 2021 Notes and the 2017 Notes (collectively, the “Notes”) with Ladder Capital Finance Corporation (“LCFC”), as co-issuers on a joint and several basis. LCFC 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.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
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 September 30, 2015 and December 31, 2014 are as follows ($ in thousands): September 30, 2015 Weighted Average Outstanding Face Amount Amortized Cost Basis Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 1,936,316 $ 1,960,371 $ 1,985,195 Internal model, third-party inputs 2.63 % 3.35 CMBS interest-only(1) 7,246,777 (9) 356,204 356,928 Internal model, third-party inputs 3.74 % 3.46 GNMA interest-only(2) 662,161 (9) 30,109 28,603 Internal model, third-party inputs 4.27 % 5.48 GN construction securities(1) 26,730 27,223 27,849 Internal model, third-party inputs 3.86 % 9.46 GN permanent securities(1) 16,435 16,950 16,807 Internal model, third-party inputs 4.00 % 6.09 Mortgage loan receivable held for investment, at amortized cost 1,811,216 1,794,812 1,820,999 Discounted Cash Flow(5) 7.61 % 1.58 Mortgage loan receivable held for sale 333,488 333,531 342,611 Discounted Cash Flow(6) 4.15 % 7.60 FHLB stock(7) 77,915 77,915 77,915 (7) 3.50 % N/A Nonhedge derivatives(1)(8) 10,009 N/A 299 Counterparty quotations N/A 5.59 Liabilities: Repurchase agreements - short-term 793,933 793,933 793,933 Discounted Cash Flow(3) 1.83 % 0.32 Repurchase agreements - long-term 397,393 397,393 397,393 Discounted Cash Flow(4) 1.30 % 1.12 Borrowings under credit agreement 20,400 20,400 20,400 Discounted Cash Flow(10) 2.95 % 0.32 Revolving credit facility 50,000 50,000 50,000 Discounted Cash Flow(10) 3.69 % 1.37 Mortgage loan financing 562,035 555,786 590,265 Discounted Cash Flow(4) 4.87 % 7.96 Borrowings from the FHLB 1,786,000 1,786,000 1,857,923 Discounted Cash Flow 0.83 % 1.62 Senior unsecured notes 619,555 619,555 603,251 Broker quotations, pricing services 6.65 % 3.86 Nonhedge derivatives(1)(8) 130,051 N/A 21,942 Counterparty quotations N/A 0.99 December 31, 2014 Weighted Average Outstanding Face Amount Amortized Cost Basis Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 2,247,565 $ 2,277,995 $ 2,305,409 Internal model, third-party inputs 2.60 % 4.23 CMBS interest-only(1) 7,239,503 (9) 376,085 378,335 Internal model, third-party inputs 4.88 % 3.45 GNMA interest-only(2) 1,400,141 (9) 67,543 66,642 Internal model, third-party inputs 5.90 % 4.50 GN construction securities(1) 27,538 28,178 28,406 Internal model, third-party inputs 3.56 % 9.42 GN permanent securities(1) 36,232 36,515 36,773 Internal model, third-party inputs 4.94 % 1.32 Mortgage loan receivable held for investment, at amortized cost 1,536,923 1,521,053 1,540,388 Discounted Cash Flow(5) 7.33 % 1.96 Mortgage loan receivable held for sale 417,955 417,955 421,991 Discounted Cash Flow(6) 4.31 % 9.72 FHLB stock(7) 72,340 72,340 72,340 (7) 3.50 % N/A Nonhedge derivatives(1)(8) 125,050 N/A 424 Counterparty quotations N/A 3.45 Liabilities: Repurchase agreements - short-term 1,331,603 1,331,603 1,331,603 Discounted Cash Flow(3) 1.32 % 0.23 Repurchase agreements - long-term 100,062 100,062 100,062 Discounted Cash Flow(3) 1.89 % 1.59 Borrowings under credit agreement 11,000 11,000 11,000 Discounted Cash Flow(10) 2.91 % 1.07 Borrowings under credit and security agreement 46,750 46,750 46,750 Discounted Cash Flow(10) 2.01 % 1.77 Revolving credit facility 25,000 25,000 25,000 Discounted Cash Flow(10) 3.66 % 2.12 Mortgage loan financing 442,753 447,410 455,846 Discounted Cash Flow(4) 4.85 % 8.47 Borrowings from the FHLB 1,611,000 1,611,000 1,616,373 Discounted Cash Flow 0.79 % 2.05 Senior unsecured notes 619,555 619,555 611,745 Broker quotations, pricing services 6.65 % 4.61 Nonhedge derivatives(1)(8) 1,428,700 N/A 13,446 Counterparty quotations N/A 1.41 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity (2) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings (3) 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. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (4) For the mortgage loan financing, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (5) Fair value for floating rate 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. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (6) 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. (7) 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. (8) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (9) Represents notional outstanding balance of underlying collateral (10) Fair value for borrowings under credit agreement, credit and security agreement and revolving credit facility 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. 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 September 30, 2015 and December 31, 2014 ($ in thousands): September 30, 2015 Financial Instruments Reported at Fair Value on Combined Consolidated Statements of Financial Condition Outstanding Face Amount Fair Value Level 1 Level 2 Level 3 Total Assets: CMBS(1) $ 1,936,316 $ — $ — $ 1,985,195 $ 1,985,195 CMBS interest-only(1) 7,246,777 (3) — — 356,928 356,928 GNMA interest-only(2) 662,161 (3) — — 28,603 28,603 GN construction securities(1) 26,730 — — 27,849 27,849 GN permanent securities(1) 16,435 — — 16,807 16,807 Nonhedge derivatives(4) 10,009 — 299 — 299 $ — $ 299 $ 2,415,382 $ 2,415,681 Liabilities: Nonhedge derivatives(4) 130,051 $ — $ 21,942 $ — $ 21,942 Financial Instruments Not Reported at Fair Value on Combined Consolidated Statements of Financial Condition Outstanding Face Amount Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivable held for investment $ 1,811,216 $ — $ — $ 1,820,999 $ 1,820,999 Mortgage loan receivable held for sale 333,488 — — 342,611 342,611 FHLB stock 77,915 — — 77,915 77,915 $ — $ — $ 2,241,525 $ 2,241,525 Liabilities: 0 Repurchase agreements (short-term) 793,933 $ — $ 37,421 $ 756,512 $ 793,933 Repurchase agreements (long-term) 397,393 — — 397,393 397,393 Borrowings under credit agreement 20,400 — — 20,400 20,400 Revolving credit facility 50,000 — — 50,000 50,000 Mortgage loan financing 562,035 — — 590,265 590,265 Borrowings from the FHLB 1,786,000 — — 1,857,923 1,857,923 Senior unsecured notes 619,555 — — 603,251 603,251 $ — $ 37,421 $ 4,275,744 $ 4,313,165 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (3) Represents notional outstanding balance of underlying collateral. (4) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. December 31, 2014 Financial Instruments Reported at Fair Value on Combined Consolidated Statements of Financial Condition Outstanding Face Amount Fair Value Level 1 Level 2 Level 3 Total Assets: CMBS(1) $ 2,247,565 $ — $ — $ 2,305,409 $ 2,305,409 CMBS interest-only(1) 7,239,503 (3) — — 378,335 378,335 GNMA interest-only(2) 1,400,141 (3) — 66,642 — 66,642 GN construction securities(1) 27,538 — 28,406 — 28,406 GN permanent securities(1) 36,232 — 36,773 — 36,773 Nonhedge derivatives(4) 125,050 — 424 — 424 $ — $ 132,245 $ 2,683,744 $ 2,815,989 Liabilities: Nonhedge derivatives(4) 1,428,700 — 13,446 — 13,446 Financial Instruments Not Reported at Fair Value on Combined Consolidated Statements of Financial Condition Outstanding Face Amount Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivable held for investment 1,536,923 — — 1,540,388 1,540,388 Mortgage loan receivable held for sale 417,955 — — 421,991 421,991 FHLB stock 72,340 — — 72,340 72,340 $ — $ — $ 2,034,719 $ 2,034,719 Liabilities: 0 Repurchase agreements (short-term) 1,331,603 — 68,357 1,263,246 1,331,603 Repurchase agreements (long-term) 100,062 — — 100,062 100,062 Borrowings under credit agreement 11,000 — — 11,000 11,000 Borrowings under credit and security agreement 46,750 — — 46,750 46,750 Revolving credit facility 25,000 — — 25,000 25,000 Mortgage loan financing 442,753 — — 455,846 455,846 Borrowings from the FHLB 1,611,000 — — 1,616,373 1,616,373 Senior unsecured notes 619,555 — — 611,745 611,745 $ — $ 68,357 $ 4,130,022 $ 4,198,379 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (3) Represents notional outstanding balance of underlying collateral. (4) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. The following table summarizes changes in level 3 financial instruments reported at fair value on the combined consolidated statements of financial condition for the nine months ended September 30, 2015 ($ in thousands): Level 3 Balance at December 31, 2014 $ 2,683,744 Transfer from level 2 86,577 Purchases 574,433 Sales (783,189 ) Paydowns/maturities (116,390 ) Amortization of premium/discount (50,630 ) Unrealized gain/(loss) (3,575 ) Realized gain/(loss) on sale 24,412 Balance at September 30, 2015 $ 2,415,382 The following table summarizes changes in level 3 financial instruments reported at fair value on the combined consolidated statements of financial condition for the year ended December 31, 2014 ($ in thousands): Level 3 Balance at December 31, 2013 $ — Transfer from level 2 1,422,995 Purchases 2,121,503 Sales (692,306 ) Paydowns/maturities (155,525 ) Amortization of premium/discount (60,992 ) Unrealized gain/(loss) 19,769 Realized gain/(loss) on sale 28,300 Balance at December 31, 2014 $ 2,683,744 The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): September 30, 2015 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 1,985,195 Discounted cash flow Yield (4) (23.7 )% 1.51 % 5.27 % Duration (years)(5) — 4.23 8.11 CMBS interest-only (1) 356,928 (3) Discounted cash flow Yield (4) 2.06 % 3.65 % 14.84 % Duration (years)(5) 0.12 3.42 4.36 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only (2) 28,603 (3) Discounted cash flow Yield (4) (3.64 )% 4.82 % 82.81 % Duration (years)(5) 0.47 5.48 34.52 Prepayment speed (CPJ)(5) 5.00 14.43 35.00 GN construction securities (1) 27,849 Discounted cash flow Yield (4) 0.32 % 3.62 % 3.67 % Duration (years)(5) 1.91 9.46 9.57 GN permanent securities (1) 16,807 Discounted cash flow Yield (4) 2.53 % 3.76 % 6.35 % Duration (years)(5) 1.85 6.09 9.28 Total $ 2,415,382 December 31, 2014 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 2,305,409 Discounted cash flow Yield (4) (13.06 )% 2.36 % 5.49 % Duration (years)(5) — 4.68 8.26 CMBS interest-only (1) 378,335 (3) Discounted cash flow Yield (4) (27.49 )% (4.93 )% 23.32 % Duration (years)(5) 0.49 3.50 4.73 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only (2) 66,642 (3) Discounted cash flow Yield (4) (0.85 )% 5.9 % 54.24 % Duration (years)(5) — 4.50 6.28 Prepayment speed (CPJ)(5) 5.00 14.99 35.00 GN construction securities (1) 28,406 Discounted cash flow Yield (4) 0.33 % 3.54 % 3.7 % Duration (years)(5) 1.95 9.42 10.02 GN permanent securities (1) 36,773 Discounted cash flow Yield (4) — % 1.28 % 6.43 % Duration (years)(5) 0.04 1.32 9.27 Total $ 2,815,565 (1) CMBS, CMBS interest-only securities, 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. (2) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. (3) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. Sensitivity of the Fair Value to Changes in the Unobservable Inputs (4) Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement. (5) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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 September 30, 2015 and December 31, 2014 ($ in thousands): September 30, 2015 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Futures 5-year Swap $ 591,800 $ 8 $ 6,575 0.25 10-year Swap 513,400 2 9,976 0.25 Total futures 1,105,200 10 16,551 Swaps 3MO LIBOR 80,000 — 5,026 3.24 Credit Derivatives CMBX 33,500 — 365 3.31 CDX 10,000 289 — 5.76 Total credit derivatives 43,500 289 365 Total derivatives $ 1,228,700 $ 299 $ 21,942 December 31, 2014 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Caps 1MO LIBOR $ 71,250 $ — $ — 0.66 Futures 5-year Swap 496,200 108 28 0.25 10-year Swap 842,800 104 8,258 0.25 Total futures 1,339,000 212 8,286 Swaps 3MO LIBOR 100,000 — 4,505 3.18 Credit Derivatives CMBX 10,000 211 — 6.80 CDX 33,500 — 654 3.97 Total credit derivatives 43,500 211 654 Total derivatives $ 1,553,750 $ 423 $ 13,445 (1) Shown as 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 nine months ended September 30, 2015 and 2014 ($ in thousands): Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ (13,281 ) $ (27,990 ) $ (41,271 ) $ (8,468 ) $ (44,400 ) $ (52,868 ) Swaps (768 ) (476 ) (1,244 ) (306 ) (1,574 ) (1,880 ) Credit Derivatives 291 (18 ) 273 367 (213 ) 154 Total $ (13,758 ) $ (28,484 ) $ (42,242 ) $ (8,407 ) $ (46,187 ) $ (54,594 ) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Caps $ — $ — $ — $ — $ (7 ) $ (7 ) Futures 12,668 (11,938 ) 730 $ (3,166 ) $ (44,809 ) $ (47,975 ) Swaps 1,103 (801 ) 302 363 (2,403 ) (2,040 ) Credit Derivatives 191 (98 ) 93 (20 ) (393 ) (413 ) Total $ 13,962 $ (12,837 ) $ 1,125 $ (2,823 ) $ (47,612 ) $ (50,435 ) The Company’s counterparties held $40.7 million and $35.8 million of cash margin as collateral for derivatives as of September 30, 2015 and December 31, 2014 , respectively, which is included in cash collateral held by broker 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 September 30, 2015 and December 31, 2014 , the Company was in compliance with these requirements and not in default on its indebtedness. As of September 30, 2015 and December 31, 2014 , there was $6.6 million and $11.7 million of cash collateral held by the derivative counterparties for these derivatives, respectively, included in cash collateral held by brokers in the combined consolidated statements of financial condition. No additional cash would be required to be posted if the acceleration of payment under the derivatives was triggered.

OFFSETTING ASSETS AND LIABILITI

OFFSETTING ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 2015
Offsetting [Abstract]
OFFSETTING ASSETS AND LIABILITIES	11. OFFSETTING ASSETS AND LIABILITIES The following tables present both gross information and net information about derivatives and other instruments eligible for offset in the statement of financial position as of September 30, 2015 and December 31, 2014 . The Company’s accounting policy is to record derivative asset and liability positions on a gross basis, therefore, the following tables present 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 tables as the following only disclose amounts eligible to be offset to the extent of the recorded gross derivative positions. As of September 30, 2015 Offsetting of Financial Assets and Derivative Assets ($ in thousands) Description Gross amounts of recognized assets Gross amounts offset in the balance sheet Net amounts of assets presented in the balance sheet Gross amounts not offset in the balance sheet Net amount Financial instruments Cash collateral received/(posted)(1) Derivatives $ 299 $ — $ 299 $ — $ — $ 299 Total $ 299 $ — $ 299 $ — $ — $ 299 As of September 30, 2015 Offsetting of Financial Liabilities and Derivative Liabilities ($ in thousands) Description Gross amounts of recognized liabilities Gross amounts offset in the balance sheet Net amounts of liabilities presented in the balance sheet Gross amounts not offset in the balance sheet Net amount Financial instruments collateral Cash collateral posted/(received)(1) Derivatives $ 21,942 $ — $ 21,942 $ — $ 21,942 — Repurchase agreements 1,191,326 — 1,191,326 1,191,326 — — Total $ 1,213,268 $ — $ 1,213,268 $ 1,191,326 $ 21,942 $ — (1) Included in cash collateral held by broker on combined consolidated balance sheets. As of December 31, 2014 Offsetting of Financial Assets and Derivative Assets ($ in thousands) Description Gross amounts of recognized assets Gross amounts offset in the balance sheet Net amounts of assets presented in the balance sheet Gross amounts not offset in the balance sheet Net amount Financial instruments Cash collateral received/(posted)(1) Derivatives $ 423 $ — $ 423 $ — $ — $ 423 Total $ 423 $ — $ 423 $ — $ — $ 423 As of December 31, 2014 Offsetting of Financial Liabilities and Derivative Liabilities ($ in thousands) Description Gross amounts of recognized liabilities Gross amounts offset in the balance sheet Net amounts of liabilities presented in the balance sheet Gross amounts not offset in the balance sheet Net amount Financial instruments collateral Cash collateral posted/(received)(1) Derivatives $ 13,445 $ — $ 13,445 $ — $ 13,445 $ — Repurchase agreements 1,431,666 — 1,431,666 1,431,666 — — Total $ 1,445,111 $ — $ 1,445,111 $ 1,431,666 $ 13,445 $ — (1) Included in cash collateral held by broker on combined 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 September 30, 2015 and December 31, 2014 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.

EQUITY STRUCTURE AND ACCOUNTS

EQUITY STRUCTURE AND ACCOUNTS	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
EQUITY STRUCTURE AND ACCOUNTS	12. EQUITY STRUCTURE AND ACCOUNTS A description of the IPO Transactions is included in Note 1 . In addition, a description of the distribution policies of and accounting for the predecessor capital structure is also included later in this Note. 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. 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 Third Amended and Restated LLLP Agreement of LCFH, the Continuing LCFH Limited Partners may from time to time, subject to certain conditions, exchange one Series REIT LP Unit, one of either a Series TRS LP Unit or a TRS Share, and one share of the Company’s Class B common stock for one share of the Company’s Class A common stock, subject to equitable adjustments for stock splits, stock dividends and reclassifications. In 2014, 874,374 LP Units were exchanged for 874,374 shares of Class A common stock and 874,374 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. During the nine months ended September 30, 2015 , 3,415,389 Series REIT LP Units and 3,415,389 Series TRS LP Units were collectively exchanged for 3,415,389 shares of Class A common stock and 3,415,389 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. Dividends The following table presents dividends declared (on a per share basis) of Class A common stock for the nine months ended September 30, 2015 : Declaration Date Dividend per Share September 1, 2015 $ 0.275 June 8, 2015 0.250 March 12, 2015 0.250 Total $ 0.775 Changes in Accumulated Other Comprehensive Income The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the carrying value of CMBS for the nine months ended September 30, 2015 ($ in thousands): Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income December 31, 2014 $ 15,656 $ 14,494 $ 30,150 Other comprehensive income (loss) (2,027 ) (2,092 ) (4,119 ) Exchange of noncontrolling interest for common stock 620 (620 ) — Rebalancing of ownership percentage between Company and Operating Partnership 194 (194 ) — September 30, 2015 $ 14,443 $ 11,588 $ 26,031 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 $20.5 million were capitalized and charged against the proceeds of the IPO once completed. 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 described in Note 1 . Immediately following the Reorganization Transactions, with the exception of the discussions regarding quarterly tax distributions, the provisions set forth below no longer apply. Cash Distributions to Predecessor Partners Distributions (other than tax distributions which are described below) will be made in the priorities described below at such times and in such amounts as determined by the Company’s board of directors. All capitalized items used in this section but not defined shall have the respective meanings given to such capitalized terms in the LLLP Agreement of LCFH dated as of August 9, 2011, as amended (the “LLLP Agreement”): • First, to the holders of Series A and Series B participating preferred units pro rata based on the capital account of each such holder’s interests, until the Series A and Series B participating preferred unit holders have each received an amount equivalent to their respective capital accounts; then • Second, 20% to the common unit holders, and 80% to the holders of Series A participating preferred units, until the Series A participating preferred unit holders have each received an amount equivalent to $124 per unit; and • Thereafter, 20% to common unit holders, and 80% to the holders of Series A and Series B participating preferred units, pro rata based on the units held by each holder. Notwithstanding the foregoing, subject to available liquidity as determined by Company’s board of directors, the Company intends to make quarterly tax distributions equal to a partner’s “Quarterly Estimated Tax Amount,” which shall be computed (as more fully described in the 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 and comprehensive income 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.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	13. 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 nine months ended September 30, 2015 , the Company has increased noncontrolling interests in the Operating Partnership and decreased additional paid-in capital and accumulated other comprehensive income in the Company’s shareholders’ equity by $5.0 million as of September 30, 2015 . There are two main types of noncontrolling interest reflected in the Company’s combined consolidated financial statements (i) noncontrolling interest in the operating partnership and (ii) noncontrolling interest in consolidated joint ventures. Noncontrolling Interest in the Operating Partnership As more fully described in Note 1 , certain of the predecessor equity owners continue to own interests in the operating partnership as modified by the IPO Transactions. These interests were subsequently further modified by the REIT Structuring Transactions (also described in Note 1 ). These interests, along with the Class B shares held by these investors, are exchangeable for Class A shares of the Company. The roll-forward of the Operating Partnership’s LP Units follow the Class B common stock of the Company as disclosed in the combined consolidated statements of changes in equity/capital. Distributions to Noncontrolling Interest in the Operating Partnership Notwithstanding the foregoing, subject to any restrictions in applicable debt financing agreements and available liquidity as determined by the board of directors of each of Series REIT of LCFH and Series TRS of LCFH, each Series must use commercially reasonable efforts to make quarterly distributions to each of its partners (including the Company) at least equal to such partner’s “Quarterly Estimated Tax Amount,” which shall be computed (as more fully described in LCFH’s Third Amended and Restated LLLP Agreement) for each partner as the product of (x) the federal taxable income (or alternative minimum taxable income, if higher) allocated by such Series to such partner in respect of the Series REIT LP Units and Series TRS LP Units held by such partner and (y) the highest marginal blended federal, state and local income tax rate (or alternative minimum taxable rate, as applicable) applicable to an individual residing in New York, NY, taking into account, for federal income tax purposes, the deductibility of state and local taxes; provided that Series TRS of LCFH may take into account, in determining the amount of tax distributions to holders of Series TRS LP Units, the amount of any distributions each such holder received from Series REIT of LCFH in excess of tax distributions. Allocation of Income and Loss Income and losses and comprehensive income are allocated among the partners in a manner to reflect as closely as possible the amount each partner would be distributed under the Third Amended and Restated LLLP Agreement upon liquidation of the Operating Partnership’s assets. Noncontrolling Interest in Unconsolidated Joint Ventures The Company consolidates eight ventures in which there are other noncontrolling investors which own between 1.2% - 22.5% of such ventures. These ventures hold investments in six office buildings, one warehouse and a condominium project. The Company makes distributions and allocates income from these ventures to the noncontrolling interests in accordance with the terms of the respective governing agreements.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	14. EARNINGS PER SHARE The Company’s net income and weighted average shares outstanding for the three and nine months ended September 30, 2015 and the period February 11, 2014 through September 30, 2014 consist of the following: ($ in thousands except share amounts) For the Three Months Ended September 30, 2015 For the Three Months Ended September 30, 2014 For the Nine Months Ended September 30, 2015 For the Period February 11, 2014 through September 30, 2014 Basic Net income available for Class A common shareholders $ 3,313 $ 14,656 $ 46,698 $ 39,813 Diluted Net income available for Class A common shareholders $ 3,313 $ 27,433 $ 46,698 $ 72,699 Weighted average shares outstanding Basic 52,922,487 49,394,399 51,091,977 49,101,904 Diluted 53,348,858 97,918,235 51,388,851 97,750,385 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 and nine months ended September 30, 2015 , the three months ended September 30, 2014 and the period February 11, 2014 through September 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 and nine months ended September 30, 2015 , the three months ended September 30, 2014 and the period February 11, 2014 through September 30, 2014 , respectively. Denominator: utilizes the weighted average shares of Class A common stock for the three and nine months ended September 30, 2015 , the three months ended September 30, 2014 and the period February 11, 2014 through September 30, 2014 , respectively. Diluted Net Income per Share Numerator: utilizes net income available for Class A common shareholders for the three and nine months ended September 30, 2015 , the three months ended September 30, 2014 and the period February 11, 2014 through September 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 and nine months ended September 30, 2015 , the three months ended September 30, 2014 and the period February 11, 2014 through September 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 Months Ended September 30, 2015 For the Three Months Ended September 30, 2014 For the Nine Months Ended September 30, 2015 For the Period February 11, 2014 through September 30, 2014 Basic Net Income Per Share of Class A Common Stock Numerator: Net income attributable to Class A common shareholders $ 3,313 $ 14,656 $ 46,698 $ 39,813 Denominator: Weighted average number of shares of Class A common stock outstanding 52,922,487 49,394,399 51,091,977 49,101,904 Basic net income per share of Class A common stock $ 0.06 $ 0.30 $ 0.91 $ 0.81 Diluted Net Income Per Share of Class A Common Stock Numerator: Net income attributable to Class A common shareholders $ 3,313 $ 14,656 $ 46,698 $ 39,813 Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) — 22,827 — 59,086 Additional corporate tax (expense) benefit — (10,050 ) — (26,200 ) Diluted net income attributable to Class A common shareholders $ 3,313 $ 27,433 $ 46,698 $ 72,699 Denominator: Basic weighted average number of shares of Class A common stock outstanding 52,922,487 49,394,399 51,091,977 49,101,904 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders — 48,046,807 — 48,341,572 Incremental shares of unvested Class A restricted stock 426,371 477,029 296,874 306,909 Diluted weighted average number of shares of Class A common stock outstanding 53,348,858 97,918,235 51,388,851 97,750,385 Diluted net income per share of Class A common stock $ 0.06 $ 0.28 $ 0.91 $ 0.74 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 of Class A common stock.

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK BASED COMPENSATION PLANS	15. STOCK BASED COMPENSATION PLANS 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 provided certain members of management, employees and directors of the Company or any other Ladder Company (as defined in the 2008 Plan) with additional incentives. Only one grant made to an employee pursuant to the 2008 Plan remains outstanding. All units issued under the 2008 Plan 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. Reallocation Awards On February 3, 2015 , restricted stock awards were granted to members of management and certain employees (the “Grantees”) with an aggregate value of $499,910 , representing 25,742 shares of restricted Class A common stock. These restricted stock awards were allocated to the Grantees from employee forfeitures of the restricted stock awards initially granted on February 18, 2014 in connection with the IPO Transactions (the “IPO Restricted Stock Awards”) and vest on the same dates, subject to the same terms and conditions as the IPO Restricted Stock Awards described in our Proxy Statement. The compensation expense related to the February 3, 2015 grants will be recognized and accrued for in the same manner as the IPO Restricted Stock Awards as well. See our Proxy Statement for a detailed description of the terms and accounting treatment of the IPO Restricted Stock Awards. 2015 Annual Restricted Stock Awards and Annual Option Awards Members of management are eligible to receive annual restricted stock awards (the “Annual Restricted Stock Awards”) and annual option awards (the “Annual Option Awards”) based on the performance of the Company. On February 18, 2015 , Annual Restricted Stock Awards were granted to our Executive Officers (each, a “Management Grantee”) with an aggregate value of $12,632,140 which represents 688,400 shares of restricted Class A common stock in connection with 2014 compensation. Fifty percent of each restricted stock award granted is subject to time-based vesting criteria, and the remaining 50% of each restricted stock award is subject to specified performance-based vesting criteria. The time-vesting restricted stock granted to Brian Harris and the other Management Grantees will vest in three installments on each of the first three anniversaries of the date of grant, subject to continued employment on the applicable vesting dates. The performance-vesting restricted stock will vest in three equal installments on December 31 of each of 2015, 2016 and 2017 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 of the Annual Restricted Stock Awards for the entire award on a straight-line basis over the requisite service period. We feel that this aligns the compensation expense with the obligation of the Company. As such, the compensation expense related to the February 18, 2015 Annual Restricted Stock Awards to Management Grantees shall be recognized as follows: 1. Compensation expense for restricted stock subject to time-based vesting criteria granted to Brian Harris will be expensed 1/2 each year, for two years , on an annual basis following such grant 2. Compensation expense for restricted stock subject to time-based vesting criteria granted to the Management Grantees other than Mr. Harris, 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. On February 18, 2015, Annual Stock Option Awards were granted to Management Grantees with an aggregate grant date fair value of $1,441,050 , which represents 670,256 shares of Class A common stock subject to the Annual Stock Option Awards. The stock option awards are subject to time-based vesting criteria only and vest in three equal installments on February 18 of each of 2016, 2017 and 2018, subject to continued employment until the applicable vesting date. Upon termination of a Management Grantee’s employment or service due to death, disability, termination by the Company without Cause or termination by the Management Grantee for Good Reason (each, as defined in the 2014 Omnibus Incentive Plan), the respective Management Grantee’s option awards will accelerate and vest in full. The actual grant date fair values of the Annual Option Awards granted to our Management Grantees were computed in accordance with FASB ASC Topic 718 using the Black Scholes model based on the following assumptions: (1) risk-free rate of 1.79% ; (2) dividend yield of 5.3% ; (3) expected life of six years; and (4) volatility of 24.0% . On February 18, 2015 , members of the board of directors received Annual Restricted Stock Awards with a grant date fair value of $146,103 , representing 7,962 shares of restricted Class A common stock, which will vest in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense for restricted stock subject to time-based vesting criteria granted to directors will be expensed in full on an annual basis following such grant. Upon a change in control (as defined in the respective award agreements), all restricted stock and option awards will become fully vested, if (1) the Management 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, the Management Grantee’s employment is terminated without Cause or due to death or disability or the Management 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 and option awards granted. On February 11, 2017 (the “Harris Retirement Eligibility Date”), all outstanding Annual Restricted Stock Awards, including the time-vesting portion and the performance-vesting portion, and all outstanding Annual Option Awards granted to Mr. Harris will become fully vested, and any Annual Restricted Stock Awards and Annual Option Awards granted after the Harris Retirement Eligibility Date will be fully vested at grant. For other Management Grantees, upon the date that is on or after February 11, 2019, where the sum of the individual’s age and the individual’s number of full, completed years of employment with us or our subsidiaries is equal to or greater than sixty (the “Executive Retirement Eligibility Date”), the time-vesting portion of the Annual Restricted Stock Awards and the Annual Option Awards will become fully vested, and the time-vesting portion of any Annual Restricted Stock Awards and Annual Option Awards granted after the Executive Retirement Eligibility Date will be fully vested at grant. Upon the occurrence of the Executive Retirement Eligibility Date, the performance-vesting portion of such Management Grantee’s Annual Restricted Stock Awards will remain outstanding for the performance period and will vest to the extent we meet the Performance Target, including via the catch up provision described above, regardless of continued employment with us our subsidiaries following the Executive Retirement Eligibility Date. On June 10, 2015 , a new member of the board of directors received an Annual Restricted Stock Award with a grant date fair value of $75,000 , representing 4,223 shares of restricted Class A common stock, which will vest in three equal installments on each of the first three anniversaries of the date of grant, subject to continued service on the board of directors. Compensation expense for restricted stock subject to time-based vesting criteria granted to the director will be expensed 1/3 each year, for 3 years on an annual basis following such grant. A summary of the grants is presented below ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Number Weighted Average Fair Value Number Weighted Average Fair Value Number Weighted Average Fair Value Number of Units Weighted Average Fair Value Grants - Class A Common Stock (restricted) — $ — — $ — 726,327 $ 13,353 1,687,513 $ 28,637 Stock Options — — — — 670,256 1,441 — — Amortization to compensation expense Predecessor compensation expense $ — $ — $ — $ (290 ) LP Units compensation expense (25 ) (478 ) (99 ) (1,470 ) Ladder compensation expense (4,103 ) (3,274 ) (11,243 ) (8,543 ) Total amortization to compensation expense $ (4,128 ) $ (3,752 ) $ (11,342 ) $ (10,303 ) The table below presents the number of unvested shares and outstanding stock options at September 30, 2015 and changes during 2015 of the (i) Class A Common stock and Stock Options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan and (ii) 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. Restricted Stock Stock Options LP Units(1) Nonvested/Outstanding at December 31, 2014 1,384,439 — 8,063 Granted 726,327 670,256 — Exercised — Vested (242,285 ) (6,047 ) Forfeited (188,054 ) (69,070 ) — Expired — Nonvested/Outstanding at September 30, 2015 1,680,427 601,186 2,016 Exercisable at September 30, 2015 — (1) Converted to LP Units of LCFH on February 11, 2014 in connection with IPO and then converted to an equal number of Series REIT LP Units and Series TRS LP Units on December 31, 2014. LCFH LP Unitholders also received an equal number of shares of Class B Common stock of the Company in connection with the conversion. Refer to Note 1, Organization and Operations for further discussion of IPO and the Reorganization Transactions. At September 30, 2015 there was $19.1 million 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 22.4 months . Phantom Equity Investment Plan LCFH maintains 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 were made to the Plan depending upon the participant’s specific level of compensation and to which participants also made elective contributions. See our Annual Report for a detailed description of the terms of the Plan. On July 3, 2014 the board of directors froze the Plan, effective as of such date, so there have been no additional 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. As of September 30, 2015 , there are 483,770 phantom units outstanding, of which 135,184 are unvested, resulting in a liability of $9.1 million , which is included in accrued expenses on the combined consolidated balance sheets. Ladder Capital Corp Deferred Compensation Plan On July 3, 2014, the Company adopted a new, nonqualified deferred compensation plan, which was subsequently amended and restated effective March 17, 2015 (the “2014 Deferred Compensation Plan”) to set conditions for qualified retirement. 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. See our Annual Report for a detailed description of the terms of the 2014 Deferred Compensation Plan. In February 2015, Company employees contributed $3.4 million to the Plan. As of September 30, 2015 , there are 114,906 phantom units outstanding, of which 114,906 are unvested, resulting in a liability of $1.6 million , which is included in accrued expenses on the combined consolidated balance sheets. Bonus Payments On February 3, 2015 , the compensation committee of the board of directors of Ladder Capital Corp approved 2014 bonus payments to employees, including officers, totaling $62.3 million , which included $14.4 million of equity based compensation. The bonuses were accrued for as of December 31, 2014 and paid to employees in full on February 13, 2015 . During the three and nine months ended September 30, 2015 , the Company accrued and recorded compensation expense of $9.1 million and $27.1 million , respectively, related to 2015 bonuses. During the three and nine months ended September 30, 2014 , the Company accrued and recorded compensation expense of $11.8 million and $42.4 million , respectively, related to 2014 bonuses.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	16. 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 federal, state and local corporate income taxes and taxed at the prevailing corporate tax rates in addition to being subject to NYC UBT. Because the Company is operating as a REIT effective January 1, 2015, the Company's income will generally no longer be subject to U.S. federal, state and local corporate income taxes. Income earned at the Company's taxable REIT subsidiaries will generally be subject to such taxes. Components of the provision for income taxes consist of the following ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Current expense (benefit) Federal $ (2,190 ) $ 7,200 $ 4,860 $ 23,019 State and local (1,157 ) 2,006 829 6,769 Total current expense (benefit) (3,347 ) 9,206 5,689 29,788 Deferred expense (benefit) Federal (670 ) 924 (1,377 ) (4,951 ) State and local (164 ) 205 (211 ) (1,014 ) Total deferred expense (benefit) (834 ) 1,129 (1,588 ) (5,965 ) Provision for Income tax expense (benefit) $ (4,181 ) $ 10,335 $ 4,101 $ 23,823 There were no corporate taxes payable as of September 30, 2015 . Corporate taxes payable as of December 31, 2014 were $0.8 million . NYC UBT taxes payable (receivable) at September 30, 2015 and December 31, 2014 were $0.1 million . Prepaid corporate taxes as of September 30, 2015 and December 31, 2014 were $13.2 million and $12.5 million , respectively. As of September 30, 2015 and December 31, 2014 , the Company’s net deferred tax assets were $11.4 million and $8.2 million , respectively, and are included in other assets in the Company’s combined consolidated balance sheets. The Company believes it is more likely than not that the net deferred tax assets will be realized in the future. Realization of the net deferred tax assets is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): September 30, 2015 December 31, 2014 Deferred Tax Assets Basis difference in operating partnerships 7,065 6,795 Tax intangibles 2,353 778 Unrealized gains (losses) 1,974 616 Unrealized gains (losses) - derivatives 3,564 — Valuation allowance (3,564 ) — Total Deferred Tax Assets $ 11,392 $ 8,189 As of September 30, 2015 , the Company has a deferred tax asset of $3.6 million relating to capital losses which it may only use to offset capital gains. As the realization of these assets are not more likely than not before their expiration, the Company has provided a full valuation allowance against this deferred tax asset. Our tax returns are subject to audit by taxing authorities. Generally, as of September 30, 2015 the tax years 2011, 2012, 2013 and 2014 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. These tax examinations often take a long time to complete and/or settle and there can be no assurances as to the possible outcomes. However, the Company believes that the examinations will result in no material changes to the filed income tax returns. 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 September 30, 2015 . 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. Tax Receivable Agreement Upon consummation of the IPO, the Company entered into a Tax Receivable Agreement with the Continuing LCFH Limited Partners. Under the Tax Receivable Agreement the Company generally is required to pay to those Continuing LCFH Limited Partners that exchange their interests in LCFH and Class B shares of the Company for Class A shares of the Company, 85% of the applicable cash savings, if any, in U.S. federal, state and local income tax that the Company realizes (or is deemed to realize in certain circumstances) as a result of (i) the increase in tax basis in its proportionate share of LCFH’s assets that is attributable to the Company as a result of the exchanges and (ii) payments under the Tax Receivable Agreement, including any tax benefits related to imputed interest deemed to be paid by the Company as a result of such agreement. The Company expects to make future payments under the Tax Receivable Agreement when the tax benefits are realized. We expect to benefit from the remaining 15% of cash savings in income tax that we realize. For purposes of the Tax Receivable Agreement, cash savings in income tax will be computed by comparing our actual income tax liability to the amount of such taxes that we would have been required to pay had there been no increase to the tax basis of the assets of LCFH as a result of the exchanges and had we not entered into the Tax Receivable Agreement. Payments to a Continuing LCFH Limited Partner under the Tax Receivable Agreement are triggered by each exchange and are payable annually commencing following the Company’s filing of its income tax return for the year of such exchange. The timing of the payments may be subject to certain contingencies, including the Company having sufficient taxable income to utilize all of the tax benefits defined in the Tax Receivable Agreement. As of September 30, 2015 and December 31, 2014 , pursuant to Tax Receivable Agreement, the Company recorded a liability of $2.2 million and $0.9 million , respectively, included in amount payable pursuant to tax receivable agreement in the combined consolidated balance sheets for Continuing LCFH Limited Partners. The amount and timing of any payments may vary based on a number of factors, including the absence of any material change in the relevant tax law, the Company continuing to earn sufficient taxable income to realize all tax benefits, and assuming no additional exchanges that are subject to the Tax Receivable Agreement. Depending upon the outcome of these factors, the Company may be obligated to make substantial payments pursuant to the Tax Receivable Agreement. The actual payment amounts may differ from these estimated amounts, as the liability will reflect changes in prevailing tax rates, the actual benefit the Company realizes on its annual income tax returns, and any additional exchanges. The first payment projected to be made under the Tax Receivable Agreement is in December 2015. To determine the current amount of the payments due, the Company estimates the amount of the Tax Receivable Agreement payments that will be made within twelve months of the balance sheet date. As described in Note 1 above, the Tax Receivable Agreement was amended and restated in connection with our REIT Election, effective as of December 31, 2014, in order to preserve a portion of the potential tax benefits currently existing under the Tax Receivable Agreement that would otherwise be reduced in connection with our REIT Election. The purpose of the TRA Amendment was to preserve the benefits of the Tax Receivable Agreement to the extent possible in a REIT, although, as a result, the amount of payments made to the TRA Members under the TRA Amendment is expected to be less than the amount that would have been paid under the original Tax Receivable Agreement. The TRA Amendment continues to share such benefits in the same proportions and otherwise has substantially the same terms and provisions as the prior Tax Receivable Agreement.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	17. RELATED PARTY TRANSACTIONS Commercial Real Estate Loans From time to time, the Company may provide commercial real estate loans to entities affiliated with certain of our directors, officers or large shareholders who are, as part of their ordinary course of business, commercial real estate investors. These loans are made in the ordinary course of the Company’s business on an arms-length basis on the same terms and conditions as would be offered to any other borrower of similar type and standing on a similar property. On May 20, 2015, the Company provided a $25.0 million mezzanine loan to Halletts Investors LLC (“Borrower”), an entity affiliated with Douglas Durst, one of the Company’s directors and chairman of The Durst Organization, one of the oldest family-run commercial and residential real estate companies in New York City, secured by Borrower’s ownership interest in Durst Halletts Member LLC. Borrower and Durst Halletts Member LLC are the indirect owners of a 97.33% interest in the three limited liability companies that collectively own approximately 9.66 acres of undeveloped land located along the East River waterfront on Hallets Point Peninsula in Astoria Queens, New York. Douglas Durst and members of his family, including trusts for which Douglas Durst is a trustee, have an interest in Borrower, Durst Halletts Member LLC and the guarantors for this transaction. Loan Referral Agreement The Company entered into a loan referral agreement with Meridian Capital Group (“Meridian”), which, at the time, was an affiliate of a member of the Company’s board of directors and an investor in the Company. The agreement provided 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 gave rise to a potential conflict of interest, full disclosure was given to the borrower who, in each case, waived the conflict in writing. This agreement was 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 for the three and nine months ended September 30, 2014 , for loans originated in accordance with this agreement. As of September 30, 2015 and December 31, 2014 , $0.3 million and $0.6 million , respectively, was payable to Meridian pursuant to this agreement and included in accrued expenses in the combined consolidated statements of financial condition.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	18. COMMITMENTS AND CONTINGENCIES Leases The Company entered into an operating lease for its previous primary office space, which commenced on January 5, 2009 and expired on May 30, 2015. Subsequent to entering into this leasing arrangement, the office space was 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 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 a lease for secondary office space. The lease commenced on May 15, 2012 and would have expired on May 14, 2015 with no extension option. This lease was amended, however, on October 2, 2014, extending the expiration date from May 14, 2015 to May 14, 2018. The Company recorded $0.3 million and $1.2 million of rental expense for the three and nine months ended September 30, 2015 , respectively, which is included in operating expenses in the combined consolidated statements of income. The Company recorded $0.6 million and $1.5 million of rental expense for the three and nine months ended September 30, 2014 , respectively, which is included in operating expenses in the combined consolidated statements of income. The following is a schedule of future minimum rental payments required under the above operating leases ($ in thousands): Period Ending December 31, Amount 2015 (last 3 months) $ 294 2016 1,198 2017 1,255 2018 1,206 2019 1,180 Thereafter 2,459 Total $ 7,592 GN Construction Loan Securities The Company commits to purchase GN construction loan securities over a typical period of six to twelve months . As of September 30, 2015 , the Company’s commitment to purchase these securities at a fixed price of $102.0 was $28.8 million , of which $26.3 million was funded, with $2.5 million remaining to be funded. As of December 31, 2014 , the Company’s commitment to purchase these securities at fixed prices ranging from $102.0 to $104.4 was $60.0 million , of which $49.4 million was funded, with $10.6 million remaining to be funded. The fair value of those commitments at September 30, 2015 and December 31, 2014 was $36,800 and $63,614 , respectively, as determined by market activity and third-party market quotes and as adjusted for estimated liquidity discounts. The fair value of these commitments is included in real estate securities, available-for-sale on the combined consolidated balance sheets. Unfunded Loan Commitments As of September 30, 2015 , the Company’s off-balance sheet arrangements consisted of $110.6 million of unfunded commitments on mortgage loan receivables held for investment to provide additional first mortgage loan financing, at rates to be determined at the time of funding, which comprised $109.2 million to provide additional first mortgage loan financing and $1.4 million to provide additional mezzanine loan financing. As of December 31, 2014 , the Company’s off-balance sheet arrangements consisted of $158.1 million of unfunded commitments of mortgage loan receivables held for investment, at rates to be determined at the time of funding, which comprised $155.5 million to provide additional first mortgage loan financing and $2.6 million to provide additional mezzanine loan financing. Such commitments are subject to our loan borrowers’ satisfaction of certain financial and nonfinancial covenants and may or may not be funded depending on a variety of circumstances including timing, credit metric hurdles, and other nonfinancial events occurring. These commitments are not reflected on the combined consolidated balance sheets.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
SEGMENT REPORTING	19. SEGMENT REPORTING The Company has determined that it has three reportable segments based on how the chief operating decision maker reviews and manages the 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 net leased properties, office buildings, a warehouse and condominium units. 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(1) Corporate/Other(2) Company Total Three months ended September 30, 2015 Interest income $ 45,195 $ 17,811 $ — $ 7 $ 63,013 Interest expense (6,749 ) (1,753 ) (6,365 ) (14,668 ) (29,535 ) Net interest income (expense) 38,446 16,058 (6,365 ) (14,661 ) 33,478 Provision for loan losses (150 ) — — — (150 ) Net interest income (expense) after provision for loan losses 38,296 16,058 (6,365 ) (14,661 ) 33,328 Operating lease income — — 20,671 — 20,671 Tenant recoveries — — 2,847 — 2,847 Sale of loans, net 15,165 — — — 15,165 Realized gain on securities — 513 — — 513 Unrealized gain (loss) on Agency interest-only securities — 731 — — 731 Realized gain on sale of real estate, net 519 — 5,887 — 6,406 Fee income 905 230 6 2,342 3,483 Net result from derivative transactions (13,159 ) (29,083 ) — — (42,242 ) Earnings (loss) from investment in unconsolidated joint ventures — — (25 ) — (25 ) Total other income 3,430 (27,609 ) 29,386 2,342 7,549 Salaries and employee benefits (4,525 ) — — (13,103 ) (17,628 ) Operating expenses 132 — (17 ) (5,066 ) (4,951 ) Real estate operating expenses — — (8,975 ) — (8,975 ) Real estate acquisition costs — — (470 ) — (470 ) Fee expense 156 (10 ) (123 ) (698 ) (675 ) Depreciation and amortization — — (9,533 ) (28 ) (9,561 ) Total costs and expenses (4,237 ) (10 ) (19,118 ) (18,895 ) (42,260 ) Tax (expense) benefit — — — 4,181 4,181 Segment profit (loss) $ 37,489 $ (11,561 ) $ 3,903 $ (27,033 ) $ 2,798 Total assets as of September 30, 2015 $ 2,128,343 $ 2,415,382 $ 871,591 $ 414,645 $ 5,829,961 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Three months ended September 30, 2014 Interest income $ 30,348 $ 18,190 $ — $ (79 ) $ 48,459 Interest expense (2,748 ) (1,546 ) (4,663 ) (10,971 ) (19,928 ) Net interest income (expense) 27,600 16,644 (4,663 ) (11,050 ) 28,531 Provision for loan losses (150 ) — — — (150 ) Net interest income (expense) after provision for loan losses 27,450 16,644 (4,663 ) (11,050 ) 28,381 Operating lease income — — 12,810 — 12,810 Tenant recoveries — — 2,252 — 2,252 Sale of loans, net 20,414 — — — 20,414 Realized gain on securities — 14,074 — — 14,074 Unrealized gain (loss) on Agency interest-only securities — (1,282 ) — — (1,282 ) Realized gain on sale of real estate, net 339 — 8,132 — 8,471 Fee income 999 (96 ) 92 1,720 2,715 Net result from derivative transactions 2,137 (1,012 ) — — 1,125 Earnings from investment in unconsolidated joint ventures — — 225 101 326 Gain on assignment of mortgage loan financing — — 432 — 432 Total other income 23,889 11,684 23,943 1,821 61,337 Salaries and employee benefits (4,300 ) — — (15,530 ) (19,830 ) Operating expenses (89 ) — — (6,101 ) (6,190 ) Real estate operating expenses — — (7,150 ) — (7,150 ) Real estate acquisition costs — — (1,712 ) — (1,712 ) Fee expense (312 ) (14 ) (46 ) (124 ) (496 ) Depreciation and amortization — — (6,692 ) (137 ) (6,829 ) Total costs and expenses (4,701 ) (14 ) (15,600 ) (21,892 ) (42,207 ) Tax expense — — — (10,335 ) (10,335 ) Segment profit (loss) $ 46,638 $ 28,314 $ 3,680 $ (41,456 ) $ 37,176 Total assets as of December 31, 2014 $ 1,939,008 $ 2,815,566 $ 771,129 $ 288,532 $ 5,814,235 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Nine months ended September 30, 2015 Interest income $ 120,932 $ 57,659 $ — $ 44 $ 178,635 Interest expense (17,509 ) (5,512 ) (17,670 ) (43,155 ) (83,846 ) Net interest income (expense) 103,423 52,147 (17,670 ) (43,111 ) 94,789 Provision for loan losses (450 ) — — — (450 ) Net interest income (expense) after provision for loan losses 102,973 52,147 (17,670 ) (43,111 ) 94,339 Operating lease income — — 60,207 — 60,207 Tenant recoveries — — 7,883 — 7,883 Sale of loans, net 59,717 — — — 59,717 Realized gain on securities — 23,680 — — 23,680 Unrealized gain (loss) on Agency interest-only securities — (639 ) — — (639 ) Realized gain on sale of real estate, net 1,771 — 19,576 — 21,347 Fee income 3,990 230 33 6,604 10,857 Net result from derivative transactions (18,335 ) (36,259 ) — — (54,594 ) Earnings from investment in unconsolidated joint ventures — — 464 116 580 Total other income 47,143 (12,988 ) 88,163 6,720 129,038 Salaries and employee benefits (11,436 ) — — (35,897 ) (47,333 ) Operating expenses 301 — (16 ) (20,772 ) (20,487 ) Real estate operating expenses — — (27,976 ) — (27,976 ) Real estate acquisition costs — — (1,524 ) — (1,524 ) Fee expense (1,642 ) (31 ) (230 ) (1,357 ) (3,260 ) Depreciation and amortization — — (29,158 ) (80 ) (29,238 ) Total costs and expenses (12,777 ) (31 ) (58,904 ) (58,106 ) (129,818 ) Tax (expense) benefit — — — (4,101 ) (4,101 ) Segment profit (loss) $ 137,339 $ 39,128 $ 11,589 $ (98,598 ) $ 89,458 Total assets as of September 30, 2015 $ 2,128,343 $ 2,415,382 $ 871,591 $ 414,645 $ 5,829,961 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Nine months ended September 30, 2014 Interest income $ 78,389 $ 52,058 $ — $ (53 ) $ 130,394 Interest expense (8,532 ) (4,349 ) (11,777 ) (26,863 ) (51,521 ) Net interest income (expense) 69,857 47,709 (11,777 ) (26,916 ) 78,873 Provision for loan losses (450 ) — — — (450 ) Net interest income (expense) after provision for loan losses 69,407 47,709 (11,777 ) (26,916 ) 78,423 Operating lease income — — 38,827 — 38,827 Tenant recoveries — — 6,473 — 6,473 Sale of loans, net 107,135 — — — 107,135 Realized gain on securities — 21,259 — — 21,259 Unrealized gain (loss) on Agency interest-only securities — 466 — — 466 Realized gain on sale of real estate, net 1,122 — 23,103 — 24,225 Fee income 2,352 — 92 4,772 7,216 Net result from derivative transactions (17,731 ) (32,704 ) — — (50,435 ) Earnings from investment in unconsolidated joint ventures — — 675 987 1,662 Gain on assignment of mortgage loan financing — — 432 — 432 Total other income 92,878 (10,979 ) 69,602 5,759 157,260 Salaries and employee benefits (18,800 ) — — (47,516 ) (66,316 ) Operating expenses — — — (12,896 ) (12,896 ) Real estate operating expenses — — (22,131 ) — (22,131 ) Real estate acquisition costs — — (1,712 ) — (1,712 ) Fee expense (1,034 ) (53 ) (87 ) (537 ) (1,711 ) Depreciation and amortization — — (20,863 ) (411 ) (21,274 ) Total costs and expenses (19,834 ) (53 ) (44,793 ) (61,360 ) (126,040 ) Tax expense — — — (23,823 ) (23,823 ) Segment profit (loss) $ 142,451 $ 36,677 $ 13,032 $ (106,340 ) $ 85,820 Total assets as of December 31, 2014 $ 1,939,008 $ 2,815,566 $ 771,129 $ 288,532 $ 5,814,235 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $2.8 million and $2.1 million as of September 30, 2015 and December 31, 2014 , respectively (2) 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 unconsolidated joint ventures of $48,771 and $3.9 million as of September 30, 2015 and December 31, 2014 , respectively, the Company’s investment in FHLB stock of $77.9 million and $72.3 million as of September 30, 2015 and December 31, 2014 , respectively, the Company’s deferred tax asset of $11.4 million and $8.2 million as of September 30, 2015 and December 31, 2014 , respectively and the Company’s senior unsecured notes of $612.0 million and $610.1 million as of September 30, 2015 and December 31, 2014 , respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	20. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the issuance date of the financial statements and determined that the following disclosure is necessary: Committed Loan Repurchase Facility On October 25, 2015 , the Company entered into a committed loan repurchase facility with a major banking institution with total capacity of $35.0 million and an initial maturity date of October 24, 2016 , with two 6 -month extension periods.

SIGNIFICANT ACCOUNTING POLICI29

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
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 the audited combined consolidated financial statements for the year ended December 31, 2014, which are included in the Company’s Annual Report on Form 10-K (“Annual Report”), as certain disclosures would substantially duplicate those contained in the audited combined 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. 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.
Use of Estimates	Use of Estimates The preparation of the combined 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. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically and the effects of resulting changes are reflected in the combined consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying combined consolidated financial statements include, but are not limited to the following: • valuation of real estate securities; • allocation of purchase price for acquired real estate; • impairment, and useful lives, of real estate; • useful lives of intangible assets; • valuation of derivative instruments; • valuation of deferred tax asset; • amounts payable pursuant to the Tax Receivable Agreement; • determination of effective yield for recognition of interest income; • adequacy of provision for loan losses; • determination of other than temporary impairment of real estate securities and investments in unconsolidated joint ventures; • certain estimates and assumptions used in the accrual of incentive compensation and calculation of the fair value of equity compensation issued to employees; • determination of the effective tax rate for income tax provision; and • certain estimates and assumptions used in the allocation of revenue and expenses for our segment reporting.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of September 30, 2015 and December 31, 2014 . At September 30, 2015 and December 31, 2014 and at various times during the years, balances exceeded the insured limits.
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. Restricted Cash As of September 30, 2015 and December 31, 2014 , included in other assets on the Company’s combined consolidated balance sheets are $27.6 million and $24.4 million , respectively, of tenant security deposits, deposits related to real estate sales and acquisitions and required escrow balances on credit facilities, which are considered restricted cash.
Real Estate Securities	Real Estate Securities The Company designates its real estate securities investments on the date of acquisition of the investment. Real estate securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses on all securities, except for Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”), recorded as a component of other comprehensive income (loss) in shareholders’ equity. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the combined consolidated statements of income in accordance with ASC 815. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the combined consolidated statements of income. The Company uses the specific identification method when determining the cost of securities sold and the amount reclassified out of accumulated other comprehensive income into earnings. The Company accounts for the changes in the fair value of the unfunded portion of its GNMA Construction securities, which are included in real estate securities, available-for-sale, on the combined consolidated balance sheet, as available for sale securities. Unrealized losses on securities that, in the judgment of management, are other than temporary are charged against earnings as a loss in the combined consolidated statements of income. When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an other-than-temporary impairment in the value of the security. An impairment will be considered other-than-temporary based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) the Company does not expect to recover the security’s cost basis (i.e., a credit loss). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is other-than-temporary and will be recognized currently in earnings equal to the entire difference between fair value and amortized cost. If a credit loss exists, but the Company does not intend to, nor is it more likely than not that it will be required to sell before recovery, the impairment is other-than-temporary and will be separated into (i) the estimated amount relating to the credit loss, and (ii) the amount relating to all other factors. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss recognized in other comprehensive income. Estimating cash flows and determining whether there is other-than-temporary impairment require management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts. The Company utilizes an internal model as its primary pricing source to develop its prices for its commercial mortgage-backed securities (“CMBS”) and other commercial real estate securities guaranteed by a U.S. governmental agency or by a government sponsored entity (together, “U.S. Agency Securities”). Different judgments and assumptions could result in materially different estimates of fair value. To confirm its own valuations, the Company requests prices for each of its CMBS and U.S. Agency Securities investments from three different sources, including pricing services and brokers, although since broker quotes for the same or similar securities in which Ladder has invested are non-binding, the Company does not consider them to be a primary source for valuation. The Company may also develop a price for a security based on its direct observations of market activity and other observations. Typically, at least two prices per security are obtained. Prior to using a third-party pricing service for valuation, the Company develops an understanding of the valuation methodologies used by such pricing services through discussions with their representatives and review of their valuation methodologies used for different types of securities. The Company understands that the pricing services develop estimates of fair value for CMBS and U.S. Agency Securities using various techniques, including discussion with their internal trading desks, proprietary models and matrix pricing approaches. The Company does not have access to, and is therefore not able to review in detail, the inputs used by the pricing services in developing their estimates of fair value. However, on at least a monthly basis as part of our closing process, the Company evaluates the fair value information provided by the pricing services by comparing this information for reasonableness against its direct observations of market activity for similar securities and anecdotal information obtained from market participants that, in its assessment, is relevant to the determination of fair value. This process may result in the Company “challenging” the estimate of fair value for a security if it is unable to reconcile the estimate provided by the pricing service with its assessment of fair value for the security. Accordingly, in following this approach, the Company’s objective is to ensure that the information used by pricing services in their determination of fair value of securities is reasonable and appropriate. Since inception, the Company has not encountered significant variation in the values obtained from the various pricing sources. In the extremely limited occasions where the prices received were challenged, the challenge resulted in the prices provided by the pricing services being updated to reflect current market updates or cash flow assumptions.
Debt Issuance Costs	Debt Issuance Costs In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Beginning April 1, 2015, the Company elected to early adopt ASU 2015-03 and appropriately retrospectively applied the guidance to its senior unsecured notes, to all periods presented. Unamortized debt issuance costs of $7.6 million are included in senior unsecured notes as of September 30, 2015 , and unamortized debt issuance costs of $9.4 million are included in senior unsecured notes as of December 31, 2014 (previously included in other assets on the combined consolidated balance sheets). This new guidance is framed around how to account for costs related to term debt and it does not address how to present fees paid to lenders or other costs to secure revolving lines of credit, which are, at the outset, not associated with an outstanding borrowing. In August 2015, FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), which amends ASC 835-30, Interest - Imputation of Interest. This update clarifies the presentation and subsequent measurement of debt issuance costs associated with lines of credit. These costs may be deferred and presented as an asset and subsequently amortized ratably over the term of the revolving debt arrangement. The Company considers its committed loan master repurchase facilities, borrowings under credit agreement and revolving credit facility to be revolving debt arrangements. Refer to Note 7, Debt Obligations and Note 8, Senior Unsecured Notes .
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements In September 2015, FASB issued ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustment (“ASU 2015-16”). This update requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 applies to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Entities must apply the new guidance prospectively to adjustments to provisional amounts that occur after the effective date of ASU 2015-16, with earlier adoption permitted for financial statements that have not yet been made available for issuance. The Company anticipates adopting this update in the quarter ending March 31, 2016 and does not expect the adoption to have a material impact on the Company’s combined consolidated financial statements. As described above, in August 2015, FASB issued ASU 2015-15. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company elected to early adopt this update in the quarter ended September 30, 2015. The adoption did not have a material impact on the Company’s combined consolidated financial statements. In June 2015, FASB issued ASU 2015-10, Technical Corrections and Improvements (“ASU 2015-10”). The amendments in this update cover a wide range of topics in the codification and are generally categorized as follows: amendments related to differences between original guidance and the codification; guidance clarification and reference corrections; simplification, and minor improvements. The amendments are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, but not required. As the objectives of this standard are to clarify the codification, correct unintended application of guidance, eliminate inconsistencies and to improve the codification’s presentation of guidance, the adoption of this standard is not expected to have a significant effect on current accounting practice or create a significant administrative cost on most entities. The Company anticipates adopting this update in the quarter ending March 31, 2016 and does not expect the adoption to have a material impact on the Company’s combined consolidated financial statements. In May 2015, FASB issued ASU 2015-08, Business Combinations (Topic 805): Pushdown Accounting - Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 (“ASU 2015-08”). The amendments in ASU 2015-08 amend various SEC paragraphs included in the FASB’s Accounting Standards Codification (“ASC”) to reflect the issuance of Staff Accounting Bulletin No. 115 (“SAB 115”). SAB 115 rescinds portions of the interpretive guidance included in the SEC’s Staff Accounting Bulletins series and brings existing guidance into conformity with ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting , which provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The Company has adopted the amendments in ASU 2015-08, effective May 8, 2015, as the amendments in the update are effective upon issuance. The adoption did not have a material impact on the Company’s combined consolidated financial statements. In April 2015, FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). The amended guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by the amendments in this ASU. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of this ASU is permitted for financial statements that have not been previously issued. Entities must apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, an entity is required to comply with the applicable disclosures for a change in an accounting principle. The Company elected to early adopt this update in the quarter ended June 30, 2015. The adoption did not have a material impact on the Company’s combined consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”). This ASU makes changes to the VIE model and voting interest ("VOE") model consolidation guidance. The main provisions of the ASU include the following: i) adding a requirement that limited partnerships and similar legal entities must provide partners with either substantive kick-out rights or substantive participating rights over the general partner to qualify as a VOE rather than a VIE; ii) eliminating the presumption that the general partner should consolidate a limited partnership; iii) eliminating certain conditions that need to be met when evaluating whether fees paid to a decision maker or service provider are considered a variable interest; iv) excluding certain fees paid to decision makers or service providers when evaluating which party is the primary beneficiary of a VIE; and v) revising how related parties are evaluated under the VIE guidance. Lastly, the ASU eliminates the indefinite deferral of FAS 167, which allowed reporting entities with interests in certain investment funds to follow previous guidance in FIN 46 (R). However, the ASU permanently exempts reporting entities from consolidating registered money market funds that operate in accordance with Rule 2a-7 of the Investment Company Act. The ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Entities may apply this ASU either using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning period of adoption or retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted provided that the ASU is applied from the beginning of the fiscal year of adoption. The Company anticipates adopting this update in the quarter ending March 31, 2016 and does not expect the adoption to have a material impact on the Company’s combined consolidated financial statements. In August 2014, FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). The guidance in ASU 2014-15 sets forth management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern as well as required disclosures. ASU 2014-15 indicates that, when preparing interim and annual financial statements, management should evaluate whether conditions or events, in the aggregate, raise substantial doubt about the entity’s ability to continue as a going concern for one year from the date the financial statements are issued or are available to be issued. This evaluation should include consideration of conditions and events that are either known or are reasonably knowable at the date the financial statements are issued or are available to be issued, and, if applicable, whether it is probable that management’s plans to address the substantial doubt will be implemented and, if so, whether it is probable that the plans will alleviate the substantial doubt. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods and annual periods thereafter. Early application is permitted. The Company anticipates adopting this update in the quarter ending March 31, 2017 and does not expect the adoption to have a material impact on the Company’s combined consolidated financial statements. In August 2014, FASB issued ASU 2014-14, Receivables-Trouble Debt Restructurings by Creditor (ASC Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure (“ASU 2014-14”). The guidance in ASU 2014-14 requires that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure; (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The guidance is effective for fiscal years beginning after December 15, 2014, and the interim periods within those fiscal years. An entity should adopt the amendments in ASU 2014-14 using either a prospective transition method or a modified retrospective transition method. Early adoption, including adoption in an interim period, is permitted if the entity already has adopted ASU 2014-4. The Company adopted this update in the quarter ended March 31, 2015, and the adoption did not have a material effect on the Company’s combined consolidated financial condition, results of operations or cash flows. In August 2014, FASB issued ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“ASU 2014-13”) . For entities that consolidate a collateralized financing entity within the scope of this update, an option to elect to measure the financial assets and the financial liabilities of that collateralized financing entity using either the measurement alternative included in ASU 2014-13 or Topic 820 on fair value measurement is provided. The guidance is effective for fiscal years beginning after December 15, 2015, and the interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period. The Company anticipates adopting this update in the quarter ending March 31, 2016 and does not expect the adoption to have a material effect on the Company’s combined consolidated financial condition, results of operations or cash flows. In June 2014, FASB issued 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 likely to be 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 Company anticipates adopting this update in the quarter ending March 31, 2016 and does not expect the adoption to have a material impact on the Company’s combined consolidated financial condition or results of operations. In June 2014, 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 Company adopted this update in the quarter ended March 31, 2015, and the adoption did not have a material effect on the Company’s combined consolidated financial condition, results of operations or cash flows. In May 2014, FASB issued ASU 2014-9, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-9”). ASU 2014-9 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 2014-9, 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. In August 2015, FASB issued ASU 2015-14, Deferral of the Effective Date (“ASU 2015-14”), which amends ASU 2014-09. As a result, the effective date for the amendments contained in ASU 2014-09 will be the first quarter of fiscal year 2018, with early adoption permitted in the first quarter of fiscal year 2017. The adoption will use one of two retrospective application methods. The Company anticipates adopting this update in the quarter ending March 31, 2018 and does not expect the adoption to have a material impact on the Company’s combined consolidated financial condition or results of operations.

MORTGAGE LOAN RECEIVABLES (Tabl

MORTGAGE LOAN RECEIVABLES (Tables)	9 Months Ended
	Sep. 30, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule of mortgage loan receivables	September 30, 2015 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loan receivables held for investment, at amortized cost $ 1,811,216 $ 1,798,362 7.61 % 1.58 Provision for loan losses N/A (3,550 ) Total mortgage loan receivables held for investment, at amortized cost 1,811,216 1,794,812 Mortgage loan receivables held for sale 333,488 333,531 4.15 % 7.60 Total $ 2,144,704 $ 2,128,343 (1) September 30, 2015 LIBOR rates are used to calculate weighted average yield for floating rate loans. December 31, 2014 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loan receivables held for investment, at amortized cost $ 1,536,923 $ 1,524,153 7.33 % 1.96 Provision for loan losses N/A (3,100 ) Total mortgage loan receivables held for investment, at amortized cost 1,536,923 1,521,053 Mortgage loan receivables held for sale 417,955 417,955 4.31 % 9.72 Total 1,954,878 1,939,008 (1) December 31, 2014 LIBOR rates are used to calculate weighted average yield for floating rate loans.
Summary of mortgage loan receivables by loan type	The following table summarizes mortgage loan receivables by loan type ($ in thousands): September 30, 2015 December 31, 2014 Outstanding Face Amount Carrying Value Outstanding Face Amount Carrying Value Mortgage loan receivables held for sale First mortgage loan $ 333,488 $ 333,531 $ 417,955 $ 417,955 Total mortgage loan receivables held for sale 333,488 333,531 417,955 417,955 Mortgage loan receivables held for investment, at amortized cost First mortgage loan 1,524,080 1,512,731 1,373,476 1,361,754 Mezzanine loan 287,136 285,631 163,447 162,399 Total mortgage loan receivables held for investment, at amortized cost 1,811,216 1,798,362 1,536,923 1,524,153 Provision for loan losses N/A (3,550 ) N/A (3,100 ) Total $ 2,144,704 $ 2,128,343 $ 1,954,878 $ 1,939,008
Schedule of activity in loan portfolio	For the nine months ended September 30, 2015 and 2014 the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, at amortized cost Mortgage loan receivables held for sale Balance December 31, 2014 $ 1,521,054 $ 417,955 Origination of mortgage loan receivables 840,652 1,781,355 Repayment of mortgage loan receivables (575,028 ) (1,613 ) Proceeds from sales of mortgage loan receivables — (1,923,883 ) Realized gain on sale of mortgage loan receivables — 59,717 Transfer between held for investment and held for sale — — Accretion/amortization of discount, premium and other fees 8,584 — Loan loss provision (450 ) — Balance September 30, 2015 $ 1,794,812 $ 333,531 Mortgage loan receivables held for investment, at amortized cost Mortgage loan receivables held for sale Balance December 31, 2013 $ 539,078 $ 440,490 Origination of mortgage loan receivables 951,438 2,027,845 Repayment of mortgage loan receivables (159,329 ) (951 ) Proceeds from sales of mortgage loan receivables — (2,379,818 ) Realized gain on sale of mortgage loan receivables — 107,135 Transfer between held for investment and held for sale (11,800 ) 11,800 Accretion/amortization of discount, premium and other fees 4,342 — Loan loss provision (450 ) — Balance September 30, 2014 $ 1,323,279 $ 206,501
Schedule of provision for loan losses	Provision for Loan Losses ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Provision for loan losses at beginning of period $ 3,400 $ 2,800 $ 3,100 $ 2,500 Provision for loan losses 150 150 450 450 Charge-offs — — — — Provision for loan losses at end of period $ 3,550 $ 2,950 $ 3,550 $ 2,950

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Summary of securities which are classified as available-for-sale	The following is a summary of the Company’s securities at September 30, 2015 and December 31, 2014 ($ in thousands): September 30, 2015 Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Amortized Cost Basis Gains Losses Carrying Value # of Securities Rating (2) Coupon % Yield % Remaining Duration (years) CMBS(3) $ 1,936,316 $ 1,960,371 $ 25,897 $ (1,073 ) $ 1,985,195 120 AAA 3.25 % 2.63 % 3.35 CMBS interest-only(3) 7,246,777 (1) 356,204 1,726 (1,002 ) 356,928 47 AAA 0.90 % 3.74 % 3.46 GNMA interest-only(4) 662,161 (1) 30,109 77 (1,583 ) 28,603 21 AA+ 0.81 % 4.27 % 5.48 GN construction securities(3) 26,730 27,223 589 37 27,849 2 AA+ 4.10 % 3.86 % 9.46 GN permanent securities(3) 16,435 16,950 287 (430 ) 16,807 12 AA+ 4.55 % 4.00 % 6.09 Total $ 9,888,419 $ 2,390,857 $ 28,576 $ (4,051 ) $ 2,415,382 202 1.37 % 3.56 % 3.59 December 31, 2014 Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Amortized Cost Basis Gains Losses Carrying Value # of Securities Rating (2) Coupon % Yield % Remaining Duration (years) CMBS(3) $ 2,247,565 $ 2,277,995 $ 28,453 $ (1,038 ) $ 2,305,410 145 AAA 3.31 % 2.60 % 4.23 CMBS interest-only(3) 7,239,503 (1) 376,085 2,973 (723 ) 378,335 41 AAA 1.04 % 4.88 % 3.45 GNMA interest-only(4) 1,400,141 (1) 67,544 1,035 (1,937 ) 66,642 34 AA+ 0.85 % 5.90 % 4.50 GN construction securities(3) 27,538 28,178 503 (275 ) 28,406 4 AA+ 3.89 % 3.56 % 9.42 GN permanent securities(3) 36,232 36,515 258 — 36,773 11 AA+ 5.49 % 4.94 % 1.32 Total $ 10,950,979 $ 2,786,317 $ 33,222 $ (3,973 ) $ 2,815,566 235 1.50 % 4.54 % 3.75 (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. (3) CMBS, CMBS interest-only securities, 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. (4) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings.
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows	The following is a breakdown of the carrying value of the Company’s securities by remaining maturity based upon expected cash flows at September 30, 2015 and December 31, 2014 ($ in thousands): September 30, 2015 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 604,249 $ 776,565 $ 604,381 $ — $ 1,985,195 CMBS interest-only(1) 70 356,858 — — 356,928 GNMA interest-only(2) 9 8,929 19,104 561 28,603 GN construction securities(1) — 414 27,435 — 27,849 GN permanent securities(1) — 8,859 7,948 — 16,807 Total $ 604,328 $ 1,151,625 $ 658,868 $ 561 $ 2,415,382 December 31, 2014 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 474,357 $ 814,702 $ 1,016,351 $ — $ 2,305,410 CMBS interest-only(1) 391 370,993 6,951 — 378,335 GNMA interest-only(2) 1,356 42,105 23,181 — 66,642 GN construction securities(1) — 507 5,183 22,716 28,406 GN permanent securities(1) 25,915 9,334 1,524 — 36,773 Total $ 502,019 $ 1,237,641 $ 1,053,190 $ 22,716 $ 2,815,566 (1) CMBS, CMBS interest-only securities, 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. (2) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings.

REAL ESTATE AND RELATED LEASE32

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Schedule of real estate properties acquired	During the nine months ended September 30, 2015 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) January 2015 Net Lease Jacksonville, NC $ 7,877 100.0% January 2015 Net Lease Iberia, MO 1,328 100.0% January 2015 Net Lease Isle, MN 1,078 100.0% January 2015 Net Lease Pine Island, MN 1,142 100.0% January 2015 Net Lease Kings Mountain, NC 21,241 100.0% February 2015 Net Lease Village of Menomonee Falls, WI 17,050 100.0% February 2015 Net Lease Rockland, MA 7,316 100.0% February 2015 Net Lease Crawfordsville, IA 6,000 100.0% February 2015 Net Lease Boardman Township, OH 5,400 100.0% March 2015 Net Lease Hilliard, OH 6,384 100.0% March 2015 Net Lease Weathersfield Township, OH 5,200 100.0% March 2015 Net Lease Rotterdam, NY 12,000 100.0% March 2015 Net Lease Wheaton, MO 970 100.0% March 2015 Net Lease Paynesville, MN 1,254 100.0% March 2015 Net Lease Loveland, CO 5,600 100.0% March 2015 Net Lease Battle Lake, MN 1,098 100.0% March 2015 Net Lease Yorktown, TX 1,207 100.0% March 2015 Net Lease St. Francis, MN 1,117 100.0% May 2015 Net Lease Red Oak, IA 1,185 100.0% May 2015 Net Lease Zapata, TX 1,150 100.0% June 2015 Net Lease Aurora, MN 952 100.0% June 2015 Net Lease Canyon Lake, TX 1,377 100.0% June 2015 Net Lease Wheeler, TX 1,075 100.0% June 2015 Other Grand Rapids, MI 9,300 97.0% June 2015 Other Grand Rapids, MI 6,300 97.0% June 2015 Net Lease Bridgeport, IL 1,186 100.0% June 2015 Net Lease Peoria, IL 1,226 100.0% June 2015 Net Lease Pleasanton, TX 1,316 100.0% June 2015 Other Wayne, NJ 9,700 100.0% June 2015 Net Lease Warren, MN 1,055 100.0% June 2015 Net Lease Tremont, IL 1,150 100.0% August 2015 Net Lease Ponce, Puerto Rico 8,900 100.0% August 2015 Net Lease Effingham County, IL 1,195 100.0% August 2015 Net Lease Lebanon, MI 1,200 100.0% August 2015 Net Lease Minot, ND 6,644 100.0% August 2015 Net Lease Floresville, TX 1,251 100.0% August 2015 Net Lease Kerrville, TX 1,174 97.0% September 2015 Net Lease De Soto, IL 1,066 97.0% September 2015 Net Lease Biscoe, NC 1,216 100.0% September 2015 Net Lease Moultrie, GA 1,305 100.0% September 2015 Net Lease Rose Hill, NC 1,420 100.0% September 2015 Net Lease Rockingham, NC 1,158 100.0% Totals $ 166,763 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the nine months ended September 30, 2015 , as follows ($ in thousands): Purchase Price Allocation Land $ 21,794 Building 129,032 Intangibles 15,937 Total purchase price $ 166,763 The Company recorded $3.9 million and $7.9 million in revenues from its 2015 acquisitions for the three and nine months ended September 30, 2015 , respectively, which are included in operating lease income on the combined consolidated statements of income. During the nine months ended September 30, 2014 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) August 2014 Net Lease O'Fallon, IL $ 8,000 100.0% August 2014 Net Lease El Centro, CA 4,277 100.0% August 2014 Other Richmond, VA 19,850 77.5% August 2014 Net Lease Conyers, GA 32,530 100.0% September 2014 Other St. Paul, MN 62,340 97.0% Totals $ 126,997 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the nine months ended September 30, 2014 , as follows ($ in thousands): Purchase Price Allocation Land $ 17,886 Building 82,233 Intangibles 26,878 Total purchase price $ 126,997
Schedule of properties sold	The Company sold the following properties during the nine months ended September 30, 2015 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units May 2015 Net Lease Plattsmouth, NE $ 8,440 $ 7,983 $ 457 1 — May 2015 Net Lease Worthington, MN 8,793 8,321 472 1 — May 2015 Net Lease Loveland, CO 6,249 5,600 649 1 — Sep 2015 Net Lease Village of Menomonee Falls, WI 18,186 16,827 1,359 1 — Various Condominium Las Vegas, NV 31,997 18,617 13,380 — 72 Various Condominium Miami, FL 22,301 17,271 5,030 — 74 Totals $ 95,966 $ 74,619 $ 21,347 The Company sold the following properties during the nine months ended September 30, 2014 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units May 2014 Net Lease Tilton, NH $ 8,432 $ 6,743 $ 1,689 1 — Jun 2014 Other Richmond, VA 16,793 15,642 1,151 1 — Sep 2014 Net Lease Yulee, FL 1,436 1,246 190 1 — Sep 2014 Net Lease Middleburg, FL 1,262 1,077 185 1 — Sep 2014 Net Lease Jonesboro, AR 9,413 8,016 1,397 1 — Sep 2014 Net Lease Mt. Juliet, TN 10,167 8,724 1,443 1 — Various Condominium Las Vegas, NV 46,213 30,035 16,178 — 96 Various Condominium Miami, FL 9,746 7,754 1,992 — 34 Totals $ 103,462 $ 79,237 $ 24,225
Summary of income from the properties sold	The following table summarizes income from the properties sold or classified as held for sale during the nine months ended September 30, 2015 , for the three and nine months ended September 30, 2015 and 2014 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Operating lease income $ 1,663 $ 1,304 $ 5,517 $ 4,687 Tenant recoveries 1,348 1,233 3,806 3,228 Depreciation and amortization (32 ) (1,067 ) (1,962 ) (3,176 ) Income from properties sold $ 2,979 $ 1,470 $ 7,361 $ 4,739 The following table summarizes income from the properties sold or classified as held for sale during the nine months ended September 30, 2014 , for the three and nine months ended September 30, 2014 ($ in thousands): Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Operating lease income $ 469 $ 2,682 Tenant recoveries — 278 Depreciation and amortization (14 ) (1,223 ) Income from properties sold $ 455 $ 1,737
Schedule of unaudited pro forma information	The unaudited pro forma combined consolidated financial information reflects the 2014 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2013 and the 2015 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2014 . 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. ($ in thousands) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Company Historical Acquisitions Consolidated Pro Forma Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 20,671 $ 240 $ 20,911 $ 60,207 $ 1,077 $ 61,284 Net income 2,798 138 2,936 89,458 625 90,083 Net loss attributable to noncontrolling interest in consolidated joint ventures 85 — 85 578 — 578 Net (income) loss attributable to noncontrolling interest in operating partnership 430 (64 ) 366 (43,338 ) (292 ) (43,630 ) Net income attributable to Class A common shareholders 3,313 73 3,386 46,698 332 47,030 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Company Historical Acquisitions Consolidated Pro Forma Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 12,810 $ 433 $ 13,243 $ 38,827 $ 1,299 $ 40,126 Net income 37,176 (183 ) 36,993 85,820 307 86,127 Net loss attributable to noncontrolling interest in consolidated joint ventures 306 — 306 451 — 451 Net (income) loss attributable to predecessor unitholders — — — 12,628 — 12,628 Net (income) loss attributable to noncontrolling interest in operating partnership (22,826 ) 86 (22,740 ) (59,086 ) (143 ) (59,229 ) Net income attributable to Class A common shareholders 14,656 (97 ) 14,559 39,813 163 39,976
Schedule of additional detail related to the entity's real estate portfolio	The following tables present additional detail related to our real estate portfolio ($ in thousands): September 30, 2015 December 31, 2014 Land $ 9,447 $ — Building 30,429 — In-place leases and other intangibles 14,516 — Real estate 54,392 — Less: Accumulated depreciation and amortization (5,370 ) — Real estate held for sale $ 49,022 $ — September 30, 2015 December 31, 2014 Land $ 128,446 $ 122,458 Building 605,347 569,774 In-place leases and other intangibles 131,252 127,359 Real estate 865,045 819,591 Less: Accumulated depreciation and amortization (73,468 ) (50,605 ) Real estate and related lease intangibles, net $ 791,577 $ 768,986
Schedule of depreciation and amortization expense recorded	The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Depreciation expense (1) $ 5,900 $ 3,399 $ 17,802 $ 12,713 Amortization expense 3,633 3,293 11,356 8,150 Total real estate depreciation and amortization expense $ 9,533 $ 6,692 $ 29,158 $ 20,863 (1) Depreciation expense on the combined consolidated statements of income also includes $28,493 and $0.1 million of depreciation on corporate fixed assets for the three months ended September 30, 2015 and 2014 , respectively, and $79,904 and $0.4 million of depreciation on corporate fixed assets for the nine months ended September 30, 2015 and 2014 , respectively.
Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned	The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles for property owned as of September 30, 2015 ($ in thousands): Period Ending December 31, Amount 2015 (last 3 months) $ 5,256 2016 13,271 2017 8,657 2018 7,609 2019 7,346 Thereafter 60,258 Total $ 102,397
Schedule of contractual future minimum rent under leases	The following is a schedule of contractual future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases or rent escalations under other leases from tenants) at September 30, 2015 ($ in thousands): Period Ending December 31, Amount 2015 (last 3 months) $ 22,651 2016 67,685 2017 63,553 2018 61,015 2019 56,697 Thereafter 529,372 Total $ 800,973

INVESTMENT IN UNCONSOLIDATED 33

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Summary of the Company's investments in unconsolidated joint ventures, which the entity accounts for using the equity method	The following is a summary of the Company’s investments in unconsolidated joint ventures, which we account for using the equity method, as of September 30, 2015 and December 31, 2014 ($ in thousands): Entity September 30, 2015 December 31, 2014 Ladder Capital Realty Income Partnership I LP $ 49 $ 3,898 Grace Lake JV, LLC 2,753 2,143 24 Second Avenue Holdings LLC 30,991 — Company’s investment in unconsolidated joint ventures $ 33,793 $ 6,041
Summary of the Company's allocated earnings based on its ownership interests from investment in unconsolidated joint ventures	The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the three and nine months ended September 30, 2015 and 2014 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, Entity 2015 2014 2015 2014 Ladder Capital Realty Income Partnership I LP $ — $ 101 $ 116 $ 987 Grace Lake JV, LLC 196 225 685 675 24 Second Avenue Holdings LLC (221 ) — (221 ) — Earnings (loss) from investment in unconsolidated joint ventures $ (25 ) $ 326 $ 580 $ 1,662
Summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests	The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of September 30, 2015 and December 31, 2014 ($ in thousands): September 30, 2015 December 31, 2014 Total assets $ 130,433 $ 118,762 Total liabilities 88,405 81,073 Partners’/members’ capital $ 42,028 $ 37,689 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 nine months ended September 30, 2015 and 2014 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Total revenues $ 4,203 $ 5,700 $ 14,666 $ 19,661 Total expenses 4,626 3,727 11,987 12,571 Net income (loss) $ (423 ) $ 1,973 $ 2,679 $ 7,090

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of repurchase agreement	The details of the Company’s debt obligations at September 30, 2015 and December 31, 2014 are as follows ($ in thousands): September 30, 2015 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at September 30, 2015 Current Term Maturity Remaining Extension Options Eligible Collateral (1) Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 218,516 $ 381,484 1.96% - 2.71% 10/30/2016 (3) (6) $ 323,137 $ 325,108 Committed Loan Repurchase Facility 400,000 128,955 271,045 2.45% - 4.21% 4/10/2016 (4) (7) 253,930 255,235 Committed Loan Repurchase Facility 450,000 276,540 173,460 2.45% - 4.21% 5/24/2016 (3) (6) 498,487 502,738 Total Committed Loan Repurchase Facilities 1,450,000 624,011 825,989 1,075,554 1,083,081 Committed Securities Repurchase Facility 300,000 161,529 138,471 0.88% - 1.30% 10/31/2016 N/A (8) 193,271 193,271 Uncommitted Securities Repurchase Facility N/A (2) 405,786 N/A (2) 0.50% - 1.82% 10/2015 N/A (8) 479,670 479,670 Total Repurchase Facilities 1,750,000 1,191,326 964,460 1,748,495 1,756,022 Borrowings Under Credit Agreement 50,000 20,400 29,600 2.94% - 2.96% 1/24/2016 N/A (9) 21,765 22,920 Revolving Credit Facility 75,000 50,000 25,000 3.69% - 5.75% 2/11/2017 (3) N/A (11) N/A (11) N/A (11) Mortgage Loan Financing 555,786 555,786 — 4.25% - 6.75% 2018 - 2025 N/A (12) 723,407 796,740 FHLB Financing 2,248,712 1,786,000 462,712 0.27% - 2.74% 2015 - 2024 N/A (9) 2,250,547 2,258,794 Total Debt Obligations $ 4,679,498 $ 3,603,512 $ 1,481,772 $ 4,744,214 $ 4,834,476 (1) Collateral includes first mortgage and mezzanine real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities. (2) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances (3) Two additional twelve month periods at Company's option (4) Three additional 364 day periods at Company's option (5) One additional twelve month period (6) First mortgage commercial real estate loans (7) First mortgage and mezzanine commercial real estate loans (8) Investment grade commercial real estate securities (9) First mortgage and mezzanine commercial real estate loans and investment grade commercial real estate securities (10) First mortgage commercial real estate loan (11) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries. (12) Using undepreciated value of commercial real estate to approximate fair value December 31, 2014 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2014 Current Term Maturity Remaining Extension Options Eligible Collateral (1) Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 450,000 $ 147,796 $ 302,204 2.42% - 2.66% 10/30/2016 (3) (6) $ 278,530 $ 279,921 Committed Loan Repurchase Facility 250,000 138,711 111,289 2.41% - 3.04% 4/10/2016 (4) (7) 144,858 145,749 Committed Loan Repurchase Facility 450,000 222,516 227,484 2.42% - 3.16% 5/26/2015 (3) (6) 378,573 380,344 Total Committed Loan Repurchase Facilities 1,150,000 509,023 640,977 801,961 806,014 Committed Securities Repurchase Facility 300,000 174,853 125,147 0.87% - 1.27% 4/30/2015 N/A (8) 214,617 214,617 Uncommitted Securities Repurchase Facility N/A (2) 747,789 N/A (2) 0.50% - 1.66% Various N/A (8) 861,456 861,456 Total Repurchase Facilities 1,450,000 1,431,665 766,124 1,878,034 1,882,087 Borrowings Under Credit Agreement 50,000 11,000 39,000 2.91% 1/24/2016 N/A (9) — — Borrowings Under Credit and Security Agreement 46,750 46,750 — 2.01% 10/6/2015 (5) (10) 54,775 55,000 Revolving Credit Facility 75,000 25,000 50,000 3.66% - 5.75% 2/11/2017 (3) N/A (11) N/A (11) N/A (11) Mortgage Loan Financing 447,410 447,410 — 4.25% - 6.75% 2018 - 2024 N/A (12) 591,613 637,271 FHLB Financing 1,900,000 1,611,000 289,000 0.30% - 2.74% 2015 - 2024 N/A (9) 2,068,988 2,073,955 Total Debt Obligations $ 3,969,160 $ 3,572,825 $ 1,144,124 $ 4,593,410 $ 4,648,313 (1) Collateral includes first mortgage and mezzanine real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities. (2) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances (3) Two additional twelve month periods at Company's option (4) One additional 364 day period at Company's option (5) One additional twelve month period (6) First mortgage commercial real estate loans (7) First mortgage and mezzanine commercial real estate loans (8) Investment grade commercial real estate securities (9) First mortgage and mezzanine commercial real estate loans and investment grade commercial real estate securities (10) First mortgage commercial real estate loan (11) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries. (12) Using undepreciated value of commercial real estate to approximate fair value
Schedule of contractual payments under all borrowings by maturity	The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by Maturity (1)(2) 2015 (last 3 months) $ 685,221 2016 1,746,509 2017 610,534 2018 78,502 2019 28,731 Thereafter 1,066,535 Total $ 4,216,032 (1) Contractual payments under current maturities, some of which are subject to extensions. (2) Includes $612.0 million of the Company’s senior unsecured notes. Refer to Note 8 .

FAIR VALUE OF FINANCIAL INSTR35

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
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 September 30, 2015 and December 31, 2014 are as follows ($ in thousands): September 30, 2015 Weighted Average Outstanding Face Amount Amortized Cost Basis Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 1,936,316 $ 1,960,371 $ 1,985,195 Internal model, third-party inputs 2.63 % 3.35 CMBS interest-only(1) 7,246,777 (9) 356,204 356,928 Internal model, third-party inputs 3.74 % 3.46 GNMA interest-only(2) 662,161 (9) 30,109 28,603 Internal model, third-party inputs 4.27 % 5.48 GN construction securities(1) 26,730 27,223 27,849 Internal model, third-party inputs 3.86 % 9.46 GN permanent securities(1) 16,435 16,950 16,807 Internal model, third-party inputs 4.00 % 6.09 Mortgage loan receivable held for investment, at amortized cost 1,811,216 1,794,812 1,820,999 Discounted Cash Flow(5) 7.61 % 1.58 Mortgage loan receivable held for sale 333,488 333,531 342,611 Discounted Cash Flow(6) 4.15 % 7.60 FHLB stock(7) 77,915 77,915 77,915 (7) 3.50 % N/A Nonhedge derivatives(1)(8) 10,009 N/A 299 Counterparty quotations N/A 5.59 Liabilities: Repurchase agreements - short-term 793,933 793,933 793,933 Discounted Cash Flow(3) 1.83 % 0.32 Repurchase agreements - long-term 397,393 397,393 397,393 Discounted Cash Flow(4) 1.30 % 1.12 Borrowings under credit agreement 20,400 20,400 20,400 Discounted Cash Flow(10) 2.95 % 0.32 Revolving credit facility 50,000 50,000 50,000 Discounted Cash Flow(10) 3.69 % 1.37 Mortgage loan financing 562,035 555,786 590,265 Discounted Cash Flow(4) 4.87 % 7.96 Borrowings from the FHLB 1,786,000 1,786,000 1,857,923 Discounted Cash Flow 0.83 % 1.62 Senior unsecured notes 619,555 619,555 603,251 Broker quotations, pricing services 6.65 % 3.86 Nonhedge derivatives(1)(8) 130,051 N/A 21,942 Counterparty quotations N/A 0.99 December 31, 2014 Weighted Average Outstanding Face Amount Amortized Cost Basis Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 2,247,565 $ 2,277,995 $ 2,305,409 Internal model, third-party inputs 2.60 % 4.23 CMBS interest-only(1) 7,239,503 (9) 376,085 378,335 Internal model, third-party inputs 4.88 % 3.45 GNMA interest-only(2) 1,400,141 (9) 67,543 66,642 Internal model, third-party inputs 5.90 % 4.50 GN construction securities(1) 27,538 28,178 28,406 Internal model, third-party inputs 3.56 % 9.42 GN permanent securities(1) 36,232 36,515 36,773 Internal model, third-party inputs 4.94 % 1.32 Mortgage loan receivable held for investment, at amortized cost 1,536,923 1,521,053 1,540,388 Discounted Cash Flow(5) 7.33 % 1.96 Mortgage loan receivable held for sale 417,955 417,955 421,991 Discounted Cash Flow(6) 4.31 % 9.72 FHLB stock(7) 72,340 72,340 72,340 (7) 3.50 % N/A Nonhedge derivatives(1)(8) 125,050 N/A 424 Counterparty quotations N/A 3.45 Liabilities: Repurchase agreements - short-term 1,331,603 1,331,603 1,331,603 Discounted Cash Flow(3) 1.32 % 0.23 Repurchase agreements - long-term 100,062 100,062 100,062 Discounted Cash Flow(3) 1.89 % 1.59 Borrowings under credit agreement 11,000 11,000 11,000 Discounted Cash Flow(10) 2.91 % 1.07 Borrowings under credit and security agreement 46,750 46,750 46,750 Discounted Cash Flow(10) 2.01 % 1.77 Revolving credit facility 25,000 25,000 25,000 Discounted Cash Flow(10) 3.66 % 2.12 Mortgage loan financing 442,753 447,410 455,846 Discounted Cash Flow(4) 4.85 % 8.47 Borrowings from the FHLB 1,611,000 1,611,000 1,616,373 Discounted Cash Flow 0.79 % 2.05 Senior unsecured notes 619,555 619,555 611,745 Broker quotations, pricing services 6.65 % 4.61 Nonhedge derivatives(1)(8) 1,428,700 N/A 13,446 Counterparty quotations N/A 1.41 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity (2) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings (3) 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. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (4) For the mortgage loan financing, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions. (5) Fair value for floating rate 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. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (6) 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. (7) 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. (8) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (9) Represents notional outstanding balance of underlying collateral (10) Fair value for borrowings under credit agreement, credit and security agreement and revolving credit facility 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.
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 September 30, 2015 and December 31, 2014 ($ in thousands): September 30, 2015 Financial Instruments Reported at Fair Value on Combined Consolidated Statements of Financial Condition Outstanding Face Amount Fair Value Level 1 Level 2 Level 3 Total Assets: CMBS(1) $ 1,936,316 $ — $ — $ 1,985,195 $ 1,985,195 CMBS interest-only(1) 7,246,777 (3) — — 356,928 356,928 GNMA interest-only(2) 662,161 (3) — — 28,603 28,603 GN construction securities(1) 26,730 — — 27,849 27,849 GN permanent securities(1) 16,435 — — 16,807 16,807 Nonhedge derivatives(4) 10,009 — 299 — 299 $ — $ 299 $ 2,415,382 $ 2,415,681 Liabilities: Nonhedge derivatives(4) 130,051 $ — $ 21,942 $ — $ 21,942 Financial Instruments Not Reported at Fair Value on Combined Consolidated Statements of Financial Condition Outstanding Face Amount Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivable held for investment $ 1,811,216 $ — $ — $ 1,820,999 $ 1,820,999 Mortgage loan receivable held for sale 333,488 — — 342,611 342,611 FHLB stock 77,915 — — 77,915 77,915 $ — $ — $ 2,241,525 $ 2,241,525 Liabilities: 0 Repurchase agreements (short-term) 793,933 $ — $ 37,421 $ 756,512 $ 793,933 Repurchase agreements (long-term) 397,393 — — 397,393 397,393 Borrowings under credit agreement 20,400 — — 20,400 20,400 Revolving credit facility 50,000 — — 50,000 50,000 Mortgage loan financing 562,035 — — 590,265 590,265 Borrowings from the FHLB 1,786,000 — — 1,857,923 1,857,923 Senior unsecured notes 619,555 — — 603,251 603,251 $ — $ 37,421 $ 4,275,744 $ 4,313,165 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (3) Represents notional outstanding balance of underlying collateral. (4) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. December 31, 2014 Financial Instruments Reported at Fair Value on Combined Consolidated Statements of Financial Condition Outstanding Face Amount Fair Value Level 1 Level 2 Level 3 Total Assets: CMBS(1) $ 2,247,565 $ — $ — $ 2,305,409 $ 2,305,409 CMBS interest-only(1) 7,239,503 (3) — — 378,335 378,335 GNMA interest-only(2) 1,400,141 (3) — 66,642 — 66,642 GN construction securities(1) 27,538 — 28,406 — 28,406 GN permanent securities(1) 36,232 — 36,773 — 36,773 Nonhedge derivatives(4) 125,050 — 424 — 424 $ — $ 132,245 $ 2,683,744 $ 2,815,989 Liabilities: Nonhedge derivatives(4) 1,428,700 — 13,446 — 13,446 Financial Instruments Not Reported at Fair Value on Combined Consolidated Statements of Financial Condition Outstanding Face Amount Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivable held for investment 1,536,923 — — 1,540,388 1,540,388 Mortgage loan receivable held for sale 417,955 — — 421,991 421,991 FHLB stock 72,340 — — 72,340 72,340 $ — $ — $ 2,034,719 $ 2,034,719 Liabilities: 0 Repurchase agreements (short-term) 1,331,603 — 68,357 1,263,246 1,331,603 Repurchase agreements (long-term) 100,062 — — 100,062 100,062 Borrowings under credit agreement 11,000 — — 11,000 11,000 Borrowings under credit and security agreement 46,750 — — 46,750 46,750 Revolving credit facility 25,000 — — 25,000 25,000 Mortgage loan financing 442,753 — — 455,846 455,846 Borrowings from the FHLB 1,611,000 — — 1,616,373 1,616,373 Senior unsecured notes 619,555 — — 611,745 611,745 $ — $ 68,357 $ 4,130,022 $ 4,198,379 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (3) Represents notional outstanding balance of underlying collateral. (4) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
Schedule of changes in Level 3 of financial instruments	The following table summarizes changes in level 3 financial instruments reported at fair value on the combined consolidated statements of financial condition for the nine months ended September 30, 2015 ($ in thousands): Level 3 Balance at December 31, 2014 $ 2,683,744 Transfer from level 2 86,577 Purchases 574,433 Sales (783,189 ) Paydowns/maturities (116,390 ) Amortization of premium/discount (50,630 ) Unrealized gain/(loss) (3,575 ) Realized gain/(loss) on sale 24,412 Balance at September 30, 2015 $ 2,415,382 The following table summarizes changes in level 3 financial instruments reported at fair value on the combined consolidated statements of financial condition for the year ended December 31, 2014 ($ in thousands): Level 3 Balance at December 31, 2013 $ — Transfer from level 2 1,422,995 Purchases 2,121,503 Sales (692,306 ) Paydowns/maturities (155,525 ) Amortization of premium/discount (60,992 ) Unrealized gain/(loss) 19,769 Realized gain/(loss) on sale 28,300 Balance at December 31, 2014 $ 2,683,744
Schedule of quantitative information	The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): September 30, 2015 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 1,985,195 Discounted cash flow Yield (4) (23.7 )% 1.51 % 5.27 % Duration (years)(5) — 4.23 8.11 CMBS interest-only (1) 356,928 (3) Discounted cash flow Yield (4) 2.06 % 3.65 % 14.84 % Duration (years)(5) 0.12 3.42 4.36 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only (2) 28,603 (3) Discounted cash flow Yield (4) (3.64 )% 4.82 % 82.81 % Duration (years)(5) 0.47 5.48 34.52 Prepayment speed (CPJ)(5) 5.00 14.43 35.00 GN construction securities (1) 27,849 Discounted cash flow Yield (4) 0.32 % 3.62 % 3.67 % Duration (years)(5) 1.91 9.46 9.57 GN permanent securities (1) 16,807 Discounted cash flow Yield (4) 2.53 % 3.76 % 6.35 % Duration (years)(5) 1.85 6.09 9.28 Total $ 2,415,382 December 31, 2014 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 2,305,409 Discounted cash flow Yield (4) (13.06 )% 2.36 % 5.49 % Duration (years)(5) — 4.68 8.26 CMBS interest-only (1) 378,335 (3) Discounted cash flow Yield (4) (27.49 )% (4.93 )% 23.32 % Duration (years)(5) 0.49 3.50 4.73 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only (2) 66,642 (3) Discounted cash flow Yield (4) (0.85 )% 5.9 % 54.24 % Duration (years)(5) — 4.50 6.28 Prepayment speed (CPJ)(5) 5.00 14.99 35.00 GN construction securities (1) 28,406 Discounted cash flow Yield (4) 0.33 % 3.54 % 3.7 % Duration (years)(5) 1.95 9.42 10.02 GN permanent securities (1) 36,773 Discounted cash flow Yield (4) — % 1.28 % 6.43 % Duration (years)(5) 0.04 1.32 9.27 Total $ 2,815,565 (1) CMBS, CMBS interest-only securities, 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. (2) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. (3) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. Sensitivity of the Fair Value to Changes in the Unobservable Inputs (4) Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement. (5) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question.

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of breakdown of the derivatives outstanding	The following is a breakdown of the derivatives outstanding as of September 30, 2015 and December 31, 2014 ($ in thousands): September 30, 2015 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Futures 5-year Swap $ 591,800 $ 8 $ 6,575 0.25 10-year Swap 513,400 2 9,976 0.25 Total futures 1,105,200 10 16,551 Swaps 3MO LIBOR 80,000 — 5,026 3.24 Credit Derivatives CMBX 33,500 — 365 3.31 CDX 10,000 289 — 5.76 Total credit derivatives 43,500 289 365 Total derivatives $ 1,228,700 $ 299 $ 21,942 December 31, 2014 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Caps 1MO LIBOR $ 71,250 $ — $ — 0.66 Futures 5-year Swap 496,200 108 28 0.25 10-year Swap 842,800 104 8,258 0.25 Total futures 1,339,000 212 8,286 Swaps 3MO LIBOR 100,000 — 4,505 3.18 Credit Derivatives CMBX 10,000 211 — 6.80 CDX 33,500 — 654 3.97 Total credit derivatives 43,500 211 654 Total derivatives $ 1,553,750 $ 423 $ 13,445 (1) Shown as derivative instruments, at fair value, in the accompanying combined consolidated balance sheets.
Schedule of net realized gains/(losses) and unrealized appreciation/(depreciation) on derivatives	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 nine months ended September 30, 2015 and 2014 ($ in thousands): Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ (13,281 ) $ (27,990 ) $ (41,271 ) $ (8,468 ) $ (44,400 ) $ (52,868 ) Swaps (768 ) (476 ) (1,244 ) (306 ) (1,574 ) (1,880 ) Credit Derivatives 291 (18 ) 273 367 (213 ) 154 Total $ (13,758 ) $ (28,484 ) $ (42,242 ) $ (8,407 ) $ (46,187 ) $ (54,594 ) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Caps $ — $ — $ — $ — $ (7 ) $ (7 ) Futures 12,668 (11,938 ) 730 $ (3,166 ) $ (44,809 ) $ (47,975 ) Swaps 1,103 (801 ) 302 363 (2,403 ) (2,040 ) Credit Derivatives 191 (98 ) 93 (20 ) (393 ) (413 ) Total $ 13,962 $ (12,837 ) $ 1,125 $ (2,823 ) $ (47,612 ) $ (50,435 )

OFFSETTING ASSETS AND LIABILI37

OFFSETTING ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2015
Offsetting [Abstract]
Schedule of offsetting of financial assets	As of September 30, 2015 Offsetting of Financial Assets and Derivative Assets ($ in thousands) Description Gross amounts of recognized assets Gross amounts offset in the balance sheet Net amounts of assets presented in the balance sheet Gross amounts not offset in the balance sheet Net amount Financial instruments Cash collateral received/(posted)(1) Derivatives $ 299 $ — $ 299 $ — $ — $ 299 Total $ 299 $ — $ 299 $ — $ — $ 299 As of December 31, 2014 Offsetting of Financial Assets and Derivative Assets ($ in thousands) Description Gross amounts of recognized assets Gross amounts offset in the balance sheet Net amounts of assets presented in the balance sheet Gross amounts not offset in the balance sheet Net amount Financial instruments Cash collateral received/(posted)(1) Derivatives $ 423 $ — $ 423 $ — $ — $ 423 Total $ 423 $ — $ 423 $ — $ — $ 423
Schedule of offsetting of financial liabilities	As of September 30, 2015 Offsetting of Financial Liabilities and Derivative Liabilities ($ in thousands) Description Gross amounts of recognized liabilities Gross amounts offset in the balance sheet Net amounts of liabilities presented in the balance sheet Gross amounts not offset in the balance sheet Net amount Financial instruments collateral Cash collateral posted/(received)(1) Derivatives $ 21,942 $ — $ 21,942 $ — $ 21,942 — Repurchase agreements 1,191,326 — 1,191,326 1,191,326 — — Total $ 1,213,268 $ — $ 1,213,268 $ 1,191,326 $ 21,942 $ — (1) Included in cash collateral held by broker on combined consolidated balance sheets. As of December 31, 2014 Offsetting of Financial Liabilities and Derivative Liabilities ($ in thousands) Description Gross amounts of recognized liabilities Gross amounts offset in the balance sheet Net amounts of liabilities presented in the balance sheet Gross amounts not offset in the balance sheet Net amount Financial instruments collateral Cash collateral posted/(received)(1) Derivatives $ 13,445 $ — $ 13,445 $ — $ 13,445 $ — Repurchase agreements 1,431,666 — 1,431,666 1,431,666 — — Total $ 1,445,111 $ — $ 1,445,111 $ 1,431,666 $ 13,445 $ — (1) Included in cash collateral held by broker on combined consolidated balance sheets.

EQUITY STRUCTURE AND ACCOUNTS (

EQUITY STRUCTURE AND ACCOUNTS (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule of Dividends Declared	The following table presents dividends declared (on a per share basis) of Class A common stock for the nine months ended September 30, 2015 : Declaration Date Dividend per Share September 1, 2015 $ 0.275 June 8, 2015 0.250 March 12, 2015 0.250 Total $ 0.775
Schedule of Changes in Accumulated Other Comprehensive Income	The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the carrying value of CMBS for the nine months ended September 30, 2015 ($ in thousands): Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income December 31, 2014 $ 15,656 $ 14,494 $ 30,150 Other comprehensive income (loss) (2,027 ) (2,092 ) (4,119 ) Exchange of noncontrolling interest for common stock 620 (620 ) — Rebalancing of ownership percentage between Company and Operating Partnership 194 (194 ) — September 30, 2015 $ 14,443 $ 11,588 $ 26,031

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of the Company's net income and weighted average shares outstanding	The Company’s net income and weighted average shares outstanding for the three and nine months ended September 30, 2015 and the period February 11, 2014 through September 30, 2014 consist of the following: ($ in thousands except share amounts) For the Three Months Ended September 30, 2015 For the Three Months Ended September 30, 2014 For the Nine Months Ended September 30, 2015 For the Period February 11, 2014 through September 30, 2014 Basic Net income available for Class A common shareholders $ 3,313 $ 14,656 $ 46,698 $ 39,813 Diluted Net income available for Class A common shareholders $ 3,313 $ 27,433 $ 46,698 $ 72,699 Weighted average shares outstanding Basic 52,922,487 49,394,399 51,091,977 49,101,904 Diluted 53,348,858 97,918,235 51,388,851 97,750,385
Schedule of calculation of basic and diluted net income per share amounts	(In thousands except share amounts) For the Three Months Ended September 30, 2015 For the Three Months Ended September 30, 2014 For the Nine Months Ended September 30, 2015 For the Period February 11, 2014 through September 30, 2014 Basic Net Income Per Share of Class A Common Stock Numerator: Net income attributable to Class A common shareholders $ 3,313 $ 14,656 $ 46,698 $ 39,813 Denominator: Weighted average number of shares of Class A common stock outstanding 52,922,487 49,394,399 51,091,977 49,101,904 Basic net income per share of Class A common stock $ 0.06 $ 0.30 $ 0.91 $ 0.81 Diluted Net Income Per Share of Class A Common Stock Numerator: Net income attributable to Class A common shareholders $ 3,313 $ 14,656 $ 46,698 $ 39,813 Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) — 22,827 — 59,086 Additional corporate tax (expense) benefit — (10,050 ) — (26,200 ) Diluted net income attributable to Class A common shareholders $ 3,313 $ 27,433 $ 46,698 $ 72,699 Denominator: Basic weighted average number of shares of Class A common stock outstanding 52,922,487 49,394,399 51,091,977 49,101,904 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders — 48,046,807 — 48,341,572 Incremental shares of unvested Class A restricted stock 426,371 477,029 296,874 306,909 Diluted weighted average number of shares of Class A common stock outstanding 53,348,858 97,918,235 51,388,851 97,750,385 Diluted net income per share of Class A common stock $ 0.06 $ 0.28 $ 0.91 $ 0.74

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of the grants	A summary of the grants is presented below ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Number Weighted Average Fair Value Number Weighted Average Fair Value Number Weighted Average Fair Value Number of Units Weighted Average Fair Value Grants - Class A Common Stock (restricted) — $ — — $ — 726,327 $ 13,353 1,687,513 $ 28,637 Stock Options — — — — 670,256 1,441 — — Amortization to compensation expense Predecessor compensation expense $ — $ — $ — $ (290 ) LP Units compensation expense (25 ) (478 ) (99 ) (1,470 ) Ladder compensation expense (4,103 ) (3,274 ) (11,243 ) (8,543 ) Total amortization to compensation expense $ (4,128 ) $ (3,752 ) $ (11,342 ) $ (10,303 )
Schedule of Nonvested Shares Activity	The table below presents the number of unvested shares and outstanding stock options at September 30, 2015 and changes during 2015 of the (i) Class A Common stock and Stock Options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan and (ii) 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. Restricted Stock Stock Options LP Units(1) Nonvested/Outstanding at December 31, 2014 1,384,439 — 8,063 Granted 726,327 670,256 — Exercised — Vested (242,285 ) (6,047 ) Forfeited (188,054 ) (69,070 ) — Expired — Nonvested/Outstanding at September 30, 2015 1,680,427 601,186 2,016 Exercisable at September 30, 2015 — (1) Converted to LP Units of LCFH on February 11, 2014 in connection with IPO and then converted to an equal number of Series REIT LP Units and Series TRS LP Units on December 31, 2014. LCFH LP Unitholders also received an equal number of shares of Class B Common stock of the Company in connection with the conversion. Refer to Note 1, Organization and Operations for further discussion of IPO and the Reorganization Transactions.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	Components of the provision for income taxes consist of the following ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Current expense (benefit) Federal $ (2,190 ) $ 7,200 $ 4,860 $ 23,019 State and local (1,157 ) 2,006 829 6,769 Total current expense (benefit) (3,347 ) 9,206 5,689 29,788 Deferred expense (benefit) Federal (670 ) 924 (1,377 ) (4,951 ) State and local (164 ) 205 (211 ) (1,014 ) Total deferred expense (benefit) (834 ) 1,129 (1,588 ) (5,965 ) Provision for Income tax expense (benefit) $ (4,181 ) $ 10,335 $ 4,101 $ 23,823
Schedule of components of the Company's deferred tax assets and liabilities	The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): September 30, 2015 December 31, 2014 Deferred Tax Assets Basis difference in operating partnerships 7,065 6,795 Tax intangibles 2,353 778 Unrealized gains (losses) 1,974 616 Unrealized gains (losses) - derivatives 3,564 — Valuation allowance (3,564 ) — Total Deferred Tax Assets $ 11,392 $ 8,189

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum rental payments	The following is a schedule of future minimum rental payments required under the above operating leases ($ in thousands): Period Ending December 31, Amount 2015 (last 3 months) $ 294 2016 1,198 2017 1,255 2018 1,206 2019 1,180 Thereafter 2,459 Total $ 7,592

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of segment	The Company evaluates performance based on the following financial measures for each segment ($ in thousands): Loans Securities Real Estate(1) Corporate/Other(2) Company Total Three months ended September 30, 2015 Interest income $ 45,195 $ 17,811 $ — $ 7 $ 63,013 Interest expense (6,749 ) (1,753 ) (6,365 ) (14,668 ) (29,535 ) Net interest income (expense) 38,446 16,058 (6,365 ) (14,661 ) 33,478 Provision for loan losses (150 ) — — — (150 ) Net interest income (expense) after provision for loan losses 38,296 16,058 (6,365 ) (14,661 ) 33,328 Operating lease income — — 20,671 — 20,671 Tenant recoveries — — 2,847 — 2,847 Sale of loans, net 15,165 — — — 15,165 Realized gain on securities — 513 — — 513 Unrealized gain (loss) on Agency interest-only securities — 731 — — 731 Realized gain on sale of real estate, net 519 — 5,887 — 6,406 Fee income 905 230 6 2,342 3,483 Net result from derivative transactions (13,159 ) (29,083 ) — — (42,242 ) Earnings (loss) from investment in unconsolidated joint ventures — — (25 ) — (25 ) Total other income 3,430 (27,609 ) 29,386 2,342 7,549 Salaries and employee benefits (4,525 ) — — (13,103 ) (17,628 ) Operating expenses 132 — (17 ) (5,066 ) (4,951 ) Real estate operating expenses — — (8,975 ) — (8,975 ) Real estate acquisition costs — — (470 ) — (470 ) Fee expense 156 (10 ) (123 ) (698 ) (675 ) Depreciation and amortization — — (9,533 ) (28 ) (9,561 ) Total costs and expenses (4,237 ) (10 ) (19,118 ) (18,895 ) (42,260 ) Tax (expense) benefit — — — 4,181 4,181 Segment profit (loss) $ 37,489 $ (11,561 ) $ 3,903 $ (27,033 ) $ 2,798 Total assets as of September 30, 2015 $ 2,128,343 $ 2,415,382 $ 871,591 $ 414,645 $ 5,829,961 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Three months ended September 30, 2014 Interest income $ 30,348 $ 18,190 $ — $ (79 ) $ 48,459 Interest expense (2,748 ) (1,546 ) (4,663 ) (10,971 ) (19,928 ) Net interest income (expense) 27,600 16,644 (4,663 ) (11,050 ) 28,531 Provision for loan losses (150 ) — — — (150 ) Net interest income (expense) after provision for loan losses 27,450 16,644 (4,663 ) (11,050 ) 28,381 Operating lease income — — 12,810 — 12,810 Tenant recoveries — — 2,252 — 2,252 Sale of loans, net 20,414 — — — 20,414 Realized gain on securities — 14,074 — — 14,074 Unrealized gain (loss) on Agency interest-only securities — (1,282 ) — — (1,282 ) Realized gain on sale of real estate, net 339 — 8,132 — 8,471 Fee income 999 (96 ) 92 1,720 2,715 Net result from derivative transactions 2,137 (1,012 ) — — 1,125 Earnings from investment in unconsolidated joint ventures — — 225 101 326 Gain on assignment of mortgage loan financing — — 432 — 432 Total other income 23,889 11,684 23,943 1,821 61,337 Salaries and employee benefits (4,300 ) — — (15,530 ) (19,830 ) Operating expenses (89 ) — — (6,101 ) (6,190 ) Real estate operating expenses — — (7,150 ) — (7,150 ) Real estate acquisition costs — — (1,712 ) — (1,712 ) Fee expense (312 ) (14 ) (46 ) (124 ) (496 ) Depreciation and amortization — — (6,692 ) (137 ) (6,829 ) Total costs and expenses (4,701 ) (14 ) (15,600 ) (21,892 ) (42,207 ) Tax expense — — — (10,335 ) (10,335 ) Segment profit (loss) $ 46,638 $ 28,314 $ 3,680 $ (41,456 ) $ 37,176 Total assets as of December 31, 2014 $ 1,939,008 $ 2,815,566 $ 771,129 $ 288,532 $ 5,814,235 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Nine months ended September 30, 2015 Interest income $ 120,932 $ 57,659 $ — $ 44 $ 178,635 Interest expense (17,509 ) (5,512 ) (17,670 ) (43,155 ) (83,846 ) Net interest income (expense) 103,423 52,147 (17,670 ) (43,111 ) 94,789 Provision for loan losses (450 ) — — — (450 ) Net interest income (expense) after provision for loan losses 102,973 52,147 (17,670 ) (43,111 ) 94,339 Operating lease income — — 60,207 — 60,207 Tenant recoveries — — 7,883 — 7,883 Sale of loans, net 59,717 — — — 59,717 Realized gain on securities — 23,680 — — 23,680 Unrealized gain (loss) on Agency interest-only securities — (639 ) — — (639 ) Realized gain on sale of real estate, net 1,771 — 19,576 — 21,347 Fee income 3,990 230 33 6,604 10,857 Net result from derivative transactions (18,335 ) (36,259 ) — — (54,594 ) Earnings from investment in unconsolidated joint ventures — — 464 116 580 Total other income 47,143 (12,988 ) 88,163 6,720 129,038 Salaries and employee benefits (11,436 ) — — (35,897 ) (47,333 ) Operating expenses 301 — (16 ) (20,772 ) (20,487 ) Real estate operating expenses — — (27,976 ) — (27,976 ) Real estate acquisition costs — — (1,524 ) — (1,524 ) Fee expense (1,642 ) (31 ) (230 ) (1,357 ) (3,260 ) Depreciation and amortization — — (29,158 ) (80 ) (29,238 ) Total costs and expenses (12,777 ) (31 ) (58,904 ) (58,106 ) (129,818 ) Tax (expense) benefit — — — (4,101 ) (4,101 ) Segment profit (loss) $ 137,339 $ 39,128 $ 11,589 $ (98,598 ) $ 89,458 Total assets as of September 30, 2015 $ 2,128,343 $ 2,415,382 $ 871,591 $ 414,645 $ 5,829,961 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Nine months ended September 30, 2014 Interest income $ 78,389 $ 52,058 $ — $ (53 ) $ 130,394 Interest expense (8,532 ) (4,349 ) (11,777 ) (26,863 ) (51,521 ) Net interest income (expense) 69,857 47,709 (11,777 ) (26,916 ) 78,873 Provision for loan losses (450 ) — — — (450 ) Net interest income (expense) after provision for loan losses 69,407 47,709 (11,777 ) (26,916 ) 78,423 Operating lease income — — 38,827 — 38,827 Tenant recoveries — — 6,473 — 6,473 Sale of loans, net 107,135 — — — 107,135 Realized gain on securities — 21,259 — — 21,259 Unrealized gain (loss) on Agency interest-only securities — 466 — — 466 Realized gain on sale of real estate, net 1,122 — 23,103 — 24,225 Fee income 2,352 — 92 4,772 7,216 Net result from derivative transactions (17,731 ) (32,704 ) — — (50,435 ) Earnings from investment in unconsolidated joint ventures — — 675 987 1,662 Gain on assignment of mortgage loan financing — — 432 — 432 Total other income 92,878 (10,979 ) 69,602 5,759 157,260 Salaries and employee benefits (18,800 ) — — (47,516 ) (66,316 ) Operating expenses — — — (12,896 ) (12,896 ) Real estate operating expenses — — (22,131 ) — (22,131 ) Real estate acquisition costs — — (1,712 ) — (1,712 ) Fee expense (1,034 ) (53 ) (87 ) (537 ) (1,711 ) Depreciation and amortization — — (20,863 ) (411 ) (21,274 ) Total costs and expenses (19,834 ) (53 ) (44,793 ) (61,360 ) (126,040 ) Tax expense — — — (23,823 ) (23,823 ) Segment profit (loss) $ 142,451 $ 36,677 $ 13,032 $ (106,340 ) $ 85,820 Total assets as of December 31, 2014 $ 1,939,008 $ 2,815,566 $ 771,129 $ 288,532 $ 5,814,235 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $2.8 million and $2.1 million as of September 30, 2015 and December 31, 2014 , respectively (2) 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 unconsolidated joint ventures of $48,771 and $3.9 million as of September 30, 2015 and December 31, 2014 , respectively, the Company’s investment in FHLB stock of $77.9 million and $72.3 million as of September 30, 2015 and December 31, 2014 , respectively, the Company’s deferred tax asset of $11.4 million and $8.2 million as of September 30, 2015 and December 31, 2014 , respectively and the Company’s senior unsecured notes of $612.0 million and $610.1 million as of September 30, 2015 and December 31, 2014 , respectively.

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details) $ / shares in Units, $ in Millions	Feb. 11, 2014USD ($)shares	Sep. 30, 2015shares	Dec. 31, 2014shares	Feb. 10, 2014Class_of_Stock$ / shares
ORGANIZATION AND OPERATIONS
Number of classes of membership interests prior to the Reorganization Transactions | Class_of_Stock				3
Share price used in the conversion of the three classes of membership (in dollars per share) | $ / shares				$ 17
Ownership restriction, maximum percentage of outstanding capital stock		9.80%
Percentage of applicable cash saving in income tax distributable to specified unitholders			85.00%
Percentage of applicable cash saving in income tax available for the entity			15.00%
LCFH
ORGANIZATION AND OPERATIONS
Economic interest (as a percent)	51.00%
Units outstanding	99,134,619
Units held by company	50,597,205
Units held by the Continuing the Company Limited Partners	48,537,414
Series REIT
ORGANIZATION AND OPERATIONS
Economic interest (as a percent)	51.90%
Limited partners ownership interest (in percent)		48.10%
Class A common stock
ORGANIZATION AND OPERATIONS
Shares issued to the investors	15,237,500
Shares sold as a result of the exercise of the underwriter's over-allotment option	1,987,500
Net proceeds after deducting fees and expenses associated with the IPO | $	$ 238.5
Shares issued to certain directors, officers and employees	1,687,513
Shares outstanding	50,597,205	55,122,895	51,431,872
Shares issued to the Exchanging Existing Owners	33,672,192
Class A common stock | LCFH
ORGANIZATION AND OPERATIONS
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
Stock exchange ratio	1	1
Class B common stock
ORGANIZATION AND OPERATIONS
Shares outstanding	48,537,414	44,227,923	47,647,023
LCFH | Series REIT
ORGANIZATION AND OPERATIONS
Ownership interest in subsidiaries (in percent)		100.00%
LCFH | Series TRS
ORGANIZATION AND OPERATIONS
Ownership interest in subsidiaries (in percent)		100.00%
LCFH | LCFH
ORGANIZATION AND OPERATIONS
Ownership interest in LCFH		55.50%

SIGNIFICANT ACCOUNTING POLICI45

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Basis of accounting and principles of combination and consolidation
Maximum cash amount insured at several financial institutions	$ 250,000	$ 250,000
Unamortized debt issuance costs	7,600,000	9,400,000
Other Assets
Basis of accounting and principles of combination and consolidation
Tenant security deposits	$ 27,600,000	$ 24,400,000

MORTGAGE LOAN RECEIVABLES (Deta

MORTGAGE LOAN RECEIVABLES (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)loan	Dec. 31, 2014USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Loans receivable with fixed rates of interest	$ 347,100	$ 231,900
Percentage of loans receivable with fixed rates of interest	19.30%	15.20%
Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost	$ 4,100	$ 4,200
Number of mortgage loans impaired | loan	0	0
Carrying value, net	$ 2,128,343	$ 1,939,008
Mortgage loan receivables held for investment, at amortized cost
Mortgage Loans on Real Estate [Line Items]
Loans receivable with fixed rates of interest	$ 1,500,000	$ 1,300,000
Percentage of loans receivable with fixed rates of interest	80.70%	84.80%
Carrying value, net	$ 1,794,812	$ 1,521,053
Loan on non-accrual status
Mortgage Loans on Real Estate [Line Items]
Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost	$ 2,200	$ 2,200
Number of loans on non-accrual status | loan	1	1
Carrying value, net	$ 5,900	$ 5,900
Mortgage loan receivables held for sale
Mortgage Loans on Real Estate [Line Items]
Loans receivable with fixed rates of interest	$ 333,500	$ 418,000
Percentage of loans receivable with fixed rates of interest	100.00%	100.00%
Carrying value, net	$ 333,531	$ 417,955

MORTGAGE LOAN RECEIVABLES - Sch

MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Jun. 30, 2015	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 2,144,704	$ 1,954,878
Provision for loan losses	(3,550)	(3,100)	$ (3,400)	$ (2,950)	$ (2,800)	$ (2,500)
Carrying Value	2,128,343	1,939,008
Mortgage loan receivables held for investment, at amortized cost
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	1,811,216	1,536,923
Carrying Value, gross	1,798,362	1,524,153
Provision for loan losses	(3,550)	(3,100)
Carrying Value	$ 1,794,812	$ 1,521,053
Weighted Average Yield (as a percent)	7.61%	7.33%
Remaining Maturity (years)	1 year 6 months 29 days	1 year 11 months 15 days
Mortgage loan receivables held for sale
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 333,488	$ 417,955
Carrying Value	$ 333,531	$ 417,955
Weighted Average Yield (as a percent)	4.15%	4.31%
Remaining Maturity (years)	7 years 7 months 6 days	9 years 8 months 19 days

MORTGAGE LOAN RECEIVABLES - Mor

MORTGAGE LOAN RECEIVABLES - Mortgage Loan Receivables by Loan Type (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 2,144,704		$ 1,954,878
Provision for loan losses	(3,550)	$ (3,400)	(3,100)	$ (2,950)	$ (2,800)	$ (2,500)
Carrying Value	2,128,343		1,939,008
First mortgage loan, held for sale
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	333,488		417,955
Carrying Value	333,531		417,955
Mortgage loan receivables held for sale
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	333,488		417,955
Carrying Value	333,531		417,955
First mortgage loan, held for investment
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	1,524,080		1,373,476
Carrying Value, Gross	1,512,731		1,361,754
Mezzanine loan
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	287,136		163,447
Carrying Value, Gross	285,631		162,399
Mortgage loan receivables held for investment
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	1,811,216		1,536,923
Carrying Value, Gross	1,798,362		1,524,153
Provision for loan losses	(3,550)		(3,100)
Carrying Value	$ 1,794,812		$ 1,521,053

MORTGAGE LOAN RECEIVABLES - Act

MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Activity in loan portfolio
Realized gain on sale of mortgage loan receivables	$ 15,165	$ 20,414	$ 59,717	$ 107,135
Loan loss provision	150	150	450	450
Mortgage loan receivables held for investment, at amortized cost
Activity in loan portfolio
Balance at the beginning of the period			1,521,054	539,078
Origination of mortgage loan receivables			840,652	951,438
Repayment of mortgage loan receivables			(575,028)	(159,329)
Proceeds from sales of mortgage loan receivables			0	0
Realized gain on sale of mortgage loan receivables			0	0
Transfer between held for investment and held for sale			0	(11,800)
Accretion/amortization of discount, premium and other fees			8,584	4,342
Loan loss provision			(450)	(450)
Balance at the end of the period	1,794,812	1,323,279	1,794,812	1,323,279
Mortgage loan receivables held for sale
Activity in loan portfolio
Balance at the beginning of the period			417,955	440,490
Origination of mortgage loan receivables			1,781,355	2,027,845
Repayment of mortgage loan receivables			(1,613)	(951)
Proceeds from sales of mortgage loan receivables			(1,923,883)	(2,379,818)
Realized gain on sale of mortgage loan receivables			59,717	107,135
Transfer between held for investment and held for sale			0	11,800
Accretion/amortization of discount, premium and other fees			0	0
Loan loss provision			0	0
Balance at the end of the period	$ 333,531	$ 206,501	$ 333,531	$ 206,501

MORTGAGE LOAN RECEIVABLES - Pro

MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan losses at beginning of period	$ 3,400	$ 2,800	$ 3,100	$ 2,500
Provision for loan losses	150	150	450	450
Charge-offs	0	0	0	0
Provision for loan losses at end of period	$ 3,550	$ 2,950	$ 3,550	$ 2,950

REAL ESTATE SECURITIES - Summar

REAL ESTATE SECURITIES - Summary of Securities (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)securities	Dec. 31, 2014USD ($)securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 9,888,419	$ 10,950,979
Amortized Cost Basis	2,390,857	2,786,317
Gross Unrealized Gains	28,576	33,222
Gross Unrealized Losses	(4,051)	(3,973)
Carrying Value	$ 2,415,382	$ 2,815,566
Number of of Securities | securities	202	235
Weighted Average Coupon %	1.37%	1.50%
Weighted Average Yield %	3.56%	4.54%
Remaining Duration (years)	3 years 7 months 2 days	3 years 9 months
CMBS
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 1,936,316	$ 2,247,565
Amortized Cost Basis	1,960,371	2,277,995
Gross Unrealized Gains	25,897	28,453
Gross Unrealized Losses	(1,073)	(1,038)
Carrying Value	$ 1,985,195	$ 2,305,410
Number of of Securities | securities	120	145
Weighted Average Coupon %	3.25%	3.31%
Weighted Average Yield %	2.63%	2.60%
Remaining Duration (years)	3 years 4 months 6 days	4 years 2 months 23 days
CMBS interest-only
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 7,246,777	$ 7,239,503
Amortized Cost Basis	356,204	376,085
Gross Unrealized Gains	1,726	2,973
Gross Unrealized Losses	(1,002)	(723)
Carrying Value	$ 356,928	$ 378,335
Number of of Securities | securities	47	41
Weighted Average Coupon %	0.90%	1.04%
Weighted Average Yield %	3.74%	4.88%
Remaining Duration (years)	3 years 5 months 15 days	3 years 5 months 12 days
GNMA interest-only
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 662,161	$ 1,400,141
Amortized Cost Basis	30,109	67,544
Gross Unrealized Gains	77	1,035
Gross Unrealized Losses	(1,583)	(1,937)
Carrying Value	$ 28,603	$ 66,642
Number of of Securities | securities	21	34
Weighted Average Coupon %	0.81%	0.85%
Weighted Average Yield %	4.27%	5.90%
Remaining Duration (years)	5 years 5 months 23 days	4 years 6 months
GN construction securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 26,730	$ 27,538
Amortized Cost Basis	27,223	28,178
Gross Unrealized Gains	589	503
Gross Unrealized Losses	37	(275)
Carrying Value	$ 27,849	$ 28,406
Number of of Securities | securities	2	4
Weighted Average Coupon %	4.10%	3.89%
Weighted Average Yield %	3.86%	3.56%
Remaining Duration (years)	9 years 5 months 15 days	9 years 5 months 1 day
GN permanent securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 16,435	$ 36,232
Amortized Cost Basis	16,950	36,515
Gross Unrealized Gains	287	258
Gross Unrealized Losses	(430)	0
Carrying Value	$ 16,807	$ 36,773
Number of of Securities | securities	12	11
Weighted Average Coupon %	4.55%	5.49%
Weighted Average Yield %	4.00%	4.94%
Remaining Duration (years)	6 years 1 month 2 days	1 year 3 months 25 days

REAL ESTATE SECURITIES - Securi

REAL ESTATE SECURITIES - Securities by Remaining Maturity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	$ 604,328		$ 604,328		$ 502,019
1-5 years	1,151,625		1,151,625		1,237,641
5-10 years	658,868		658,868		1,053,190
After 10 years	561		561		22,716
Fair value of real estate securities	2,415,382		2,415,382		2,815,566
Other than temporary impairments included in consolidated statements of income	(200)	$ (500)	(1,600)	$ (2,100)
CMBS
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	604,249		604,249		474,357
1-5 years	776,565		776,565		814,702
5-10 years	604,381		604,381		1,016,351
After 10 years	0		0		0
Fair value of real estate securities	1,985,195		1,985,195		2,305,410
CMBS interest-only
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	70		70		391
1-5 years	356,858		356,858		370,993
5-10 years	0		0		6,951
After 10 years	0		0		0
Fair value of real estate securities	356,928		356,928		378,335
GNMA interest-only
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	9		9		1,356
1-5 years	8,929		8,929		42,105
5-10 years	19,104		19,104		23,181
After 10 years	561		561		0
Fair value of real estate securities	28,603		28,603		66,642
GN construction securities
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	0		0		0
1-5 years	414		414		507
5-10 years	27,435		27,435		5,183
After 10 years	0		0		22,716
Fair value of real estate securities	27,849		27,849		28,406
GN permanent securities
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	0		0		25,915
1-5 years	8,859		8,859		9,334
5-10 years	7,948		7,948		1,524
After 10 years	0		0		0
Fair value of real estate securities	$ 16,807		$ 16,807		$ 36,773

REAL ESTATE AND RELATED LEASE53

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Business Acquisition [Line Items]
Real estate held for sale	$ 49,022		$ 49,022		$ 0
Gross intangible assets	145,800		145,800		127,400
Accumulated amortization	31,800		31,800		19,900
Net intangible assets	114,000		114,000		107,500
Unamortized favorable/unfavorable lease intangibles	7,200		7,200		7,400
Adjustment against operating lease income for favorable/unfavorable leases	400	$ 400	1,200	$ 1,100
Unbilled rent receivables	5,000		5,000		3,000
Unencumbered real estates	60,900		60,900		$ 85,700
2015 Acquisitions
Business Acquisition [Line Items]
Revenue	$ 3,900		$ 7,900
2014 Acquisitions
Business Acquisition [Line Items]
Revenue		$ 900		$ 900

REAL ESTATE AND RELATED LEASE54

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Purchase Price	$ 166,763	$ 126,997
O'Fallon, Illinois [Member]
Business Acquisition [Line Items]
Purchase Price		$ 8,000
Ownership interest (percent)		100.00%
Jacksonville, NC
Business Acquisition [Line Items]
Purchase Price	$ 7,877
Ownership interest (percent)	100.00%
Iberia, MO
Business Acquisition [Line Items]
Purchase Price	$ 1,328
Ownership interest (percent)	100.00%
Isle, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,078
Ownership interest (percent)	100.00%
Pine Island, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,142
Ownership interest (percent)	100.00%
Kings Mountain, NC
Business Acquisition [Line Items]
Purchase Price	$ 21,241
Ownership interest (percent)	100.00%
Village of Menomonee Falls, WI
Business Acquisition [Line Items]
Purchase Price	$ 17,050
Ownership interest (percent)	100.00%
Rockland, MA
Business Acquisition [Line Items]
Purchase Price	$ 7,316
Ownership interest (percent)	100.00%
Crawfordsville, IA
Business Acquisition [Line Items]
Purchase Price	$ 6,000
Ownership interest (percent)	100.00%
Boardman Township, OH
Business Acquisition [Line Items]
Purchase Price	$ 5,400
Ownership interest (percent)	100.00%
Hilliard, OH
Business Acquisition [Line Items]
Purchase Price	$ 6,384
Ownership interest (percent)	100.00%
Weathersfield Township, OH
Business Acquisition [Line Items]
Purchase Price	$ 5,200
Ownership interest (percent)	100.00%
Rotterdam, NY
Business Acquisition [Line Items]
Purchase Price	$ 12,000
Ownership interest (percent)	100.00%
Wheaton, MO
Business Acquisition [Line Items]
Purchase Price	$ 970
Ownership interest (percent)	100.00%
Paynesville, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,254
Ownership interest (percent)	100.00%
Loveland, CO
Business Acquisition [Line Items]
Purchase Price	$ 5,600
Ownership interest (percent)	100.00%
Battle Lake, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,098
Ownership interest (percent)	100.00%
Yorktown, TX
Business Acquisition [Line Items]
Purchase Price	$ 1,207
Ownership interest (percent)	100.00%
St. Francis, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,117
Ownership interest (percent)	100.00%
Red Oak, IA
Business Acquisition [Line Items]
Purchase Price	$ 1,185
Ownership interest (percent)	100.00%
Zapata, TX
Business Acquisition [Line Items]
Purchase Price	$ 1,150
Ownership interest (percent)	100.00%
Aurora, MN
Business Acquisition [Line Items]
Purchase Price	$ 952
Ownership interest (percent)	100.00%
Canyon Lake, TX
Business Acquisition [Line Items]
Purchase Price	$ 1,377
Ownership interest (percent)	100.00%
Wheeler, TX
Business Acquisition [Line Items]
Purchase Price	$ 1,075
Ownership interest (percent)	100.00%
Grand Rapids, MI
Business Acquisition [Line Items]
Purchase Price	$ 9,300
Ownership interest (percent)	97.00%
Grand Rapids, MI
Business Acquisition [Line Items]
Purchase Price	$ 6,300
Ownership interest (percent)	97.00%
Bridgeport, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,186
Ownership interest (percent)	100.00%
Peoria, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,226
Ownership interest (percent)	100.00%
Pleasanton, TX
Business Acquisition [Line Items]
Purchase Price	$ 1,316
Ownership interest (percent)	100.00%
Wayne, NJ
Business Acquisition [Line Items]
Purchase Price	$ 9,700
Ownership interest (percent)	100.00%
Warren, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,055
Ownership interest (percent)	100.00%
Tremont, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,150
Ownership interest (percent)	100.00%
Ponce, Puerto Rico
Business Acquisition [Line Items]
Purchase Price	$ 8,900
Ownership interest (percent)	100.00%
Effingham County, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,195
Ownership interest (percent)	100.00%
Lebanon, MI
Business Acquisition [Line Items]
Purchase Price	$ 1,200
Ownership interest (percent)	100.00%
Minot, ND
Business Acquisition [Line Items]
Purchase Price	$ 6,644
Ownership interest (percent)	100.00%
Floresville, TX
Business Acquisition [Line Items]
Purchase Price	$ 1,251
Ownership interest (percent)	100.00%
Kerrville, TX
Business Acquisition [Line Items]
Purchase Price	$ 1,174
Ownership interest (percent)	97.00%
De Soto, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,066
Ownership interest (percent)	97.00%
Biscoe, NC
Business Acquisition [Line Items]
Purchase Price	$ 1,216
Ownership interest (percent)	100.00%
Moultrie, GA
Business Acquisition [Line Items]
Purchase Price	$ 1,305
Ownership interest (percent)	100.00%
Rose Hill, NC
Business Acquisition [Line Items]
Purchase Price	$ 1,420
Ownership interest (percent)	100.00%
Rockingham, NC
Business Acquisition [Line Items]
Purchase Price	$ 1,158
Ownership interest (percent)	100.00%
El Centro, CA
Business Acquisition [Line Items]
Purchase Price		$ 4,277
Ownership interest (percent)		100.00%
Richmond, VA
Business Acquisition [Line Items]
Purchase Price		$ 19,850
Ownership interest (percent)		77.50%
Conyers, GA
Business Acquisition [Line Items]
Purchase Price		$ 32,530
Ownership interest (percent)		100.00%
St. Paul, MN
Business Acquisition [Line Items]
Purchase Price		$ 62,340
Ownership interest (percent)		97.00%

REAL ESTATE AND RELATED LEASE55

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Business Combinations [Abstract]
Land	$ 21,794	$ 17,886
Building	129,032	82,233
Intangibles	15,937	26,878
Purchase Price	$ 166,763	$ 126,997

REAL ESTATE AND RELATED LEASE56

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)property	Sep. 30, 2015USD ($)propertyCondominium_Unit	Sep. 30, 2014USD ($)propertyCondominium_Unit	Dec. 31, 2014USD ($)
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate			$ 84,656	$ 103,462
Real estate and related lease intangibles, net	$ 791,577		791,577		$ 768,986
Realized Gain/(Loss)	6,406	$ 8,471	21,347	24,225
2015 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate			95,966
Real estate and related lease intangibles, net	74,619		74,619
Realized Gain/(Loss)			21,347
2015 Disposal Properties | Net Lease | Plattsmouth, NE
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate			8,440
Real estate and related lease intangibles, net	$ 7,983		7,983
Realized Gain/(Loss)			$ 457
Number of properties disposed | property	1		1
Number of units sold | Condominium_Unit			0
2015 Disposal Properties | Net Lease | Worthington, MN
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate			$ 8,793
Real estate and related lease intangibles, net	$ 8,321		8,321
Realized Gain/(Loss)			$ 472
Number of properties disposed | property	1		1
Number of units sold | Condominium_Unit			0
2015 Disposal Properties | Net Lease | Loveland, CO
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate			$ 6,249
Real estate and related lease intangibles, net	$ 5,600		5,600
Realized Gain/(Loss)			$ 649
Number of properties disposed | property	1		1
Number of units sold | Condominium_Unit			0
2015 Disposal Properties | Net Lease | Village of Menomonee Falls, WI
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate			$ 18,186
Real estate and related lease intangibles, net	$ 16,827		16,827
Realized Gain/(Loss)			$ 1,359
Number of properties disposed | property	1		1
Number of units sold | Condominium_Unit			0
2015 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate			$ 31,997
Real estate and related lease intangibles, net	$ 18,617		18,617
Realized Gain/(Loss)			$ 13,380
Number of properties disposed | property	0		0
Number of units sold | Condominium_Unit			72
2015 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate			$ 22,301
Real estate and related lease intangibles, net	$ 17,271		17,271
Realized Gain/(Loss)			$ 5,030
Number of properties disposed | property	0		0
Number of units sold | Condominium_Unit			74
2014 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate				103,462
Real estate and related lease intangibles, net		79,237		79,237
Realized Gain/(Loss)				24,225
2014 Disposal Properties | Net Lease | Tilton, NH
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate				8,432
Real estate and related lease intangibles, net		$ 6,743		6,743
Realized Gain/(Loss)				$ 1,689
Number of properties disposed | property		1		1
Number of units sold | Condominium_Unit				0
2014 Disposal Properties | Net Lease | Yulee, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate				$ 1,436
Real estate and related lease intangibles, net		$ 1,246		1,246
Realized Gain/(Loss)				$ 190
Number of properties disposed | property		1		1
Number of units sold | Condominium_Unit				0
2014 Disposal Properties | Net Lease | Middleburg, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate				$ 1,262
Real estate and related lease intangibles, net		$ 1,077		1,077
Realized Gain/(Loss)				$ 185
Number of properties disposed | property		1		1
Number of units sold | Condominium_Unit				0
2014 Disposal Properties | Net Lease | Jonesboro, AR
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate				$ 9,413
Real estate and related lease intangibles, net		$ 8,016		8,016
Realized Gain/(Loss)				$ 1,397
Number of properties disposed | property		1		1
Number of units sold | Condominium_Unit				0
2014 Disposal Properties | Net Lease | Mt. Juliet, TN
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate				$ 10,167
Real estate and related lease intangibles, net		$ 8,724		8,724
Realized Gain/(Loss)				$ 1,443
Number of properties disposed | property		1		1
Number of units sold | Condominium_Unit				0
2014 Disposal Properties | Other | Richmond, VA
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate				$ 16,793
Real estate and related lease intangibles, net		$ 15,642		15,642
Realized Gain/(Loss)				$ 1,151
Number of properties disposed | property		1		1
Number of units sold | Condominium_Unit				0
2014 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate				$ 46,213
Real estate and related lease intangibles, net		$ 30,035		30,035
Realized Gain/(Loss)				$ 16,178
Number of properties disposed | property		0		0
Number of units sold | Condominium_Unit				96
2014 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate				$ 9,746
Real estate and related lease intangibles, net		$ 7,754		7,754
Realized Gain/(Loss)				$ 1,992
Number of properties disposed | property		0		0
Number of units sold | Condominium_Unit				34

REAL ESTATE AND RELATED LEASE57

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Income from Disposal Properties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Real Estate Properties [Line Items]
Operating lease income	$ 20,671	$ 12,810	$ 60,207	$ 38,827
Tenant recoveries	2,847	2,252	7,883	6,473
Depreciation and amortization	(9,561)	(6,829)	(29,238)	(21,274)
2015 Disposal Properties | Held-for-sale or Disposed of by Sale
Real Estate Properties [Line Items]
Operating lease income	1,663	1,304	5,517	4,687
Tenant recoveries	1,348	1,233	3,806	3,228
Depreciation and amortization	(32)	(1,067)	(1,962)	(3,176)
Income from properties sold	$ 2,979	1,470	$ 7,361	4,739
2014 Disposal Properties | Held-for-sale or Disposed of by Sale
Real Estate Properties [Line Items]
Operating lease income		469		2,682
Tenant recoveries		0		278
Depreciation and amortization		(14)		(1,223)
Income from properties sold		$ 455		$ 1,737

REAL ESTATE AND RELATED LEASE58

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unaudited Pro Forma (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Operating lease income	$ 20,671	$ 12,810	$ 60,207	$ 38,827
Net income	2,798	37,176	89,458	85,820
Net loss attributable to noncontrolling interest in consolidated joint ventures	85	306	578	451
Net (income) loss attributable to predecessor unitholders	0	0	0	12,628
Net (income) loss attributable to noncontrolling interest in operating partnership	430	(22,826)	(43,338)	(59,086)
Net income attributable to Class A common shareholders	3,313	14,656	46,698	39,813
Acquisitions
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Operating lease income	240	433	1,077	1,299
Net income	138	(183)	625	307
Net loss attributable to noncontrolling interest in consolidated joint ventures	0	0	0	0
Net (income) loss attributable to predecessor unitholders		0		0
Net (income) loss attributable to noncontrolling interest in operating partnership	(64)	86	(292)	(143)
Net income attributable to Class A common shareholders	73	(97)	332	163
Consolidated Pro Forma
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Operating lease income	20,911	13,243	61,284	40,126
Net income	2,936	36,993	90,083	86,127
Net loss attributable to noncontrolling interest in consolidated joint ventures	85	306	578	451
Net (income) loss attributable to predecessor unitholders		0		12,628
Net (income) loss attributable to noncontrolling interest in operating partnership	366	(22,740)	(43,630)	(59,229)
Net income attributable to Class A common shareholders	$ 3,386	$ 14,559	$ 47,030	$ 39,976

REAL ESTATE AND RELATED LEASE59

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real estate held for sale
Real estate	$ 54,392	$ 0
Less: Accumulated depreciation and amortization	(5,370)	0
Real estate held for sale	49,022	0
Real estate and related lease intangibles, net
Real estate	865,045	819,591
Less: Accumulated depreciation and amortization	(73,468)	(50,605)
Real estate and related lease intangibles, net	791,577	768,986
Land
Real estate held for sale
Real estate	9,447	0
Real estate and related lease intangibles, net
Real estate	128,446	122,458
Building
Real estate held for sale
Real estate	30,429	0
Real estate and related lease intangibles, net
Real estate	605,347	569,774
In-place leases and other intangibles
Real estate held for sale
Real estate	14,516	0
Real estate and related lease intangibles, net
Real estate	$ 131,252	$ 127,359

REAL ESTATE AND RELATED LEASE60

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Depreciation and Amortization Expense on Real Estate (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Real Estate [Abstract]
Depreciation expense	$ 5,900,000	$ 3,399,000	$ 17,802,000	$ 12,713,000
Amortization expense	3,633,000	3,293,000	11,356,000	8,150,000
Total real estate depreciation and amortization expense	9,533,000	6,692,000	29,158,000	20,863,000
Depreciation on corporate fixed assets	$ 28,493	$ 100,000	$ 79,904	$ 400,000

REAL ESTATE AND RELATED LEASE61

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Net intangible assets	$ 114,000	$ 107,500
In-place leases intangibles
Finite-Lived Intangible Assets [Line Items]
2015 (last 3 months)	5,256
2,016	13,271
2,017	8,657
2,018	7,609
2,019	7,346
Thereafter	60,258
Net intangible assets	$ 102,397

REAL ESTATE AND RELATED LEASE62

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands	Sep. 30, 2015USD ($)
Real Estate [Abstract]
2015 (last 3 months)	$ 22,651
2,016	67,685
2,017	63,553
2,018	61,015
2,019	56,697
Thereafter	529,372
Total	$ 800,973

INVESTMENT IN UNCONSOLIDATED 63

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2012	Sep. 30, 2015USD ($)loanJoint_Venture	Sep. 30, 2014USD ($)loan	Sep. 30, 2015USD ($)loanJoint_Venture	Sep. 30, 2014USD ($)loan	Aug. 07, 2015USD ($)	Dec. 31, 2014USD ($)	Mar. 22, 2013	Apr. 15, 2011
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures		$ 33,793,000		$ 33,793,000			$ 6,041,000
Number of unconsolidated joint ventures | Joint_Venture		1		1
Management fee		$ 3,483,000	$ 2,715,000	$ 10,857,000	$ 7,216,000
Expenses from investment		(4,626,000)	(3,727,000)	(11,987,000)	(12,571,000)
Interest costs capitalized				(128,000)	0
LCRIP I
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures		49,000		49,000			3,898,000
Minimum average net equity partnership investment as a basis for management fee reduction				100,000,000
Management fee		$ 0	$ 83,873	$ 77,447	$ 312,417
Number of loans sold to a related party | loan		0	0	0	0
Gain on sale of loans deferred (as a percent)				10.00%
Maximum additional distribution percentage if return thresholds are met				25.00%
LCRIP I | LP Units
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)		10.00%		10.00%					10.00%
Percentage of costs related to assets the Company is obligated to provide		10.00%		10.00%
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures		$ 2,753,000		$ 2,753,000			2,143,000
Percentage of investment of operating partner				75.00%
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%
Grace Lake JV, LLC | LP Units
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)		25.00%		25.00%				25.00%
Grace Lake JV, LLC | Limited liability company
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)		25.00%		25.00%
24 Second Avenue
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures		$ 30,991,000		$ 30,991,000			$ 0
Ownership interest (as a percent)		73.80%		73.80%
Amount contributed						$ 31,100,000
Expenses from investment		$ (200,000)		$ (200,000)
Interest costs capitalized		$ 100,000		$ 100,000
Operating Partner | 24 Second Avenue
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)						26.20%

INVESTMENT IN UNCONSOLIDATED 64

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Company’s investment in unconsolidated joint ventures	$ 33,793	$ 6,041
Ladder Capital Realty Income Partnership I LP
Schedule of Equity Method Investments [Line Items]
Company’s investment in unconsolidated joint ventures	49	3,898
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Company’s investment in unconsolidated joint ventures	2,753	2,143
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Company’s investment in unconsolidated joint ventures	$ 30,991	$ 0

INVESTMENT IN UNCONSOLIDATED 65

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Summary of Allocated Earning from Investment in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ (25)	$ 326	$ 580	$ 1,662
Ladder Capital Realty Income Partnership I LP
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	0	101	116	987
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	196	225	685	675
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ (221)	$ 0	$ (221)	$ 0

INVESTMENT IN UNCONSOLIDATED 66

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Results from Operations of the Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Financial Position
Total assets	$ 130,433		$ 130,433		$ 118,762
Total liabilities	88,405		88,405		81,073
Partners’/members’ capital	42,028		42,028		$ 37,689
Results from Operations
Total revenues	4,203	$ 5,700	14,666	$ 19,661
Total expenses	4,626	3,727	11,987	12,571
Net income	$ (423)	$ 1,973	$ 2,679	$ 7,090

DEBT OBLIGATIONS (Details)

DEBT OBLIGATIONS (Details)	Aug. 14, 2015Extension	Jun. 26, 2015USD ($)	Apr. 10, 2015Extension	Feb. 19, 2015Extension	Oct. 31, 2014USD ($)	Feb. 11, 2014USD ($)Extension	Jan. 24, 2013USD ($)Financing_Counterparty	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)agreement	Sep. 30, 2014USD ($)agreement	Dec. 31, 2014USD ($)	Oct. 30, 2014USD ($)	Apr. 29, 2014USD ($)	Apr. 28, 2014USD ($)
FINANCING
Amortization of premiums										$ (678,000)	$ (471,000)
Unamortized debt issuance costs								$ 7,600,000		7,600,000		$ 9,400,000
Restricted equity from payment as dividend								900,300,000		900,300,000
Tuebor
FINANCING
Amount restricted from transfer								414,200,000		414,200,000
Revolving credit facility | One-Month LIBOR
FINANCING
Committed amount on credit agreement						$ 75,000,000
Debt borrowings term						3 years
Number of twelve-month extension maturity periods | Extension						2
Length of extension options						12 months
Basis spread on variable rate (as a percent)						3.50%
Letters of credit
FINANCING
Committed amount on credit agreement						$ 25,000,000
Term master repurchase agreement
FINANCING
Committed amount on master repurchase agreement								300,000,000		$ 300,000,000
Number of extension executed | Extension				1
Committed master repurchase agreements
FINANCING
Number of agreements | agreement										3
Committed amount on master repurchase agreement								1,450,000,000		$ 1,450,000,000		1,150,000,000	$ 450,000,000	$ 450,000,000	$ 300,000,000
Uncommitted securities repurchase facilities | Minimum
FINANCING
Advance rates (as a percent)										65.00%
Uncommitted securities repurchase facilities | Maximum
FINANCING
Advance rates (as a percent)										95.00%
Maturity 30 to 90 Days | Committed master repurchase agreements
FINANCING
Committed amount on master repurchase agreement													$ 650,000,000
Maturing April 10, 2019 | Term master repurchase agreement
FINANCING
Number of extension executed | Extension			1
Maturing on October 30, 2016 | Committed master repurchase agreements
FINANCING
Committed amount on master repurchase agreement								600,000,000		$ 600,000,000		$ 450,000,000
Number of extension executed | Extension	1
Length of extension options										12 months		12 months
Credit Agreement
FINANCING
Committed amount on credit agreement							$ 50,000,000
Number of multiple committed financing counterparties | Financing_Counterparty							1
Credit Agreement | One-Month LIBOR
FINANCING
Basis spread on variable rate (as a percent)							2.75%
Mortgage loan financing
FINANCING
Number of agreements | agreement										36	5
Stated interest rate, minimum (as a percent)										4.25%
Borrowing under credit and security agreement								555,800,000		$ 555,800,000
Stated interest rate, maximum (as a percent)										6.75%
Mortgage loan financing												$ 447,400,000
Net unamortized premiums								7,000,000		$ 7,000,000		5,300,000
Amortization of premiums								200,000	$ 200,000	700,000	$ 500,000
Pledged assets, real estate and lease intangibles, net								$ 723,400,000		$ 723,400,000		$ 591,600,000
Borrowings from the Federal Home Loan Bank | Tuebor
FINANCING
Debt borrowings term										9 years		10 years
Stated interest rate, minimum (as a percent)										0.27%		0.30%
Stated interest rate, maximum (as a percent)										2.74%		2.74%
Weighted average interest rate								0.83%		0.83%		0.79%
Weighted average term										1 year 7 months 13 days		2 years 18 days
Maximum advance limit		$ 2,900,000,000
FHLB borrowings outstanding								$ 1,800,000,000		$ 1,800,000,000		$ 1,600,000,000
Additional committed term financing available from FHLB								462,700,000		$ 462,700,000		$ 289,000,000
Borrowings from the Federal Home Loan Bank | Tuebor | Ladder Capital Corp
FINANCING
Advance rates of total assets (as a percent)		40.00%
Advance rates of total equity (as a percent)		150.00%
Borrowings from the Federal Home Loan Bank | Tuebor | Minimum
FINANCING
Advance rates (as a percent)										50.00%		50.00%
Borrowings from the Federal Home Loan Bank | Tuebor | Maximum
FINANCING
Advance rates (as a percent)										95.20%		95.20%
Borrowings from the Federal Home Loan Bank | Tuebor | CMBS and U.S. Agency Securities
FINANCING
Collateral for debt instrument								1,700,000,000		$ 1,700,000,000		$ 1,600,000,000
Borrowings from the Federal Home Loan Bank | Tuebor | First mortgage commercial real estate loans
FINANCING
Collateral for debt instrument								523,300,000		523,300,000		451,800,000
Credit and Security Agreement
FINANCING
Debt issued					$ 46,750,000
Credit and Security Agreement | One-Month LIBOR
FINANCING
Basis spread on variable rate (as a percent)					1.85%
Credit Agreement and Revolving Credit Facility
FINANCING
Unamortized debt issuance costs								$ 3,700,000		$ 3,700,000		$ 4,000,000

DEBT OBLIGATIONS - Schedule of

DEBT OBLIGATIONS - Schedule of Uncommitted Securities Repurchase Facilities (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)period	Dec. 31, 2014USD ($)period	Oct. 30, 2014USD ($)	Apr. 29, 2014USD ($)	Apr. 28, 2014USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Outstanding Amount	$ 1,191,326,000	$ 1,431,666,000
Carrying Amount of Collateral	0	0
Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement	1,450,000,000	1,150,000,000	$ 450,000,000	$ 450,000,000	$ 300,000,000
Outstanding Amount	624,011,000	509,023,000
Committed but Unfunded	825,989,000	640,977,000
Carrying Amount of Collateral	1,075,554,000	801,961,000
Fair Value of Collateral	1,083,081,000	806,014,000
Term master repurchase agreement
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement	300,000,000
Master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement	1,750,000,000	1,450,000,000
Outstanding Amount	1,191,326,000	1,431,665,000
Committed but Unfunded	964,460,000	766,124,000
Carrying Amount of Collateral	1,748,495,000	1,878,034,000
Fair Value of Collateral	1,756,022,000	1,882,087,000
Total Debt Obligations
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement	4,679,498,000	3,969,160,000
Outstanding Amount	3,603,512,000	3,572,825,000
Committed but Unfunded	1,481,772,000	1,144,124,000
Carrying Amount of Collateral	4,744,214,000	4,593,410,000
Fair Value of Collateral	4,834,476,000	4,648,313,000
10/30/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement	600,000,000	450,000,000
Outstanding Amount	218,516,000	147,796,000
Committed but Unfunded	381,484,000	302,204,000
Carrying Amount of Collateral	323,137,000	278,530,000
Fair Value of Collateral	$ 325,108,000	$ 279,921,000
Remaining Extension Options | period	2	2
Length of extension options	12 months	12 months
4/10/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement	$ 400,000,000	$ 250,000,000
Outstanding Amount	128,955,000	138,711,000
Committed but Unfunded	271,045,000	111,289,000
Carrying Amount of Collateral	253,930,000	144,858,000
Fair Value of Collateral	$ 255,235,000	$ 145,749,000
Remaining Extension Options | period	3	1
Length of extension options	364 days	364 days
5/24/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement	$ 450,000,000
Outstanding Amount	276,540,000
Committed but Unfunded	173,460,000
Carrying Amount of Collateral	498,487,000
Fair Value of Collateral	$ 502,738,000
Remaining Extension Options | period	2
Length of extension options	12 months
10/31/2016 | Term master repurchase agreement
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement	$ 300,000,000
Outstanding Amount	161,529,000
Committed but Unfunded	138,471,000
Carrying Amount of Collateral	193,271,000
Fair Value of Collateral	193,271,000
10/2015 | Uncommitted securities repurchase facilities
Assets Sold under Agreements to Repurchase [Line Items]
Outstanding Amount	405,786,000
Carrying Amount of Collateral	479,670,000
Fair Value of Collateral	479,670,000
5/26/2015 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		$ 450,000,000
Outstanding Amount		222,516,000
Committed but Unfunded		227,484,000
Carrying Amount of Collateral		378,573,000
Fair Value of Collateral		$ 380,344,000
Remaining Extension Options | period		2
Length of extension options		12 months
4/30/2015 | Term master repurchase agreement
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		$ 300,000,000
Outstanding Amount		174,853,000
Committed but Unfunded		125,147,000
Carrying Amount of Collateral		214,617,000
Fair Value of Collateral		214,617,000
Maturing on Various Date | Uncommitted securities repurchase facilities
Assets Sold under Agreements to Repurchase [Line Items]
Outstanding Amount		747,789,000
Carrying Amount of Collateral		861,456,000
Fair Value of Collateral		861,456,000
Maturing on Various Date | Mortgage loan financing
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement	555,785,756	447,409,690
Outstanding Amount	555,786,000	447,410,000
Committed but Unfunded	0	0
Carrying Amount of Collateral	723,407,000	591,613,000
Fair Value of Collateral	796,740,000	637,271,000
Maturing on Various Date | FHLB Financing
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement	2,248,711,953	1,900,000,000
Outstanding Amount	1,786,000,000	1,611,000,000
Committed but Unfunded	462,712,000	289,000,000
Carrying Amount of Collateral	2,250,547,000	2,068,988,000
Fair Value of Collateral	2,258,794,000	2,073,955,000
1/24/2016 | Borrowings under credit agreement
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement	50,000,000	50,000,000
Outstanding Amount	20,400,000	11,000,000
Committed but Unfunded	29,600,000	$ 39,000,000
Interest Rate(s) (as a percent)		2.91%
Carrying Amount of Collateral	21,765,000	$ 0
Fair Value of Collateral	$ 22,920,000	0
10/6/2015 | Credit and Security Agreement
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		46,750,000
Outstanding Amount		46,750,000
Committed but Unfunded		$ 0
Interest Rate(s) (as a percent)		2.01%
Carrying Amount of Collateral		$ 54,775,000
Fair Value of Collateral		$ 55,000,000
Remaining Extension Options | period	1	1
Length of extension options	12 months	12 months
2/11/2017 | Revolving credit facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement	$ 75,000,000	$ 75,000,000
Outstanding Amount	50,000,000	25,000,000
Committed but Unfunded	$ 25,000,000	$ 50,000,000
Remaining Extension Options | period	2	2
Length of extension options	12 months	12 months
Minimum | 10/30/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	1.96%	2.42%
Minimum | 4/10/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	2.45%	2.41%
Minimum | 5/24/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	2.45%
Minimum | 10/31/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	0.88%
Minimum | 10/2015 | Uncommitted securities repurchase facilities
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	0.50%
Minimum | 5/26/2015 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	2.45%	2.42%
Minimum | 4/30/2015 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		0.87%
Minimum | Maturing on Various Date | Uncommitted securities repurchase facilities
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		0.50%
Minimum | Maturing on Various Date | Mortgage loan financing
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	4.25%	4.25%
Minimum | Maturing on Various Date | FHLB Financing
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	0.27%	0.30%
Minimum | 1/24/2016 | Borrowings under credit agreement
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	2.94%
Minimum | 2/11/2017 | Revolving credit facility
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	3.69%	3.66%
Maximum | 10/30/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	2.71%	2.66%
Maximum | 4/10/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	4.21%	3.04%
Maximum | 5/24/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	4.21%
Maximum | 10/31/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	1.30%
Maximum | 10/2015 | Uncommitted securities repurchase facilities
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	1.82%
Maximum | 5/26/2015 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	4.21%	3.16%
Maximum | 4/30/2015 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		1.27%
Maximum | Maturing on Various Date | Uncommitted securities repurchase facilities
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		1.66%
Maximum | Maturing on Various Date | Mortgage loan financing
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	6.75%	6.75%
Maximum | Maturing on Various Date | FHLB Financing
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	2.74%	2.74%
Maximum | 1/24/2016 | Borrowings under credit agreement
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	2.96%
Maximum | 2/11/2017 | Revolving credit facility
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)	5.75%	5.75%

DEBT OBLIGATIONS - Schedule 69

DEBT OBLIGATIONS - Schedule of Repayments Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
2015 (last 3 months)	$ 685,221
2,016	1,746,509
2,017	610,534
2,018	78,502
2,019	28,731
Thereafter	1,066,535
Total	4,216,032
Senior unsecured notes	611,981	$ 610,129
Unsecured Debt
Debt Instrument [Line Items]
Senior unsecured notes	$ 612,000

SENIOR UNSECURED NOTES (Details

SENIOR UNSECURED NOTES (Details) - USD ($)	Dec. 17, 2014	Sep. 30, 2015	Dec. 31, 2014	Aug. 01, 2014	Sep. 19, 2012
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ 7,600,000	$ 9,400,000
Ownership interest (in percent)	100.00%
Unsecured Debt | Senior Notes Due 2021
Debt Instrument [Line Items]
Debt issued				$ 300,000,000
Stated interest rate on debt instrument (as a percent)				5.875%
Unsecured Debt | Senior Notes Due, 2017
Debt Instrument [Line Items]
Debt issued	$ 319,555,000				$ 325,000,000
Stated interest rate on debt instrument (as a percent)					7.375%
Senior Notes Due, 2017 | Unsecured Debt
Debt Instrument [Line Items]
Principal amount retired	5,445,000
Repurchase amount	5,600,000
Loss on extinguishment of debt	$ (200,000)

FAIR VALUE OF FINANCIAL INSTR71

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Assets:
Fair Value	$ 2,241,525,000	$ 2,034,719,000
Liabilities:
Fair Value	4,313,165,000	4,198,379,000
Repurchase agreements - short term
Liabilities:
Outstanding Face Amount	793,933,000	1,331,603,000
Fair Value	793,933,000	1,331,603,000
Repurchase agreements - short term | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	793,933,000	1,331,603,000
Amortized Cost Basis	793,933,000	1,331,603,000
Fair Value	$ 793,933,000	$ 1,331,603,000
Fair Value Assumptions:
Weighted average yield %	1.83%	1.32%
Weighted Average Remaining Maturity/Duration	3 months 25 days	2 months 23 days
Repurchase agreements - long term
Liabilities:
Outstanding Face Amount	$ 397,393,000	$ 100,062,000
Fair Value	397,393,000	100,062,000
Repurchase agreements - long term | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	397,393,000	100,062,000
Amortized Cost Basis	397,393,000	100,062,000
Fair Value	$ 397,393,000	$ 100,062,000
Fair Value Assumptions:
Weighted average yield %	1.30%	1.89%
Weighted Average Remaining Maturity/Duration	1 year 1 month 13 days	1 year 7 months 2 days
Borrowings under credit agreement
Liabilities:
Outstanding Face Amount	$ 20,400,000	$ 11,000,000
Fair Value	20,400,000	11,000,000
Borrowings under credit agreement | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	20,400,000	11,000,000
Amortized Cost Basis	20,400,000	11,000,000
Fair Value	$ 20,400,000	$ 11,000,000
Fair Value Assumptions:
Weighted average yield %	2.95%	2.91%
Weighted Average Remaining Maturity/Duration	3 months 25 days	1 year 25 days
Borrowings under credit and security agreement
Liabilities:
Outstanding Face Amount		$ 46,750,000
Fair Value		46,750,000
Borrowings under credit and security agreement | Discounted Cash Flow
Liabilities:
Outstanding Face Amount		46,750,000
Amortized Cost Basis		46,750,000
Fair Value		$ 46,750,000
Fair Value Assumptions:
Weighted average yield %		2.01%
Weighted Average Remaining Maturity/Duration		1 year 9 months 7 days
Revolving credit facility
Liabilities:
Outstanding Face Amount	$ 50,000,000	$ 25,000,000
Fair Value	50,000,000	25,000,000
Revolving credit facility | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	50,000,000	25,000,000
Amortized Cost Basis	50,000,000	25,000,000
Fair Value	$ 50,000,000	$ 25,000,000
Fair Value Assumptions:
Weighted average yield %	3.69%	3.66%
Weighted Average Remaining Maturity/Duration	1 year 4 months 13 days	2 years 1 month 13 days
Mortgage loan financing
Liabilities:
Outstanding Face Amount	$ 562,035,000	$ 442,753,000
Fair Value	590,265,000	455,846,000
Mortgage loan financing | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	562,035,000	442,753,000
Amortized Cost Basis	555,786,000	447,410,000
Fair Value	$ 590,265,000	$ 455,846,000
Fair Value Assumptions:
Weighted average yield %	4.87%	4.85%
Weighted Average Remaining Maturity/Duration	7 years 11 months 15 days	8 years 5 months 19 days
Impairment on security positions		$ 0
Borrowings from the FHLB
Liabilities:
Outstanding Face Amount	$ 1,786,000,000	1,611,000,000
Fair Value	1,857,923,000	1,616,373,000
Borrowings from the FHLB | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	1,786,000,000	1,611,000,000
Amortized Cost Basis	1,786,000,000	1,611,000,000
Fair Value	$ 1,857,923,000	$ 1,616,373,000
Fair Value Assumptions:
Weighted average yield %	0.83%	0.79%
Weighted Average Remaining Maturity/Duration	1 year 7 months 13 days	2 years 18 days
Senior unsecured notes
Liabilities:
Outstanding Face Amount	$ 619,555,000	$ 619,555,000
Fair Value	603,251,000	611,745,000
Senior unsecured notes | Broker quotations, pricing services
Liabilities:
Outstanding Face Amount	619,555,000	619,555,000
Amortized Cost Basis	619,555,000	619,555,000
Fair Value	$ 603,251,000	$ 611,745,000
Fair Value Assumptions:
Weighted average yield %	6.65%	6.65%
Weighted Average Remaining Maturity/Duration	3 years 10 months 9 days	4 years 7 months 9 days
Repurchase agreement liabilities
Fair Value Assumptions:
Period of short interest rate reset risk		30 days
Impairment on security positions		$ 0
Mortgage loan receivables held for investment, at amortized cost
Assets:
Outstanding Face Amount	$ 1,811,216,000	1,536,923,000
Fair Value	1,820,999,000	1,540,388,000
Mortgage loan receivables held for investment, at amortized cost | Discounted Cash Flow
Assets:
Outstanding Face Amount	1,811,216,000	1,536,923,000
Amortized Cost Basis	1,794,812,000	1,521,053,000
Fair Value	$ 1,820,999,000	$ 1,540,388,000
Fair Value Assumptions:
Weighted average yield %	7.61%	7.33%
Weighted Average Remaining Maturity/Duration	1 year 6 months 29 days	1 year 11 months 15 days
Mortgage loan receivables held for sale
Assets:
Outstanding Face Amount	$ 333,488,000	$ 417,955,000
Fair Value	342,611,000	421,991,000
Mortgage loan receivables held for sale | Discounted Cash Flow
Assets:
Outstanding Face Amount	333,488,000	417,955,000
Amortized Cost Basis	333,531,000	417,955,000
Fair Value	$ 342,611,000	$ 421,991,000
Fair Value Assumptions:
Weighted average yield %	4.15%	4.31%
Weighted Average Remaining Maturity/Duration	7 years 7 months 6 days	9 years 8 months 19 days
FHLB stock
Assets:
Outstanding Face Amount	$ 77,915,000	$ 72,340,000
Fair Value	77,915,000	72,340,000
FHLB stock | Put Value
Assets:
Outstanding Face Amount	77,915,000	72,340,000
Amortized Cost Basis	77,915,000	72,340,000
Fair Value	$ 77,915,000	$ 72,340,000
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
Recurring
Assets:
Fair Value	$ 2,415,681,000	$ 2,815,989,000
Recurring | Nonhedge derivatives
Liabilities:
Derivative liability face amount	130,051,000	1,428,700,000
Fair Value	21,942,000	13,446,000
Recurring | Nonhedge derivatives | Counterparty quotations
Liabilities:
Derivative liability face amount	130,051,000	1,428,700,000
Fair Value	$ 21,942,000	$ 13,446,000
Fair Value Assumptions:
Weighted Average Remaining Maturity/Duration	11 months 26 days	1 year 4 months 27 days
Recurring | CMBS
Assets:
Outstanding Face Amount	$ 1,936,316,000	$ 2,247,565,000
Fair Value	1,985,195,000	2,305,409,000
Recurring | CMBS | Internal model, third-party inputs
Assets:
Outstanding Face Amount	1,936,316,000	2,247,565,000
Amortized Cost Basis	1,960,371,000	2,277,995,000
Fair Value	$ 1,985,195,000	$ 2,305,409,000
Fair Value Assumptions:
Weighted average yield %	2.63%	2.60%
Weighted Average Remaining Maturity/Duration	3 years 4 months 6 days	4 years 2 months 23 days
Recurring | CMBS interest-only
Assets:
Outstanding Face Amount	$ 7,246,777,000	$ 7,239,503,000
Fair Value	356,928,000	378,335,000
Recurring | CMBS interest-only | Internal model, third-party inputs
Assets:
Outstanding Face Amount	7,246,777,000	7,239,503,000
Amortized Cost Basis	356,204,000	376,085,000
Fair Value	$ 356,928,000	$ 378,335,000
Fair Value Assumptions:
Weighted average yield %	3.74%	4.88%
Weighted Average Remaining Maturity/Duration	3 years 5 months 15 days	3 years 5 months 12 days
Recurring | GNMA interest-only
Assets:
Outstanding Face Amount	$ 662,161,000	$ 1,400,141,000
Fair Value	28,603,000	66,642,000
Recurring | GNMA interest-only | Internal model, third-party inputs
Assets:
Outstanding Face Amount	662,161,000	1,400,141,000
Amortized Cost Basis	30,109,000	67,543,000
Fair Value	$ 28,603,000	$ 66,642,000
Fair Value Assumptions:
Weighted average yield %	4.27%	5.90%
Weighted Average Remaining Maturity/Duration	5 years 5 months 23 days	4 years 6 months
Recurring | GN construction securities
Assets:
Outstanding Face Amount	$ 26,730,000	$ 27,538,000
Fair Value	27,849,000	28,406,000
Recurring | GN construction securities | Internal model, third-party inputs
Assets:
Outstanding Face Amount	26,730,000	27,538,000
Amortized Cost Basis	27,223,000	28,178,000
Fair Value	$ 27,849,000	$ 28,406,000
Fair Value Assumptions:
Weighted average yield %	3.86%	3.56%
Weighted Average Remaining Maturity/Duration	9 years 5 months 15 days	9 years 5 months 1 day
Recurring | GN permanent securities
Assets:
Outstanding Face Amount	$ 16,435,000	$ 36,232,000
Fair Value	16,807,000	36,773,000
Recurring | GN permanent securities | Internal model, third-party inputs
Assets:
Outstanding Face Amount	16,435,000	36,232,000
Amortized Cost Basis	16,950,000	36,515,000
Fair Value	$ 16,807,000	$ 36,773,000
Fair Value Assumptions:
Weighted average yield %	4.00%	4.94%
Weighted Average Remaining Maturity/Duration	6 years 1 month 2 days	1 year 3 months 25 days
Recurring | Nonhedge derivatives
Assets:
Derivative asset face amount	$ 10,009,000	$ 125,050,000
Fair Value	299,000	424,000
Recurring | Nonhedge derivatives | Counterparty quotations
Assets:
Derivative asset face amount	10,009,000	125,050,000
Fair Value	$ 299,000	$ 424,000
Fair Value Assumptions:
Weighted Average Remaining Maturity/Duration	5 years 7 months 2 days	3 years 5 months 12 days

FAIR VALUE OF FINANCIAL INSTR72

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets:
Fair Value	$ 2,241,525	$ 2,034,719
Liabilities:
Fair Value	4,313,165	4,198,379
Repurchase agreements - short-term
Liabilities:
Outstanding Face Amount	793,933	1,331,603
Fair Value	793,933	1,331,603
Repurchase agreements - long-term
Liabilities:
Outstanding Face Amount	397,393	100,062
Fair Value	397,393	100,062
Borrowings under credit agreement
Liabilities:
Outstanding Face Amount	20,400	11,000
Fair Value	20,400	11,000
Borrowings under credit and security agreement
Liabilities:
Outstanding Face Amount		46,750
Fair Value		46,750
Revolving credit facility
Liabilities:
Outstanding Face Amount	50,000	25,000
Fair Value	50,000	25,000
Mortgage loan financing
Liabilities:
Outstanding Face Amount	562,035	442,753
Fair Value	590,265	455,846
Borrowings from the FHLB
Liabilities:
Outstanding Face Amount	1,786,000	1,611,000
Fair Value	1,857,923	1,616,373
Senior unsecured notes
Liabilities:
Outstanding Face Amount	619,555	619,555
Fair Value	603,251	611,745
Mortgage loan receivables held for investment
Assets:
Outstanding Face Amount	1,811,216	1,536,923
Fair Value	1,820,999	1,540,388
Mortgage loan receivables held for sale
Assets:
Outstanding Face Amount	333,488	417,955
Fair Value	342,611	421,991
FHLB stock
Assets:
Outstanding Face Amount	77,915	72,340
Fair Value	77,915	72,340
Level 2
Assets:
Fair Value		0
Liabilities:
Fair Value	37,421	68,357
Level 2 | Repurchase agreements - short-term
Liabilities:
Fair Value	37,421	68,357
Level 2 | Repurchase agreements - long-term
Liabilities:
Fair Value		0
Level 2 | Senior unsecured notes
Liabilities:
Fair Value		0
Level 3
Assets:
Fair Value	2,241,525	2,034,719
Liabilities:
Fair Value	4,275,744	4,130,022
Level 3 | Repurchase agreements - short-term
Liabilities:
Fair Value	756,512	1,263,246
Level 3 | Repurchase agreements - long-term
Liabilities:
Fair Value	397,393	100,062
Level 3 | Borrowings under credit agreement
Liabilities:
Fair Value	20,400	11,000
Level 3 | Borrowings under credit and security agreement
Liabilities:
Fair Value		46,750
Level 3 | Revolving credit facility
Liabilities:
Fair Value	50,000	25,000
Level 3 | Mortgage loan financing
Liabilities:
Fair Value	590,265	455,846
Level 3 | Borrowings from the FHLB
Liabilities:
Fair Value	1,857,923	1,616,373
Level 3 | Senior unsecured notes
Liabilities:
Fair Value	603,251	611,745
Level 3 | Mortgage loan receivables held for investment
Assets:
Fair Value	1,820,999	1,540,388
Level 3 | Mortgage loan receivables held for sale
Assets:
Fair Value	342,611	421,991
Level 3 | FHLB stock
Assets:
Fair Value	77,915	72,340
Recurring
Assets:
Fair Value	2,415,681	2,815,989
Recurring | Nonhedge derivatives
Liabilities:
Derivative liability face amount	130,051	1,428,700
Fair Value	21,942	13,446
Recurring | CMBS
Assets:
Outstanding Face Amount	1,936,316	2,247,565
Fair Value	1,985,195	2,305,409
Recurring | CMBS interest-only
Assets:
Outstanding Face Amount	7,246,777	7,239,503
Fair Value	356,928	378,335
Recurring | GNMA interest-only
Assets:
Outstanding Face Amount	662,161	1,400,141
Fair Value	28,603	66,642
Recurring | GN construction securities
Assets:
Outstanding Face Amount	26,730	27,538
Fair Value	27,849	28,406
Recurring | GN permanent securities
Assets:
Outstanding Face Amount	16,435	36,232
Fair Value	16,807	36,773
Recurring | Nonhedge derivatives
Assets:
Derivative asset face amount	10,009	125,050
Fair Value	299	424
Recurring | Level 2
Assets:
Fair Value	299	132,245
Recurring | Level 2 | Nonhedge derivatives
Liabilities:
Fair Value	21,942	13,446
Recurring | Level 2 | CMBS
Assets:
Fair Value		0
Recurring | Level 2 | CMBS interest-only
Assets:
Fair Value		0
Recurring | Level 2 | GNMA interest-only
Assets:
Fair Value		66,642
Recurring | Level 2 | GN construction securities
Assets:
Fair Value		28,406
Recurring | Level 2 | GN permanent securities
Assets:
Fair Value		36,773
Recurring | Level 2 | Nonhedge derivatives
Assets:
Fair Value	299	424
Recurring | Level 3
Assets:
Fair Value	2,415,382	2,683,744
Recurring | Level 3 | Nonhedge derivatives
Liabilities:
Fair Value	0	0
Recurring | Level 3 | CMBS
Assets:
Fair Value	1,985,195	2,305,409
Recurring | Level 3 | CMBS interest-only
Assets:
Fair Value	356,928	$ 378,335
Recurring | Level 3 | GNMA interest-only
Assets:
Fair Value	28,603
Recurring | Level 3 | GN construction securities
Assets:
Fair Value	27,849
Recurring | Level 3 | GN permanent securities
Assets:
Fair Value	$ 16,807

FAIR VALUE OF FINANCIAL INSTR73

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Changes in Level 3 (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,683,744	$ 0
Transfer from level 2	86,577	1,422,995
Purchases	574,433	2,121,503
Sales	(783,189)	(692,306)
Paydowns/maturities	(116,390)	(155,525)
Amortization of premium/discount	(50,630)	(60,992)
Unrealized gain/(loss)	(3,575)	19,769
Realized gain/(loss) on sale	24,412	28,300
Ending balance	$ 2,415,382	$ 2,683,744

FAIR VALUE OF FINANCIAL INSTR74

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 2,415,382	$ 2,815,565
CMBS | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 1,985,195	$ 2,305,409
CMBS | Minimum | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	(23.70%)	(13.06%)
CMBS | Weighted Average | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	1.51%	2.36%
Duration	4 years 2 months 23 days	4 years 8 months 4 days
CMBS | Maximum | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	5.27%	5.49%
Duration	8 years 1 month 9 days	8 years 3 months 3 days
CMBS interest-only | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 356,928	$ 378,335
CMBS interest-only | Minimum | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	2.06%	(27.49%)
Duration	1 month 13 days	5 months 26 days
Prepayment speed	100.00%	100.00%
CMBS interest-only | Weighted Average | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	3.65%	(4.93%)
Duration	3 years 5 months 1 day	3 years 6 months
Prepayment speed	100.00%	100.00%
CMBS interest-only | Maximum | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	14.84%	23.32%
Duration	4 years 4 months 9 days	4 years 8 months 23 days
Prepayment speed	100.00%	100.00%
GNMA interest-only | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 28,603	$ 66,642
GNMA interest-only | Minimum | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	(3.64%)	(0.85%)
Duration	5 months 19 days
Prepayment speed	5.00%	5.00%
GNMA interest-only | Weighted Average | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	4.82%	5.90%
Duration	5 years 5 months 23 days	4 years 6 months
Prepayment speed	14.43%	14.99%
GNMA interest-only | Maximum | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	82.81%	54.24%
Duration	34 years 6 months 7 days	6 years 3 months 10 days
Prepayment speed	35.00%	35.00%
GN construction securities | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 27,849	$ 28,406
GN construction securities | Minimum | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	0.32%	0.33%
Duration	1 year 10 months 27 days	1 year 11 months 12 days
GN construction securities | Weighted Average | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	3.62%	3.54%
Duration	9 years 5 months 15 days	9 years 5 months 1 day
GN construction securities | Maximum | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	3.67%	3.70%
Duration	9 years 6 months 25 days	10 years 7 days
GN permanent securities | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 16,807	$ 36,773
GN permanent securities | Minimum | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	2.53%	0.00%
Duration	1 year 10 months 6 days	14 days
GN permanent securities | Weighted Average | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	3.76%	1.28%
Duration	6 years 1 month 2 days	1 year 3 months 25 days
GN permanent securities | Maximum | Discounted Cash Flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield	6.35%	6.43%
Duration	9 years 3 months 10 days	9 years 3 months 7 days

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional	$ 1,228,700,000	$ 1,553,750,000
Fair value, Asset	299,000	423,000
Fair value, Liability	21,942,000	13,445,000
1MO LIBOR
Derivative [Line Items]
Notional		71,250,000
Fair value, Asset		0
Fair value, Liability		$ 0
Remaining Maturity		7 months 27 days
5-year Swap
Derivative [Line Items]
Notional	591,800,000	$ 496,200,000
Fair value, Asset	8,000	108,000
Fair value, Liability	$ 6,575,000	$ 28,000
Remaining Maturity	3 months	3 months
Term of derivative contract	5 years	5 years
10-year Swap
Derivative [Line Items]
Notional	$ 513,400,000	$ 842,800,000
Fair value, Asset	2,000	104,000
Fair value, Liability	$ 9,976,000	$ 8,258,000
Remaining Maturity	3 months	3 months
Term of derivative contract	10 years	10 years
Futures
Derivative [Line Items]
Notional	$ 1,105,200,000	$ 1,339,000,000
Fair value, Asset	10,000	212,000
Fair value, Liability	16,551,000	8,286,000
Swaps 3MO LIB
Derivative [Line Items]
Notional	80,000,000	100,000,000
Fair value, Asset	0	0
Fair value, Liability	$ 5,026,000	$ 4,505,000
Remaining Maturity	3 years 2 months 26 days	3 years 2 months 4 days
CMBX
Derivative [Line Items]
Notional	$ 33,500,000	$ 10,000,000
Fair value, Asset	0	211,000
Fair value, Liability	$ 365,000	$ 0
Remaining Maturity	3 years 3 months 21 days	6 years 9 months 18 days
CDX
Derivative [Line Items]
Notional	$ 10,000,000	$ 33,500,000
Fair value, Asset	289,000	0
Fair value, Liability	$ 0	$ 654,000
Remaining Maturity	5 years 9 months 3 days	3 years 11 months 19 days
Credit Derivatives
Derivative [Line Items]
Notional	$ 43,500,000	$ 43,500,000
Fair value, Asset	289,000	211,000
Fair value, Liability	$ 365,000	$ 654,000

DERIVATIVE INSTRUMENTS - Sche76

DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative [Line Items]
Unrealized Gain/(Loss)	$ (13,758)	$ 13,962	$ (8,407)	$ (2,823)
Realized Gain/(Loss)	(28,484)	(12,837)	(46,187)	(47,612)
Net Result from Derivative Transactions	(42,242)	1,125	(54,594)	(50,435)
1MO LIBOR
Derivative [Line Items]
Unrealized Gain/(Loss)		0		0
Realized Gain/(Loss)		0		(7)
Net Result from Derivative Transactions		0		(7)
Futures
Derivative [Line Items]
Unrealized Gain/(Loss)	(13,281)	12,668	(8,468)	(3,166)
Realized Gain/(Loss)	(27,990)	(11,938)	(44,400)	(44,809)
Net Result from Derivative Transactions	(41,271)	730	(52,868)	(47,975)
Swaps 3MO LIB
Derivative [Line Items]
Unrealized Gain/(Loss)	(768)	1,103	(306)	363
Realized Gain/(Loss)	(476)	(801)	(1,574)	(2,403)
Net Result from Derivative Transactions	(1,244)	302	(1,880)	(2,040)
Credit Derivatives
Derivative [Line Items]
Unrealized Gain/(Loss)	291	191	367	(20)
Realized Gain/(Loss)	(18)	(98)	(213)	(393)
Net Result from Derivative Transactions	$ 273	$ 93	$ 154	$ (413)

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash margins held as collateral for derivatives by counterparties	$ 40.7	$ 35.8
Cash collateral held by counterparty	$ 6.6	$ 11.7

OFFSETTING ASSETS AND LIABILI78

OFFSETTING ASSETS AND LIABILITIES - Schedule of Offsetting Financial Assets and Derivative Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Offsetting of derivative assets
Gross amounts of recognized assets	$ 299	$ 423
Gross amounts offset in the balance sheet	0	0
Net amounts of assets presented in the balance sheet	299	423
Gross amounts not offset in the balance sheet
Financial instruments	0	0
Cash collateral received/(posted)	0	0
Net amount	$ 299	$ 423

OFFSETTING ASSETS AND LIABILI79

OFFSETTING ASSETS AND LIABILITIES - Schedule of Offsetting Financial Liabilities and Derivative Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Offsetting of derivative liabilities
Gross amounts of recognized liabilities	$ 21,942	$ 13,445
Gross amounts offset in the balance sheet	0	0
Net amount presented in the balance sheet	21,942	13,445
Gross amounts not offset in the balance sheet
Financial instruments	0	0
Cash collateral posted/(received)	21,942	13,445
Net amount	0	0
Offsetting of repurchase agreements
Outstanding Amount	1,191,326	1,431,666
Gross amounts offset in the balance sheet	0	0
Net amount presented in the balance sheet	1,191,326	1,431,666
Gross amounts not offset in the balance sheet
Financial instruments	1,191,326	1,431,666
Cash collateral posted/(received)	0	0
Net amount	0	0
Offsetting of financial liabilities and derivative liabilities
Gross amounts of recognized liabilities	1,213,268	1,445,111
Gross amounts offset in the balance sheet	0	0
Net amount presented in the balance sheet	1,213,268	1,445,111
Gross amounts not offset in the balance sheet
Financial instruments collateral	1,191,326	1,431,666
Cash collateral posted/(received)	21,942	13,445
Net amount	$ 0	$ 0

EQUITY STRUCTURE AND ACCOUNTS80

EQUITY STRUCTURE AND ACCOUNTS (Details) $ / shares in Units, $ in Thousands	Feb. 11, 2014USD ($)	Feb. 10, 2014$ / shares	Sep. 30, 2015USD ($)Class_of_StockVoteshares	Sep. 30, 2014USD ($)	Dec. 31, 2014shares
Class of Stock [Line Items]
Number of classes of common stock | Class_of_Stock			2
Costs directly attributable to the Company's IPO | $	$ 20,500		$ 0	$ 20,523
Class A common stock
Class of Stock [Line Items]
Number of votes per share | Vote			1
Class B common stock
Class of Stock [Line Items]
Number of votes per share | Vote			1
Series REIT LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock (in shares)			3,415,389
Series TRS LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock (in shares)			3,415,389
Common Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock (in shares)					874,374
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
Class of Stock [Line Items]
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) | $ / shares		$ 124
Series A and Series B participating preferred units
Class of Stock [Line Items]
Second cash distributions after completion of second distribution (as a percent)		80.00%
Common Stock | Class A common stock
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock (in shares)			3,415,389		874,374
Common Stock | Class B common stock
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock (in shares)			(3,415,389)		(874,374)

EQUITY STRUCTURE AND ACCOUNTS -

EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares	Jun. 08, 2015	Mar. 12, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Class A common stock
Class of Stock [Line Items]
Dividends per common stock (in dollars per share)	$ 0.25	$ 0.25	$ 0.275	$ 0	$ 0.775	$ 0

EQUITY STRUCTURE AND ACCOUNTS82

EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
AOCI Attributable to Parent [Roll Forward]
December 31, 2014			$ 15,656
Other comprehensive income (loss)	$ 15,992	$ (18,563)	(4,119)	$ 11,651	$ 18,016
Exchange of noncontrolling interest for common stock			0
September 30, 2015	14,443		14,443		15,656
Accumulated Other Comprehensive Income
AOCI Attributable to Parent [Roll Forward]
December 31, 2014			15,656
Other comprehensive income (loss)			(2,027)		488
Exchange of noncontrolling interest for common stock			620		324
Rebalancing of ownership percentage between Company and Operating Partnership			194
September 30, 2015	14,443		14,443		15,656
Accumulated Other Comprehensive Income of Noncontrolling Interests
AOCI Attributable to Parent [Roll Forward]
December 31, 2014			14,494
Other comprehensive income (loss)			(2,092)
Exchange of noncontrolling interest for common stock			(620)
Rebalancing of ownership percentage between Company and Operating Partnership			(194)
September 30, 2015	11,588		11,588		14,494
Total Accumulated Other Comprehensive Income
AOCI Attributable to Parent [Roll Forward]
December 31, 2014			30,150
Other comprehensive income (loss)			(4,119)
Exchange of noncontrolling interest for common stock			0
Rebalancing of ownership percentage between Company and Operating Partnership			0
September 30, 2015	$ 26,031		$ 26,031		$ 30,150

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)propertyJoint_Venture	Dec. 31, 2014USD ($)
Noncontrolling Interest [Line Items]
Increase in additional paid in capital and accumulated other comprehensive income	$ 0
Number of consolidated joint ventures | Joint_Venture	8
Minimum
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership (in percent)	1.20%
Maximum
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership (in percent)	22.50%
Corporate Joint Venture | Condominium
Noncontrolling Interest [Line Items]
Number of real estate properties | property	1
Corporate Joint Venture | Office building
Noncontrolling Interest [Line Items]
Number of real estate properties | property	6
Corporate Joint Venture | Warehouse
Noncontrolling Interest [Line Items]
Number of real estate properties | property	1
Accumulated Other Comprehensive Income (Loss) and Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Increase in additional paid in capital and accumulated other comprehensive income	$ 5,000
Noncontrolling Interests Operating Partnership
Noncontrolling Interest [Line Items]
Decrease in noncontrolling interest	5,000
Increase in additional paid in capital and accumulated other comprehensive income	$ 5,009	$ (5,330)

EARNINGS PER SHARE - Net Income

EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings per share
Net income attributable to Class A common shareholders	$ 3,313	$ 14,656		$ 46,698	$ 39,813
Weighted average shares outstanding:
Basic (in shares)	52,922,487	49,394,399	49,101,904	51,091,977	49,101,904
Diluted (in shares)	53,348,858	97,918,235	97,750,385	51,388,851	97,750,385
Class A common stock
Earnings per share
Net income attributable to Class A common shareholders	$ 3,313	$ 14,656	$ 39,813	$ 46,698	$ 39,813
Diluted Net income available for Class A common shareholders	$ 3,313	$ 27,433	$ 72,699	$ 46,698
Weighted average shares outstanding:
Basic (in shares)	52,922,487	49,394,399	49,101,904	51,091,977
Diluted (in shares)	53,348,858	97,918,235	97,750,385	51,388,851

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net income attributable to Class A common shareholders	$ 3,313	$ 14,656		$ 46,698	$ 39,813
Denominator:
Weighted average number of shares of Class A common stock outstanding	52,922,487	49,394,399	49,101,904	51,091,977	49,101,904
Basic net income per share of Class A common stock (in dollars per share)	$ 0.06	$ 0.30		$ 0.91	$ 0.81
Numerator:
Net income attributable to Class A common shareholders	$ 3,313	$ 14,656		$ 46,698	$ 39,813
Denominator:
Weighted average number of shares of Class A common stock outstanding	52,922,487	49,394,399	49,101,904	51,091,977	49,101,904
Add - dilutive effect of:
Diluted weighted average number of shares of Class A common stock outstanding	53,348,858	97,918,235	97,750,385	51,388,851	97,750,385
Diluted net income per share of Class A common stock (in dollars per share)	$ 0.06	$ 0.28		$ 0.91	$ 0.74
Class A common stock
Numerator:
Net income attributable to Class A common shareholders	$ 3,313	$ 14,656	$ 39,813	$ 46,698	$ 39,813
Denominator:
Weighted average number of shares of Class A common stock outstanding	52,922,487	49,394,399	49,101,904	51,091,977
Basic net income per share of Class A common stock (in dollars per share)	$ 0.06	$ 0.30	$ 0.81	$ 0.91
Numerator:
Net income attributable to Class A common shareholders	$ 3,313	$ 14,656	$ 39,813	$ 46,698	$ 39,813
Add (deduct) - dilutive effect of:
Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss)	0	22,827	59,086	0
Additional corporate tax (expense) benefit	0	(10,050)	(26,200)	0
Diluted Net income available for Class A common shareholders	$ 3,313	$ 27,433	$ 72,699	$ 46,698
Denominator:
Weighted average number of shares of Class A common stock outstanding	52,922,487	49,394,399	49,101,904	51,091,977
Add - dilutive effect of:
Shares issuable relating to converted Class B common shareholders	0	48,046,807	48,341,572	0
Incremental shares of unvested Class A restricted stock	426,371	477,029	306,909	296,874
Diluted weighted average number of shares of Class A common stock outstanding	53,348,858	97,918,235	97,750,385	51,388,851
Diluted net income per share of Class A common stock (in dollars per share)	$ 0.06	$ 0.28	$ 0.74	$ 0.91

STOCK BASED COMPENSATION PLAN86

STOCK BASED COMPENSATION PLANS (Details)	Jun. 10, 2015USD ($)shares	Feb. 18, 2015USD ($)Vesting_Installmentshares	Feb. 03, 2015USD ($)shares	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)shares	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)shares	Feb. 28, 2015USD ($)
Stock Options
Unrecognized compensation cost | $				$ 19,100,000		$ 19,100,000
Period of recognition for unrecognized compensation costs						33 months
Weighted average remaining vesting period						22 months 13 days
Deferred Compensation Plan
Bonus payment to employees | $			$ 62,300,000
Bonus payment allocated to equity based compensation | $			14,400,000
Compensation expense | $				$ 9,100,000	$ 11,800,000	$ 27,100,000	$ 42,400,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted				0	0	726,327	1,687,513
Stock Options
Stock Options
Number of options granted				0	0	670,256	0
2014 Omnibus Incentive Plan | Restricted Stock | Management | Performance-based vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of installments in which awards are vested | Vesting_Installment		3
Minimum performance target percentage		8.00%
Performance period		3 years
2014 Omnibus Incentive Plan | Stock Options | Management | Time-based vesting
Stock Options
Aggregate grant date fair value of stock options granted | $		$ 1,441,050
Number of options granted		670,256
Fair value valuation assumptions: risk-free rate		1.79%
Fair value valuation assumptions: dividend yield		5.30%
Fair value valuation assumptions: expected life		6 years
Fair value valuation assumptions: volatility rate		24.00%
Phantom Equity Incentive Plan
Stock Options
Units outstanding				483,770		483,770
Units unvested				135,184		135,184
Total employee's contribution, net of forfeitures and payouts related to terminations | $				$ 9,100,000		$ 9,100,000
2014 Deferred Compensation Plan
Stock Options
Units outstanding				114,906		114,906
Units unvested				114,906		114,906
Total employee's contribution, net of forfeitures and payouts related to terminations | $				$ 1,600,000		$ 1,600,000		$ 3,400,000
Class A common stock | 2014 Omnibus Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate value of awards granted | $			$ 499,910
Number of restricted shares granted			25,742
Class A common stock | 2014 Omnibus Incentive Plan | Restricted Stock | Harris | Annually for Two Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Vesting period		2 years
Class A common stock | 2014 Omnibus Incentive Plan | Restricted Stock | Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate value of awards granted | $		$ 12,632,140
Number of restricted shares granted		688,400
Class A common stock | 2014 Omnibus Incentive Plan | Restricted Stock | Management | Time-based vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Class A common stock | 2014 Omnibus Incentive Plan | Restricted Stock | Management | Performance-based vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Class A common stock | 2014 Omnibus Incentive Plan | Restricted Stock | Management | Annually for Three Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.00%
Vesting period		3 years
Class A common stock | 2014 Omnibus Incentive Plan | Restricted Stock | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted	4,223	7,962
Stock Options
Grant date fair value of awards granted | $	$ 75,000	$ 146,103
Class A common stock | 2014 Omnibus Incentive Plan | Restricted Stock | Board of Directors | Time-based vesting
Stock Options
Portion of compensation expense to be recognized annually (as a percent)		100.00%
Class A common stock | 2014 Omnibus Incentive Plan | Restricted Stock | Board of Directors | One Year from Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Class A common stock | 2014 Omnibus Incentive Plan | Restricted Stock | Board of Directors | Annually for Three Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.00%
Vesting period	3 years

STOCK BASED COMPENSATION PLAN87

STOCK BASED COMPENSATION PLANS - Summary of Grants (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization to compensation expense	$ (4,128)	$ (3,752)	$ (11,342)	$ (10,303)
Predecessor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization to compensation expense	$ 0	$ 0	$ 0	$ (290)
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted	0	0	726,327	1,687,513
Weighted Average Fair Value (in dollars)	$ 0	$ 0	$ 13,353	$ 28,637
Amortization to compensation expense	$ (4,103)	$ (3,274)	$ (11,243)	$ (8,543)
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted	0	0	670,256	0
Weighted Average Fair Value of Options (in dollars)	$ 0	$ 0	$ 1,441	$ 0
LP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted			0
Amortization to compensation expense	$ (25)	$ (478)	$ (99)	$ (1,470)

STOCK BASED COMPENSATION PLAN88

STOCK BASED COMPENSATION PLANS - Nonvested Shares Outstanding (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Restricted Stock
Number of Shares Nonvested Other than Options [Roll Forward]
Outstanding at beginning period			1,384,439
Granted	0	0	726,327	1,687,513
Vested			(242,285)
Forfeited			(188,054)
Outstanding at ending period	1,680,427		1,680,427
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
December 31, 2014			0
Granted	0	0	670,256	0
Exercised			0
Forfeited			(69,070)
Expired			0
September 30, 2015	601,186		601,186
September 30, 2015	0		0
LP Units
Number of Shares Nonvested Other than Options [Roll Forward]
Outstanding at beginning period			8,063
Granted			0
Vested			(6,047)
Forfeited			0
Outstanding at ending period	2,016		2,016

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	11 Months Ended
	Dec. 31, 2014	Sep. 30, 2015
Valuation Allowance [Line Items]
Corporate taxes payable	$ 800,000	$ 0
NYC UBT taxes payable	100,000	100,000
Prepaid corporate taxes	12,500,000	13,200,000
Net deferred tax assets	$ 8,200,000	11,400,000
Deferred tax asset relating to capital losses		3,600,000
Liability for unrecognized tax benefits for uncertain income tax positions		0
Percentage of applicable cash saving in income tax distributable to specified unitholders	85.00%
Percentage of applicable cash saving in income tax available for the entity	15.00%
Amount due pursuant to tax receivable agreement	$ 862,000	2,234,000
Valuation allowance against deferred tax asset	$ 0	(3,564,000)
Capital Loss Carryforward
Valuation Allowance [Line Items]
Valuation allowance against deferred tax asset		$ (3,600,000)

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income Taxes Provision (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Current expense (benefit)
Federal	$ (2,190)	$ 7,200	$ 4,860	$ 23,019
State and local	(1,157)	2,006	829	6,769
Total current expense (benefit)	(3,347)	9,206	5,689	29,788
Deferred expense (benefit)
Federal	(670)	924	(1,377)	(4,951)
State and local	(164)	205	(211)	(1,014)
Total deferred expense (benefit)	(834)	1,129	(1,588)	(5,965)
Provision for Income tax expense (benefit)	$ (4,181)	$ 10,335	$ 4,101	$ 23,823

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Deferred Tax Assets
Basis difference in operating partnerships	$ 7,065	$ 6,795
Tax intangibles	2,353	778
Unrealized gains (losses)	1,974	616
Unrealized gains (losses) - derivatives	3,564	0
Valuation allowance	(3,564)	0
Total Deferred Tax Assets	$ 11,392	$ 8,189

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	May. 20, 2015USD ($)a	Sep. 30, 2014USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Meridian
RELATED PARTY TRANSACTIONS
Fees incurred for loans originated		$ 0	$ 0
Fees accrued and payable				$ 300,000	$ 600,000
Mezzanine loan | Halletts Investors LLC | Meridian
RELATED PARTY TRANSACTIONS
Loan receivable	$ 25,000,000
Halletts Investors LLC and Durst Halletts Member LLC | Three Limited Liability Companies
RELATED PARTY TRANSACTIONS
Percentage of investment of operating partner	97.33%
Three Limited Liability Companies
RELATED PARTY TRANSACTIONS
Area of land | a	9.66

COMMITMENTS AND CONTINGENCIES93

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)$ / shares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)$ / shares	Sep. 30, 2014USD ($)	Dec. 31, 2012Extension_Option	Dec. 31, 2011Extension_Option	Dec. 31, 2014USD ($)$ / shares
Unfunded Loan Commitments
Number of extension options | Extension_Option					0	0
Rent expense	$ 300,000	$ 600,000	$ 1,200,000	$ 1,500,000
Mortgage loan receivables held for investment
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	110,600,000		110,600,000				$ 158,100,000
First mortgage loan financing
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	109,200,000		109,200,000				155,500,000
Mezzanine loan financing
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	$ 1,400,000		$ 1,400,000				2,600,000
Commitment to purchase GN construction loan securities
Unfunded Loan Commitments
Fixed prices (in dollars per unit) | $ / shares	$ 102		$ 102
Commitment to purchase loan securities	$ 28,800,000		$ 28,800,000				60,000,000
Funded	26,300,000		26,300,000				49,400,000
Remaining to be funded	2,500,000		2,500,000				10,600,000
Fair value of commitments	$ 36,800		$ 36,800				$ 63,614
Commitment to purchase GN construction loan securities | Minimum
Unfunded Loan Commitments
Period over which commitment is made to purchase loan securities			6 months
Fixed prices (in dollars per unit) | $ / shares							$ 102
Commitment to purchase GN construction loan securities | Maximum
Unfunded Loan Commitments
Period over which commitment is made to purchase loan securities			12 months
Fixed prices (in dollars per unit) | $ / shares							$ 104.4

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Payments (Details) $ in Thousands	Sep. 30, 2015USD ($)
Future minimum rental payments
2015 (last 3 months)	$ 294
2,016	1,198
2,017	1,255
2,018	1,206
2,019	1,180
Thereafter	2,459
Total	$ 7,592

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)segment	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
SEGMENT REPORTING
Number of reportable segments | segment			3
Interest income	$ 63,013,000	$ 48,459,000	$ 178,635,000	$ 130,394,000
Interest expense	(29,535,000)	(19,928,000)	(83,846,000)	(51,521,000)
Net interest income	33,478,000	28,531,000	94,789,000	78,873,000
Provision for loan losses	(150,000)	(150,000)	(450,000)	(450,000)
Net interest income after provision for loan losses	33,328,000	28,381,000	94,339,000	78,423,000
Operating lease income	20,671,000	12,810,000	60,207,000	38,827,000
Tenant recoveries	2,847,000	2,252,000	7,883,000	6,473,000
Sale of loans, net	15,165,000	20,414,000	59,717,000	107,135,000
Realized gain on securities	513,000	14,074,000	23,680,000	21,259,000
Unrealized gain (loss) on Agency interest-only securities	731,000	(1,282,000)	(639,000)	466,000
Realized gain on sale of real estate, net	6,406,000	8,471,000	21,347,000	24,225,000
Fee income	3,483,000	2,715,000	10,857,000	7,216,000
Net result from derivative transactions	(42,242,000)	1,125,000	(54,594,000)	(50,435,000)
Earnings (loss) from investment in unconsolidated joint ventures	(25,000)	326,000	580,000	1,662,000
Gain on assignment of mortgage loan financing	0	432,000	0	432,000
Total other income	7,549,000	61,337,000	129,038,000	157,260,000
Salaries and employee benefits	(17,628,000)	(19,830,000)	(47,333,000)	(66,316,000)
Operating expenses	(4,951,000)	(6,190,000)	(20,487,000)	(12,896,000)
Real estate operating expenses	(8,975,000)	(7,150,000)	(27,976,000)	(22,131,000)
Real estate acquisition costs	(470,000)	(1,712,000)	(1,524,000)	(1,712,000)
Fee expense	(675,000)	(496,000)	(3,260,000)	(1,711,000)
Depreciation and amortization	(9,561,000)	(6,829,000)	(29,238,000)	(21,274,000)
Total costs and expenses	(42,260,000)	(42,207,000)	(129,818,000)	(126,040,000)
Tax (expense) benefit	4,181,000	(10,335,000)	(4,101,000)	(23,823,000)
Net income	2,798,000	37,176,000	89,458,000	85,820,000
Total assets	5,829,961,000		5,829,961,000		$ 5,814,235,000
Company’s investment in unconsolidated joint ventures	33,793,000		33,793,000		6,041,000
Investment in FHLB stock	77,915,000		77,915,000		72,340,000
Deferred tax assets	11,400,000		11,400,000		8,200,000
Senior unsecured notes	611,981,000		611,981,000		610,129,000
Operating Segment | Loans
SEGMENT REPORTING
Interest income	45,195,000	30,348,000	120,932,000	78,389,000
Interest expense	(6,749,000)	(2,748,000)	(17,509,000)	(8,532,000)
Net interest income	38,446,000	27,600,000	103,423,000	69,857,000
Provision for loan losses	(150,000)	(150,000)	(450,000)	(450,000)
Net interest income after provision for loan losses	38,296,000	27,450,000	102,973,000	69,407,000
Operating lease income	0	0	0	0
Tenant recoveries	0	0	0	0
Sale of loans, net	15,165,000	20,414,000	59,717,000	107,135,000
Realized gain on securities	0	0	0	0
Unrealized gain (loss) on Agency interest-only securities	0	0	0	0
Realized gain on sale of real estate, net	519,000	339,000	1,771,000	1,122,000
Fee income	905,000	999,000	3,990,000	2,352,000
Net result from derivative transactions	(13,159,000)	2,137,000	(18,335,000)	(17,731,000)
Earnings (loss) from investment in unconsolidated joint ventures	0	0	0	0
Gain on assignment of mortgage loan financing		0		0
Total other income	3,430,000	23,889,000	47,143,000	92,878,000
Salaries and employee benefits	(4,525,000)	(4,300,000)	(11,436,000)	(18,800,000)
Operating expenses	132,000	(89,000)	301,000	0
Real estate operating expenses	0	0	0	0
Real estate acquisition costs	0	0	0	0
Fee expense	156,000	(312,000)	(1,642,000)	(1,034,000)
Depreciation and amortization	0	0	0	0
Total costs and expenses	(4,237,000)	(4,701,000)	(12,777,000)	(19,834,000)
Tax (expense) benefit	0	0	0	0
Net income	37,489,000	46,638,000	137,339,000	142,451,000
Total assets	2,128,343,000		2,128,343,000		1,939,008,000
Operating Segment | Securities
SEGMENT REPORTING
Interest income	17,811,000	18,190,000	57,659,000	52,058,000
Interest expense	(1,753,000)	(1,546,000)	(5,512,000)	(4,349,000)
Net interest income	16,058,000	16,644,000	52,147,000	47,709,000
Provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	16,058,000	16,644,000	52,147,000	47,709,000
Operating lease income	0	0	0	0
Tenant recoveries	0	0	0	0
Sale of loans, net	0	0	0	0
Realized gain on securities	513,000	14,074,000	23,680,000	21,259,000
Unrealized gain (loss) on Agency interest-only securities	731,000	(1,282,000)	(639,000)	466,000
Realized gain on sale of real estate, net	0	0	0	0
Fee income	230,000	(96,000)	230,000	0
Net result from derivative transactions	(29,083,000)	(1,012,000)	(36,259,000)	(32,704,000)
Earnings (loss) from investment in unconsolidated joint ventures	0	0	0	0
Gain on assignment of mortgage loan financing		0		0
Total other income	(27,609,000)	11,684,000	(12,988,000)	(10,979,000)
Salaries and employee benefits	0	0	0	0
Operating expenses	0	0	0	0
Real estate operating expenses	0	0	0	0
Real estate acquisition costs	0	0	0	0
Fee expense	(10,000)	(14,000)	(31,000)	(53,000)
Depreciation and amortization	0	0	0	0
Total costs and expenses	(10,000)	(14,000)	(31,000)	(53,000)
Tax (expense) benefit	0	0	0	0
Net income	(11,561,000)	28,314,000	39,128,000	36,677,000
Total assets	2,415,382,000		2,415,382,000		2,815,566,000
Operating Segment | Real Estate
SEGMENT REPORTING
Interest income	0	0	0	0
Interest expense	(6,365,000)	(4,663,000)	(17,670,000)	(11,777,000)
Net interest income	(6,365,000)	(4,663,000)	(17,670,000)	(11,777,000)
Provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	(6,365,000)	(4,663,000)	(17,670,000)	(11,777,000)
Operating lease income	20,671,000	12,810,000	60,207,000	38,827,000
Tenant recoveries	2,847,000	2,252,000	7,883,000	6,473,000
Sale of loans, net	0	0	0	0
Realized gain on securities	0	0	0	0
Unrealized gain (loss) on Agency interest-only securities	0	0	0	0
Realized gain on sale of real estate, net	5,887,000	8,132,000	19,576,000	23,103,000
Fee income	6,000	92,000	33,000	92,000
Net result from derivative transactions	0	0	0	0
Earnings (loss) from investment in unconsolidated joint ventures	(25,000)	225,000	464,000	675,000
Gain on assignment of mortgage loan financing		432,000		432,000
Total other income	29,386,000	23,943,000	88,163,000	69,602,000
Salaries and employee benefits	0	0	0	0
Operating expenses	(17,000)	0	(16,000)	0
Real estate operating expenses	(8,975,000)	(7,150,000)	(27,976,000)	(22,131,000)
Real estate acquisition costs	(470,000)	(1,712,000)	(1,524,000)	(1,712,000)
Fee expense	(123,000)	(46,000)	(230,000)	(87,000)
Depreciation and amortization	(9,533,000)	(6,692,000)	(29,158,000)	(20,863,000)
Total costs and expenses	(19,118,000)	(15,600,000)	(58,904,000)	(44,793,000)
Tax (expense) benefit	0	0	0	0
Net income	3,903,000	3,680,000	11,589,000	13,032,000
Total assets	871,591,000		871,591,000		771,129,000
Corporate / Other
SEGMENT REPORTING
Interest income	7,000	(79,000)	44,000	(53,000)
Interest expense	(14,668,000)	(10,971,000)	(43,155,000)	(26,863,000)
Net interest income	(14,661,000)	(11,050,000)	(43,111,000)	(26,916,000)
Provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	(14,661,000)	(11,050,000)	(43,111,000)	(26,916,000)
Operating lease income	0	0	0	0
Tenant recoveries	0	0	0	0
Sale of loans, net	0	0	0	0
Realized gain on securities	0	0	0	0
Unrealized gain (loss) on Agency interest-only securities	0	0	0	0
Realized gain on sale of real estate, net	0	0	0	0
Fee income	2,342,000	1,720,000	6,604,000	4,772,000
Net result from derivative transactions	0	0	0	0
Earnings (loss) from investment in unconsolidated joint ventures	0	101,000	116,000	987,000
Gain on assignment of mortgage loan financing		0		0
Total other income	2,342,000	1,821,000	6,720,000	5,759,000
Salaries and employee benefits	(13,103,000)	(15,530,000)	(35,897,000)	(47,516,000)
Operating expenses	(5,066,000)	(6,101,000)	(20,772,000)	(12,896,000)
Real estate operating expenses	0	0	0	0
Real estate acquisition costs	0	0	0	0
Fee expense	(698,000)	(124,000)	(1,357,000)	(537,000)
Depreciation and amortization	(28,000)	(137,000)	(80,000)	(411,000)
Total costs and expenses	(18,895,000)	(21,892,000)	(58,106,000)	(61,360,000)
Tax (expense) benefit	4,181,000	(10,335,000)	(4,101,000)	(23,823,000)
Net income	(27,033,000)	(41,456,000)	(98,598,000)	(106,340,000)
Total assets	414,645,000		414,645,000		288,532,000
Grace Lake JV, LLC
SEGMENT REPORTING
Earnings (loss) from investment in unconsolidated joint ventures	196,000	225,000	685,000	675,000
Company’s investment in unconsolidated joint ventures	2,753,000		2,753,000		2,143,000
LCRIP I
SEGMENT REPORTING
Fee income	0	83,873	77,447	312,417
Earnings (loss) from investment in unconsolidated joint ventures	0	$ 101,000	116,000	$ 987,000
Company’s investment in unconsolidated joint ventures	$ 49,000		$ 49,000		$ 3,898,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Credit Agreement	Oct. 25, 2015USD ($)Extension	Jan. 24, 2013USD ($)
Subsequent Event [Line Items]
Committed amount on credit agreement		$ 50,000,000
Subsequent Event
Subsequent Event [Line Items]
Committed amount on credit agreement	$ 35,000,000
Number of extension periods | Extension	2
Expiration period	6 months