Ladder Capital (LADR) 10-K 7 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 29, 2016	Jun. 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	Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 538,367,464
Class A common stock
Entity Common Stock, Shares Outstanding		63,466,181
Class B common stock
Entity Common Stock, Shares Outstanding		46,445,729

Combined Consolidated Balance S

Combined Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 108,959	$ 76,218
Cash collateral held by broker	30,811	42,438
Mortgage loan receivables held for investment, net, at amortized cost	1,738,645	1,521,053
Mortgage loan receivables held for sale	571,764	417,955
Real estate securities, available-for-sale	2,407,217	2,815,566
Real estate and related lease intangibles, net	834,779	768,986
Investments in unconsolidated joint ventures	33,797	6,041
FHLB stock	77,915	72,340
Derivative instruments	2,821	423
Due from brokers	0	4
Accrued interest receivable	22,776	24,658
Other assets	65,728	68,553
Total assets	5,895,212	5,814,235
Liabilities
Debt obligations	4,274,723	4,182,954
Derivative instruments	5,504	13,445
Amount payable pursuant to tax receivable agreement	1,910	862
Dividends payable	17,456	0
Accrued expenses	78,142	91,993
Other liabilities	26,069	19,774
Total liabilities	4,403,804	4,309,028
Commitments and contingencies (Note 17)	0	0
Equity
Additional paid-in capital	776,866	725,538
Treasury stock, 548,861 shares, at cost, at December 31, 2015	(5,812)	0
Retained earnings	60,618	44,187
Accumulated other comprehensive income (loss)	(3,556)	15,656
Total shareholders’ equity	828,215	785,432
Noncontrolling interest in operating partnership	657,380	711,674
Noncontrolling interest in consolidated joint ventures	5,813	8,101
Total equity	1,491,408	1,505,207
Total liabilities and equity	5,895,212	5,814,235
Class A common stock
Equity
Common stock, par value $0.01 per share	55	51
Class B common stock
Equity
Common stock, par value $0.01 per share	$ 44	$ 0

Combined Consolidated Balance 3

Combined Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Treasury stock, shares (in shares)	548,861	0
Class A common stock
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares (in shares)	600,000,000	600,000,000
Common stock, issued shares (in shares)	55,758,710	51,471,579
Common stock, outstanding shares (in shares)	55,209,849	51,431,872
Class B common stock
Common stock, no par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares (in shares)	100,000,000	100,000,000
Common stock, issued shares (in shares)	44,055,987	47,647,023
Common stock, outstanding shares (in shares)	44,055,987	47,647,023

Combined Consolidated Statement

Combined Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 10, 2015	Sep. 10, 2015	Jun. 15, 2015	Apr. 06, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax														$ 500	$ 5,800	$ 0
Net interest income
Interest income					$ 62,903	$ 63,013	$ 59,239	$ 56,384	$ 56,931	$ 48,459	$ 45,112	$ 36,822		241,539	187,325	121,578
Interest expense														113,303	77,574	48,745
Net interest income														128,236	109,751	72,833
Provision for loan losses														600	600	600
Net interest income after provision for loan losses					33,297	33,328	31,602	29,409	30,728	28,381	28,211	21,831		127,636	109,151	72,233
Other income
Operating lease income														80,465	56,649	37,395
Tenant recoveries														9,907	9,183	3,271
Sale of loans, net														71,066	145,275	146,708
Realized gain (loss) on securities														24,007	26,977	4,231
Unrealized gain (loss) on Agency interest-only securities														(1,249)	2,144	(2,665)
Realized gain on sale of real estate, net														40,386	29,760	13,565
Fee and other income														15,205	11,704	7,922
Net result from derivative transactions														(38,937)	(94,798)	28,075
Earnings (loss) from investment in unconsolidated joint ventures														371	1,990	3,203
Gain on assignment of mortgage loan financing														0	432	0
Loss on extinguishment of debt														0	(150)	0
Total other income					72,183	7,549	86,452	35,037	31,906	61,337	55,489	40,434		201,221	189,166	241,705
Costs and expenses
Salaries and employee benefits														61,612	82,144	61,038
Operating expenses														25,103	25,398	14,937
Real estate operating expenses														35,886	32,670	17,404
Real estate acquisition costs														1,983	2,404	3,626
Fee expense														4,521	3,023	2,955
Depreciation and amortization														39,061	28,447	21,515
Total costs and expenses					38,347	42,260	44,180	43,379	48,045	42,207	45,258	38,575		168,166	174,086	121,475
Income (loss) before taxes					67,133	(1,383)	73,874	21,067	14,589	47,511	38,442	23,690		160,691	124,231	192,463
Income tax expense (benefit)					10,457	(4,181)	5,177	3,104	2,783	10,335	8,199	5,289		14,557	26,605	3,730
Net income					56,676	2,798	68,697	17,963	11,806	37,176	30,243	18,401		146,134	97,626	188,733
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures					(2,146)	85	684	(191)	(83)	306	(46)	192		(1,568)	370	1,098
Pre-IPO net loss attributable to predecessor unitholders									0	0	0	12,628		0	12,628	189,831
Net (income) loss attributable to noncontrolling interest in operating partnership					(27,407)	430	(35,171)	(8,597)	(7,350)	(22,827)	(17,691)	(18,568)		(70,745)	(66,437)	189,831
Net income attributable to Class A common shareholders					$ 27,123	$ 3,313	$ 34,210	$ 9,175	$ 4,374	$ 14,656	$ 12,505	$ 12,652		$ 73,821	$ 44,187
Earnings per share:
Basic (in dollars per share)					$ 0.51	$ 0.06	$ 0.68	$ 0.18	$ 0.09	$ 0.30	$ 0.26	$ 0.26		$ 1.43	$ 0.90
Diluted (in dollars per share)					0.50	0.06	0.67	0.15	$ 0.09	$ 0.28	$ 0.22	$ 0.24		$ 1.42	$ 0.86
Weighted average shares outstanding:
Basic (in shares)													49,296,417	51,702,188	49,296,417
Diluted (in shares)													97,583,310	51,870,808	97,583,310
Dividends per share of common stock (in dollars per share)					$ 1.45	$ 0.275	$ 0.25	$ 0.25
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax														$ (500)	$ (5,800)	$ 0
Class A Common Stock
Costs and expenses
Net income attributable to Class A common shareholders													$ 44,187	$ 73,821	$ 44,187
Earnings per share:
Basic (in dollars per share)													$ 0.90	$ 1.43
Diluted (in dollars per share)													$ 0.86	$ 1.42
Weighted average shares outstanding:
Basic (in shares)													49,296,417	51,702,188
Diluted (in shares)													97,583,310	51,870,808
Dividends per share of common stock (in dollars per share)	$ 1.45	$ 0.275	$ 0.25	$ 0.25										$ 2.225	$ 0

Combined Consolidated Statemen5

Combined Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net income		$ 146,134	$ 97,626	$ 188,733
Unrealized gains on securities, net of tax:
Unrealized gain (loss) on real estate securities, available for sale (1)	[1]	(11,403)	43,179	(16,130)
Reclassification adjustment for (gains) included in net income (2)	[2]	(25,142)	(25,163)	(4,231)
Total other comprehensive income (loss)		(36,545)	18,016	(20,361)
Comprehensive income		109,589	115,642	168,372
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures		(1,568)	370	1,098
Comprehensive income of combined Class A common shareholders and Predecessor unit holders		108,021	116,012	$ 169,470
Comprehensive (income) attributable to predecessor unitholders		0	(4,380)
Comprehensive (income) attributable to noncontrolling interest in operating partnership		(54,247)	(66,957)
Class A Common Stock
Unrealized gains on securities, net of tax:
Comprehensive income attributable to Class A common shareholders		$ 53,774	$ 44,675
[1]	Amounts are net of provision for (benefit from) $0.5 million and $5.8 million for the years ended December 31, 2015 and 2014, respectively and none for the year ended December 31, 2013.
[2]	Amounts are net of (provision for) benefit of $(0.5) million and $(5.8) million for the years ended December 31, 2015 and 2014, respectively and none for the year ended December 31, 2013.

Combined Consolidated Statemen6

Combined Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on securities, tax	$ 0.5	$ 5.8	$ 0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax	$ (0.5)	$ (5.8)	$ 0

Combined Consolidated Statemen7

Combined Consolidated Statements of Changes in Equity/Capital - USD ($) $ in Thousands	Total	Additional Paid-in-Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income	Noncontrolling Interests Operating Partnership	Noncontrolling Interests Consolidated Joint Ventures	Series B Preferred Units	Class A Common StockCommon Stock	Class B Common StockCommon Stock	Treasury Stock	Preferred UnitsSeries A Preferred Units	Preferred UnitsSeries B Preferred Units	Common Units	LP Units
Beginning Balance at Dec. 31, 2012												$ 781,101	$ 272,215	$ 44,372
Increase (Decrease) in Partners' Capital
Contributions	$ 11,646						$ 9,846	$ 1,800
Distributions	(95,935)						(493)					(58,093)	(18,333)	(19,016)
Ending Balance at Dec. 31, 2013												825,985	290,847	59,565
Beginning Balance at Dec. 31, 2012	1,098,270	$ 0		$ 0	$ 0	$ 0	582		$ 0	$ 0
Beginning Balance (in shares) at Dec. 31, 2012									0	0
Increase Decrease in Stockholders' Equity
Equity based compensation	2,881												2,428	453
Net income (loss)	188,733						(1,098)					115,349	36,670	37,812
Other comprehensive income (loss)	(20,361)											(12,372)	(3,933)	(4,056)
Ending Balance (in shares) at Dec. 31, 2013									0	0
Ending Balance at Dec. 31, 2013	1,185,234	0		0	0	0	8,837		$ 0	$ 0
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
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 and units	(125)					(125)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)										(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
Adjustment to tax receivable agreement as a result of the exchange of Class B shares	152	152
Exchange of noncontrolling interest for common stock (in shares)									874,374	(874,374)
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	$ 0	44,187	15,656	711,674	8,101		$ 51	$ 0
Increase (Decrease) in Partners' Capital
Contributions	74						74
Distributions	(72,603)					(68,673)	(3,930)
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	13,788	417				13,371
Grants of restricted stock		(1)							$ 1
Grants of restricted stock (in shares)									700,000
Purchase of treasury stock	(994)		(994)
Purchase of treasury stock (in shares)									(84,000)
Re-issuance of treasury stock (in shares)									26,000
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(4,897)					(79)					$ (4,818)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)									(262,000)	(5,000)
Forfeitures (in shares)									(188,000)
Dividends declared	(57,390)			(57,390)
Exchange of noncontrolling interest for common stock	0	53,011			645	(53,656)			$ 3	$ (3)
Adjustment to tax receivable agreement as a result of the exchange of Class B shares	(1,366)	(1,366)
Exchange of noncontrolling interest for common stock (in shares)									3,586,546	(3,586,546)
Net income (loss)	146,134			73,821		70,745	1,568
Other comprehensive income (loss)	(36,545)				(20,046)	(16,499)
Rebalancing of ownership percentage between Company and Operating Partnership	0	(733)			189	544
Ending Balance (in shares) at Dec. 31, 2015									55,210,000	44,056,000
Ending Balance at Dec. 31, 2015	$ 1,491,408	$ 776,866	$ 5,812	$ 60,618	$ (3,556)	$ 657,380	$ 5,813		$ 55	$ 44

Combined Consolidated Statemen8

Combined Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 146,134	$ 97,626	$ 188,733
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Loss on extinguishment of debt	0	150	0
Depreciation and amortization	39,061	28,447	21,515
Unrealized (gain) loss on derivative instruments	(10,182)	14,378	(14,014)
Unrealized (gain) loss on Agency interest-only securities	1,249	(2,144)	2,665
Provision for loan losses	600	600	600
Amortization of equity based compensation	13,788	14,451	2,881
Amortization of deferred financing costs included in interest expense	5,757	5,802	4,600
Amortization of premium on mortgage loan financing	(902)	(629)	(534)
Amortization of above- and below-market lease intangibles	(249)	652	854
Accretion/amortization of discount, premium and other fees on loans	(12,241)	(6,918)	(3,701)
Accretion/amortization of discount, premium and other fees on securities	87,906	91,306	60,321
Realized gain on sale of mortgage loan receivables held for sale	(71,066)	(145,275)	(146,708)
Realized gain on disposition of loan	820	0	0
Realized gain on real estate securities	(24,007)	(26,977)	(4,231)
Realized gain on sale of real estate, net	(40,386)	(29,760)	(13,565)
Realized gain on assignment of mortgage loan financing	0	(432)	0
Origination of mortgage loan receivables held for sale	(2,594,141)	(3,345,372)	(2,013,674)
Repayment of mortgage loan receivables held for sale	2,308	1,293	5,840
Proceeds from sales of mortgage loan receivables held for sale	2,509,090	3,523,689	2,345,705
Accrued interest receivable	621	(9,687)	(2,889)
Earnings on investment in unconsolidated joint ventures	(371)	(1,990)	(3,203)
Distributions from operations of investment in unconsolidated joint ventures	294	1,957	3,894
Deferred tax asset	2,900	(7,175)	0
Changes in operating assets and liabilities:
Other assets	(1,770)	(17,446)	(17,325)
Accrued expenses and other liabilities	(12,985)	22,126	57,318
Net cash provided by (used in) operating activities	40,588	208,672	475,082
Cash flows from investing activities:
Reduction (addition) of cash collateral held by broker for derivatives	16,918	(13,864)	(10,249)
Purchase of derivative instruments	0	(7)	(20)
Purchases of real estate securities	(725,888)	(2,157,391)	(1,193,816)
Repayment of real estate securities	186,902	186,310	390,628
Proceeds from sales of real estate securities	845,648	768,590	194,287
Purchase of FHLB stock	(7,984)	(22,890)	(36,350)
Sale of FHLB stock	2,409	0	0
Origination and purchases of mortgage loan receivables held for investment	(963,023)	(1,201,968)	(486,072)
Repayment of mortgage loan receivables held for investment	752,452	214,511	268,093
Reduction (addition) of cash collateral held by broker	(5,291)	(53)	45,719
Addition (reduction) of deposits received for loan originations	(2,368)	(91)	0
Title deposits included in other assets	5,375	(9,621)	(4,356)
Capital contributions to investment in unconsolidated joint ventures	(31,085)	0	(4,696)
Distributions of return of capital from investment in unconsolidated joint ventures	3,747	3,255	7,417
Capitalization of interest on investment in unconsolidated joint ventures	(341)	0	0
Purchases of real estate	(197,501)	(254,497)	(289,268)
Capital improvements of real estate	(8,375)	(5,192)	(115)
Proceeds from sale of real estate	98,558	123,444	36,930
Net cash provided by (used in) investing activities	(29,847)	(2,369,464)	(1,081,868)
Cash flows from financing activities:
Deferred financing costs paid	(2,330)	(9,863)	(3,191)
Proceeds from borrowings under debt obligations	16,280,023	16,885,636	9,095,845
Repayment of borrowings under debt obligations	(16,137,339)	(14,907,233)	(8,368,016)
Cash dividends paid to Class A common shareholders	(39,934)	0	0
Partners’ capital contributions	0	0	1,800
Partners’ capital distributions	0	(369)	(95,442)
Capital distributed to noncontrolling interests in operating partnership	(68,673)	(47,926)	0
Capital contributed by noncontrolling interests in consolidated joint ventures	74	1,841	9,846
Capital distributed to noncontrolling interests in consolidated joint ventures	(3,930)	(2,207)	(493)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(4,897)	(125)	0
Purchase of treasury stock	(994)	0	0
Issuance of common stock	0	259,037	0
Common stock offering costs	0	(20,523)	0
Net cash provided by (used in) financing activities	22,000	2,158,268	640,349
Net increase (decrease) in cash	32,741	(2,524)	33,563
Cash and cash equivalents at beginning of period	76,218	78,742	45,179
Cash and cash equivalents at end of period	108,959	76,218	78,742
Supplemental information:
Cash paid for interest, net of amounts capitalized	107,362	63,171	45,317
Cash paid for income taxes	7,306	45,981	5,392
Non-cash investing and financing activities:
Securities sold, not settled	4	3	1,900
Settlement of mortgage loan receivable held for investment by real estate	4,620	0	0
Like-kind exchange of real estate: Acquisitions	15,249	0	0
Like-kind exchange of real estate: Dispositions	(62,093)	0	0
Like-kind exchange of real estate: Receivable from qualified intermediary - other assets	6,483	0	0
Real estate acquired in settlement of mortgage loan receivable held for investment	6,700	0	0
Net settlement of sale of real estate, subject to debt - real estate	(11,310)	0	0
Net settlement of sale of real estate, subject to debt - debt obligations	51,060	0	0
Exchange of capital for common stock	0	468,694	0
Exchange of predecessor LP Units for common stock	0	697,097	0
Exchange of noncontrolling interest for common stock	53,659	0	0
Change in deferred tax asset related to change in tax receivable agreement	(320)	1,014	0
Dividends declared, not paid	$ 17,456	$ 0	$ 0

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	12 Months Ended
	Dec. 31, 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. Ladder Capital Corp, as the general partner of Ladder Capital Finance Holdings LLLP (“LCFH,” “Predecessor” or the “Operating Partnership”), operates the Ladder Capital business through LCFH and its subsidiaries. As of December 31, 2015 , Ladder Capital Corp has a 55.6% economic interest in LCFH and controls the management of LCFH as a result of its ability to appoint its board members. Accordingly, 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 U.S. federal, state and local income taxes. Other than the noncontrolling interest in the Operating Partnership and such indirect U.S. 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 the 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 under the Internal Revenue Code of 1986, as amended (the “Code”) 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 elsewhere in this Annual Report on Form 10-K (“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 limited partnership unit (“Series REIT LP Unit”), which is entitled to receive profits and losses derived from REIT assets and liabilities, and one Series TRS limited partnership unit (“Series TRS LP Unit”), which is entitled to receive profits and losses derived from TRS assets and liabilities (Series REIT LP Units and Series TRS LP Units are collectively referred to as “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 may 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 15 for further discussion of the Tax Receivable Agreement. As of March 4, 2015, the Company made the necessary TRS and check-the-box elections and presently 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	12 Months Ended
	Dec. 31, 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”). 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. Emerging Growth Company Status The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act (“JOBS Act”), and is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended (the “Sarbanes-Oxley Act”), reduced disclosure obligations regarding executive compensation in the Company’s periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. However, the Company chose to “opt out” of such extended transition period, and as a result, it will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. Section 107 of the JOBS Act provides that the Company’s decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable. The Company could remain an “emerging growth company” for up to five years from the date of the IPO, or until the earliest of (i) the last day of the first fiscal year in which its annual gross revenues exceed $1 billion; (ii) the date that the Company becomes a “large accelerated filer” as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of its common stock that is held by nonaffiliates exceeds $700 million as of the last business day of its most recently completed second fiscal quarter; or (iii) the date on which the Company has issued more than $1 billion in nonconvertible debt during the preceding three year period. 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 December 31, 2015 and 2014 . At December 31, 2015 and 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 December 31, 2015 and 2014 , included in other assets on the Company’s combined consolidated balance sheets are $19.0 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. Mortgage Loans Receivable Held for Investment Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, adjusted for actual prepayments. Upon the decision to sell such loans, the Company will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value less cost to sell on the combined consolidated balance sheets. The Company evaluates each loan classified as a mortgage loan receivable held for investment for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s contractual effective rate or the fair value of the collateral, if recovery of the Company’s investment is expected solely from the collateral. The Company’s loans are typically collateralized by real estate. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data. Upon the completion of the process above, the Company concluded that no loans originated by the Company were impaired as of December 31, 2015 and 2014 . Significant judgment is required when evaluating loans for impairment, therefore actual results over time could be materially different. In addition, the Company assesses a portfolio-based loan loss provision. The Company estimates its loan loss provision based on its historical loss experience and expectation of losses inherent in the investment portfolio but not yet realized. Since inception, the Company has had no events of impairment on any of the loans it has originated, however, to ensure that the risk exposures are properly measured and the appropriate reserves are taken, the Company assesses a loan loss provision balance that will grow over time with its portfolio and the related risk as the assets are aged and approach maturity and ultimate refinancing where applicable. 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 of gain (loss) on securities recognized in 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 third parties that provide 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. Real Estate The Company generally acquires real estate assets through cash purchases. Based on the Company’s strategic plan to realize the maximum value from the real estate acquired, properties are classified as Real estate, net or Real estate held for sale in the combined consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net, and when the Company intends to market these properties for sale in the near term, assets are classified as Real estate held for sale in the combined consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 47 years for buildings, four to 15 years for building fixtures and improvements and the remaining lease term for acquired intangible lease assets. The Company classifies most of its investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense and impairments, as applicable and are included in Real estate, net in the combined consolidated balance sheets. Certain of the Company’s real estate investments are condominium units that the Company intends to sell over time. As of January 1, 2014, the date the Company adopted the accounting guidance in ASU 2014-8, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-8”), the results of operations and the related gain or loss on sale of properties that have been sold are reflected in other income or presented in discontinued operations in the combined consolidated statements of income due to fact that the disposal does not represent a strategic shift that has (or will have) a major effect on the Company’s operations and financial results and full disposal is not expected to be completed within one year . Prior to January 1, 2014, the results of operations and the related gain or loss on sale of condominium units that have been sold are not reflected as held for sale or presented in discontinued operations in the combined consolidated statements of income due to the significant continuing involvement in the real estate held through the consolidated homeowners association. Certain of the Company’s real estate is leased to others on a net lease basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance. These leases are for fixed terms of varying length and provide for annual rentals. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The cumulative excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable within other assets in the combined consolidated balance sheets. Allocation of Purchase Price for Acquired Real Estate In accordance with the guidance for business combinations, the Company determines whether a transaction or other event is a business combination. If the transaction is determined to be a business combination, the Company determines if the transaction should be considered to be between entities under common control. The acquisition of an entity under common control is accounted for on the carryover basis of accounting whereby the assets and liabilities of the companies are recorded on the same basis as they were carried by the company under common control. All other business combinations, including rental property, are accounted for by applying the acquisition method of accounting. The Company will immediately expense acquisition related costs and fees associated with such acquisitions. Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships but in no event do the amortization periods for intangible assets exceed the depreciable lives of the buildings. If a tenant terminates its lease, the unamortized portion of the in-place lease value and tenant relationship intangibles are charged to expense. The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 8 , depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition. Impairment of Property Held for Use On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. Real Estate Held for Sale In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the combined consolidated statements of income. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. Sales of Real Estate Gains on sales of real estate are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales (“ASC 360-20”). The specific timing of a sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, depending on the circumstances, the Company may not record a sale or it may record a sale but may defer some or all of the gain recognition. If the criteria for full accrual are not met, the Company may account for the transaction by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria for the full accrual method are met. Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as investments in unconsolidated joint ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in commercial real estate joint ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management i

MORTGAGE LOAN RECEIVABLES

MORTGAGE LOAN RECEIVABLES	12 Months Ended
	Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOAN RECEIVABLES	3. MORTGAGE LOAN RECEIVABLES December 31, 2015 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loan receivables held for investment, at amortized cost $ 1,749,556 $ 1,742,345 7.56 % 1.38 Provision for loan losses N/A (3,700 ) Total mortgage loan receivables held for investment, at amortized cost 1,749,556 1,738,645 Mortgage loan receivables held for sale 571,638 571,764 4.56 % 6.20 Total $ 2,321,194 $ 2,310,409 (1) December 31, 2015 London Interbank Offered Rate (“LIBOR”) rates are used to calculate weighted average yield for floating rate loans. As of December 31, 2015 , $343.2 million , or 19.7% , of the carrying value of our mortgage loan receivables held for investment, at amortized cost, were at fixed interest rates and $1.4 billion , or 80.3% , 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, 2015 , $571.8 million , or 100.0% , of the carrying value of our mortgage loan receivables held for sale, were at fixed interest rates. December 31, 2014 ($ 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): December 31, 2015 December 31, 2014 Outstanding Face Amount Carrying Value Outstanding Face Amount Carrying Value Mortgage loan receivables held for sale First mortgage loans $ 571,638 $ 571,764 $ 417,955 $ 417,955 Total mortgage loan receivables held for sale 571,638 571,764 417,955 417,955 Mortgage loan receivables held for investment, at amortized cost First mortgage loans 1,462,228 1,456,212 1,373,476 1,361,754 Mezzanine loans 287,328 286,133 163,447 162,399 Total mortgage loan receivables held for investment, at amortized cost 1,749,556 1,742,345 1,536,923 1,524,153 Provision for loan losses N/A (3,700 ) N/A (3,100 ) Total $ 2,321,194 $ 2,310,409 $ 1,954,878 $ 1,939,008 For the years ended December 31, 2015 , 2014 and 2013 , 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 $ 1,521,053 $ 417,955 Origination of mortgage loan receivables 963,023 2,594,141 Repayment of mortgage loan receivables (752,452 ) (2,308 ) Proceeds from sales of mortgage loan receivables — (2,509,090 ) Non-cash disposition of loans (4,620 ) — Realized gain on sale of mortgage loan receivables — 71,066 Accretion/amortization of discount, premium and other fees 12,241 — Loan loss provision (600 ) — Balance, December 31, 2015 $ 1,738,645 $ 571,764 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 1,201,968 3,345,372 Repayment of mortgage loan receivables (214,511 ) (1,293 ) Proceeds from sales of mortgage loan receivables — (3,523,689 ) Realized gain on sale of mortgage loan receivables — 145,275 Transfer between held for investment and held for sale (11,800 ) 11,800 Accretion/amortization of discount, premium and other fees 6,918 — Loan loss provision (600 ) — Balance, December 31, 2014 $ 1,521,053 $ 417,955 Mortgage loan receivables held for investment, at amortized cost Mortgage loan receivables held for sale Balance, December 31, 2012 $ 326,318 $ 623,333 Origination of mortgage loan receivables 486,072 2,013,674 Repayment of mortgage loan receivables (268,093 ) (5,840 ) Proceeds from sales of mortgage loan receivables — (2,345,705 ) Realized gain on sale of mortgage loan receivables — 146,708 Transfer between held for investment and held for sale (8,320 ) 8,320 Accretion/amortization of discount, premium and other fees 3,701 — Loan loss provision (600 ) — Balance, December 31, 2013 $ 539,078 $ 440,490 During the years ended December 31, 2015 and 2014 , the transfers of financial assets via sales of loans have been treated as sales under ASC Topic 860 — Transfers and Servicing. During the year ended December 31, 2013 , transfers of financial assets via sales of loans have been treated as sales by us under ASC 860 with the exception of one asset with a book value of $1.0 million in which the Company retains effective control that would preclude sales accounting. The transfer is considered to be a secured borrowing in which the asset remains on the Company’s combined consolidated balance sheets in mortgage loan receivables held for investment at amortized cost and the sale proceeds are recognized in other liabilities and held as secured borrowings. At December 31, 2015 and 2014 , there was $0.7 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 December 31, 2015 and 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 December 31, 2015 there were no loans on non-accrual status. At December 31, 2014 , there was one loan on non-accrual status with an amortized cost of $5.5 million and an unamortized discount of $2.6 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. During the year ended December 31, 2015 , the Company acquired, via foreclosure, title to real estate, which had a total fair value of $6.7 million and previously served as collateral for the mortgage loan receivable discussed above. The acquisition was accounted for in real estate, net, at fair value on the date of foreclosure. A gain of $0.8 million on disposition of loan, representing the difference between the fair value of the property and the $5.9 million carrying value of the loan on the date of foreclosure, is included in fee and other income in the Company’s combined consolidated statement of income for the year ended December 31, 2015 . Provision for Loan Losses ($ in thousands) Year Ended December 31, 2015 2014 2013 Provision for loan losses at beginning of period $ 3,100 $ 2,500 $ 1,900 Provision for loan losses 600 600 600 Provision for loan losses at end of period $ 3,700 $ 3,100 $ 2,500

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE SECURITIES	4. REAL ESTATE 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. GNMA and 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 December 31, 2015 and 2014 ($ in thousands): December 31, 2015 Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Amortized Cost Basis Gains Losses Carrying Value # of Securities Rating (1) Coupon % Yield % Remaining Duration (years) CMBS(2) $ 1,972,492 $ 1,994,928 $ 4,643 $ (8,065 ) $ 1,991,506 119 AAA 3.17 % 2.59 % 3.15 CMBS interest-only(2) 7,436,379 (3) 348,222 1,027 (4,826 ) 344,423 48 AAA 1.02 % 3.81 % 3.34 GNMA interest-only(4) 632,175 (3) 28,311 44 (2,161 ) 26,194 20 AA+ 0.80 % 4.26 % 5.22 GN construction securities(2) 27,091 27,581 1,058 — 28,639 1 AA+ 4.10 % 3.86 % 9.33 GN permanent securities(2) 16,249 16,685 164 (394 ) 16,455 12 AA+ 4.52 % 3.94 % 5.43 Total $ 10,084,386 $ 2,415,727 $ 6,936 $ (15,446 ) $ 2,407,217 200 1.44 % 3.60 % 3.29 December 31, 2014 Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Amortized Cost Basis Gains Losses Carrying Value # of Securities Rating (1) Coupon % Yield % Remaining Duration (years) CMBS(2) $ 2,247,565 $ 2,277,995 $ 28,453 $ (1,038 ) $ 2,305,410 145 AAA 3.31 % 2.60 % 4.23 CMBS interest-only(2) 7,239,503 (3) 376,085 2,973 (723 ) 378,335 41 AAA 1.04 % 4.88 % 3.45 GNMA interest-only(4) 1,400,141 (3) 67,544 1,035 (1,937 ) 66,642 34 AA+ 0.85 % 5.90 % 4.50 GN construction securities(2) 27,538 28,178 503 (275 ) 28,406 4 AA+ 3.89 % 3.56 % 9.42 GN permanent securities(2) 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 % 4.15 (1) 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. (2) 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. (3) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (4) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. 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 following is a breakdown of the carrying value of the Company’s securities by remaining maturity based upon expected cash flows at December 31, 2015 and 2014 ($ in thousands): December 31, 2015 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 610,526 $ 891,752 $ 489,228 $ — $ 1,991,506 CMBS interest-only(1) — 344,423 — — 344,423 GNMA interest-only(2) 6 17,159 8,549 480 26,194 GN construction securities(1) — 386 28,253 — 28,639 GN permanent securities(1) 2,220 6,661 7,574 — 16,455 Total $ 612,752 $ 1,260,381 $ 533,604 $ 480 $ 2,407,217 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 $1.6 million , $3.9 million and $2.5 million in unrealized losses on securities recorded as other than temporary impairments for the years ended December 31, 2015 , 2014 and 2013 , 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	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	5. REAL ESTATE AND RELATED LEASE INTANGIBLES, NET The following tables present additional detail related to our real estate portfolio ($ in thousands): December 31, 2015 December 31, 2014 Land $ 138,128 $ 122,458 Building 640,206 569,774 In-place leases and other intangibles 139,501 127,359 Real estate 917,835 819,591 Less: Accumulated depreciation and amortization (83,056 ) (50,605 ) Real estate and related lease intangibles, net $ 834,779 $ 768,986 The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Year Ended December 31, 2015 2014 2013 Depreciation expense (1) $ 23,922 $ 18,034 $ 13,151 Amortization expense 15,031 10,238 7,816 Total real estate depreciation and amortization expense $ 38,953 $ 28,272 $ 20,967 (1) Depreciation expense on the combined consolidated statements of income also includes $0.1 million , $0.2 million and $0.5 million of depreciation on corporate fixed assets for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company’s intangible assets are comprised of in-place leases, favorable leases compared to market leases and other intangibles. At December 31, 2015 , gross intangible assets totaled $139.5 million with total accumulated amortization of $32.7 million , resulting in net intangible assets of $106.8 million , including $6.5 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 years ended December 31, 2015 , 2014 and 2013 , respectively, the Company recorded an offset against operating lease income of $1.4 million , $1.3 million and $1.0 million , respectively, for favorable leases. The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles for property owned as of December 31, 2015 ($ in thousands): Period Ending December 31, Amount 2016 $ 13,809 2017 9,695 2018 7,747 2019 7,484 2020 6,639 Thereafter 61,405 Total $ 106,779 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 December 31, 2015 and 2014 , respectively. There was unencumbered real estate of $47.8 million and $85.7 million as of December 31, 2015 and 2014 , respectively. The following is a schedule of contractual future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases or rent escalations under other leases from tenants) at December 31, 2015 ($ in thousands): Period Ending December 31, Amount 2016 $ 70,415 2017 65,875 2018 63,278 2019 58,925 2020 56,136 Thereafter 493,901 Total $ 808,530 Acquisitions During the year ended December 31, 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% Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) 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% October 2015 Net Lease Wilmington, IL 1,309 100.0% October 2015 Net Lease Danville, IL 1,074 100.0% October 2015 Net Lease Bloomington, IL 1,193 100.0% October 2015 Net Lease Lincoln County , MO 1,072 100.0% October 2015 Net Lease Montrose, MN 1,167 100.0% October 2015 Net Lease Jenks, OK 12,160 100.0% October 2015 Net Lease Grove, OK 5,030 100.0% October 2015 Net Lease Farmington, IL 1,303 100.0% October 2015 Net Lease Bixby, OK 10,978 100.0% October 2015 Net Lease Rice, MN 1,200 100.0% November 2015 Net Lease Gordonville, MO 1,125 100.0% December 2015 Net Lease Malone, NY 1,466 100.0% December 2015 Net Lease Mercedes, TX 1,204 100.0% December 2015 Net Lease Albion, PA 1,525 100.0% December 2015 Net Lease Radford, VA 1,564 100.0% December 2015 Net Lease Rural Retreat, VA 1,399 100.0% December 2015 Net Lease Mount Vernon, AL 1,224 100.0% Total purchases of real estate $ 212,756 October 2015 Other Carmel, NY 6,700 100.0% Total real estate acquired via foreclosure $ 6,700 Total real estate acquisitions $ 219,456 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the year ended December 31, 2015 , as follows ($ in thousands): Purchase Price Allocation Land $ 32,260 Building 166,556 Intangibles 20,640 Total purchase price $ 219,456 During the year ended December 31, 2015 , the Company acquired, via foreclosure, title to one commercial retail operating property which had a total fair value of $6.7 million and previously served as collateral for mortgage loan receivables held for investment. The acquisition was accounted for at fair value on the date of foreclosure. 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. A gain of $0.8 million on disposition of loan, representing the difference between the fair value of the property and the $5.9 million carrying value of the loan on the date of foreclosure, is included in fee and other income in the Company’s combined consolidated statement of income for the year ended December 31, 2015 . During the year ended December 31, 2014 , the Company acquired the following properties ($ 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% October 2014 Net Lease Bennett, CO 3,522 100.0% October 2014 Net Lease Memphis, TN 5,310 100.0% November 2014 Net Lease Ankemy, IA 16,510 100.0% November 2014 Net Lease Springfield, MO 11,675 100.0% November 2014 Net Lease Sheldon, IA 4,300 100.0% November 2014 Net Lease Cedar Rapids, IA 11,000 100.0% November 2014 Net Lease Fairfield, IA 10,695 100.0% November 2014 Net Lease Muscatine, IA 7,150 100.0% November 2014 Net Lease Owatonna, MN 9,970 100.0% November 2014 Net Lease Bellport, NY 18,100 100.0% November 2014 Net Lease Woodland Park, CO 3,969 100.0% November 2014 Net Lease Evansville, IN 9,000 100.0% December 2014 Net Lease Plattsmouth, NE 7,979 100.0% December 2014 Net Lease Worthington, MN 8,320 100.0% Totals $ 254,497 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the year ended December 31, 2014 , as follows ($ in thousands): Purchase Price Allocation Land $ 41,908 Building 168,714 Intangibles 43,875 Total purchase price $ 254,497 During the year ended December 31, 2013 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) January 2013 Net Lease Durant, OK $ 4,991 100.0% February 2013 Other Southfield, MI 18,000 90.0% June 2013 Other Richmond, VA 134,999 77.5% October 2013 Office Minneapolis, MN 51,278 90.0% November 2013 Condominium Miami, FL 80,000 100.0% Totals $ 289,268 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the year ended December 31, 2013 , as follows ($ in thousands): Purchase Price Allocation Land $ 37,579 Building 206,688 Intangibles 45,001 Total purchase price $ 289,268 Sales The Company sold the following properties during the year ended December 31, 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 17,856 (1) 16,827 1,029 (2) 1 — Nov 2015 Other Minneapolis, MN 62,093 (3) 49,022 13,071 (4) 1 — Various Condominium Las Vegas, NV 38,779 22,310 16,469 — 88 Various Condominium Miami, FL 29,924 22,942 6,982 — 99 Totals $ 172,134 $ 133,005 $ 39,129 (5) (1) Includes $11.3 million of mortgage debt assumed by the buyer, which is included in non-cash transactions on the Company’s combined consolidated statement of cash flows. (2) Excludes $0.3 million of gain on mortgage debt assumed by the buyer, which is included in realized gain on sale of real estate, net on the Company’s combined consolidated statement of cash flows. (3) Includes $39.8 million of mortgage debt assumed by the buyer, which is included in non-cash transactions on the Company’s combined consolidated statement of cash flows. (4) Excludes $1.1 million of gain on mortgage debt assumed by the buyer, which is included in realized gain on sale of real estate, net on the Company’s combined consolidated statement of cash flows. (5) Excludes $0.2 million loss on sale of fixed assets, which is included in realized gain on sale of real estate, net on the Company’s combined consolidated statements of income. The Company sold the following properties during the year ended December 31, 2014 ($ 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 16,754 15,643 1,111 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 10,168 8,724 1,444 1 — Various Condominium Las Vegas, NV 52,976 33,925 19,051 — 113 Various Condominium Miami, FL 23,003 18,310 4,693 — 72 Totals $ 123,444 $ 93,684 $ 29,760 The Company sold the following properties during the year ended December 31, 2013 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Various Condominium Las Vegas, NV $ 36,930 $ 23,365 $ 13,565 — 94 Totals $ 36,930 $ 23,365 $ 13,565 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 years ended December 31, 2015 and 2014 did 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 year ended December 31, 2015 , for the years ended December 31, 2015 , 2014 and 2013 ($ in thousands): Year Ended December 31, 2015 2014 2013 Operating lease income $ 6,449 $ 6,971 $ 2,159 Tenant recoveries 4,340 4,514 964 Depreciation and amortization (2,150 ) (3,651 ) (1,782 ) Income from properties sold $ 8,639 $ 7,834 $ 1,341 The following table summarizes income from the properties sold or classified as held for sale during the year ended December 31, 2014 , for the years ended December 31, 2014 and 2013 ($ in thousands): Year Ended December 31, 2014 2013 Operating lease income $ 3,377 $ 4,781 Tenant recoveries 278 296 Depreciation and amortization (2,212 ) (1,804 ) Income from properties sold $ 1,443 $ 3,273 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 2015 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2014 through the date of acquisition, the 2014 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2013 through the date of acquisition and the 2013 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2012 through the date of acquisition. 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): Year Ended December 31, 2015 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 80,465 $ 6,411 $ 86,876 Net income 146,134 3,620 149,754 Net loss attributable to noncontrolling interest in consolidated joint ventures (1,568 ) — (1,568 ) Net (income) loss attributable to noncontrolling interest in operating partnership (70,745 ) (1,694 ) (72,439 ) Net income attributable to Class A common shareholders 73,821 1,926 75,747 The Company recorded $8.1 million in revenues from its 2015 acquisitions for the year ended December 31, 2015 , which are included in operating lease income on the combined consolidated statements of income. Year Ended December 31, 2014 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 56,649 $ 34,446 $ 91,095 Net income 97,626 10,518 108,144 Net loss attributable to noncontrolling interest in consolidated joint ventures 370 257 627 Net (income) loss attributable to predecessor unitholders 12,628 — 12,628 Net (income) loss attributable to noncontrolling interest in operating partnership (66,437 ) (5,163 ) (71,600 ) Net income attributable to Class A common shareholders 44,187 5,612 49,799 The Company recorded $7.3 million in revenues from its 2014 acquisitions for the year ended December 31, 2014 , which are included in operating lease income on the combined consolidated statements of income. Year Ended December 31, 2013 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 37,395 $ 34,185 $ 71,580 Net income 188,733 4,881 193,614 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 1,098 (107 ) 991 Net (income) loss attributable to noncontrolling interest in operating partnership 189,831 95 189,926 The Company recorded $16.8 million in revenues from its 2013 acquisitions for the year ended December 31, 2013 , which are included in operating lease income on the combined consolidated statements of income. 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 were incurred on January 1, 2014, the properties acquired in 2014 as if they were incurred on January 1, 2013 and the properties acquired in 2013 as if they were incurred on January 1, 2012.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	6. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of December 31, 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 December 31, 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 $30.9 million . The Company has not provided financial support to this VIE that it was not previously contractually required to provide. In general, future costs of development not financed through a third party will be funded with capital contributions from the Company and its outside partner in accordance with their respective ownership percentages. The following is a summary of the Company’s investments in unconsolidated joint ventures, which we account for using the equity method, as of December 31, 2015 and 2014 ($ in thousands): Entity December 31, 2015 December 31, 2014 Ladder Capital Realty Income Partnership I LP $ 49 $ 3,898 Grace Lake JV, LLC 2,891 2,143 24 Second Avenue Holdings LLC 30,857 — Company’s investment in unconsolidated joint ventures $ 33,797 $ 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 years ended December 31, 2015 , 2014 and 2013 ($ in thousands): Year Ended December 31, Entity 2015 2014 2013 Ladder Capital Realty Income Partnership I LP $ 116 $ 1,090 $ 2,568 Grace Lake JV, LLC 823 900 635 24 Second Avenue Holdings LLC (568 ) — — Earnings (loss) from investment in unconsolidated joint ventures $ 371 $ 1,990 $ 3,203 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 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. 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 years ended December 31, 2015 , 2014 and 2013 , the Company recorded $77.4 thousand , $0.4 million and $0.8 million , respectively, in management fees, which is reflected in fee and other income in the combined consolidated statements of income. During the years ended December 31, 2015 and 2014 , there were no sales of loans to LCRIP I. During the year ended December 31, 2013 , the Company sold one loan to LCRIP I for aggregate proceeds of $17.2 million , which exceeded its carrying value by $0.1 million , and is included in sale of loans, net on the combined consolidated statements of operations. 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 years ended December 31, 2015 , 2014 and 2013 , 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 December 31, 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, LLC (“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. 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. 24 Second Avenue Holdings LLC On August 7, 2015 , the Company entered into a joint venture, 24 Second Avenue Holdings LLC (“24 Second Avenue”) with an operating partner 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 Company contributed $31.1 million for a 73.8% interest, with the operating partner holding the remaining 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 year ended December 31, 2015 , the Company recorded $0.6 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 year ended December 31, 2015 , the Company capitalized $0.3 million of interest expense, using a weighted average interest rate, which is recorded in investment in unconsolidated joint ventures in the combined consolidated balance sheets. Combined Summary Financial Information for Unconsolidated Joint Ventures The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2015 and 2014 ($ in thousands): December 31, 2015 December 31, 2014 Total assets $ 131,214 $ 118,762 Total liabilities 88,973 81,073 Partners’/members’ capital $ 42,241 $ 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 years ended December 31, 2015 , 2014 and 2013 ($ in thousands): Year Ended December 31, 2015 2014 2013 Total revenues $ 18,886 $ 26,059 $ 36,135 Total expenses 15,849 16,864 10,554 Net income (loss) $ 3,037 $ 9,195 $ 25,581

DEBT OBLIGATIONS

DEBT OBLIGATIONS	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	7. DEBT OBLIGATIONS The details of the Company’s debt obligations at December 31, 2015 and 2014 are as follows ($ in thousands): December 31, 2015 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2015(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 229,533 $ 370,467 2.08% - 2.93% 10/30/2016 (2) (3) $ 364,978 $ 366,676 Committed Loan Repurchase Facility 400,000 204,262 195,738 2.44% - 4.33% 4/10/2016 (4) (5) 299,714 342,307 (6) Committed Loan Repurchase Facility 450,000 269,779 180,221 2.58% - 4.33% 5/24/2016 (2) (3) 436,901 466,640 (7) Committed Loan Repurchase Facility 35,000 575 34,425 3.02% 10/24/2016 (8) (9) — 794 (10) Total Committed Loan Repurchase Facilities 1,485,000 704,149 780,851 1,101,593 1,176,417 Committed Securities Repurchase Facility 300,000 161,887 138,113 0.88% - 1.34% 10/31/2016 N/A (11) 193,530 193,530 Uncommitted Securities Repurchase Facility N/A (12) 394,719 N/A (12) 0.73% - 2.02% 1/2016 N/A (11) 458,615 458,615 Total Repurchase Facilities 1,785,000 1,260,755 918,964 1,753,738 1,828,562 Borrowings Under Credit Agreement 50,000 — 50,000 1/24/2016 N/A (13) — — Revolving Credit Facility 75,000 — 75,000 2/11/2017 (2) N/A (14) N/A (14) N/A (14) Mortgage Loan Financing 544,663 544,663 — 4.25% - 6.75% 2018 - 2025 N/A (15) 711,090 788,369 Borrowings from the FHLB 2,237,113 1,856,700 380,413 0.28% - 2.74% 2016 - 2024 N/A (13) 2,317,534 2,323,765 Senior Unsecured Notes 619,555 612,605 (16) — 5.875% - 7.375% 2017 -2021 N/A N/A (17) N/A (17) N/A (17) Total Debt Obligations $ 5,311,331 $ 4,274,723 $ 1,424,377 $ 4,782,362 $ 4,940,696 (1) December 31, 2015 London Interbank Offered Rate (“LIBOR”) rates are used to calculate interest rates for floating rate debt. (2) Two additional twelve -month periods at Company’s option. (3) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (4) Three additional 364 -day periods at Company’s option. (5) First mortgage and mezzanine commercial real estate loans. It does not include the real estate collateralizing such loans. (6) Includes $36.5 million of loans made to consolidated subsidiaries. (7) Includes $28.2 million of loans made to consolidated subsidiaries. (8) Two six -month extension periods. (9) First mortgage commercial real estate loans held for sale. It does not include the real estate collateralizing such loans. (10) Includes $0.8 million of loans made to consolidated subsidiaries. (11) Investment grade commercial real estate securities. It does not include the real estate collateralizing such securities. (12) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (13) First mortgage and mezzanine commercial real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities. (14) 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. (15) Using undepreciated carrying value of commercial real estate to approximate fair value. (16) Presented net of unamortized debt issuance costs of $6.9 million at December 31, 2015 . (17) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. December 31, 2014 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2014(1) Current Term Maturity Remaining Extension Options Eligible Collateral 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 (2) (3) $ 278,530 $ 279,921 Committed Loan Repurchase Facility 250,000 138,711 111,289 2.41% - 3.04% 4/10/2016 (4) (5) 144,858 145,749 Committed Loan Repurchase Facility 450,000 222,516 227,484 2.42% - 3.16% 5/26/2015 (2) (3) 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 (6) 214,617 214,617 Uncommitted Securities Repurchase Facility N/A (7) 747,789 N/A (6) 0.50% - 1.66% Various N/A (6) 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 (8) — — Borrowings Under Credit and Security Agreement 46,750 46,750 — 2.01% 10/6/2015 (9) (10) 54,775 55,000 Revolving Credit Facility 75,000 25,000 50,000 3.66% - 5.75% 2/11/2017 (2) 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 Borrowings from the FHLB 1,900,000 1,611,000 289,000 0.30% - 2.74% 2015 - 2024 N/A (8) 2,068,988 2,073,955 Senior Unsecured Notes 619,555 610,129 (13) — 5.875% - 7.375% 2017 -2021 N/A N/A (14) N/A (14) N/A (14) Total Debt Obligations $ 4,588,715 $ 4,182,954 $ 1,144,124 $ 4,593,410 $ 4,648,313 (1) December 31, 2014 London Interbank Offered Rate (“LIBOR”) rates are used to calculate interest rates for floating rate debt. (2) Two additional twelve -month periods at Company’s option. (3) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (4) One additional 364 -day period at Company’s option. (5) First mortgage and mezzanine commercial real estate loans. It does not include the real estate collateralizing such loans. (6) Investment grade commercial real estate securities. It does not include the real estate collateralizing such securities. (7) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (8) First mortgage and mezzanine commercial real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities. (9) One additional twelve -month period. (10) First mortgage commercial real estate loan. It does not include the real estate collateralizing such 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 carrying value of commercial real estate to approximate fair value. (13) Presented net of unamortized debt issuance costs of $9.4 million at December 31, 2014 . (14) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. Committed Loan and Securities Repurchase Facilities The Company has entered into multiple committed master repurchase agreements in order to finance its lending activities. The Company has entered into four committed master repurchase agreements, as outlined in the December 31, 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 December 31, 2015 and 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 . 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 six -month extension periods. On December 15, 2015, the Company executed an amendment of one of its credit facilities with a major banking institution, providing for, among other thing, changes to our financial covenants and an increase in the maximum advance rate on certain assets, subject to the buyer’s discretion. 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 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 December 31, 2015 and 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 those costs ratably over the term of each revolving debt arrangement. As of December 31, 2015 and 2014 , the amount of unamortized costs relating to such facilities are $3.4 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 years ended December 31, 2015 , 2014 and 2013 , the Company executed 51 , 5 and 16 term debt agreements, respectively, to finance properties in its real estate portfolio. 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 as of December 31, 2015 . These loans have carrying amounts of $544.7 million and $447.4 million , net of unamortized premiums of $6.1 million and $5.3 million at December 31, 2015 and 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 $0.9 million , $0.6 million and $0.5 million of premium amortization, which decreased interest expense, for the years ended December 31, 2015 , 2014 and 2013 , respectively. The loans are collateralized by real estate and related lease intangibles, net, of $711.1 million and $591.6 million as of December 31, 2015 and 2014 , respectively. Borrowings from the Federal Home Loan Bank (“FHLB”) On July 11, 2012, Tuebor 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 lowest of $2.9 billion , 40% of Ladder Capital Corp’s total assets or 150% of Ladder Capital Corp’s total equity. As of December 31, 2015 , Tuebor had $1.9 billion of borrowings outstanding (with an additional $380.4 million of committed term financing available from the FHLB), with terms of overnight to eight years (with a weighted average of 1.4 years ), interest rates of 0.28% to 2.74% (with a weighted average of 0.84% ), and advance rates of 58.7% to 95.2% of the collateral. As of December 31, 2015 , collateral for the borrowings was comprised of $1.7 billion of CMBS and U.S. Agency Securities and $568.2 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 $404.0 million of the member’s capital were restricted from transfer to Tuebor’s parent without prior approval of state insurance regulators at December 31, 2015 . On January 20, 2016, the Federal Housing Finance Agency (the “FHFA’’), regulator of the FHLB, published a final rule in the Federal Register amending its regulation regarding the eligibility of captive insurance companies for FHLB membership. The final rule was effective February 19, 2016. According to the final rule, Ladder’s captive insurance company subsidiary, Tuebor may remain as a member of the FHLB through February 19, 2021 (the “Transition Period”). During the Transition Period, Tuebor is eligible to continue to draw new additional advances, extend the maturities of existing advances, and pay off outstanding advances on the same terms as non-captive insurance company FHLB members with two exceptions: 1. New advances (including any existing advances that are extended during the Transition Period) will have maturity dates on or before February 19, 2021, and 2. The FHLB will make new advances to Tuebor subject to a requirement that Tuebor’s total outstanding advances do not exceed forty percent of Tuebor’s total assets. Tuebor has executed new advances since the effective date of the new rule in the ordinary course of business. Senior Unsecured Notes 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 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. Ladder Capital Corp is the general partner of LCFH and, through LCFH and its subsidiaries, operates the Ladder Capital business. As of December 31, 2015 , Ladder Capital Corp has a 55.6% economic interest in LCFH, and has a majority voting interest and controls the management of LCFH as a result of its ability to appoint board members. As a result, Ladder Capital Corp consolidates the financial results of LCFH and records noncontrolling interest for the economic interest in LCFH held by the Continuing LCFH Limited Partners. In addition, Ladder Capital Corp, through certain subsidiaries which are treated as taxable REIT subsidiaries (each a “TRS”), is indirectly subject to U.S. federal, state and local income taxes. Other than the noncontrolling interest in the Operating Partnership and federal, state and local income taxes, there are no material differences between Ladder Capital Corp’s combined consolidated financial statements and LCFH’s consolidated financial statements. 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 $6.9 million are included in senior unsecured notes as of December 31, 2015 and unamortized debt issuance costs of $9.4 million are included in senior unsecured notes as of December 31, 2014 (previously included in other assets on the combined consolidated balance sheets) Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by Maturity (1) 2016 $ 2,534,105 2017 562,969 2018 89,016 2019 27,968 2020 113,802 Thereafter 947,761 Total $ 4,275,621 (1) Contractual payments under current maturities, some of which are subject to extensions. 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 December 31, 2015 .

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	8. 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 December 31, 2015 and 2014 are as follows ($ in thousands): December 31, 2015 Weighted Average Outstanding Face Amount Amortized Cost Basis Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 1,972,492 $ 1,994,928 $ 1,991,506 Internal model, third-party inputs 2.59 % 3.15 CMBS interest-only(1) 7,436,379 (2) 348,222 344,423 Internal model, third-party inputs 3.81 % 3.34 GNMA interest-only(3) 632,175 (2) 28,311 26,194 Internal model, third-party inputs 4.26 % 5.22 GN construction securities(1) 27,091 27,581 28,639 Internal model, third-party inputs 3.86 % 9.33 GN permanent securities(1) 16,249 16,685 16,455 Internal model, third-party inputs 3.94 % 5.43 Mortgage loan receivable held for investment, at amortized cost 1,749,556 1,738,645 1,756,774 Discounted Cash Flow(4) 7.56 % 1.38 Mortgage loan receivable held for sale 571,638 571,764 582,277 Internal model, third-party inputs(5) 4.56 % 6.20 FHLB stock(6) 77,915 77,915 77,915 (6) 3.50 % N/A Nonhedge derivatives(1)(7) 868,700 N/A 2,821 Counterparty quotations N/A 0.69 Liabilities: Repurchase agreements - short-term 1,224,942 1,224,942 1,224,942 Discounted Cash Flow(8) 1.67 % 0.43 Repurchase agreements - long-term 35,814 35,813 35,814 Discounted Cash Flow(9) 1.87 % 1.40 Mortgage loan financing 540,764 544,663 557,841 Discounted Cash Flow(9) 4.86 % 7.93 Borrowings from the FHLB 1,856,700 1,856,700 1,861,584 Discounted Cash Flow 0.84 % 1.42 Senior unsecured notes 619,555 612,605 591,357 Broker quotations, pricing services 6.65 % 3.61 Nonhedge derivatives(1)(7) 374,200 N/A 5,504 Counterparty quotations N/A 3.42 (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) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) 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. (5) 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. (6) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (7) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (8) 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. (9) 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. 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 $ 2,305,410 Internal model, third-party inputs 2.60 % 4.23 CMBS interest-only(1) 7,239,503 (2) 376,085 378,335 Internal model, third-party inputs 4.88 % 3.45 GNMA interest-only(3) 1,400,141 (2) 67,544 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(4) 7.33 % 1.96 Mortgage loan receivable held for sale 417,955 417,955 421,991 Internal model, third-party inputs(5) 4.31 % 9.72 FHLB stock(6) 72,340 72,340 72,340 (6) 3.50 % N/A Nonhedge derivatives(1)(7) 125,050 N/A 423 Counterparty quotations N/A 3.45 Liabilities: Repurchase agreements - short-term 1,331,603 1,331,603 1,331,603 Discounted Cash Flow(8) 1.32 % 0.23 Repurchase agreements - long-term 100,062 100,062 100,062 Discounted Cash Flow(9) 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(9) 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 619,555 610,129 611,745 Broker quotations, pricing services 6.65 % 4.61 Nonhedge derivatives(1)(7) 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) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) 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. (5) 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. (6) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (7) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (8) 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. (9) 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. (10) Fair value for borrowings under the Credit Agreement, the Credit and Security Agreement and the Revolving Credit Facility are estimated to approximate their 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 December 31, 2015 and 2014 ($ in thousands): December 31, 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) $ 1,972,492 $ — $ — $ 1,991,506 $ 1,991,506 CMBS interest-only(1) 7,436,379 (2) — — 344,423 344,423 GNMA interest-only(3) 632,175 (2) — — 26,194 26,194 GN construction securities(1) 27,091 — — 28,639 28,639 GN permanent securities(1) 16,249 — — 16,455 16,455 Nonhedge derivatives(4) 868,700 — 2,821 — 2,821 $ — $ 2,821 $ 2,407,217 $ 2,410,038 Liabilities: Nonhedge derivatives(4) 374,200 $ — $ 5,504 $ — $ 5,504 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 $ 1,749,556 $ — $ — $ 1,756,774 $ 1,756,774 Mortgage loan receivable held for sale 571,638 — — 582,277 582,277 FHLB stock 77,915 — — 77,915 77,915 $ — $ — $ 2,416,966 $ 2,416,966 Liabilities: 0 Repurchase agreements - short-term 1,224,942 $ — $ — $ 1,224,942 $ 1,224,942 Repurchase agreements - long-term 35,814 — — 35,814 35,814 Mortgage loan financing 540,764 — — 557,841 557,841 Borrowings from the FHLB 1,856,700 — — 1,861,584 1,861,584 Senior unsecured notes 619,555 — — 591,357 591,357 $ — $ — $ 4,271,538 $ 4,271,538 (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) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (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 $ — $ — $ 2,305,410 $ 2,305,410 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 — 423 — 423 $ — $ 132,244 $ 2,683,745 $ 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) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (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 years ended December 31, 2015 and 2014 ($ in thousands): Level 3 2015 2014 Balance at January 1, $ 2,683,745 $ — Transfer from level 2 86,576 1,422,996 Purchases 720,010 2,121,503 Sales (839,868 ) (692,306 ) Paydowns/maturities (160,612 ) (155,525 ) Amortization of premium/discount (70,763 ) (60,992 ) Unrealized gain/(loss) (36,610 ) 19,769 Realized gain/(loss) on sale 24,739 28,300 Balance at December 31, $ 2,407,217 $ 2,683,745 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): December 31, 2015 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 1,991,506 Discounted cash flow Yield (4) — % 2.19 % 9.21 % Duration (years)(5) 0.00 4.06 7.91 CMBS interest-only (1) 344,423 (2) Discounted cash flow Yield (4) 0.09 % 4.13 % 4.51 % Duration (years)(5) 1.90 3.30 4.24 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only (3) 26,194 (2) Discounted cash flow Yield (4) — % 9.21 % 10 % Duration (years)(5) 0.32 2.41 5.18 Prepayment speed (CPJ)(5) 5.00 14.57 35.00 GN construction securities (1) 28,639 Discounted cash flow Yield (4) 0.58 % 3.47 % 3.51 % Duration (years)(5) 0.00 10.34 10.48 GN permanent securities (1) 16,455 Discounted cash flow Yield (4) — % 3.25 % 6.62 % Duration (years)(5) 1.66 5.72 7.21 Total $ 2,407,217 (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. December 31, 2014 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 2,305,410 Discounted cash flow Yield (3) (13.06 )% 2.36 % 5.49 % Duration (years)(4) 0.00 4.68 8.26 CMBS interest-only (1) 378,335 (2) Discounted cash flow Yield (3) (27.49 )% (4.93 )% 23.32 % Duration (years)(4) 0.49 3.50 4.73 Prepayment speed (CPY)(4) 100.00 100.00 100.00 Total $ 2,683,745 (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. Sensitivity of the Fair Value to Changes in the Unobservable Inputs (3) Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement. (4) 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	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	9. 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 December 31, 2015 and December 31, 2014 ($ in thousands): December 31, 2015 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Futures 5-year Swap $ 670,100 $ 2,122 $ — 0.25 10-year Swap 477,900 463 1,451 0.25 5-year U.S. Treasury Note 800 3 — 0.25 10-year U.S. Treasury Note 600 3 — 0.25 Total futures 1,149,400 2,591 1,451 Swaps 3MO LIBOR 50,000 — 3,686 4.72 Credit Derivatives CMBX 10,000 230 — 5.59 CDX 33,500 — 367 2.92 Total credit derivatives 43,500 230 367 Total derivatives $ 1,242,900 $ 2,821 $ 5,504 (1) Shown as derivative instruments, at fair value, in the accompanying combined consolidated balance sheets. 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 years ended December 31, 2015 , 2014 and 2013 ($ in thousands): Year Ended December 31, 2015 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ 9,214 $ (46,816 ) $ (37,602 ) Swaps 661 (1,992 ) (1,331 ) Credit Derivatives 307 (311 ) (4 ) Total $ 10,182 $ (49,119 ) $ (38,937 ) Year Ended December 31, 2014 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Caps $ — $ (7 ) $ (7 ) Futures $ (16,065 ) $ (74,946 ) $ (91,011 ) Swaps 1,780 (5,161 ) (3,381 ) Credit Derivatives (86 ) (313 ) (399 ) Total $ (14,371 ) $ (80,427 ) $ (94,798 ) Year Ended December 31, 2013 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Caps $ — $ — $ — Futures $ 4,420 $ 19,998 $ 24,418 Swaps 11,288 (4,834 ) 6,454 Credit Derivatives (1,680 ) (1,117 ) (2,797 ) Total $ 14,028 $ 14,047 $ 28,075 The Company’s counterparties held $18.9 million and $35.8 million of cash margin as collateral for derivatives as of December 31, 2015 and 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 December 31, 2015 and 2014 , the Company was in compliance with these requirements and not in default on its indebtedness. As of December 31, 2015 and 2014 , there was $5.9 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	12 Months Ended
	Dec. 31, 2015
Offsetting [Abstract]
OFFSETTING ASSETS AND LIABILITIES	10. 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 December 31, 2015 and 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 December 31, 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 $ 2,821 $ — $ 2,821 $ — $ — $ 2,821 Total $ 2,821 $ — $ 2,821 $ — $ — $ 2,821 (1) Included in cash collateral held by broker on combined consolidated balance sheets. As of December 31, 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 $ 5,504 $ — $ 5,504 $ — $ 5,504 — Repurchase agreements 1,260,755 — 1,260,755 1,260,755 — — Total $ 1,266,259 $ — $ 1,266,259 $ 1,260,755 $ 5,504 $ — (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 (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 1,431,665 — 1,431,665 1,431,665 — — Total $ 1,445,110 $ — $ 1,445,110 $ 1,431,665 $ 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 December 31, 2015 and 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	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
EQUITY STRUCTURE AND ACCOUNTS	11. 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. As part of the REIT Structuring Transactions described in Note 1, the provisions for exchange for Class A Common Stock were amended to require (for each share of the Class A Common to be received) the exchanging party 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. During the year ended December 31, 2015 , 3,586,546 Series REIT LP Units and 3,586,546 Series TRS LP Units were collectively exchanged for 3,586,546 shares of Class A common stock and 3,586,546 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. Stock Repurchases Our Board Authorization Policy, adopted by the board of directors on October 30, 2014, authorizes the Company to make up to $50.0 million in repurchases of the Company’s Class A common stock from time to time without further approval. Stock repurchases by the Company are generally made for cash in open market transactions at prevailing market prices but may also be made in privately negotiated transactions or otherwise. The timing and amount of purchases are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. As of December 31, 2015 , the Company has a remaining amount available for repurchase of $49.0 million , which represents 7.1% in the aggregate of its outstanding Class A common stock, based on the closing price of $12.42 per share on such date. The following table is a summary of the Company’s repurchase activity of its Class A common stock during the year ended December 31, 2015 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2014 $ 50,000 Additional authorizations — Repurchases paid 84,203 (994 ) Repurchases unsettled — Authorizations remaining as of December 31, 2015 $ 49,006 (1) Amount excludes commissions paid associated with share repurchases. Dividends In order for the Company to maintain its qualification as a REIT under the Code, it must annually distribute at least 90% of its taxable income and, for 2015, must distribute its undistributed accumulated earnings and profits attributable to taxable periods prior to January 1, 2015 (the “E&P Distribution”). The Company has therefore paid and in the future intends to declare regular quarterly distributions to its shareholders in an amount approximating our net taxable income. Pursuant to the Company’s Private Letter Ruling it may, subject to a cash/stock election by its shareholders, pay a portion of its dividends in stock, to provide for meaningful capital retention; however, the REIT distribution requirements limit its ability to retain earnings and thereby replenish or increase capital for operations. The timing and amount of future distributions is based on a number of factors, including, among other things, the Company’s future operations and earnings, capital requirements and surplus, general financial condition and contractual restrictions. All dividend declarations are subject to the approval of the Company’s board of directors. Generally, the Company expects its distributions to be taxable as ordinary dividends to its shareholders, whether paid in cash or a combination of cash and common stock, and not as a tax-free return of capital or a capital gain. The Company believes that its significant capital resources and access to financing will provide it with financial flexibility at levels sufficient to meet current and anticipated capital requirements, including funding new investment opportunities, paying distributions to its shareholders and servicing our debt obligations. The following table presents dividends declared (on a per share basis) of Class A common stock for the year ended December 31, 2015 : Declaration Date Dividend per Share March 12, 2015 $ 0.250 June 8, 2015 0.250 September 1, 2015 0.275 December 1, 2015 1.450 (1) Total $ 2.225 (1) On November 30, 2015 , our board of directors approved the fourth quarter 2015 dividend of $1.45 per share of our Class A common stock in order to meet our annual REIT taxable income distribution requirement and our one time E&P Distribution requirement. The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the year ended December 31, 2015 : Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends (1) Capital Gain Unrecaptured 1250 Gain (2) April 6, 2015 April 15, 2015 $ 0.250 $ 0.250 $ 0.250 $ — $ — June 15, 2015 July 1, 2015 0.250 0.250 0.250 — — September 10, 2015 October 1, 2015 0.275 0.275 0.275 — — December 10, 2015 January 21, 2016 (3) 1.450 1.306 0.156 0.144 0.020 Total $ 2.225 $ 2.081 $ 0.931 $ 0.144 $ 0.020 (1) The fourth quarter dividend paid on January 21, 2016 is considered a 2015 dividend for U.S. federal income tax purposes. (2) For 2015 , Qualified Dividends represents the portion of total Ordinary Dividends which constitutes "qualified dividend income", as defined by the Internal Revenue Code. (3) For 2015 , Unrecaptured 1250 Gain represents the portion of total Capital Gain which constitutes gain required to be taxed as "Unrecaptured Section 1250 Gain", as defined by the Internal Revenue Code. Stock Dividend and Distribution of Accumulated Earnings and Profits In order to qualify as a REIT the Company must annually distribute at least 90% of its taxable income. In addition, the Company is required to make a one-time distribution of its undistributed accumulated earnings and profits attributable to taxable periods ending prior to January 1, 2015 (the “E&P Distribution”). The E&P Distribution requirement was $48.3 million or $0.90 per share. Pursuant to the terms of an IRS private letter ruling (the “Private Letter Ruling”), the Company elected, subject to the cash/stock election by its shareholders described below, to pay its fourth quarter dividend in a mix of cash and stock and have such dividend be treated as a taxable distribution to its shareholders for U.S. federal income tax purposes. In order to comply with the Private Letter Ruling, shareholders had the option to elect to receive the fourth quarter 2015 dividend in all cash (a “Cash Election”), or all shares of Ladder’s Class A common stock (a “Share Election”). Shareholders who did not return an election form, or who otherwise failed to properly complete an election form, were deemed to have made a Share Election. The total amount of cash paid to all shareholders was limited to a maximum of 20% of the total value of the fourth quarter 2015 dividend (the “Cash Amount”). The aggregate amount of the dividend owed to shareholders who made Cash Elections exceeded the Cash Amount, and accordingly, the Cash Amount was prorated among such shareholders, with the remaining portion of the fourth quarter 2015 dividend paid to such shareholders in shares of Ladder’s Class A common stock plus cash in lieu of any fractional shares. Shareholders making Stock Elections received the full amount of the dividend in shares of Ladder’s Class A common stock plus cash in lieu of any fractional shares. The Company believes that the total value of its 2015 dividends was sufficient to fully distribute its 2015 taxable income and its accumulated earnings and profits. Changes in Accumulated Other Comprehensive Income The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the carrying value of CMBS for the year ended December 31, 2015 ($ in thousands): Accumulated Other Comprehensive Income (Loss) 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) (20,046 ) (16,499 ) (36,545 ) Exchange of noncontrolling interest for common stock 645 (645 ) — Rebalancing of ownership percentage between Company and Operating Partnership 189 (189 ) — December 31, 2015 $ (3,556 ) $ (2,839 ) $ (6,395 ) 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 Amended and Restated Limited Liability Limited Partnership 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 U.S. 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 U.S. federal, state and local income tax rate applicable to an individual residing in New York, NY, taking into account for U.S. 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	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	12. 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 year ended December 31, 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 $0.5 million as of December 31, 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 U.S. 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 U.S. 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 U.S. 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. In addition, to the extent the Company requires an additional distribution from LCFH in excess of its quarterly tax distribution in order to pay its quarterly dividend, LCFH will be required to make a corresponding distribution to each of its partners (other than the Company) on a pro-rata basis. 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 seven 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, one shopping center 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	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	13. EARNINGS PER SHARE The Company’s net income and weighted average shares outstanding for the year ended December 31, 2015 and the period February 11, 2014 through December 31, 2014 consist of the following: ($ in thousands except share amounts) For the Year Ended December 31, 2015 For the Period February 11, 2014 through December 31, 2014 Basic Net income available for Class A common shareholders $ 73,821 $ 44,187 Diluted Net income available for Class A common shareholders $ 73,821 $ 84,228 Weighted average shares outstanding Basic 51,702,188 49,296,417 Diluted 51,870,808 97,583,310 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 year ended December 31, 2015 and the period February 11, 2014 through December 31, 2014 are described and presented below. Basic Net Income per Share Numerator: utilizes net income available for Class A common shareholders for the year ended December 31, 2015 and the period February 11, 2014 through December 31, 2014 , respectively. Denominator: utilizes the weighted average shares of Class A common stock for the year ended December 31, 2015 and the period February 11, 2014 through December 31, 2014 , respectively. Diluted Net Income per Share Numerator: utilizes net income available for Class A common shareholders for the year ended December 31, 2015 and the period February 11, 2014 through December 31, 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 year ended December 31, 2015 and the period February 11, 2014 through December 31, 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 Year Ended December 31, 2015 For the Period February 11, 2014 through December 31, 2014 Basic Net Income Per Share of Class A Common Stock Numerator: Net income attributable to Class A common shareholders $ 73,821 $ 44,187 Denominator: Weighted average number of shares of Class A common stock outstanding 51,702,188 49,296,417 Basic net income per share of Class A common stock $ 1.43 $ 0.90 Diluted Net Income Per Share of Class A Common Stock Numerator: Net income attributable to Class A common shareholders $ 73,821 $ 44,187 Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) — 66,437 Additional corporate tax (expense) benefit — (26,396 ) Diluted net income attributable to Class A common shareholders $ 73,821 $ 84,228 Denominator: Basic weighted average number of shares of Class A common stock outstanding 51,702,188 49,296,417 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders — 48,145,875 Incremental shares of unvested Class A restricted stock 168,620 141,018 Diluted weighted average number of shares of Class A common stock outstanding 51,870,808 97,583,310 Diluted net income per share of Class A common stock $ 1.42 $ 0.86 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	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK BASED COMPENSATION PLANS	14. 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 and Series Units pursuant to the REIT Structuring Transactions. Post-IPO incentive-based compensation is governed by the 2014 Omnibus Incentive Plan discussed below. 2014 Omnibus Incentive Plan In connection with the IPO Transactions, the 2014 Ladder Capital Corp Incentive Equity Plan (the “2014 Omnibus Incentive Plan”) was adopted by the board of directors on February 11, 2014, and provides certain members of management, employees and directors of the Company or any other Ladder Company (as defined in the 2008 Plan) with additional incentives including grants of stock options, stock appreciation rights, restricted stock, other stock-based awards and other cash-based awards. 2014 Restricted Stock Awards in Connection with the IPO Transactions In connection with the IPO Transactions, restricted stock awards were granted to members of management and certain employees (the “Grantees”) with an aggregate value of $27.5 million which represents 1,619,865 shares of restricted Class A common stock. Fifty percent of each restricted stock award granted in connection with the offering was made subject to time-based vesting criteria, and the remaining 50% of each restricted stock award subject to specified performance-based vesting criteria. The time-vesting restricted stock granted to Brian Harris was scheduled to vest in three equal installments on each of the first three anniversaries of the date of grant, subject to his continued employment on the applicable vesting dates. Twenty-five percent of the time-vesting restricted stock granted to the other Grantees was scheduled to vest in full on the 18 -month anniversary of the date of grant and the remaining 75% was scheduled to vest in full on the three -year anniversary of the date of grant, subject to continued employment on the applicable vesting date. The performance-vesting restricted stock was scheduled to vest in three equal installments on December 31 of each of 2014, 2015 and 2016 if the Company achieves a return on equity, based on core earnings divided by the Company’s average book value of equity, equal to or greater than 8% for such year (the “Performance Target”). If the Company misses the Performance Target during either the first or second calendar year but meets the Performance Target for a subsequent year during the three -year performance period and the Company’s return on equity for such subsequent year and any years for which it missed its Performance Target equals or exceeds the compounded return on equity of 8% , based on core earnings divided by the Company’s average book value of equity, the performance-vesting restricted stock which failed to vest because the Company previously missed its Performance Target will vest on the last day of such subsequent year. If the term “core earnings” is no longer used in the Company’s SEC filings and approved by the compensation committee, then the Performance Target will be calculated using such other pre-tax performance measurement defined in the Company’s SEC filings, as determined by the compensation committee. The Company has elected to recognize the compensation expense related to the time-based vesting criteria for the entire award on a straight-line basis over the requisite service period. We feel that this aligns the compensation expense with the obligation of the Company. As such, the compensation expense related to the upfront grants to directors, officers and certain employees in connection with the IPO shall be recognized as follows: 1. Compensation expense for restricted stock subject to time-based vesting criteria granted to Brian Harris will be expensed 1/3 each year, for three years , on an annual basis following such grant 2. Compensation expense for restricted stock subject to time-based vesting criteria granted to directors will be expensed 1/3 each year, for three years on an annual basis following such grant 3. Compensation expense for restricted stock subject to time-based vesting criteria granted to officers other than Mr. Harris, and to certain employees will be expensed 1/3 each year, for three years on an annual basis following such grant. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. Upon termination of a Grantee’s employment of service due to death or disability, and, in the case of Mr. Harris, by the Company without Cause or by Mr. Harris for Good Reason (each, as defined in the 2014 Omnibus Incentive Plan), the Grantee’s time-vesting restricted stock will accelerate and vest in full, and the Grantee’s unvested performance-vesting restricted stock will remain outstanding for the performance period and will vest to the extent the Company meets the Performance Target, including via the catch up provision described above. Upon a change in control (as defined in the 2014 Omnibus Incentive Plan) all restricted stock will become fully vested, if (1) the Grantee continues to be employed through the closing of the change in control or (2) after the signing of definitive documentation related to the change in control but prior to its closing, Grantee’s employment is terminated without cause or due to death or disability or Grantee resigns for good reason. The compensation committee retains the right, in its sole discretion, to provide for the accelerated vesting (in whole or in part) of the restricted stock awards granted in connection with the IPO Transactions. In connection with the IPO Transactions, Alan Fishman and each of Joel C. Peterson and Douglas Durst, who were appointed to the board of directors in connection with such transactions, received an initial restricted stock award with a grant date fair value of $1.0 million , $0.1 million and $0.1 million , respectively, which represents an aggregate of 67,648 shares of restricted Class A common stock. The grants were scheduled to vest in three equal installments on each of the first three anniversaries of the date of such grants, and each will receive an annual restricted stock award with a grant date fair value of $50.0 thousand , which will vest in full on the one -year anniversary of the date of grant, with both such awards subject to continued service on the board of directors. Messrs. Peterson and Durst will also receive a $75.0 thousand annual cash payment for their service on the board of directors. Additionally, certain directors may receive $15.0 thousand annually for service as a chairperson of the audit committee or compensation committee and $10.0 thousand for service as a chairperson of the nominating and corporate governance committee, with all or a portion of such fee payable to an applicable director in cash or restricted stock (with a grant date fair value equal to such amount payable) at the election of such director. 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 $0.5 million , 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 schedule, 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 described above. 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 $12.6 million 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 $1.4 million , 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 each received Annual Restricted Stock Awards with a grant date fair value of $0.1 million , 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 60 (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 $0.1 million , 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 three years on an annual basis following such grant. The Company recognized equity-based compensation expense of $13.8 million , $14.5 million and $2.9 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. A summary of the grants is presented below ($ in thousands): Year Ended December 31, 2015 2014 2013 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 — — — — Grants - Series B Participating Preferred Units — — — — 7,613 1,157 Amortization to compensation expense Predecessor compensation expense $ — $ (290 ) $ (2,881 ) LP Units compensation expense (124 ) (2,052 ) — Ladder compensation expense (13,664 ) (12,109 ) — Total amortization to compensation expense $ (13,788 ) $ (14,451 ) $ (2,881 ) The table below presents the number of unvested shares and outstanding stock options at December 31, 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 (588,343 ) (7,559 ) Forfeited (188,054 ) (69,070 ) — Expired — Nonvested/Outstanding at December 31, 2015 1,334,369 601,186 504 Exercisable at December 31, 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 December 31, 2015 there was $13.2 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 30 months , with a weighted-average remaining vesting period of 19.6 months . Phantom Equity Investment Plan LCFH maintains a Phantom Equity Investment Plan, effective on June 30, 2011 (the “Phantom Equity Plan”) in which certain eligible employees of LCFH, LCF and their subsidiaries participate. On July 3, 2014, the Board of Directors froze the Phantom Equity Plan, as further described below. The Phantom Equity Plan is an annual deferred compensation plan pursuant to which participants could elect, or in some cases, non-management participants could be required, depending upon the participant’s specific level of compensation, to defer all or a portion of their annual cash performance-based bonuses as elective or mandatory contributions. Generally, if a participant’s total compensation was in excess of a certain threshold, a portion of such participant’s annual bonus, was required to be deferred into the Phantom Equity Plan. Otherwise, amounts could be deferred into the Phantom Equity Plan at the election of the participant, so long as such election was timely made in accordance with the terms and procedures of the Phantom Equity Plan. In the event that a participant elected to (or was required to) defer a portion of his or her compensation pursuant to the Phantom Equity Plan, such amount was not paid to the participant and was instead credited to such participant’s notional account under the Phantom Equity Plan. Prior to the closing of our IPO, such amounts were invested, on a phantom basis, in the Series B Participating Preferred Units issued by LCFH until such amounts were eventually paid to the participant pursuant to the Phantom Equity Plan. Following our IPO, as described below, such amounts were invested on a phantom basis in shares of the Company’s Class A common stock. Mandatory contributions are subject to one-third vesting over a three year period following the applicable Phantom Equity Plan year in which the related compensation was earned. Elective contributions were immediately vested upon contribution. Unvested amounts are generally forfeited upon the participant’s involuntary termination for cause, a voluntary termination for which the participant’s employer would have grounds to terminate the participant for cause or a voluntary termination within one year of which the participant obtains employment with a financial services organization. The date that the amounts deferred into the Phantom Equity Plan are paid to a participant depends upon whether such deferral is a mandatory deferral or an elective deferral. Elective deferrals are paid upon the earliest to occur of (1) a change in control (as defined in the Phantom Equity Plan), (2) the end of the participant’s employment, or (3) December 31, 2017. The vested amounts of the mandatory contributions are paid upon the first to occur of (1) a change in control and (2) the first to occur of (x) December 31, 2017 or (y) the date of payment of the annual bonus payments following December 31 of the third calendar year following the applicable plan year to which the underlying deferred annual bonus relates. The Company could elect to make, and did make, payments pursuant to the Phantom Equity Plan in the form of cash in an amount equal to the then fair market value of such shares of the Company’s Class A common stock (or, prior to our IPO, the Series B Participating Preferred Units), and on May 14, 2014, the Compensation Committee made a global election to make all payments pursuant to the Phantom Equity Plan in the form of cash. Mandatory contributions that were paid at the time specified in 2(y) above were made in cash. Upon the closing of our IPO, each participant in the Phantom Equity Plan had his or her notional interest in LCFH’s Series B Participating Preferred Units converted into a notional interest in the Company’s Class A common stock, which notional conversion was based on the issuance price of our Class A common stock at the time of the IPO. On July 3, 2014, the board of directors froze the Phantom Equity Plan, effective as of such date, so that there will neither be future participants in the Phantom Equity Plan nor additional amounts contributed to any accounts outstanding under the Phantom Equity Plan. Amounts previously outstanding under the Phantom Equity Plan will be paid in accordance with their original payment terms, including limiting payment to the dates and events specified above. In connection with freezing the Phantom Equity Plan, the board of directors also updated the definition of fair market value for purposes of measuring the value of its Class A Common Stock, to provide that, generally, such value would be the closing price of such stock on the principal national securities exchange on which it is then traded. As of December 31, 2015 , there are 555,318 phantom units outstanding, of which 60,899 are unvested, resulting in a liability of $6.9 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 amended and restated on March 17, 2015 (the “2014 Deferred Compensation Plan”), in which certain eligible employees participate. Pursuant to the 2014 Deferred Compensation Plan, participants may elect, or in some cases non-management participants 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. In the event that a participant elects to (or is required to) defer a portion of his or her compensation pursuant to the 2014 Deferred Compensation Plan, such amount is not paid to the participant and is instead credited to such participant’s notional account under the 2014 Deferred Compensation Plan. Such amounts are then invested on a phantom basis in Class A common stock of the Company, or the phantom units, and a participant’s account is credited with any dividends or other distributions received by holders of Class A common stock of the Company, which are subject to the same vesting and payment conditions as the applicable contributions. Elective contributions are immediately vested upon contribution. Mandatory contributions are subject to one-third vesting over a three -year period on a straight-line basis following the applicable year in which the related compensation was earned. If a participant’s employment with the Company is terminated by the Company other than for cause and such termination is within six months following a change in control (each, as defined in the 2014 Deferred Compensation Plan), then the participant will fully vest in his or her unvested account balances. Furthermore, the unvested account balances will fully vest in the event of the participant’s death, disability, retirement (as defined in the 2014 Deferred Compensation Plan) or in the event of certain hostile takeovers of the board of directors of the Company. In the event that a participant’s employment is terminated by the Company other than for cause, the participant will vest in the portion of the participant’s account that would have vested had the participant remained employed through the end of the year in which such termination occurs, subject to, in such case or in the case of retirement, the participant’s timely execution of a general release of claims in favor of the Company. Unvested amounts are otherwise generally forfeited upon the participant’s resignation or termination of employment, and vested mandatory contributions are generally forfeited upon the participant’s termination for cause. Amounts deferred into the 2014 Deferred Compensation Plan are paid upon the earliest to occur of (1) a change in control, (2) within sixty ( 60 ) days following the end of the participant’s employment with the Company, or (3) the date of payment of the annual bonus payments following December 31 of the third calendar year following the applicable year to which the underlying deferred annual compensation relates. Payment is made in cash equal to the fair market value of the number of phantom units credited to a participant’s account, provided that, if the participant’s termination was by the Company for cause or was a voluntary resignation other than on account of such participant’s retirement, the amount paid is based on the lowest fair market value of a share of Class A common stock during the forty-five day period following such termination of employment. The amount of the final cash payment may be more or less than the amount initially deferred into the 2014 Deferred Compensation Plan, depending upon the change in the value of the Class A common stock of the Company during such period. In February 2015, Company employees contributed $3.4 million to the Plan. As of December 31, 2015 , there are 131,901 phantom units outstanding, of which 87,934 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 10, 2016 , the compensation committee of the board of directors of Ladder Capital Corp approved 2015 bonus payments to employees, including officers, totaling $46.8 million , which included $10.3 million of equity based compensation. The bonuses were accrued for as of December 31, 2015 and paid to employees in full on February 17, 2016 . During the years ended December 31, 2015 , 2014 and 2013 , the Company recorded compensation expense of $34.4 million , $47.8 million and $44.1 million , respectively, related to bonuses.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	15. INCOME TAXES Prior to February 11, 2014, the Company had not been subject to U.S. federal income taxes as the predecessor entity is a Limited Liability Limited Partnership (“LLLP”), but had been subject to the New York City Unincorporated Business Tax (“NYC UBT”). As a result of the IPO, a portion of the Company’s income was subject to U.S. 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 other than as described below. Certain of the Company’s subsidiaries have elected to be treated as taxable REIT subsidiaries (“TRSs”). TRSs permit the Company to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Code, and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, the Company will continue to maintain its qualification as a REIT. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in TRSs. Components of the provision for income taxes consist of the following ($ in thousands): Year Ended December 31, 2015 2014 Current expense (benefit) U.S. Federal $ 9,020 $ 23,609 State and local 2,637 10,170 Total current expense (benefit) 11,657 33,779 Deferred expense (benefit) U.S. Federal 2,247 (4,357 ) State and local 653 (2,817 ) Total deferred expense (benefit) 2,900 (7,174 ) Provision for Income tax expense (benefit) $ 14,557 $ 26,605 There were $4.3 million corporate taxes payable (receivable) as of December 31, 2015 . Corporate taxes payable (receivable) as of December 31, 2014 were $0.8 million . There were $1.1 million NYC UBT taxes payable (receivable) at December 31, 2015 . NYC UBT taxes payable (receivable) at December 31, 2014 were $0.1 million . Prepaid corporate taxes as of December 31, 2015 and 2014 were $12.5 million and $12.5 million , respectively. A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2015 and 2014 is as follows: Year Ended December 31, 2015 2014 US statutory tax rate 35.00 % 35.00 % REIT income not subject to corporate income tax (32.37 )% — % Increase due to state and local taxes 1.40 % 3.78 % Deferred tax asset write-off upon conversion to REIT 1.44 % — % Change in valuation allowance 3.29 % — % Other 0.39 % (17.37 )% Effective income tax rate 9.15 % 21.41 % As of December 31, 2015 and 2014 , the Company’s net deferred tax assets were $5.0 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): December 31, 2015 December 31, 2014 Deferred Tax Assets Basis difference in operating partnerships $ 3,089 $ 6,795 Tax intangibles 910 778 Unrealized gains (losses) 971 616 Unrealized gains (losses) - derivatives 5,239 — Valuation allowance (5,239 ) — Total Deferred Tax Assets $ 4,970 $ 8,189 As of December 31, 2015 , the Company has a deferred tax asset of $5.2 million relating to capital losses which it may only use to offset capital gains. These tax attributes will expire if unused in 2020. 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 December 31, 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. New York 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 Company’s financial position. 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. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The Company determined that a $0.8 million liability for a current year unrecognized tax benefit was required to be recorded as of December 31, 2015 . This unrecognized tax benefit, if recognized, would have a favorable impact on our effective income tax rate in future periods. As of December 31, 2015, the Company has not recognized any interest or penalties related to uncertain tax positions. 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 may make future payments under the Tax Receivable Agreement if the tax benefits are realized. We would then 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 December 31, 2015 and 2014 , pursuant to Tax Receivable Agreement, the Company recorded a liability of $1.9 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. 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	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	16. 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 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 , 9.0% fixed rate, mezzanine loan, which matures on June 6, 2016, 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. For the year ended December 31, 2015 , the Company earned $1.4 million in interest income related to this loan. Loan Referral Agreement The Company entered into a loan referral agreement with 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 year ended December 31, 2015 , for loans originated in accordance with this agreement. The Company incurred $0.4 million in fees for the years ended December 31, 2014 and December 31, 2013 . As of December 31, 2015 and 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	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	17. 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 $1.5 million , $1.8 million and $1.7 million of rental expense for the years ended December 31, 2015 , 2014 and 2013 , respectively, which is included in operating expenses in the combined consolidated statements of income. The following is a schedule of future minimum rental payments required under the above operating leases ($ in thousands): Period Ending December 31, Amount 2016 $ 1,198 2017 1,255 2018 1,206 2019 1,180 2020 1,180 Thereafter 1,279 Total $ 7,298 GN Construction Loan Securities The Company commits to purchase GN construction loan securities over a typical period of six to twelve months . As of December 31, 2015 , the Company’s commitment to purchase these securities at a fixed price of $102.0 was $28.8 million , of which $26.7 million was funded, with $2.1 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 December 31, 2015 and 2014 was $54.3 thousand and $63.6 thousand , 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 December 31, 2015 , the Company’s off-balance sheet arrangements consisted of $112.8 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 was consisted of $111.4 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 was composed of $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	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
SEGMENT REPORTING	18. 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 Year ended December 31, 2015 Interest income $ 165,403 $ 76,083 $ — $ 53 $ 241,539 Interest expense (24,039 ) (7,256 ) (23,873 ) (58,135 ) (113,303 ) Net interest income (expense) 141,364 68,827 (23,873 ) (58,082 ) 128,236 Provision for loan losses (600 ) — — — (600 ) Net interest income (expense) after provision for loan losses 140,764 68,827 (23,873 ) (58,082 ) 127,636 Operating lease income — — 80,465 — 80,465 Tenant recoveries — — 9,907 — 9,907 Sale of loans, net 71,066 — — — 71,066 Realized gain on securities — 24,007 — — 24,007 Unrealized gain (loss) on Agency interest-only securities — (1,249 ) — — (1,249 ) Realized gain on sale of real estate, net 2,346 — 38,040 — 40,386 Fee and other income 5,999 230 5,989 2,987 15,205 Net result from derivative transactions (12,609 ) (26,328 ) — — (38,937 ) Earnings from investment in unconsolidated joint ventures — — 255 116 371 Total other income 66,802 (3,340 ) 134,656 3,103 201,221 Salaries and employee benefits (16,531 ) — — (45,081 ) (61,612 ) Operating expenses 381 — — (25,484 ) (25,103 ) Real estate operating expenses — — (35,886 ) — (35,886 ) Real estate acquisition costs — — (1,982 ) (1 ) (1,983 ) Fee expense (1,693 ) (40 ) (470 ) (2,318 ) (4,521 ) Depreciation and amortization — — (38,953 ) (108 ) (39,061 ) Total costs and expenses (17,843 ) (40 ) (77,291 ) (72,992 ) (168,166 ) Tax (expense) benefit — — — (14,557 ) (14,557 ) Segment profit (loss) $ 189,723 $ 65,447 $ 33,492 $ (142,528 ) $ 146,134 Total assets as of December 31, 2015 $ 2,310,409 $ 2,407,217 $ 868,528 $ 309,058 $ 5,895,212 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Year ended December 31, 2014 Interest income $ 113,943 $ 73,331 $ — $ 51 $ 187,325 Interest expense (13,205 ) (6,588 ) (15,984 ) (41,797 ) (77,574 ) Net interest income (expense) 100,738 66,743 (15,984 ) (41,746 ) 109,751 Provision for loan losses (600 ) — — — (600 ) Net interest income (expense) after provision for loan losses 100,138 66,743 (15,984 ) (41,746 ) 109,151 Operating lease income — — 56,649 — 56,649 Tenant recoveries — — 9,183 — 9,183 Sale of loans, net 145,275 — — — 145,275 Realized gain on securities — 26,977 — — 26,977 Unrealized gain (loss) on Agency interest-only securities — 2,144 — — 2,144 Realized gain on sale of real estate, net 1,525 — 28,235 — 29,760 Fee income 3,854 — 5,374 2,476 11,704 Net result from derivative transactions (34,599 ) (60,199 ) — — (94,798 ) Earnings from investment in unconsolidated joint ventures — — 900 1,090 1,990 Gain on assignment of mortgage loan financing — — 432 — 432 Loss on extinguishment of debt — — — (150 ) (150 ) Total other income 116,055 (31,078 ) 100,773 3,416 189,166 Salaries and employee benefits (22,400 ) — — (59,744 ) (82,144 ) Operating expenses 235 — — (25,633 ) (25,398 ) Real estate operating expenses — — (32,670 ) — (32,670 ) Real estate acquisition costs — — (2,400 ) (4 ) (2,404 ) Fee expense (2,172 ) (65 ) (83 ) (703 ) (3,023 ) Depreciation and amortization — — (28,271 ) (176 ) (28,447 ) Total costs and expenses (24,337 ) (65 ) (63,424 ) (86,260 ) (174,086 ) Tax expense — — — (26,605 ) (26,605 ) Segment profit (loss) $ 191,856 $ 35,600 $ 21,365 $ (151,195 ) $ 97,626 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 Year ended December 31, 2013 Interest income $ 63,894 $ 57,636 $ — $ 48 $ 121,578 Interest expense (4,592 ) (3,289 ) (7,673 ) (33,191 ) (48,745 ) Net interest income (expense) 59,302 54,347 (7,673 ) (33,143 ) 72,833 Provision for loan losses (600 ) — — — (600 ) Net interest income (expense) after provision for loan losses 58,702 54,347 (7,673 ) (33,143 ) 72,233 Operating lease income — — 37,395 — 37,395 Tenant recoveries — — 3,271 — 3,271 Sale of loans, net 146,708 — — — 146,708 Realized gain on securities — 4,231 — — 4,231 Unrealized gain (loss) on Agency interest-only securities — (2,665 ) — — (2,665 ) Realized gain on sale of real estate, net — — 13,565 — 13,565 Fee income 2,963 195 312 4,452 7,922 Net result from derivative transactions 15,836 12,239 — — 28,075 Earnings from investment in unconsolidated joint ventures — — — 3,203 3,203 Total other income 165,507 14,000 54,543 7,655 241,705 Salaries and employee benefits (26,250 ) — — (34,788 ) (61,038 ) Operating expenses 201 — (7 ) (15,131 ) (14,937 ) Real estate operating expenses — — (17,404 ) — (17,404 ) Real estate acquisition costs — — (3,626 ) — (3,626 ) Fee expense (1,981 ) (375 ) (33 ) (566 ) (2,955 ) Depreciation and amortization — — (20,968 ) (547 ) (21,515 ) Total costs and expenses (28,030 ) (375 ) (42,038 ) (51,032 ) (121,475 ) Tax expense — — — (3,730 ) (3,730 ) Segment profit (loss) $ 196,179 $ 67,972 $ 4,832 $ (80,250 ) $ 188,733 Total assets as of December 31, 2013 $ 979,568 $ 1,657,246 $ 626,362 $ 219,040 $ 3,482,216 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $33.7 million and $2.1 million as of December 31, 2015 and 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 December 31, 2015 and 2014 , respectively, the Company’s investment in FHLB stock of $77.9 million and $72.3 million as of December 31, 2015 and 2014 , respectively, the Company’s deferred tax asset of $5.0 million and $8.2 million as of December 31, 2015 and 2014 , respectively and the Company’s senior unsecured notes of $612.6 million and $610.1 million as of December 31, 2015 and 2014 , respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 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: Stock Dividend and Distribution of Accumulated Earnings and Profits On January 21, 2016 , the Company paid an aggregate of $15.5 million in cash to its Class A shareholders, accrued for dividends payable on unvested restricted stock of $0.5 million and issued 5,607,762 shares of its Class A common stock, equivalent to $64.1 million , in connection with the fourth quarter 2015 dividend of $1.45 per share. The total number of shares of Class A common stock distributed pursuant to the fourth quarter 2015 dividend was determined based on shareholder elections and the volume weighted average price of $11.43 per share of Class A common stock on the New York Stock Exchange for the three trading days after January 8, 2016 , the date that election forms were due. In connection with the dividend, the Company also issued 4,468,031 shares of its Class B common stock and each of Series REIT and Series TRS of LCFH, issued 10,075,793 Series LP units corresponding to these Class A and Class B shares. The Company believes that the total value of its 2015 dividends was sufficient to fully distribute its 2015 taxable income and its accumulated earnings and profits. Borrowings under Credit Agreement On January 24, 2016, the Company executed an amendment and extension of its credit agreement with one of its multiple committed financing counterparties, extending the maximum term of the credit agreement to April 24, 2016. Senior Unsecured Notes During the period from January 1, 2016 through March 4, 2016 , the Company retired $20.6 million of principal of the 2017 Notes for a repurchase price of $20.2 million recognizing a $0.2 million net gain on extinguishment of debt after recognizing $(0.2) million of unamortized debt issuance costs associated with the retired debt. The remaining $298.9 million in aggregate principal amount of the 2017 Notes is due October 2, 2017. During the period from January 1, 2016 through March 4, 2016 , the Company retired $21.7 million of principal of the 2021 Notes for a repurchase price of $17.9 million recognizing a $3.5 million net gain on extinguishment of debt after recognizing $(0.3) million of unamortized debt issuance costs associated with the retired debt. The remaining $278.3 million in aggregate principal amount of the 2021 Notes is due August 1, 2021. Revolving Credit Facility On February 26, 2016 , the Company executed an amendment of its revolving credit facility, providing for, among other things, increasing the maximum funding capacity of the facility to $143.0 million . Stock Repurchases During the period from January 1, 2016 through March 4, 2016 , the Company repurchased 151,588 shares of Class A common stock for an aggregate price of $1.6 million or an average of $10.57 per share. As of March 4, 2016 , the Company has a remaining amount available for repurchase of $47.4 million . FHLB Financing On January 20, 2016, the Federal Housing Finance Agency (the “FHFA’’), regulator of the FHLB, published a final rule in the Federal Register amending its regulation regarding the eligibility of captive insurance companies for FHLB membership. The final rule was effective February 19, 2016. According to the final rule, Ladder’s captive insurance company subsidiary, Tuebor Captive Insurance Company LLC (“Tuebor”), may remain a member of the FHLB through February 19, 2021 (the “Transition Period”). During the Transition Period, Tuebor is eligible to continue to draw new additional advances, extend the maturities of existing advances, and pay off outstanding advances on the same terms as non-captive insurance company FHLB members with two exceptions: 1) New advances (including any existing advances that are extended during the Transition Period) will have maturity dates on or before February 19, 2021, and 2) The FHLB will make new advances to Tuebor subject to a requirement that Tuebor’s total outstanding advances do not exceed forty percent of Tuebor’s total assets. Tuebor has executed new advances since the effective date of the new rule in the ordinary course of business. FHLB advances amounted to 43.4% of the Company’s outstanding debt obligations as of December 31, 2015. The Company does not anticipate that the FHFA’s final regulation will materially impact its operations as it will continue to access FHLB advances during the five-year Transition Period and it has multiple, diverse funding sources for financing its portfolio in the future. In the latter stages of the five-year Transition Period, the Company expects to adjust its financing activities by gradually making greater use of alternative sources of funding of types currently used by the Company including secured and unsecured borrowings from banks and other counterparties, the issuance of corporate bonds and equity, and the securitization or sale of assets. Future moves to alternative funding sources could result in higher or lower advance rates from secured funding sources but also the incurrence of higher funding and operating costs than would have been incurred had FHLB funding continued to be available. In addition, the Company may find it more difficult to obtain committed secured funding for multiple year terms as it has been able to obtain from the FHLB. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and capital resources.” The Transition Period allows time for events to occur that may impact Tuebor’s long-term membership in the FHLB, including further regulatory changes, the enactment of legislation, or the filing of litigation challenging the validity of the final rule. During this period, a combination of these external events and/or Tuebor’s own actions could result in the emergence of feasible alternative approaches for it to retain its FHLB membership. There is no assurance that the FHFA or the FHLB may not take actions that could adversely impact Tuebor’s membership in the FHLB and continuing access to new or existing advances prior to February 19, 2021.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED) (Notes)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	19. QUARTERLY FINANCIAL DATA (UNAUDITED) The following summarizes the combined consolidated quarterly financial information for the Company ($ in thousands except per share and dividend amounts): Q4 2015 Q3 2015 Q2 2015 Q1 2015 Interest income $ 62,903 $ 63,013 $ 59,239 $ 56,384 Net interest income after provision for loan losses 33,297 33,328 31,602 29,409 Other income 72,183 (1) 7,549 86,452 35,037 Costs and expenses 38,347 42,260 44,180 43,379 Income (loss) before taxes 67,133 (1,383 ) 73,874 21,067 Income tax expense (benefit) 10,457 (4,181 ) 5,177 3,104 Net income 56,676 2,798 68,697 17,963 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (2,146 ) 85 684 (191 ) Net (income) loss attributable to noncontrolling interest in operating partnership (27,407 ) 430 (35,171 ) (8,597 ) Net income attributable to Class A common shareholders $ 27,123 $ 3,313 $ 34,210 $ 9,175 Earnings per share: Basic $ 0.51 $ 0.06 $ 0.68 $ 0.18 Diluted $ 0.50 $ 0.06 $ 0.67 $ 0.15 Dividends per share of common stock $ 1.450 $ 0.275 $ 0.250 $ 0.250 Q4 2014 Q3 2014 Q2 2014 Q1 2014 Interest income $ 56,931 $ 48,459 $ 45,112 $ 36,822 Net interest income after provision for loan losses 30,728 28,381 28,211 21,831 Other income 31,906 61,337 55,489 40,434 Costs and expenses 48,045 42,207 45,258 38,575 Income before taxes 14,589 47,511 38,442 23,690 Income tax expense (benefit) 2,783 10,335 8,199 5,289 Net income 11,806 37,176 30,243 18,401 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (83 ) 306 (46 ) 192 Net (income) loss attributable to predecessor unitholders — — — 12,628 Net (income) loss attributable to noncontrolling interest in operating partnership (7,350 ) (22,827 ) (17,691 ) (18,568 ) Net income attributable to Class A common shareholders $ 4,374 $ 14,656 $ 12,505 $ 12,652 Earnings per share: Basic $ 0.09 $ 0.30 $ 0.26 $ 0.26 Diluted $ 0.09 $ 0.28 $ 0.22 $ 0.24 (1) Increase in the quarter ended December 31, 2015 was primarily the result of an increase in net result from derivative transactions and gain on sale of real estate, net, offset by decrease in gain on sale of loans.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Real Estate: Retail Property in Radford, VA $ — $ 411 $ 896 $ 256 $ — $ 411 $ 896 $ 257 $ 1,564 $ (1 ) 12/23/15 2015 15-40yrs Retail Property in Albion, PA — 100 1,033 392 — 100 1,033 392 1,525 (2 ) 12/23/15 2015 14-50yrs Retail Property in Rural Retreat, VA — 328 811 260 — 328 811 260 1,399 (1 ) 12/23/15 2015 15-40yrs Retail Property in Mount Vernon, AL — 187 876 174 — 187 876 174 1,237 (1 ) 12/23/15 2015 14-44yrs Retail Property in Malone, NY — 183 1,154 137 — 183 1,154 137 1,474 (2 ) 12/16/15 2015 14-39yrs Retail Property in Mercedes, TX — 257 874 132 — 257 874 132 1,263 (1 ) 12/16/15 2015 15-45yrs Retail Property in Gordonville, MO 776 247 787 173 — 247 787 173 1,207 (5 ) 11/10/15 2015 15-40yrs Retail Property in Rice, MN 822 200 859 184 — 199 859 184 1,242 (7 ) 10/28/15 2015 15-30yrs Retail Property in Bixby, OK 8,002 2,609 7,776 1,765 — 2,610 7,776 1,765 12,151 (52 ) 10/27/15 2012 12-37yrs Retail Property in Farmington, IL 901 96 1,161 150 — 97 1,161 150 1,408 (7 ) 10/23/15 2015 15-40yrs Retail Property in Grove, OK 3,647 402 4,364 817 — 402 4,364 817 5,583 (34 ) 10/20/15 2012 12-37yrs Retail Property in Jenks, OK 8,855 2,617 8,694 2,107 — 2,617 8,694 2,107 13,418 (68 ) 10/19/15 2009 9-38yrs Retail Property in Bloomington, IL 822 173 984 138 — 173 984 137 1,294 (7 ) 10/14/15 2015 15-40yrs Retail Property in Montrose, MN — 149 876 169 — 148 876 169 1,193 (9 ) 10/14/15 2015 15-30yrs Retail Property in Lincoln County, MO 743 149 800 188 — 149 800 188 1,137 (6 ) 10/14/15 2015 15-40yrs Retail Property in Wilmington, IL 908 161 1,078 160 — 161 1,078 160 1,399 (9 ) 10/07/15 2015 15-40yrs Retail Property in Danville, IL 743 158 870 132 — 158 870 132 1,160 (6 ) 10/07/15 2015 15-40yrs Retail Property in Moultrie, GA 935 170 962 173 — 170 962 173 1,305 (12 ) 09/22/15 2014 14-44yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Rose Hill, NC 1,005 245 972 203 — 245 972 203 1,420 (11 ) 09/22/15 2014 14-44yrs Retail Property in Rockingham, NC 825 73 922 163 — 73 922 163 1,158 (11 ) 09/22/15 2014 14-44yrs Retail Property in Biscoe, NC 864 147 905 164 — 147 905 164 1,216 (10 ) 09/22/15 2014 14-44yrs Retail Property in De Soto, IL 707 139 796 176 — 139 796 176 1,111 (10 ) 09/08/15 2015 15-35yrs Retail Property in Kerrville, TX 769 186 849 200 — 187 849 200 1,236 (14 ) 08/28/15 2015 15-35yrs Retail Property in Floresville, TX 816 268 828 216 — 268 828 216 1,312 (13 ) 08/28/15 2015 15-35yrs Retail Property in Minot, ND 4,704 1,856 4,472 618 — 1,856 4,472 618 6,946 (56 ) 08/19/15 2012 13-38yrs Retail Property in Lebanon, MI 822 359 724 178 — 359 724 178 1,261 (10 ) 08/14/15 2015 15-40yrs Retail Property in Effingham County, IL 822 273 774 205 — 273 773 206 1,252 (13 ) 08/10/15 2015 15-40yrs Retail Property in Ponce, Puerto Rico 6,530 1,365 6,662 1,318 — 1,365 6,662 1,318 9,345 (94 ) 08/03/15 2012 12-37yrs Retail Property in Tremont, IL 794 164 860 168 — 164 860 168 1,192 (17 ) 06/25/15 2015 15-35yrs Retail Property in Pleasanton, TX 871 311 850 216 — 311 850 216 1,377 (19 ) 06/24/15 2015 15-35yrs Retail Property in Peoria, IL 860 180 934 179 — 180 934 179 1,293 (18 ) 06/24/15 2015 15-35yrs Retail Property in Bridgeport, IL 827 192 874 175 — 192 874 175 1,241 (17 ) 06/24/15 2015 15-35yrs Retail Property in Warren, MN 698 108 825 157 — 108 825 157 1,090 (20 ) 06/24/15 2015 15-30yrs Retail Property in Canyon Lake, TX 913 291 932 220 — 291 932 220 1,443 (21 ) 06/18/15 2015 15-35yrs Retail Property in Wheeler, TX 721 53 887 188 — 52 887 188 1,127 (19 ) 06/18/15 2015 15-35yrs Retail Property in Aurora, MN — 126 709 157 — 127 709 157 993 (15 ) 06/18/15 2015 15-40yrs Retail Property in Red Oak, IA 778 190 839 179 — 190 839 179 1,208 (25 ) 05/07/15 2014 15-35yrs Retail Property in Zapata, TX 745 62 998 145 — 62 998 144 1,204 (31 ) 05/07/15 2015 15-35yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in St. Francis, MN 732 105 911 163 — 105 911 164 1,180 (35 ) 03/26/15 2014 15-35yrs Retail Property in Yorktown, TX 784 97 1,005 199 — 97 1,005 199 1,301 (38 ) 03/25/15 2015 15-35yrs Retail Property in Battle Lake, MN 719 136 875 157 — 136 875 157 1,168 (37 ) 03/25/15 2014 15-30yrs Retail Property in Paynesville, MN 803 246 816 192 — 246 816 192 1,254 (32 ) 03/05/15 2015 15-40yrs Retail Property in Wheaton, MO 655 73 800 97 — 73 800 97 970 (27 ) 03/05/15 2015 15-40yrs Retail Property in Rotterdam, NY — 2,530 7,924 2,165 — 2,530 7,924 2,165 12,619 (525 ) 03/03/15 1996 8-20yrs Retail Property in Hilliard, OH 4,607 654 4,870 860 — 654 4,870 860 6,384 (150 ) 03/02/15 2007 12-41yrs Retail Property in Niles, OH 3,743 437 4,084 680 — 437 4,084 679 5,200 (125 ) 03/02/15 2007 12-41yrs Retail Property in Rockland, MA — 2,876 4,743 1,001 — 2,876 4,743 1,001 8,620 (183 ) 02/20/15 2004 12-40yrs Retail Property in Crawfordsville, IN — 348 4,975 678 — 347 4,975 678 6,000 (156 ) 02/20/15 2004 13-40yrs Retail Property in Youngstown, OH — 380 4,363 658 — 380 4,363 657 5,400 (141 ) 02/20/15 2005 12-40yrs Retail Property in Kings Mountain, NC 18,788 1,368 23,236 3,266 — 1,368 23,236 3,266 27,870 (796 ) 01/29/15 1995 10-35yrs Retail Property in Iberia, MO 902 130 1,033 165 — 130 1,033 165 1,328 (40 ) 01/23/15 2015 14-39yrs Retail Property in Pine Island, MN 775 112 845 185 — 112 845 185 1,142 (39 ) 01/23/15 2014 15-40yrs Retail Property in Isle, MN 729 120 787 171 — 120 787 170 1,077 (37 ) 01/23/15 2014 15-40yrs Retail Property in Jacksonville, NC 5,723 1,863 5,749 1,020 — 1,863 5,749 1,020 8,632 (215 ) 01/22/15 2014 15-44yrs Retail Property in Evansville, IN 6,475 1,788 6,348 864 — 1,788 6,348 864 9,000 (286 ) 11/26/14 2014 15-35yrs Retail Property in Woodland Park, CO 2,815 668 2,681 620 — 668 2,681 620 3,969 (156 ) 11/14/14 2014 15-35yrs Retail Property in Bellport, NY 12,900 3,601 12,465 2,034 — 3,601 12,465 2,034 18,100 (612 ) 11/13/14 2014 15-35yrs Retail Property in Ankeny, IA 11,766 3,180 10,513 2,843 — 3,180 10,513 2,843 16,536 (549 ) 11/04/14 2013 14-39yrs Retail Property in Springfield, MO 8,418 3,658 6,296 1,868 — 3,659 6,296 1,868 11,823 (358 ) 11/04/14 2011 12-37yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Cedar Rapids, IA 7,840 1,569 7,553 1,878 — 1,569 7,553 1,878 11,000 (463 ) 11/04/14 2012 10-30yrs Retail Property in Fairfield, IA 7,626 1,132 7,779 1,800 — 1,132 7,779 1,800 10,711 (400 ) 11/04/14 2011 12-37yrs Retail Property in Owatonna, MN 7,173 1,398 7,125 1,563 — 1,398 7,125 1,563 10,086 (382 ) 11/04/14 2010 11-36yrs Retail Property in Muscatine, IA 5,144 1,060 6,636 1,293 — 1,060 6,636 1,293 8,989 (366 ) 11/04/14 2013 10-29yrs Retail Property in Sheldon, IA 3,094 633 3,053 707 — 633 3,053 707 4,393 (163 ) 11/04/14 2011 12-37yrs Retail Property in Memphis, TN 3,938 1,986 2,800 799 — 1,986 2,801 799 5,586 (331 ) 10/24/14 1962 5-15yrs Retail Property in Bennett, CO 2,497 470 2,503 563 — 470 2,503 563 3,536 (163 ) 10/02/14 2014 14-34yrs Retail Property in Conyers, GA 22,857 876 27,396 4,258 — 876 27,396 4,258 32,530 (1,343 ) 08/28/14 2014 15-45yrs Retail Property in O'Fallon, IL 5,691 2,488 5,388 1,036 — 2,488 5,387 1,036 8,911 (682 ) 08/08/14 1984 7-15yrs Retail Property in El Centro, CA 2,986 569 3,133 575 — 569 3,133 575 4,277 (171 ) 08/08/14 2014 15-50yrs Retail Property in Durant, OK 3,226 594 3,900 498 — 594 3,899 498 4,991 (383 ) 01/28/13 2007 10-40yrs Retail Property in Gallatin, TN 3,297 1,725 2,616 721 — 1,725 2,616 721 5,062 (349 ) 12/28/12 2007 11-40yrs Retail Property in Mt. Airy, NC 2,928 729 3,353 599 — 729 3,352 599 4,680 (376 ) 12/27/12 2007 9-39yrs Retail Property in Aiken, SC 3,856 1,588 3,480 858 — 1,588 3,480 858 5,926 (426 ) 12/21/12 2008 11-41yrs Retail Property in Johnson City, TN 3,428 917 3,607 739 — 917 3,606 739 5,262 (429 ) 12/21/12 2007 11-40yrs Retail Property in Palmview, TX 4,601 938 4,837 1,044 — 938 4,837 1,045 6,820 (493 ) 12/19/12 2012 11-44yrs Retail Property in Ooltewah, TN 3,853 903 3,957 843 — 903 3,957 843 5,703 (460 ) 12/18/12 2008 11-41yrs Retail Property in Abingdon, VA 3,094 682 3,733 623 — 682 3,733 623 5,038 (396 ) 12/18/12 2006 11-41yrs Retail Property in Wichita, KS 4,822 1,187 4,850 1,163 — 1,187 4,850 1,163 7,200 (743 ) 12/14/12 2012 14-34yrs Retail Property in North Dartsmouth, MA 19,170 7,033 19,745 3,187 — 7,033 19,745 3,187 29,965 (4,005 ) 09/21/12 1989 10-20yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Vineland, NJ 13,929 1,482 17,742 3,282 — 1,482 17,743 3,282 22,507 (2,801 ) 09/21/12 2003 12-30yrs Retail Property in Saratoga Springs, NY 12,421 748 13,936 5,538 — 748 13,936 5,538 20,222 (2,649 ) 09/21/12 1994 15-27yrs Retail Property in Waldorf, MD 12,208 4,933 11,684 2,803 — 4,933 11,684 2,803 19,420 (2,149 ) 09/21/12 1999 10-25yrs Retail Property in Mooresville, NC 10,807 2,615 12,462 2,566 — 2,616 12,462 2,566 17,644 (2,355 ) 09/21/12 2000 12-24yrs Retail Property in Sennett, NY 4,751 1,147 4,480 1,848 — 1,147 4,481 1,848 7,476 (1,042 ) 09/21/12 1996 10-23yrs Retail Property in DeLeon Springs, FL 825 239 782 221 — 239 782 221 1,242 (167 ) 08/13/12 2011 15-35yrs Retail Property in Orange City, FL 797 229 853 235 — 229 853 235 1,317 (180 ) 05/23/12 2011 15-35yrs Retail Property in Satsuma, FL 716 79 821 192 — 79 821 192 1,092 (176 ) 04/19/12 2011 15-35yrs Retail Property in Greenwood, AR 3,438 1,038 3,415 694 — 1,038 3,415 694 5,147 (481 ) 04/12/12 2009 13-43yrs Retail Property in Snellville, GA 5,329 1,293 5,724 983 — 1,293 5,724 983 8,000 (975 ) 04/04/12 2011 14-34yrs Retail Property in Columbia, SC 5,184 2,148 4,629 1,023 — 2,148 4,629 1,023 7,800 (824 ) 04/04/12 2001 14-34yrs Retail Property in Millbrook, AL 4,636 970 5,972 — — 970 5,971 — 6,941 (707 ) 03/28/12 2008 32yrs Retail Property in Pittsfield, MA 11,161 1,801 11,556 1,344 — 1,801 11,555 1,344 14,700 (1,694 ) 02/17/12 2011 14-34yrs Retail Property in Spartanburg, SC 2,748 828 2,567 718 — 827 2,567 718 4,112 (515 ) 01/14/11 2007 12-42yrs Retail Property in Tupelo, MS 3,090 1,120 3,070 939 — 1,119 3,070 939 5,128 (680 ) 08/13/10 2007 12-47yrs Retail Property in Lilburn, GA 3,474 1,090 3,673 1,028 — 1,090 3,673 1,028 5,791 (786 ) 08/12/10 2007 12-47yrs Retail Property in Douglasville, GA 3,264 1,717 2,705 987 — 1,717 2,705 987 5,409 (620 ) 08/12/10 2008 13-48yrs Retail Property in Elkton, MD 2,928 963 3,049 860 — 963 3,049 860 4,872 (659 ) 07/27/10 2008 14-49yrs Retail Property in Lexington, SC 2,898 1,644 2,219 869 — 1,644 2,219 869 4,732 (564 ) 06/28/10 2009 13-48yrs Total Net Lease 359,284 94,116 405,569 83,495 — 94,116 405,565 83,494 583,175 (37,759 ) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Shopping Center in Carmel, NY — 2,041 3,632 1,033 116 2,041 3,748 1,033 6,822 (59 ) 10/14/15 1985 5-20yrs Office in Wayne, NJ 6,682 1,386 5,474 2,840 — 1,386 5,474 2,840 9,700 (218 ) 06/24/15 1980 10-40yrs Warehouse in Grand Rapids, MI 7,252 497 8,157 1,077 — 497 8,157 1,077 9,731 (204 ) 06/18/15 1963 8-35yrs Office in Grand Rapids, MI 4,937 547 5,157 596 — 547 5,157 596 6,300 (180 ) 06/18/15 1992 6-28yrs Office in St. Paul, MN 49,228 9,415 33,682 20,566 504 9,415 34,561 20,520 64,496 (7,218 ) 09/22/14 1900 7-19yrs Office in Richmond, VA 15,809 4,539 12,633 2,707 607 4,539 13,240 2,704 20,483 (2,051 ) 08/14/14 1986 4-33yrs Office in Richmond, VA 89,424 14,632 89,104 16,183 2,523 14,631 90,066 16,923 121,620 (22,350 ) 06/07/13 1984 4-41yrs Office in Oakland County, MI 12,045 1,147 7,707 9,932 1,404 1,147 9,111 9,556 19,814 (8,336 ) 02/01/13 1989 4-35yrs Total Other 185,377 34,204 165,546 54,934 5,154 34,203 169,514 55,249 258,966 (40,616 ) Condominium in Miami, FL — 10,487 67,895 1,618 1,667 4,909 33,452 758 39,119 (1,863 ) 11/21/13 2010 7-47yrs Condominium in Las Vegas, NV — 4,900 114,100 — — 4,900 31,675 — 36,575 (2,818 ) 12/20/12 2006 40yrs Total Condominium — 15,387 181,995 1,618 1,667 9,809 65,127 758 75,694 (4,681 ) Total Real Estate $ 544,661 (2) $ 143,707 $ 753,110 $ 140,047 $ 6,821 $ 138,128 $ 640,206 $ 139,501 $ 917,835 (3) $ (83,056 ) (1) Gross carrying value amounts are charged off as cost of sales upon delivery of condo units. (2) Includes $11.8 million of encumbrances from repurchase agreements. (3) The aggregate cost for U.S. federal income tax purposes is $872.9 million at December 31, 2015 . Reconciliation of Real Estate: The following table reconciles real estate from December 31, 2014 to December 31, 2015 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2014 $ 819,591 $ 697,965 $ 121,626 Improvements and additions 232,582 230,915 1,667 Acquisitions through foreclosures 6,706 6,706 — Dispositions (141,044 ) (93,446 ) (47,598 ) Impairments — — — Balance at December 31, 2015 $ 917,835 $ 842,140 $ 75,695 The following table reconciles real estate from December 31, 2013 to December 31, 2014 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2013 $ 649,820 $ 474,465 $ 175,355 Improvements and additions 267,367 267,367 — Acquisitions through foreclosures — — — Dispositions (97,596 ) (43,867 ) (53,729 ) Impairments — — — Balance at December 31, 2014 $ 819,591 $ 697,965 $ 121,626 The following table reconciles real estate from December 31, 2012 to December 31, 2013 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2012 $ 384,082 $ 265,082 $ 119,000 Improvements and additions 289,383 209,383 80,000 Acquisitions through foreclosures — — — Dispositions (23,645 ) — (23,645 ) Impairments — — — Balance at December 31, 2013 $ 649,820 $ 474,465 $ 175,355 Reconciliation of Accumulated Depreciation and Amortization: The following table reconciles accumulated depreciation and amortization from December 31, 2014 to December 31, 2015 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2014 $ 50,605 $ 45,856 $ 4,749 Additions 40,490 38,213 2,277 Dispositions (8,039 ) (5,693 ) (2,346 ) Balance at December 31, 2015 $ 83,056 $ 78,376 $ 4,680 The following table reconciles accumulated depreciation and amortization from December 31, 2013 to December 31, 2014 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2013 $ 25,601 $ 23,061 $ 2,540 Additions 28,916 25,212 3,704 Dispositions (3,912 ) (2,417 ) (1,495 ) Balance at December 31, 2014 $ 50,605 $ 45,856 $ 4,749 The following table reconciles accumulated depreciation and amortization from December 31, 2012 to December 31, 2013 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2012 $ 4,061 $ 4,061 $ — Additions 21,821 19,000 2,821 Dispositions (281 ) — (281 ) Balance at December 31, 2013 $ 25,601 $ 23,061 $ 2,540

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Type of Loan Underlying Property Type Interest Rates (1) Effective Maturity Dates Periodic Payment Terms (2) Prior Liens Face amount of Mortgages Carrying Amount of Mortgages Principal Amount of Mortgages Subject to Delinquent Principal or Interest First Mortgages individually >3% First Mortgage Hotel 9.39% 1/6/2016 IO $ — $ 107,887 $ 107,472 $ — First Mortgage Retail 10% 1/6/2016 IO — 104,000 103,865 — First Mortgage Hotel 5.28% 3/6/2016 P&I — 73,023 72,933 — First Mortgage Hotel 5% 9/6/2017 IO — 97,500 96,892 — First Mortgage Hotel 5.5% 12/6/2017 IO — 77,541 77,240 — First Mortgage Multi-family 2.87% 4/6/2020 IO — 120,000 120,000 — First Mortgages individually <3% First Mortgage Condo, Hotel, Industrial, Land, Mobile Home Park, Mixed Use Multi-family, Office, Other Commercial, Retail 4.00% - 11.25% 2016 - 2033 — 1,453,915 1,449,574 — Total First Mortgages $ — $ 2,033,866 $ 2,027,976 $ — Subordinated Mortgages individually >3% Subordinate Mortgage Hotel 6.28% 2/6/2016 IO $ — $ 75,000 $ 74,908 $ — Subordinated Mortgages individually <3% Subordinate Mortgage Hotel, Industrial, Land, Mobile Home Park, Mixed Use Multi-family, Office, Other Commercial, Retail 6.04% - 19.00% 2016 - 2025 1,266,259 212,328 211,225 — Total Subordinated Mortgages $ 1,266,259 $ 287,328 $ 286,133 $ — Total Mortgages $ 1,266,259 $ 2,321,194 $ 2,314,109 $ — Provision for Loan Losses N/A N/A $ (3,700 ) N/A Total Mortgages after Provision for Loan Losses $ 1,266,259 $ 2,321,194 $ 2,310,409 (3) $ — (1) Interest rates as of December 31, 2015 . (2) IO = Interest only. P&I = Principal and interest. (3) The aggregate cost for U.S. federal income tax purposes is $2.3 billion . Reconciliation of mortgage loans on real estate: The following tables reconcile mortgage loans on real estate from December 31, 2012 to December 31, 2015 ($ in thousands): Mortgage loan receivables held for investment, at amortized cost Mortgage loan receivables held for sale Total Mortgage loan receivables Balance December 31, 2014 $ 1,521,053 $ 417,955 $ 1,939,008 Origination of mortgage loan receivables 963,023 2,594,141 3,557,164 Repayment of mortgage loan receivables (752,452 ) (2,308 ) (754,760 ) Proceeds from sales of mortgage loan receivables — (2,509,090 ) (2,509,090 ) Non-cash disposition of loan via foreclosure (4,620 ) — (4,620 ) Realized gain on sale of mortgage loan receivables — 71,066 71,066 Accretion/amortization of discount, premium and other fees 12,241 — 12,241 Loan loss provision (600 ) — (600 ) Balance December 31, 2015 $ 1,738,645 $ 571,764 $ 2,310,409 Mortgage loan receivables held for investment, at amortized cost Mortgage loan receivables held for sale Total Mortgage loan receivables Balance December 31, 2013 $ 539,078 $ 440,490 $ 979,568 Origination of mortgage loan receivables 1,201,968 3,345,372 4,547,340 Repayment of mortgage loan receivables (214,511 ) (1,293 ) (215,804 ) Proceeds from sales of mortgage loan receivables — (3,523,689 ) (3,523,689 ) Realized gain on sale of mortgage loan receivables — 145,275 145,275 Transfer between held for investment and held for sale (11,800 ) 11,800 — Accretion/amortization of discount, premium and other fees 6,918 — 6,918 Loan loss provision (600 ) — (600 ) Balance December 31, 2014 $ 1,521,053 $ 417,955 $ 1,939,008 Mortgage loan receivables held for investment, at amortized cost Mortgage loan receivables held for sale Total Mortgage loan receivables Balance December 31, 2012 $ 326,318 $ 623,333 $ 949,651 Origination of mortgage loan receivables 486,072 2,013,674 2,499,746 Repayment of mortgage loan receivables (268,093 ) (5,840 ) (273,933 ) Proceeds from sales of mortgage loan receivables — (2,345,705 ) (2,345,705 ) Realized gain on sale of mortgage loan receivables — 146,708 146,708 Transfer between held for investment and held for sale (8,320 ) 8,320 — Accretion/amortization of discount, premium and other fees 3,701 — 3,701 Loan loss provision (600 ) — (600 ) Balance December 31, 2013 $ 539,078 $ 440,490 $ 979,568

SIGNIFICANT ACCOUNTING POLICI31

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 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”). 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 December 31, 2015 and 2014 . At December 31, 2015 and 2014 and at various times during the years, balances exceeded the insured limits.
Cash Collateral Held by Broker and Restricted Cash	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 December 31, 2015 and 2014 , included in other assets on the Company’s combined consolidated balance sheets are $19.0 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.
Mortgage Loans Receivables Held for Investment	Mortgage Loans Receivable Held for Investment Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, adjusted for actual prepayments. Upon the decision to sell such loans, the Company will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value less cost to sell on the combined consolidated balance sheets. The Company evaluates each loan classified as a mortgage loan receivable held for investment for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s contractual effective rate or the fair value of the collateral, if recovery of the Company’s investment is expected solely from the collateral. The Company’s loans are typically collateralized by real estate. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data. Upon the completion of the process above, the Company concluded that no loans originated by the Company were impaired as of December 31, 2015 and 2014 . Significant judgment is required when evaluating loans for impairment, therefore actual results over time could be materially different. In addition, the Company assesses a portfolio-based loan loss provision. The Company estimates its loan loss provision based on its historical loss experience and expectation of losses inherent in the investment portfolio but not yet realized. Since inception, the Company has had no events of impairment on any of the loans it has originated, however, to ensure that the risk exposures are properly measured and the appropriate reserves are taken, the Company assesses a loan loss provision balance that will grow over time with its portfolio and the related risk as the assets are aged and approach maturity and ultimate refinancing where applicable.
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 of gain (loss) on securities recognized in 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 third parties that provide 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.
Real Estate	Real Estate The Company generally acquires real estate assets through cash purchases. Based on the Company’s strategic plan to realize the maximum value from the real estate acquired, properties are classified as Real estate, net or Real estate held for sale in the combined consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net, and when the Company intends to market these properties for sale in the near term, assets are classified as Real estate held for sale in the combined consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 47 years for buildings, four to 15 years for building fixtures and improvements and the remaining lease term for acquired intangible lease assets. The Company classifies most of its investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense and impairments, as applicable and are included in Real estate, net in the combined consolidated balance sheets. Certain of the Company’s real estate investments are condominium units that the Company intends to sell over time. As of January 1, 2014, the date the Company adopted the accounting guidance in ASU 2014-8, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-8”), the results of operations and the related gain or loss on sale of properties that have been sold are reflected in other income or presented in discontinued operations in the combined consolidated statements of income due to fact that the disposal does not represent a strategic shift that has (or will have) a major effect on the Company’s operations and financial results and full disposal is not expected to be completed within one year . Prior to January 1, 2014, the results of operations and the related gain or loss on sale of condominium units that have been sold are not reflected as held for sale or presented in discontinued operations in the combined consolidated statements of income due to the significant continuing involvement in the real estate held through the consolidated homeowners association. Certain of the Company’s real estate is leased to others on a net lease basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance. These leases are for fixed terms of varying length and provide for annual rentals. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The cumulative excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable within other assets in the combined consolidated balance sheets.
Allocation of Purchase Price for Acquired Real Estate	Allocation of Purchase Price for Acquired Real Estate In accordance with the guidance for business combinations, the Company determines whether a transaction or other event is a business combination. If the transaction is determined to be a business combination, the Company determines if the transaction should be considered to be between entities under common control. The acquisition of an entity under common control is accounted for on the carryover basis of accounting whereby the assets and liabilities of the companies are recorded on the same basis as they were carried by the company under common control. All other business combinations, including rental property, are accounted for by applying the acquisition method of accounting. The Company will immediately expense acquisition related costs and fees associated with such acquisitions. Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships but in no event do the amortization periods for intangible assets exceed the depreciable lives of the buildings. If a tenant terminates its lease, the unamortized portion of the in-place lease value and tenant relationship intangibles are charged to expense. The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 8 , depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition.
Impairment of Property Held for Use	Impairment of Property Held for Use On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future.
Real Estate Held for Sale	Real Estate Held for Sale In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the combined consolidated statements of income. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
Sales of Real Estate	Sales of Real Estate Gains on sales of real estate are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales (“ASC 360-20”). The specific timing of a sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, depending on the circumstances, the Company may not record a sale or it may record a sale but may defer some or all of the gain recognition. If the criteria for full accrual are not met, the Company may account for the transaction by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria for the full accrual method are met.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as investments in unconsolidated joint ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in commercial real estate joint ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future. See Note 6, Investment in Unconsolidated Joint Ventures .
Capitalization of Interest	Capitalization of Interest Capitalization of costs begins when the activities necessary to get the development project ready for its intended use begins, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences, and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. We cease cost capitalization if activities necessary for the development of the property have been suspended. Capitalized costs are allocated to the specific components of a project that are benefited. Interest shall be capitalized for investments accounted for by the equity method while the investee has activities in progress necessary to commence its planned principal operations, provided that the investee’s activities include the use of funds to acquire qualifying assets for its operations. The investor’s investment in the investee, not the individual assets or projects of the investee, is the qualifying asset for purposes of interest capitalization.
Valuation of Financial Instruments	Valuation of Financial Instruments Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize upon disposition of the financial instruments. Financial instruments with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of pricing observability and will therefore require a lesser degree of judgment to be utilized in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less, or no, pricing observability and will require a higher degree of judgment in measuring fair value. Pricing observability is generally affected by such items as the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction and overall market conditions. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts.
Valuation Hierarchy	Valuation Hierarchy In accordance with the authoritative guidance on fair value measurements and disclosures under ASC 820, Fair Value Measurement, the methodologies used for valuing such instruments have been categorized into three broad levels as follows: Level 1 - Quoted prices in active markets for identical instruments. Level 2 - Valuations based principally on other observable market parameters, including: • Quoted prices in active markets for similar instruments, • Quoted prices in less active or inactive markets for identical or similar instruments, • Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and • Market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 - Valuations based significantly on unobservable inputs. • Valuations based on third party indications (broker quotes, counterparty quotes or pricing services) which were, in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations, and • Valuations based on internal models with significant unobservable inputs. Pursuant to the authoritative guidance, these levels form a hierarchy. The Company follows this hierarchy for its financial instruments measured at fair value on a recurring basis. The classifications are based on the lowest level of input that is significant to the fair value measurement. It is the Company’s policy to determine when transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the reporting period.
Tuebor/Federal Home Loan Bank Membership	Tuebor/Federal Home Loan Bank Membership Tuebor Captive Insurance Company LLC (“Tuebor”), was licensed in Michigan and approved to operate as a captive insurance company as well as being approved to become a member of the Federal Home Loan Bank (“FHLB”), with membership finalized with the purchase of stock, in the FHLB on July 11, 2012. That approval allowed Tuebor to purchase capital stock in the FHLB, the prerequisite to obtaining financing on eligible collateral. Refer to Note 7, Debt Obligations . Each member of the FHLB must purchase and hold FHLB stock as a condition of initial and continuing membership, in proportion to their borrowings from the FHLB and levels of certain assets. Members may need to purchase additional stock to comply with these capital requirements from time to time. FHLB stock is redeemable by Tuebor upon five (5) years’ prior written notice, subject to certain restrictions and limitations. Under certain conditions, the FHLB may also, at its sole discretion, repurchase FHLB stock from its members. The Company records its investment in FHLB stock at its par value and the FHLB stock is expected to be repurchased by the FHLB at its par value.
Debt Issuance Costs	Debt Issued From time to time, a subsidiary of the Company will originate a loan (each, an “Intercompany Loan,” and collectively, “Intercompany Loans”) to another subsidiary of the Company to finance the purchase of real estate. The mortgage loan receivable and the related obligation do not appear in the Company’s combined consolidated balance sheets as they are eliminated upon consolidation. Once the Company issues (sells) an Intercompany Loan to a third party securitization trust (for cash), the related mortgage note is held for the first time by a creditor external to the Company. The accounting for the securitization of an Intercompany Loan—a financial instrument that has never been recognized in our combined consolidated financial statements as an asset—is considered a financing transaction under ASC 470, Debt, and ASC 835, Interest. The periodic securitization of the Company’s mortgage loans involves both Intercompany Loans and mortgage loans made to third parties with the latter recognized as financial assets in the Company’s combined consolidated financial statements as part of an integrated transaction. The Company receives aggregate proceeds equal to the transaction’s all-in securitization value and sales price. In accordance with the guidance under ASC 835, when initially measuring the obligation arising from an Intercompany Loan’s securitization, the Company allocates the proceeds from each securitization transaction between the third-party loans and each Intercompany Loan so securitized on a relative fair value basis determined in accordance with the guidance in ASC 820, Fair Value Measurement. The difference between the amount allocated to each Intercompany Loan and the loan’s face amount is recorded as a premium or discount, and is amortized, using the effective interest method, as a reduction or increase in reported interest expense, respectively. 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 $6.9 million are included in senior unsecured notes as of December 31, 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.
Derivative Instruments	Derivative Instruments In the normal course of business, the Company is exposed to the effect of interest rate changes and may undertake a strategy to limit these risks through the use of derivatives. To address exposure to interest rates, the Company uses derivatives primarily to economically hedge the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The Company may use a variety of derivative instruments that are considered conventional, or “plain vanilla” derivatives, including interest rate swaps, futures, caps, collars and floors, to manage interest rate risk. To determine the fair value of derivative instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. Standard market conventions and techniques such as discounted cash flow analysis, option-pricing models, and termination cost may be used to determine fair value. All such methods of measuring fair value for derivative instruments result in an estimate of fair value, and such value may never actually be realized. The Company recognizes all derivatives on the combined consolidated balance sheets at fair value. The Company does not generally designate derivatives as hedges to qualify for hedge accounting for financial reporting purposes and therefore any net payments under, or fluctuations in the fair value of, these derivatives have been recognized currently in net result from derivative transactions in the accompanying combined consolidated statements of income. The Company records derivative asset and liability positions on a gross basis with any collateral posted with or received from counterparties recorded separately on the Company’s combined consolidated balance sheets.
Repurchase Agreements	Repurchase Agreements The Company finances certain of its mortgage loan receivables held for sale, a portion of its mortgage loan receivables held for investment and the majority of its real estate securities using repurchase agreements. Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a future date at a predetermined price, which represents the original sales price plus interest. The Company accounts for these repurchase agreements as financings under ASC 860-10-40. Under this standard, for these transactions to be treated as financings, they must be separate transactions and not linked. If the Company finances the purchase of its mortgage loan receivables held for sale, mortgage loan receivables held for investment and real estate securities with repurchase agreements with the same counterparty from which the securities are purchased and both transactions are entered into contemporaneously or in contemplation of each other, the transactions are presumed under GAAP to be part of the same arrangement, or a “Linked Transaction,” unless certain criteria are met. As of December 31, 2015 and 2014 , none of the Company’s repurchase agreements are accounted for as linked transactions.
Deferred Tax Asset and Amount Due Pursuant to Tax Receivable Agreement	Deferred Tax Asset and Amount Due Pursuant to Tax Receivable Agreement In conjunction with the IPO, the Company is treated for U.S. federal income tax purposes as having directly purchased LP Units in LCFH from the existing unitholders. In the future, additional Series REIT LP Units, LC TRS I Shares (or Series TRS LP Units in lieu of such LC TRS I Shares) and shares of our Class B common stock may be exchanged for shares of Class A common stock in the Company. The initial purchase and these future exchanges may result in an increase in the tax basis of LCFH’s assets attributable to the Company’s interest in LCFH. These increases in the tax basis of LCFH’s assets attributable to the Company’s interest in LCFH would not have been available but for this initial purchase and future exchanges. Such increases in tax basis may increase (for tax purposes) depreciation and amortization deductions and therefore reduce the amount of income tax the Company would otherwise be required to pay in the future. The Tax Receivable Agreement provides for the payment by the Company to the TRA Members of 85% of the amount of cash savings in U.S. federal, state and local income tax or franchise tax that the Company actually realizes as a result of (a) the increase in tax basis attributable to exchanges by the TRA Members and (b) tax benefits related to imputed interest deemed to be paid by the Company as a result of this Tax Receivable Agreement. The Company may benefit from the remaining 15% of cash savings, if any, in income tax that it realizes and record any such estimated tax benefits as an increase to additional paid-in-capital. For purposes of the Tax Receivable Agreement, cash savings in income tax will be computed by comparing the Company’s actual income tax liability to the amount of such taxes that it 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 it not entered into the Tax Receivable Agreement. The term of the Tax Receivable Agreement commenced upon consummation of the IPO and will continue until all such tax benefits have been utilized or expired, unless the Company exercises its right to terminate the Tax Receivable Agreement for an amount based on an agreed value of payments remaining to be made under the agreement. The Company has recorded the estimated tax benefits related to the increase in tax basis and imputed interest as a result of the future exchanges described above as a deferred tax asset in the combined consolidated statements of financial condition. The amount due to the TRA Members related to the Tax Receivable Agreement as a result of the future exchanges described above is recorded as amount due pursuant to Tax Receivable Agreement in the combined consolidated statements of financial condition. The Tax Receivable Agreement 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 may 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 1 and Note 15 for further discussion of the Tax Receivable Agreement.
Income Taxes	Income Taxes The Company intends to elect to be qualified and taxed as a REIT under the Code effective January 1, 2015. The Company is subject to federal income taxation at corporate rates on its REIT taxable income, however, the Company is allowed a deduction for the amount of dividends paid to its stockholders, thereby subjecting the distributed net income of the Company to taxation at the stockholder level only. Any income associated with a TRS is fully taxable because a TRS is subject to federal and state income taxes as a domestic C corporation based upon its net income. The Company is also subject to U.S. federal income tax (and possibly state and local taxes) to the extent it recognizes any “built-in gains” that existed as of the date of the REIT Election for the five year period following the REIT Election. The Company intends to continue to operate in a manner consistent with and to elect to be treated as a REIT for tax purposes. Prior to electing REIT status, a portion of the Company’s income was subject to U.S. federal, state and local corporate income taxes and taxed at the prevailing corporate tax rates in addition to being subject to NYC UBT. Prior to February 11, 2014, the Company’s predecessor had not been subject to U.S. federal income taxes as the predecessor entity is a Limited Liability Limited Partnership, but had been subject to the New York City Unincorporated Business Tax (“NYC UBT”). The Company accounts for income taxes in accordance with ASC Topic 740 - Income Taxes (“ASC 740”) , which requires the recognition of tax benefits or expenses on the temporary differences between financial reporting and tax bases of assets and liabilities. The Company determines whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement which could result in the Company recording a tax liability that would reduce shareholders’ equity. The Company’s policy is to classify interest and penalties associated with underpayment of U.S. federal and state income taxes, if any, as a component of general and administrative expense on its combined consolidated statements of income. For the years ended December 31, 2015 and 2014 , the Company did not have any interest or penalties associated with the underpayment of any income taxes. The last three tax years remain open and subject to examination by tax jurisdictions.
Interest Income	Interest Income Interest income is accrued based on the outstanding principal amount and contractual terms of the Company’s loans and securities. Discounts or premiums associated with the purchase of loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected recovery period of the investment. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections. The Company has historically collected, and expects to continue to collect, all contractual amounts due on its originated loans. As a result, the Company does not adjust the projected cash flows to reflect anticipated credit losses for these loans. If the performance of a credit deteriorated security is more favorable than forecasted, the Company will generally accrete more credit discount into interest income than initially or previously expected. These adjustments are made prospectively beginning in the period subsequent to the determination that a favorable change in performance is projected. Conversely, if the performance of a credit deteriorated security is less favorable than forecasted, an other-than-temporary impairment may be taken, and the amount of discount accreted into income will generally be less than previously expected. The effective yield on securities is based on the projected cash flows from each security, which is estimated based on the Company’s observation of the then current information and events and will include assumptions related to interest rates, prepayment rates and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses (if applicable), and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on such securities. Actual maturities of the securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of scheduled principal, and repayments of principal. Therefore, actual maturities of the securities will generally be shorter than stated contractual maturities. For loans classified as held for investment and that the Company has not elected to record at fair value under FASB ASC 825, origination fees and direct loan origination costs are recognized in interest income over the loan term as a yield adjustment using the effective interest method. For loans classified as held for sale and that the Company has not elected to record at fair value under FASB ASC 825, origination fees and direct loan origination costs are deferred adjusting the basis of the loan and are realized as a portion of the gain/(loss) on sale of loans when sold. As of December 31, 2015 , the Company did not hold any loans for which the fair value option was elected. For our CMBS rated below AA, which represents 4% of the Company’s CMBS portfolio as of December 31, 2015 , cash flows from a security are estimated by applying assumptions used to determine the fair value of such security and the excess of the future cash flows over the investment are recognized as interest income under the effective yield method. The Company will review and, if appropriate, make adjustments to, its cash flow projections at least quarterly and monitor these projections based on input and analysis received from external sources and its judgment about interest rates, prepayment rates, the timing and amount of credit losses and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in interest income recognized and amortization of any premium or discount on, or the carrying value of, such securities. For investments purchased with evidence of deterioration of credit quality for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, the Company will apply the provisions of ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” ASC 310-30 addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investor’s initial investment in loans or debt securities (loans) acquired in a transfer if those differences are attributable, at least in part, to credit quality. ASC 310-30 limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. ASC 310-30 requires that the excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance. Subsequent increases in cash flows expected to be collected generally should be recognized prospectively through adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected should be recognized as impairment.
Recognition of Operating Lease Income and Tenant Recoveries	Recognition of Operating Lease Income and Tenant Recoveries Operating lease income is recognized on a straight-line basis over the respective lease terms. We classify amounts currently recognized as income, and expected to be received in later years, as assets in other assets in the accompanying combined consolidated balance sheets. Amounts received currently, but recognized as income in future years, are classified in other liabilities in the accompanying combined consolidated balance sheets. We commence recognition of operating lease income at the date the property is ready for its intended use and the tenant takes possession of or controls the physical use of the property. Tenant recoveries related to reimbursement of real estate taxes, insurance, utilities, repairs and maintenance, and other operating expenses are recognized as revenue in the period during which the applicable expenses are incurred.
Sales of Loans	Sales of Loans We recognize gains on sale of loans net of any costs related to that sale.
Transfers of Financial Assets	Transfers of Financial Assets For a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860 under which the Company must surrender control over the transferred assets which must qualify as recognized financial assets at the time of transfer. The assets must be isolated from the Company, even in bankruptcy or other receivership; the purchaser must have the right to pledge or sell the assets transferred and the Company may not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s combined consolidated balance sheets and the sale proceeds are recognized as a liability.
Fee and Other Income	Fee and Other Income Fee and other income is composed of income from the management of our institutional partnership and managed accounts, dividend income on our investment in FHLB stock, as well as from origination fees, exit fees and other fees on the loans we originate and in which we invest. For the year ended December 31, 2015 , it also includes a gain on the disposition of a loan, that was not originated by the Company, through foreclosure of real estate. Such foreclosed loan was credit impaired at the time of acquisition, which was reflected in Ladder’s purchase price.
Fee Expense	Fee Expense Fee expense is composed primarily of fees related to financing arrangements, transaction related costs and management fees incurred. In addition, fees under a loan referral agreement with Meridian Capital Group LLC (“Meridian”), as disclosed in Note 16 , are reflected as fee expense. The agreement provides for the payment of referral fees for loans originated pursuant to a formula based on the Company’s net profit on such referred loan, as defined in the agreement, payable annually in arrears. While the arrangement gives rise to a potential conflict of interest, full disclosure is given and the borrower waives the conflict in writing.
Stock Based Compensation Plan	Stock Based Compensation Plan The Company accounts for its equity-based compensation awards using the fair value method, which requires an estimate of fair value of the award at the time of grant. The Company recognizes the compensation expense related to the time-based vesting criteria on a straight-line basis over the requisite service period. 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.
Revision	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 these amounts for prior years.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic ASC 842) (“ASU 2016-02”). The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC Topic 840, Leases . ASU 2016-02 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). This update requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. This update requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The ASU is expected to impact the Company’s consolidated financial statements as the Company has certain operating lease arrangements for which it is the lessee. The standard is effective on January 1, 2019, with early adoption permitted. The Company is in the process of evaluating the impact of this new guidance. In January 2016, FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). This update requires that most equity investments be measured at fair value, with subsequent changes in fair value recognized in net income. The pronouncement also impacts financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. ASU 2016-01 applies to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company anticipates adopting this update in the quarter ending March 31, 2018 and is currently evaluating the impact on the Company’s combined consolidated financial statements. 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. 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 were 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 was 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 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 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 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 the related 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 statements. 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 statements. 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 statements. 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 statements. 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 statements.

MORTGAGE LOAN RECEIVABLES (Tabl

MORTGAGE LOAN RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule of mortgage loan receivables	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. December 31, 2015 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loan receivables held for investment, at amortized cost $ 1,749,556 $ 1,742,345 7.56 % 1.38 Provision for loan losses N/A (3,700 ) Total mortgage loan receivables held for investment, at amortized cost 1,749,556 1,738,645 Mortgage loan receivables held for sale 571,638 571,764 4.56 % 6.20 Total $ 2,321,194 $ 2,310,409 (1) December 31, 2015 London Interbank Offered Rate (“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): December 31, 2015 December 31, 2014 Outstanding Face Amount Carrying Value Outstanding Face Amount Carrying Value Mortgage loan receivables held for sale First mortgage loans $ 571,638 $ 571,764 $ 417,955 $ 417,955 Total mortgage loan receivables held for sale 571,638 571,764 417,955 417,955 Mortgage loan receivables held for investment, at amortized cost First mortgage loans 1,462,228 1,456,212 1,373,476 1,361,754 Mezzanine loans 287,328 286,133 163,447 162,399 Total mortgage loan receivables held for investment, at amortized cost 1,749,556 1,742,345 1,536,923 1,524,153 Provision for loan losses N/A (3,700 ) N/A (3,100 ) Total $ 2,321,194 $ 2,310,409 $ 1,954,878 $ 1,939,008
Schedule of activity in loan portfolio	For the years ended December 31, 2015 , 2014 and 2013 , 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 $ 1,521,053 $ 417,955 Origination of mortgage loan receivables 963,023 2,594,141 Repayment of mortgage loan receivables (752,452 ) (2,308 ) Proceeds from sales of mortgage loan receivables — (2,509,090 ) Non-cash disposition of loans (4,620 ) — Realized gain on sale of mortgage loan receivables — 71,066 Accretion/amortization of discount, premium and other fees 12,241 — Loan loss provision (600 ) — Balance, December 31, 2015 $ 1,738,645 $ 571,764 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 1,201,968 3,345,372 Repayment of mortgage loan receivables (214,511 ) (1,293 ) Proceeds from sales of mortgage loan receivables — (3,523,689 ) Realized gain on sale of mortgage loan receivables — 145,275 Transfer between held for investment and held for sale (11,800 ) 11,800 Accretion/amortization of discount, premium and other fees 6,918 — Loan loss provision (600 ) — Balance, December 31, 2014 $ 1,521,053 $ 417,955 Mortgage loan receivables held for investment, at amortized cost Mortgage loan receivables held for sale Balance, December 31, 2012 $ 326,318 $ 623,333 Origination of mortgage loan receivables 486,072 2,013,674 Repayment of mortgage loan receivables (268,093 ) (5,840 ) Proceeds from sales of mortgage loan receivables — (2,345,705 ) Realized gain on sale of mortgage loan receivables — 146,708 Transfer between held for investment and held for sale (8,320 ) 8,320 Accretion/amortization of discount, premium and other fees 3,701 — Loan loss provision (600 ) — Balance, December 31, 2013 $ 539,078 $ 440,490
Schedule of provision for loan losses	Provision for Loan Losses ($ in thousands) Year Ended December 31, 2015 2014 2013 Provision for loan losses at beginning of period $ 3,100 $ 2,500 $ 1,900 Provision for loan losses 600 600 600 Provision for loan losses at end of period $ 3,700 $ 3,100 $ 2,500

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 and 2014 ($ in thousands): December 31, 2015 Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Amortized Cost Basis Gains Losses Carrying Value # of Securities Rating (1) Coupon % Yield % Remaining Duration (years) CMBS(2) $ 1,972,492 $ 1,994,928 $ 4,643 $ (8,065 ) $ 1,991,506 119 AAA 3.17 % 2.59 % 3.15 CMBS interest-only(2) 7,436,379 (3) 348,222 1,027 (4,826 ) 344,423 48 AAA 1.02 % 3.81 % 3.34 GNMA interest-only(4) 632,175 (3) 28,311 44 (2,161 ) 26,194 20 AA+ 0.80 % 4.26 % 5.22 GN construction securities(2) 27,091 27,581 1,058 — 28,639 1 AA+ 4.10 % 3.86 % 9.33 GN permanent securities(2) 16,249 16,685 164 (394 ) 16,455 12 AA+ 4.52 % 3.94 % 5.43 Total $ 10,084,386 $ 2,415,727 $ 6,936 $ (15,446 ) $ 2,407,217 200 1.44 % 3.60 % 3.29 December 31, 2014 Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Amortized Cost Basis Gains Losses Carrying Value # of Securities Rating (1) Coupon % Yield % Remaining Duration (years) CMBS(2) $ 2,247,565 $ 2,277,995 $ 28,453 $ (1,038 ) $ 2,305,410 145 AAA 3.31 % 2.60 % 4.23 CMBS interest-only(2) 7,239,503 (3) 376,085 2,973 (723 ) 378,335 41 AAA 1.04 % 4.88 % 3.45 GNMA interest-only(4) 1,400,141 (3) 67,544 1,035 (1,937 ) 66,642 34 AA+ 0.85 % 5.90 % 4.50 GN construction securities(2) 27,538 28,178 503 (275 ) 28,406 4 AA+ 3.89 % 3.56 % 9.42 GN permanent securities(2) 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 % 4.15 (1) 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. (2) 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. (3) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (4) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. 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.
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 December 31, 2015 and 2014 ($ in thousands): December 31, 2015 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 610,526 $ 891,752 $ 489,228 $ — $ 1,991,506 CMBS interest-only(1) — 344,423 — — 344,423 GNMA interest-only(2) 6 17,159 8,549 480 26,194 GN construction securities(1) — 386 28,253 — 28,639 GN permanent securities(1) 2,220 6,661 7,574 — 16,455 Total $ 612,752 $ 1,260,381 $ 533,604 $ 480 $ 2,407,217 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 LEASE34

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Schedule of real estate properties by category	The following tables present additional detail related to our real estate portfolio ($ in thousands): December 31, 2015 December 31, 2014 Land $ 138,128 $ 122,458 Building 640,206 569,774 In-place leases and other intangibles 139,501 127,359 Real estate 917,835 819,591 Less: Accumulated depreciation and amortization (83,056 ) (50,605 ) Real estate and related lease intangibles, net $ 834,779 $ 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): Year Ended December 31, 2015 2014 2013 Depreciation expense (1) $ 23,922 $ 18,034 $ 13,151 Amortization expense 15,031 10,238 7,816 Total real estate depreciation and amortization expense $ 38,953 $ 28,272 $ 20,967 (1) Depreciation expense on the combined consolidated statements of income also includes $0.1 million , $0.2 million and $0.5 million of depreciation on corporate fixed assets for the years ended December 31, 2015 , 2014 and 2013 , respectively.
Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned	The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles for property owned as of December 31, 2015 ($ in thousands): Period Ending December 31, Amount 2016 $ 13,809 2017 9,695 2018 7,747 2019 7,484 2020 6,639 Thereafter 61,405 Total $ 106,779
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 December 31, 2015 ($ in thousands): Period Ending December 31, Amount 2016 $ 70,415 2017 65,875 2018 63,278 2019 58,925 2020 56,136 Thereafter 493,901 Total $ 808,530
Schedule of real estate properties acquired	During the year ended December 31, 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% Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) 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% October 2015 Net Lease Wilmington, IL 1,309 100.0% October 2015 Net Lease Danville, IL 1,074 100.0% October 2015 Net Lease Bloomington, IL 1,193 100.0% October 2015 Net Lease Lincoln County , MO 1,072 100.0% October 2015 Net Lease Montrose, MN 1,167 100.0% October 2015 Net Lease Jenks, OK 12,160 100.0% October 2015 Net Lease Grove, OK 5,030 100.0% October 2015 Net Lease Farmington, IL 1,303 100.0% October 2015 Net Lease Bixby, OK 10,978 100.0% October 2015 Net Lease Rice, MN 1,200 100.0% November 2015 Net Lease Gordonville, MO 1,125 100.0% December 2015 Net Lease Malone, NY 1,466 100.0% December 2015 Net Lease Mercedes, TX 1,204 100.0% December 2015 Net Lease Albion, PA 1,525 100.0% December 2015 Net Lease Radford, VA 1,564 100.0% December 2015 Net Lease Rural Retreat, VA 1,399 100.0% December 2015 Net Lease Mount Vernon, AL 1,224 100.0% Total purchases of real estate $ 212,756 October 2015 Other Carmel, NY 6,700 100.0% Total real estate acquired via foreclosure $ 6,700 Total real estate acquisitions $ 219,456 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the year ended December 31, 2015 , as follows ($ in thousands): Purchase Price Allocation Land $ 32,260 Building 166,556 Intangibles 20,640 Total purchase price $ 219,456 During the year ended December 31, 2015 , the Company acquired, via foreclosure, title to one commercial retail operating property which had a total fair value of $6.7 million and previously served as collateral for mortgage loan receivables held for investment. The acquisition was accounted for at fair value on the date of foreclosure. 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. A gain of $0.8 million on disposition of loan, representing the difference between the fair value of the property and the $5.9 million carrying value of the loan on the date of foreclosure, is included in fee and other income in the Company’s combined consolidated statement of income for the year ended December 31, 2015 . During the year ended December 31, 2014 , the Company acquired the following properties ($ 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% October 2014 Net Lease Bennett, CO 3,522 100.0% October 2014 Net Lease Memphis, TN 5,310 100.0% November 2014 Net Lease Ankemy, IA 16,510 100.0% November 2014 Net Lease Springfield, MO 11,675 100.0% November 2014 Net Lease Sheldon, IA 4,300 100.0% November 2014 Net Lease Cedar Rapids, IA 11,000 100.0% November 2014 Net Lease Fairfield, IA 10,695 100.0% November 2014 Net Lease Muscatine, IA 7,150 100.0% November 2014 Net Lease Owatonna, MN 9,970 100.0% November 2014 Net Lease Bellport, NY 18,100 100.0% November 2014 Net Lease Woodland Park, CO 3,969 100.0% November 2014 Net Lease Evansville, IN 9,000 100.0% December 2014 Net Lease Plattsmouth, NE 7,979 100.0% December 2014 Net Lease Worthington, MN 8,320 100.0% Totals $ 254,497 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the year ended December 31, 2014 , as follows ($ in thousands): Purchase Price Allocation Land $ 41,908 Building 168,714 Intangibles 43,875 Total purchase price $ 254,497 During the year ended December 31, 2013 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) January 2013 Net Lease Durant, OK $ 4,991 100.0% February 2013 Other Southfield, MI 18,000 90.0% June 2013 Other Richmond, VA 134,999 77.5% October 2013 Office Minneapolis, MN 51,278 90.0% November 2013 Condominium Miami, FL 80,000 100.0% Totals $ 289,268 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the year ended December 31, 2013 , as follows ($ in thousands): Purchase Price Allocation Land $ 37,579 Building 206,688 Intangibles 45,001 Total purchase price $ 289,268
Schedule of properties sold	The Company sold the following properties during the year ended December 31, 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 17,856 (1) 16,827 1,029 (2) 1 — Nov 2015 Other Minneapolis, MN 62,093 (3) 49,022 13,071 (4) 1 — Various Condominium Las Vegas, NV 38,779 22,310 16,469 — 88 Various Condominium Miami, FL 29,924 22,942 6,982 — 99 Totals $ 172,134 $ 133,005 $ 39,129 (5) (1) Includes $11.3 million of mortgage debt assumed by the buyer, which is included in non-cash transactions on the Company’s combined consolidated statement of cash flows. (2) Excludes $0.3 million of gain on mortgage debt assumed by the buyer, which is included in realized gain on sale of real estate, net on the Company’s combined consolidated statement of cash flows. (3) Includes $39.8 million of mortgage debt assumed by the buyer, which is included in non-cash transactions on the Company’s combined consolidated statement of cash flows. (4) Excludes $1.1 million of gain on mortgage debt assumed by the buyer, which is included in realized gain on sale of real estate, net on the Company’s combined consolidated statement of cash flows. (5) Excludes $0.2 million loss on sale of fixed assets, which is included in realized gain on sale of real estate, net on the Company’s combined consolidated statements of income. The Company sold the following properties during the year ended December 31, 2014 ($ 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 16,754 15,643 1,111 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 10,168 8,724 1,444 1 — Various Condominium Las Vegas, NV 52,976 33,925 19,051 — 113 Various Condominium Miami, FL 23,003 18,310 4,693 — 72 Totals $ 123,444 $ 93,684 $ 29,760 The Company sold the following properties during the year ended December 31, 2013 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Various Condominium Las Vegas, NV $ 36,930 $ 23,365 $ 13,565 — 94 Totals $ 36,930 $ 23,365 $ 13,565
Summary of income from the properties sold	The following table summarizes income from the properties sold or classified as held for sale during the year ended December 31, 2015 , for the years ended December 31, 2015 , 2014 and 2013 ($ in thousands): Year Ended December 31, 2015 2014 2013 Operating lease income $ 6,449 $ 6,971 $ 2,159 Tenant recoveries 4,340 4,514 964 Depreciation and amortization (2,150 ) (3,651 ) (1,782 ) Income from properties sold $ 8,639 $ 7,834 $ 1,341 The following table summarizes income from the properties sold or classified as held for sale during the year ended December 31, 2014 , for the years ended December 31, 2014 and 2013 ($ in thousands): Year Ended December 31, 2014 2013 Operating lease income $ 3,377 $ 4,781 Tenant recoveries 278 296 Depreciation and amortization (2,212 ) (1,804 ) Income from properties sold $ 1,443 $ 3,273
Schedule of unaudited pro forma information	The unaudited pro forma combined consolidated financial information reflects the 2015 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2014 through the date of acquisition, the 2014 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2013 through the date of acquisition and the 2013 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2012 through the date of acquisition. 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): Year Ended December 31, 2015 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 80,465 $ 6,411 $ 86,876 Net income 146,134 3,620 149,754 Net loss attributable to noncontrolling interest in consolidated joint ventures (1,568 ) — (1,568 ) Net (income) loss attributable to noncontrolling interest in operating partnership (70,745 ) (1,694 ) (72,439 ) Net income attributable to Class A common shareholders 73,821 1,926 75,747 Year Ended December 31, 2014 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 56,649 $ 34,446 $ 91,095 Net income 97,626 10,518 108,144 Net loss attributable to noncontrolling interest in consolidated joint ventures 370 257 627 Net (income) loss attributable to predecessor unitholders 12,628 — 12,628 Net (income) loss attributable to noncontrolling interest in operating partnership (66,437 ) (5,163 ) (71,600 ) Net income attributable to Class A common shareholders 44,187 5,612 49,799 Year Ended December 31, 2013 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 37,395 $ 34,185 $ 71,580 Net income 188,733 4,881 193,614 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 1,098 (107 ) 991 Net (income) loss attributable to noncontrolling interest in operating partnership 189,831 95 189,926

INVESTMENT IN UNCONSOLIDATED 35

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 and 2014 ($ in thousands): Entity December 31, 2015 December 31, 2014 Ladder Capital Realty Income Partnership I LP $ 49 $ 3,898 Grace Lake JV, LLC 2,891 2,143 24 Second Avenue Holdings LLC 30,857 — Company’s investment in unconsolidated joint ventures $ 33,797 $ 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 years ended December 31, 2015 , 2014 and 2013 ($ in thousands): Year Ended December 31, Entity 2015 2014 2013 Ladder Capital Realty Income Partnership I LP $ 116 $ 1,090 $ 2,568 Grace Lake JV, LLC 823 900 635 24 Second Avenue Holdings LLC (568 ) — — Earnings (loss) from investment in unconsolidated joint ventures $ 371 $ 1,990 $ 3,203
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 December 31, 2015 and 2014 ($ in thousands): December 31, 2015 December 31, 2014 Total assets $ 131,214 $ 118,762 Total liabilities 88,973 81,073 Partners’/members’ capital $ 42,241 $ 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 years ended December 31, 2015 , 2014 and 2013 ($ in thousands): Year Ended December 31, 2015 2014 2013 Total revenues $ 18,886 $ 26,059 $ 36,135 Total expenses 15,849 16,864 10,554 Net income (loss) $ 3,037 $ 9,195 $ 25,581

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of repurchase agreement	The details of the Company’s debt obligations at December 31, 2015 and 2014 are as follows ($ in thousands): December 31, 2015 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2015(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 229,533 $ 370,467 2.08% - 2.93% 10/30/2016 (2) (3) $ 364,978 $ 366,676 Committed Loan Repurchase Facility 400,000 204,262 195,738 2.44% - 4.33% 4/10/2016 (4) (5) 299,714 342,307 (6) Committed Loan Repurchase Facility 450,000 269,779 180,221 2.58% - 4.33% 5/24/2016 (2) (3) 436,901 466,640 (7) Committed Loan Repurchase Facility 35,000 575 34,425 3.02% 10/24/2016 (8) (9) — 794 (10) Total Committed Loan Repurchase Facilities 1,485,000 704,149 780,851 1,101,593 1,176,417 Committed Securities Repurchase Facility 300,000 161,887 138,113 0.88% - 1.34% 10/31/2016 N/A (11) 193,530 193,530 Uncommitted Securities Repurchase Facility N/A (12) 394,719 N/A (12) 0.73% - 2.02% 1/2016 N/A (11) 458,615 458,615 Total Repurchase Facilities 1,785,000 1,260,755 918,964 1,753,738 1,828,562 Borrowings Under Credit Agreement 50,000 — 50,000 1/24/2016 N/A (13) — — Revolving Credit Facility 75,000 — 75,000 2/11/2017 (2) N/A (14) N/A (14) N/A (14) Mortgage Loan Financing 544,663 544,663 — 4.25% - 6.75% 2018 - 2025 N/A (15) 711,090 788,369 Borrowings from the FHLB 2,237,113 1,856,700 380,413 0.28% - 2.74% 2016 - 2024 N/A (13) 2,317,534 2,323,765 Senior Unsecured Notes 619,555 612,605 (16) — 5.875% - 7.375% 2017 -2021 N/A N/A (17) N/A (17) N/A (17) Total Debt Obligations $ 5,311,331 $ 4,274,723 $ 1,424,377 $ 4,782,362 $ 4,940,696 (1) December 31, 2015 London Interbank Offered Rate (“LIBOR”) rates are used to calculate interest rates for floating rate debt. (2) Two additional twelve -month periods at Company’s option. (3) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (4) Three additional 364 -day periods at Company’s option. (5) First mortgage and mezzanine commercial real estate loans. It does not include the real estate collateralizing such loans. (6) Includes $36.5 million of loans made to consolidated subsidiaries. (7) Includes $28.2 million of loans made to consolidated subsidiaries. (8) Two six -month extension periods. (9) First mortgage commercial real estate loans held for sale. It does not include the real estate collateralizing such loans. (10) Includes $0.8 million of loans made to consolidated subsidiaries. (11) Investment grade commercial real estate securities. It does not include the real estate collateralizing such securities. (12) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (13) First mortgage and mezzanine commercial real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities. (14) 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. (15) Using undepreciated carrying value of commercial real estate to approximate fair value. (16) Presented net of unamortized debt issuance costs of $6.9 million at December 31, 2015 . (17) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. December 31, 2014 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2014(1) Current Term Maturity Remaining Extension Options Eligible Collateral 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 (2) (3) $ 278,530 $ 279,921 Committed Loan Repurchase Facility 250,000 138,711 111,289 2.41% - 3.04% 4/10/2016 (4) (5) 144,858 145,749 Committed Loan Repurchase Facility 450,000 222,516 227,484 2.42% - 3.16% 5/26/2015 (2) (3) 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 (6) 214,617 214,617 Uncommitted Securities Repurchase Facility N/A (7) 747,789 N/A (6) 0.50% - 1.66% Various N/A (6) 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 (8) — — Borrowings Under Credit and Security Agreement 46,750 46,750 — 2.01% 10/6/2015 (9) (10) 54,775 55,000 Revolving Credit Facility 75,000 25,000 50,000 3.66% - 5.75% 2/11/2017 (2) 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 Borrowings from the FHLB 1,900,000 1,611,000 289,000 0.30% - 2.74% 2015 - 2024 N/A (8) 2,068,988 2,073,955 Senior Unsecured Notes 619,555 610,129 (13) — 5.875% - 7.375% 2017 -2021 N/A N/A (14) N/A (14) N/A (14) Total Debt Obligations $ 4,588,715 $ 4,182,954 $ 1,144,124 $ 4,593,410 $ 4,648,313 (1) December 31, 2014 London Interbank Offered Rate (“LIBOR”) rates are used to calculate interest rates for floating rate debt. (2) Two additional twelve -month periods at Company’s option. (3) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (4) One additional 364 -day period at Company’s option. (5) First mortgage and mezzanine commercial real estate loans. It does not include the real estate collateralizing such loans. (6) Investment grade commercial real estate securities. It does not include the real estate collateralizing such securities. (7) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (8) First mortgage and mezzanine commercial real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities. (9) One additional twelve -month period. (10) First mortgage commercial real estate loan. It does not include the real estate collateralizing such 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 carrying value of commercial real estate to approximate fair value. (13) Presented net of unamortized debt issuance costs of $9.4 million at December 31, 2014 . (14) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity	The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by Maturity (1) 2016 $ 2,534,105 2017 562,969 2018 89,016 2019 27,968 2020 113,802 Thereafter 947,761 Total $ 4,275,621 (1) Contractual payments under current maturities, some of which are subject to extensions.

FAIR VALUE OF FINANCIAL INSTR37

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 and 2014 are as follows ($ in thousands): December 31, 2015 Weighted Average Outstanding Face Amount Amortized Cost Basis Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 1,972,492 $ 1,994,928 $ 1,991,506 Internal model, third-party inputs 2.59 % 3.15 CMBS interest-only(1) 7,436,379 (2) 348,222 344,423 Internal model, third-party inputs 3.81 % 3.34 GNMA interest-only(3) 632,175 (2) 28,311 26,194 Internal model, third-party inputs 4.26 % 5.22 GN construction securities(1) 27,091 27,581 28,639 Internal model, third-party inputs 3.86 % 9.33 GN permanent securities(1) 16,249 16,685 16,455 Internal model, third-party inputs 3.94 % 5.43 Mortgage loan receivable held for investment, at amortized cost 1,749,556 1,738,645 1,756,774 Discounted Cash Flow(4) 7.56 % 1.38 Mortgage loan receivable held for sale 571,638 571,764 582,277 Internal model, third-party inputs(5) 4.56 % 6.20 FHLB stock(6) 77,915 77,915 77,915 (6) 3.50 % N/A Nonhedge derivatives(1)(7) 868,700 N/A 2,821 Counterparty quotations N/A 0.69 Liabilities: Repurchase agreements - short-term 1,224,942 1,224,942 1,224,942 Discounted Cash Flow(8) 1.67 % 0.43 Repurchase agreements - long-term 35,814 35,813 35,814 Discounted Cash Flow(9) 1.87 % 1.40 Mortgage loan financing 540,764 544,663 557,841 Discounted Cash Flow(9) 4.86 % 7.93 Borrowings from the FHLB 1,856,700 1,856,700 1,861,584 Discounted Cash Flow 0.84 % 1.42 Senior unsecured notes 619,555 612,605 591,357 Broker quotations, pricing services 6.65 % 3.61 Nonhedge derivatives(1)(7) 374,200 N/A 5,504 Counterparty quotations N/A 3.42 (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) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) 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. (5) 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. (6) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (7) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (8) 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. (9) 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. 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 $ 2,305,410 Internal model, third-party inputs 2.60 % 4.23 CMBS interest-only(1) 7,239,503 (2) 376,085 378,335 Internal model, third-party inputs 4.88 % 3.45 GNMA interest-only(3) 1,400,141 (2) 67,544 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(4) 7.33 % 1.96 Mortgage loan receivable held for sale 417,955 417,955 421,991 Internal model, third-party inputs(5) 4.31 % 9.72 FHLB stock(6) 72,340 72,340 72,340 (6) 3.50 % N/A Nonhedge derivatives(1)(7) 125,050 N/A 423 Counterparty quotations N/A 3.45 Liabilities: Repurchase agreements - short-term 1,331,603 1,331,603 1,331,603 Discounted Cash Flow(8) 1.32 % 0.23 Repurchase agreements - long-term 100,062 100,062 100,062 Discounted Cash Flow(9) 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(9) 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 619,555 610,129 611,745 Broker quotations, pricing services 6.65 % 4.61 Nonhedge derivatives(1)(7) 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) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) 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. (5) 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. (6) Fair value of the FHLB stock approximates outstanding face amount as the Company’s captive insurance subsidiary is restricted from trading the stock and can only put the stock back to the FHLB, at the FHLB’s discretion, at par. (7) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (8) 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. (9) 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. (10) Fair value for borrowings under the Credit Agreement, the Credit and Security Agreement and the Revolving Credit Facility are estimated to approximate their 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 December 31, 2015 and 2014 ($ in thousands): December 31, 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) $ 1,972,492 $ — $ — $ 1,991,506 $ 1,991,506 CMBS interest-only(1) 7,436,379 (2) — — 344,423 344,423 GNMA interest-only(3) 632,175 (2) — — 26,194 26,194 GN construction securities(1) 27,091 — — 28,639 28,639 GN permanent securities(1) 16,249 — — 16,455 16,455 Nonhedge derivatives(4) 868,700 — 2,821 — 2,821 $ — $ 2,821 $ 2,407,217 $ 2,410,038 Liabilities: Nonhedge derivatives(4) 374,200 $ — $ 5,504 $ — $ 5,504 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 $ 1,749,556 $ — $ — $ 1,756,774 $ 1,756,774 Mortgage loan receivable held for sale 571,638 — — 582,277 582,277 FHLB stock 77,915 — — 77,915 77,915 $ — $ — $ 2,416,966 $ 2,416,966 Liabilities: 0 Repurchase agreements - short-term 1,224,942 $ — $ — $ 1,224,942 $ 1,224,942 Repurchase agreements - long-term 35,814 — — 35,814 35,814 Mortgage loan financing 540,764 — — 557,841 557,841 Borrowings from the FHLB 1,856,700 — — 1,861,584 1,861,584 Senior unsecured notes 619,555 — — 591,357 591,357 $ — $ — $ 4,271,538 $ 4,271,538 (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) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (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 $ — $ — $ 2,305,410 $ 2,305,410 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 — 423 — 423 $ — $ 132,244 $ 2,683,745 $ 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
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 years ended December 31, 2015 and 2014 ($ in thousands): Level 3 2015 2014 Balance at January 1, $ 2,683,745 $ — Transfer from level 2 86,576 1,422,996 Purchases 720,010 2,121,503 Sales (839,868 ) (692,306 ) Paydowns/maturities (160,612 ) (155,525 ) Amortization of premium/discount (70,763 ) (60,992 ) Unrealized gain/(loss) (36,610 ) 19,769 Realized gain/(loss) on sale 24,739 28,300 Balance at December 31, $ 2,407,217 $ 2,683,745
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): December 31, 2015 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 1,991,506 Discounted cash flow Yield (4) — % 2.19 % 9.21 % Duration (years)(5) 0.00 4.06 7.91 CMBS interest-only (1) 344,423 (2) Discounted cash flow Yield (4) 0.09 % 4.13 % 4.51 % Duration (years)(5) 1.90 3.30 4.24 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only (3) 26,194 (2) Discounted cash flow Yield (4) — % 9.21 % 10 % Duration (years)(5) 0.32 2.41 5.18 Prepayment speed (CPJ)(5) 5.00 14.57 35.00 GN construction securities (1) 28,639 Discounted cash flow Yield (4) 0.58 % 3.47 % 3.51 % Duration (years)(5) 0.00 10.34 10.48 GN permanent securities (1) 16,455 Discounted cash flow Yield (4) — % 3.25 % 6.62 % Duration (years)(5) 1.66 5.72 7.21 Total $ 2,407,217 (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. December 31, 2014 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 2,305,410 Discounted cash flow Yield (3) (13.06 )% 2.36 % 5.49 % Duration (years)(4) 0.00 4.68 8.26 CMBS interest-only (1) 378,335 (2) Discounted cash flow Yield (3) (27.49 )% (4.93 )% 23.32 % Duration (years)(4) 0.49 3.50 4.73 Prepayment speed (CPY)(4) 100.00 100.00 100.00 Total $ 2,683,745 (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. Sensitivity of the Fair Value to Changes in the Unobservable Inputs (3) Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement. (4) 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)	12 Months Ended
	Dec. 31, 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 December 31, 2015 and December 31, 2014 ($ in thousands): December 31, 2015 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Futures 5-year Swap $ 670,100 $ 2,122 $ — 0.25 10-year Swap 477,900 463 1,451 0.25 5-year U.S. Treasury Note 800 3 — 0.25 10-year U.S. Treasury Note 600 3 — 0.25 Total futures 1,149,400 2,591 1,451 Swaps 3MO LIBOR 50,000 — 3,686 4.72 Credit Derivatives CMBX 10,000 230 — 5.59 CDX 33,500 — 367 2.92 Total credit derivatives 43,500 230 367 Total derivatives $ 1,242,900 $ 2,821 $ 5,504 (1) Shown as derivative instruments, at fair value, in the accompanying combined consolidated balance sheets. 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 years ended December 31, 2015 , 2014 and 2013 ($ in thousands): Year Ended December 31, 2015 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ 9,214 $ (46,816 ) $ (37,602 ) Swaps 661 (1,992 ) (1,331 ) Credit Derivatives 307 (311 ) (4 ) Total $ 10,182 $ (49,119 ) $ (38,937 ) Year Ended December 31, 2014 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Caps $ — $ (7 ) $ (7 ) Futures $ (16,065 ) $ (74,946 ) $ (91,011 ) Swaps 1,780 (5,161 ) (3,381 ) Credit Derivatives (86 ) (313 ) (399 ) Total $ (14,371 ) $ (80,427 ) $ (94,798 ) Year Ended December 31, 2013 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Caps $ — $ — $ — Futures $ 4,420 $ 19,998 $ 24,418 Swaps 11,288 (4,834 ) 6,454 Credit Derivatives (1,680 ) (1,117 ) (2,797 ) Total $ 14,028 $ 14,047 $ 28,075

OFFSETTING ASSETS AND LIABILI39

OFFSETTING ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Offsetting [Abstract]
Schedule of offsetting of financial assets	As of December 31, 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 $ 2,821 $ — $ 2,821 $ — $ — $ 2,821 Total $ 2,821 $ — $ 2,821 $ — $ — $ 2,821 (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 (1) Included in cash collateral held by broker on combined consolidated balance sheets.
Schedule of offsetting of financial liabilities	As of December 31, 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 $ 5,504 $ — $ 5,504 $ — $ 5,504 — Repurchase agreements 1,260,755 — 1,260,755 1,260,755 — — Total $ 1,266,259 $ — $ 1,266,259 $ 1,260,755 $ 5,504 $ — (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 1,431,665 — 1,431,665 1,431,665 — — Total $ 1,445,110 $ — $ 1,445,110 $ 1,431,665 $ 13,445 $ — (1) Included in cash collateral held by broker on combined consolidated balance sheets.

EQUITY STRUCTURE AND ACCOUNTS (

EQUITY STRUCTURE AND ACCOUNTS (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Repurchase of Treasury Stock Activity	The following table is a summary of the Company’s repurchase activity of its Class A common stock during the year ended December 31, 2015 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2014 $ 50,000 Additional authorizations — Repurchases paid 84,203 (994 ) Repurchases unsettled — Authorizations remaining as of December 31, 2015 $ 49,006 (1) Amount excludes commissions paid associated with share repurchases.
Schedule of Dividends Declared and Paid	The following table presents dividends declared (on a per share basis) of Class A common stock for the year ended December 31, 2015 : Declaration Date Dividend per Share March 12, 2015 $ 0.250 June 8, 2015 0.250 September 1, 2015 0.275 December 1, 2015 1.450 (1) Total $ 2.225 (1) On November 30, 2015 , our board of directors approved the fourth quarter 2015 dividend of $1.45 per share of our Class A common stock in order to meet our annual REIT taxable income distribution requirement and our one time E&P Distribution requirement. The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the year ended December 31, 2015 : Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends (1) Capital Gain Unrecaptured 1250 Gain (2) April 6, 2015 April 15, 2015 $ 0.250 $ 0.250 $ 0.250 $ — $ — June 15, 2015 July 1, 2015 0.250 0.250 0.250 — — September 10, 2015 October 1, 2015 0.275 0.275 0.275 — — December 10, 2015 January 21, 2016 (3) 1.450 1.306 0.156 0.144 0.020 Total $ 2.225 $ 2.081 $ 0.931 $ 0.144 $ 0.020 (1) The fourth quarter dividend paid on January 21, 2016 is considered a 2015 dividend for U.S. federal income tax purposes. (2) For 2015 , Qualified Dividends represents the portion of total Ordinary Dividends which constitutes "qualified dividend income", as defined by the Internal Revenue Code. (3) For 2015 , Unrecaptured 1250 Gain represents the portion of total Capital Gain which constitutes gain required to be taxed as "Unrecaptured Section 1250 Gain", as defined by the Internal Revenue Code.
Schedule of 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 year ended December 31, 2015 ($ in thousands): Accumulated Other Comprehensive Income (Loss) 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) (20,046 ) (16,499 ) (36,545 ) Exchange of noncontrolling interest for common stock 645 (645 ) — Rebalancing of ownership percentage between Company and Operating Partnership 189 (189 ) — December 31, 2015 $ (3,556 ) $ (2,839 ) $ (6,395 )

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2015 and the period February 11, 2014 through December 31, 2014 consist of the following: ($ in thousands except share amounts) For the Year Ended December 31, 2015 For the Period February 11, 2014 through December 31, 2014 Basic Net income available for Class A common shareholders $ 73,821 $ 44,187 Diluted Net income available for Class A common shareholders $ 73,821 $ 84,228 Weighted average shares outstanding Basic 51,702,188 49,296,417 Diluted 51,870,808 97,583,310
Schedule of calculation of basic and diluted net income per share amounts	(In thousands except share amounts) For the Year Ended December 31, 2015 For the Period February 11, 2014 through December 31, 2014 Basic Net Income Per Share of Class A Common Stock Numerator: Net income attributable to Class A common shareholders $ 73,821 $ 44,187 Denominator: Weighted average number of shares of Class A common stock outstanding 51,702,188 49,296,417 Basic net income per share of Class A common stock $ 1.43 $ 0.90 Diluted Net Income Per Share of Class A Common Stock Numerator: Net income attributable to Class A common shareholders $ 73,821 $ 44,187 Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) — 66,437 Additional corporate tax (expense) benefit — (26,396 ) Diluted net income attributable to Class A common shareholders $ 73,821 $ 84,228 Denominator: Basic weighted average number of shares of Class A common stock outstanding 51,702,188 49,296,417 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders — 48,145,875 Incremental shares of unvested Class A restricted stock 168,620 141,018 Diluted weighted average number of shares of Class A common stock outstanding 51,870,808 97,583,310 Diluted net income per share of Class A common stock $ 1.42 $ 0.86

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of the grants	A summary of the grants is presented below ($ in thousands): Year Ended December 31, 2015 2014 2013 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 — — — — Grants - Series B Participating Preferred Units — — — — 7,613 1,157 Amortization to compensation expense Predecessor compensation expense $ — $ (290 ) $ (2,881 ) LP Units compensation expense (124 ) (2,052 ) — Ladder compensation expense (13,664 ) (12,109 ) — Total amortization to compensation expense $ (13,788 ) $ (14,451 ) $ (2,881 )
Schedule of Nonvested Shares Activity	The table below presents the number of unvested shares and outstanding stock options at December 31, 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 (588,343 ) (7,559 ) Forfeited (188,054 ) (69,070 ) — Expired — Nonvested/Outstanding at December 31, 2015 1,334,369 601,186 504 Exercisable at December 31, 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)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	Components of the provision for income taxes consist of the following ($ in thousands): Year Ended December 31, 2015 2014 Current expense (benefit) U.S. Federal $ 9,020 $ 23,609 State and local 2,637 10,170 Total current expense (benefit) 11,657 33,779 Deferred expense (benefit) U.S. Federal 2,247 (4,357 ) State and local 653 (2,817 ) Total deferred expense (benefit) 2,900 (7,174 ) Provision for Income tax expense (benefit) $ 14,557 $ 26,605
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2015 and 2014 is as follows: Year Ended December 31, 2015 2014 US statutory tax rate 35.00 % 35.00 % REIT income not subject to corporate income tax (32.37 )% — % Increase due to state and local taxes 1.40 % 3.78 % Deferred tax asset write-off upon conversion to REIT 1.44 % — % Change in valuation allowance 3.29 % — % Other 0.39 % (17.37 )% Effective income tax rate 9.15 % 21.41 %
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): December 31, 2015 December 31, 2014 Deferred Tax Assets Basis difference in operating partnerships $ 3,089 $ 6,795 Tax intangibles 910 778 Unrealized gains (losses) 971 616 Unrealized gains (losses) - derivatives 5,239 — Valuation allowance (5,239 ) — Total Deferred Tax Assets $ 4,970 $ 8,189

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 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 2016 $ 1,198 2017 1,255 2018 1,206 2019 1,180 2020 1,180 Thereafter 1,279 Total $ 7,298

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 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 Year ended December 31, 2015 Interest income $ 165,403 $ 76,083 $ — $ 53 $ 241,539 Interest expense (24,039 ) (7,256 ) (23,873 ) (58,135 ) (113,303 ) Net interest income (expense) 141,364 68,827 (23,873 ) (58,082 ) 128,236 Provision for loan losses (600 ) — — — (600 ) Net interest income (expense) after provision for loan losses 140,764 68,827 (23,873 ) (58,082 ) 127,636 Operating lease income — — 80,465 — 80,465 Tenant recoveries — — 9,907 — 9,907 Sale of loans, net 71,066 — — — 71,066 Realized gain on securities — 24,007 — — 24,007 Unrealized gain (loss) on Agency interest-only securities — (1,249 ) — — (1,249 ) Realized gain on sale of real estate, net 2,346 — 38,040 — 40,386 Fee and other income 5,999 230 5,989 2,987 15,205 Net result from derivative transactions (12,609 ) (26,328 ) — — (38,937 ) Earnings from investment in unconsolidated joint ventures — — 255 116 371 Total other income 66,802 (3,340 ) 134,656 3,103 201,221 Salaries and employee benefits (16,531 ) — — (45,081 ) (61,612 ) Operating expenses 381 — — (25,484 ) (25,103 ) Real estate operating expenses — — (35,886 ) — (35,886 ) Real estate acquisition costs — — (1,982 ) (1 ) (1,983 ) Fee expense (1,693 ) (40 ) (470 ) (2,318 ) (4,521 ) Depreciation and amortization — — (38,953 ) (108 ) (39,061 ) Total costs and expenses (17,843 ) (40 ) (77,291 ) (72,992 ) (168,166 ) Tax (expense) benefit — — — (14,557 ) (14,557 ) Segment profit (loss) $ 189,723 $ 65,447 $ 33,492 $ (142,528 ) $ 146,134 Total assets as of December 31, 2015 $ 2,310,409 $ 2,407,217 $ 868,528 $ 309,058 $ 5,895,212 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Year ended December 31, 2014 Interest income $ 113,943 $ 73,331 $ — $ 51 $ 187,325 Interest expense (13,205 ) (6,588 ) (15,984 ) (41,797 ) (77,574 ) Net interest income (expense) 100,738 66,743 (15,984 ) (41,746 ) 109,751 Provision for loan losses (600 ) — — — (600 ) Net interest income (expense) after provision for loan losses 100,138 66,743 (15,984 ) (41,746 ) 109,151 Operating lease income — — 56,649 — 56,649 Tenant recoveries — — 9,183 — 9,183 Sale of loans, net 145,275 — — — 145,275 Realized gain on securities — 26,977 — — 26,977 Unrealized gain (loss) on Agency interest-only securities — 2,144 — — 2,144 Realized gain on sale of real estate, net 1,525 — 28,235 — 29,760 Fee income 3,854 — 5,374 2,476 11,704 Net result from derivative transactions (34,599 ) (60,199 ) — — (94,798 ) Earnings from investment in unconsolidated joint ventures — — 900 1,090 1,990 Gain on assignment of mortgage loan financing — — 432 — 432 Loss on extinguishment of debt — — — (150 ) (150 ) Total other income 116,055 (31,078 ) 100,773 3,416 189,166 Salaries and employee benefits (22,400 ) — — (59,744 ) (82,144 ) Operating expenses 235 — — (25,633 ) (25,398 ) Real estate operating expenses — — (32,670 ) — (32,670 ) Real estate acquisition costs — — (2,400 ) (4 ) (2,404 ) Fee expense (2,172 ) (65 ) (83 ) (703 ) (3,023 ) Depreciation and amortization — — (28,271 ) (176 ) (28,447 ) Total costs and expenses (24,337 ) (65 ) (63,424 ) (86,260 ) (174,086 ) Tax expense — — — (26,605 ) (26,605 ) Segment profit (loss) $ 191,856 $ 35,600 $ 21,365 $ (151,195 ) $ 97,626 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 Year ended December 31, 2013 Interest income $ 63,894 $ 57,636 $ — $ 48 $ 121,578 Interest expense (4,592 ) (3,289 ) (7,673 ) (33,191 ) (48,745 ) Net interest income (expense) 59,302 54,347 (7,673 ) (33,143 ) 72,833 Provision for loan losses (600 ) — — — (600 ) Net interest income (expense) after provision for loan losses 58,702 54,347 (7,673 ) (33,143 ) 72,233 Operating lease income — — 37,395 — 37,395 Tenant recoveries — — 3,271 — 3,271 Sale of loans, net 146,708 — — — 146,708 Realized gain on securities — 4,231 — — 4,231 Unrealized gain (loss) on Agency interest-only securities — (2,665 ) — — (2,665 ) Realized gain on sale of real estate, net — — 13,565 — 13,565 Fee income 2,963 195 312 4,452 7,922 Net result from derivative transactions 15,836 12,239 — — 28,075 Earnings from investment in unconsolidated joint ventures — — — 3,203 3,203 Total other income 165,507 14,000 54,543 7,655 241,705 Salaries and employee benefits (26,250 ) — — (34,788 ) (61,038 ) Operating expenses 201 — (7 ) (15,131 ) (14,937 ) Real estate operating expenses — — (17,404 ) — (17,404 ) Real estate acquisition costs — — (3,626 ) — (3,626 ) Fee expense (1,981 ) (375 ) (33 ) (566 ) (2,955 ) Depreciation and amortization — — (20,968 ) (547 ) (21,515 ) Total costs and expenses (28,030 ) (375 ) (42,038 ) (51,032 ) (121,475 ) Tax expense — — — (3,730 ) (3,730 ) Segment profit (loss) $ 196,179 $ 67,972 $ 4,832 $ (80,250 ) $ 188,733 Total assets as of December 31, 2013 $ 979,568 $ 1,657,246 $ 626,362 $ 219,040 $ 3,482,216 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $33.7 million and $2.1 million as of December 31, 2015 and 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 December 31, 2015 and 2014 , respectively, the Company’s investment in FHLB stock of $77.9 million and $72.3 million as of December 31, 2015 and 2014 , respectively, the Company’s deferred tax asset of $5.0 million and $8.2 million as of December 31, 2015 and 2014 , respectively and the Company’s senior unsecured notes of $612.6 million and $610.1 million as of December 31, 2015 and 2014 , respectively.

QUARTERLY FINANCIAL DATA (UNA46

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly consolidated financial data	The following summarizes the combined consolidated quarterly financial information for the Company ($ in thousands except per share and dividend amounts): Q4 2015 Q3 2015 Q2 2015 Q1 2015 Interest income $ 62,903 $ 63,013 $ 59,239 $ 56,384 Net interest income after provision for loan losses 33,297 33,328 31,602 29,409 Other income 72,183 (1) 7,549 86,452 35,037 Costs and expenses 38,347 42,260 44,180 43,379 Income (loss) before taxes 67,133 (1,383 ) 73,874 21,067 Income tax expense (benefit) 10,457 (4,181 ) 5,177 3,104 Net income 56,676 2,798 68,697 17,963 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (2,146 ) 85 684 (191 ) Net (income) loss attributable to noncontrolling interest in operating partnership (27,407 ) 430 (35,171 ) (8,597 ) Net income attributable to Class A common shareholders $ 27,123 $ 3,313 $ 34,210 $ 9,175 Earnings per share: Basic $ 0.51 $ 0.06 $ 0.68 $ 0.18 Diluted $ 0.50 $ 0.06 $ 0.67 $ 0.15 Dividends per share of common stock $ 1.450 $ 0.275 $ 0.250 $ 0.250 Q4 2014 Q3 2014 Q2 2014 Q1 2014 Interest income $ 56,931 $ 48,459 $ 45,112 $ 36,822 Net interest income after provision for loan losses 30,728 28,381 28,211 21,831 Other income 31,906 61,337 55,489 40,434 Costs and expenses 48,045 42,207 45,258 38,575 Income before taxes 14,589 47,511 38,442 23,690 Income tax expense (benefit) 2,783 10,335 8,199 5,289 Net income 11,806 37,176 30,243 18,401 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (83 ) 306 (46 ) 192 Net (income) loss attributable to predecessor unitholders — — — 12,628 Net (income) loss attributable to noncontrolling interest in operating partnership (7,350 ) (22,827 ) (17,691 ) (18,568 ) Net income attributable to Class A common shareholders $ 4,374 $ 14,656 $ 12,505 $ 12,652 Earnings per share: Basic $ 0.09 $ 0.30 $ 0.26 $ 0.26 Diluted $ 0.09 $ 0.28 $ 0.22 $ 0.24 (1) Increase in the quarter ended December 31, 2015 was primarily the result of an increase in net result from derivative transactions and gain on sale of real estate, net, offset by decrease in gain on sale of loans.

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details) $ / shares in Units, $ in Millions	Feb. 11, 2014USD ($)shares	Dec. 31, 2014shares	Dec. 31, 2015shares	Feb. 10, 2014Class_of_Stock$ / 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%	85.00%
Percentage of applicable cash saving in income tax available for the entity		15.00%	15.00%
LCFH
ORGANIZATION AND OPERATIONS
Percentage of investment of operating partner	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
Percentage of investment of operating partner	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	51,431,872	55,209,849
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
Class B common stock
ORGANIZATION AND OPERATIONS
Shares outstanding	48,537,414	47,647,023	44,055,987
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			55.60%

SIGNIFICANT ACCOUNTING POLICI48

SIGNIFICANT ACCOUNTING POLICIES (Details)	11 Months Ended	12 Months Ended
	Dec. 31, 2014loan	Dec. 31, 2015loan	Dec. 31, 2015number_mortgage_loans_impaired	Dec. 31, 2015USD ($)	Dec. 31, 2015	Dec. 31, 2014number_mortgage_loans_impaired	Dec. 31, 2014USD ($)
Basis of accounting and principles of combination and consolidation
Maximum cash amount insured at several financial institutions				$ 250,000			$ 250,000
Number of mortgage loans impaired	0	0	0			0
Expected term for completion of disposal		1 year
Percentage of applicable cash saving in income tax distributable to specified unitholders	85.00%	85.00%
Percentage of applicable cash saving in income tax available for the entity	15.00%	15.00%
Percentage of commercial mortgage backed securities with below AA rating					4.00%
Building | Minimum
Basis of accounting and principles of combination and consolidation
Estimated useful lives of real estate		20 years
Building | Maximum
Basis of accounting and principles of combination and consolidation
Estimated useful lives of real estate		47 years
Building Fixtures and Improvements | Minimum
Basis of accounting and principles of combination and consolidation
Estimated useful lives of real estate		4 years
Building Fixtures and Improvements | Maximum
Basis of accounting and principles of combination and consolidation
Estimated useful lives of real estate		15 years
Other Assets
Basis of accounting and principles of combination and consolidation
Tenant security deposits				19,000,000			24,400,000
Adjustments for New Accounting Principle, Early Adoption | Other Assets
Basis of accounting and principles of combination and consolidation
Deferred Finance Costs, Net				6,900,000			9,400,000
Adjustments for New Accounting Principle, Early Adoption | Debt Obligations
Basis of accounting and principles of combination and consolidation
Deferred Finance Costs, Net				$ (6,900,000)			$ (9,400,000)

MORTGAGE LOAN RECEIVABLES (Deta

MORTGAGE LOAN RECEIVABLES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)loan	Dec. 31, 2013USD ($)	Dec. 31, 2015number_mortgage_loans_impaired	Dec. 31, 2015USD ($)	Dec. 31, 2015	Dec. 31, 2014number_mortgage_loans_impaired	Dec. 31, 2014USD ($)	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Loans receivable with fixed rates of interest					$ 343,200			$ 231,900
Percentage of loans receivable with fixed rates of interest						19.70%			15.20%
Carrying amount of transfers accounted for as secured borrowings assets					1,000
Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost					700			4,200
Real estate acquired in settlement of mortgage loan receivable held for investment	$ 6,700	$ 0	$ 0
Number of mortgage loans impaired	0	0		0			0
Carrying value, net					2,310,409			1,939,008
Real estate acquired in settlement of mortgage loan receivable held for investment	$ 15,249	$ 0	0
Gain on satisfaction of loan through foreclosure	820	0	0
Mortgage loans on real estate, carrying amount					2,314,109
Mortgage loan receivables held for investment, at amortized cost
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Cost of Mortgages Sold	0	0	0
Transfer between held for investment and held for sale		(11,800)	(8,320)
Loans receivable with fixed rates of interest					1,400,000			1,300,000
Percentage of loans receivable with fixed rates of interest						80.30%			84.80%
Carrying value, net					1,738,645			1,521,053
Mortgage loan receivables held for sale
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Cost of Mortgages Sold	$ 2,509,090	3,523,689	2,345,705
Transfer between held for investment and held for sale		$ 11,800	$ 8,320
Loans receivable with fixed rates of interest					571,800			418,000
Percentage of loans receivable with fixed rates of interest						100.00%			100.00%
Carrying value, net					571,764			417,955
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								2,600
Number of loans on non-accrual status | loan	0	1
Carrying value, net								$ 5,500
Carmel, NY | Other
Mortgage Loans on Real Estate [Line Items]
Real estate acquired in settlement of mortgage loan receivable held for investment	$ 6,700
Gain on satisfaction of loan through foreclosure	$ 800
Mortgage loans on real estate, carrying amount					$ 5,900

MORTGAGE LOAN RECEIVABLES - Sch

MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 2,321,194	$ 1,954,878
Provision for loan losses	(3,700)	(3,100)	$ (2,500)	$ (1,900)
Carrying Value	2,310,409	1,939,008
Mortgage loan receivables held for investment, at amortized cost
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	1,749,556	1,536,923
Carrying Value, gross	1,742,345	1,524,153
Provision for loan losses	(3,700)	(3,100)
Carrying Value	$ 1,738,645	$ 1,521,053
Weighted Average Yield (as a percent)	7.56%	7.33%
Remaining Maturity (years)	1 year 4 months 17 days	1 year 11 months 15 days
Mortgage loan receivables held for sale
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 571,638	$ 417,955
Carrying Value	$ 571,764	$ 417,955
Weighted Average Yield (as a percent)	4.56%	4.31%
Remaining Maturity (years)	6 years 2 months 12 days	9 years 8 months 19 days

MORTGAGE LOAN RECEIVABLES - Mor

MORTGAGE LOAN RECEIVABLES - Mortgage Loan Receivables by Loan Type (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 2,321,194	$ 1,954,878
Provision for loan losses	(3,700)	(3,100)	$ (2,500)	$ (1,900)
Carrying Value	2,310,409	1,939,008
First mortgage loan, held for sale
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	571,638	417,955
Carrying Value	571,764	417,955
Mortgage loan receivables held for sale
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	571,638	417,955
Carrying Value	571,764	417,955
First mortgage loan, held for investment
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	1,462,228	1,373,476
Carrying Value, Gross	1,456,212	1,361,754
Mezzanine loan
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	287,328	163,447
Carrying Value, Gross	286,133	162,399
Mortgage loan receivables held for investment
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	1,749,556	1,536,923
Carrying Value, Gross	1,742,345	1,524,153
Provision for loan losses	(3,700)	(3,100)
Carrying Value	$ 1,738,645	$ 1,521,053

MORTGAGE LOAN RECEIVABLES - Act

MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Activity in loan portfolio
Balance at the beginning of the period	$ 1,939,008	$ 979,568	$ 949,651
Origination of mortgage loan receivables	3,557,164	4,547,340	2,499,746
Repayment of mortgage loan receivables	(754,760)	(215,804)	(273,933)
Non-cash disposition of loans	4,620
Realized gain on sale of mortgage loan receivables	71,066	145,275	146,708
Accretion/amortization of discount, premium and other fees	12,241	6,918	3,701
Loan loss provision	600	600	600
Balance at the end of the period	2,310,409	1,939,008	979,568
Mortgage loan receivables held for investment, at amortized cost
Activity in loan portfolio
Balance at the beginning of the period	1,521,053	539,078	326,318
Origination of mortgage loan receivables	963,023	1,201,968	486,072
Repayment of mortgage loan receivables	(752,452)	(214,511)	(268,093)
Mortgage Loans on Real Estate, Cost of Mortgages Sold	0	0	0
Non-cash disposition of loans	4,620
Realized gain on sale of mortgage loan receivables	0	0	0
Transfer between held for investment and held for sale		(11,800)	(8,320)
Accretion/amortization of discount, premium and other fees	12,241	6,918	3,701
Loan loss provision	(600)	(600)	(600)
Balance at the end of the period	1,738,645	1,521,053	539,078
Mortgage loan receivables held for sale
Activity in loan portfolio
Balance at the beginning of the period	417,955	440,490	623,333
Origination of mortgage loan receivables	2,594,141	3,345,372	2,013,674
Repayment of mortgage loan receivables	(2,308)	(1,293)	(5,840)
Mortgage Loans on Real Estate, Cost of Mortgages Sold	2,509,090	3,523,689	2,345,705
Non-cash disposition of loans	0
Realized gain on sale of mortgage loan receivables	71,066	145,275	146,708
Transfer between held for investment and held for sale		11,800	8,320
Accretion/amortization of discount, premium and other fees	0	0	0
Loan loss provision	0	0	0
Balance at the end of the period	$ 571,764	$ 417,955	$ 440,490

MORTGAGE LOAN RECEIVABLES - Pro

MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan losses at beginning of period	$ 3,100	$ 2,500	$ 1,900
Provision for loan losses	600	600	600
Provision for loan losses at end of period	$ 3,700	$ 3,100	$ 2,500

REAL ESTATE SECURITIES - Summar

REAL ESTATE SECURITIES - Summary of Securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)securities	Dec. 31, 2014USD ($)securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 10,084,386	$ 10,950,979
Amortized Cost Basis	2,415,727	2,786,317
Gross Unrealized Gains	6,936	33,222
Gross Unrealized Losses	(15,446)	(3,973)
Carrying Value	$ 2,407,217	$ 2,815,566
Number of Securities | securities	200	235
Weighted Average Coupon %	1.44%	1.50%
Weighted Average Yield %	3.60%	4.54%
Remaining Duration (years)	3 years 3 months 14 days	4 years 1 month 24 days
CMBS
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 1,972,492	$ 2,247,565
Amortized Cost Basis	1,994,928	2,277,995
Gross Unrealized Gains	4,643	28,453
Gross Unrealized Losses	(8,065)	(1,038)
Carrying Value	$ 1,991,506	$ 2,305,410
Number of Securities | securities	119	145
Weighted Average Coupon %	3.17%	3.31%
Weighted Average Yield %	2.59%	2.60%
Remaining Duration (years)	3 years 1 month 24 days	4 years 2 months 23 days
CMBS interest-only
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 7,436,379	$ 7,239,503
Amortized Cost Basis	348,222	376,085
Gross Unrealized Gains	1,027	2,973
Gross Unrealized Losses	(4,826)	(723)
Carrying Value	$ 344,423	$ 378,335
Number of Securities | securities	48	41
Weighted Average Coupon %	1.02%	1.04%
Weighted Average Yield %	3.81%	4.88%
Remaining Duration (years)	3 years 4 months 2 days	3 years 5 months 12 days
GNMA interest-only
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 632,175	$ 1,400,141
Amortized Cost Basis	28,311	67,544
Gross Unrealized Gains	44	1,035
Gross Unrealized Losses	(2,161)	(1,937)
Carrying Value	$ 26,194	$ 66,642
Number of Securities | securities	20	34
Weighted Average Coupon %	0.80%	0.85%
Weighted Average Yield %	4.26%	5.90%
Remaining Duration (years)	5 years 2 months 19 days	4 years 6 months
GN construction securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 27,091	$ 27,538
Amortized Cost Basis	27,581	28,178
Gross Unrealized Gains	1,058	503
Gross Unrealized Losses	0	(275)
Carrying Value	$ 28,639	$ 28,406
Number of Securities | securities	1	4
Weighted Average Coupon %	4.10%	3.89%
Weighted Average Yield %	3.86%	3.56%
Remaining Duration (years)	9 years 3 months 29 days	9 years 5 months 1 day
GN permanent securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 16,249	$ 36,232
Amortized Cost Basis	16,685	36,515
Gross Unrealized Gains	164	258
Gross Unrealized Losses	(394)	0
Carrying Value	$ 16,455	$ 36,773
Number of Securities | securities	12	11
Weighted Average Coupon %	4.52%	5.49%
Weighted Average Yield %	3.94%	4.94%
Remaining Duration (years)	5 years 5 months 4 days	1 year 3 months 25 days

REAL ESTATE SECURITIES - Securi

REAL ESTATE SECURITIES - Securities by Remaining Maturity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	$ 612,752	$ 502,019
1-5 years	1,260,381	1,237,641
5-10 years	533,604	1,053,190
After 10 years	480	22,716
Fair value of real estate securities	2,407,217	2,815,566
Other than temporary impairments included in consolidated statements of income	(1,600)	(3,900)	$ (2,500)
CMBS
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	610,526	474,357
1-5 years	891,752	814,702
5-10 years	489,228	1,016,351
After 10 years	0	0
Fair value of real estate securities	1,991,506	2,305,410
CMBS interest-only
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	0	391
1-5 years	344,423	370,993
5-10 years	0	6,951
After 10 years	0	0
Fair value of real estate securities	344,423	378,335
GNMA interest-only
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	6	1,356
1-5 years	17,159	42,105
5-10 years	8,549	23,181
After 10 years	480	0
Fair value of real estate securities	26,194	66,642
GN construction securities
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	0	0
1-5 years	386	507
5-10 years	28,253	5,183
After 10 years	0	22,716
Fair value of real estate securities	28,639	28,406
GN permanent securities
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	2,220	25,915
1-5 years	6,661	9,334
5-10 years	7,574	1,524
After 10 years	0	0
Fair value of real estate securities	$ 16,455	$ 36,773

REAL ESTATE AND RELATED LEASE56

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate [Abstract]
Gross intangible assets	$ 139.5	$ 127.4
Accumulated amortization	32.7	19.9
Net intangible assets	106.8	107.5
Unamortized favorable/unfavorable lease intangibles	6.5	7.4
Adjustment against operating lease income for favorable/unfavorable leases	1.4	1.3	$ 1
Unbilled rent receivables	5	3
Unencumbered real estates	$ 47.8	$ 85.7

REAL ESTATE AND RELATED LEASE57

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real estate and related lease intangibles, net
Real estate	$ 917,835	$ 819,591
Less: Accumulated depreciation and amortization	(83,056)	(50,605)
Real estate and related lease intangibles, net	834,779	768,986
In-place leases and other intangibles
Real estate and related lease intangibles, net
Real estate	139,501	127,359
Land
Real estate and related lease intangibles, net
Real estate	138,128	122,458
Building
Real estate and related lease intangibles, net
Real estate	$ 640,206	$ 569,774

REAL ESTATE AND RELATED LEASE58

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Depreciation and Amortization Expense on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate [Abstract]
Depreciation expense	$ 23,922	$ 18,034	$ 13,151
Amortization expense	15,031	10,238	7,816
Total real estate depreciation and amortization expense	38,953	28,272	20,967
Depreciation on corporate fixed assets	$ 100	$ 200	$ 500

REAL ESTATE AND RELATED LEASE59

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Net intangible assets	$ 106,800	$ 107,500
In-place leases intangibles
Finite-Lived Intangible Assets [Line Items]
2,016	13,809
2,017	9,695
2,018	7,747
2,019	7,484
2,020	6,639
Thereafter	61,405
Net intangible assets	$ 106,779

REAL ESTATE AND RELATED LEASE60

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands	Dec. 31, 2015USD ($)
Real Estate [Abstract]
2,016	$ 70,415
2,017	65,875
2,018	63,278
2,019	58,925
2,020	56,136
Thereafter	493,901
Total	$ 808,530

REAL ESTATE AND RELATED LEASE61

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Purchase Price	$ 219,456	$ 254,497	$ 289,268
Total real estate acquired via foreclosure	6,700	0	0
Mortgage loans on real estate, carrying amount	2,314,109
Net Lease | Jacksonville, NC
Business Acquisition [Line Items]
Purchase Price	$ 7,877
Ownership interest (percent)	100.00%
Net Lease | Iberia, MO
Business Acquisition [Line Items]
Purchase Price	$ 1,328
Ownership interest (percent)	100.00%
Net Lease | Isle, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,078
Ownership interest (percent)	100.00%
Net Lease | Pine Island, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,142
Ownership interest (percent)	100.00%
Net Lease | Kings Mountain, NC
Business Acquisition [Line Items]
Purchase Price	$ 21,241
Ownership interest (percent)	100.00%
Net Lease | Village of Menomonee Falls, WI
Business Acquisition [Line Items]
Purchase Price	$ 17,050
Ownership interest (percent)	100.00%
Net Lease | Rockland, MA
Business Acquisition [Line Items]
Purchase Price	$ 7,316
Ownership interest (percent)	100.00%
Net Lease | Crawfordsville, IA
Business Acquisition [Line Items]
Purchase Price	$ 6,000
Ownership interest (percent)	100.00%
Net Lease | Boardman Township, OH
Business Acquisition [Line Items]
Purchase Price	$ 5,400
Ownership interest (percent)	100.00%
Net Lease | Durant, OK
Business Acquisition [Line Items]
Purchase Price			$ 4,991
Ownership interest (percent)			100.00%
Net Lease | Hilliard, OH
Business Acquisition [Line Items]
Purchase Price	$ 6,384
Ownership interest (percent)	100.00%
Net Lease | Weathersfield Township, OH
Business Acquisition [Line Items]
Purchase Price	$ 5,200
Ownership interest (percent)	100.00%
Net Lease | Rotterdam, NY
Business Acquisition [Line Items]
Purchase Price	$ 12,000
Ownership interest (percent)	100.00%
Net Lease | Wheaton, MO
Business Acquisition [Line Items]
Purchase Price	$ 970
Ownership interest (percent)	100.00%
Net Lease | Paynesville, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,254
Ownership interest (percent)	100.00%
Net Lease | Loveland, CO
Business Acquisition [Line Items]
Purchase Price	$ 5,600
Ownership interest (percent)	100.00%
Net Lease | Battle Lake, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,098
Ownership interest (percent)	100.00%
Net Lease | Yorktown, TX
Business Acquisition [Line Items]
Purchase Price	$ 1,207
Ownership interest (percent)	100.00%
Net Lease | St. Francis, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,117
Ownership interest (percent)	100.00%
Net Lease | Red Oak, IA
Business Acquisition [Line Items]
Purchase Price	$ 1,185
Ownership interest (percent)	100.00%
Net Lease | Zapata, TX
Business Acquisition [Line Items]
Purchase Price	$ 1,150
Ownership interest (percent)	100.00%
Net Lease | Aurora, MN
Business Acquisition [Line Items]
Purchase Price	$ 952
Ownership interest (percent)	100.00%
Net Lease | Canyon Lake, TX
Business Acquisition [Line Items]
Purchase Price	$ 1,377
Ownership interest (percent)	100.00%
Net Lease | Wheeler, TX
Business Acquisition [Line Items]
Purchase Price	$ 1,075
Ownership interest (percent)	100.00%
Net Lease | Bridgeport, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,186
Ownership interest (percent)	100.00%
Net Lease | Peoria, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,226
Ownership interest (percent)	100.00%
Net Lease | Pleasanton, TX
Business Acquisition [Line Items]
Purchase Price	$ 1,316
Ownership interest (percent)	100.00%
Net Lease | Warren, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,055
Ownership interest (percent)	100.00%
Net Lease | Tremont, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,150
Ownership interest (percent)	100.00%
Net Lease | Ponce, Puerto Rico
Business Acquisition [Line Items]
Purchase Price	$ 8,900
Ownership interest (percent)	100.00%
Net Lease | Effingham County, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,195
Ownership interest (percent)	100.00%
Net Lease | Lebanon, MI
Business Acquisition [Line Items]
Purchase Price	$ 1,200
Ownership interest (percent)	100.00%
Net Lease | Minot, ND
Business Acquisition [Line Items]
Purchase Price	$ 6,644
Ownership interest (percent)	100.00%
Net Lease | Floresville, TX
Business Acquisition [Line Items]
Purchase Price	$ 1,251
Ownership interest (percent)	100.00%
Net Lease | Kerrville, TX
Business Acquisition [Line Items]
Purchase Price	$ 1,174
Ownership interest (percent)	97.00%
Net Lease | De Soto, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,066
Ownership interest (percent)	97.00%
Net Lease | Biscoe, NC
Business Acquisition [Line Items]
Purchase Price	$ 1,216
Ownership interest (percent)	100.00%
Net Lease | Moultrie, GA
Business Acquisition [Line Items]
Purchase Price	$ 1,305
Ownership interest (percent)	100.00%
Net Lease | Rose Hill, NC
Business Acquisition [Line Items]
Purchase Price	$ 1,420
Ownership interest (percent)	100.00%
Net Lease | Rockingham, NC
Business Acquisition [Line Items]
Purchase Price	$ 1,158
Ownership interest (percent)	100.00%
Net Lease | Wilmington, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,309
Ownership interest (percent)	100.00%
Net Lease | Danville, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,074
Ownership interest (percent)	100.00%
Net Lease | Bloomington, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,193
Ownership interest (percent)	100.00%
Net Lease | Lincoln County, MO
Business Acquisition [Line Items]
Purchase Price	$ 1,072
Ownership interest (percent)	100.00%
Net Lease | Montrose, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,167
Ownership interest (percent)	100.00%
Net Lease | Jenks, OK
Business Acquisition [Line Items]
Purchase Price	$ 12,160
Ownership interest (percent)	100.00%
Net Lease | Grove, OK
Business Acquisition [Line Items]
Purchase Price	$ 5,030
Ownership interest (percent)	100.00%
Net Lease | Farmington, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,303
Ownership interest (percent)	100.00%
Net Lease | Bixby, OK
Business Acquisition [Line Items]
Purchase Price	$ 10,978
Ownership interest (percent)	100.00%
Net Lease | Rice, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,200
Ownership interest (percent)	100.00%
Net Lease | Gordonville, MO
Business Acquisition [Line Items]
Purchase Price	$ 1,125
Ownership interest (percent)	100.00%
Net Lease | Malone, NY
Business Acquisition [Line Items]
Purchase Price	$ 1,466
Ownership interest (percent)	100.00%
Net Lease | Mercedes, TX
Business Acquisition [Line Items]
Purchase Price	$ 1,204
Ownership interest (percent)	100.00%
Net Lease | Albion, PA
Business Acquisition [Line Items]
Purchase Price	$ 1,525
Ownership interest (percent)	100.00%
Net Lease | Radford, VA
Business Acquisition [Line Items]
Purchase Price	$ 1,564
Ownership interest (percent)	100.00%
Net Lease | Rural Retreat, VA
Business Acquisition [Line Items]
Purchase Price	$ 1,399
Ownership interest (percent)	100.00%
Net Lease | Mount Vernon, AL
Business Acquisition [Line Items]
Purchase Price	$ 1,224
Ownership interest (percent)	100.00%
Net Lease | O'Fallon, IL
Business Acquisition [Line Items]
Purchase Price		$ 8,000
Ownership interest (percent)		100.00%
Net Lease | El Centro, CA
Business Acquisition [Line Items]
Purchase Price		$ 4,277
Ownership interest (percent)		100.00%
Net Lease | Conyers, GA
Business Acquisition [Line Items]
Purchase Price		$ 32,530
Ownership interest (percent)		100.00%
Net Lease | Bennett, CO
Business Acquisition [Line Items]
Purchase Price		$ 3,522
Ownership interest (percent)		100.00%
Net Lease | Memphis, TN
Business Acquisition [Line Items]
Purchase Price		$ 5,310
Ownership interest (percent)		100.00%
Net Lease | Ankeny, IA
Business Acquisition [Line Items]
Purchase Price		$ 16,510
Ownership interest (percent)		100.00%
Net Lease | Springfield, MO
Business Acquisition [Line Items]
Purchase Price		$ 11,675
Ownership interest (percent)		100.00%
Net Lease | Sheldon, IA
Business Acquisition [Line Items]
Purchase Price		$ 4,300
Ownership interest (percent)		100.00%
Net Lease | Cedar Rapids, IA
Business Acquisition [Line Items]
Purchase Price		$ 11,000
Ownership interest (percent)		100.00%
Net Lease | Fairfield, IA
Business Acquisition [Line Items]
Purchase Price		$ 10,695
Ownership interest (percent)		100.00%
Net Lease | Muscatine, IA
Business Acquisition [Line Items]
Purchase Price		$ 7,150
Ownership interest (percent)		100.00%
Net Lease | Owatonna, MN
Business Acquisition [Line Items]
Purchase Price		$ 9,970
Ownership interest (percent)		100.00%
Net Lease | Bellport, NY
Business Acquisition [Line Items]
Purchase Price		$ 18,100
Ownership interest (percent)		100.00%
Net Lease | Woodland Park, CO
Business Acquisition [Line Items]
Purchase Price		$ 3,969
Ownership interest (percent)		100.00%
Net Lease | Evansville, IN
Business Acquisition [Line Items]
Purchase Price		$ 9,000
Ownership interest (percent)		100.00%
Net Lease | Plattsmouth, NE
Business Acquisition [Line Items]
Purchase Price		$ 7,979
Ownership interest (percent)		100.00%
Net Lease | Worthington, MN
Business Acquisition [Line Items]
Purchase Price		$ 8,320
Ownership interest (percent)		100.00%
Other
Business Acquisition [Line Items]
Ownership interest (percent)	100.00%
Other | Grand Rapids, MI
Business Acquisition [Line Items]
Purchase Price	$ 9,300
Ownership interest (percent)	97.00%
Other | Grand Rapids, MI
Business Acquisition [Line Items]
Purchase Price	$ 6,300
Ownership interest (percent)	97.00%
Other | Wayne, NJ
Business Acquisition [Line Items]
Purchase Price	$ 9,700
Ownership interest (percent)	100.00%
Other | Richmond, VA
Business Acquisition [Line Items]
Purchase Price		$ 19,850	$ 134,999
Ownership interest (percent)		77.50%	77.50%
Other | St. Paul, MN
Business Acquisition [Line Items]
Purchase Price		$ 62,340
Ownership interest (percent)		97.00%
Other | Carmel, NY
Business Acquisition [Line Items]
Total real estate acquired via foreclosure	$ 6,700
Gain on sale of mortgage loans	800
Mortgage loans on real estate, carrying amount	5,900
Other | Southfield, MI
Business Acquisition [Line Items]
Purchase Price			$ 18,000
Ownership interest (percent)			90.00%
Office building | Minneapolis, MN
Business Acquisition [Line Items]
Purchase Price			$ 51,278
Ownership interest (percent)			90.00%
Condominium | Miami, FL
Business Acquisition [Line Items]
Purchase Price			$ 80,000
Ownership interest (percent)			100.00%
Real Estate
Business Acquisition [Line Items]
Purchase Price	$ 212,756

REAL ESTATE AND RELATED LEASE62

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Combinations [Abstract]
Land	$ 32,260	$ 41,908	$ 37,579
Building	166,556	168,714	206,688
Intangibles	20,640	43,875	45,001
Purchase Price	$ 219,456	$ 254,497	$ 289,268

REAL ESTATE AND RELATED LEASE63

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)propertyCondominium_Unit	Dec. 31, 2014USD ($)propertyCondominium_Unit	Dec. 31, 2013USD ($)propertyCondominium_Unit
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	$ 98,558	$ 123,444	$ 36,930
Real estate and related lease intangibles, net	834,779	768,986
Realized gain on sale of real estate, net	40,386	29,760	13,565
2015 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	172,134
Real estate and related lease intangibles, net	133,005
Realized gain on sale of real estate, net	39,129
Loss on sale of fixed assets	(200)
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
Realized gain on sale of real estate, net	$ 457
Number of properties disposed | property	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
Realized gain on sale of real estate, net	$ 472
Number of properties disposed | property	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
Realized gain on sale of real estate, net	$ 649
Number of properties disposed | property	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	$ 17,856
Real estate and related lease intangibles, net	16,827
Realized gain on sale of real estate, net	$ 1,029
Number of properties disposed | property	1
Number of units sold | Condominium_Unit	0
Net settlement of sale of real estate, subject to debt	$ 11,300
Gain on sale of mortgage loans	300
2015 Disposal Properties | Other | Minneapolis, MN
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	62,093
Real estate and related lease intangibles, net	49,022
Realized gain on sale of real estate, net	$ 13,071
Number of properties disposed | property	1
Number of units sold | Condominium_Unit	0
Net settlement of sale of real estate, subject to debt	$ 39,800
Gain on sale of mortgage loans	1,100
2015 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	38,779
Real estate and related lease intangibles, net	22,310
Realized gain on sale of real estate, net	$ 16,469
Number of properties disposed | property	0
Number of units sold | Condominium_Unit	88
2015 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	$ 29,924
Real estate and related lease intangibles, net	22,942
Realized gain on sale of real estate, net	$ 6,982
Number of properties disposed | property	0
Number of units sold | Condominium_Unit	99
2014 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate		123,444
Real estate and related lease intangibles, net		93,684
Realized gain on sale of real estate, net		29,760
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
Realized gain on sale of real estate, net		$ 1,689
Number of properties disposed | property		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
Realized gain on sale of real estate, net		$ 190
Number of properties disposed | property		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
Realized gain on sale of real estate, net		$ 185
Number of properties disposed | property		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
Realized gain on sale of real estate, net		$ 1,397
Number of properties disposed | property		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		$ 10,168
Real estate and related lease intangibles, net		8,724
Realized gain on sale of real estate, net		$ 1,444
Number of properties disposed | property		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		$ 16,754
Real estate and related lease intangibles, net		15,643
Realized gain on sale of real estate, net		$ 1,111
Number of properties disposed | property		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		$ 52,976
Real estate and related lease intangibles, net		33,925
Realized gain on sale of real estate, net		$ 19,051
Number of properties disposed | property		0
Number of units sold | Condominium_Unit		113
2014 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate		$ 23,003
Real estate and related lease intangibles, net		18,310
Realized gain on sale of real estate, net		$ 4,693
Number of properties disposed | property		0
Number of units sold | Condominium_Unit		72
2013 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate			36,930
Real estate and related lease intangibles, net			23,365
Realized gain on sale of real estate, net			13,565
2013 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate			36,930
Real estate and related lease intangibles, net			23,365
Realized gain on sale of real estate, net			$ 13,565
Number of properties disposed | property			0
Number of units sold | Condominium_Unit			94

REAL ESTATE AND RELATED LEASE64

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Income from Disposal Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Operating lease income	$ 80,465	$ 56,649	$ 37,395
Tenant recoveries	9,907	9,183	3,271
Depreciation and amortization	(39,061)	(28,447)	(21,515)
2015 Disposal Properties | Held-for-sale or Disposed of by Sale
Real Estate Properties [Line Items]
Operating lease income	6,449	6,971	2,159
Tenant recoveries	4,340	4,514	964
Depreciation and amortization	(2,150)	(3,651)	(1,782)
Income from properties sold	$ 8,639	7,834	1,341
2014 Disposal Properties | Held-for-sale or Disposed of by Sale
Real Estate Properties [Line Items]
Operating lease income		3,377	4,781
Tenant recoveries		278	296
Depreciation and amortization		(2,212)	(1,804)
Income from properties sold		$ 1,443	$ 3,273

REAL ESTATE AND RELATED LEASE65

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unaudited Pro Forma (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Operating lease income									$ 80,465	$ 56,649	$ 37,395
Net income	$ 56,676	$ 2,798	$ 68,697	$ 17,963	$ 11,806	$ 37,176	$ 30,243	$ 18,401	146,134	97,626	188,733
Net loss attributable to noncontrolling interest in consolidated joint ventures									(1,568)	370	1,098
Net (income) loss attributable to predecessor unitholders					0	0	0	12,628	0	12,628	189,831
Net (income) loss attributable to noncontrolling interest in operating partnership	(27,407)	430	(35,171)	(8,597)	(7,350)	(22,827)	(17,691)	(18,568)	(70,745)	(66,437)	189,831
Net income attributable to Class A common shareholders	$ 27,123	$ 3,313	$ 34,210	$ 9,175	$ 4,374	14,656	$ 12,505	$ 12,652	73,821	44,187
Acquisitions
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Operating lease income									6,411	34,446	34,185
Net income									3,620	10,518	4,881
Net loss attributable to noncontrolling interest in consolidated joint ventures									0	257	(107)
Net (income) loss attributable to predecessor unitholders										0
Net (income) loss attributable to noncontrolling interest in operating partnership									(1,694)	(5,163)	95
Net income attributable to Class A common shareholders									1,926	5,612
Consolidated Pro Forma
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Operating lease income									86,876	91,095	71,580
Net income									149,754	108,144	193,614
Net loss attributable to noncontrolling interest in consolidated joint ventures									(1,568)	627	991
Net (income) loss attributable to predecessor unitholders										12,628
Net (income) loss attributable to noncontrolling interest in operating partnership									(72,439)	(71,600)	189,926
Net income attributable to Class A common shareholders									75,747	49,799
2015 Acquisitions
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenue recorded from acquisitions included in operating lease income									$ 8,100
2014 Acquisitions
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenue recorded from acquisitions included in operating lease income						$ 7,300				$ 900
2013 Acquisitions
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenue recorded from acquisitions included in operating lease income											$ 16,800

INVESTMENT IN UNCONSOLIDATED 66

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2012	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)loanJoint_Venture	Dec. 31, 2014USD ($)loan	Dec. 31, 2013USD ($)loan	Aug. 07, 2015USD ($)	Mar. 22, 2013	Apr. 15, 2011
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures			$ 33,797,000	$ 6,041,000
Number of unconsolidated joint ventures | Joint_Venture			1
Management fee			$ 15,205,000	11,704,000	$ 7,922,000
Proceeds from sale of mortgage loans held for sale to related party			2,509,090,000	3,523,689,000	2,345,705,000
Expenses from investment			(15,849,000)	(16,864,000)	(10,554,000)
LCRIP I
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures			48,771	3,898,000
Minimum average net equity partnership investment as a basis for management fee reduction			100,000,000
Management fee			$ 77,400	$ 400,000	$ 800,000
Number of loans sold to a related party | loan			0	0	1
Proceeds from sale of mortgage loans held for sale to related party			$ 17,200,000
Gain on sale of mortgage loans			$ 100,000
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%
Percentage of costs related to assets the Company is obligated to provide			10.00%
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures			$ 2,891,000	$ 2,143,000
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%
Percentage of investment of operating partner			75.00%
Grace Lake JV, LLC | LP Units
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)							25.00%
Grace Lake JV, LLC | Limited liability company
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)			25.00%
24 Second Avenue
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures			$ 30,857,000	$ 0
Ownership interest (as a percent)			73.80%
Amount contributed						$ 31,100,000
Expenses from investment		$ (600,000)
Interest costs capitalized		$ 300,000
24 Second Avenue | Operating Partner
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)						26.20%

INVESTMENT IN UNCONSOLIDATED 67

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investments in Unconsolidated Joint Ventures (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Company’s investment in unconsolidated joint ventures	$ 33,797,000	$ 6,041,000
Ladder Capital Realty Income Partnership I LP
Schedule of Equity Method Investments [Line Items]
Company’s investment in unconsolidated joint ventures	48,771	3,898,000
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Company’s investment in unconsolidated joint ventures	2,891,000	2,143,000
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Company’s investment in unconsolidated joint ventures	$ 30,857,000	$ 0

INVESTMENT IN UNCONSOLIDATED 68

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Summary of Allocated Earning from Investment in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ 371	$ 1,990	$ 3,203
Ladder Capital Realty Income Partnership I LP
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	116	1,090	2,568
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	823	900	635
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ (568)	$ 0	$ 0

INVESTMENT IN UNCONSOLIDATED 69

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Results from Operations of the Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Financial Position
Total assets	$ 131,214	$ 118,762
Total liabilities	88,973	81,073
Partners’/members’ capital	42,241	37,689
Results from Operations
Total revenues	18,886	26,059	$ 36,135
Total expenses	15,849	16,864	10,554
Net income	$ 3,037	$ 9,195	$ 25,581

DEBT OBLIGATIONS (Details)

DEBT OBLIGATIONS (Details)

Oct. 25, 2015USD ($)Extension

Aug. 14, 2015Extension

Jun. 26, 2015USD ($)

Apr. 10, 2015Extension

Feb. 19, 2015Extension

Oct. 31, 2014USD ($)

Feb. 11, 2014USD ($)Extension

Jan. 24, 2013USD ($)Financing_Counterparty

Dec. 31, 2015USD ($)agreement

Dec. 31, 2014USD ($)agreement

Dec. 31, 2013USD ($)agreement

Oct. 30, 2014USD ($)

Apr. 29, 2014USD ($)

Apr. 28, 2014USD ($)

Debt Instrument [Line Items]

Amortization of premiums

$ (902,000)

$ (629,000)

$ (534,000)

Restricted equity from payment as dividend

900,300,000

Debt obligations outstanding

1,260,755,000

1,431,665,000

Tuebor

Debt Instrument [Line Items]

Amount restricted from transfer

404,000,000

Revolving credit facility | One-Month LIBOR

Debt Instrument [Line Items]

Committed amount on credit agreement

$ 75,000,000

Debt borrowings term

3 years

Number of extension maturity periods | Extension

2

Length of extension options

12 months

Basis spread on variable rate (as a percent)

3.50%

Letters of credit

Debt Instrument [Line Items]

Committed amount on credit agreement

$ 25,000,000

Term master repurchase agreement

Debt Instrument [Line Items]

Committed amount on master repurchase agreement

$ 300,000,000

Number of extension executed | Extension

1

Committed master repurchase agreements

Debt Instrument [Line Items]

Number of agreements | agreement

4

Committed amount on master repurchase agreement

$ 1,485,000,000

1,150,000,000

$ 450,000,000

$ 450,000,000

$ 300,000,000

Debt obligations outstanding

$ 704,149,000

509,023,000

Uncommitted securities repurchase facilities | Minimum

Debt Instrument [Line Items]

Advance rates (as a percent)

65.00%

Uncommitted securities repurchase facilities | Maximum

Debt Instrument [Line Items]

Advance rates (as a percent)

95.00%

1/2016 | Uncommitted securities repurchase facilities

Debt Instrument [Line Items]

Debt obligations outstanding

$ 394,719,000

1/2016 | Uncommitted securities repurchase facilities | Minimum

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

0.73%

1/2016 | Uncommitted securities repurchase facilities | Maximum

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

2.02%

5/24/2016 | Committed master repurchase agreements

Debt Instrument [Line Items]

Committed amount on master repurchase agreement

$ 450,000,000

Length of extension options

12 months

Debt obligations outstanding

$ 269,779,000

5/24/2016 | Committed master repurchase agreements | Minimum

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

2.58%

5/24/2016 | Committed master repurchase agreements | Maximum

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

4.33%

5/24/2016 | Committed master repurchase agreements | Consolidated Subsidiaries

Debt Instrument [Line Items]

Debt obligations outstanding

$ 28,200,000

Maturity 30 to 90 Days | Committed master repurchase agreements

Debt Instrument [Line Items]

Committed amount on master repurchase agreement

$ 650,000,000

4/10/2019 | Term master repurchase agreement

Debt Instrument [Line Items]

Number of extension executed | Extension

1

10/30/2016 | Committed master repurchase agreements

Debt Instrument [Line Items]

Committed amount on master repurchase agreement

$ 600,000,000

$ 450,000,000

Number of extension executed | Extension

1

Length of extension options

12 months

12 months

Debt obligations outstanding

$ 229,533,000

$ 147,796,000

10/30/2016 | Committed master repurchase agreements | Minimum

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

2.08%

2.42%

10/30/2016 | Committed master repurchase agreements | Maximum

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

2.93%

2.66%

10/24/2016 | Committed master repurchase agreements

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

3.02%

Committed amount on master repurchase agreement

$ 35,000,000

$ 35,000,000

Number of extension maturity periods | Extension

2

Length of extension options

6 months

Debt obligations outstanding

575,000

10/24/2016 | Committed master repurchase agreements | Consolidated Subsidiaries

Debt Instrument [Line Items]

Debt obligations outstanding

800,000

4/10/2016 | Committed master repurchase agreements

Debt Instrument [Line Items]

Committed amount on master repurchase agreement

$ 400,000,000

$ 250,000,000

Length of extension options

364 days

364 days

Debt obligations outstanding

$ 204,262,000

$ 138,711,000

4/10/2016 | Committed master repurchase agreements | Minimum

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

2.44%

2.41%

4/10/2016 | Committed master repurchase agreements | Maximum

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

4.33%

3.04%

4/10/2016 | Committed master repurchase agreements | Consolidated Subsidiaries

Debt Instrument [Line Items]

Debt obligations outstanding

$ 36,500,000

Credit Agreement

Debt Instrument [Line Items]

Committed amount on credit agreement

$ 50,000,000

Number of multiple committed financing counterparties | Financing_Counterparty

1

Credit Agreement | One-Month LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

2.75%

Mortgage loan financing

Debt Instrument [Line Items]

Number of agreements | agreement

51

5

16

Stated interest rate, minimum (as a percent)

4.25%

Borrowing under credit and security agreement

$ 544,700,000

Stated interest rate, maximum (as a percent)

6.75%

Mortgage loan financing

$ 447,400,000

Net unamortized premiums

$ 6,100,000

5,300,000

Amortization of premiums

900,000

600,000

$ 500,000

Pledged assets, real estate and lease intangibles, net

$ 711,100,000

$ 591,600,000

Borrowings from the Federal Home Loan Bank | Tuebor

Debt Instrument [Line Items]

Debt borrowings term

8 years

10 years

Stated interest rate, minimum (as a percent)

0.28%

0.30%

Stated interest rate, maximum (as a percent)

2.74%

2.74%

Weighted average interest rate

0.84%

0.79%

Weighted average term

1 year 5 months 1 day

2 years 18 days

Maximum advance limit

$ 2,900,000,000

FHLB borrowings outstanding

$ 1,900,000,000

$ 1,600,000,000

Additional committed term financing available from FHLB

$ 380,400,000

$ 289,000,000

Borrowings from the Federal Home Loan Bank | Tuebor | Ladder Capital Corp

Debt Instrument [Line Items]

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

Debt Instrument [Line Items]

Advance rates (as a percent)

58.70%

50.00%

Borrowings from the Federal Home Loan Bank | Tuebor | Maximum

Debt Instrument [Line Items]

Advance rates (as a percent)

95.20%

95.20%

Borrowings from the Federal Home Loan Bank | Tuebor | CMBS and U.S. Agency Securities

Debt Instrument [Line Items]

Collateral for debt instrument

$ 1,700,000,000

$ 1,600,000,000

Borrowings from the Federal Home Loan Bank | Tuebor | First mortgage commercial real estate loans

Debt Instrument [Line Items]

Collateral for debt instrument

568,200,000

451,800,000

Credit and Security Agreement

Debt Instrument [Line Items]

Debt instrument, aggregate amount

$ 46,750,000

Credit and Security Agreement | One-Month LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

1.85%

Credit Agreement and Revolving Credit Facility

Debt Instrument [Line Items]

Unamortized debt issuance costs

$ 3,400,000

$ 4,000,000

DEBT OBLIGATIONS - Schedule of

DEBT OBLIGATIONS - Schedule of Uncommitted Securities Repurchase Facilities (Details)	Oct. 25, 2015USD ($)Extension	Dec. 31, 2015USD ($)period	Dec. 31, 2014USD ($)period	Oct. 30, 2014USD ($)	Apr. 29, 2014USD ($)	Apr. 28, 2014USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Debt obligations outstanding		$ 1,260,755,000	$ 1,431,665,000
Debt obligations		4,274,723,000	4,182,954,000
Carrying Amount of Collateral		0	0
Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		1,485,000,000	1,150,000,000	$ 450,000,000	$ 450,000,000	$ 300,000,000
Debt obligations outstanding		704,149,000	509,023,000
Committed but Unfunded		780,851,000	640,977,000
Carrying Amount of Collateral		1,101,593,000	801,961,000
Fair Value of Collateral		1,176,417,000	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		1,785,000,000	1,450,000,000
Debt obligations outstanding		1,260,755,000	1,431,665,000
Committed but Unfunded		918,964,000	766,124,000
Carrying Amount of Collateral		1,753,738,000	1,878,034,000
Fair Value of Collateral		1,828,562,000	1,882,087,000
Total Debt Obligations
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued		5,311,331,000	4,588,715,000
Debt obligations		4,274,723,000	4,182,954,000
Committed but Unfunded		1,424,377,000	1,144,124,000
Carrying Amount of Collateral		4,782,362,000	4,593,410,000
Fair Value of Collateral		4,940,696,000	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
Debt obligations outstanding		229,533,000	147,796,000
Committed but Unfunded		370,467,000	302,204,000
Carrying Amount of Collateral		364,978,000	278,530,000
Fair Value of Collateral		$ 366,676,000	$ 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
Debt obligations outstanding		204,262,000	138,711,000
Committed but Unfunded		195,738,000	111,289,000
Carrying Amount of Collateral		299,714,000	144,858,000
Fair Value of Collateral		$ 342,307,000	$ 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
Debt obligations outstanding		269,779,000
Committed but Unfunded		180,221,000
Carrying Amount of Collateral		436,901,000
Fair Value of Collateral		$ 466,640,000
Remaining Extension Options | period		2
Length of extension options		12 months
10/24/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement	$ 35,000,000	$ 35,000,000
Debt obligations outstanding		575,000
Committed but Unfunded		$ 34,425,000
Interest Rate(s) (as a percent)		3.02%
Carrying Amount of Collateral		$ 0
Fair Value of Collateral		794,000
Number of extension maturity periods | Extension	2
Length of extension options	6 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
Debt obligations outstanding		161,887,000
Committed but Unfunded		138,113,000
Carrying Amount of Collateral		193,530,000
Fair Value of Collateral		193,530,000
1/2016 | Uncommitted securities repurchase facilities
Assets Sold under Agreements to Repurchase [Line Items]
Debt obligations outstanding		394,719,000
Carrying Amount of Collateral		458,615,000
Fair Value of Collateral		458,615,000
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
Debt obligations outstanding		0	11,000,000
Committed but Unfunded		50,000,000	$ 39,000,000
Interest Rate(s) (as a percent)			2.91%
Carrying Amount of Collateral		0	$ 0
Fair Value of Collateral		0	0
5/26/2015 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement			450,000,000
Debt obligations outstanding			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
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
Debt obligations outstanding		0	25,000,000
Committed but Unfunded		$ 75,000,000	$ 50,000,000
Remaining Extension Options | period		2	2
Length of extension options		12 months	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
Debt obligations outstanding			174,853,000
Committed but Unfunded			125,147,000
Carrying Amount of Collateral			214,617,000
Fair Value of Collateral			214,617,000
10/6/2015 | Credit and Security Agreement
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement			46,750,000
Debt obligations outstanding			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
Length of extension options			12 months
Various Dates | Uncommitted securities repurchase facilities
Assets Sold under Agreements to Repurchase [Line Items]
Debt obligations outstanding			$ 747,789,000
Carrying Amount of Collateral			861,456,000
Fair Value of Collateral			861,456,000
Various Dates | Mortgage loan financing
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		$ 544,662,887	447,409,690
Debt obligations outstanding		544,663,000	447,410,000
Committed but Unfunded		0	0
Carrying Amount of Collateral		711,090,000	591,613,000
Fair Value of Collateral		788,369,000	637,271,000
Various Dates | Borrowings from the FHLB
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		2,237,113,311	1,900,000,000
Debt obligations outstanding		1,856,700,000	1,611,000,000
Committed but Unfunded		380,413,000	289,000,000
Carrying Amount of Collateral		2,317,534,000	2,068,988,000
Fair Value of Collateral		2,323,765,000	2,073,955,000
Various Dates | Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued		619,555,000
Debt obligations outstanding		$ 612,605,000	$ 610,129,000
Minimum | 10/30/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		2.08%	2.42%
Minimum | 4/10/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		2.44%	2.41%
Minimum | 5/24/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		2.58%
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 | 1/2016 | Uncommitted securities repurchase facilities
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		0.73%
Minimum | 5/26/2015 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)			2.42%
Minimum | 2/11/2017 | Revolving credit facility
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)			3.66%
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 | Various Dates | Uncommitted securities repurchase facilities
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)			0.50%
Minimum | Various Dates | Mortgage loan financing
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		4.25%	4.25%
Minimum | Various Dates | Borrowings from the FHLB
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		0.28%	0.30%
Minimum | Various Dates | Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Stated interest rate on debt instrument (as a percent)		5.875%	5.875%
Maximum | 10/30/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		2.93%	2.66%
Maximum | 4/10/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		4.33%	3.04%
Maximum | 5/24/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		4.33%
Maximum | 10/31/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		1.34%
Maximum | 1/2016 | Uncommitted securities repurchase facilities
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		2.02%
Maximum | 5/26/2015 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)			3.16%
Maximum | 2/11/2017 | Revolving credit facility
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)			5.75%
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 | Various Dates | Uncommitted securities repurchase facilities
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)			1.66%
Maximum | Various Dates | Mortgage loan financing
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		6.75%	6.75%
Maximum | Various Dates | Borrowings from the FHLB
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		2.74%	2.74%
Maximum | Various Dates | Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Stated interest rate on debt instrument (as a percent)		7.375%	7.375%
Consolidated Subsidiaries | 4/10/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Debt obligations outstanding		$ 36,500,000
Consolidated Subsidiaries | 5/24/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Debt obligations outstanding		28,200,000
Consolidated Subsidiaries | 10/24/2016 | Committed master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Debt obligations outstanding		800,000
Other Assets | Adjustments for New Accounting Principle, Early Adoption
Assets Sold under Agreements to Repurchase [Line Items]
Deferred Finance Costs, Net		$ 6,900,000	$ 9,400,000
Senior unsecured notes | Various Dates | Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued			619,555,000
Senior unsecured notes | Broker quotations, pricing services | Recurring | Various Dates | Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Debt obligations outstanding			$ 610,129,000

DEBT OBLIGATIONS - Schedule 72

DEBT OBLIGATIONS - Schedule of Repayments Maturities of Long-term Debt (Details) $ in Thousands	Dec. 31, 2015USD ($)
Debt Disclosure [Abstract]
2,016	$ 2,534,105
2,017	562,969
2,018	89,016
2,019	27,968
2,020	113,802
Thereafter	947,761
Total	$ 4,275,621

DEBT OBLIGATIONS - Senior Unsec

DEBT OBLIGATIONS - Senior Unsecured Notes (Details) - USD ($)	Dec. 17, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Aug. 01, 2014	Sep. 19, 2012
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 0	$ (150,000)	$ 0
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest	100.00%
LCFH | LCFH
Debt Instrument [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		55.60%
Senior Unsecured Notes | Senior Notes Due, 2017
Debt Instrument [Line Items]
Debt instrument, aggregate amount	$ 319,555,000					$ 325,000,000
Stated interest rate on debt instrument (as a percent)						7.375%
Senior Unsecured Notes | Senior Notes Due 2021
Debt Instrument [Line Items]
Debt instrument, aggregate amount					$ 300,000,000
Stated interest rate on debt instrument (as a percent)					5.875%
Senior Notes Due, 2017 | Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, repurchased face amount	5,445,000
Debt instrument, repurchase price amount	5,600,000
Loss on extinguishment of debt	$ (200,000)

FAIR VALUE OF FINANCIAL INSTR74

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Assets:
Fair Value	$ 2,416,966	$ 2,034,719
Liabilities:
Debt obligations outstanding	1,260,755	1,431,665
Fair Value	4,271,538	4,198,379
Repurchase agreements - short term
Liabilities:
Outstanding Face Amount	1,224,942	1,331,603
Fair Value	1,224,942	1,331,603
Repurchase agreements - long term
Liabilities:
Outstanding Face Amount	35,814	100,062
Fair Value	35,814	100,062
Borrowings under credit agreement
Liabilities:
Outstanding Face Amount		11,000
Fair Value		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		25,000
Fair Value		25,000
Mortgage loan financing
Liabilities:
Outstanding Face Amount	540,764	442,753
Fair Value	557,841	455,846
Borrowings from the FHLB
Liabilities:
Outstanding Face Amount	1,856,700	1,611,000
Fair Value	1,861,584	1,616,373
Senior unsecured notes
Liabilities:
Outstanding Face Amount	619,555	619,555
Fair Value	591,357	611,745
Mortgage loan receivables held for investment, at amortized cost
Assets:
Outstanding Face Amount	1,749,556	1,536,923
Fair Value	1,756,774	1,540,388
Mortgage loan receivables held for sale
Assets:
Outstanding Face Amount	571,638	417,955
Fair Value	582,277	421,991
FHLB stock
Assets:
Outstanding Face Amount	77,915	72,340
Fair Value	77,915	$ 72,340
Mortgage loan receivables
Fair Value Assumptions:
Period of short interest rate reset risk		30 days
Recurring
Assets:
Fair Value	2,410,038	$ 2,815,989
Recurring | Repurchase agreements - short term | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	1,224,942	1,331,603
Amortized Cost Basis	1,224,942	1,331,603
Fair Value	$ 1,224,942	$ 1,331,603
Fair Value Assumptions:
Weighted average yield %	1.67%	1.32%
Weighted Average Remaining Maturity/Duration	5 months 4 days	2 months 23 days
Recurring | Repurchase agreements - long term | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 35,814	$ 100,062
Amortized Cost Basis	35,813	100,062
Fair Value	$ 35,814	$ 100,062
Fair Value Assumptions:
Weighted average yield %	1.87%	1.89%
Weighted Average Remaining Maturity/Duration	1 year 4 months 24 days	1 year 7 months 2 days
Recurring | Borrowings under credit agreement | Discounted Cash Flow
Liabilities:
Outstanding Face Amount		$ 11,000
Amortized Cost Basis		11,000
Fair Value		$ 11,000
Fair Value Assumptions:
Weighted average yield %		2.91%
Weighted Average Remaining Maturity/Duration		1 year 25 days
Recurring | Borrowings under credit and security agreement | Discounted Cash Flow
Liabilities:
Outstanding Face Amount		$ 46,750
Amortized Cost Basis		46,750
Fair Value		$ 46,750
Fair Value Assumptions:
Weighted average yield %		2.01%
Weighted Average Remaining Maturity/Duration		1 year 9 months 7 days
Recurring | Revolving credit facility | Discounted Cash Flow
Liabilities:
Outstanding Face Amount		$ 25,000
Amortized Cost Basis		25,000
Fair Value		$ 25,000
Fair Value Assumptions:
Weighted average yield %		3.66%
Weighted Average Remaining Maturity/Duration		2 years 1 month 13 days
Recurring | Mortgage loan financing | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 540,764	$ 442,753
Amortized Cost Basis	544,663	447,410
Fair Value	$ 557,841	$ 455,846
Fair Value Assumptions:
Weighted average yield %	4.86%	4.85%
Weighted Average Remaining Maturity/Duration	7 years 11 months 4 days	8 years 5 months 19 days
Recurring | Borrowings from the FHLB | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 1,856,700	$ 1,611,000
Amortized Cost Basis	1,856,700	1,611,000
Fair Value	$ 1,861,584	$ 1,616,373
Fair Value Assumptions:
Weighted average yield %	0.84%	0.79%
Weighted Average Remaining Maturity/Duration	1 year 5 months 1 day	2 years 18 days
Recurring | Senior unsecured notes | Broker quotations, pricing services
Liabilities:
Outstanding Face Amount	$ 619,555	$ 619,555
Fair Value	$ 591,357	$ 611,745
Fair Value Assumptions:
Weighted average yield %	6.65%	6.65%
Weighted Average Remaining Maturity/Duration	3 years 7 months 9 days	4 years 7 months 9 days
Recurring | Nonhedge derivatives
Liabilities:
Derivative liability face amount	$ 374,200	$ 1,428,700
Fair Value	5,504	13,446
Recurring | Nonhedge derivatives | Counterparty quotations
Liabilities:
Derivative liability face amount	374,200	1,428,700
Fair Value	$ 5,504	$ 13,446
Fair Value Assumptions:
Weighted Average Remaining Maturity/Duration	3 years 5 months 1 day	1 year 4 months 27 days
Recurring | CMBS
Assets:
Outstanding Face Amount	$ 1,972,492	$ 2,247,565
Fair Value	1,991,506	2,305,410
Recurring | CMBS | Internal model, third-party inputs
Assets:
Outstanding Face Amount	1,972,492	2,247,565
Amortized Cost Basis	1,994,928	2,277,995
Fair Value	$ 1,991,506	$ 2,305,410
Fair Value Assumptions:
Weighted average yield %	2.59%	2.60%
Weighted Average Remaining Maturity/Duration	3 years 1 month 24 days	4 years 2 months 23 days
Recurring | CMBS interest-only
Assets:
Outstanding Face Amount	$ 7,436,379	$ 7,239,503
Fair Value	344,423	378,335
Recurring | CMBS interest-only | Internal model, third-party inputs
Assets:
Outstanding Face Amount	7,436,379	7,239,503
Amortized Cost Basis	348,222	376,085
Fair Value	$ 344,423	$ 378,335
Fair Value Assumptions:
Weighted average yield %	3.81%	4.88%
Weighted Average Remaining Maturity/Duration	3 years 4 months 2 days	3 years 5 months 12 days
Recurring | GNMA interest-only
Assets:
Outstanding Face Amount	$ 632,175	$ 1,400,141
Fair Value	26,194	66,642
Recurring | GNMA interest-only | Internal model, third-party inputs
Assets:
Outstanding Face Amount	632,175	1,400,141
Amortized Cost Basis	28,311	67,544
Fair Value	$ 26,194	$ 66,642
Fair Value Assumptions:
Weighted average yield %	4.26%	5.90%
Weighted Average Remaining Maturity/Duration	5 years 2 months 19 days	4 years 6 months
Recurring | GN construction securities
Assets:
Outstanding Face Amount	$ 27,091	$ 27,538
Fair Value	28,639	28,406
Recurring | GN construction securities | Internal model, third-party inputs
Assets:
Outstanding Face Amount	27,091	27,538
Amortized Cost Basis	27,581	28,178
Fair Value	$ 28,639	$ 28,406
Fair Value Assumptions:
Weighted average yield %	3.86%	3.56%
Weighted Average Remaining Maturity/Duration	9 years 3 months 29 days	9 years 5 months 1 day
Recurring | GN permanent securities
Assets:
Outstanding Face Amount	$ 16,249	$ 36,232
Fair Value	16,455	36,773
Recurring | GN permanent securities | Internal model, third-party inputs
Assets:
Outstanding Face Amount	16,249	36,232
Amortized Cost Basis	16,685	36,515
Fair Value	$ 16,455	$ 36,773
Fair Value Assumptions:
Weighted average yield %	3.94%	4.94%
Weighted Average Remaining Maturity/Duration	5 years 5 months 4 days	1 year 3 months 25 days
Recurring | Mortgage loan receivables held for investment, at amortized cost | Discounted Cash Flow
Assets:
Outstanding Face Amount	$ 1,749,556	$ 1,536,923
Amortized Cost Basis	1,738,645	1,521,053
Fair Value	$ 1,756,774	$ 1,540,388
Fair Value Assumptions:
Weighted average yield %	7.56%	7.33%
Weighted Average Remaining Maturity/Duration	1 year 4 months 17 days	1 year 11 months 15 days
Recurring | Mortgage loan receivables held for sale | Discounted Cash Flow
Assets:
Outstanding Face Amount	$ 571,638	$ 417,955
Amortized Cost Basis	571,764	417,955
Fair Value	$ 582,277	$ 421,991
Fair Value Assumptions:
Weighted average yield %	4.56%	4.31%
Weighted Average Remaining Maturity/Duration	6 years 2 months 12 days	9 years 8 months 19 days
Recurring | FHLB stock | Put Value
Assets:
Outstanding Face Amount	$ 77,915	$ 72,340
Amortized Cost Basis	77,915	72,340
Fair Value	$ 77,915	$ 72,340
Fair Value Assumptions:
Weighted average yield %	3.50%	3.50%
Recurring | Nonhedge derivatives
Assets:
Derivative asset face amount	$ 868,700	$ 125,050
Fair Value	2,821	423
Recurring | Nonhedge derivatives | Counterparty quotations
Assets:
Derivative asset face amount	868,700	125,050
Fair Value	$ 2,821	$ 423
Fair Value Assumptions:
Weighted Average Remaining Maturity/Duration	8 months 8 days	3 years 5 months 12 days
Various Dates | Senior Unsecured Notes | Recurring | Senior unsecured notes | Broker quotations, pricing services
Liabilities:
Amortized Cost Basis	$ 612,605	$ 610,129

FAIR VALUE OF FINANCIAL INSTR75

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets:
Fair Value	$ 2,416,966	$ 2,034,719
Liabilities:
Fair Value	4,271,538	4,198,379
Repurchase agreements - short-term
Liabilities:
Outstanding Face Amount	1,224,942	1,331,603
Fair Value	1,224,942	1,331,603
Repurchase agreements - long-term
Liabilities:
Outstanding Face Amount	35,814	100,062
Fair Value	35,814	100,062
Borrowings under credit agreement
Liabilities:
Outstanding Face Amount		11,000
Fair Value		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		25,000
Fair Value		25,000
Mortgage loan financing
Liabilities:
Outstanding Face Amount	540,764	442,753
Fair Value	557,841	455,846
Borrowings from the FHLB
Liabilities:
Outstanding Face Amount	1,856,700	1,611,000
Fair Value	1,861,584	1,616,373
Senior unsecured notes
Liabilities:
Outstanding Face Amount	619,555	619,555
Fair Value	591,357	611,745
Mortgage loan receivables held for investment
Assets:
Outstanding Face Amount	1,749,556	1,536,923
Fair Value	1,756,774	1,540,388
Mortgage loan receivables held for sale
Assets:
Outstanding Face Amount	571,638	417,955
Fair Value	582,277	421,991
FHLB stock
Assets:
Outstanding Face Amount	77,915	72,340
Fair Value	77,915	72,340
Level 2
Liabilities:
Fair Value		68,357
Level 2 | Repurchase agreements - short-term
Liabilities:
Fair Value		68,357
Level 3
Assets:
Fair Value	2,416,966	2,034,719
Liabilities:
Fair Value	4,271,538	4,130,022
Level 3 | Repurchase agreements - short-term
Liabilities:
Fair Value	1,224,942	1,263,246
Level 3 | Repurchase agreements - long-term
Liabilities:
Fair Value	35,814	100,062
Level 3 | Borrowings under credit agreement
Liabilities:
Fair Value		11,000
Level 3 | Borrowings under credit and security agreement
Liabilities:
Fair Value		46,750
Level 3 | Revolving credit facility
Liabilities:
Fair Value		25,000
Level 3 | Mortgage loan financing
Liabilities:
Fair Value	557,841	455,846
Level 3 | Borrowings from the FHLB
Liabilities:
Fair Value	1,861,584	1,616,373
Level 3 | Senior unsecured notes
Liabilities:
Fair Value	591,357	611,745
Level 3 | Mortgage loan receivables held for investment
Assets:
Fair Value	1,756,774	1,540,388
Level 3 | Mortgage loan receivables held for sale
Assets:
Fair Value	582,277	421,991
Level 3 | FHLB stock
Assets:
Fair Value	77,915	72,340
Recurring
Assets:
Fair Value	2,410,038	2,815,989
Recurring | Nonhedge derivatives
Liabilities:
Derivative liability face amount	374,200	1,428,700
Fair Value	5,504	13,446
Recurring | CMBS
Assets:
Outstanding Face Amount	1,972,492	2,247,565
Fair Value	1,991,506	2,305,410
Recurring | CMBS interest-only
Assets:
Outstanding Face Amount	7,436,379	7,239,503
Fair Value	344,423	378,335
Recurring | GNMA interest-only
Assets:
Outstanding Face Amount	632,175	1,400,141
Fair Value	26,194	66,642
Recurring | GN construction securities
Assets:
Outstanding Face Amount	27,091	27,538
Fair Value	28,639	28,406
Recurring | GN permanent securities
Assets:
Outstanding Face Amount	16,249	36,232
Fair Value	16,455	36,773
Recurring | Nonhedge derivatives
Assets:
Derivative asset face amount	868,700	125,050
Fair Value	2,821	423
Recurring | Level 2
Assets:
Fair Value	2,821	132,244
Recurring | Level 2 | Nonhedge derivatives
Liabilities:
Fair Value	5,504	13,446
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	2,821	423
Recurring | Level 3
Assets:
Fair Value	2,407,217	2,683,745
Recurring | Level 3 | CMBS
Assets:
Fair Value	1,991,506	2,305,410
Recurring | Level 3 | CMBS interest-only
Assets:
Fair Value	344,423	$ 378,335
Recurring | Level 3 | GNMA interest-only
Assets:
Fair Value	26,194
Recurring | Level 3 | GN construction securities
Assets:
Fair Value	28,639
Recurring | Level 3 | GN permanent securities
Assets:
Fair Value	$ 16,455

FAIR VALUE OF FINANCIAL INSTR76

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Changes in Level 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,683,745	$ 0
Transfer from level 2	86,576	1,422,996
Purchases	720,010	2,121,503
Sales	(839,868)	(692,306)
Paydowns/maturities	(160,612)	(155,525)
Amortization of premium/discount	(70,763)	(60,992)
Unrealized gain/(loss)	(36,610)	19,769
Realized gain/(loss) on sale	24,739	28,300
Ending balance	$ 2,407,217	$ 2,683,745

FAIR VALUE OF FINANCIAL INSTR77

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details) - Discounted Cash Flow - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 2,407,217	$ 2,683,745
CMBS
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 1,991,506	$ 2,305,410
CMBS | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	0.00%	(13.06%)
Duration (in years)	0 years	0 years
CMBS | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	2.19%	2.36%
Duration (in years)	4 years 21 days	4 years 8 months 4 days
CMBS | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	9.21%	5.49%
Duration (in years)	7 years 10 months 27 days	8 years 3 months 3 days
CMBS interest-only
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 344,423	$ 378,335
CMBS interest-only | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	0.09%	(27.49%)
Duration (in years)	1 year 10 months 24 days	5 months 26 days
Prepayment speed (as a percent)	100.00%	100.00%
CMBS interest-only | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	4.13%	(4.93%)
Duration (in years)	3 years 3 months 18 days	3 years 6 months
Prepayment speed (as a percent)	100.00%	100.00%
CMBS interest-only | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	4.51%	23.32%
Duration (in years)	4 years 2 months 26 days	4 years 8 months 23 days
Prepayment speed (as a percent)	100.00%	100.00%
GNMA interest-only
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 26,194
GNMA interest-only | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	0.00%
Duration (in years)	3 months 25 days
Prepayment speed (as a percent)	5.00%
GNMA interest-only | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	9.21%
Duration (in years)	2 years 4 months 27 days
Prepayment speed (as a percent)	15.00%
GNMA interest-only | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	10.00%
Duration (in years)	5 years 2 months 4 days
Prepayment speed (as a percent)	35.00%
GN construction securities
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 28,639
GN construction securities | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	0.58%
Duration (in years)	0 years
GN construction securities | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	3.47%
Duration (in years)	10 years 4 months 2 days
GN construction securities | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	3.51%
Duration (in years)	10 years 5 months 23 days
GN permanent securities
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 16,455
GN permanent securities | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	0.00%
Duration (in years)	1 year 7 months 27 days
GN permanent securities | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	3.25%
Duration (in years)	5 years 8 months 19 days
GN permanent securities | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	6.62%
Duration (in years)	7 years 2 months 15 days

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional	$ 1,242,900,000	$ 1,553,750,000
Fair value, Asset	2,821,000	423,000
Fair value, Liability	5,504,000	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	670,100,000	$ 496,200,000
Fair value, Asset	2,122,000	108,000
Fair value, Liability	$ 0	$ 28,000
Remaining Maturity	3 months	3 months
Term of derivative contract	5 years	5 years
10-year Swap
Derivative [Line Items]
Notional	$ 477,900,000	$ 842,800,000
Fair value, Asset	463,000	104,000
Fair value, Liability	$ 1,451,000	$ 8,258,000
Remaining Maturity	3 months	3 months
Term of derivative contract	10 years	10 years
5-year U.S. Treasury Note
Derivative [Line Items]
Notional	$ 800,000
Fair value, Asset	3,000
Fair value, Liability	$ 0
Remaining Maturity	3 months
10-year U.S. Treasury Note
Derivative [Line Items]
Notional	$ 600,000
Fair value, Asset	3,000
Fair value, Liability	$ 0
Remaining Maturity	3 months
Futures
Derivative [Line Items]
Notional	$ 1,149,400,000	$ 1,339,000,000
Fair value, Asset	2,591,000	212,000
Fair value, Liability	1,451,000	8,286,000
Swaps 3MO LIB
Derivative [Line Items]
Notional	50,000,000	100,000,000
Fair value, Asset	0	0
Fair value, Liability	$ 3,686,000	$ 4,505,000
Remaining Maturity	4 years 8 months 19 days	3 years 2 months 4 days
CMBX
Derivative [Line Items]
Notional	$ 10,000,000	$ 10,000,000
Fair value, Asset	230,000	211,000
Fair value, Liability	$ 0	$ 0
Remaining Maturity	5 years 7 months 2 days	6 years 9 months 18 days
CDX
Derivative [Line Items]
Notional	$ 33,500,000	$ 33,500,000
Fair value, Asset	0	0
Fair value, Liability	$ 367,000	$ 654,000
Remaining Maturity	2 years 11 months 1 day	3 years 11 months 19 days
Credit Derivatives
Derivative [Line Items]
Notional	$ 43,500,000	$ 43,500,000
Fair value, Asset	230,000	211,000
Fair value, Liability	$ 367,000	$ 654,000

DERIVATIVE INSTRUMENTS - Sche79

DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Unrealized Gain/(Loss)	$ 10,182	$ (14,371)	$ 14,028
Realized Gain/(Loss)	(49,119)	(80,427)	14,047
Net Result from Derivative Transactions	(38,937)	(94,798)	28,075
1MO LIBOR
Derivative [Line Items]
Unrealized Gain/(Loss)		0	0
Realized Gain/(Loss)		(7)	0
Net Result from Derivative Transactions		(7)	0
Futures
Derivative [Line Items]
Unrealized Gain/(Loss)	9,214	(16,065)	4,420
Realized Gain/(Loss)	(46,816)	(74,946)	19,998
Net Result from Derivative Transactions	(37,602)	(91,011)	24,418
Swaps 3MO LIB
Derivative [Line Items]
Unrealized Gain/(Loss)	661	1,780	11,288
Realized Gain/(Loss)	(1,992)	(5,161)	(4,834)
Net Result from Derivative Transactions	(1,331)	(3,381)	6,454
Credit Derivatives
Derivative [Line Items]
Unrealized Gain/(Loss)	307	(86)	(1,680)
Realized Gain/(Loss)	(311)	(313)	(1,117)
Net Result from Derivative Transactions	$ (4)	$ (399)	$ (2,797)

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash margins held as collateral for derivatives by counterparties	$ 18.9	$ 35.8
Cash collateral held by counterparty	$ 5.9	$ 11.7

OFFSETTING ASSETS AND LIABILI81

OFFSETTING ASSETS AND LIABILITIES - Schedule of Offsetting Financial Assets and Derivative Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Offsetting of derivative assets
Gross amounts of recognized assets	$ 2,821	$ 423
Gross amounts offset in the balance sheet	0	0
Net amounts of assets presented in the balance sheet	2,821	423
Gross amounts not offset in the balance sheet
Financial instruments	0	0
Cash collateral received/(posted)	0	0
Net amount	$ 2,821	$ 423

OFFSETTING ASSETS AND LIABILI82

OFFSETTING ASSETS AND LIABILITIES - Schedule of Offsetting Financial Liabilities and Derivative Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Offsetting of derivative liabilities
Gross amounts of recognized liabilities	$ 5,504	$ 13,445
Gross amounts offset in the balance sheet	0	0
Net amount presented in the balance sheet	5,504	13,445
Gross amounts not offset in the balance sheet
Financial instruments	0	0
Cash collateral posted/(received)	5,504	13,445
Net amount	0	0
Offsetting of repurchase agreements
Outstanding Amount	1,260,755	1,431,665
Gross amounts offset in the balance sheet	0	0
Net amount presented in the balance sheet	1,260,755	1,431,665
Gross amounts not offset in the balance sheet
Financial instruments	1,260,755	1,431,665
Cash collateral posted/(received)	0	0
Net amount	0	0
Offsetting of financial liabilities and derivative liabilities
Gross amounts of recognized liabilities	1,266,259	1,445,110
Gross amounts offset in the balance sheet	0	0
Net amount presented in the balance sheet	1,266,259	1,445,110
Gross amounts not offset in the balance sheet
Financial instruments collateral	1,260,755	1,431,665
Cash collateral posted/(received)	5,504	13,445
Net amount	$ 0	$ 0

EQUITY STRUCTURE AND ACCOUNTS83

EQUITY STRUCTURE AND ACCOUNTS (Details) $ / shares in Units, $ in Thousands	Feb. 11, 2014USD ($)	Feb. 10, 2014$ / shares	Dec. 31, 2015USD ($)Class_of_StockVote$ / sharesshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)	Oct. 30, 2014USD ($)
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	$ 0
E&P distribution requirement | $			$ 48,300
Dividend per share, E&P (in dollar per share) | $ / shares			$ 0.90
Share Price | $ / shares		$ 17
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) | shares			3,586,546
Series TRS LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock (in shares) | shares			3,586,546
Common Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock (in shares) | shares				874,374
Second cash distributions after completion of second distribution (as a percent)		20.00%
Second cash distributions to partners (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) | shares			3,586,546	874,374
Common Stock | Class B common stock
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock (in shares) | shares			(3,586,546)	(874,374)
2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Percentage of Aggregate Common Stock Outstanding Under Repurchase Program			7.10%
Remaining amount of stock repurchase | $			$ 49,000
2014 Share Repurchase Authorization Program | Class A common stock
Class of Stock [Line Items]
Authorized amount of stock repurchase | $						$ 50,000
Remaining amount of stock repurchase | $			$ 49,006	$ 50,000
2014 Share Repurchase Authorization Program | Common Stock
Class of Stock [Line Items]
Share Price | $ / shares			$ 12.42

EQUITY STRUCTURE AND ACCOUNTS -

EQUITY STRUCTURE AND ACCOUNTS - Schedule of Treasury Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Oct. 30, 2014	Feb. 10, 2014
Class of Stock [Line Items]
Share Price			$ 17
Shares Repurchase Program [Roll Forward]
Purchase of treasury stock	$ (994)
2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Percentage of Aggregate Common Stock Outstanding Under Repurchase Program	7.10%
Shares Repurchase Program [Roll Forward]
Authorizations remaining as of December 31, 2015	$ 49,000
2014 Share Repurchase Authorization Program | Class A common stock
Class of Stock [Line Items]
Authorized amount of stock repurchase		$ 50,000
Shares Repurchase Program [Roll Forward]
Authorizations remaining as of December 31, 2014	$ 50,000
Treasury Stock, Shares, Acquired	84,203
Purchase of treasury stock	$ (994)
Authorizations remaining as of December 31, 2015	$ 49,006

EQUITY STRUCTURE AND ACCOUNTS85

EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares	Dec. 10, 2015	Sep. 10, 2015	Jun. 15, 2015	Apr. 06, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Dividends per share of common stock (in dollars per share)					$ 1.45	$ 0.275	$ 0.25	$ 0.25
Class A common stock
Class of Stock [Line Items]
Dividends per share of common stock (in dollars per share)	$ 1.45	$ 0.275	$ 0.25	$ 0.25					$ 2.225	$ 0

EQUITY STRUCTURE AND ACCOUNTS86

EQUITY STRUCTURE AND ACCOUNTS - Tax Treatment of Aggregate Distributions per Common Stock Paid (Details) - $ / shares	Dec. 10, 2015	Sep. 10, 2015	Jun. 15, 2015	Apr. 06, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Dividend per Share					$ 1.45	$ 0.275	$ 0.25	$ 0.25
Class A common stock
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Dividend per Share	$ 1.45	$ 0.275	$ 0.25	$ 0.25					$ 2.225	$ 0
Ordinary Dividends	1.306	0.275	0.250	0.250					2.081
Qualified Dividends	0.156	0.275	0.250	0.250					0.931
Capital Gain	0.144	0	0	0					0.144
Unrecaptured 1250 Gain	$ 0.020	$ 0	$ 0	$ 0					$ 0.020

EQUITY STRUCTURE AND ACCOUNTS87

EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
AOCI Attributable to Parent [Roll Forward]
December 31, 2014	$ 15,656
Other comprehensive income (loss)	(36,545)	$ 18,016	$ (20,361)
Exchange of noncontrolling interest for common stock	0
September 30, 2015	(3,556)	15,656
Accumulated Other Comprehensive Income
AOCI Attributable to Parent [Roll Forward]
December 31, 2014	15,656
Other comprehensive income (loss)	(20,046)	488
Exchange of noncontrolling interest for common stock	645	324
Rebalancing of ownership percentage between Company and Operating Partnership	189
September 30, 2015	(3,556)	15,656
Accumulated Other Comprehensive Income of Noncontrolling Interests
AOCI Attributable to Parent [Roll Forward]
December 31, 2014	14,494
Other comprehensive income (loss)	(16,499)
Exchange of noncontrolling interest for common stock	(645)
Rebalancing of ownership percentage between Company and Operating Partnership	(189)
September 30, 2015	(2,839)	14,494
Total Accumulated Other Comprehensive Income
AOCI Attributable to Parent [Roll Forward]
December 31, 2014	30,150
Other comprehensive income (loss)	(36,545)
Exchange of noncontrolling interest for common stock	0
Rebalancing of ownership percentage between Company and Operating Partnership	0
September 30, 2015	$ (6,395)	$ 30,150

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 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	7
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
Corporate Joint Venture | Shopping center
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 | $	500
Increase in additional paid in capital and accumulated other comprehensive income | $	$ 544	$ (5,330)

EARNINGS PER SHARE - Net Income

EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended								11 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Earnings per share
Net income attributable to Class A common shareholders	$ 27,123	$ 3,313	$ 34,210	$ 9,175	$ 4,374	$ 14,656	$ 12,505	$ 12,652		$ 73,821	$ 44,187
Weighted average shares outstanding:
Basic (in shares)									49,296,417	51,702,188	49,296,417
Diluted (in shares)									97,583,310	51,870,808	97,583,310
Class A common stock
Earnings per share
Net income attributable to Class A common shareholders									$ 44,187	$ 73,821	$ 44,187
Diluted Net income available for Class A common shareholders									$ 84,228	$ 73,821
Weighted average shares outstanding:
Basic (in shares)									49,296,417	51,702,188
Diluted (in shares)									97,583,310	51,870,808

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								11 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net income attributable to Class A common shareholders	$ 27,123	$ 3,313	$ 34,210	$ 9,175	$ 4,374	$ 14,656	$ 12,505	$ 12,652		$ 73,821	$ 44,187
Denominator:
Weighted average number of shares of Class A common stock outstanding									49,296,417	51,702,188	49,296,417
Basic net income per share of Class A common stock (in dollars per share)	$ 0.51	$ 0.06	$ 0.68	$ 0.18	$ 0.09	$ 0.30	$ 0.26	$ 0.26		$ 1.43	$ 0.90
Numerator:
Net income attributable to Class A common shareholders	$ 27,123	$ 3,313	$ 34,210	$ 9,175	$ 4,374	$ 14,656	$ 12,505	$ 12,652		$ 73,821	$ 44,187
Denominator:
Weighted average number of shares of Class A common stock outstanding									49,296,417	51,702,188	49,296,417
Add - dilutive effect of:
Diluted weighted average number of shares of Class A common stock outstanding									97,583,310	51,870,808	97,583,310
Diluted net income per share of Class A common stock (in dollars per share)	$ 0.50	$ 0.06	$ 0.67	$ 0.15	$ 0.09	$ 0.28	$ 0.22	$ 0.24		$ 1.42	$ 0.86
Class A common stock
Numerator:
Net income attributable to Class A common shareholders									$ 44,187	$ 73,821	$ 44,187
Denominator:
Weighted average number of shares of Class A common stock outstanding									49,296,417	51,702,188
Basic net income per share of Class A common stock (in dollars per share)									$ 0.90	$ 1.43
Numerator:
Net income attributable to Class A common shareholders									$ 44,187	$ 73,821	$ 44,187
Add (deduct) - dilutive effect of:
Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss)									66,437	0
Additional corporate tax (expense) benefit									(26,396)	0
Diluted Net income available for Class A common shareholders									$ 84,228	$ 73,821
Denominator:
Weighted average number of shares of Class A common stock outstanding									49,296,417	51,702,188
Add - dilutive effect of:
Shares issuable relating to converted Class B common shareholders									48,145,875	0
Incremental shares of unvested Class A restricted stock									141,018	168,620
Diluted weighted average number of shares of Class A common stock outstanding									97,583,310	51,870,808
Diluted net income per share of Class A common stock (in dollars per share)									$ 0.86	$ 1.42

STOCK BASED COMPENSATION PLAN91

STOCK BASED COMPENSATION PLANS (Details)	Feb. 10, 2016USD ($)	Jun. 10, 2015USD ($)shares	Feb. 18, 2015USD ($)Vesting_Installmentshares	Feb. 03, 2015USD ($)shares	Feb. 11, 2014USD ($)Vesting_Installmentshares	Dec. 31, 2015USD ($)grantshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)shares	Feb. 28, 2015USD ($)	Feb. 12, 2014USD ($)
Stock Options
Unrecognized compensation cost						$ 13,200,000
Period of recognition for unrecognized compensation costs						30 months
Weighted average remaining vesting period						19 months 18 days
Deferred Compensation Plan
Compensation expense						$ 34,400,000	$ 47,800,000	$ 44,100,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares) | shares						726,327	1,687,513	0
Stock Options
Stock Options
Number of options granted | shares						670,256	0	0
Incentive Equity Plan 2008 | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of grants outstanding | grant						1
2014 Omnibus Incentive Plan | Director
Deferred Compensation Plan
Amount May be Paid for Audit and Compensation Committee Services										$ 15,000
Amount May be Paid for Nominating and Corporate Governance Committee Services										10,000
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 | Restricted Stock | Members of Management and Employees | Time-based vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					50.00%
2014 Omnibus Incentive Plan | Restricted Stock | Members of Management and Employees | Performance-based vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					50.00%
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 | Restricted Stock | Members of Management and Employees | Time Based Vesting on Eighteen Months Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					18 months
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Options Percentage of Awards Vested					25.00%
2014 Omnibus Incentive Plan | Restricted Stock | Members of Management and Employees | Time Based Vesting on Three Year Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Options Percentage of Awards Vested					75.00%
2014 Omnibus Incentive Plan | Restricted Stock | Harris | Time-based vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of installments in which awards are vested | Vesting_Installment					3
Vesting period					3 years
Stock Options
Period of recognition for unrecognized compensation costs						3 years
2014 Omnibus Incentive Plan | Restricted Stock | Director | Time-based vesting
Stock Options
Period of recognition for unrecognized compensation costs						3 years
2014 Omnibus Incentive Plan | Restricted Stock | Officers Other than Harris and Certain Employees | Time-based vesting
Stock Options
Period of recognition for unrecognized compensation costs						3 years
2014 Omnibus Incentive Plan | Restricted Stock | Alan Fishman
Stock Options
Grant date fair value of awards granted					$ 1,000,000
2014 Omnibus Incentive Plan | Restricted Stock | Douglas Durst
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of installments in which awards are vested | Vesting_Installment					3
Vesting period					3 years
Stock Options
Grant date fair value of awards granted					$ 100,000
Deferred Compensation Plan
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Options to be Granted Grant Date Fair Value										$ 50,000
2014 Omnibus Incentive Plan | Restricted Stock | Joel C Peterson
Stock Options
Grant date fair value of awards granted					100,000
Deferred Compensation Plan
Payment for Directors Fees					75,000
2014 Omnibus Incentive Plan | Stock Options | Management | Time-based vesting
Stock Options
Aggregate grant date fair value of stock options granted			$ 1,400,000
Number of options granted | shares			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 | shares						555,318
Units unvested | shares						60,899
Total employee's contribution, net of forfeitures and payouts related to terminations						$ 6,900,000
2014 Deferred Compensation Plan
Stock Options
Units outstanding | shares						131,901
Units unvested | shares						87,934
Total employee's contribution, net of forfeitures and payouts related to terminations						$ 1,600,000			$ 3,400,000
Restricted Class A Common Stock | 2014 Omnibus Incentive Plan | Members of Management and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate value of awards granted					$ 27,500,000
Number of restricted shares granted (in shares) | shares					1,619,865
Restricted Class A Common Stock | 2014 Omnibus Incentive Plan | Fishman Peterson Durst
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares) | shares					67,648
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				$ 500,000
Number of restricted shares granted (in shares) | shares				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			$ 12,600,000
Number of restricted shares granted (in shares) | shares			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 (in shares) | shares		4,223	7,962
Stock Options
Grant date fair value of awards granted		$ 100,000	$ 100,000
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
Subsequent Event
Deferred Compensation Plan
Compensation bonus	$ 46,800,000
Bonus payment allocated to equity based compensation	$ 10,300,000

STOCK BASED COMPENSATION PLAN92

STOCK BASED COMPENSATION PLANS - Summary of Grants (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ (13,788,297)	$ (14,450,764)	$ (2,881,447)
Predecessor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ 0	$ (290,000)	$ (2,881,000)
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)	726,327	1,687,513	0
Weighted Average Fair Value (in dollars)	$ 13,353,000	$ 28,637,000	$ 0
Recognized equity based compensation expense	$ (13,664,000)	$ (12,109,000)	$ 0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted	670,256	0	0
Weighted Average Fair Value of Options (in dollars)	$ 1,441,000	$ 0	$ 0
Series B Participating Preferred Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted	0	0	7,613
Weighted Average Fair Value of Options (in dollars)	$ 0	$ 0	$ 1,157,000
LP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)	0
Recognized equity based compensation expense	$ (124,000)	$ (2,052,000)	$ 0

STOCK BASED COMPENSATION PLAN93

STOCK BASED COMPENSATION PLANS - Nonvested Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock
Number of Shares Nonvested Other than Options [Roll Forward]
Outstanding at beginning period	1,384,439
Granted	726,327	1,687,513	0
Vested	(588,343)
Forfeited	(188,054)
Outstanding at ending period	1,334,369	1,384,439
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
December 31, 2014	0
Granted	670,256	0	0
Exercised	0
Forfeited	(69,070)
Expired	0
December 31, 2015	601,186	0
December 31, 2015	0
LP Units
Number of Shares Nonvested Other than Options [Roll Forward]
Outstanding at beginning period	8,063
Granted	0
Vested	(7,559)
Forfeited	0
Outstanding at ending period	504	8,063

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015
Valuation Allowance [Line Items]
Corporate taxes payable	$ 800,000	$ 4,300,000
NYC UBT taxes payable	100,000	1,100,000
Prepaid corporate taxes	12,500,000	12,500,000
Net deferred tax assets	$ 8,200,000	5,000,000
Deferred tax asset relating to capital losses		5,200,000
Liability for unrecognized tax benefits for uncertain income tax positions		$ 774,485
Percentage of applicable cash saving in income tax distributable to specified unitholders	85.00%	85.00%
Percentage of applicable cash saving in income tax available for the entity	15.00%	15.00%
Amount due pursuant to tax receivable agreement	$ 862,000	$ 1,910,000
Valuation allowance against deferred tax asset	$ 0	(5,239,000)
Capital Loss Carryforward
Valuation Allowance [Line Items]
Valuation allowance against deferred tax asset		$ (5,200,000)

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income Taxes Provision (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current expense (benefit)
U.S. Federal									$ 9,020	$ 23,609
State and local									2,637	10,170
Total current expense (benefit)									11,657	33,779
Deferred expense (benefit)
U.S. Federal									2,247	(4,357)
State and local									653	(2,817)
Total deferred expense (benefit)									2,900	(7,174)
Provision for Income tax expense (benefit)	$ 10,457	$ (4,181)	$ 5,177	$ 3,104	$ 2,783	$ 10,335	$ 8,199	$ 5,289	$ 14,557	$ 26,605	$ 3,730

INCOME TAXES - Reconciliation B

INCOME TAXES - Reconciliation Between Statutory and Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
US statutory tax rate (as a percent)	35.00%	35.00%
REIT income not subject to corporate income tax (as a percent)	(32.37%)	(0.00%)
Increase due to state and local taxes (as a percent)	1.40%	3.78%
Deferred tax asset write-off upon conversion to REIT (in percent)	1.44%	0.00%
Change in valuation allowance (as a percent)	3.29%	0.00%
Other (as a percent)	0.39%	(17.37%)
Effective income tax rate (as a percent)	9.15%	21.41%

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred Tax Assets
Basis difference in operating partnerships	$ 3,089	$ 6,795
Tax intangibles	910	778
Unrealized gains (losses)	971	616
Unrealized gains (losses) - derivatives	5,239	0
Valuation allowance	(5,239)	0
Total Deferred Tax Assets	$ 4,970	$ 8,189

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	May. 20, 2015USD ($)a	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
RELATED PARTY TRANSACTIONS
Loan receivable, fixed interest rate (as percent)		19.70%	15.20%
Fees incurred for loans originated		$ 0
Meridian
RELATED PARTY TRANSACTIONS
Fees incurred for loans originated			$ 360,332	$ 360,332
Fees accrued and payable		300,000	$ 600,000
Mezzanine loan | Halletts Investors LLC | Meridian
RELATED PARTY TRANSACTIONS
Loan receivable	$ 25,000,000
Loan receivable, fixed interest rate (as percent)	9.00%
Interest income on loans		$ 1,400,000
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 CONTINGENCIES99

COMMITMENTS AND CONTINGENCIES (Details)	12 Months Ended
	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)$ / shares	Dec. 31, 2013USD ($)	Dec. 31, 2012Extension_Option	Dec. 31, 2011Extension_Option
Unfunded Loan Commitments
Number of extension options | Extension_Option				0	0
Rent expense	$ 1,500,000	$ 1,800,000	$ 1,700,000
Mortgage loan receivables held for investment
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	112,800,000	158,100,000
First mortgage loan financing
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	111,400,000	155,500,000
Mezzanine loan financing
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	$ 1,400,000	2,600,000
Commitment to purchase GN construction loan securities
Unfunded Loan Commitments
Fixed prices (in dollars per unit) | $ / shares	$ 102
Commitment to purchase loan securities	$ 28,800,000	60,000,000
Funded	26,700,000	49,400,000
Remaining to be funded	2,100,000	10,600,000
Fair value of commitments	$ 54,300	$ 63,600
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	Dec. 31, 2015USD ($)
Future minimum rental payments
2,016	$ 1,198
2,017	1,255
2,018	1,206
2,019	1,180
2,020	1,180
Thereafter	1,279
Total	$ 7,298

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)segment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
SEGMENT REPORTING
Number of reportable segments | segment									3
Interest income	$ 62,903,000	$ 63,013,000	$ 59,239,000	$ 56,384,000	$ 56,931,000	$ 48,459,000	$ 45,112,000	$ 36,822,000	$ 241,539,000	$ 187,325,000	$ 121,578,000
Interest expense									(113,303,000)	(77,574,000)	(48,745,000)
Net interest income									128,236,000	109,751,000	72,833,000
Provision for loan losses									(600,000)	(600,000)	(600,000)
Net interest income after provision for loan losses	33,297,000	33,328,000	31,602,000	29,409,000	30,728,000	28,381,000	28,211,000	21,831,000	127,636,000	109,151,000	72,233,000
Operating lease income									80,465,000	56,649,000	37,395,000
Tenant recoveries									9,907,000	9,183,000	3,271,000
Sale of loans, net									71,066,000	145,275,000	146,708,000
Realized gain on securities									24,007,000	26,977,000	4,231,000
Unrealized gain (loss) on Agency interest-only securities									(1,249,000)	2,144,000	(2,665,000)
Realized gain on sale of real estate, net									40,386,000	29,760,000	13,565,000
Fee and other income									15,205,000	11,704,000	7,922,000
Net result from derivative transactions									(38,937,000)	(94,798,000)	28,075,000
Earnings (loss) from investment in unconsolidated joint ventures									371,000	1,990,000	3,203,000
Gain on assignment of mortgage loan financing									0	432,000	0
Loss on extinguishment of debt									0	(150,000)	0
Other income	72,183,000	7,549,000	86,452,000	35,037,000	31,906,000	61,337,000	55,489,000	40,434,000	201,221,000	189,166,000	241,705,000
Salaries and employee benefits									(61,612,000)	(82,144,000)	(61,038,000)
Operating expenses									(25,103,000)	(25,398,000)	(14,937,000)
Real estate operating expenses									(35,886,000)	(32,670,000)	(17,404,000)
Real estate acquisition costs									(1,983,000)	(2,404,000)	(3,626,000)
Fee expense									(4,521,000)	(3,023,000)	(2,955,000)
Depreciation and amortization									(39,061,000)	(28,447,000)	(21,515,000)
Total costs and expenses	(38,347,000)	(42,260,000)	(44,180,000)	(43,379,000)	(48,045,000)	(42,207,000)	(45,258,000)	(38,575,000)	(168,166,000)	(174,086,000)	(121,475,000)
Tax (expense) benefit	(10,457,000)	4,181,000	(5,177,000)	(3,104,000)	(2,783,000)	(10,335,000)	(8,199,000)	(5,289,000)	(14,557,000)	(26,605,000)	(3,730,000)
Net income	56,676,000	$ 2,798,000	$ 68,697,000	$ 17,963,000	11,806,000	$ 37,176,000	$ 30,243,000	$ 18,401,000	146,134,000	97,626,000	188,733,000
Total assets	5,895,212,000				5,814,235,000				5,895,212,000	5,814,235,000	3,482,216,000
Company’s investment in unconsolidated joint ventures	33,797,000				6,041,000				33,797,000	6,041,000
Investment in FHLB stock	77,915,000				72,340,000				77,915,000	72,340,000
Deferred tax assets	5,000,000				8,200,000				5,000,000	8,200,000
Operating Segment | Loans
SEGMENT REPORTING
Interest income									165,403,000	113,943,000	63,894,000
Interest expense									(24,039,000)	(13,205,000)	(4,592,000)
Net interest income									141,364,000	100,738,000	59,302,000
Provision for loan losses									(600,000)	(600,000)	(600,000)
Net interest income after provision for loan losses									140,764,000	100,138,000	58,702,000
Operating lease income									0	0	0
Tenant recoveries									0	0	0
Sale of loans, net									71,066,000	145,275,000	146,708,000
Realized gain on securities									0	0	0
Unrealized gain (loss) on Agency interest-only securities									0	0	0
Realized gain on sale of real estate, net									2,346,000	1,525,000	0
Fee and other income									5,999,000	3,854,000	2,963,000
Net result from derivative transactions									(12,609,000)	(34,599,000)	15,836,000
Earnings (loss) from investment in unconsolidated joint ventures									0	0	0
Gain on assignment of mortgage loan financing										0
Loss on extinguishment of debt										0
Other income									66,802,000	116,055,000	165,507,000
Salaries and employee benefits									(16,531,000)	(22,400,000)	(26,250,000)
Operating expenses									381,000	235,000	201,000
Real estate operating expenses									0	0	0
Real estate acquisition costs									0	0	0
Fee expense									(1,693,000)	(2,172,000)	(1,981,000)
Depreciation and amortization									0	0	0
Total costs and expenses									(17,843,000)	(24,337,000)	(28,030,000)
Tax (expense) benefit									0	0	0
Net income									189,723,000	191,856,000	196,179,000
Total assets	2,310,409,000				1,939,008,000				2,310,409,000	1,939,008,000	979,568,000
Operating Segment | Securities
SEGMENT REPORTING
Interest income									76,083,000	73,331,000	57,636,000
Interest expense									(7,256,000)	(6,588,000)	(3,289,000)
Net interest income									68,827,000	66,743,000	54,347,000
Provision for loan losses									0	0	0
Net interest income after provision for loan losses									68,827,000	66,743,000	54,347,000
Operating lease income									0	0	0
Tenant recoveries									0	0	0
Sale of loans, net									0	0	0
Realized gain on securities									24,007,000	26,977,000	4,231,000
Unrealized gain (loss) on Agency interest-only securities									(1,249,000)	2,144,000	(2,665,000)
Realized gain on sale of real estate, net									0	0	0
Fee and other income									230,000	0	195,000
Net result from derivative transactions									(26,328,000)	(60,199,000)	12,239,000
Earnings (loss) from investment in unconsolidated joint ventures									0	0	0
Gain on assignment of mortgage loan financing										0
Loss on extinguishment of debt										0
Other income									(3,340,000)	(31,078,000)	14,000,000
Salaries and employee benefits									0	0	0
Operating expenses									0	0	0
Real estate operating expenses									0	0	0
Real estate acquisition costs									0	0	0
Fee expense									(40,000)	(65,000)	(375,000)
Depreciation and amortization									0	0	0
Total costs and expenses									(40,000)	(65,000)	(375,000)
Tax (expense) benefit									0	0	0
Net income									65,447,000	35,600,000	67,972,000
Total assets	2,407,217,000				2,815,566,000				2,407,217,000	2,815,566,000	1,657,246,000
Operating Segment | Real Estate
SEGMENT REPORTING
Interest income									0	0	0
Interest expense									(23,873,000)	(15,984,000)	(7,673,000)
Net interest income									(23,873,000)	(15,984,000)	(7,673,000)
Provision for loan losses									0	0	0
Net interest income after provision for loan losses									(23,873,000)	(15,984,000)	(7,673,000)
Operating lease income									80,465,000	56,649,000	37,395,000
Tenant recoveries									9,907,000	9,183,000	3,271,000
Sale of loans, net									0	0	0
Realized gain on securities									0	0	0
Unrealized gain (loss) on Agency interest-only securities									0	0	0
Realized gain on sale of real estate, net									38,040,000	28,235,000	13,565,000
Fee and other income									5,989,000	5,374,000	312,000
Net result from derivative transactions									0	0	0
Earnings (loss) from investment in unconsolidated joint ventures									255,000	900,000	0
Gain on assignment of mortgage loan financing										432,000
Loss on extinguishment of debt										0
Other income									134,656,000	100,773,000	54,543,000
Salaries and employee benefits									0	0	0
Operating expenses									0	0	(7,000)
Real estate operating expenses									(35,886,000)	(32,670,000)	(17,404,000)
Real estate acquisition costs									(1,982,000)	(2,400,000)	(3,626,000)
Fee expense									(470,000)	(83,000)	(33,000)
Depreciation and amortization									(38,953,000)	(28,271,000)	(20,968,000)
Total costs and expenses									(77,291,000)	(63,424,000)	(42,038,000)
Tax (expense) benefit									0	0	0
Net income									33,492,000	21,365,000	4,832,000
Total assets	868,528,000				771,129,000				868,528,000	771,129,000	626,362,000
Corporate / Other
SEGMENT REPORTING
Interest income									53,000	51,000	48,000
Interest expense									(58,135,000)	(41,797,000)	(33,191,000)
Net interest income									(58,082,000)	(41,746,000)	(33,143,000)
Provision for loan losses									0	0	0
Net interest income after provision for loan losses									(58,082,000)	(41,746,000)	(33,143,000)
Operating lease income									0	0	0
Tenant recoveries									0	0	0
Sale of loans, net									0	0	0
Realized gain on securities									0	0	0
Unrealized gain (loss) on Agency interest-only securities									0	0	0
Realized gain on sale of real estate, net									0	0	0
Fee and other income									2,987,000	2,476,000	4,452,000
Net result from derivative transactions									0	0	0
Earnings (loss) from investment in unconsolidated joint ventures									116,000	1,090,000	3,203,000
Gain on assignment of mortgage loan financing										0
Loss on extinguishment of debt										(150,000)
Other income									3,103,000	3,416,000	7,655,000
Salaries and employee benefits									(45,081,000)	(59,744,000)	(34,788,000)
Operating expenses									(25,484,000)	(25,633,000)	(15,131,000)
Real estate operating expenses									0	0	0
Real estate acquisition costs									(1,000)	(4,000)	0
Fee expense									(2,318,000)	(703,000)	(566,000)
Depreciation and amortization									(108,000)	(176,000)	(547,000)
Total costs and expenses									(72,992,000)	(86,260,000)	(51,032,000)
Tax (expense) benefit									(14,557,000)	(26,605,000)	(3,730,000)
Net income									(142,528,000)	(151,195,000)	(80,250,000)
Total assets	309,058,000				288,532,000				309,058,000	288,532,000	219,040,000
LCRIP I
SEGMENT REPORTING
Fee and other income									77,400	400,000	800,000
Earnings (loss) from investment in unconsolidated joint ventures									116,000	1,090,000	$ 2,568,000
Company’s investment in unconsolidated joint ventures	48,771				3,898,000				48,771	3,898,000
Real Estate Joint Ventures
SEGMENT REPORTING
Company’s investment in unconsolidated joint ventures	33,700,000				2,100,000				33,700,000	2,100,000
Senior Unsecured Notes | Various Dates
SEGMENT REPORTING
Senior Notes	$ 612,605,000				$ 610,129,000				$ 612,605,000	$ 610,129,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)

Jan. 21, 2016

Dec. 10, 2015

Sep. 10, 2015

Jun. 15, 2015

Apr. 06, 2015

Dec. 17, 2014

Mar. 04, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Feb. 26, 2016

Aug. 01, 2014

Jan. 24, 2013

Sep. 19, 2012

Subsequent Event [Line Items]

Dividends declared, not paid

$ 57,390,000

Dividends per share of common stock (in dollars per share)

$ 1.45

$ 0.275

$ 0.25

$ 0.25

Gains (losses) on extinguishment of debt

$ 0

$ (150,000)

$ 0

Percent of FHLB advances to total debt obligations outstanding

43.40%

43.40%

Revolving Credit Facility

Subsequent Event [Line Items]

Maximum amount on revolving credit line credit facility

$ 50,000,000

Revolving Credit Facility | Subsequent Event

Subsequent Event [Line Items]

Maximum amount on revolving credit line credit facility

$ 143,000,000

Class A common stock

Subsequent Event [Line Items]

Dividends per share of common stock (in dollars per share)

$ 1.45

$ 0.275

$ 0.25

$ 0.25

$ 2.225

$ 0

Class A common stock | Subsequent Event

Subsequent Event [Line Items]

Dividends declared, not paid

$ 15,500,000

Accrued dividends payable unvested restricted stock

$ 500,000

Common stock issued as dividends (in shares)

5,607,762

Common stock equivalent dividends paid

$ 64,100,000

Common stock, dividends, weighted average price per share

$ 11.43

Common stocks dividends, trading days after election

3 days

Common stocks repurchased (in shares)

151,588

Common stock repurchased

$ 1,600,000

Common stocks repurchased (in dollars per share)

$ 10.57

Class B common stock | Subsequent Event

Subsequent Event [Line Items]

Common stock issued as dividends (in shares)

4,468,031

Series REIT LP Units | Subsequent Event

Subsequent Event [Line Items]

Common stock issued as dividends (in shares)

10,075,793

Senior Notes Due, 2017 | Senior Unsecured Notes

Subsequent Event [Line Items]

Debt instrument, repurchased face amount

$ 5,445,000

Debt instrument, repurchase price amount

5,600,000

Gains (losses) on extinguishment of debt

(200,000)

Senior Notes Due, 2017 | Senior Unsecured Notes | Subsequent Event

Subsequent Event [Line Items]

Debt instrument, repurchased face amount

$ 20,634,000

Debt instrument, repurchase price amount

20,200,000

Gains (losses) on extinguishment of debt

200,000

Unamortized debt issuance costs

(200,000)

Senior Notes Due 2021 | Senior Unsecured Notes | Subsequent Event

Subsequent Event [Line Items]

Debt instrument, repurchased face amount

21,700,000

Debt instrument, repurchase price amount

17,900,000

Gains (losses) on extinguishment of debt

3,500,000

Unamortized debt issuance costs

(300,000)

Senior Notes Due, 2017 | Senior Unsecured Notes

Subsequent Event [Line Items]

Debt instrument, aggregate amount

$ 319,555,000

$ 325,000,000

Senior Notes Due, 2017 | Senior Unsecured Notes | Subsequent Event

Subsequent Event [Line Items]

Debt instrument, aggregate amount

298,921,000

Senior Notes Due 2021 | Senior Unsecured Notes

Subsequent Event [Line Items]

Debt instrument, aggregate amount

$ 300,000,000

Senior Notes Due 2021 | Senior Unsecured Notes | Subsequent Event

Subsequent Event [Line Items]

Debt instrument, aggregate amount

278,300,000

2014 Share Repurchase Authorization Program

Subsequent Event [Line Items]

Remaining amount of stock repurchase

$ 49,000,000

$ 49,000,000

2014 Share Repurchase Authorization Program | Class A common stock

Subsequent Event [Line Items]

Remaining amount of stock repurchase

$ 49,006,000

$ 49,006,000

$ 50,000,000

2014 Share Repurchase Authorization Program | Class A common stock | Subsequent Event

Subsequent Event [Line Items]

Remaining amount of stock repurchase

$ 47,400,000

QUARTERLY FINANCIAL DATA (UN103

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Interest income	$ 62,903	$ 63,013	$ 59,239	$ 56,384	$ 56,931	$ 48,459	$ 45,112	$ 36,822	$ 241,539	$ 187,325	$ 121,578
Net interest income after provision for loan losses	33,297	33,328	31,602	29,409	30,728	28,381	28,211	21,831	127,636	109,151	72,233
Other income	72,183	7,549	86,452	35,037	31,906	61,337	55,489	40,434	201,221	189,166	241,705
Costs and expenses	38,347	42,260	44,180	43,379	48,045	42,207	45,258	38,575	168,166	174,086	121,475
Income (loss) before taxes	67,133	(1,383)	73,874	21,067	14,589	47,511	38,442	23,690	160,691	124,231	192,463
Income tax expense (benefit)	10,457	(4,181)	5,177	3,104	2,783	10,335	8,199	5,289	14,557	26,605	3,730
Net income	56,676	2,798	68,697	17,963	11,806	37,176	30,243	18,401	146,134	97,626	188,733
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures	(2,146)	85	684	(191)	(83)	306	(46)	192	(1,568)	370	1,098
Net (income) loss attributable to predecessor unitholders					0	0	0	12,628	0	12,628	189,831
Net (income) loss attributable to noncontrolling interest in operating partnership	(27,407)	430	(35,171)	(8,597)	(7,350)	(22,827)	(17,691)	(18,568)	(70,745)	(66,437)	$ 189,831
Net income attributable to Class A common shareholders	$ 27,123	$ 3,313	$ 34,210	$ 9,175	$ 4,374	$ 14,656	$ 12,505	$ 12,652	$ 73,821	$ 44,187
Basic (in dollars per share)	$ 0.51	$ 0.06	$ 0.68	$ 0.18	$ 0.09	$ 0.30	$ 0.26	$ 0.26	$ 1.43	$ 0.90
Diluted (in dollars per share)	0.50	0.06	0.67	0.15	$ 0.09	$ 0.28	$ 0.22	$ 0.24	$ 1.42	$ 0.86
Dividends per share of common stock (in dollars per share)	$ 1.45	$ 0.275	$ 0.25	$ 0.25

Schedule III - Real Estate a104

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015
Real Estate And Accumulated Depreciation
Encumbrances				$ 544,661
Initial Cost to Company
Land				143,707
Building				753,110
Intangibles				140,047
Cost Capitalized Subsequent to Acquisition				6,821
Gross Amount at which Carried at Close of Period
Land				138,128
Buildings				640,206
Intangibles				139,501
Total	$ 819,591	$ 649,820	$ 384,082	917,835
Accumulated Depreciation	(50,605)	(25,601)	(4,061)	(83,056)
Aggregate cost for Federal income tax purposes				872,900
Reconciliation of Real Estate
Balance at the beginning of the period	819,591	649,820	384,082
Improvements and additions	232,582	267,367	289,383
Acquisitions through foreclosure	6,706	0	0
Dispositions	(141,044)	(97,596)	(23,645)
Impairments	0	0	0
Balance at the end of the period	917,835	819,591	649,820
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the beginning of the period	(50,605)	(25,601)	(4,061)
Additions	40,490	28,916	21,821
Dispositions	(8,039)	(3,912)	(281)
Balance at the end of the period	(83,056)	(50,605)	(25,601)
Master repurchase agreements
Real Estate And Accumulated Depreciation
Encumbrances				11,800
Commercial Real Estate
Gross Amount at which Carried at Close of Period
Total	697,965	474,465	265,082	842,140
Accumulated Depreciation	(45,856)	(23,061)	(4,061)	(78,376)
Reconciliation of Real Estate
Balance at the beginning of the period	697,965	474,465	265,082
Improvements and additions	230,915	267,367	209,383
Acquisitions through foreclosure	6,706	0	0
Dispositions	(93,446)	(43,867)	0
Impairments	0	0	0
Balance at the end of the period	842,140	697,965	474,465
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the beginning of the period	(45,856)	(23,061)	(4,061)
Additions	38,213	25,212	19,000
Dispositions	(5,693)	(2,417)	0
Balance at the end of the period	(78,376)	(45,856)	(23,061)
Residential Real Estate
Gross Amount at which Carried at Close of Period
Total	121,626	175,355	119,000	75,695
Accumulated Depreciation	(4,749)	(2,540)	0	(4,680)
Reconciliation of Real Estate
Balance at the beginning of the period	121,626	175,355	119,000
Improvements and additions	1,667	0	80,000
Acquisitions through foreclosure	0	0	0
Dispositions	(47,598)	(53,729)	(23,645)
Impairments	0	0	0
Balance at the end of the period	75,695	121,626	175,355
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the beginning of the period	(4,749)	(2,540)	0
Additions	2,277	3,704	2,821
Dispositions	(2,346)	(1,495)	(281)
Balance at the end of the period	(4,680)	$ (4,749)	$ (2,540)
Retail property
Real Estate And Accumulated Depreciation
Encumbrances				359,284
Initial Cost to Company
Land				94,116
Building				405,569
Intangibles				83,495
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				94,116
Buildings				405,565
Intangibles				83,494
Total	583,175			583,175
Accumulated Depreciation	(37,759)			(37,759)
Reconciliation of Real Estate
Balance at the end of the period	583,175
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	(37,759)
Retail property | Radford, VA
Real Estate And Accumulated Depreciation
Encumbrances				0
Initial Cost to Company
Land				411
Building				896
Intangibles				256
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				411
Buildings				896
Intangibles				257
Total	1,564			1,564
Accumulated Depreciation	(1)			(1)
Reconciliation of Real Estate
Balance at the end of the period	1,564
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (1)
Retail property | Radford, VA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Radford, VA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Albion, PA
Real Estate And Accumulated Depreciation
Encumbrances				0
Initial Cost to Company
Land				100
Building				1,033
Intangibles				392
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				100
Buildings				1,033
Intangibles				392
Total	$ 1,525			1,525
Accumulated Depreciation	(2)			(2)
Reconciliation of Real Estate
Balance at the end of the period	1,525
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (2)
Retail property | Albion, PA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail property | Albion, PA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	50 years
Retail property | Rural Retreat, VA
Real Estate And Accumulated Depreciation
Encumbrances				0
Initial Cost to Company
Land				328
Building				811
Intangibles				260
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				328
Buildings				811
Intangibles				260
Total	$ 1,399			1,399
Accumulated Depreciation	(1)			(1)
Reconciliation of Real Estate
Balance at the end of the period	1,399
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (1)
Retail property | Rural Retreat, VA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Rural Retreat, VA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Mount Vernon, AL
Real Estate And Accumulated Depreciation
Encumbrances				0
Initial Cost to Company
Land				187
Building				876
Intangibles				174
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				187
Buildings				876
Intangibles				174
Total	$ 1,237			1,237
Accumulated Depreciation	(1)			(1)
Reconciliation of Real Estate
Balance at the end of the period	1,237
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (1)
Retail property | Mount Vernon, AL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail property | Mount Vernon, AL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	44 years
Retail property | Malone, NY
Real Estate And Accumulated Depreciation
Encumbrances				0
Initial Cost to Company
Land				183
Building				1,154
Intangibles				137
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				183
Buildings				1,154
Intangibles				137
Total	$ 1,474			1,474
Accumulated Depreciation	(2)			(2)
Reconciliation of Real Estate
Balance at the end of the period	1,474
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (2)
Retail property | Malone, NY | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail property | Malone, NY | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	39 years
Retail property | Mercedes, TX
Real Estate And Accumulated Depreciation
Encumbrances				0
Initial Cost to Company
Land				257
Building				874
Intangibles				132
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				257
Buildings				874
Intangibles				132
Total	$ 1,263			1,263
Accumulated Depreciation	(1)			(1)
Reconciliation of Real Estate
Balance at the end of the period	1,263
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (1)
Retail property | Mercedes, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Mercedes, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	45 years
Retail property | Gordonville, MO
Real Estate And Accumulated Depreciation
Encumbrances				776
Initial Cost to Company
Land				247
Building				787
Intangibles				173
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				247
Buildings				787
Intangibles				173
Total	$ 1,207			1,207
Accumulated Depreciation	(5)			(5)
Reconciliation of Real Estate
Balance at the end of the period	1,207
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (5)
Retail property | Gordonville, MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Gordonville, MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Rice, MN
Real Estate And Accumulated Depreciation
Encumbrances				822
Initial Cost to Company
Land				200
Building				859
Intangibles				184
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				199
Buildings				859
Intangibles				184
Total	$ 1,242			1,242
Accumulated Depreciation	(7)			(7)
Reconciliation of Real Estate
Balance at the end of the period	1,242
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (7)
Retail property | Rice, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Rice, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	30 years
Retail property | Bixby, OK
Real Estate And Accumulated Depreciation
Encumbrances				8,002
Initial Cost to Company
Land				2,609
Building				7,776
Intangibles				1,765
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				2,610
Buildings				7,776
Intangibles				1,765
Total	$ 12,151			12,151
Accumulated Depreciation	(52)			(52)
Reconciliation of Real Estate
Balance at the end of the period	12,151
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (52)
Retail property | Bixby, OK | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail property | Bixby, OK | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	37 years
Retail property | Farmington, IL
Real Estate And Accumulated Depreciation
Encumbrances				901
Initial Cost to Company
Land				96
Building				1,161
Intangibles				150
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				97
Buildings				1,161
Intangibles				150
Total	$ 1,408			1,408
Accumulated Depreciation	(7)			(7)
Reconciliation of Real Estate
Balance at the end of the period	1,408
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (7)
Retail property | Farmington, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Farmington, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Grove, OK
Real Estate And Accumulated Depreciation
Encumbrances				3,647
Initial Cost to Company
Land				402
Building				4,364
Intangibles				817
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				402
Buildings				4,364
Intangibles				817
Total	$ 5,583			5,583
Accumulated Depreciation	(34)			(34)
Reconciliation of Real Estate
Balance at the end of the period	5,583
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (34)
Retail property | Grove, OK | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail property | Grove, OK | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	37 years
Retail property | Jenks, OK
Real Estate And Accumulated Depreciation
Encumbrances				8,855
Initial Cost to Company
Land				2,617
Building				8,694
Intangibles				2,107
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				2,617
Buildings				8,694
Intangibles				2,107
Total	$ 13,418			13,418
Accumulated Depreciation	(68)			(68)
Reconciliation of Real Estate
Balance at the end of the period	13,418
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (68)
Retail property | Jenks, OK | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	9 years
Retail property | Jenks, OK | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	38 years
Retail property | Bloomington, IL
Real Estate And Accumulated Depreciation
Encumbrances				822
Initial Cost to Company
Land				173
Building				984
Intangibles				138
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				173
Buildings				984
Intangibles				137
Total	$ 1,294			1,294
Accumulated Depreciation	(7)			(7)
Reconciliation of Real Estate
Balance at the end of the period	1,294
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (7)
Retail property | Bloomington, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Bloomington, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Montrose, MN
Real Estate And Accumulated Depreciation
Encumbrances				0
Initial Cost to Company
Land				149
Building				876
Intangibles				169
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				148
Buildings				876
Intangibles				169
Total	$ 1,193			1,193
Accumulated Depreciation	(9)			(9)
Reconciliation of Real Estate
Balance at the end of the period	1,193
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (9)
Retail property | Montrose, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Montrose, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	30 years
Retail property | Lincoln County, MO
Real Estate And Accumulated Depreciation
Encumbrances				743
Initial Cost to Company
Land				149
Building				800
Intangibles				188
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				149
Buildings				800
Intangibles				188
Total	$ 1,137			1,137
Accumulated Depreciation	(6)			(6)
Reconciliation of Real Estate
Balance at the end of the period	1,137
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (6)
Retail property | Lincoln County, MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Lincoln County, MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Wilmington, IL
Real Estate And Accumulated Depreciation
Encumbrances				908
Initial Cost to Company
Land				161
Building				1,078
Intangibles				160
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				161
Buildings				1,078
Intangibles				160
Total	$ 1,399			1,399
Accumulated Depreciation	(9)			(9)
Reconciliation of Real Estate
Balance at the end of the period	1,399
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (9)
Retail property | Wilmington, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Wilmington, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Danville, IL
Real Estate And Accumulated Depreciation
Encumbrances				743
Initial Cost to Company
Land				158
Building				870
Intangibles				132
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				158
Buildings				870
Intangibles				132
Total	$ 1,160			1,160
Accumulated Depreciation	(6)			(6)
Reconciliation of Real Estate
Balance at the end of the period	1,160
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (6)
Retail property | Danville, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Danville, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Moultrie, GA
Real Estate And Accumulated Depreciation
Encumbrances				935
Initial Cost to Company
Land				170
Building				962
Intangibles				173
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				170
Buildings				962
Intangibles				173
Total	$ 1,305			1,305
Accumulated Depreciation	(12)			(12)
Reconciliation of Real Estate
Balance at the end of the period	1,305
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (12)
Retail property | Moultrie, GA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail property | Moultrie, GA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	44 years
Retail property | Rose Hill, NC
Real Estate And Accumulated Depreciation
Encumbrances				1,005
Initial Cost to Company
Land				245
Building				972
Intangibles				203
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				245
Buildings				972
Intangibles				203
Total	$ 1,420			1,420
Accumulated Depreciation	(11)			(11)
Reconciliation of Real Estate
Balance at the end of the period	1,420
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (11)
Retail property | Rose Hill, NC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail property | Rose Hill, NC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	44 years
Retail property | Rockingham, NC
Real Estate And Accumulated Depreciation
Encumbrances				825
Initial Cost to Company
Land				73
Building				922
Intangibles				163
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				73
Buildings				922
Intangibles				163
Total	$ 1,158			1,158
Accumulated Depreciation	(11)			(11)
Reconciliation of Real Estate
Balance at the end of the period	1,158
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (11)
Retail property | Rockingham, NC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail property | Rockingham, NC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	44 years
Retail property | Biscoe, NC
Real Estate And Accumulated Depreciation
Encumbrances				864
Initial Cost to Company
Land				147
Building				905
Intangibles				164
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				147
Buildings				905
Intangibles				164
Total	$ 1,216			1,216
Accumulated Depreciation	(10)			(10)
Reconciliation of Real Estate
Balance at the end of the period	1,216
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (10)
Retail property | Biscoe, NC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail property | Biscoe, NC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	44 years
Retail property | De Soto, IL
Real Estate And Accumulated Depreciation
Encumbrances				707
Initial Cost to Company
Land				139
Building				796
Intangibles				176
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				139
Buildings				796
Intangibles				176
Total	$ 1,111			1,111
Accumulated Depreciation	(10)			(10)
Reconciliation of Real Estate
Balance at the end of the period	1,111
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (10)
Retail property | De Soto, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | De Soto, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Kerrville, TX
Real Estate And Accumulated Depreciation
Encumbrances				769
Initial Cost to Company
Land				186
Building				849
Intangibles				200
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				187
Buildings				849
Intangibles				200
Total	$ 1,236			1,236
Accumulated Depreciation	(14)			(14)
Reconciliation of Real Estate
Balance at the end of the period	1,236
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (14)
Retail property | Kerrville, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Kerrville, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Floresville, TX
Real Estate And Accumulated Depreciation
Encumbrances				816
Initial Cost to Company
Land				268
Building				828
Intangibles				216
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				268
Buildings				828
Intangibles				216
Total	$ 1,312			1,312
Accumulated Depreciation	(13)			(13)
Reconciliation of Real Estate
Balance at the end of the period	1,312
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (13)
Retail property | Floresville, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Floresville, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Minot, ND
Real Estate And Accumulated Depreciation
Encumbrances				4,704
Initial Cost to Company
Land				1,856
Building				4,472
Intangibles				618
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,856
Buildings				4,472
Intangibles				618
Total	$ 6,946			6,946
Accumulated Depreciation	(56)			(56)
Reconciliation of Real Estate
Balance at the end of the period	6,946
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (56)
Retail property | Minot, ND | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	13 years
Retail property | Minot, ND | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	38 years
Retail property | Lebanon, MI
Real Estate And Accumulated Depreciation
Encumbrances				822
Initial Cost to Company
Land				359
Building				724
Intangibles				178
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				359
Buildings				724
Intangibles				178
Total	$ 1,261			1,261
Accumulated Depreciation	(10)			(10)
Reconciliation of Real Estate
Balance at the end of the period	1,261
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (10)
Retail property | Lebanon, MI | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Lebanon, MI | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Effingham County, IL
Real Estate And Accumulated Depreciation
Encumbrances				822
Initial Cost to Company
Land				273
Building				774
Intangibles				205
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				273
Buildings				773
Intangibles				206
Total	$ 1,252			1,252
Accumulated Depreciation	(13)			(13)
Reconciliation of Real Estate
Balance at the end of the period	1,252
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (13)
Retail property | Effingham County, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Effingham County, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Ponce, Puerto Rico
Real Estate And Accumulated Depreciation
Encumbrances				6,530
Initial Cost to Company
Land				1,365
Building				6,662
Intangibles				1,318
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,365
Buildings				6,662
Intangibles				1,318
Total	$ 9,345			9,345
Accumulated Depreciation	(94)			(94)
Reconciliation of Real Estate
Balance at the end of the period	9,345
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (94)
Retail property | Ponce, Puerto Rico | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail property | Ponce, Puerto Rico | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	37 years
Retail property | Tremont, IL
Real Estate And Accumulated Depreciation
Encumbrances				794
Initial Cost to Company
Land				164
Building				860
Intangibles				168
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				164
Buildings				860
Intangibles				168
Total	$ 1,192			1,192
Accumulated Depreciation	(17)			(17)
Reconciliation of Real Estate
Balance at the end of the period	1,192
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (17)
Retail property | Tremont, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Tremont, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Pleasanton, TX
Real Estate And Accumulated Depreciation
Encumbrances				871
Initial Cost to Company
Land				311
Building				850
Intangibles				216
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				311
Buildings				850
Intangibles				216
Total	$ 1,377			1,377
Accumulated Depreciation	(19)			(19)
Reconciliation of Real Estate
Balance at the end of the period	1,377
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (19)
Retail property | Pleasanton, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Pleasanton, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Peoria, IL
Real Estate And Accumulated Depreciation
Encumbrances				860
Initial Cost to Company
Land				180
Building				934
Intangibles				179
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				180
Buildings				934
Intangibles				179
Total	$ 1,293			1,293
Accumulated Depreciation	(18)			(18)
Reconciliation of Real Estate
Balance at the end of the period	1,293
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (18)
Retail property | Peoria, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Peoria, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Bridgeport, IL
Real Estate And Accumulated Depreciation
Encumbrances				827
Initial Cost to Company
Land				192
Building				874
Intangibles				175
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				192
Buildings				874
Intangibles				175
Total	$ 1,241			1,241
Accumulated Depreciation	(17)			(17)
Reconciliation of Real Estate
Balance at the end of the period	1,241
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (17)
Retail property | Bridgeport, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Bridgeport, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Warren, MN
Real Estate And Accumulated Depreciation
Encumbrances				698
Initial Cost to Company
Land				108
Building				825
Intangibles				157
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				108
Buildings				825
Intangibles				157
Total	$ 1,090			1,090
Accumulated Depreciation	(20)			(20)
Reconciliation of Real Estate
Balance at the end of the period	1,090
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (20)
Retail property | Warren, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Warren, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	30 years
Retail property | Canyon Lake, TX
Real Estate And Accumulated Depreciation
Encumbrances				913
Initial Cost to Company
Land				291
Building				932
Intangibles				220
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				291
Buildings				932
Intangibles				220
Total	$ 1,443			1,443
Accumulated Depreciation	(21)			(21)
Reconciliation of Real Estate
Balance at the end of the period	1,443
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (21)
Retail property | Canyon Lake, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Canyon Lake, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Wheeler, TX
Real Estate And Accumulated Depreciation
Encumbrances				721
Initial Cost to Company
Land				53
Building				887
Intangibles				188
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				52
Buildings				887
Intangibles				188
Total	$ 1,127			1,127
Accumulated Depreciation	(19)			(19)
Reconciliation of Real Estate
Balance at the end of the period	1,127
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (19)
Retail property | Wheeler, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Wheeler, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Aurora, MN
Real Estate And Accumulated Depreciation
Encumbrances				0
Initial Cost to Company
Land				126
Building				709
Intangibles				157
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				127
Buildings				709
Intangibles				157
Total	$ 993			993
Accumulated Depreciation	(15)			(15)
Reconciliation of Real Estate
Balance at the end of the period	993
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (15)
Retail property | Aurora, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Aurora, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Red Oak, IA
Real Estate And Accumulated Depreciation
Encumbrances				778
Initial Cost to Company
Land				190
Building				839
Intangibles				179
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				190
Buildings				839
Intangibles				179
Total	$ 1,208			1,208
Accumulated Depreciation	(25)			(25)
Reconciliation of Real Estate
Balance at the end of the period	1,208
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (25)
Retail property | Red Oak, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Red Oak, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Zapata, TX
Real Estate And Accumulated Depreciation
Encumbrances				745
Initial Cost to Company
Land				62
Building				998
Intangibles				145
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				62
Buildings				998
Intangibles				144
Total	$ 1,204			1,204
Accumulated Depreciation	(31)			(31)
Reconciliation of Real Estate
Balance at the end of the period	1,204
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (31)
Retail property | Zapata, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Zapata, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | St. Francis, MN
Real Estate And Accumulated Depreciation
Encumbrances				732
Initial Cost to Company
Land				105
Building				911
Intangibles				163
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				105
Buildings				911
Intangibles				164
Total	$ 1,180			1,180
Accumulated Depreciation	(35)			(35)
Reconciliation of Real Estate
Balance at the end of the period	1,180
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (35)
Retail property | St. Francis, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | St. Francis, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Yorktown, TX
Real Estate And Accumulated Depreciation
Encumbrances				784
Initial Cost to Company
Land				97
Building				1,005
Intangibles				199
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				97
Buildings				1,005
Intangibles				199
Total	$ 1,301			1,301
Accumulated Depreciation	(38)			(38)
Reconciliation of Real Estate
Balance at the end of the period	1,301
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (38)
Retail property | Yorktown, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Yorktown, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Battle Lake, MN
Real Estate And Accumulated Depreciation
Encumbrances				719
Initial Cost to Company
Land				136
Building				875
Intangibles				157
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				136
Buildings				875
Intangibles				157
Total	$ 1,168			1,168
Accumulated Depreciation	(37)			(37)
Reconciliation of Real Estate
Balance at the end of the period	1,168
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (37)
Retail property | Battle Lake, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Battle Lake, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	30 years
Retail property | Paynesville, MN
Real Estate And Accumulated Depreciation
Encumbrances				803
Initial Cost to Company
Land				246
Building				816
Intangibles				192
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				246
Buildings				816
Intangibles				192
Total	$ 1,254			1,254
Accumulated Depreciation	(32)			(32)
Reconciliation of Real Estate
Balance at the end of the period	1,254
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (32)
Retail property | Paynesville, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Paynesville, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Wheaton, MO
Real Estate And Accumulated Depreciation
Encumbrances				655
Initial Cost to Company
Land				73
Building				800
Intangibles				97
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				73
Buildings				800
Intangibles				97
Total	$ 970			970
Accumulated Depreciation	(27)			(27)
Reconciliation of Real Estate
Balance at the end of the period	970
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (27)
Retail property | Wheaton, MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Wheaton, MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Rotterdam, NY
Real Estate And Accumulated Depreciation
Encumbrances				0
Initial Cost to Company
Land				2,530
Building				7,924
Intangibles				2,165
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				2,530
Buildings				7,924
Intangibles				2,165
Total	$ 12,619			12,619
Accumulated Depreciation	(525)			(525)
Reconciliation of Real Estate
Balance at the end of the period	12,619
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (525)
Retail property | Rotterdam, NY | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	8 years
Retail property | Rotterdam, NY | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	20 years
Retail property | Hilliard, OH
Real Estate And Accumulated Depreciation
Encumbrances				4,607
Initial Cost to Company
Land				654
Building				4,870
Intangibles				860
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				654
Buildings				4,870
Intangibles				860
Total	$ 6,384			6,384
Accumulated Depreciation	(150)			(150)
Reconciliation of Real Estate
Balance at the end of the period	6,384
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (150)
Retail property | Hilliard, OH | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail property | Hilliard, OH | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	41 years
Retail property | Niles, OH
Real Estate And Accumulated Depreciation
Encumbrances				3,743
Initial Cost to Company
Land				437
Building				4,084
Intangibles				680
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				437
Buildings				4,084
Intangibles				679
Total	$ 5,200			5,200
Accumulated Depreciation	(125)			(125)
Reconciliation of Real Estate
Balance at the end of the period	5,200
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (125)
Retail property | Niles, OH | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail property | Niles, OH | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	41 years
Retail property | Rockland, MA
Real Estate And Accumulated Depreciation
Encumbrances				0
Initial Cost to Company
Land				2,876
Building				4,743
Intangibles				1,001
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				2,876
Buildings				4,743
Intangibles				1,001
Total	$ 8,620			8,620
Accumulated Depreciation	(183)			(183)
Reconciliation of Real Estate
Balance at the end of the period	8,620
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (183)
Retail property | Rockland, MA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail property | Rockland, MA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Crawfordsville, IN
Real Estate And Accumulated Depreciation
Encumbrances				0
Initial Cost to Company
Land				348
Building				4,975
Intangibles				678
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				347
Buildings				4,975
Intangibles				678
Total	$ 6,000			6,000
Accumulated Depreciation	(156)			(156)
Reconciliation of Real Estate
Balance at the end of the period	6,000
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (156)
Retail property | Crawfordsville, IN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	13 years
Retail property | Crawfordsville, IN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Youngstown, OH
Real Estate And Accumulated Depreciation
Encumbrances				0
Initial Cost to Company
Land				380
Building				4,363
Intangibles				658
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				380
Buildings				4,363
Intangibles				657
Total	$ 5,400			5,400
Accumulated Depreciation	(141)			(141)
Reconciliation of Real Estate
Balance at the end of the period	5,400
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (141)
Retail property | Youngstown, OH | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail property | Youngstown, OH | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Kings Mountain, NC
Real Estate And Accumulated Depreciation
Encumbrances				18,788
Initial Cost to Company
Land				1,368
Building				23,236
Intangibles				3,266
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,368
Buildings				23,236
Intangibles				3,266
Total	$ 27,870			27,870
Accumulated Depreciation	(796)			(796)
Reconciliation of Real Estate
Balance at the end of the period	27,870
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (796)
Retail property | Kings Mountain, NC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Retail property | Kings Mountain, NC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Iberia, MO
Real Estate And Accumulated Depreciation
Encumbrances				902
Initial Cost to Company
Land				130
Building				1,033
Intangibles				165
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				130
Buildings				1,033
Intangibles				165
Total	$ 1,328			1,328
Accumulated Depreciation	(40)			(40)
Reconciliation of Real Estate
Balance at the end of the period	1,328
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (40)
Retail property | Iberia, MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail property | Iberia, MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	39 years
Retail property | Pine Island, MN
Real Estate And Accumulated Depreciation
Encumbrances				775
Initial Cost to Company
Land				112
Building				845
Intangibles				185
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				112
Buildings				845
Intangibles				185
Total	$ 1,142			1,142
Accumulated Depreciation	(39)			(39)
Reconciliation of Real Estate
Balance at the end of the period	1,142
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (39)
Retail property | Pine Island, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Pine Island, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Isle, MN
Real Estate And Accumulated Depreciation
Encumbrances				729
Initial Cost to Company
Land				120
Building				787
Intangibles				171
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				120
Buildings				787
Intangibles				170
Total	$ 1,077			1,077
Accumulated Depreciation	(37)			(37)
Reconciliation of Real Estate
Balance at the end of the period	1,077
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (37)
Retail property | Isle, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Isle, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Jacksonville, NC
Real Estate And Accumulated Depreciation
Encumbrances				5,723
Initial Cost to Company
Land				1,863
Building				5,749
Intangibles				1,020
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,863
Buildings				5,749
Intangibles				1,020
Total	$ 8,632			8,632
Accumulated Depreciation	(215)			(215)
Reconciliation of Real Estate
Balance at the end of the period	8,632
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (215)
Retail property | Jacksonville, NC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Jacksonville, NC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	44 years
Retail property | Evansville, IN
Real Estate And Accumulated Depreciation
Encumbrances				6,475
Initial Cost to Company
Land				1,788
Building				6,348
Intangibles				864
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,788
Buildings				6,348
Intangibles				864
Total	$ 9,000			9,000
Accumulated Depreciation	(286)			(286)
Reconciliation of Real Estate
Balance at the end of the period	9,000
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (286)
Retail property | Evansville, IN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Evansville, IN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Woodland Park, CO
Real Estate And Accumulated Depreciation
Encumbrances				2,815
Initial Cost to Company
Land				668
Building				2,681
Intangibles				620
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				668
Buildings				2,681
Intangibles				620
Total	$ 3,969			3,969
Accumulated Depreciation	(156)			(156)
Reconciliation of Real Estate
Balance at the end of the period	3,969
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (156)
Retail property | Woodland Park, CO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Woodland Park, CO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Bellport, NY
Real Estate And Accumulated Depreciation
Encumbrances				12,900
Initial Cost to Company
Land				3,601
Building				12,465
Intangibles				2,034
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				3,601
Buildings				12,465
Intangibles				2,034
Total	$ 18,100			18,100
Accumulated Depreciation	(612)			(612)
Reconciliation of Real Estate
Balance at the end of the period	18,100
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (612)
Retail property | Bellport, NY | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Bellport, NY | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Ankeny, IA
Real Estate And Accumulated Depreciation
Encumbrances				11,766
Initial Cost to Company
Land				3,180
Building				10,513
Intangibles				2,843
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				3,180
Buildings				10,513
Intangibles				2,843
Total	$ 16,536			16,536
Accumulated Depreciation	(549)			(549)
Reconciliation of Real Estate
Balance at the end of the period	16,536
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (549)
Retail property | Ankeny, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail property | Ankeny, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	39 years
Retail property | Springfield, MO
Real Estate And Accumulated Depreciation
Encumbrances				8,418
Initial Cost to Company
Land				3,658
Building				6,296
Intangibles				1,868
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				3,659
Buildings				6,296
Intangibles				1,868
Total	$ 11,823			11,823
Accumulated Depreciation	(358)			(358)
Reconciliation of Real Estate
Balance at the end of the period	11,823
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (358)
Retail property | Springfield, MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail property | Springfield, MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	37 years
Retail property | Cedar Rapids, IA
Real Estate And Accumulated Depreciation
Encumbrances				7,840
Initial Cost to Company
Land				1,569
Building				7,553
Intangibles				1,878
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,569
Buildings				7,553
Intangibles				1,878
Total	$ 11,000			11,000
Accumulated Depreciation	(463)			(463)
Reconciliation of Real Estate
Balance at the end of the period	11,000
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (463)
Retail property | Cedar Rapids, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Retail property | Cedar Rapids, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	30 years
Retail property | Fairfield, IA
Real Estate And Accumulated Depreciation
Encumbrances				7,626
Initial Cost to Company
Land				1,132
Building				7,779
Intangibles				1,800
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,132
Buildings				7,779
Intangibles				1,800
Total	$ 10,711			10,711
Accumulated Depreciation	(400)			(400)
Reconciliation of Real Estate
Balance at the end of the period	10,711
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (400)
Retail property | Fairfield, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail property | Fairfield, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	37 years
Retail property | Owatonna, MN
Real Estate And Accumulated Depreciation
Encumbrances				7,173
Initial Cost to Company
Land				1,398
Building				7,125
Intangibles				1,563
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,398
Buildings				7,125
Intangibles				1,563
Total	$ 10,086			10,086
Accumulated Depreciation	(382)			(382)
Reconciliation of Real Estate
Balance at the end of the period	10,086
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (382)
Retail property | Owatonna, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	11 years
Retail property | Owatonna, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	36 years
Retail property | Muscatine, IA
Real Estate And Accumulated Depreciation
Encumbrances				5,144
Initial Cost to Company
Land				1,060
Building				6,636
Intangibles				1,293
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,060
Buildings				6,636
Intangibles				1,293
Total	$ 8,989			8,989
Accumulated Depreciation	(366)			(366)
Reconciliation of Real Estate
Balance at the end of the period	8,989
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (366)
Retail property | Muscatine, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Retail property | Muscatine, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	29 years
Retail property | Sheldon, IA
Real Estate And Accumulated Depreciation
Encumbrances				3,094
Initial Cost to Company
Land				633
Building				3,053
Intangibles				707
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				633
Buildings				3,053
Intangibles				707
Total	$ 4,393			4,393
Accumulated Depreciation	(163)			(163)
Reconciliation of Real Estate
Balance at the end of the period	4,393
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (163)
Retail property | Sheldon, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail property | Sheldon, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	37 years
Retail property | Memphis, TN
Real Estate And Accumulated Depreciation
Encumbrances				3,938
Initial Cost to Company
Land				1,986
Building				2,800
Intangibles				799
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,986
Buildings				2,801
Intangibles				799
Total	$ 5,586			5,586
Accumulated Depreciation	(331)			(331)
Reconciliation of Real Estate
Balance at the end of the period	5,586
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (331)
Retail property | Memphis, TN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	5 years
Retail property | Memphis, TN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Bennett, CO
Real Estate And Accumulated Depreciation
Encumbrances				2,497
Initial Cost to Company
Land				470
Building				2,503
Intangibles				563
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				470
Buildings				2,503
Intangibles				563
Total	$ 3,536			3,536
Accumulated Depreciation	(163)			(163)
Reconciliation of Real Estate
Balance at the end of the period	3,536
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (163)
Retail property | Bennett, CO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail property | Bennett, CO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	34 years
Retail property | Conyers, GA
Real Estate And Accumulated Depreciation
Encumbrances				22,857
Initial Cost to Company
Land				876
Building				27,396
Intangibles				4,258
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				876
Buildings				27,396
Intangibles				4,258
Total	$ 32,530			32,530
Accumulated Depreciation	(1,343)			(1,343)
Reconciliation of Real Estate
Balance at the end of the period	32,530
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (1,343)
Retail property | Conyers, GA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Conyers, GA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	45 years
Retail property | O'Fallon, IL
Real Estate And Accumulated Depreciation
Encumbrances				5,691
Initial Cost to Company
Land				2,488
Building				5,388
Intangibles				1,036
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				2,488
Buildings				5,387
Intangibles				1,036
Total	$ 8,911			8,911
Accumulated Depreciation	(682)			(682)
Reconciliation of Real Estate
Balance at the end of the period	8,911
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (682)
Retail property | O'Fallon, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	7 years
Retail property | O'Fallon, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | El Centro, CA
Real Estate And Accumulated Depreciation
Encumbrances				2,986
Initial Cost to Company
Land				569
Building				3,133
Intangibles				575
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				569
Buildings				3,133
Intangibles				575
Total	$ 4,277			4,277
Accumulated Depreciation	(171)			(171)
Reconciliation of Real Estate
Balance at the end of the period	4,277
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (171)
Retail property | El Centro, CA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | El Centro, CA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	50 years
Retail property | Durant, OK
Real Estate And Accumulated Depreciation
Encumbrances				3,226
Initial Cost to Company
Land				594
Building				3,900
Intangibles				498
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				594
Buildings				3,899
Intangibles				498
Total	$ 4,991			4,991
Accumulated Depreciation	(383)			(383)
Reconciliation of Real Estate
Balance at the end of the period	4,991
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (383)
Retail property | Durant, OK | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Retail property | Durant, OK | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Gallatin, TN
Real Estate And Accumulated Depreciation
Encumbrances				3,297
Initial Cost to Company
Land				1,725
Building				2,616
Intangibles				721
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,725
Buildings				2,616
Intangibles				721
Total	$ 5,062			5,062
Accumulated Depreciation	(349)			(349)
Reconciliation of Real Estate
Balance at the end of the period	5,062
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (349)
Retail property | Gallatin, TN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	11 years
Retail property | Gallatin, TN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Mt. Airy, NC
Real Estate And Accumulated Depreciation
Encumbrances				2,928
Initial Cost to Company
Land				729
Building				3,353
Intangibles				599
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				729
Buildings				3,352
Intangibles				599
Total	$ 4,680			4,680
Accumulated Depreciation	(376)			(376)
Reconciliation of Real Estate
Balance at the end of the period	4,680
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (376)
Retail property | Mt. Airy, NC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	9 years
Retail property | Mt. Airy, NC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	39 years
Retail property | Aiken, SC
Real Estate And Accumulated Depreciation
Encumbrances				3,856
Initial Cost to Company
Land				1,588
Building				3,480
Intangibles				858
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,588
Buildings				3,480
Intangibles				858
Total	$ 5,926			5,926
Accumulated Depreciation	(426)			(426)
Reconciliation of Real Estate
Balance at the end of the period	5,926
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (426)
Retail property | Aiken, SC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	11 years
Retail property | Aiken, SC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	41 years
Retail property | Johnson City, TN
Real Estate And Accumulated Depreciation
Encumbrances				3,428
Initial Cost to Company
Land				917
Building				3,607
Intangibles				739
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				917
Buildings				3,606
Intangibles				739
Total	$ 5,262			5,262
Accumulated Depreciation	(429)			(429)
Reconciliation of Real Estate
Balance at the end of the period	5,262
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (429)
Retail property | Johnson City, TN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	11 years
Retail property | Johnson City, TN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail property | Palmview, TX
Real Estate And Accumulated Depreciation
Encumbrances				4,601
Initial Cost to Company
Land				938
Building				4,837
Intangibles				1,044
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				938
Buildings				4,837
Intangibles				1,045
Total	$ 6,820			6,820
Accumulated Depreciation	(493)			(493)
Reconciliation of Real Estate
Balance at the end of the period	6,820
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (493)
Retail property | Palmview, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	11 years
Retail property | Palmview, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	44 years
Retail property | Ooltewah, TN
Real Estate And Accumulated Depreciation
Encumbrances				3,853
Initial Cost to Company
Land				903
Building				3,957
Intangibles				843
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				903
Buildings				3,957
Intangibles				843
Total	$ 5,703			5,703
Accumulated Depreciation	(460)			(460)
Reconciliation of Real Estate
Balance at the end of the period	5,703
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (460)
Retail property | Ooltewah, TN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	11 years
Retail property | Ooltewah, TN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	41 years
Retail property | Abingdon, VA
Real Estate And Accumulated Depreciation
Encumbrances				3,094
Initial Cost to Company
Land				682
Building				3,733
Intangibles				623
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				682
Buildings				3,733
Intangibles				623
Total	$ 5,038			5,038
Accumulated Depreciation	(396)			(396)
Reconciliation of Real Estate
Balance at the end of the period	5,038
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (396)
Retail property | Abingdon, VA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	11 years
Retail property | Abingdon, VA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	41 years
Retail property | Wichita, KS
Real Estate And Accumulated Depreciation
Encumbrances				4,822
Initial Cost to Company
Land				1,187
Building				4,850
Intangibles				1,163
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,187
Buildings				4,850
Intangibles				1,163
Total	$ 7,200			7,200
Accumulated Depreciation	(743)			(743)
Reconciliation of Real Estate
Balance at the end of the period	7,200
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (743)
Retail property | Wichita, KS | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail property | Wichita, KS | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	34 years
Retail property | North Dartsmouth, MA
Real Estate And Accumulated Depreciation
Encumbrances				19,170
Initial Cost to Company
Land				7,033
Building				19,745
Intangibles				3,187
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				7,033
Buildings				19,745
Intangibles				3,187
Total	$ 29,965			29,965
Accumulated Depreciation	(4,005)			(4,005)
Reconciliation of Real Estate
Balance at the end of the period	29,965
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (4,005)
Retail property | North Dartsmouth, MA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Retail property | North Dartsmouth, MA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	20 years
Retail property | Vineland, NJ
Real Estate And Accumulated Depreciation
Encumbrances				13,929
Initial Cost to Company
Land				1,482
Building				17,742
Intangibles				3,282
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,482
Buildings				17,743
Intangibles				3,282
Total	$ 22,507			22,507
Accumulated Depreciation	(2,801)			(2,801)
Reconciliation of Real Estate
Balance at the end of the period	22,507
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (2,801)
Retail property | Vineland, NJ | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail property | Vineland, NJ | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	30 years
Retail property | Saratoga Springs, NY
Real Estate And Accumulated Depreciation
Encumbrances				12,421
Initial Cost to Company
Land				748
Building				13,936
Intangibles				5,538
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				748
Buildings				13,936
Intangibles				5,538
Total	$ 20,222			20,222
Accumulated Depreciation	(2,649)			(2,649)
Reconciliation of Real Estate
Balance at the end of the period	20,222
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (2,649)
Retail property | Saratoga Springs, NY | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Saratoga Springs, NY | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	27 years
Retail property | Waldorf, MD
Real Estate And Accumulated Depreciation
Encumbrances				12,208
Initial Cost to Company
Land				4,933
Building				11,684
Intangibles				2,803
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				4,933
Buildings				11,684
Intangibles				2,803
Total	$ 19,420			19,420
Accumulated Depreciation	(2,149)			(2,149)
Reconciliation of Real Estate
Balance at the end of the period	19,420
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (2,149)
Retail property | Waldorf, MD | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Retail property | Waldorf, MD | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	25 years
Retail property | Mooresville, NC
Real Estate And Accumulated Depreciation
Encumbrances				10,807
Initial Cost to Company
Land				2,615
Building				12,462
Intangibles				2,566
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				2,616
Buildings				12,462
Intangibles				2,566
Total	$ 17,644			17,644
Accumulated Depreciation	(2,355)			(2,355)
Reconciliation of Real Estate
Balance at the end of the period	17,644
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (2,355)
Retail property | Mooresville, NC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail property | Mooresville, NC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	24 years
Retail property | Sennett, NY
Real Estate And Accumulated Depreciation
Encumbrances				4,751
Initial Cost to Company
Land				1,147
Building				4,480
Intangibles				1,848
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,147
Buildings				4,481
Intangibles				1,848
Total	$ 7,476			7,476
Accumulated Depreciation	(1,042)			(1,042)
Reconciliation of Real Estate
Balance at the end of the period	7,476
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (1,042)
Retail property | Sennett, NY | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Retail property | Sennett, NY | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	23 years
Retail property | DeLeon Springs, FL
Real Estate And Accumulated Depreciation
Encumbrances				825
Initial Cost to Company
Land				239
Building				782
Intangibles				221
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				239
Buildings				782
Intangibles				221
Total	$ 1,242			1,242
Accumulated Depreciation	(167)			(167)
Reconciliation of Real Estate
Balance at the end of the period	1,242
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (167)
Retail property | DeLeon Springs, FL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | DeLeon Springs, FL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Orange City, FL
Real Estate And Accumulated Depreciation
Encumbrances				797
Initial Cost to Company
Land				229
Building				853
Intangibles				235
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				229
Buildings				853
Intangibles				235
Total	$ 1,317			1,317
Accumulated Depreciation	(180)			(180)
Reconciliation of Real Estate
Balance at the end of the period	1,317
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (180)
Retail property | Orange City, FL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Orange City, FL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Satsuma, FL
Real Estate And Accumulated Depreciation
Encumbrances				716
Initial Cost to Company
Land				79
Building				821
Intangibles				192
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				79
Buildings				821
Intangibles				192
Total	$ 1,092			1,092
Accumulated Depreciation	(176)			(176)
Reconciliation of Real Estate
Balance at the end of the period	1,092
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (176)
Retail property | Satsuma, FL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail property | Satsuma, FL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail property | Greenwood, AR
Real Estate And Accumulated Depreciation
Encumbrances				3,438
Initial Cost to Company
Land				1,038
Building				3,415
Intangibles				694
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,038
Buildings				3,415
Intangibles				694
Total	$ 5,147			5,147
Accumulated Depreciation	(481)			(481)
Reconciliation of Real Estate
Balance at the end of the period	5,147
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (481)
Retail property | Greenwood, AR | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	13 years
Retail property | Greenwood, AR | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	43 years
Retail property | Snellville, GA
Real Estate And Accumulated Depreciation
Encumbrances				5,329
Initial Cost to Company
Land				1,293
Building				5,724
Intangibles				983
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,293
Buildings				5,724
Intangibles				983
Total	$ 8,000			8,000
Accumulated Depreciation	(975)			(975)
Reconciliation of Real Estate
Balance at the end of the period	8,000
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (975)
Retail property | Snellville, GA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail property | Snellville, GA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	34 years
Retail property | Columbia, SC
Real Estate And Accumulated Depreciation
Encumbrances				5,184
Initial Cost to Company
Land				2,148
Building				4,629
Intangibles				1,023
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				2,148
Buildings				4,629
Intangibles				1,023
Total	$ 7,800			7,800
Accumulated Depreciation	(824)			(824)
Reconciliation of Real Estate
Balance at the end of the period	7,800
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (824)
Retail property | Columbia, SC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail property | Columbia, SC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	34 years
Retail property | Millbrook, AL
Real Estate And Accumulated Depreciation
Encumbrances				4,636
Initial Cost to Company
Land				970
Building				5,972
Intangibles				0
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				970
Buildings				5,971
Intangibles				0
Total	$ 6,941			6,941
Accumulated Depreciation	(707)			(707)
Reconciliation of Real Estate
Balance at the end of the period	6,941
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (707)
Retail property | Millbrook, AL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	32 years
Retail property | Pittsfield, MA
Real Estate And Accumulated Depreciation
Encumbrances				11,161
Initial Cost to Company
Land				1,801
Building				11,556
Intangibles				1,344
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,801
Buildings				11,555
Intangibles				1,344
Total	$ 14,700			14,700
Accumulated Depreciation	(1,694)			(1,694)
Reconciliation of Real Estate
Balance at the end of the period	14,700
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (1,694)
Retail property | Pittsfield, MA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail property | Pittsfield, MA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	34 years
Retail property | Spartanburg, SC
Real Estate And Accumulated Depreciation
Encumbrances				2,748
Initial Cost to Company
Land				828
Building				2,567
Intangibles				718
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				827
Buildings				2,567
Intangibles				718
Total	$ 4,112			4,112
Accumulated Depreciation	(515)			(515)
Reconciliation of Real Estate
Balance at the end of the period	4,112
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (515)
Retail property | Spartanburg, SC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail property | Spartanburg, SC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	42 years
Retail property | Tupelo, MS
Real Estate And Accumulated Depreciation
Encumbrances				3,090
Initial Cost to Company
Land				1,120
Building				3,070
Intangibles				939
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,119
Buildings				3,070
Intangibles				939
Total	$ 5,128			5,128
Accumulated Depreciation	(680)			(680)
Reconciliation of Real Estate
Balance at the end of the period	5,128
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (680)
Retail property | Tupelo, MS | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail property | Tupelo, MS | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	47 years
Retail property | Lilburn, GA
Real Estate And Accumulated Depreciation
Encumbrances				3,474
Initial Cost to Company
Land				1,090
Building				3,673
Intangibles				1,028
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,090
Buildings				3,673
Intangibles				1,028
Total	$ 5,791			5,791
Accumulated Depreciation	(786)			(786)
Reconciliation of Real Estate
Balance at the end of the period	5,791
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (786)
Retail property | Lilburn, GA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail property | Lilburn, GA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	47 years
Retail property | Douglasville, GA
Real Estate And Accumulated Depreciation
Encumbrances				3,264
Initial Cost to Company
Land				1,717
Building				2,705
Intangibles				987
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,717
Buildings				2,705
Intangibles				987
Total	$ 5,409			5,409
Accumulated Depreciation	(620)			(620)
Reconciliation of Real Estate
Balance at the end of the period	5,409
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (620)
Retail property | Douglasville, GA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	13 years
Retail property | Douglasville, GA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	48 years
Retail property | Elkton, MD
Real Estate And Accumulated Depreciation
Encumbrances				2,928
Initial Cost to Company
Land				963
Building				3,049
Intangibles				860
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				963
Buildings				3,049
Intangibles				860
Total	$ 4,872			4,872
Accumulated Depreciation	(659)			(659)
Reconciliation of Real Estate
Balance at the end of the period	4,872
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (659)
Retail property | Elkton, MD | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail property | Elkton, MD | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	49 years
Retail property | Lexington, SC
Real Estate And Accumulated Depreciation
Encumbrances				2,898
Initial Cost to Company
Land				1,644
Building				2,219
Intangibles				869
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,644
Buildings				2,219
Intangibles				869
Total	$ 4,732			4,732
Accumulated Depreciation	(564)			(564)
Reconciliation of Real Estate
Balance at the end of the period	4,732
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (564)
Retail property | Lexington, SC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	13 years
Retail property | Lexington, SC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	48 years
Shopping center | Carmel, NY
Real Estate And Accumulated Depreciation
Encumbrances				0
Initial Cost to Company
Land				2,041
Building				3,632
Intangibles				1,033
Cost Capitalized Subsequent to Acquisition				116
Gross Amount at which Carried at Close of Period
Land				2,041
Buildings				3,748
Intangibles				1,033
Total	$ 6,822			6,822
Accumulated Depreciation	(59)			(59)
Reconciliation of Real Estate
Balance at the end of the period	6,822
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (59)
Shopping center | Carmel, NY | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	5 years
Shopping center | Carmel, NY | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	20 years
Office building | Wayne, NJ
Real Estate And Accumulated Depreciation
Encumbrances				6,682
Initial Cost to Company
Land				1,386
Building				5,474
Intangibles				2,840
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				1,386
Buildings				5,474
Intangibles				2,840
Total	$ 9,700			9,700
Accumulated Depreciation	(218)			(218)
Reconciliation of Real Estate
Balance at the end of the period	9,700
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (218)
Office building | Wayne, NJ | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Office building | Wayne, NJ | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Office building | Grand Rapids, MI
Real Estate And Accumulated Depreciation
Encumbrances				4,937
Initial Cost to Company
Land				547
Building				5,157
Intangibles				596
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				547
Buildings				5,157
Intangibles				596
Total	$ 6,300			6,300
Accumulated Depreciation	(180)			(180)
Reconciliation of Real Estate
Balance at the end of the period	6,300
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (180)
Office building | Grand Rapids, MI | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	6 years
Office building | Grand Rapids, MI | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	28 years
Office building | St. Paul, MN
Real Estate And Accumulated Depreciation
Encumbrances				49,228
Initial Cost to Company
Land				9,415
Building				33,682
Intangibles				20,566
Cost Capitalized Subsequent to Acquisition				504
Gross Amount at which Carried at Close of Period
Land				9,415
Buildings				34,561
Intangibles				20,520
Total	$ 64,496			64,496
Accumulated Depreciation	(7,218)			(7,218)
Reconciliation of Real Estate
Balance at the end of the period	64,496
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (7,218)
Office building | St. Paul, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	7 years
Office building | St. Paul, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	19 years
Office building | Richmond, VA
Real Estate And Accumulated Depreciation
Encumbrances				15,809
Initial Cost to Company
Land				4,539
Building				12,633
Intangibles				2,707
Cost Capitalized Subsequent to Acquisition				607
Gross Amount at which Carried at Close of Period
Land				4,539
Buildings				13,240
Intangibles				2,704
Total	$ 20,483			20,483
Accumulated Depreciation	(2,051)			(2,051)
Reconciliation of Real Estate
Balance at the end of the period	20,483
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (2,051)
Office building | Richmond, VA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	4 years
Office building | Richmond, VA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	33 years
Office building | Richmond, VA
Real Estate And Accumulated Depreciation
Encumbrances				89,424
Initial Cost to Company
Land				14,632
Building				89,104
Intangibles				16,183
Cost Capitalized Subsequent to Acquisition				2,523
Gross Amount at which Carried at Close of Period
Land				14,631
Buildings				90,066
Intangibles				16,923
Total	$ 121,620			121,620
Accumulated Depreciation	(22,350)			(22,350)
Reconciliation of Real Estate
Balance at the end of the period	121,620
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (22,350)
Office building | Richmond, VA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	4 years
Office building | Richmond, VA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	41 years
Office building | Oakland County, MI
Real Estate And Accumulated Depreciation
Encumbrances				12,045
Initial Cost to Company
Land				1,147
Building				7,707
Intangibles				9,932
Cost Capitalized Subsequent to Acquisition				1,404
Gross Amount at which Carried at Close of Period
Land				1,147
Buildings				9,111
Intangibles				9,556
Total	$ 19,814			19,814
Accumulated Depreciation	(8,336)			(8,336)
Reconciliation of Real Estate
Balance at the end of the period	19,814
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (8,336)
Office building | Oakland County, MI | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	4 years
Office building | Oakland County, MI | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Warehouse | Grand Rapids, MI
Real Estate And Accumulated Depreciation
Encumbrances				7,252
Initial Cost to Company
Land				497
Building				8,157
Intangibles				1,077
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				497
Buildings				8,157
Intangibles				1,077
Total	$ 9,731			9,731
Accumulated Depreciation	(204)			(204)
Reconciliation of Real Estate
Balance at the end of the period	9,731
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (204)
Warehouse | Grand Rapids, MI | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	8 years
Warehouse | Grand Rapids, MI | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Other
Real Estate And Accumulated Depreciation
Encumbrances				185,377
Initial Cost to Company
Land				34,204
Building				165,546
Intangibles				54,934
Cost Capitalized Subsequent to Acquisition				5,154
Gross Amount at which Carried at Close of Period
Land				34,203
Buildings				169,514
Intangibles				55,249
Total	$ 258,966			258,966
Accumulated Depreciation	(40,616)			(40,616)
Reconciliation of Real Estate
Balance at the end of the period	258,966
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	(40,616)
Condominium
Real Estate And Accumulated Depreciation
Encumbrances				0
Initial Cost to Company
Land				15,387
Building				181,995
Intangibles				1,618
Cost Capitalized Subsequent to Acquisition				1,667
Gross Amount at which Carried at Close of Period
Land				9,809
Buildings				65,127
Intangibles				758
Total	75,694			75,694
Accumulated Depreciation	(4,681)			(4,681)
Reconciliation of Real Estate
Balance at the end of the period	75,694
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	(4,681)
Condominium | Miami, FL
Real Estate And Accumulated Depreciation
Encumbrances				0
Initial Cost to Company
Land				10,487
Building				67,895
Intangibles				1,618
Cost Capitalized Subsequent to Acquisition				1,667
Gross Amount at which Carried at Close of Period
Land				4,909
Buildings				33,452
Intangibles				758
Total	39,119			39,119
Accumulated Depreciation	(1,863)			(1,863)
Reconciliation of Real Estate
Balance at the end of the period	39,119
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (1,863)
Condominium | Miami, FL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	7 years
Condominium | Miami, FL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	47 years
Condominium | Las Vegas, NV
Real Estate And Accumulated Depreciation
Encumbrances				0
Initial Cost to Company
Land				4,900
Building				114,100
Intangibles				0
Cost Capitalized Subsequent to Acquisition				0
Gross Amount at which Carried at Close of Period
Land				4,900
Buildings				31,675
Intangibles				0
Total	$ 36,575			36,575
Accumulated Depreciation	(2,818)			$ (2,818)
Reconciliation of Real Estate
Balance at the end of the period	36,575
Reconciliation of Accumulated Depreciation and Amortization:
Balance at the end of the period	$ (2,818)
Condominium | Las Vegas, NV | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years

Schedule IV - Mortgage Loans105

Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 1,266,259
Face amount of Mortgages	2,321,194
Mortgage loans on real estate, carrying amount	2,314,109
Provision for Loan and Lease Losses	(3,700)
Total Mortgages after Provision for Loan Losses	2,310,409
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	0
Aggregate cost for Federal income tax purposes	2,300,000
First mortgage loan
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face amount of Mortgages	2,033,866
Mortgage loans on real estate, carrying amount	2,027,976
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	0
Subordinated Mortgages
Mortgage Loans on Real Estate [Line Items]
Prior Liens	1,266,259
Face amount of Mortgages	287,328
Mortgage loans on real estate, carrying amount	286,133
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	$ 0
Hotel | First Mortgage 9.39%
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	9.39%
Prior Liens	$ 0
Face amount of Mortgages	107,887
Mortgage loans on real estate, carrying amount	107,472
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	$ 0
Hotel | First Mortgage 10.00%
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	10.00%
Prior Liens	$ 0
Face amount of Mortgages	104,000
Mortgage loans on real estate, carrying amount	103,865
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	$ 0
Hotel | First Mortgage 5.28%
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	5.28%
Prior Liens	$ 0
Face amount of Mortgages	73,023
Mortgage loans on real estate, carrying amount	72,933
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	$ 0
Hotel | First Mortgage 5.00%
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	5.00%
Prior Liens	$ 0
Face amount of Mortgages	97,500
Mortgage loans on real estate, carrying amount	96,892
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	$ 0
Hotel | First Mortgage 5.50%
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	5.50%
Prior Liens	$ 0
Face amount of Mortgages	77,541
Mortgage loans on real estate, carrying amount	77,240
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	$ 0
Hotel | Subordinated mortgages individually more than 3%
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	6.28%
Prior Liens	$ 0
Face amount of Mortgages	75,000
Mortgage loans on real estate, carrying amount	74,908
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	$ 0
Multi-family | First Mortgage 2.87%
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	2.87%
Prior Liens	$ 0
Face amount of Mortgages	120,000
Mortgage loans on real estate, carrying amount	120,000
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	0
Condo, Hotel, Industrial, Land, Mobile Home Park, Mixed Use Multi-family, Other Commercial, Retail | First mortgages individually less than 3%
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face amount of Mortgages	1,453,915
Mortgage loans on real estate, carrying amount	1,449,574
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	$ 0
Condo, Hotel, Industrial, Land, Mobile Home Park, Mixed Use Multi-family, Other Commercial, Retail | First mortgages individually less than 3% | Minimum
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	4.00%
Condo, Hotel, Industrial, Land, Mobile Home Park, Mixed Use Multi-family, Other Commercial, Retail | First mortgages individually less than 3% | Maximum
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	11.25%
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Other Commercial, Retail | Subordinated mortgages individually less than 3%
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 1,266,259
Face amount of Mortgages	212,328
Mortgage loans on real estate, carrying amount	211,225
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	$ 0
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Other Commercial, Retail | Subordinated mortgages individually less than 3% | Minimum
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	6.04%
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Other Commercial, Retail | Subordinated mortgages individually less than 3% | Maximum
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Interest Rate	19.00%

Schedule IV - Mortgage Loans106

Schedule IV - Mortgage Loans on Real Estate - Reconcile Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Mortgage loans on Real Estate:
Balance at the beginning of the period	$ 1,939,008	$ 979,568	$ 949,651
Origination of mortgage loan receivables	3,557,164	4,547,340	2,499,746
Repayment of mortgage loan receivables	(754,760)	(215,804)	(273,933)
Proceeds from sales of mortgage loan receivables	(2,509,090)	(3,523,689)	(2,345,705)
Non-cash disposition of loan via foreclosure	(4,620)
Sale of loans, net	71,066	145,275	146,708
Transfer between held for investment and held for sale		0	0
Accretion/amortization of discount, premium and other fees	12,241	6,918	3,701
Provision for loan losses	600	600	600
Balance at the end of the period	2,310,409	1,939,008	979,568
Mortgage loan receivables held for investment, at amortized cost
Reconciliation of Mortgage loans on Real Estate:
Balance at the beginning of the period	1,521,053	539,078	326,318
Origination of mortgage loan receivables	963,023	1,201,968	486,072
Repayment of mortgage loan receivables	(752,452)	(214,511)	(268,093)
Mortgage Loans on Real Estate, Cost of Mortgages Sold	0	0	0
Non-cash disposition of loan via foreclosure	(4,620)
Sale of loans, net	0	0	0
Transfer between held for investment and held for sale		(11,800)	(8,320)
Accretion/amortization of discount, premium and other fees	12,241	6,918	3,701
Provision for loan losses	(600)	(600)	(600)
Balance at the end of the period	1,738,645	1,521,053	539,078
Mortgage loan receivables held for sale
Reconciliation of Mortgage loans on Real Estate:
Balance at the beginning of the period	417,955	440,490	623,333
Origination of mortgage loan receivables	2,594,141	3,345,372	2,013,674
Repayment of mortgage loan receivables	(2,308)	(1,293)	(5,840)
Mortgage Loans on Real Estate, Cost of Mortgages Sold	2,509,090	3,523,689	2,345,705
Non-cash disposition of loan via foreclosure	0
Sale of loans, net	71,066	145,275	146,708
Transfer between held for investment and held for sale		11,800	8,320
Accretion/amortization of discount, premium and other fees	0	0	0
Provision for loan losses	0	0	0
Balance at the end of the period	$ 571,764	$ 417,955	$ 440,490