Ladder Capital (LADR) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
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-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Entity Common Stock, Shares Outstanding		63,191,252
Class B common stock
Entity Common Stock, Shares Outstanding		46,445,729

Combined Consolidated Balance S

Combined Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 82,678	$ 108,959
Cash collateral held by broker	30,054	30,811
Mortgage loan receivables held for investment, net, at amortized cost	1,572,833	1,738,645
Mortgage loan receivables held for sale	353,331	571,764
Real estate securities, available-for-sale	2,598,874	2,407,217
Real estate and related lease intangibles, net	809,230	834,779
Investments in unconsolidated joint ventures	34,855	33,797
FHLB stock	77,915	77,915
Derivative instruments	215	2,821
Accrued interest receivable	22,140	22,776
Other assets	73,170	65,728
Total assets	5,655,295	5,895,212
Liabilities
Debt obligations	4,091,449	4,274,723
Due to brokers	8,922	0
Derivative instruments	12,743	5,504
Amount payable pursuant to tax receivable agreement	1,910	1,910
Dividends payable	1,943	17,456
Accrued expenses	33,252	78,142
Other liabilities	23,773	26,069
Total liabilities	4,173,992	4,403,804
Commitments and contingencies (Note 17)	0	0
Equity
Additional paid-in capital	869,324	776,866
Treasury stock, 1,046,581 and 548,861 shares, at cost	(11,244)	(5,812)
Retained Earnings/(Dividends in Excess of Earnings)	(26,528)	60,618
Accumulated other comprehensive income (loss)	16,139	(3,556)
Total shareholders’ equity	847,801	828,215
Noncontrolling interest in operating partnership	628,025	657,380
Noncontrolling interest in consolidated joint ventures	5,477	5,813
Total equity	1,481,303	1,491,408
Total liabilities and equity	5,655,295	5,895,212
Class A common stock
Equity
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 64,237,833 and 55,758,710 shares issued and 63,191,252 and 55,209,849 shares outstanding Class B common stock, par value $0.001 per share, 100,000,000 shares authorized; 46,445,729 and 44,055,987 shares issued and outstanding	64	55
Class B common stock
Equity
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 64,237,833 and 55,758,710 shares issued and 63,191,252 and 55,209,849 shares outstanding Class B common stock, par value $0.001 per share, 100,000,000 shares authorized; 46,445,729 and 44,055,987 shares issued and outstanding	$ 46	$ 44

Combined Consolidated Balance 3

Combined Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Treasury stock, shares (in shares)	1,046,581	548,861
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)	64,237,833	55,758,710
Common stock, outstanding shares (in shares)	63,191,252	55,209,849
Class B common stock
Common stock, authorized shares (in shares)	100,000,000	100,000,000
Common stock, issued shares (in shares)	46,445,729	44,055,987
Common stock, outstanding shares (in shares)	46,445,729	44,055,987

Combined Consolidated Statement

Combined Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net interest income
Interest income	$ 59,601	$ 56,383
Interest expense	29,536	26,824
Net interest income	30,065	29,559
Provision for loan losses	150	150
Net interest income after provision for loan losses	29,915	29,409
Other income
Operating lease income	19,294	19,147
Tenant recoveries	1,335	2,526
Sale of loans, net	7,830	30,027
Realized gain (loss) on securities	(573)	12,150
Unrealized gain (loss) on Agency interest-only securities	660	(1,318)
Realized gain on sale of real estate, net	6,095	7,662
Fee and other income	2,975	3,541
Net result from derivative transactions	(50,862)	(39,139)
Earnings from investment in unconsolidated joint ventures	794	441
Gain on extinguishment of debt	5,382	0
Total other income (loss)	(7,070)	35,037
Costs and expenses
Salaries and employee benefits	12,615	13,758
Operating expenses	6,295	8,803
Real estate operating expenses	5,719	9,372
Real estate acquisition costs	0	600
Fee expense	731	1,123
Depreciation and amortization	9,802	9,723
Total costs and expenses	35,162	43,379
Income (loss) before taxes	(12,317)	21,067
Income tax expense (benefit)	(873)	3,104
Net income (loss)	(11,444)	17,963
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures	232	(191)
Net (income) loss attributable to noncontrolling interest in operating partnership	$ 5,673	(8,597)
Net income (loss) attributable to Class A common shareholders		$ 9,175
Earnings per share:
Basic (in dollars per share)	$ (0.09)	$ 0.18
Diluted (in dollars per share)	$ (0.09)	$ 0.15
Weighted average shares outstanding
Basic (in shares)	59,596,889	49,986,082
Diluted (in shares)	59,596,889	98,098,672
Class A Common Stock
Costs and expenses
Net income (loss) attributable to Class A common shareholders	$ (5,539)	$ 9,175
Earnings per share:
Basic (in dollars per share)	$ (0.09)	$ 0.18
Diluted (in dollars per share)	$ (0.09)	$ 0.15
Weighted average shares outstanding
Basic (in shares)	59,596,889	49,986,082
Diluted (in shares)	59,596,889	98,098,672
Dividends per share of common stock (in dollars per share)	$ 0.275	$ 0.25

Combined Consolidated Statemen5

Combined Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Net income (loss)		$ (11,444)	$ 17,963
Unrealized gains on securities, net of tax:
Unrealized gain on real estate securities, available for sale (1)	[1]	34,394	30,874
Reclassification adjustment for (gains) included in net income (2)	[2]	(11)	(12,372)
Total other comprehensive income		34,383	18,502
Comprehensive income		22,939	36,465
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures		232	(191)
Comprehensive income of combined Class A common shareholders and Operating Partnership unitholders		23,171	36,274
Comprehensive (income) attributable to noncontrolling interest in operating partnership		(9,243)	(17,511)
Class A Common Stock
Unrealized gains on securities, net of tax:
Comprehensive income attributable to Class A common shareholders		$ 13,928	$ 18,763
[1]	Amounts are net of provision for (benefit from) income taxes of $0.8 million for the three months ended March 31, 2015.
[2]	Amounts are net of (provision for) benefit from income taxes of $(0.3) million for the three months ended March 31, 2015.

Combined Consolidated Statemen6

Combined Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2015USD ($)
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on securities, tax	$ 0.8
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax	$ (0.3)

Combined Consolidated Statemen7

Combined Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Additional Paid-in-Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests Operating Partnership	Noncontrolling Interests Consolidated Joint Ventures	Class A Common StockCommon Stock	Class B Common StockCommon Stock
Beginning Balance at Dec. 31, 2014	$ 1,505,207	$ 725,538	$ 0	$ 44,187	$ 15,656	$ 711,674	$ 8,101	$ 51	$ 0
Beginning Balance (in shares) at Dec. 31, 2014								51,432,000	47,647,000
Increase Decrease in Stockholders' Equity
Contributions	74						74
Distributions	(72,603)					(68,673)	(3,930)
Amendment of the par value of the Class B shares from no par value per share to $0.001 per share	0					(47)			$ 47
Equity based compensation	13,788	417				13,371
Grants of restricted stock	0	(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	0
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)		(4,818)			(79)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)								(262,000)	(5,000)
Forfeitures	0
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)
Exchange of noncontrolling interest for common stock (in shares)								3,586,000	(3,586,000)
Adjustment to the Tax Receivable Agreement as a result of the exchange of Class B shares	(1,366)	(1,366)
Net income (loss)	146,134			73,821		70,745	1,568
Other comprehensive income	(36,545)				(20,046)	(16,499)
Rebalancing of ownership percentage between Company and Operating Partnership	0	(733)			189	544
Ending Balance at Dec. 31, 2015	1,491,408	776,866	(5,812)	60,618	(3,556)	657,380	5,813	$ 55	$ 44
Ending Balance (in shares) at Dec. 31, 2015								55,210,000	44,056,000
Increase Decrease in Stockholders' Equity
Contributions	250					250	0
Distributions	(13,041)					(12,937)	(104)
Equity based compensation	3,464	119				3,345
Grants of restricted stock	0	(1)						$ 1
Grants of restricted stock (in shares)								794,000
Purchase of treasury stock	(4,652)		(4,652)
Purchase of treasury stock (in shares)								(424,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(786)		(780)			(6)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)								(73,000)	(1,000)
Dividends declared	(17,507)			(17,507)
Stock dividends	0	64,090		(64,100)				$ 6	$ 4
Stock dividends (in shares)								5,606,000	4,469,000
Exchange of noncontrolling interest for common stock	(772)	27,675			(122)	(28,325)		$ 2	$ (2)
Exchange of noncontrolling interest for common stock (in shares)								2,077,764	(2,077,764)
Net income (loss)	(11,444)			(5,539)		(5,673)	(232)
Other comprehensive income	34,383				19,467	14,916
Rebalancing of ownership percentage between Company and Operating Partnership	0	575			350	(925)
Ending Balance at Mar. 31, 2016	$ 1,481,303	$ 869,324	$ (11,244)	$ (26,528)	$ 16,139	$ 628,025	$ 5,477	$ 64	$ 46
Ending Balance (in shares) at Mar. 31, 2016								63,191,000	46,446,000

Combined Consolidated Statemen8

Combined Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ (11,444)	$ 17,963
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
(Gain) loss on extinguishment of debt	(5,382)	0
Depreciation and amortization	9,802	9,723
Unrealized (gain) loss on derivative instruments	9,630	11,395
Unrealized (gain) loss on Agency interest-only securities	(660)	1,318
Provision for loan losses	150	150
Amortization of equity based compensation	3,464	3,139
Amortization of deferred financing costs included in interest expense	2,688	1,593
Amortization of premium on mortgage loan financing	(216)	(192)
Amortization of above- and below-market lease intangibles	(27)	405
Amortization of premium/(accretion) of discount and other fees on loans	(3,013)	(1,591)
Amortization of premium/(accretion) of discount and other fees on securities	18,958	22,082
Realized gain on sale of mortgage loan receivables held for sale	(7,830)	(30,027)
Realized (gain) loss on real estate securities	573	(12,150)
Realized gain on sale of real estate, net	(6,095)	(7,662)
Origination and purchases of mortgage loan receivables held for sale	(91,027)	(391,934)
Repayment of mortgage loan receivables held for sale	524	164
Proceeds from sales of mortgage loan receivables held for sale	316,766	589,169
Earnings on investment in unconsolidated joint ventures	(794)	(441)
Distributions from operations of investment in unconsolidated joint ventures	0	281
Deferred tax asset	(1,991)	1,563
Changes in operating assets and liabilities:
Accrued interest receivable	637	2,179
Other assets	(6,347)	(4,424)
Accrued expenses and other liabilities	(46,056)	(43,776)
Net cash provided by operating activities	182,310	168,927
Cash flows from investing activities:
Reduction (addition) of cash collateral held by broker for derivatives	(5,356)	(6,593)
Purchases of real estate securities	(218,837)	(243,635)
Repayment of real estate securities	36,136	72,982
Proceeds from sales of real estate securities	15,477	344,350
Origination and purchases of mortgage loan receivables held for investment	(49,735)	(378,042)
Repayment of mortgage loan receivables held for investment	218,410	125,531
Reduction (addition) of cash collateral held by broker	6,113	1,060
Addition (reduction) of deposits received for loan originations	(517)	(1,248)
Title deposits included in other assets	(940)	(8,756)
Capital contributions to investment in unconsolidated joint ventures	(59)	0
Distributions of return of capital from investment in unconsolidated joint ventures	0	3,372
Capitalization of interest on investment in unconsolidated joint ventures	(204)	0
Purchases of real estate	0	(103,262)
Capital improvements of real estate	(2,042)	(437)
Proceeds from sale of real estate	23,515	22,067
Net cash provided by (used in) investing activities	21,961	(172,611)
Cash flows from financing activities:
Deferred financing costs paid	(416)	(938)
Proceeds from borrowings under debt obligations	3,235,468	4,344,073
Repayment of borrowings under debt obligations	(3,414,355)	(4,314,529)
Cash dividends paid to Class A common shareholders	(33,020)	0
Capital contributed by noncontrolling interests in operating partnership	250	0
Capital distributed to noncontrolling interests in operating partnership	(12,937)	(13,735)
Capital contributed by noncontrolling interests in consolidated joint ventures	0	19
Capital distributed to noncontrolling interests in consolidated joint ventures	(104)	(185)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(786)	(3,780)
Purchase of treasury stock	(4,652)	0
Net cash provided by (used in) financing activities	(230,552)	10,925
Net increase (decrease) in cash	(26,281)	7,241
Cash and cash equivalents at beginning of period	108,959	76,218
Cash and cash equivalents at end of period	82,678	83,459
Supplemental information:
Cash paid for interest, net of amounts capitalized	37,683	35,929
Cash paid for income taxes	9,807	17,202
Non-cash investing and financing activities:
Securities purchased, not settled	(8,922)	(260)
Securities sold, not settled	0	25,987
Exchange of noncontrolling interest for common stock	28,328	0
Change in deferred tax asset related to change in tax receivable agreement	(772)	0
Dividends declared, not paid	826	0
Stock dividends	$ 64,100	$ 0

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 , Ladder Capital Corp has a 57.6% 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 in the Annual Report (see “Risk Factors—Risks Related to Our Taxation as a REIT”). As part of this realignment, LCFH and certain of its wholly-owned subsidiaries were serialized in order to segregate our REIT-qualified assets and income from our non-REIT-qualified assets and income. Pursuant to such serialization, all assets and liabilities of LCFH and each such subsidiary were identified as TRS assets and liabilities (e.g., our conduit securitization and condominium sales businesses) and REIT assets and liabilities (e.g., balance sheet loans, real estate and most securities), and were allocated on our internal books and records into two pools within LCFH or such subsidiary, Series TRS and Series REIT (collectively, the “Series”), respectively. In connection with this serialization, the Amended and Restated LLLP Agreement was amended and restated, effective as of December 5, 2014 and again as of December 31, 2014 (the “Third Amended and Restated LLLP Agreement”). Pursuant to the Third Amended and Restated LLLP Agreement, as of December 31, 2014: • all assets and liabilities of LCFH were allocated on LCFH’s internal books and records to either Series REIT or Series TRS of LCFH; • the Company serves as general partner of LCFH and of Series REIT of LCFH; • LC TRS I LLC (“LC TRS I”), a Delaware limited liability company wholly-owned by Series REIT of LCFH, serves as the general partner of Series TRS of LCFH; • each outstanding LP Unit was exchanged for one Series REIT 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	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Principles of Combination and Consolidation The accompanying combined consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim combined consolidated financial statements should be read in conjunction with the audited combined consolidated financial statements for the year ended December 31, 2015 , which are included in the Company’s Annual Report, as certain disclosures would substantially duplicate those contained in the audited combined consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The interim combined consolidated financial statements have been prepared, without audit, and do not necessarily include all information and footnotes necessary for a fair statement of our combined consolidated financial position, results of operations and cash flows in accordance with GAAP. The combined consolidated financial statements include the Company’s accounts and those of its subsidiaries which are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated. The combined consolidated financial statements of the Company are comprised of the consolidation of LCFH and its wholly-owned and majority owned subsidiaries, prior to the IPO Transactions, and the consolidated financial statements of Ladder Capital Corp, subsequent to the IPO Transactions. Financial Accounting Standards Board (“FASB”) 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 as 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 March 31, 2016 and December 31, 2015 . At March 31, 2016 and December 31, 2015 and at various times during the years, the 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 March 31, 2016 and December 31, 2015 , included in other assets on the Company’s combined consolidated balance sheets are $20.0 million and $19.0 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. Out-of-Period Adjustment During the first quarter of 2016, the Company had recorded the following out-of-period adjustments to correct errors from prior periods: (i) additional deferred financing cost amortization of $0.5 million relating to 2015; (ii) additional taxes of $1.2 million representing additional state taxes relating to 2015 and (iii) additional return on equity of $0.9 million from the Company’s investment in an unconsolidated joint venture predominately relating to prior years. The Company has concluded that these adjustments were not material to the financial position or results of operations for the current period or any prior periods, accordingly, the Company recorded the related adjustments in the three month period ended March 31, 2016. Recently Issued Accounting Pronouncements In March 2016, FASB issued Accounting Standards Update (“ASU”) 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The guidance requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid in capital pools. The guidance also allows for the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. For a public company, the standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is permitted in any interim or annual period. The Company is currently assessing the impact that this guidance will have on its combined consolidated financial statements when adopted. In February 2016, 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 combined 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”). The update provides guidance to improve certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The standard is effective for a public companies for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. Early adoption by public companies for fiscal years or interim periods that have not yet been issued or, by all other entities, that have not yet been made available for issuance of this guidance are permitted as of the beginning of the fiscal year of adoption, under certain restrictions. The Company is required to apply the guidance by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The guidance related to equity securities without readily determinable fair values should be applied prospectively to equity investments that exist at the date of adoption. 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 adopted this update in the quarter ended March 31, 2016. The adoption did not have a material impact on the Company’s combined consolidated financial statements. In June 2015, FASB issued ASU 2015-10, Technical Corrections and Improvements (“ASU 2015-10”). The amendments in this update cover a wide range of topics in the codification and are generally categorized as follows: amendments related to differences between original guidance and the codification; guidance clarification and reference corrections; simplification, and minor improvements. The amendments are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. 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 adopted this update in the quarter ended March 31, 2016. 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 ASU 810, 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 under 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.The Company adopted this update in the quarter ended March 31, 2016. Under this ASU, the Operating Partnership is now considered a VIE, however, since the Company was previously consolidating the Operating Partnership,the adoption of this ASU had no material impact on the Company’s combined consolidated financial statements. Substantially all of the Company’s assets, liabilities, operations and cash flows are those of the Operating Partnership. 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. 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 2014-13, 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. The Company adopted this update in the quarter ended March 31, 2016. The adoption did not 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. 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 adopted this update in the quarter ended March 31, 2016 applying the amendment prospectively. The adoption has not had a material impact 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

MORTGAGE LOAN RECEIVABLES	3 Months Ended
	Mar. 31, 2016
Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOAN RECEIVABLES	3. MORTGAGE LOAN RECEIVABLES March 31, 2016 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loan receivables held for investment, at amortized cost $ 1,582,358 $ 1,576,683 7.61 % 1.47 Provision for loan losses N/A (3,850 ) Total mortgage loan receivables held for investment, at amortized cost 1,582,358 1,572,833 Mortgage loan receivables held for sale 353,273 353,331 4.33 % 5.71 Total $ 1,935,631 $ 1,926,164 (1) March 31, 2016 London Interbank Offered Rate (“LIBOR”) rates are used to calculate weighted average yield for floating rate loans. As of March 31, 2016 , $342.3 million , or 21.7% , of the carrying value of our mortgage loan receivables held for investment, at amortized cost, were at fixed interest rates and $1.2 billion , or 78.3% , 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 March 31, 2016 , $353.3 million , or 100.0% , of the carrying value of our mortgage loan receivables held for sale, were at fixed interest rates. December 31, 2015 ($ 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 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 , $571.8 million , or 100% , of the carrying value of our mortgage loan receivables held for sale, were at fixed interest rates. The following table summarizes mortgage loan receivables by loan type ($ in thousands): March 31, 2016 December 31, 2015 Outstanding Face Amount Carrying Value Outstanding Face Amount Carrying Value Mortgage loan receivables held for sale First mortgage loans $ 353,273 $ 353,331 $ 571,638 $ 571,764 Total mortgage loan receivables held for sale 353,273 353,331 571,638 571,764 Mortgage loan receivables held for investment, at amortized cost First mortgage loans 1,386,134 1,381,446 1,462,228 1,456,212 Mezzanine loans 196,224 195,237 287,328 286,133 Total mortgage loan receivables held for investment, at amortized cost 1,582,358 1,576,683 1,749,556 1,742,345 Provision for loan losses N/A (3,850 ) N/A (3,700 ) Total $ 1,935,631 $ 1,926,164 $ 2,321,194 $ 2,310,409 For the three months ended March 31, 2016 and 2015 , 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, 2015 $ 1,738,645 $ 571,764 Origination of mortgage loan receivables 49,735 91,027 Repayment of mortgage loan receivables (218,410 ) (524 ) Proceeds from sales of mortgage loan receivables — (316,766 ) Realized gain on sale of mortgage loan receivables — 7,830 Accretion/amortization of discount, premium and other fees 3,013 — Loan loss provision (150 ) — Balance, March 31, 2016 $ 1,572,833 $ 353,331 Mortgage loan receivables held for investment, at amortized cost Mortgage loan receivables held for sale Balance, December 31, 2014 $ 1,521,054 $ 417,955 Origination of mortgage loan receivables 378,042 391,934 Repayment of mortgage loan receivables (125,531 ) (164 ) Proceeds from sales of mortgage loan receivables — (589,169 ) Realized gain on sale of mortgage loan receivables — 30,027 Accretion/amortization of discount, premium and other fees 1,591 — Loan loss provision (150 ) — Balance, March 31, 2015 $ 1,775,006 $ 250,583 During the three months ended March 31, 2016 and 2015 , the transfers of financial assets via sales of loans have been treated as sales under ASC Topic 860 — Transfers and Servicing. At March 31, 2016 and December 31, 2015 , there was $0.6 million and $0.7 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 March 31, 2016 and December 31, 2015 . 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. As of March 31, 2016 , two of the Company’s loans, which were originated simultaneously as part of a single transaction, with a carrying value of $26.7 million were in default. The Company determined that no impairment was necessary due to the property’s liquidation value and continues to accrue interest on these loans. At March 31, 2016 and December 31, 2015 there were no loans on non-accrual status. Provision for Loan Losses ($ in thousands) Three Months Ended March 31, 2016 2015 Provision for loan losses at beginning of period $ 3,700 $ 3,100 Provision for loan losses 150 150 Provision for loan losses at end of period $ 3,850 $ 3,250

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE SECURITIES	4. REAL ESTATE SECURITIES Commercial mortgage backed securities (“CMBS”), CMBS interest-only securities, GN construction securities and GN permanent securities are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. Government National Mortgage Association (“GNMA”) and Federal Home Loan Mortgage Corp (“FHLMC”) securities, (collectively, “Agency interest-only securities”), are recorded at fair value with changes in fair value recorded in current period earnings. The following is a summary of the Company’s securities at March 31, 2016 and December 31, 2015 ($ in thousands): March 31, 2016 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) $ 2,139,819 $ 2,160,286 $ 33,162 $ (1,294 ) $ 2,192,154 133 AAA 3.21 % 2.86 % 3.15 CMBS interest-only(2) 7,216,114 (3) 344,809 952 (5,634 ) 340,127 53 AAA 1.06 % 3.76 % 3.28 GNMA interest-only(4) 600,054 (3) 25,194 233 (1,689 ) 23,738 21 AA+ 0.73 % 4.28 % 5.13 GN permanent securities(2) 41,148 42,051 1,190 (386 ) 42,855 12 AA+ 4.18 % 3.49 % 7.02 Total $ 9,997,135 $ 2,572,340 $ 35,537 $ (9,003 ) $ 2,598,874 219 1.51 % 3.00 % 3.25 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 (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 March 31, 2016 and December 31, 2015 ($ in thousands): March 31, 2016 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 618,223 $ 1,147,927 $ 426,004 $ — $ 2,192,154 CMBS interest-only(1) — 340,127 — — 340,127 GNMA interest-only(2) 4 14,953 8,390 391 23,738 GN permanent securities(1) — 6,861 35,994 — 42,855 Total $ 618,227 $ 1,509,868 $ 470,388 $ 391 $ 2,598,874 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 (1) CMBS, CMBS interest-only securities, GN construction securities, and GN permanent securities are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. (2) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. There were $0.6 million and $0.5 million in unrealized losses on securities recorded as other than temporary impairments for the three months ended March 31, 2016 and 2015 , 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	3 Months Ended
	Mar. 31, 2016
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): March 31, 2016 December 31, 2015 Land $ 134,618 $ 138,128 Building 628,612 640,206 In-place leases and other intangibles 138,402 139,501 Real estate 901,632 917,835 Less: Accumulated depreciation and amortization (92,402 ) (83,056 ) Real estate and related lease intangibles, net $ 809,230 $ 834,779 The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended March 31, 2016 2015 Depreciation expense (1) $ 6,104 $ 5,906 Amortization expense 3,693 3,812 Total real estate depreciation and amortization expense $ 9,797 $ 9,718 (1) Depreciation expense on the combined consolidated statements of income also includes $5,125 and $5,187 of depreciation on corporate fixed assets for the three months ended March 31, 2016 and 2015 , respectively. The Company’s intangible assets are comprised of in-place leases, favorable leases compared to market leases and other intangibles. At March 31, 2016 , gross intangible assets totaled $138.4 million with total accumulated amortization of $36.6 million , resulting in net intangible assets of $101.8 million , including $6.1 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, 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. For the three months ended March 31, 2016 and 2015 , respectively, the Company recorded an offset against operating lease income of $0.4 million and $0.4 million , respectively, for favorable leases. The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles for property owned as of March 31, 2016 ($ in thousands): Period Ending December 31, Amount 2016 (last 9 months) $ 10,076 2017 4,886 2018 4,414 2019 3,992 2020 3,266 Thereafter 75,187 Total $ 101,821 There were $5.6 million and $5.0 million of unbilled rent receivables included in other assets on the combined consolidated balance sheets as of March 31, 2016 and December 31, 2015 , respectively. There was unencumbered real estate of $30.9 million and $47.8 million as of March 31, 2016 and December 31, 2015 , respectively. The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases or rent escalations under other leases from tenants) at March 31, 2016 ($ in thousands): Period Ending December 31, Amount 2016 (last 9 months) $ 53,182 2017 67,974 2018 65,337 2019 60,705 2020 57,582 Thereafter 494,550 Total $ 799,330 Acquisitions During the three months ended March 31, 2016 , the Company acquired no properties. During the three months ended March 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% Total real estate acquisitions $ 103,262 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the three months ended March 31, 2015 , as follows ($ in thousands): Purchase Price Allocation Land $ 12,605 Building 82,669 Intangibles 7,988 Total purchase price $ 103,262 Sales The Company sold the following properties during the three months ended March 31, 2016 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Mar 2016 Net Lease Rockland, MA 9,148 8,437 711 1 — Various Condominium Las Vegas, NV 8,404 4,417 3,987 — 17 Various Condominium Miami, FL 5,963 4,566 1,397 — 21 Totals $ 23,515 $ 17,420 $ 6,095 The Company sold the following properties during the three months ended March 31, 2015 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Various Condominium Las Vegas, NV 12,210 6,777 5,433 — 25 Various Condominium Miami, FL 9,857 7,628 2,229 — 33 Totals $ 22,067 $ 14,405 $ 7,662 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 three months ended March 31, 2016 and 2015 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 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. This unaudited pro forma information may not be indicative of the results that actually would have occurred if these transactions had been in effect on the dates indicated, nor do they purport to represent our future results of operations ($ in thousands): Three Months Ended March 31, 2015 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 19,147 $ 871 $ 20,018 Net income 17,963 454 18,417 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (191 ) — (191 ) Net (income) loss attributable to noncontrolling interest in operating partnership (8,597 ) (222 ) (8,819 ) Net income attributable to Class A common shareholders 9,175 231 9,406 The Company recorded $1.0 million in revenues from its 2015 acquisitions for the three months ended March 31, 2015 , 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.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	6. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of March 31, 2016 , the Company had an aggregate investment of $34.9 million in its equity method joint ventures with unaffiliated third parties. Included in the Company’s investments in unconsolidated joint ventures as of March 31, 2016 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 $30.7 million . The Company’s maximum exposure to loss is limited to its investment in the VIE. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. In general, future costs of development not financed through a third party will be funded with capital contributions from the Company and its outside partner in accordance with their respective ownership percentages. The following is a summary of the Company’s investments in unconsolidated joint ventures, which we account for using the equity method, as of March 31, 2016 and December 31, 2015 ($ in thousands): Entity March 31, 2016 December 31, 2015 Ladder Capital Realty Income Partnership I LP $ 1,000 $ 49 Grace Lake JV, LLC 3,116 2,891 24 Second Avenue Holdings LLC 30,739 30,857 Company’s investment in unconsolidated joint ventures $ 34,855 $ 33,797 The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the three months ended March 31, 2016 and 2015 ($ in thousands): Three Months Ended March 31, Entity 2016 2015 Ladder Capital Realty Income Partnership I LP $ 892 $ 102 Grace Lake JV, LLC 225 339 24 Second Avenue Holdings LLC (323 ) — Earnings (loss) from investment in unconsolidated joint ventures $ 794 $ 441 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. The term of the partnership expired on April 15, 2016. At that time, LCRIP I made distributions to the partners in the aggregate amounts determined by the general partner in accordance with the Limited Partnership Agreement. Simultaneously with the execution of the LCRIP I Partnership Agreement, the Company was engaged as the manager of LCRIP I and is entitled to a fee based upon the average net equity invested in LCRIP I, which is subject to a fee reduction in the event average net equity invested in LCRIP I exceeds $100.0 million . During the three months ended March 31, 2016 and 2015 , the Company recorded $6,905 and $0.1 million , respectively, in management fees, which is reflected in fee and other income in the combined consolidated statements of income. 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 ground-up condominium construction and development project 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 1.70 x profit multiple, after which, ultimately, income is allocated and distributed 50% to the Company and 50% to the operating partner. During the three months ended March 31, 2016 , the Company recorded $0.3 million in expenses , which is recorded in earnings (loss) from investment in unconsolidated joint ventures in the combined consolidated statements of income. The Company capitalizes interest related to the cost of its investment as 24 Second Avenue has activities in progress necessary to construct and ultimately sell condominium units. During the three months ended March 31, 2016 , the Company capitalized $0.2 million of interest expense, using a weighted average interest rate, which is recorded in investment in unconsolidated joint ventures in the combined consolidated balance sheets. Combined Summary Financial Information for Unconsolidated Joint Ventures The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of March 31, 2016 and December 31, 2015 ($ in thousands): March 31, 2016 December 31, 2015 Total assets $ 132,458 $ 131,214 Total liabilities 89,585 88,973 Partners’/members’ capital $ 42,873 $ 42,241 The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three months ended March 31, 2016 and 2015 ($ in thousands): Three Months Ended March 31, 2016 2015 Total revenues $ 4,237 $ 5,675 Total expenses 4,416 3,764 Net income (loss) $ (179 ) $ 1,911

DEBT OBLIGATIONS

DEBT OBLIGATIONS	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	7. DEBT OBLIGATIONS The details of the Company’s debt obligations at March 31, 2016 and December 31, 2015 are as follows ($ in thousands): March 31, 2016 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at March 31, 2016(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 207,849 $ 392,151 2.19% - 2.94% 10/30/2016 (2) (3) $ 339,106 $ 340,373 Committed Loan Repurchase Facility 400,000 176,746 223,254 2.68% - 4.44% 4/9/2017 (4) (5) 334,212 369,623 (6) Committed Loan Repurchase Facility 450,000 148,731 301,269 2.69% - 4.36% 5/24/2016 (2) (3) 272,933 297,116 (7) Committed Loan Repurchase Facility 35,000 2,262 32,738 3.03% - 3.04% 10/24/2016 (8) (9) — 3,193 (10) Total Committed Loan Repurchase Facilities 1,485,000 535,588 949,412 946,251 1,010,305 Committed Securities Repurchase Facility 300,000 203,059 96,941 0.88% - 2.43% 10/31/2016 N/A (11) 245,022 245,022 Uncommitted Securities Repurchase Facility N/A (12) 365,692 N/A (12) 0.75% - 2.14% 4/2016 - 6/2016 N/A (11) 435,941 435,941 Total Repurchase Facilities 1,785,000 1,104,339 1,046,353 1,627,214 1,691,268 Borrowings Under Credit Agreement 50,000 — 50,000 4/24/2016 N/A (13) — — Revolving Credit Facility 143,000 — 143,000 2/11/2017 (2) N/A (14) N/A (14) N/A (14) Mortgage Loan Financing 547,776 547,776 — 4.25% - 6.75% 2018 - 2026 N/A (15) 712,468 799,169 Borrowings from the FHLB 2,221,955 1,881,200 340,755 0.38% - 2.74% 2016 - 2024 N/A (13) 2,355,506 2,363,781 Senior Unsecured Notes 563,872 558,134 (16) — 5.875% - 7.375% 2017 -2021 N/A N/A (17) N/A (17) N/A (17) Total Debt Obligations $ 5,311,603 $ 4,091,449 $ 1,580,108 $ 4,695,188 $ 4,854,218 (1) March 31, 2016 LIBOR rates are used to calculate interest rates for floating rate debt. (2) Two additional 12 -month periods at Company’s option. (3) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (4) Two 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 $32.2 million of loans made to consolidated subsidiaries. (7) Includes $22.9 million of loans made to consolidated subsidiaries. (8) Two additional 6 -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 $3.2 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 $5.7 million at March 31, 2016 . (17) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. 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 (6) 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 LIBOR rates are used to calculate interest rates for floating rate debt. (2) Two additional 12 -month periods at Company’s option. (3) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (4) Two 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 6 -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. 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 March 31, 2016 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 and mezzanine debt. 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 March 31, 2016 and December 31, 2015 . 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 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”). 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 March 31, 2016 and December 31, 2015 . The Credit Agreement was scheduled to mature on April 24, 2016 with no further extension options but was subsequently amended. Refer to Note 19, Subsequent Events . 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”), which was subsequently amended on February 26, 2016 to increase its maximum funding capacity. The Revolving Credit Facility provides for an aggregate maximum borrowing amount of $143.0 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 may be extended by two 12 -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 March 31, 2016 and December 31, 2015 , the amount of unamortized costs relating to such facilities are $2.3 million and $3.4 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 three months ended March 31, 2016 and 2015 , the Company executed 4 and 14 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 between 2018 - 2026 as of March 31, 2016 . These loans have carrying amounts of $547.8 million and $544.7 million , net of unamortized premiums of $6.0 million and $6.1 million at March 31, 2016 and December 31, 2015 , respectively, representing proceeds received upon financing greater than the contractual amounts due under these agreements. The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method. The Company recorded $0.2 million and $0.2 million of premium amortization, which decreased interest expense, for the three months ended March 31, 2016 and 2015 , respectively. The loans are collateralized by real estate and related lease intangibles, net, of $712.5 million and $711.1 million as of March 31, 2016 and December 31, 2015 , respectively. Borrowings from the Federal Home Loan Bank (“FHLB”) On July 11, 2012, Tuebor Captive Insurance Company LLC (“Tuebor”), a consolidated subsidiary of the Company, 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 the Company’s total equity. As of March 31, 2016 , Tuebor had $1.9 billion of borrowings outstanding (with an additional $340.8 million of committed term financing available from the FHLB), with terms of overnight to eight years (with a weighted average of 2.5 years ), interest rates of 0.38% to 2.74% (with a weighted average of 0.97% ), and advance rates of 50.0% to 95.2% of the collateral. As of March 31, 2016 , collateral for the borrowings was comprised of $1.8 billion of CMBS and U.S. Agency Securities and $507.7 million of first mortgage commercial real estate loans. 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 8 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. 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 $451.9 million of the member’s capital were restricted from transfer to Tuebor’s parent without prior approval of state insurance regulators at March 31, 2016 . Effective February 19, 2016, the Federal Housing Finance Agency (the “FHFA’’), regulator of the FHLB, adopted a final rule amending its regulation regarding the eligibility of captive insurance companies for FHLB membership. 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 the following 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 40% 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 46.0% of the Company’s outstanding debt obligations as of March 31, 2016 . 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. 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. 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 November 5, 2014, the board of directors authorized the Company to make up to $325.0 million in repurchases of the 2017 Notes from time to time without further approval. 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. During the three months ended March 31, 2016 , the Company retired $21.9 million of principal of the 2017 Notes for a repurchase price of $21.4 million , recognizing a $0.3 million net gain on extinguishment of debt after recognizing $(0.2) million of unamortized debt issuance costs associated with the retired debt. The remaining $297.7 million in aggregate principal amount of the 2017 Notes is due October 2, 2017. On August 1, 2014, LCFH issued $300.0 million in aggregate principal amount of 5.875% senior notes due August 1, 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 February 24, 2016, the board of directors authorized the Company to make up to $100.0 million in repurchases of the 2021 Notes from time to time without further approval. During the three months ended March 31, 2016 , the Company retired $33.8 million of principal of the 2021 Notes for a repurchase price of $28.2 million , recognizing a $5.1 million net gain on extinguishment of debt after recognizing $(0.4) million of unamortized debt issuance costs associated with the retired debt. The remaining $266.2 million in aggregate principal amount of the 2021 Notes is due August 1, 2021. 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 Series TRS of LCFH with no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Notes. The Company and certain subsidiaries of LCFH currently guarantee the obligations under the Notes and the indenture. The Company is the general partner of LCFH and, through LCFH and its subsidiaries, operates the Ladder Capital business. As of March 31, 2016 , the Company has a 57.6% economic and voting interest in LCFH and controls the management of LCFH as a result of its ability to appoint board members. Accordingly, the Company 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, the Company, through certain subsidiaries which are treated as TRSs, 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 the Company’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 $5.7 million are included in senior unsecured notes as of March 31, 2016 and unamortized debt issuance costs of $6.9 million are included in senior unsecured notes as of December 31, 2015 (previously included in other assets on the combined consolidated balance sheets) Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by Maturity (1) 2016 (last 9 months) $ 1,780,462 2017 742,698 2018 229,016 2019 57,468 2020 113,802 Thereafter 1,167,723 Subtotal $ 4,091,169 Debt issuance costs included in senior unsecured notes (5,738 ) Premiums included in mortgage loan financing 6,018 Total 4,091,449 (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 March 31, 2016 .

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 are as follows ($ in thousands): March 31, 2016 Weighted Average Outstanding Face Amount Amortized Cost Basis Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 2,139,819 $ 2,160,286 $ 2,192,154 Internal model, third-party inputs 2.86 % 3.15 CMBS interest-only(1) 7,216,114 (8) 344,809 340,127 Internal model, third-party inputs 3.76 % 3.28 GNMA interest-only(3) 600,054 (8) 25,194 23,738 Internal model, third-party inputs 4.28 % 5.13 GN permanent securities(1) 41,148 42,051 42,855 Internal model, third-party inputs 3.49 % 7.02 Mortgage loan receivables held for investment, at amortized cost 1,582,358 1,572,833 1,593,676 Discounted Cash Flow(4) 7.61 % 1.47 Mortgage loan receivables held for sale 353,273 353,331 361,915 Internal model, third-party inputs(5) 4.33 % 5.71 FHLB stock(6) 77,915 77,915 77,915 (6) 3.50 % N/A Nonhedge derivatives(1)(7) 11,100 N/A 215 Counterparty quotations N/A 5.17 Liabilities: Repurchase agreements - short-term 1,082,656 1,082,656 1,082,656 Discounted Cash Flow(8) 1.73 % 0.34 Repurchase agreements - long-term 21,683 21,683 21,683 Discounted Cash Flow(9) 2.59 % 1.15 Borrowings under credit agreement — — — Discounted Cash Flow(10) Revolving credit facility — — — Discounted Cash Flow(10) Mortgage loan financing 544,527 547,776 579,054 Discounted Cash Flow(9) 4.86 % 7.69 Borrowings from the FHLB 1,881,200 1,881,200 1,892,923 Discounted Cash Flow 0.97 % 2.53 Senior unsecured notes 563,872 558,134 528,736 Broker quotations, pricing services 6.67 % 3.31 Nonhedge derivatives(1)(7) 1,026,800 N/A 12,743 Counterparty quotations N/A 1.96 (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, 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 receivables 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 receivables 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 35,813 35,813 35,813 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. (10) Fair value for borrowings under the Credit 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 March 31, 2016 and December 31, 2015 ($ in thousands): March 31, 2016 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) $ 2,139,819 $ — $ — $ 2,192,154 $ 2,192,154 CMBS interest-only(1) 7,216,114 (2) — — 340,127 340,127 GNMA interest-only(3) 600,054 (2) — — 23,738 23,738 GN permanent securities(1) 41,148 — — 42,855 42,855 Nonhedge derivatives(4) 11,100 — 215 — 215 $ — $ 215 $ 2,598,874 $ 2,599,089 Liabilities: Nonhedge derivatives(4) 1,026,800 $ — $ 12,743 $ — $ 12,743 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 $ 1,582,358 $ — $ — $ 1,593,676 $ 1,593,676 Mortgage loan receivable held for sale 353,273 — — 361,915 361,915 FHLB stock 77,915 — — 77,915 77,915 $ — $ — $ 2,033,506 $ 2,033,506 Liabilities: 0 Repurchase agreements - short-term 1,082,656 $ — $ — $ 1,082,656 $ 1,082,656 Repurchase agreements - long-term 21,683 — — 21,683 21,683 Mortgage loan financing 544,527 — — 579,054 579,054 Borrowings from the FHLB 1,881,200 — — 1,892,923 1,892,923 Senior unsecured notes 563,872 — — 528,736 528,736 $ — $ — $ 4,105,052 $ 4,105,052 (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, 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 (3) — — 344,423 344,423 GNMA interest-only(2) 632,175 (3) — — 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 35,813 — — 35,813 35,813 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 $ — $ — $ 4,271,537 $ 4,271,537 (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 three months ended March 31, 2016 and 2015 ($ in thousands): Level 3 2016 2015 Balance at January 1, $ 2,407,217 $ 2,683,744 Transfer from level 2 — — Purchases 227,758 241,286 Sales (15,477 ) (370,337 ) Paydowns/maturities (36,136 ) (46,891 ) Amortization of premium/discount (18,958 ) (15,015 ) Unrealized gain/(loss) 34,459 18,970 Realized gain/(loss) on sale 11 12,693 Balance at March 31, $ 2,598,874 $ 2,524,450 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): March 31, 2016 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 2,192,154 Discounted cash flow Yield (4) — % 2.74 % 12.09 % Duration (years)(5) 0.00 3.95 8.28 CMBS interest-only (1) 340,127 (2) Discounted cash flow Yield (4) — % 4.04 % 4.66 % Duration (years)(5) 1.82 3.23 4.34 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only (3) 23,738 (2) Discounted cash flow Yield (4) — % 9.06 % 10 % Duration (years)(5) 0.00 2.41 5.30 Prepayment speed (CPJ)(5) 5.00 14.03 35.00 GN permanent securities (1) 42,855 Discounted cash flow Yield (4) 0.63 % 3.45 % 6.6 % Duration (years)(5) 0.00 8.66 10.29 Total $ 2,598,874 (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, 2015 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 1,991,506 Discounted cash flow Yield (3) — % 2.19 % 9.21 % Duration (years)(4) 0.00 4.06 7.91 CMBS interest-only (1) 344,423 (2) Discounted cash flow Yield (3) 0.09 % 4.13 % 4.51 % Duration (years)(4) 1.90 3.30 4.24 Prepayment speed (CPY)(4) 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. 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	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 ($ in thousands): March 31, 2016 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Futures 5-year Swap $ 542,900 $ 9 $ 4,416 0.25 10-year Swap 399,700 — 3,018 0.25 5-year U.S. Treasury Note 700 — 1 0.25 10-year U.S. Treasury Note Ultra 1,100 3 — 0.25 Total futures 944,400 12 7,435 Swaps 3MO LIBOR 50,000 — 4,980 4.47 Credit Derivatives CMBX 10,000 203 — 5.45 CDX 33,500 — 328 2.70 Total credit derivatives 43,500 203 328 Total derivatives $ 1,037,900 $ 215 $ 12,743 (1) Shown as derivative instruments, at fair value, in the accompanying combined consolidated balance sheets. 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. The following table indicates the net realized gains/(losses) and unrealized appreciation/(depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the combined consolidated statements of operations for the three months ended March 31, 2016 and 2015 ($ in thousands): Three Months Ended March 31, 2016 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ (8,564 ) $ (40,797 ) $ (49,361 ) Swaps (1,078 ) (338 ) (1,416 ) Credit Derivatives 12 (97 ) (85 ) Total $ (9,630 ) $ (41,232 ) $ (50,862 ) Three Months Ended March 31, 2015 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Caps $ — $ — $ — Futures $ (10,969 ) $ (27,038 ) $ (38,007 ) Swaps (372 ) (610 ) (982 ) Credit Derivatives (54 ) (96 ) (150 ) Total $ (11,395 ) $ (27,744 ) $ (39,139 ) The Company’s counterparties held $24.3 million and $18.9 million of cash margin as collateral for derivatives as of March 31, 2016 and December 31, 2015 , 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 March 31, 2016 and December 31, 2015 , the Company was in compliance with these requirements and not in default on its indebtedness. As of March 31, 2016 and December 31, 2015 , there was $6.2 million and $5.9 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	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 . 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 March 31, 2016 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 $ 215 $ — $ 215 $ — $ — $ 215 Total $ 215 $ — $ 215 $ — $ — $ 215 (1) Included in cash collateral held by broker on combined consolidated balance sheets. As of March 31, 2016 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 $ 12,743 $ — $ 12,743 $ — $ 12,743 — Repurchase agreements 1,104,339 — 1,104,339 1,104,339 — — Total $ 1,117,082 $ — $ 1,117,082 $ 1,104,339 $ 12,743 $ — (1) Included in cash collateral held by broker on combined consolidated balance sheets. 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. Master netting agreements that the Company has entered into with its derivative and repurchase agreement counterparties allow for netting of the same transaction, in the same currency, on the same date. Assets, liabilities, and collateral subject to master netting agreements as of March 31, 2016 and December 31, 2015 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	3 Months Ended
	Mar. 31, 2016
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 As part of the REIT Structuring Transactions described in Note 1 , and 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, receive one share of the Company’s Class A common stock in exchange for (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, subject to equitable adjustments for stock splits, stock dividends and reclassifications. During the three months ended March 31, 2016 , 2,077,764 Series REIT LP Units and 2,077,764 Series TRS LP Units were collectively exchanged for 2,077,764 shares of Class A common stock and 2,077,764 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. Stock Repurchases On October 30, 2014, the board of directors authorized the Company to repurchase up to $50.0 million 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 March 31, 2016 , the Company has a remaining amount available for repurchase of $44.4 million , which represents 5.6% in the aggregate of its outstanding Class A common stock, based on the closing price of $12.45 per share on such date. The following table is a summary of the Company’s repurchase activity of its Class A common stock during the three months ended March 31, 2016 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2015 $ 49,006 Additional authorizations — Repurchases paid 424,317 (4,652 ) Repurchases unsettled — Authorizations remaining as of March 31, 2016 $ 44,354 (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 made the E&P Distribution on January 21, 2016 and has paid and in the future intends to declare regular quarterly distributions to its shareholders in an amount approximating our net taxable income. Consistent with 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 the 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 three months ended March 31, 2016 and 2015 : Declaration Date Dividend per Share March 1, 2016 $ 0.275 Total $ 0.275 March 12, 2015 $ 0.250 Total $ 0.250 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 both the E&P Distribution and fourth quarter 2015 dividend totaling $1.45 per share. The total number of shares of Class A common stock distributed pursuant to the E&P Distribution and fourth quarter 2015 dividend was determined based on shareholder elections and the volume weighted average price of $11.43 per share of Class A common stock on the New York Stock Exchange for the three trading days after January 8, 2016 , the date that election forms were due. The Company also issued 4,468,031 shares of its Class B common stock and each of Series REIT and Series TRS of LCFH issued 10,075,793 of their respective Series LP units corresponding to the aggregate number of Class A and Class B shares issued by the Company. The Company believes that the total value of its 2015 dividends was sufficient to fully distribute its 2015 taxable income and its accumulated earnings and profits. Changes in Accumulated Other Comprehensive Income The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the carrying value of CMBS for the three months ended March 31, 2016 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income December 31, 2015 $ (3,556 ) $ (2,839 ) $ (6,395 ) Other comprehensive income (loss) 19,467 14,916 34,383 Exchange of noncontrolling interest for common stock (122 ) 122 — Rebalancing of ownership percentage between Company and Operating Partnership 350 (350 ) — March 31, 2016 $ 16,139 $ 11,849 $ 27,988 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	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 , the Company has decreased noncontrolling interests in the Operating Partnership and increased additional paid-in capital and accumulated other comprehensive income in the Company’s shareholders’ equity by $0.9 million as of March 31, 2016 . Upon the adoption of ASU 2015-02, which amended ASC 810, Consolidation, in the quarter ended March 31, 2016, the Operating Partnership is now determined to be a VIE, however, since the Company was previously consolidating the Operating Partnership, the adoption of ASU 2015-02 had no material impact on the Company’s combined consolidated financial statements. 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. 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 the Series of LCFH in excess of its quarterly tax distribution in order to pay its quarterly cash dividend, the Series of LCFH will be required to make a corresponding distribution of cash to each of their 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	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	13. EARNINGS PER SHARE The Company’s net income (loss) and weighted average shares outstanding for the three months ended March 31, 2016 and 2015 consist of the following: ($ in thousands except share amounts) For the Three Months Ended March 31, 2016 For the Three Months Ended March 31, 2015 Basic Net income (loss) available for Class A common shareholders $ (5,539 ) $ 9,175 Diluted Net income (loss) available for Class A common shareholders $ (5,539 ) $ 14,231 Weighted average shares outstanding Basic 59,596,889 49,986,082 Diluted 59,596,889 98,098,672 The calculation of basic and diluted net income (loss) per share amounts for the three months ended March 31, 2016 and 2015 are described and presented below. Basic Net Income (Loss) per Share Numerator: utilizes net income (loss) available for Class A common shareholders for the three months ended March 31, 2016 and 2015 , respectively. Denominator: utilizes the weighted average shares of Class A common stock for the three months ended March 31, 2016 and 2015 , respectively. Diluted Net Income (Loss) per Share Numerator: utilizes net income (loss) available for Class A common shareholders for the three months ended March 31, 2016 and 2015 , respectively, for the basic net income (loss) per share calculation described above, adding net income (loss) 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 (benefit) for the described net income (loss) add-back. Denominator: utilizes the weighted average number of shares of Class A common stock for the three months ended March 31, 2016 and 2015 , respectively, for the basic net income (loss) per share calculation described above adding the dilutive effect of shares issuable relating to Operating Partnership exchangeable interests and the incremental shares of unvested Class A restricted stock using the treasury method. (In thousands except share amounts) For the Three Months Ended March 31, 2016 For the Three Months Ended March 31, 2015 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ (5,539 ) $ 9,175 Denominator: Weighted average number of shares of Class A common stock outstanding 59,596,889 49,986,082 Basic net income (loss) per share of Class A common stock $ (0.09 ) $ 0.18 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ (5,539 ) $ 9,175 Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) — 8,596 Additional corporate tax (expense) benefit — (3,540 ) Diluted net income attributable to Class A common shareholders $ (5,539 ) $ 14,231 Denominator: Basic weighted average number of shares of Class A common stock outstanding 59,596,889 49,986,082 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders — 47,645,531 Incremental shares of unvested Class A restricted stock — 467,059 Diluted weighted average number of shares of Class A common stock outstanding 59,596,889 98,098,672 Diluted net income (loss) per share of Class A common stock $ (0.09 ) $ 0.15 For the three months ended March 31, 2016 , shares issuable relating to converted Class B common shareholders and incremental shares of unvested Class A restricted stock are excluded from the calculation of diluted EPS as the Company incurred a loss during the three months ended March 31, 2016 , and therefore, inclusion of such potential common shares in the calculation would be anti-dilutive. 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 (loss) per share of Class B common stock has not been presented, although the assumed conversion of Class B common stock has been included in the presented diluted net income (loss) per share of Class A common stock.

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK BASED COMPENSATION PLANS	14. STOCK BASED COMPENSATION PLANS 2014 Omnibus Incentive Plan In connection with the IPO Transactions, the 2014 Ladder Capital Corp Omnibus 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 its affiliates 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 (the “IPO Restricted Stock Awards”). Fifty percent of each IPO Restricted Stock Award was made subject to time-based vesting criteria, and the remaining 50% of each IPO Restricted Stock Award was made, subject to specified performance-based vesting criteria. The time-vesting restricted stock granted to Brian Harris is 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% is 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 is 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 (as described below) 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 Harris Employment Agreement), 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 $50,000 , which will vest in full on the one -year anniversary of the date of grant, with both such awards subject to continued service on the board of directors. Messrs. Peterson and Durst, or their successors, will also receive a $75,000 annual cash payment for their service on the board of directors. Additionally, certain directors may receive $15,000 annually for service as a chairperson of the audit committee or compensation committee and $10,000 for service as a chairperson of the nominating and corporate governance committee, with all or a portion of such fee payable to an applicable director in cash or restricted stock (with a grant date fair value equal to such amount payable) at the election of such director. Reallocation Awards On February 3, 2015 , restricted stock awards were granted to certain 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 IPO Restricted Stock Awards and vest on the same schedule, subject to the same terms and conditions as the IPO Restricted Stock Awards described above. 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 the Performance Target for those years. 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 in advance of the Harris Retirement Eligibility Date, as defined below. 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 first 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. 2016 Annual Restricted Stock Awards and Annual Option Awards On February 18, 2016 , Annual Restricted Stock Awards were granted to Management Grantees with an aggregate value of $9.1 million which represents 793,598 shares of restricted Class A common stock in connection with 2015 compensation. These awards are subject to the same terms and conditions as the 2015 Annual Restricted Stock Awards, except that the relevant vesting periods begin in 2016, rather than in 2015. 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, 2016 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 in full on February 11, 2017 , the Harris Retirement Eligibility Date. 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, 2016 , Annual Stock Option Awards were granted to Management Grantees with an aggregate grant date fair value of $1.0 million , which represents 289,326 shares of Class A common stock subject to the Annual Stock Option Awards. The stock option awards are subject to the same terms and conditions as those granted in 2015 except that the vesting period commenced in 2016. 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 1.5% ; (2) dividend yield of 9.8% ; (3) expected life of six years; and (4) volatility of 48.0% . On February 18, 2016 , members of the board of directors each received Annual Restricted Stock Awards with a grant date fair value of $0.1 million , representing 12,636 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. These grants are subject to the same terms and conditions as those made in 2015 except that the vesting period commenced in 2016. The 2016 awards are subject to the same change in control and retirement provisions that are described above. The Company recognized equity-based compensation expense of $3.5 million and $3.1 million for the three months ended March 31, 2016 and 2015 , respectively. A summary of the grants is presented below ($ in thousands): Three Months Ended March 31, 2016 2015 Number Weighted Average Fair Value Number Weighted Average Fair Value Grants - Class A Common Stock (restricted) 793,598 $ 9,118 722,104 $ 13,278 Grants - Class A Common Stock (restricted) dividends 166,934 1,908 — — Stock Options 380,949 1,356 670,256 1,441 Amortization to compensation expense LP Units compensation expense — (50 ) Ladder compensation expense (3,464 ) (3,089 ) Total amortization to compensation expense $ (3,464 ) $ (3,139 ) The table below presents the number of unvested shares and outstanding stock options at March 31, 2016 and changes during 2016 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, 2015 1,334,369 601,186 504 Granted 960,532 380,949 — Exercised — Vested (257,815 ) (504 ) Forfeited — — — Expired — Nonvested/Outstanding at March 31, 2016 2,037,086 982,135 — Exercisable at March 31, 2016 230,936 (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 March 31, 2016 there was $19.8 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 35 months , with a weighted-average remaining vesting period of 25.0 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 (A) a change in control and (B) 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(B) 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 March 31, 2016 , there are 455,180 phantom units outstanding, of which 60,274 are unvested, resulting in a liability of $6.1 million , which is included in accrued expenses on the combined consolidated balance sheets. Ladder Capital Corp Deferred Compensation Plan On July 3, 2014, the Company adopted a new, nonqualified deferred compensation plan, which was 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 March 31, 2016 , there are 297,125 phantom units outstanding, of which 238,769 are unvested, resulting in a liability of $3.7 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 2016 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 three months ended March 31, 2016 and 2015 , the Company recorded compensation expense of $4.7 million and $6.4 million , respectively, related to bonuses.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
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 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. Current income tax expense (benefit) was $1.1 million for the three months ended March 31, 2016 and 2015 . As of March 31, 2016 and December 31, 2015 , the Company’s net deferred tax assets were $6.2 million and $5.0 million , respectively, and are included in other assets in the Company’s combined consolidated balance sheets. Deferred income tax expense (benefit) included within the provision for income taxes was $(2.0) million and $2.0 million for the three months ended March 31, 2016 and 2015 , respectively. 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. As of March 31, 2016 , the Company has a deferred tax asset of $14.3 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. The Company’s tax returns are subject to audit by taxing authorities. Generally, as of March 31, 2016 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. As of March 31, 2016 and December 31, 2015 , the Company’s unrecognized tax benefit is a liability for $0.8 million and is included in the accrued expenses in the Company’s combined consolidated balance sheets. This unrecognized tax benefit, if recognized, would have a favorable impact on our effective income tax rate in future periods. As of March 31, 2016 , 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 March 31, 2016 and December 31, 2015 , pursuant to Tax Receivable Agreement, the Company recorded a liability of $1.9 million , 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	3 Months Ended
	Mar. 31, 2016
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, interest-only 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. The loan, which was approved by the Audit Committee and Risk and Underwriting Committee in accordance with the Company’s policies regarding related party transactions, is secured by Borrower’s ownership interest in Durst Halletts Member LLC (“Guarantor”). Borrower and Guarantor indirectly own a controlling interest in the three entities 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 a controlling interest in Borrower and Guarantor. For the three months ended March 31, 2016 , the Company earned $0.6 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 three months ended March 31, 2016 and 2015 , for loans originated in accordance with this agreement. As of March 31, 2016 and December 31, 2015 , $0.3 million and $0.3 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	3 Months Ended
	Mar. 31, 2016
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 $0.3 million and $0.5 million of rental expense for the three months ended March 31, 2016 and 2015 , respectively, which is included in operating expenses in the combined consolidated statements of income. The following is a schedule of future minimum rental payments required under the above operating leases ($ in thousands): Period Ending December 31, Amount 2016 (last nine months) $ 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 March 31, 2016 , the Company’s had no commitment to purchase these securities. 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. The fair value of those commitments at and December 31, 2015 was $54,273 , 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 March 31, 2016 , the Company’s off-balance sheet arrangements consisted of $97.6 million of unfunded commitments on mortgage loan receivables held for investment to provide additional first mortgage loan financing, at rates to be determined at the time of funding, which was consisted of $96.2 million to provide additional first mortgage loan financing and $1.4 million to provide additional mezzanine loan financing. As of December 31, 2015 , the Company’s off-balance sheet arrangements consisted of $112.8 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 $111.4 million to provide additional first mortgage loan financing and $1.4 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	3 Months Ended
	Mar. 31, 2016
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 Three months ended March 31, 2016 Interest income $ 41,328 $ 18,256 $ — $ 17 $ 59,601 Interest expense (6,151 ) (1,970 ) (6,195 ) (15,220 ) (29,536 ) Net interest income (expense) 35,177 16,286 (6,195 ) (15,203 ) 30,065 Provision for loan losses (150 ) — — — (150 ) Net interest income (expense) after provision for loan losses 35,027 16,286 (6,195 ) (15,203 ) 29,915 Operating lease income — — 19,294 — 19,294 Tenant recoveries — — 1,335 — 1,335 Sale of loans, net 7,830 — — — 7,830 Realized gain on securities — (573 ) — — (573 ) Unrealized gain (loss) on Agency interest-only securities — 660 — — 660 Realized gain on sale of real estate, net 641 — 5,454 — 6,095 Fee and other income 1,805 — 342 828 2,975 Net result from derivative transactions (16,125 ) (34,737 ) — — (50,862 ) Earnings from investment in unconsolidated joint ventures — — (98 ) 892 794 Gain (loss) on extinguishment of debt — — — 5,382 5,382 Total other income (expense) (5,849 ) (34,650 ) 26,327 7,102 (7,070 ) Salaries and employee benefits (1,500 ) — — (11,115 ) (12,615 ) Operating expenses — — (422 ) (5,873 ) (6,295 ) Real estate operating expenses — — (5,719 ) — (5,719 ) Fee expense (436 ) — (114 ) (181 ) (731 ) Depreciation and amortization — — (9,797 ) (5 ) (9,802 ) Total costs and expenses (1,936 ) — (16,052 ) (17,174 ) (35,162 ) Tax (expense) benefit — — — 873 873 Segment profit (loss) $ 27,242 $ (18,364 ) $ 4,080 $ (24,402 ) $ (11,444 ) Total assets as of March 31, 2016 $ 1,926,164 $ 2,598,874 $ 843,085 $ 287,172 $ 5,655,295 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Three months ended March 31, 2015 Interest income $ 36,056 $ 20,321 $ — $ 6 $ 56,383 Interest expense (5,422 ) (2,012 ) (5,219 ) (14,171 ) (26,824 ) Net interest income (expense) 30,634 18,309 (5,219 ) (14,165 ) 29,559 Provision for loan losses (150 ) — — — (150 ) Net interest income (expense) after provision for loan losses 30,484 18,309 (5,219 ) (14,165 ) 29,409 Operating lease income — — 19,147 — 19,147 Tenant recoveries — — 2,526 — 2,526 Sale of loans, net 30,027 — — — 30,027 Realized gain on securities — 12,150 — — 12,150 Unrealized gain (loss) on Agency interest-only securities — (1,318 ) — — (1,318 ) Realized gain on sale of real estate, net 611 — 7,051 — 7,662 Fee income 1,484 — 11 2,046 3,541 Net result from derivative transactions (13,950 ) (25,189 ) — — (39,139 ) Earnings from investment in unconsolidated joint ventures — — 339 102 441 Total other income 18,172 (14,357 ) 29,074 2,148 35,037 Salaries and employee benefits (2,800 ) — — (10,958 ) (13,758 ) Operating expenses 69 — — (8,872 ) (8,803 ) Real estate operating expenses — — (9,372 ) — (9,372 ) Real estate acquisition costs — — (600 ) — (600 ) Fee expense (891 ) (2 ) (38 ) (192 ) (1,123 ) Depreciation and amortization — — (9,718 ) (5 ) (9,723 ) Total costs and expenses (3,622 ) (2 ) (19,728 ) (20,027 ) (43,379 ) Tax expense — — — (3,104 ) (3,104 ) Segment profit (loss) $ 45,034 $ 3,950 $ 4,127 $ (35,148 ) $ 17,963 Total assets as of December 31, 2015 $ 2,310,409 $ 2,407,217 $ 868,528 $ 309,058 $ 5,895,212 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $33.9 million and $33.7 million as of March 31, 2016 and December 31, 2015 , 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 $1.0 million and $48,771 as of March 31, 2016 and December 31, 2015 , respectively, the Company’s investment in FHLB stock of $77.9 million and $77.9 million as of March 31, 2016 and December 31, 2015 , respectively, the Company’s deferred tax asset of $6.2 million and $5.0 million as of March 31, 2016 and December 31, 2015 , respectively and the Company’s senior unsecured notes of $558.1 million and $612.6 million as of March 31, 2016 and December 31, 2015 , respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the issuance date of the financial statements and determined that the following disclosure is necessary: Committed Loan Repurchase Facility On April 19, 2016, the Company entered into an amendment to its committed loan repurchase facility with one of its multiple major banking institutions, adding two one -year extension options and extending the maximum term of the committed loan repurchase facility to May 24, 2020. Borrowings under Credit Agreement On April 21, 2016, the Company entered into an amendment to its credit agreement with one of its multiple major banking institutions extending the maturity date from April 24, 2016 to no later than June 23, 2016. See Note 7 for a further discussion of the Company’s Borrowings under Credit Agreement.

SIGNIFICANT ACCOUNTING POLICI28

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting and Principles of Combination and Consolidation	Basis of Accounting and Principles of Combination and Consolidation The accompanying combined consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim combined consolidated financial statements should be read in conjunction with the audited combined consolidated financial statements for the year ended December 31, 2015 , which are included in the Company’s Annual Report, as certain disclosures would substantially duplicate those contained in the audited combined consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The interim combined consolidated financial statements have been prepared, without audit, and do not necessarily include all information and footnotes necessary for a fair statement of our combined consolidated financial position, results of operations and cash flows in accordance with GAAP. The combined consolidated financial statements include the Company’s accounts and those of its subsidiaries which are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated. The combined consolidated financial statements of the Company are comprised of the consolidation of LCFH and its wholly-owned and majority owned subsidiaries, prior to the IPO Transactions, and the consolidated financial statements of Ladder Capital Corp, subsequent to the IPO Transactions. Financial Accounting Standards Board (“FASB”) 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 as 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 March 31, 2016 and December 31, 2015 .
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 March 31, 2016 and December 31, 2015 , included in other assets on the Company’s combined consolidated balance sheets are $20.0 million and $19.0 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
Recently Issued and Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2016, FASB issued Accounting Standards Update (“ASU”) 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The guidance requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid in capital pools. The guidance also allows for the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. For a public company, the standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is permitted in any interim or annual period. The Company is currently assessing the impact that this guidance will have on its combined consolidated financial statements when adopted. In February 2016, 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 combined 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”). The update provides guidance to improve certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The standard is effective for a public companies for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. Early adoption by public companies for fiscal years or interim periods that have not yet been issued or, by all other entities, that have not yet been made available for issuance of this guidance are permitted as of the beginning of the fiscal year of adoption, under certain restrictions. The Company is required to apply the guidance by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The guidance related to equity securities without readily determinable fair values should be applied prospectively to equity investments that exist at the date of adoption. 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 adopted this update in the quarter ended March 31, 2016. The adoption did not have a material impact on the Company’s combined consolidated financial statements. In June 2015, FASB issued ASU 2015-10, Technical Corrections and Improvements (“ASU 2015-10”). The amendments in this update cover a wide range of topics in the codification and are generally categorized as follows: amendments related to differences between original guidance and the codification; guidance clarification and reference corrections; simplification, and minor improvements. The amendments are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. 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 adopted this update in the quarter ended March 31, 2016. 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 ASU 810, 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 under 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.The Company adopted this update in the quarter ended March 31, 2016. Under this ASU, the Operating Partnership is now considered a VIE, however, since the Company was previously consolidating the Operating Partnership,the adoption of this ASU had no material impact on the Company’s combined consolidated financial statements. Substantially all of the Company’s assets, liabilities, operations and cash flows are those of the Operating Partnership. 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. 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 2014-13, 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. The Company adopted this update in the quarter ended March 31, 2016. The adoption did not 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. 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 adopted this update in the quarter ended March 31, 2016 applying the amendment prospectively. The adoption has not had a material impact 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)	3 Months Ended
	Mar. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Schedule of 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 LIBOR rates are used to calculate weighted average yield for floating rate loans. March 31, 2016 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loan receivables held for investment, at amortized cost $ 1,582,358 $ 1,576,683 7.61 % 1.47 Provision for loan losses N/A (3,850 ) Total mortgage loan receivables held for investment, at amortized cost 1,582,358 1,572,833 Mortgage loan receivables held for sale 353,273 353,331 4.33 % 5.71 Total $ 1,935,631 $ 1,926,164 (1) March 31, 2016 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): March 31, 2016 December 31, 2015 Outstanding Face Amount Carrying Value Outstanding Face Amount Carrying Value Mortgage loan receivables held for sale First mortgage loans $ 353,273 $ 353,331 $ 571,638 $ 571,764 Total mortgage loan receivables held for sale 353,273 353,331 571,638 571,764 Mortgage loan receivables held for investment, at amortized cost First mortgage loans 1,386,134 1,381,446 1,462,228 1,456,212 Mezzanine loans 196,224 195,237 287,328 286,133 Total mortgage loan receivables held for investment, at amortized cost 1,582,358 1,576,683 1,749,556 1,742,345 Provision for loan losses N/A (3,850 ) N/A (3,700 ) Total $ 1,935,631 $ 1,926,164 $ 2,321,194 $ 2,310,409
Schedule of activity in loan portfolio	For the three months ended March 31, 2016 and 2015 , 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, 2015 $ 1,738,645 $ 571,764 Origination of mortgage loan receivables 49,735 91,027 Repayment of mortgage loan receivables (218,410 ) (524 ) Proceeds from sales of mortgage loan receivables — (316,766 ) Realized gain on sale of mortgage loan receivables — 7,830 Accretion/amortization of discount, premium and other fees 3,013 — Loan loss provision (150 ) — Balance, March 31, 2016 $ 1,572,833 $ 353,331 Mortgage loan receivables held for investment, at amortized cost Mortgage loan receivables held for sale Balance, December 31, 2014 $ 1,521,054 $ 417,955 Origination of mortgage loan receivables 378,042 391,934 Repayment of mortgage loan receivables (125,531 ) (164 ) Proceeds from sales of mortgage loan receivables — (589,169 ) Realized gain on sale of mortgage loan receivables — 30,027 Accretion/amortization of discount, premium and other fees 1,591 — Loan loss provision (150 ) — Balance, March 31, 2015 $ 1,775,006 $ 250,583
Schedule of provision for loan losses	Provision for Loan Losses ($ in thousands) Three Months Ended March 31, 2016 2015 Provision for loan losses at beginning of period $ 3,700 $ 3,100 Provision for loan losses 150 150 Provision for loan losses at end of period $ 3,850 $ 3,250

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 ($ in thousands): March 31, 2016 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) $ 2,139,819 $ 2,160,286 $ 33,162 $ (1,294 ) $ 2,192,154 133 AAA 3.21 % 2.86 % 3.15 CMBS interest-only(2) 7,216,114 (3) 344,809 952 (5,634 ) 340,127 53 AAA 1.06 % 3.76 % 3.28 GNMA interest-only(4) 600,054 (3) 25,194 233 (1,689 ) 23,738 21 AA+ 0.73 % 4.28 % 5.13 GN permanent securities(2) 41,148 42,051 1,190 (386 ) 42,855 12 AA+ 4.18 % 3.49 % 7.02 Total $ 9,997,135 $ 2,572,340 $ 35,537 $ (9,003 ) $ 2,598,874 219 1.51 % 3.00 % 3.25 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 (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 March 31, 2016 and December 31, 2015 ($ in thousands): March 31, 2016 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 618,223 $ 1,147,927 $ 426,004 $ — $ 2,192,154 CMBS interest-only(1) — 340,127 — — 340,127 GNMA interest-only(2) 4 14,953 8,390 391 23,738 GN permanent securities(1) — 6,861 35,994 — 42,855 Total $ 618,227 $ 1,509,868 $ 470,388 $ 391 $ 2,598,874 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 (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 LEASE31

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Schedule of real estate properties by category	The following tables present additional detail related to our real estate portfolio ($ in thousands): March 31, 2016 December 31, 2015 Land $ 134,618 $ 138,128 Building 628,612 640,206 In-place leases and other intangibles 138,402 139,501 Real estate 901,632 917,835 Less: Accumulated depreciation and amortization (92,402 ) (83,056 ) Real estate and related lease intangibles, net $ 809,230 $ 834,779
Schedule of depreciation and amortization expense recorded	The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended March 31, 2016 2015 Depreciation expense (1) $ 6,104 $ 5,906 Amortization expense 3,693 3,812 Total real estate depreciation and amortization expense $ 9,797 $ 9,718 (1) Depreciation expense on the combined consolidated statements of income also includes $5,125 and $5,187 of depreciation on corporate fixed assets for the three months ended March 31, 2016 and 2015 , respectively.
Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned	The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles for property owned as of March 31, 2016 ($ in thousands): Period Ending December 31, Amount 2016 (last 9 months) $ 10,076 2017 4,886 2018 4,414 2019 3,992 2020 3,266 Thereafter 75,187 Total $ 101,821
Schedule of contractual future minimum rent under leases	The following is a schedule of non-cancellable, 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 March 31, 2016 ($ in thousands): Period Ending December 31, Amount 2016 (last 9 months) $ 53,182 2017 67,974 2018 65,337 2019 60,705 2020 57,582 Thereafter 494,550 Total $ 799,330
Schedule of real estate properties acquired	During the three months ended March 31, 2016 , the Company acquired no properties. During the three months ended March 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% Total real estate acquisitions $ 103,262 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the three months ended March 31, 2015 , as follows ($ in thousands): Purchase Price Allocation Land $ 12,605 Building 82,669 Intangibles 7,988 Total purchase price $ 103,262
Schedule of properties sold	The Company sold the following properties during the three months ended March 31, 2016 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Mar 2016 Net Lease Rockland, MA 9,148 8,437 711 1 — Various Condominium Las Vegas, NV 8,404 4,417 3,987 — 17 Various Condominium Miami, FL 5,963 4,566 1,397 — 21 Totals $ 23,515 $ 17,420 $ 6,095 The Company sold the following properties during the three months ended March 31, 2015 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Various Condominium Las Vegas, NV 12,210 6,777 5,433 — 25 Various Condominium Miami, FL 9,857 7,628 2,229 — 33 Totals $ 22,067 $ 14,405 $ 7,662
Schedule of unaudited pro forma information	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. This unaudited pro forma information may not be indicative of the results that actually would have occurred if these transactions had been in effect on the dates indicated, nor do they purport to represent our future results of operations ($ in thousands): Three Months Ended March 31, 2015 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 19,147 $ 871 $ 20,018 Net income 17,963 454 18,417 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (191 ) — (191 ) Net (income) loss attributable to noncontrolling interest in operating partnership (8,597 ) (222 ) (8,819 ) Net income attributable to Class A common shareholders 9,175 231 9,406

INVESTMENT IN UNCONSOLIDATED 32

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 ($ in thousands): Entity March 31, 2016 December 31, 2015 Ladder Capital Realty Income Partnership I LP $ 1,000 $ 49 Grace Lake JV, LLC 3,116 2,891 24 Second Avenue Holdings LLC 30,739 30,857 Company’s investment in unconsolidated joint ventures $ 34,855 $ 33,797
Summary of the Company's allocated earnings based on its ownership interests from investment in unconsolidated joint ventures	The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the three months ended March 31, 2016 and 2015 ($ in thousands): Three Months Ended March 31, Entity 2016 2015 Ladder Capital Realty Income Partnership I LP $ 892 $ 102 Grace Lake JV, LLC 225 339 24 Second Avenue Holdings LLC (323 ) — Earnings (loss) from investment in unconsolidated joint ventures $ 794 $ 441
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 March 31, 2016 and December 31, 2015 ($ in thousands): March 31, 2016 December 31, 2015 Total assets $ 132,458 $ 131,214 Total liabilities 89,585 88,973 Partners’/members’ capital $ 42,873 $ 42,241 The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three months ended March 31, 2016 and 2015 ($ in thousands): Three Months Ended March 31, 2016 2015 Total revenues $ 4,237 $ 5,675 Total expenses 4,416 3,764 Net income (loss) $ (179 ) $ 1,911

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of repurchase agreement	The details of the Company’s debt obligations at March 31, 2016 and December 31, 2015 are as follows ($ in thousands): March 31, 2016 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at March 31, 2016(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 207,849 $ 392,151 2.19% - 2.94% 10/30/2016 (2) (3) $ 339,106 $ 340,373 Committed Loan Repurchase Facility 400,000 176,746 223,254 2.68% - 4.44% 4/9/2017 (4) (5) 334,212 369,623 (6) Committed Loan Repurchase Facility 450,000 148,731 301,269 2.69% - 4.36% 5/24/2016 (2) (3) 272,933 297,116 (7) Committed Loan Repurchase Facility 35,000 2,262 32,738 3.03% - 3.04% 10/24/2016 (8) (9) — 3,193 (10) Total Committed Loan Repurchase Facilities 1,485,000 535,588 949,412 946,251 1,010,305 Committed Securities Repurchase Facility 300,000 203,059 96,941 0.88% - 2.43% 10/31/2016 N/A (11) 245,022 245,022 Uncommitted Securities Repurchase Facility N/A (12) 365,692 N/A (12) 0.75% - 2.14% 4/2016 - 6/2016 N/A (11) 435,941 435,941 Total Repurchase Facilities 1,785,000 1,104,339 1,046,353 1,627,214 1,691,268 Borrowings Under Credit Agreement 50,000 — 50,000 4/24/2016 N/A (13) — — Revolving Credit Facility 143,000 — 143,000 2/11/2017 (2) N/A (14) N/A (14) N/A (14) Mortgage Loan Financing 547,776 547,776 — 4.25% - 6.75% 2018 - 2026 N/A (15) 712,468 799,169 Borrowings from the FHLB 2,221,955 1,881,200 340,755 0.38% - 2.74% 2016 - 2024 N/A (13) 2,355,506 2,363,781 Senior Unsecured Notes 563,872 558,134 (16) — 5.875% - 7.375% 2017 -2021 N/A N/A (17) N/A (17) N/A (17) Total Debt Obligations $ 5,311,603 $ 4,091,449 $ 1,580,108 $ 4,695,188 $ 4,854,218 (1) March 31, 2016 LIBOR rates are used to calculate interest rates for floating rate debt. (2) Two additional 12 -month periods at Company’s option. (3) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (4) Two 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 $32.2 million of loans made to consolidated subsidiaries. (7) Includes $22.9 million of loans made to consolidated subsidiaries. (8) Two additional 6 -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 $3.2 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 $5.7 million at March 31, 2016 . (17) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. 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 (6) 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 LIBOR rates are used to calculate interest rates for floating rate debt. (2) Two additional 12 -month periods at Company’s option. (3) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (4) Two 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 6 -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 $6.9 million at December 31, 2015 . (17) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity	The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by Maturity (1) 2016 (last 9 months) $ 1,780,462 2017 742,698 2018 229,016 2019 57,468 2020 113,802 Thereafter 1,167,723 Subtotal $ 4,091,169 Debt issuance costs included in senior unsecured notes (5,738 ) Premiums included in mortgage loan financing 6,018 Total 4,091,449 (1) Contractual payments under current maturities, some of which are subject to extensions.

FAIR VALUE OF FINANCIAL INSTR34

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 are as follows ($ in thousands): March 31, 2016 Weighted Average Outstanding Face Amount Amortized Cost Basis Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 2,139,819 $ 2,160,286 $ 2,192,154 Internal model, third-party inputs 2.86 % 3.15 CMBS interest-only(1) 7,216,114 (8) 344,809 340,127 Internal model, third-party inputs 3.76 % 3.28 GNMA interest-only(3) 600,054 (8) 25,194 23,738 Internal model, third-party inputs 4.28 % 5.13 GN permanent securities(1) 41,148 42,051 42,855 Internal model, third-party inputs 3.49 % 7.02 Mortgage loan receivables held for investment, at amortized cost 1,582,358 1,572,833 1,593,676 Discounted Cash Flow(4) 7.61 % 1.47 Mortgage loan receivables held for sale 353,273 353,331 361,915 Internal model, third-party inputs(5) 4.33 % 5.71 FHLB stock(6) 77,915 77,915 77,915 (6) 3.50 % N/A Nonhedge derivatives(1)(7) 11,100 N/A 215 Counterparty quotations N/A 5.17 Liabilities: Repurchase agreements - short-term 1,082,656 1,082,656 1,082,656 Discounted Cash Flow(8) 1.73 % 0.34 Repurchase agreements - long-term 21,683 21,683 21,683 Discounted Cash Flow(9) 2.59 % 1.15 Borrowings under credit agreement — — — Discounted Cash Flow(10) Revolving credit facility — — — Discounted Cash Flow(10) Mortgage loan financing 544,527 547,776 579,054 Discounted Cash Flow(9) 4.86 % 7.69 Borrowings from the FHLB 1,881,200 1,881,200 1,892,923 Discounted Cash Flow 0.97 % 2.53 Senior unsecured notes 563,872 558,134 528,736 Broker quotations, pricing services 6.67 % 3.31 Nonhedge derivatives(1)(7) 1,026,800 N/A 12,743 Counterparty quotations N/A 1.96 (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, 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 receivables 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 receivables 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 35,813 35,813 35,813 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. (10) Fair value for borrowings under the Credit 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 March 31, 2016 and December 31, 2015 ($ in thousands): March 31, 2016 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) $ 2,139,819 $ — $ — $ 2,192,154 $ 2,192,154 CMBS interest-only(1) 7,216,114 (2) — — 340,127 340,127 GNMA interest-only(3) 600,054 (2) — — 23,738 23,738 GN permanent securities(1) 41,148 — — 42,855 42,855 Nonhedge derivatives(4) 11,100 — 215 — 215 $ — $ 215 $ 2,598,874 $ 2,599,089 Liabilities: Nonhedge derivatives(4) 1,026,800 $ — $ 12,743 $ — $ 12,743 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 $ 1,582,358 $ — $ — $ 1,593,676 $ 1,593,676 Mortgage loan receivable held for sale 353,273 — — 361,915 361,915 FHLB stock 77,915 — — 77,915 77,915 $ — $ — $ 2,033,506 $ 2,033,506 Liabilities: 0 Repurchase agreements - short-term 1,082,656 $ — $ — $ 1,082,656 $ 1,082,656 Repurchase agreements - long-term 21,683 — — 21,683 21,683 Mortgage loan financing 544,527 — — 579,054 579,054 Borrowings from the FHLB 1,881,200 — — 1,892,923 1,892,923 Senior unsecured notes 563,872 — — 528,736 528,736 $ — $ — $ 4,105,052 $ 4,105,052 (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, 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 (3) — — 344,423 344,423 GNMA interest-only(2) 632,175 (3) — — 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 35,813 — — 35,813 35,813 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 $ — $ — $ 4,271,537 $ 4,271,537
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 three months ended March 31, 2016 and 2015 ($ in thousands): Level 3 2016 2015 Balance at January 1, $ 2,407,217 $ 2,683,744 Transfer from level 2 — — Purchases 227,758 241,286 Sales (15,477 ) (370,337 ) Paydowns/maturities (36,136 ) (46,891 ) Amortization of premium/discount (18,958 ) (15,015 ) Unrealized gain/(loss) 34,459 18,970 Realized gain/(loss) on sale 11 12,693 Balance at March 31, $ 2,598,874 $ 2,524,450
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): March 31, 2016 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 2,192,154 Discounted cash flow Yield (4) — % 2.74 % 12.09 % Duration (years)(5) 0.00 3.95 8.28 CMBS interest-only (1) 340,127 (2) Discounted cash flow Yield (4) — % 4.04 % 4.66 % Duration (years)(5) 1.82 3.23 4.34 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only (3) 23,738 (2) Discounted cash flow Yield (4) — % 9.06 % 10 % Duration (years)(5) 0.00 2.41 5.30 Prepayment speed (CPJ)(5) 5.00 14.03 35.00 GN permanent securities (1) 42,855 Discounted cash flow Yield (4) 0.63 % 3.45 % 6.6 % Duration (years)(5) 0.00 8.66 10.29 Total $ 2,598,874 (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, 2015 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 1,991,506 Discounted cash flow Yield (3) — % 2.19 % 9.21 % Duration (years)(4) 0.00 4.06 7.91 CMBS interest-only (1) 344,423 (2) Discounted cash flow Yield (3) 0.09 % 4.13 % 4.51 % Duration (years)(4) 1.90 3.30 4.24 Prepayment speed (CPY)(4) 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. 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)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 ($ in thousands): March 31, 2016 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Futures 5-year Swap $ 542,900 $ 9 $ 4,416 0.25 10-year Swap 399,700 — 3,018 0.25 5-year U.S. Treasury Note 700 — 1 0.25 10-year U.S. Treasury Note Ultra 1,100 3 — 0.25 Total futures 944,400 12 7,435 Swaps 3MO LIBOR 50,000 — 4,980 4.47 Credit Derivatives CMBX 10,000 203 — 5.45 CDX 33,500 — 328 2.70 Total credit derivatives 43,500 203 328 Total derivatives $ 1,037,900 $ 215 $ 12,743 (1) Shown as derivative instruments, at fair value, in the accompanying combined consolidated balance sheets. 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.
Schedule of net realized gains/(losses) and unrealized appreciation/(depreciation) on derivatives	The following table indicates the net realized gains/(losses) and unrealized appreciation/(depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the combined consolidated statements of operations for the three months ended March 31, 2016 and 2015 ($ in thousands): Three Months Ended March 31, 2016 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ (8,564 ) $ (40,797 ) $ (49,361 ) Swaps (1,078 ) (338 ) (1,416 ) Credit Derivatives 12 (97 ) (85 ) Total $ (9,630 ) $ (41,232 ) $ (50,862 ) Three Months Ended March 31, 2015 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Caps $ — $ — $ — Futures $ (10,969 ) $ (27,038 ) $ (38,007 ) Swaps (372 ) (610 ) (982 ) Credit Derivatives (54 ) (96 ) (150 ) Total $ (11,395 ) $ (27,744 ) $ (39,139 )

OFFSETTING ASSETS AND LIABILI36

OFFSETTING ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2016
Offsetting [Abstract]
Schedule of offsetting of financial assets	As of March 31, 2016 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 $ 215 $ — $ 215 $ — $ — $ 215 Total $ 215 $ — $ 215 $ — $ — $ 215 (1) Included in cash collateral held by broker on combined consolidated balance sheets. 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.
Schedule of offsetting of financial liabilities	As of March 31, 2016 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 $ 12,743 $ — $ 12,743 $ — $ 12,743 — Repurchase agreements 1,104,339 — 1,104,339 1,104,339 — — Total $ 1,117,082 $ — $ 1,117,082 $ 1,104,339 $ 12,743 $ — (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.

EQUITY STRUCTURE AND ACCOUNTS (

EQUITY STRUCTURE AND ACCOUNTS (Tables)	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2015 $ 49,006 Additional authorizations — Repurchases paid 424,317 (4,652 ) Repurchases unsettled — Authorizations remaining as of March 31, 2016 $ 44,354 (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 three months ended March 31, 2016 and 2015 : Declaration Date Dividend per Share March 1, 2016 $ 0.275 Total $ 0.275 March 12, 2015 $ 0.250 Total $ 0.250
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 three months ended March 31, 2016 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income December 31, 2015 $ (3,556 ) $ (2,839 ) $ (6,395 ) Other comprehensive income (loss) 19,467 14,916 34,383 Exchange of noncontrolling interest for common stock (122 ) 122 — Rebalancing of ownership percentage between Company and Operating Partnership 350 (350 ) — March 31, 2016 $ 16,139 $ 11,849 $ 27,988

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of the Company's net income and weighted average shares outstanding	The Company’s net income (loss) and weighted average shares outstanding for the three months ended March 31, 2016 and 2015 consist of the following: ($ in thousands except share amounts) For the Three Months Ended March 31, 2016 For the Three Months Ended March 31, 2015 Basic Net income (loss) available for Class A common shareholders $ (5,539 ) $ 9,175 Diluted Net income (loss) available for Class A common shareholders $ (5,539 ) $ 14,231 Weighted average shares outstanding Basic 59,596,889 49,986,082 Diluted 59,596,889 98,098,672
Schedule of calculation of basic and diluted net income per share amounts	(In thousands except share amounts) For the Three Months Ended March 31, 2016 For the Three Months Ended March 31, 2015 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ (5,539 ) $ 9,175 Denominator: Weighted average number of shares of Class A common stock outstanding 59,596,889 49,986,082 Basic net income (loss) per share of Class A common stock $ (0.09 ) $ 0.18 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ (5,539 ) $ 9,175 Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) — 8,596 Additional corporate tax (expense) benefit — (3,540 ) Diluted net income attributable to Class A common shareholders $ (5,539 ) $ 14,231 Denominator: Basic weighted average number of shares of Class A common stock outstanding 59,596,889 49,986,082 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders — 47,645,531 Incremental shares of unvested Class A restricted stock — 467,059 Diluted weighted average number of shares of Class A common stock outstanding 59,596,889 98,098,672 Diluted net income (loss) per share of Class A common stock $ (0.09 ) $ 0.15

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of the grants	A summary of the grants is presented below ($ in thousands): Three Months Ended March 31, 2016 2015 Number Weighted Average Fair Value Number Weighted Average Fair Value Grants - Class A Common Stock (restricted) 793,598 $ 9,118 722,104 $ 13,278 Grants - Class A Common Stock (restricted) dividends 166,934 1,908 — — Stock Options 380,949 1,356 670,256 1,441 Amortization to compensation expense LP Units compensation expense — (50 ) Ladder compensation expense (3,464 ) (3,089 ) Total amortization to compensation expense $ (3,464 ) $ (3,139 )
Schedule of Nonvested Shares Activity	The table below presents the number of unvested shares and outstanding stock options at March 31, 2016 and changes during 2016 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, 2015 1,334,369 601,186 504 Granted 960,532 380,949 — Exercised — Vested (257,815 ) (504 ) Forfeited — — — Expired — Nonvested/Outstanding at March 31, 2016 2,037,086 982,135 — Exercisable at March 31, 2016 230,936 (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.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2016
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 (last nine months) $ 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)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of segment	The Company evaluates performance based on the following financial measures for each segment ($ in thousands): Loans Securities Real Estate(1) Corporate/Other(2) Company Total Three months ended March 31, 2016 Interest income $ 41,328 $ 18,256 $ — $ 17 $ 59,601 Interest expense (6,151 ) (1,970 ) (6,195 ) (15,220 ) (29,536 ) Net interest income (expense) 35,177 16,286 (6,195 ) (15,203 ) 30,065 Provision for loan losses (150 ) — — — (150 ) Net interest income (expense) after provision for loan losses 35,027 16,286 (6,195 ) (15,203 ) 29,915 Operating lease income — — 19,294 — 19,294 Tenant recoveries — — 1,335 — 1,335 Sale of loans, net 7,830 — — — 7,830 Realized gain on securities — (573 ) — — (573 ) Unrealized gain (loss) on Agency interest-only securities — 660 — — 660 Realized gain on sale of real estate, net 641 — 5,454 — 6,095 Fee and other income 1,805 — 342 828 2,975 Net result from derivative transactions (16,125 ) (34,737 ) — — (50,862 ) Earnings from investment in unconsolidated joint ventures — — (98 ) 892 794 Gain (loss) on extinguishment of debt — — — 5,382 5,382 Total other income (expense) (5,849 ) (34,650 ) 26,327 7,102 (7,070 ) Salaries and employee benefits (1,500 ) — — (11,115 ) (12,615 ) Operating expenses — — (422 ) (5,873 ) (6,295 ) Real estate operating expenses — — (5,719 ) — (5,719 ) Fee expense (436 ) — (114 ) (181 ) (731 ) Depreciation and amortization — — (9,797 ) (5 ) (9,802 ) Total costs and expenses (1,936 ) — (16,052 ) (17,174 ) (35,162 ) Tax (expense) benefit — — — 873 873 Segment profit (loss) $ 27,242 $ (18,364 ) $ 4,080 $ (24,402 ) $ (11,444 ) Total assets as of March 31, 2016 $ 1,926,164 $ 2,598,874 $ 843,085 $ 287,172 $ 5,655,295 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Three months ended March 31, 2015 Interest income $ 36,056 $ 20,321 $ — $ 6 $ 56,383 Interest expense (5,422 ) (2,012 ) (5,219 ) (14,171 ) (26,824 ) Net interest income (expense) 30,634 18,309 (5,219 ) (14,165 ) 29,559 Provision for loan losses (150 ) — — — (150 ) Net interest income (expense) after provision for loan losses 30,484 18,309 (5,219 ) (14,165 ) 29,409 Operating lease income — — 19,147 — 19,147 Tenant recoveries — — 2,526 — 2,526 Sale of loans, net 30,027 — — — 30,027 Realized gain on securities — 12,150 — — 12,150 Unrealized gain (loss) on Agency interest-only securities — (1,318 ) — — (1,318 ) Realized gain on sale of real estate, net 611 — 7,051 — 7,662 Fee income 1,484 — 11 2,046 3,541 Net result from derivative transactions (13,950 ) (25,189 ) — — (39,139 ) Earnings from investment in unconsolidated joint ventures — — 339 102 441 Total other income 18,172 (14,357 ) 29,074 2,148 35,037 Salaries and employee benefits (2,800 ) — — (10,958 ) (13,758 ) Operating expenses 69 — — (8,872 ) (8,803 ) Real estate operating expenses — — (9,372 ) — (9,372 ) Real estate acquisition costs — — (600 ) — (600 ) Fee expense (891 ) (2 ) (38 ) (192 ) (1,123 ) Depreciation and amortization — — (9,718 ) (5 ) (9,723 ) Total costs and expenses (3,622 ) (2 ) (19,728 ) (20,027 ) (43,379 ) Tax expense — — — (3,104 ) (3,104 ) Segment profit (loss) $ 45,034 $ 3,950 $ 4,127 $ (35,148 ) $ 17,963 Total assets as of December 31, 2015 $ 2,310,409 $ 2,407,217 $ 868,528 $ 309,058 $ 5,895,212 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $33.9 million and $33.7 million as of March 31, 2016 and December 31, 2015 , 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 $1.0 million and $48,771 as of March 31, 2016 and December 31, 2015 , respectively, the Company’s investment in FHLB stock of $77.9 million and $77.9 million as of March 31, 2016 and December 31, 2015 , respectively, the Company’s deferred tax asset of $6.2 million and $5.0 million as of March 31, 2016 and December 31, 2015 , respectively and the Company’s senior unsecured notes of $558.1 million and $612.6 million as of March 31, 2016 and December 31, 2015 , respectively.

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details) $ / shares in Units, $ in Millions	Feb. 11, 2014USD ($)shares	Dec. 31, 2014	Mar. 31, 2016shares	Dec. 31, 2015shares	Feb. 10, 2014Class_of_Stock$ / 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%
Percentage of applicable cash saving in income tax available for the entity		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		63,191,252	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		46,445,729	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			57.60%

SIGNIFICANT ACCOUNTING POLICI43

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Basis of accounting and principles of combination and consolidation
Maximum cash amount insured at several financial institutions	$ 250,000		$ 250,000
Additional deferred financing cost amortization	2,688,000	$ 1,593,000
Income tax expense (benefit)	(873,000)	3,104,000
Additional return on equity from Company's investments	0	$ 281,000
Out-of-Period Adjustment
Basis of accounting and principles of combination and consolidation
Additional deferred financing cost amortization	500,000
Out-of-Period Adjustment | Noncontrolling Interests Consolidated Joint Ventures
Basis of accounting and principles of combination and consolidation
Additional return on equity from Company's investments	900,000
Out-of-Period Adjustment | Tax Year 2015 | State and Local Jurisdiction
Basis of accounting and principles of combination and consolidation
Income tax expense (benefit)	1,200,000
Other Assets
Basis of accounting and principles of combination and consolidation
Tenant security deposits	$ 20,000,000		$ 19,000,000

MORTGAGE LOAN RECEIVABLES - Sch

MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 1,935,631	$ 2,321,194
Provision for loan losses	(3,850)	(3,700)	$ (3,250)	$ (3,100)
Carrying Value	1,926,164	2,310,409
Mortgage loan receivables held for investment, at amortized cost
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	1,582,358	1,749,556
Carrying Value, gross	1,576,683	1,742,345
Provision for loan losses	(3,850)	(3,700)
Carrying Value	$ 1,572,833	$ 1,738,645
Weighted Average Yield (as a percent)	7.61%	7.56%
Remaining Maturity (years)	1 year 5 months 19 days	1 year 4 months 17 days
Mortgage loan receivables held for sale
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 353,273	$ 571,638
Carrying Value	$ 353,331	$ 571,764
Weighted Average Yield (as a percent)	4.33%	4.56%
Remaining Maturity (years)	5 years 8 months 15 days	6 years 2 months 12 days

MORTGAGE LOAN RECEIVABLES (Deta

MORTGAGE LOAN RECEIVABLES (Details)	3 Months Ended
	Mar. 31, 2016USD ($)loan	Mar. 31, 2015USD ($)loan	Dec. 31, 2015USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Loans receivable with fixed rates of interest	$ 342,300,000		$ 343,200,000
Percentage of loans receivable with fixed rates of interest	21.70%		19.70%
Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost	$ 600,000		$ 700,000
Number of mortgage loans impaired | loan	0		0
Carrying value, net	$ 1,926,164,000		$ 2,310,409,000
Mortgage loan receivables held for investment, at amortized cost
Mortgage Loans on Real Estate [Line Items]
Proceeds from sales of mortgage loan receivables	0	$ 0
Loans receivable with fixed rates of interest	$ 1,200,000,000		$ 1,400,000,000
Percentage of loans receivable with fixed rates of interest	78.30%		80.30%
Number or loans in default | loan	2
Loans in default, carrying value	$ 26,700,000
Impairment recorded on defaulted loans	0
Carrying value, net	1,572,833,000		$ 1,738,645,000
Mortgage loan receivables held for sale
Mortgage Loans on Real Estate [Line Items]
Proceeds from sales of mortgage loan receivables	316,766,000	$ 589,169,000
Loans receivable with fixed rates of interest	$ 353,300,000		$ 571,800,000
Percentage of loans receivable with fixed rates of interest	100.00%		100.00%
Carrying value, net	$ 353,331,000		$ 571,764,000
Loan on non-accrual status
Mortgage Loans on Real Estate [Line Items]
Number of loans on non-accrual status | loan	0	0

MORTGAGE LOAN RECEIVABLES - Mor

MORTGAGE LOAN RECEIVABLES - Mortgage Loan Receivables by Loan Type (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 1,935,631	$ 2,321,194
Provision for loan losses	(3,850)	(3,700)	$ (3,250)	$ (3,100)
Carrying Value	1,926,164	2,310,409
First mortgage loan, held for sale
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	353,273	571,638
Carrying Value	353,331	571,764
Mortgage loan receivables held for sale
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	353,273	571,638
Carrying Value	353,331	571,764
First mortgage loan, held for investment
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	1,386,134	1,462,228
Carrying Value, Gross	1,381,446	1,456,212
Mezzanine loan, held for investment
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	196,224	287,328
Carrying Value, Gross	195,237	286,133
Mortgage loan receivables held for investment
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	1,582,358	1,749,556
Carrying Value, Gross	1,576,683	1,742,345
Provision for loan losses	(3,850)	(3,700)
Carrying Value	$ 1,572,833	$ 1,738,645

MORTGAGE LOAN RECEIVABLES - Act

MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Activity in loan portfolio
Realized gain on sale of mortgage loan receivables	$ 7,830	$ 30,027
Loan loss provision	150	150
Mortgage loan receivables held for investment, at amortized cost
Activity in loan portfolio
Balance at the beginning of the period	1,738,645	1,521,054
Origination of mortgage loan receivables	49,735	378,042
Repayment of mortgage loan receivables	(218,410)	(125,531)
Proceeds from sales of mortgage loan receivables	0	0
Realized gain on sale of mortgage loan receivables	0	0
Accretion/amortization of discount, premium and other fees	3,013	1,591
Loan loss provision	(150)	(150)
Balance at the end of the period	1,572,833	1,775,006
Mortgage loan receivables held for sale
Activity in loan portfolio
Balance at the beginning of the period	571,764	417,955
Origination of mortgage loan receivables	91,027	391,934
Repayment of mortgage loan receivables	(524)	(164)
Proceeds from sales of mortgage loan receivables	(316,766)	(589,169)
Realized gain on sale of mortgage loan receivables	7,830	30,027
Accretion/amortization of discount, premium and other fees	0	0
Loan loss provision	0	0
Balance at the end of the period	$ 353,331	$ 250,583

MORTGAGE LOAN RECEIVABLES - Pro

MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan losses at beginning of period	$ 3,700	$ 3,100
Provision for loan losses	150	150
Provision for loan losses at end of period	$ 3,850	$ 3,250

REAL ESTATE SECURITIES - Summar

REAL ESTATE SECURITIES - Summary of Securities (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)securities	Dec. 31, 2015USD ($)securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 9,997,135	$ 10,084,386
Amortized Cost Basis	2,572,340	2,415,727
Gross Unrealized Gains	35,537	6,936
Gross Unrealized Losses	(9,003)	(15,446)
Carrying Value	$ 2,598,874	$ 2,407,217
Number of Securities | securities	219	200
Weighted Average Coupon %	1.51%	1.44%
Weighted Average Yield %	3.00%	3.60%
Remaining Duration (years)	3 years 3 months	3 years 3 months 14 days
CMBS
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 2,139,819	$ 1,972,492
Amortized Cost Basis	2,160,286	1,994,928
Gross Unrealized Gains	33,162	4,643
Gross Unrealized Losses	(1,294)	(8,065)
Carrying Value	$ 2,192,154	$ 1,991,506
Number of Securities | securities	133	119
Weighted Average Coupon %	3.21%	3.17%
Weighted Average Yield %	2.86%	2.59%
Remaining Duration (years)	3 years 1 month 24 days	3 years 1 month 24 days
CMBS interest-only
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 7,216,114	$ 7,436,379
Amortized Cost Basis	344,809	348,222
Gross Unrealized Gains	952	1,027
Gross Unrealized Losses	(5,634)	(4,826)
Carrying Value	$ 340,127	$ 344,423
Number of Securities | securities	53	48
Weighted Average Coupon %	1.06%	1.02%
Weighted Average Yield %	3.76%	3.81%
Remaining Duration (years)	3 years 3 months 10 days	3 years 4 months 2 days
GNMA interest-only
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 600,054	$ 632,175
Amortized Cost Basis	25,194	28,311
Gross Unrealized Gains	233	44
Gross Unrealized Losses	(1,689)	(2,161)
Carrying Value	$ 23,738	$ 26,194
Number of Securities | securities	21	20
Weighted Average Coupon %	0.73%	0.80%
Weighted Average Yield %	4.28%	4.26%
Remaining Duration (years)	5 years 1 month 17 days	5 years 2 months 19 days
GN construction securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount		$ 27,091
Amortized Cost Basis		27,581
Gross Unrealized Gains		1,058
Gross Unrealized Losses		0
Carrying Value		$ 28,639
Number of Securities | securities		1
Weighted Average Coupon %		4.10%
Weighted Average Yield %		3.86%
Remaining Duration (years)		9 years 3 months 29 days
GN permanent securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 41,148	$ 16,249
Amortized Cost Basis	42,051	16,685
Gross Unrealized Gains	1,190	164
Gross Unrealized Losses	(386)	(394)
Carrying Value	$ 42,855	$ 16,455
Number of Securities | securities	12	12
Weighted Average Coupon %	4.18%	4.52%
Weighted Average Yield %	3.49%	3.94%
Remaining Duration (years)	7 years 7 days	5 years 5 months 4 days

REAL ESTATE SECURITIES - Securi

REAL ESTATE SECURITIES - Securities by Remaining Maturity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	$ 618,227		$ 612,752
1-5 years	1,509,868		1,260,381
5-10 years	470,388		533,604
After 10 years	391		480
Fair value of real estate securities	2,598,874		2,407,217
Other than temporary impairments included in consolidated statements of income	(600)	$ (500)
CMBS
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	618,223		610,526
1-5 years	1,147,927		891,752
5-10 years	426,004		489,228
After 10 years	0		0
Fair value of real estate securities	2,192,154		1,991,506
CMBS interest-only
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	0		0
1-5 years	340,127		344,423
5-10 years	0		0
After 10 years	0		0
Fair value of real estate securities	340,127		344,423
GNMA interest-only
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	4		6
1-5 years	14,953		17,159
5-10 years	8,390		8,549
After 10 years	391		480
Fair value of real estate securities	23,738		26,194
GN construction securities
Schedule of Available-for-sale Securities [Line Items]
Within 1 year			0
1-5 years			386
5-10 years			28,253
After 10 years			0
Fair value of real estate securities			28,639
GN permanent securities
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	0		2,220
1-5 years	6,861		6,661
5-10 years	35,994		7,574
After 10 years	0		0
Fair value of real estate securities	$ 42,855		$ 16,455

REAL ESTATE AND RELATED LEASE51

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real estate and related lease intangibles, net
Real estate	$ 901,632	$ 917,835
Less: Accumulated depreciation and amortization	(92,402)	(83,056)
Real estate and related lease intangibles, net	809,230	834,779
In-place leases and other intangibles
Real estate and related lease intangibles, net
Real estate	138,402	139,501
Land
Real estate and related lease intangibles, net
Real estate	134,618	138,128
Building
Real estate and related lease intangibles, net
Real estate	$ 628,612	$ 640,206

REAL ESTATE AND RELATED LEASE52

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Depreciation and Amortization Expense on Real Estate (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Real Estate [Abstract]
Depreciation expense	$ 6,104,000	$ 5,906,000
Amortization expense	3,693,000	3,812,000
Total real estate depreciation and amortization expense	9,797,000	9,718,000
Depreciation on corporate fixed assets	$ 5,125	$ 5,187

REAL ESTATE AND RELATED LEASE53

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Real Estate [Abstract]
Gross intangible assets	$ 138.4		$ 139.5
Accumulated amortization	36.6		32.7
Net intangible assets	101.8		106.8
Unamortized favorable/unfavorable lease intangibles	6.1		6.5
Adjustment against operating lease income for favorable/unfavorable leases	0.4	$ 0.4
Unbilled rent receivables	5.6		5
Unencumbered real estates	$ 30.9		$ 47.8

REAL ESTATE AND RELATED LEASE54

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Net intangible assets	$ 101,800	$ 106,800
In-place leases intangibles
Finite-Lived Intangible Assets [Line Items]
2016 (last 9 months)	10,076
2,017	4,886
2,018	4,414
2,019	3,992
2,020	3,266
Thereafter	75,187
Net intangible assets	$ 101,821

REAL ESTATE AND RELATED LEASE55

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands	Mar. 31, 2016USD ($)
Real Estate [Abstract]
2016 (last 9 months)	$ 53,182
2,017	67,974
2,018	65,337
2,019	60,705
2,020	57,582
Thereafter	494,550
Total	$ 799,330

REAL ESTATE AND RELATED LEASE56

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Acquisition [Line Items]
Purchase Price	$ 0	$ 103,262
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 | 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%

REAL ESTATE AND RELATED LEASE57

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Real Estate [Abstract]
Land		$ 12,605
Building		82,669
Intangibles		7,988
Purchase Price	$ 0	$ 103,262

REAL ESTATE AND RELATED LEASE58

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)property	Mar. 31, 2015USD ($)propertyCondominium_Unit	Dec. 31, 2015USD ($)
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	$ 23,515	$ 22,067
Real estate and related lease intangibles, net	809,230		$ 834,779
Realized gain on sale of real estate, net	6,095	7,662
2016 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	23,515
Real estate and related lease intangibles, net	17,420
Realized gain on sale of real estate, net	6,095
2016 Disposal Properties | Net Lease | Rockland, MA
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	9,148
Real estate and related lease intangibles, net	8,437
Realized gain on sale of real estate, net	$ 711
Number of properties disposed | property	1
Number of units sold | property	0
2016 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	$ 8,404
Real estate and related lease intangibles, net	4,417
Realized gain on sale of real estate, net	$ 3,987
Number of properties disposed | property	0
Number of units sold | property	17
2016 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	$ 5,963
Real estate and related lease intangibles, net	4,566
Realized gain on sale of real estate, net	$ 1,397
Number of properties disposed | property	0
Number of units sold | property	21
2015 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate		22,067
Real estate and related lease intangibles, net		14,405
Realized gain on sale of real estate, net		7,662
2015 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate		12,210
Real estate and related lease intangibles, net		6,777
Realized gain on sale of real estate, net		$ 5,433
Number of properties disposed | property		0
Number of units sold | Condominium_Unit		25
2015 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate		$ 9,857
Real estate and related lease intangibles, net		7,628
Realized gain on sale of real estate, net		$ 2,229
Number of properties disposed | property		0
Number of units sold | Condominium_Unit		33

REAL ESTATE AND RELATED LEASE59

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unaudited Pro Forma (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Operating lease income	$ 19,294	$ 19,147
Net income	(11,444)	17,963
Net loss attributable to noncontrolling interest in consolidated joint ventures		(191)
Net (income) loss attributable to noncontrolling interest in operating partnership	$ 5,673	(8,597)
Net income attributable to Class A common shareholders		9,175
Acquisitions
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Operating lease income		871
Net income		454
Net loss attributable to noncontrolling interest in consolidated joint ventures		0
Net (income) loss attributable to noncontrolling interest in operating partnership		(222)
Net income attributable to Class A common shareholders		231
Consolidated Pro Forma
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Operating lease income		20,018
Net income		18,417
Net loss attributable to noncontrolling interest in consolidated joint ventures		(191)
Net (income) loss attributable to noncontrolling interest in operating partnership		(8,819)
Net income attributable to Class A common shareholders		9,406
2015 Acquisitions
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenue recorded from acquisitions included in operating lease income		$ 1,000

INVESTMENT IN UNCONSOLIDATED 60

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)	1 Months Ended	3 Months Ended
	Apr. 30, 2012	Mar. 31, 2016USD ($)Joint_Venture	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Aug. 07, 2015USD ($)	Mar. 22, 2013	Apr. 15, 2011
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures		$ 34,855,000		$ 33,797,000
Number of unconsolidated joint ventures | Joint_Venture		1
Management fee		$ 2,975,000	$ 3,541,000
Expenses from investment		(4,416,000)	(3,764,000)
LCRIP I
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures		1,000,000		49,000
Minimum average net equity partnership investment as a basis for management fee reduction		100,000,000
Management fee		6,905	$ 100,000
LCRIP I | LP Units
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)							10.00%
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures		$ 3,116,000		2,891,000
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		$ 30,739,000		$ 30,857,000
Ownership interest (as a percent)					73.80%
Profit multiplier ratio					1.70
Ownership percentage after achievement of profit multiplier ratio					50.00%
Amount contributed					$ 31,100,000
Expenses from investment		(300,000)
Interest costs capitalized		$ 200,000
24 Second Avenue | Operating Partner
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)					26.20%
Ownership percentage after achievement of profit multiplier ratio					50.00%

INVESTMENT IN UNCONSOLIDATED 61

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Company’s investment in unconsolidated joint ventures	$ 34,855	$ 33,797
Ladder Capital Realty Income Partnership I LP
Schedule of Equity Method Investments [Line Items]
Company’s investment in unconsolidated joint ventures	1,000	49
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Company’s investment in unconsolidated joint ventures	3,116	2,891
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Company’s investment in unconsolidated joint ventures	$ 30,739	$ 30,857

INVESTMENT IN UNCONSOLIDATED 62

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Summary of Allocated Earning from Investment in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Equity Method Investments [Line Items]
Earnings from investment in unconsolidated joint ventures	$ 794	$ 441
Ladder Capital Realty Income Partnership I LP
Schedule of Equity Method Investments [Line Items]
Earnings from investment in unconsolidated joint ventures	892	102
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Earnings from investment in unconsolidated joint ventures	225	339
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Earnings from investment in unconsolidated joint ventures	$ (323)	$ 0

INVESTMENT IN UNCONSOLIDATED 63

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Results from Operations of the Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Financial Position
Total assets	$ 132,458		$ 131,214
Total liabilities	89,585		88,973
Partners’/members’ capital	42,873		$ 42,241
Results from Operations
Total revenues	4,237	$ 5,675
Total expenses	4,416	3,764
Net income	$ (179)	$ 1,911

DEBT OBLIGATIONS - Schedule of

DEBT OBLIGATIONS - Schedule of Uncommitted Securities Repurchase Facilities (Details)	Oct. 25, 2015USD ($)Extension	Mar. 31, 2016USD ($)Extension	Dec. 31, 2015USD ($)Extension	Aug. 14, 2015USD ($)	Apr. 10, 2015USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Debt obligations outstanding		$ 1,104,339,000	$ 1,260,755,000
Debt obligations		4,091,449,000	4,274,723,000
Carrying Amount of Collateral		0	0
Deferred finance costs, Net		(5,738,000)
Other Assets | Adjustments for New Accounting Principle, Early Adoption
Assets Sold under Agreements to Repurchase [Line Items]
Deferred finance costs, Net		5,700,000	6,900,000
Committed loan repurchase facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		1,485,000,000	1,485,000,000
Debt obligations outstanding		535,588,000	704,149,000
Committed but Unfunded		949,412,000	780,851,000
Carrying Amount of Collateral		946,251,000	1,101,593,000
Fair Value of Collateral		1,010,305,000	1,176,417,000
Committed loan repurchase facility | 10/30/2016
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		600,000,000	600,000,000	$ 600,000,000
Debt obligations outstanding		207,849,000	229,533,000
Committed but Unfunded		392,151,000	370,467,000
Carrying Amount of Collateral		339,106,000	364,978,000
Fair Value of Collateral		$ 340,373,000	$ 366,676,000
Number of extension maturity periods | Extension		2	2
Length of extension options		12 months	12 months
Committed loan repurchase facility | 10/30/2016 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		2.19%	2.08%
Committed loan repurchase facility | 10/30/2016 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		2.94%	2.93%
Committed loan repurchase facility | 4/10/2016
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement			$ 400,000,000
Debt obligations outstanding			204,262,000
Committed but Unfunded			195,738,000
Carrying Amount of Collateral			299,714,000
Fair Value of Collateral			$ 342,307,000
Number of extension maturity periods | Extension			2
Length of extension options			364 days
Committed loan repurchase facility | 4/10/2016 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)			2.44%
Committed loan repurchase facility | 4/10/2016 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)			4.33%
Committed loan repurchase facility | 4/10/2016 | Consolidated Subsidiaries
Assets Sold under Agreements to Repurchase [Line Items]
Debt obligations outstanding			$ 36,500,000
Committed loan repurchase facility | 4/9/2017
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		$ 400,000,000			$ 400,000,000
Debt obligations outstanding		176,746,000
Committed but Unfunded		223,254,000
Carrying Amount of Collateral		334,212,000
Fair Value of Collateral		$ 369,623,000
Number of extension maturity periods | Extension		2
Length of extension options		364 days
Committed loan repurchase facility | 4/9/2017 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		2.68%
Committed loan repurchase facility | 4/9/2017 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		4.44%
Committed loan repurchase facility | 4/9/2017 | Consolidated Subsidiaries
Assets Sold under Agreements to Repurchase [Line Items]
Debt obligations outstanding		$ 32,200,000
Committed loan repurchase facility | 5/24/2016
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		450,000,000	450,000,000
Debt obligations outstanding		148,731,000	269,779,000
Committed but Unfunded		301,269,000	180,221,000
Carrying Amount of Collateral		272,933,000	436,901,000
Fair Value of Collateral		$ 297,116,000	$ 466,640,000
Number of extension maturity periods | Extension		2
Length of extension options		12 months
Committed loan repurchase facility | 5/24/2016 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		2.69%	2.58%
Committed loan repurchase facility | 5/24/2016 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		4.36%	4.33%
Committed loan repurchase facility | 5/24/2016 | Consolidated Subsidiaries
Assets Sold under Agreements to Repurchase [Line Items]
Debt obligations outstanding		$ 22,900,000	$ 28,200,000
Committed loan repurchase facility | 10/24/2016
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement	$ 35,000,000	35,000,000	35,000,000
Debt obligations outstanding		2,262,000	575,000
Committed but Unfunded		32,738,000	$ 34,425,000
Interest Rate(s) (as a percent)			3.02%
Carrying Amount of Collateral		0	$ 0
Fair Value of Collateral		$ 3,193,000	$ 794,000
Number of extension maturity periods | Extension	2	2	2
Length of extension options	6 months	6 months	6 months
Committed loan repurchase facility | 10/24/2016 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		3.03%
Committed loan repurchase facility | 10/24/2016 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		3.04%
Committed loan repurchase facility | 10/24/2016 | Consolidated Subsidiaries
Assets Sold under Agreements to Repurchase [Line Items]
Debt obligations outstanding		$ 3,200,000	$ 800,000
Committed loan repurchase facility | 10/31/2016 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		0.88%	0.88%
Committed loan repurchase facility | 10/31/2016 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		2.43%	1.34%
Term master repurchase agreement
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		$ 300,000,000
Term master repurchase agreement | 10/31/2016
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		300,000,000	$ 300,000,000
Debt obligations outstanding		203,059,000	161,887,000
Committed but Unfunded		96,941,000	138,113,000
Carrying Amount of Collateral		245,022,000	193,530,000
Fair Value of Collateral		245,022,000	193,530,000
Uncommitted securities repurchase facilities | 1/2016
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
Uncommitted securities repurchase facilities | 1/2016 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)			0.73%
Uncommitted securities repurchase facilities | 1/2016 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)			2.02%
Uncommitted securities repurchase facilities | 6/2016
Assets Sold under Agreements to Repurchase [Line Items]
Debt obligations outstanding		365,692,000
Carrying Amount of Collateral		435,941,000
Fair Value of Collateral		$ 435,941,000
Uncommitted securities repurchase facilities | 6/2016 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		0.75%
Uncommitted securities repurchase facilities | 6/2016 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		2.14%
Master repurchase agreements
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		$ 1,785,000,000	$ 1,785,000,000
Debt obligations outstanding		1,104,339,000	1,260,755,000
Committed but Unfunded		1,046,353,000	918,964,000
Carrying Amount of Collateral		1,627,214,000	1,753,738,000
Fair Value of Collateral		1,691,268,000	1,828,562,000
Borrowings under credit agreement | 4/24/2016
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		50,000,000
Debt obligations outstanding		0
Committed but Unfunded		50,000,000
Carrying Amount of Collateral		0
Fair Value of Collateral		0
Borrowings under credit agreement | 1/24/2016
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement			50,000,000
Debt obligations outstanding			0
Committed but Unfunded			50,000,000
Carrying Amount of Collateral			0
Fair Value of Collateral			0
Revolving credit facility | 2/11/2017
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		143,000,000	75,000,000
Debt obligations outstanding		0	0
Committed but Unfunded		$ 143,000,000	75,000,000
Number of extension maturity periods | Extension		2
Length of extension options		12 months
Mortgage loan financing | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		$ 547,776,379	544,662,887
Debt obligations outstanding		547,776,000	544,663,000
Committed but Unfunded		0	0
Carrying Amount of Collateral		712,468,000	711,090,000
Fair Value of Collateral		$ 799,169,000	$ 788,369,000
Mortgage loan financing | Various Dates | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		4.25%	4.25%
Mortgage loan financing | Various Dates | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		6.75%	6.75%
Borrowings from the FHLB | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		$ 2,221,954,722	$ 2,237,113,311
Debt obligations outstanding		1,881,200,000	1,856,700,000
Committed but Unfunded		340,755,000	380,413,000
Carrying Amount of Collateral		2,355,506,000	2,317,534,000
Fair Value of Collateral		$ 2,363,781,000	$ 2,323,765,000
Borrowings from the FHLB | Various Dates | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		0.38%	0.28%
Borrowings from the FHLB | Various Dates | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)		2.74%	2.74%
Senior Unsecured Notes | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued		$ 563,872,000
Senior Notes		558,134,000
Committed but Unfunded		$ 0	$ 0
Senior Unsecured Notes | Various Dates | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Stated interest rate on debt instrument (as a percent)		5.875%	5.875%
Senior Unsecured Notes | Various Dates | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Stated interest rate on debt instrument (as a percent)		7.375%	7.375%
Senior Unsecured Notes | Various Dates | Senior unsecured notes
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued			$ 619,555,000
Senior Unsecured Notes | Various Dates | Senior unsecured notes | Broker quotations, pricing services | Recurring
Assets Sold under Agreements to Repurchase [Line Items]
Senior Notes			612,605,000
Total Debt Obligations
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued		$ 5,311,603,000	5,311,331,000
Debt obligations		4,091,449,000	4,274,723,000
Committed but Unfunded		1,580,108,000	1,424,377,000
Carrying Amount of Collateral		4,695,188,000	4,782,362,000
Fair Value of Collateral		$ 4,854,218,000	$ 4,940,696,000

DEBT OBLIGATIONS (Details)

DEBT OBLIGATIONS (Details)

Oct. 25, 2015USD ($)Extension

Aug. 14, 2015USD ($)Extension

Jun. 26, 2015USD ($)

Apr. 10, 2015USD ($)Extension

Feb. 19, 2015Extension

Oct. 31, 2014USD ($)

Feb. 11, 2014USD ($)Extension

Jan. 24, 2013USD ($)Financing_Counterparty

Mar. 31, 2016USD ($)agreementExtension

Mar. 31, 2015USD ($)agreement

Dec. 31, 2015USD ($)Extension

Feb. 19, 2016

Debt Instrument [Line Items]

Amortization of premiums

$ (216,000)

$ (192,000)

Percent of FHLB advances to total debt obligations outstanding

46.00%

Debt obligations outstanding

$ 1,104,339,000

$ 1,260,755,000

Restricted equity from payment as dividend

900,300,000

Tuebor

Debt Instrument [Line Items]

Amount restricted from transfer

451,900,000

Revolving credit facility | One-Month LIBOR

Debt Instrument [Line Items]

Committed amount on credit agreement

$ 143,000,000

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 loan repurchase facility

Debt Instrument [Line Items]

Number of agreements | agreement

4

Committed amount on master repurchase agreement

$ 1,485,000,000

1,485,000,000

Debt obligations outstanding

$ 535,588,000

704,149,000

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 loan repurchase facility

Debt Instrument [Line Items]

Committed amount on master repurchase agreement

$ 450,000,000

$ 450,000,000

Number of extension maturity periods | Extension

2

Length of extension options

12 months

Debt obligations outstanding

$ 148,731,000

$ 269,779,000

5/24/2016 | Committed loan repurchase facility | Minimum

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

2.69%

2.58%

5/24/2016 | Committed loan repurchase facility | Maximum

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

4.36%

4.33%

5/24/2016 | Committed loan repurchase facility | Consolidated Subsidiaries

Debt Instrument [Line Items]

Debt obligations outstanding

$ 22,900,000

$ 28,200,000

4/10/2019 | Term master repurchase agreement

Debt Instrument [Line Items]

Number of extension executed | Extension

1

4/9/2017 | Committed loan repurchase facility

Debt Instrument [Line Items]

Committed amount on master repurchase agreement

$ 400,000,000

$ 400,000,000

Number of extension maturity periods | Extension

2

Length of extension options

364 days

Debt obligations outstanding

$ 176,746,000

4/9/2017 | Committed loan repurchase facility | Minimum

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

2.68%

4/9/2017 | Committed loan repurchase facility | Maximum

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

4.44%

4/9/2017 | Committed loan repurchase facility | Consolidated Subsidiaries

Debt Instrument [Line Items]

Debt obligations outstanding

$ 32,200,000

10/30/2016 | Committed loan repurchase facility

Debt Instrument [Line Items]

Committed amount on master repurchase agreement

$ 600,000,000

$ 600,000,000

$ 600,000,000

Number of extension executed | Extension

1

Number of extension maturity periods | Extension

2

2

Length of extension options

12 months

12 months

Debt obligations outstanding

$ 207,849,000

$ 229,533,000

10/30/2016 | Committed loan repurchase facility | Minimum

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

2.19%

2.08%

10/30/2016 | Committed loan repurchase facility | Maximum

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

2.94%

2.93%

10/24/2016 | Committed loan repurchase facility

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

3.02%

Committed amount on master repurchase agreement

$ 35,000,000

$ 35,000,000

$ 35,000,000

Number of extension maturity periods | Extension

2

2

2

Length of extension options

6 months

6 months

6 months

Debt obligations outstanding

$ 2,262,000

$ 575,000

10/24/2016 | Committed loan repurchase facility | Minimum

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

3.03%

10/24/2016 | Committed loan repurchase facility | Maximum

Debt Instrument [Line Items]

Interest Rate(s) (as a percent)

3.04%

10/24/2016 | Committed loan repurchase facility | Consolidated Subsidiaries

Debt Instrument [Line Items]

Debt obligations outstanding

$ 3,200,000

800,000

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

4

14

Stated interest rate, minimum (as a percent)

4.25%

Borrowing under credit and security agreement

$ 547,800,000

Stated interest rate, maximum (as a percent)

6.75%

Mortgage loan financing

544,700,000

Net unamortized premiums

$ 6,000,000

6,100,000

Amortization of premiums

200,000

$ 200,000

Pledged assets, real estate and lease intangibles, net

$ 712,500,000

$ 711,100,000

Borrowings from the Federal Home Loan Bank | Tuebor

Debt Instrument [Line Items]

Debt borrowings term

8 years

8 years

Stated interest rate, minimum (as a percent)

0.38%

0.28%

Stated interest rate, maximum (as a percent)

2.74%

2.74%

Weighted average interest rate

0.97%

0.84%

Weighted average term

2 years 6 months 10 days

1 year 5 months 1 day

Maximum advance limit

$ 2,900,000,000

FHLB borrowings outstanding

$ 1,900,000,000

$ 1,900,000,000

Additional committed term financing available from FHLB

$ 340,800,000

$ 380,400,000

Maximum percent of FHLB advances to total assets

40.00%

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)

50.00%

58.70%

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

$ 1,800,000,000

$ 1,700,000,000

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

Debt Instrument [Line Items]

Collateral for debt instrument

507,700,000

568,200,000

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

$ 2,300,000

$ 3,400,000

DEBT OBLIGATIONS - Senior Unsec

DEBT OBLIGATIONS - Senior Unsecured Notes (Details) - USD ($)	Dec. 17, 2014	Mar. 31, 2016	Mar. 31, 2015	Feb. 26, 2016	Dec. 31, 2015	Nov. 05, 2014	Aug. 01, 2014	Sep. 19, 2012
Debt Instrument [Line Items]
Deferred finance costs, Net		$ (5,738,000)
Gain on extinguishment of debt		$ 5,382,000	$ 0
LCFH | LCFH
Debt Instrument [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		57.60%
Senior Unsecured Notes | Senior Notes Due, 2017
Debt Instrument [Line Items]
Debt instrument, aggregate amount		$ 297,700,000						$ 325,000,000
Stated interest rate on debt instrument (as a percent)								7.375%
Debt instrument, repurchase price amount						$ 325,000,000
Senior Unsecured Notes | Senior Notes Due 2021
Debt Instrument [Line Items]
Debt instrument, aggregate amount		266,200,000					$ 300,000,000
Stated interest rate on debt instrument (as a percent)							5.875%
Debt instrument, authorized repurchase amount				$ 100,000,000
Senior Notes Due 2021 | Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, repurchased face amount		33,800,000
Debt instrument, repurchase price amount		28,200,000
Gain on extinguishment of debt		5,100,000
Unamortized debt issuance costs		(400,000)
Senior Notes Due, 2017 | Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, repurchased face amount	$ 5,445,000	21,900,000
Debt instrument, repurchase price amount	5,600,000	21,400,000
Gain on extinguishment of debt	$ (200,000)	300,000
Unamortized debt issuance costs		(200,000)
Adjustments for New Accounting Principle, Early Adoption | Other Assets
Debt Instrument [Line Items]
Deferred finance costs, Net		$ 5,700,000			$ 6,900,000
LCFH | LCFC
Debt Instrument [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		100.00%

DEBT OBLIGATIONS - Schedule 67

DEBT OBLIGATIONS - Schedule of Repayments Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2016 (last 9 months)	$ 1,780,462
2,017	742,698
2,018	229,016
2,019	57,468
2,020	113,802
Thereafter	1,167,723
Subtotal	4,091,169
Debt issuance costs included in senior unsecured notes	(5,738)
Premiums included in mortgage loan financing	6,018
Debt Obligations	$ 4,091,449	$ 4,274,723

FAIR VALUE OF FINANCIAL INSTR68

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Assets:
Fair Value	$ 2,033,506	$ 2,416,966
Liabilities:
Fair Value	4,105,052	4,271,537
Repurchase agreements - short term
Liabilities:
Outstanding Face Amount	1,082,656	1,224,942
Fair Value	1,082,656	1,224,942
Repurchase agreements - long term
Liabilities:
Outstanding Face Amount	21,683	35,813
Fair Value	21,683	35,813
Borrowings under credit agreement | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	0
Amortized Cost Basis	0
Fair Value	$ 0
Fair Value Assumptions:
Weighted average yield %
Weighted Average Remaining Maturity/Duration
Revolving credit facility | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 0
Amortized Cost Basis	0
Fair Value	$ 0
Fair Value Assumptions:
Weighted average yield %
Weighted Average Remaining Maturity/Duration
Mortgage loan financing
Liabilities:
Outstanding Face Amount	$ 544,527	540,764
Fair Value	579,054	557,841
Borrowings from the FHLB
Liabilities:
Outstanding Face Amount	1,881,200	1,856,700
Fair Value	1,892,923	1,861,584
Senior unsecured notes
Liabilities:
Outstanding Face Amount	563,872	619,555
Fair Value	528,736	591,357
Mortgage loan receivables held for investment, at amortized cost
Assets:
Outstanding Face Amount	1,582,358	1,749,556
Fair Value	1,593,676	1,756,774
Mortgage loan receivables held for sale
Assets:
Outstanding Face Amount	353,273	571,638
Fair Value	361,915	582,277
FHLB stock
Assets:
Outstanding Face Amount	77,915	77,915
Fair Value	$ 77,915	$ 77,915
Mortgage loan receivables
Fair Value Assumptions:
Period of short interest rate reset risk	30 days	30 days
Recurring
Assets:
Fair Value	$ 2,599,089	$ 2,410,038
Recurring | Repurchase agreements - short term | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	1,082,656	1,224,942
Amortized Cost Basis	1,082,656	1,224,942
Fair Value	$ 1,082,656	$ 1,224,942
Fair Value Assumptions:
Weighted average yield %	1.73%	1.67%
Weighted Average Remaining Maturity/Duration	4 months 2 days	5 months 4 days
Recurring | Repurchase agreements - long term | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 21,683	$ 35,813
Amortized Cost Basis	21,683	35,813
Fair Value	$ 21,683	$ 35,813
Fair Value Assumptions:
Weighted average yield %	2.59%	1.87%
Weighted Average Remaining Maturity/Duration	1 year 1 month 24 days	1 year 4 months 24 days
Recurring | Mortgage loan financing | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 544,527	$ 540,764
Amortized Cost Basis	547,776	544,663
Fair Value	$ 579,054	$ 557,841
Fair Value Assumptions:
Weighted average yield %	4.86%	4.86%
Weighted Average Remaining Maturity/Duration	7 years 8 months 8 days	7 years 11 months 4 days
Recurring | Borrowings from the FHLB | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 1,881,200	$ 1,856,700
Amortized Cost Basis	1,881,200	1,856,700
Fair Value	$ 1,892,923	$ 1,861,584
Fair Value Assumptions:
Weighted average yield %	0.97%	0.84%
Weighted Average Remaining Maturity/Duration	2 years 6 months 10 days	1 year 5 months 1 day
Recurring | Senior unsecured notes | Broker quotations, pricing services
Liabilities:
Outstanding Face Amount	$ 563,872	$ 619,555
Fair Value	$ 528,736	$ 591,357
Fair Value Assumptions:
Weighted average yield %	6.67%	6.65%
Weighted Average Remaining Maturity/Duration	3 years 3 months 21 days	3 years 7 months 9 days
Recurring | Senior unsecured notes | Broker quotations, pricing services | Various Dates | Senior Unsecured Notes
Liabilities:
Amortized Cost Basis	$ 558,134	$ 612,605
Recurring | Nonhedge derivatives
Liabilities:
Derivative liability face amount	1,026,800	374,200
Fair Value	12,743	5,504
Recurring | Nonhedge derivatives | Counterparty quotations
Liabilities:
Derivative liability face amount	1,026,800	374,200
Fair Value	$ 12,743	$ 5,504
Fair Value Assumptions:
Weighted Average Remaining Maturity/Duration	1 year 11 months 15 days	3 years 5 months 1 day
Recurring | CMBS
Assets:
Outstanding Face Amount	$ 2,139,819	$ 1,972,492
Fair Value	2,192,154	1,991,506
Recurring | CMBS | Internal model, third-party inputs
Assets:
Outstanding Face Amount	2,139,819	1,972,492
Amortized Cost Basis	2,160,286	1,994,928
Fair Value	$ 2,192,154	$ 1,991,506
Fair Value Assumptions:
Weighted average yield %	2.86%	2.59%
Weighted Average Remaining Maturity/Duration	3 years 1 month 24 days	3 years 1 month 24 days
Recurring | CMBS interest-only
Assets:
Outstanding Face Amount	$ 7,216,114	$ 7,436,379
Fair Value	340,127	344,423
Recurring | CMBS interest-only | Internal model, third-party inputs
Assets:
Outstanding Face Amount	7,216,114	7,436,379
Amortized Cost Basis	344,809	348,222
Fair Value	$ 340,127	$ 344,423
Fair Value Assumptions:
Weighted average yield %	3.76%	3.81%
Weighted Average Remaining Maturity/Duration	3 years 3 months 10 days	3 years 4 months 2 days
Recurring | GNMA interest-only
Assets:
Outstanding Face Amount	$ 600,054	$ 632,175
Fair Value	23,738	26,194
Recurring | GNMA interest-only | Internal model, third-party inputs
Assets:
Outstanding Face Amount	600,054	632,175
Amortized Cost Basis	25,194	28,311
Fair Value	$ 23,738	$ 26,194
Fair Value Assumptions:
Weighted average yield %	4.28%	4.26%
Weighted Average Remaining Maturity/Duration	5 years 1 month 17 days	5 years 2 months 19 days
Recurring | GN construction securities
Assets:
Outstanding Face Amount		$ 27,091
Fair Value		28,639
Recurring | GN construction securities | Internal model, third-party inputs
Assets:
Outstanding Face Amount		27,091
Amortized Cost Basis		27,581
Fair Value		$ 28,639
Fair Value Assumptions:
Weighted average yield %		3.86%
Weighted Average Remaining Maturity/Duration		9 years 3 months 29 days
Recurring | GN permanent securities
Assets:
Outstanding Face Amount	$ 41,148	$ 16,249
Fair Value	42,855	16,455
Recurring | GN permanent securities | Internal model, third-party inputs
Assets:
Outstanding Face Amount	41,148	16,249
Amortized Cost Basis	42,051	16,685
Fair Value	$ 42,855	$ 16,455
Fair Value Assumptions:
Weighted average yield %	3.49%	3.94%
Weighted Average Remaining Maturity/Duration	7 years 7 days	5 years 5 months 4 days
Recurring | Mortgage loan receivables held for investment, at amortized cost | Discounted Cash Flow
Assets:
Outstanding Face Amount	$ 1,582,358	$ 1,749,556
Amortized Cost Basis	1,572,833	1,738,645
Fair Value	$ 1,593,676	$ 1,756,774
Fair Value Assumptions:
Weighted average yield %	7.61%	7.56%
Weighted Average Remaining Maturity/Duration	1 year 5 months 19 days	1 year 4 months 17 days
Recurring | Mortgage loan receivables held for sale | Discounted Cash Flow
Assets:
Outstanding Face Amount	$ 353,273	$ 571,638
Amortized Cost Basis	353,331	571,764
Fair Value	$ 361,915	$ 582,277
Fair Value Assumptions:
Weighted average yield %	4.33%	4.56%
Weighted Average Remaining Maturity/Duration	5 years 8 months 15 days	6 years 2 months 12 days
Recurring | FHLB stock | Put Value
Assets:
Outstanding Face Amount	$ 77,915	$ 77,915
Amortized Cost Basis	77,915	77,915
Fair Value	$ 77,915	$ 77,915
Fair Value Assumptions:
Weighted average yield %	3.50%	3.50%
Recurring | Nonhedge derivatives
Assets:
Derivative asset face amount	$ 11,100	$ 868,700
Fair Value	215	2,821
Recurring | Nonhedge derivatives | Counterparty quotations
Assets:
Derivative asset face amount	11,100	868,700
Fair Value	$ 215	$ 2,821
Fair Value Assumptions:
Weighted Average Remaining Maturity/Duration	5 years 2 months 1 day	8 months 8 days

FAIR VALUE OF FINANCIAL INSTR69

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Fair Value	$ 2,033,506	$ 2,416,966
Liabilities:
Fair Value	4,105,052	4,271,537
Repurchase agreements - short-term
Liabilities:
Outstanding Face Amount	1,082,656	1,224,942
Fair Value	1,082,656	1,224,942
Repurchase agreements - long-term
Liabilities:
Outstanding Face Amount	21,683	35,813
Fair Value	21,683	35,813
Mortgage loan financing
Liabilities:
Outstanding Face Amount	544,527	540,764
Fair Value	579,054	557,841
Borrowings from the FHLB
Liabilities:
Outstanding Face Amount	1,881,200	1,856,700
Fair Value	1,892,923	1,861,584
Senior unsecured notes
Liabilities:
Outstanding Face Amount	563,872	619,555
Fair Value	528,736	591,357
Mortgage loan receivables held for investment
Assets:
Outstanding Face Amount	1,582,358	1,749,556
Fair Value	1,593,676	1,756,774
Mortgage loan receivables held for sale
Assets:
Outstanding Face Amount	353,273	571,638
Fair Value	361,915	582,277
FHLB stock
Assets:
Outstanding Face Amount	77,915	77,915
Fair Value	77,915	77,915
Level 3
Assets:
Fair Value	2,033,506	2,416,966
Liabilities:
Fair Value	4,105,052	4,271,537
Level 3 | Repurchase agreements - short-term
Liabilities:
Fair Value	1,082,656	1,224,942
Level 3 | Repurchase agreements - long-term
Liabilities:
Fair Value	21,683	35,813
Level 3 | Mortgage loan financing
Liabilities:
Fair Value	579,054	557,841
Level 3 | Borrowings from the FHLB
Liabilities:
Fair Value	1,892,923	1,861,584
Level 3 | Senior unsecured notes
Liabilities:
Fair Value	528,736	591,357
Level 3 | Mortgage loan receivables held for investment
Assets:
Fair Value	1,593,676	1,756,774
Level 3 | Mortgage loan receivables held for sale
Assets:
Fair Value	361,915	582,277
Level 3 | FHLB stock
Assets:
Fair Value	77,915	77,915
Recurring
Assets:
Fair Value	2,599,089	2,410,038
Recurring | Nonhedge derivatives
Liabilities:
Derivative liability face amount	1,026,800	374,200
Fair Value	12,743	5,504
Recurring | CMBS
Assets:
Outstanding Face Amount	2,139,819	1,972,492
Fair Value	2,192,154	1,991,506
Recurring | CMBS interest-only
Assets:
Outstanding Face Amount	7,216,114	7,436,379
Fair Value	340,127	344,423
Recurring | GNMA interest-only
Assets:
Outstanding Face Amount	600,054	632,175
Fair Value	23,738	26,194
Recurring | GN construction securities
Assets:
Outstanding Face Amount		27,091
Fair Value		28,639
Recurring | GN permanent securities
Assets:
Outstanding Face Amount	41,148	16,249
Fair Value	42,855	16,455
Recurring | Nonhedge derivatives
Assets:
Derivative asset face amount	11,100	868,700
Fair Value	215	2,821
Recurring | Level 2
Assets:
Fair Value	215	2,821
Recurring | Level 2 | Nonhedge derivatives
Liabilities:
Fair Value	12,743	5,504
Recurring | Level 2 | Nonhedge derivatives
Assets:
Fair Value	215	2,821
Recurring | Level 3
Assets:
Fair Value	2,598,874	2,407,217
Recurring | Level 3 | CMBS
Assets:
Fair Value	2,192,154	1,991,506
Recurring | Level 3 | CMBS interest-only
Assets:
Fair Value	340,127	344,423
Recurring | Level 3 | GNMA interest-only
Assets:
Fair Value	23,738	26,194
Recurring | Level 3 | GN construction securities
Assets:
Fair Value		28,639
Recurring | Level 3 | GN permanent securities
Assets:
Fair Value	$ 42,855	$ 16,455

FAIR VALUE OF FINANCIAL INSTR70

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Changes in Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,407,217	$ 2,683,744
Transfer from level 2	0	0
Purchases	227,758	241,286
Sales	(15,477)	(370,337)
Paydowns/maturities	(36,136)	(46,891)
Amortization of premium/discount	(18,958)	(15,015)
Unrealized gain/(loss)	34,459	18,970
Realized gain/(loss) on sale	11	12,693
Ending balance	$ 2,598,874	$ 2,524,450

FAIR VALUE OF FINANCIAL INSTR71

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details) - Discounted Cash Flow - Level 3 $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 2,598,874	$ 2,407,217
CMBS
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 2,192,154	$ 1,991,506
CMBS | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	0.00%	0.00%
Duration (in years)	0 years	0 years
CMBS | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	2.74%	2.19%
Duration (in years)	3 years 11 months 12 days	4 years 21 days
CMBS | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	12.09%	9.21%
Duration (in years)	8 years 3 months 10 days	7 years 10 months 27 days
CMBS interest-only
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 340,127	$ 344,423
CMBS interest-only | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	0.00%	0.09%
Duration (in years)	1 year 9 months 25 days	1 year 10 months 24 days
Prepayment speed	100	100
CMBS interest-only | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	4.04%	4.13%
Duration (in years)	3 years 2 months 23 days	3 years 3 months 18 days
Prepayment speed	100	100
CMBS interest-only | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	4.66%	4.51%
Duration (in years)	4 years 4 months 2 days	4 years 2 months 26 days
Prepayment speed	100	100
GNMA interest-only
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 23,738	$ 26,194
GNMA interest-only | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	0.00%	0.00%
Duration (in years)	0 years	3 months 25 days
Prepayment speed	5	5
GNMA interest-only | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	9.06%	9.21%
Duration (in years)	2 years 4 months 27 days	2 years 4 months 27 days
Prepayment speed	14.03	14.57
GNMA interest-only | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	10.00%	10.00%
Duration (in years)	5 years 3 months 18 days	5 years 2 months 4 days
Prepayment speed	35	35
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	$ 42,855	$ 16,455
GN permanent securities | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	0.63%	0.00%
Duration (in years)	0 years	1 year 7 months 27 days
GN permanent securities | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	3.45%	3.25%
Duration (in years)	8 years 7 months 27 days	5 years 8 months 19 days
GN permanent securities | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	6.60%	6.62%
Duration (in years)	10 years 3 months 14 days	7 years 2 months 15 days

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Notional	$ 1,037,900,000	$ 1,242,900,000
Fair value, Asset	215,000	2,821,000
Fair value, Liability	12,743,000	5,504,000
5-year Swap
Derivative [Line Items]
Notional	542,900,000	670,100,000
Fair value, Asset	9,000	2,122,000
Fair value, Liability	$ 4,416,000	$ 0
Remaining Maturity	3 months	3 months
Term of derivative contract	5 years	5 years
10-year Swap
Derivative [Line Items]
Notional	$ 399,700,000	$ 477,900,000
Fair value, Asset	0	463,000
Fair value, Liability	$ 3,018,000	$ 1,451,000
Remaining Maturity	3 months	3 months
Term of derivative contract	10 years	10 years
5-year U.S. Treasury Note
Derivative [Line Items]
Notional	$ 700,000	$ 800,000
Fair value, Asset	0	3,000
Fair value, Liability	$ 1,000	$ 0
Remaining Maturity	3 months	3 months
10-year U.S. Treasury Note Ultra
Derivative [Line Items]
Notional	$ 1,100,000
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	$ 944,400,000	$ 1,149,400,000
Fair value, Asset	12,000	2,591,000
Fair value, Liability	7,435,000	1,451,000
3MO LIBOR
Derivative [Line Items]
Notional	50,000,000	50,000,000
Fair value, Asset	0	0
Fair value, Liability	$ 4,980,000	$ 3,686,000
Remaining Maturity	4 years 5 months 19 days	4 years 8 months 19 days
CMBX
Derivative [Line Items]
Notional	$ 10,000,000	$ 10,000,000
Fair value, Asset	203,000	230,000
Fair value, Liability	$ 0	$ 0
Remaining Maturity	5 years 5 months 12 days	5 years 7 months 2 days
CDX
Derivative [Line Items]
Notional	$ 33,500,000	$ 33,500,000
Fair value, Asset	0	0
Fair value, Liability	$ 328,000	$ 367,000
Remaining Maturity	2 years 8 months 12 days	2 years 11 months 1 day
Credit Derivatives
Derivative [Line Items]
Notional	$ 43,500,000	$ 43,500,000
Fair value, Asset	203,000	230,000
Fair value, Liability	$ 328,000	$ 367,000

DERIVATIVE INSTRUMENTS - Sche73

DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative [Line Items]
Unrealized Gain/(Loss)	$ (9,630)	$ (11,395)
Realized Gain/(Loss)	(41,232)	(27,744)
Net Result from Derivative Transactions	(50,862)	(39,139)
Caps
Derivative [Line Items]
Unrealized Gain/(Loss)		0
Realized Gain/(Loss)		0
Net Result from Derivative Transactions		0
Futures
Derivative [Line Items]
Unrealized Gain/(Loss)	(8,564)	(10,969)
Realized Gain/(Loss)	(40,797)	(27,038)
Net Result from Derivative Transactions	(49,361)	(38,007)
3MO LIBOR
Derivative [Line Items]
Unrealized Gain/(Loss)	(1,078)	(372)
Realized Gain/(Loss)	(338)	(610)
Net Result from Derivative Transactions	(1,416)	(982)
Credit Derivatives
Derivative [Line Items]
Unrealized Gain/(Loss)	12	(54)
Realized Gain/(Loss)	(97)	(96)
Net Result from Derivative Transactions	$ (85)	$ (150)

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash margins held as collateral for derivatives by counterparties	$ 24.3	$ 18.9
Cash collateral held by counterparty	$ 6.2	$ 5.9

OFFSETTING ASSETS AND LIABILI75

OFFSETTING ASSETS AND LIABILITIES - Schedule of Offsetting Financial Assets and Derivative Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Offsetting of derivative assets
Gross amounts of recognized assets	$ 215	$ 2,821
Gross amounts offset in the balance sheet	0	0
Net amounts of assets presented in the balance sheet	215	2,821
Gross amounts not offset in the balance sheet
Financial instruments	0	0
Cash collateral received/(posted)	0	0
Net amount	$ 215	$ 2,821

OFFSETTING ASSETS AND LIABILI76

OFFSETTING ASSETS AND LIABILITIES - Schedule of Offsetting Financial Liabilities and Derivative Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Offsetting of derivative liabilities
Gross amounts of recognized liabilities	$ 12,743	$ 5,504
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	12,743	5,504
Gross amounts not offset in the balance sheet
Financial instruments	0	0
Cash collateral posted/(received)	12,743	5,504
Net amount	0	0
Offsetting of repurchase agreements
Outstanding Amount	1,104,339	1,260,755
Gross amounts offset in the balance sheet	0	0
Net amount of liabilities presented in the balance sheet	1,104,339	1,260,755
Gross amounts not offset in the balance sheet
Financial instruments	1,104,339	1,260,755
Cash collateral posted/(received)	0	0
Net amount	0	0
Offsetting of financial liabilities and derivative liabilities
Gross amounts of recognized liabilities	1,117,082	1,266,259
Gross amounts offset in the balance sheet	0	0
Net amount presented in the balance sheet	1,117,082	1,266,259
Gross amounts not offset in the balance sheet
Financial instruments collateral	1,104,339	1,260,755
Cash collateral posted/(received)	12,743	5,504
Net amount	$ 0	$ 0

EQUITY STRUCTURE AND ACCOUNTS77

EQUITY STRUCTURE AND ACCOUNTS (Details) $ / shares in Units, $ in Thousands	Mar. 12, 2016$ / shares	Mar. 01, 2016$ / shares	Jan. 21, 2016USD ($)$ / sharesshares	Feb. 11, 2014USD ($)	Feb. 10, 2014$ / shares	Mar. 31, 2016USD ($)Class_of_StockVote$ / sharesshares	Mar. 31, 2015$ / shares	Dec. 31, 2015USD ($)shares
Class of Stock [Line Items]
Number of classes of common stock | Class_of_Stock						2
Dividends paid | $						$ 17,507		$ 57,390
Costs directly attributable to the Company's IPO | $				$ 20,500
Class A common stock
Class of Stock [Line Items]
Number of votes per share | Vote						1
Dividends paid | $			$ 15,500
Dividends, share-based compensation stock value | $			$ 500
Common stock issued as dividends (in shares)			5,607,762
Common stock equivalent dividends paid | $			$ 64,100
Dividends per share of common stock (in dollars per share) | $ / shares	$ 0.25	$ 0.275	$ 1.45			$ 0.275	$ 0.25
Common stock, dividends, weighted average price per share | $ / shares			$ 11.43
Class B common stock
Class of Stock [Line Items]
Number of votes per share | Vote						1
Common stock issued as dividends (in shares)			4,468,031
Series REIT LP Units
Class of Stock [Line Items]
Common stock issued as dividends (in shares)			10,075,793
Series REIT LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock (in shares)						2,077,764
Series TRS LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock (in shares)						2,077,764
Common Units
Class of Stock [Line Items]
Second cash distributions to partners (as a percent)					20.00%
Second cash distributions after completion of second distribution (as a percent)					20.00%
Series A participating preferred units
Class of Stock [Line Items]
Second cash distributions to participating preferred units (as a percent)					80.00%
Specified amount up to which second distribution to participating preferred units required (in dollars per unit) | $ / shares					$ 124
Series A and Series B participating preferred units
Class of Stock [Line Items]
Second cash distributions after completion of second distribution (as a percent)					80.00%
Common Stock | Class A common stock
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock (in shares)						(2,077,764)		(3,586,000)
Common Stock | Class B common stock
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock (in shares)						2,077,764		3,586,000

EQUITY STRUCTURE AND ACCOUNTS -

EQUITY STRUCTURE AND ACCOUNTS - Schedule of Treasury Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	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	$ (4,652)	$ (994)
Common Stock | Class A common stock
Shares Repurchase Program [Roll Forward]
Treasury Stock, Shares, Acquired	424,000	84,000
2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Percentage of Aggregate Common Stock Outstanding Under Repurchase Program	5.60%
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, 2015	$ 49,006
Treasury Stock, Shares, Acquired	424,317
Purchase of treasury stock	$ (4,652)
Authorizations remaining as of March 31, 2016	$ 44,354	$ 49,006
2014 Share Repurchase Authorization Program | Common Stock | Class A common stock
Class of Stock [Line Items]
Share Price	$ 12.45

EQUITY STRUCTURE AND ACCOUNTS79

EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares	Mar. 12, 2016	Mar. 01, 2016	Jan. 21, 2016	Mar. 31, 2016	Mar. 31, 2015
Class A common stock
Class of Stock [Line Items]
Dividends per share of common stock (in dollars per share)	$ 0.25	$ 0.275	$ 1.45	$ 0.275	$ 0.25

EQUITY STRUCTURE AND ACCOUNTS80

EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
AOCI Attributable to Parent [Roll Forward]
December 31, 2015	$ (3,556)
Other comprehensive income (loss)	34,383	$ 18,502	$ (36,545)
Exchange of noncontrolling interest for common stock	(772)		0
March 31, 2016	16,139		(3,556)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
December 31, 2015	(3,556)
Other comprehensive income (loss)	19,467		(20,046)
Exchange of noncontrolling interest for common stock	(122)		645
Rebalancing of ownership percentage between Company and Operating Partnership	350
March 31, 2016	16,139		(3,556)
Accumulated Other Comprehensive Income of Noncontrolling Interests
AOCI Attributable to Parent [Roll Forward]
December 31, 2015	(2,839)
Other comprehensive income (loss)	14,916
Exchange of noncontrolling interest for common stock	122
Rebalancing of ownership percentage between Company and Operating Partnership	(350)
March 31, 2016	11,849		(2,839)
Total Accumulated Other Comprehensive Income
AOCI Attributable to Parent [Roll Forward]
December 31, 2015	(6,395)
Other comprehensive income (loss)	34,383
Exchange of noncontrolling interest for common stock	0
Rebalancing of ownership percentage between Company and Operating Partnership	0
March 31, 2016	$ 27,988		$ (6,395)

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)propertyJoint_Venture	Dec. 31, 2015USD ($)
Noncontrolling Interest [Line Items]
Decrease in noncrontrolling interest in Operating Partership	$ 0	$ 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 | 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]
Decrease in noncrontrolling interest in Operating Partership	$ 5,000
Noncontrolling Interests Operating Partnership
Noncontrolling Interest [Line Items]
Decrease in noncrontrolling interest in Operating Partership	925	$ (544)
Increase in additional paid in capital and accumulated other comprehensive income	$ 900

EARNINGS PER SHARE - Net Income

EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings per share
Net income (loss) attributable to Class A common shareholders		$ 9,175
Weighted average shares outstanding
Basic (in shares)	59,596,889	49,986,082
Diluted (in shares)	59,596,889	98,098,672
Class A common stock
Earnings per share
Net income (loss) attributable to Class A common shareholders	$ (5,539)	$ 9,175
Diluted Net income (loss) available for Class A common shareholders	$ (5,539)	$ 14,231
Weighted average shares outstanding
Basic (in shares)	59,596,889	49,986,082
Diluted (in shares)	59,596,889	98,098,672

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
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net income (loss) attributable to Class A common shareholders		$ 9,175
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	59,596,889	49,986,082
Basic net income per share of Class A common stock (in dollars per share)	$ (0.09)	$ 0.18
Numerator:
Net income (loss) attributable to Class A common shareholders		$ 9,175
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	59,596,889	49,986,082
Add - dilutive effect of:
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	59,596,889	98,098,672
Diluted net income per share of Class A common stock (in dollars per share)	$ (0.09)	$ 0.15
Class A common stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$ (5,539)	$ 9,175
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	59,596,889	49,986,082
Basic net income per share of Class A common stock (in dollars per share)	$ (0.09)	$ 0.18
Numerator:
Net income (loss) attributable to Class A common shareholders	$ (5,539)	$ 9,175
Add (deduct) - dilutive effect of:
Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss)	0	8,596
Additional corporate tax (expense) benefit	0	(3,540)
Diluted Net income (loss) available for Class A common shareholders	$ (5,539)	$ 14,231
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	59,596,889	49,986,082
Add - dilutive effect of:
Shares issuable relating to converted Class B common shareholders (in shares)	0	47,645,531
Incremental shares of unvested Class A restricted stock (in shares)	0	467,059
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	59,596,889	98,098,672
Diluted net income per share of Class A common stock (in dollars per share)	$ (0.09)	$ 0.15

STOCK BASED COMPENSATION PLAN84

STOCK BASED COMPENSATION PLANS (Details)	Feb. 18, 2016USD ($)shares	Feb. 10, 2016USD ($)	Jun. 10, 2015USD ($)shares	Feb. 18, 2015USD ($)Vesting_Installmentshares	Feb. 03, 2015USD ($)shares	Feb. 11, 2014USD ($)Vesting_Installmentshares	Mar. 31, 2016USD ($)shares	Mar. 31, 2015USD ($)shares	Feb. 28, 2015USD ($)	Feb. 12, 2014USD ($)
Stock Options
Unrecognized compensation cost							$ 19,800,000
Period of recognition for unrecognized compensation costs							35 months
Weighted average remaining vesting period							19 months 18 days
Deferred Compensation Plan
Compensation bonus		$ 46,800,000
Bonus payment allocated to equity based compensation		$ 10,300,000
Compensation expense							$ 4,700,000	$ 6,400,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares) | shares							960,532
Stock Options
Stock Options
Number of options granted (in shares) | shares							380,949	670,256
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 | Board of Directors | Time-based vesting
Stock Options
Aggregate grant date fair value of stock options granted	$ 100,000
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	$ 1,000,000			$ 1,400,000
Number of options granted (in shares) | shares				670,256
Fair value valuation assumptions: risk-free rate	1.50%			1.79%
Fair value valuation assumptions: dividend yield	9.80%			5.30%
Fair value valuation assumptions: expected life	6 years			6 years
Fair value valuation assumptions: volatility rate	48.00%			24.00%
Phantom Equity Incentive Plan
Stock Options
Units outstanding | shares							455,180
Units unvested | shares							60,274
Total employee's contribution, net of forfeitures and payouts related to terminations							$ 6,100,000
2014 Deferred Compensation Plan
Stock Options
Units outstanding | shares							297,125
Units unvested | shares							238,769
Total employee's contribution, net of forfeitures and payouts related to terminations							$ 3,700,000		$ 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 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares) | shares							793,598	722,104
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Fair Value							$ 9,118,000	$ 13,278,000
Class A common stock | Restricted Dividends
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares) | shares							166,934	0
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Fair Value							$ 1,908,000	$ 0
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	289,326			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			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	12,636		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
Class A common stock | 2014 Omnibus Incentive Plan | Restricted Stock | Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate value of awards granted	$ 9,100,000
Number of restricted shares granted (in shares) | shares	793,598

STOCK BASED COMPENSATION PLAN85

STOCK BASED COMPENSATION PLANS - Summary of Grants (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ (3,464)	$ (3,139)
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)	960,532
Recognized equity based compensation expense	$ (3,464)	$ (3,089)
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted (in shares)	380,949	670,256
Weighted Average Fair Value of Options (in dollars)	$ 1,356	$ 1,441
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	$ 0	$ (50)
Class A common stock | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)	793,598	722,104
Weighted Average Fair Value (in dollars)	$ 9,118	$ 13,278
Class A common stock | Restricted Dividends
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)	166,934	0
Weighted Average Fair Value (in dollars)	$ 1,908	$ 0

STOCK BASED COMPENSATION PLAN86

STOCK BASED COMPENSATION PLANS - Nonvested Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restricted Stock
Number of Shares Nonvested Other than Options [Roll Forward]
Nonvested/Outstanding at December 31, 2015	1,334,369
Granted (in shares)	960,532
Vested (in shares)	(257,815)
Forfeited (in shares)	0
Nonvested/Outstanding at March 31, 2016	2,037,086
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Nonvested/Outstanding December 31, 2015	601,186
Granted (in shares)	380,949	670,256
Exercised (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	0
Nonvested/Outstanding March 31, 2016	982,135
Exercisable at March 31, 2016	230,936
LP Units
Number of Shares Nonvested Other than Options [Roll Forward]
Nonvested/Outstanding at December 31, 2015	504
Granted (in shares)	0
Vested (in shares)	(504)
Forfeited (in shares)	0
Nonvested/Outstanding at March 31, 2016	0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		11 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Current income tax expense	$ 1,100,000	$ 1,100,000
Deferred tax assets	6,200,000
Net deferred tax assets				$ 5,000,000
Deferred tax (benefit) expense	(2,000,000)	$ 2,000,000
Deferred tax asset relating to capital losses	14,300,000
Liability for unrecognized tax benefits for uncertain income tax positions	774,485			100,000
Percentage of applicable cash saving in income tax distributable to specified unitholders			85.00%
Percentage of applicable cash saving in income tax available for the entity			15.00%
Amount due pursuant to tax receivable agreement	$ 1,910,000			$ 1,910,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)	May. 20, 2015USD ($)a
RELATED PARTY TRANSACTIONS
Loan receivable, fixed interest rate (as percent)	21.70%			19.70%
Fees incurred for loans originated	$ 0	$ 0
Meridian
RELATED PARTY TRANSACTIONS
Fees incurred for loans originated			$ 360,332
Fees accrued and payable	300,000			$ 300,000
Mezzanine loan financing | 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	$ 600,000
Three Limited Liability Companies
RELATED PARTY TRANSACTIONS
Area of land | a					9.66

COMMITMENTS AND CONTINGENCIES89

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2012Extension_Option	Dec. 31, 2011Extension_Option	Dec. 31, 2015USD ($)$ / shares
Unfunded Loan Commitments
Number of extension options | Extension_Option			0	0
Rent expense	$ 300,000	$ 500,000
Mortgage loan receivables held for investment
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	97,600,000				$ 112,800,000
First mortgage loan financing
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	96,200,000				111,400,000
Mezzanine loan financing
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	1,400,000				1,400,000
Commitment to purchase GN construction loan securities
Unfunded Loan Commitments
Commitment to purchase loan securities	$ 0				28,800,000
Funded					26,700,000
Remaining to be funded					2,100,000
Fair value of commitments					$ 54,273
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

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Payments (Details) $ in Thousands	Mar. 31, 2016USD ($)
Future minimum rental payments
2016 (last nine months)	$ 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
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
SEGMENT REPORTING
Number of reportable segments | segment	3
Interest income	$ 59,601,000	$ 56,383,000
Interest expense	(29,536,000)	(26,824,000)
Net interest income	30,065,000	29,559,000
Provision for loan losses	(150,000)	(150,000)
Net interest income after provision for loan losses	29,915,000	29,409,000
Operating lease income	19,294,000	19,147,000
Tenant recoveries	1,335,000	2,526,000
Sale of loans, net	7,830,000	30,027,000
Realized gain on securities	(573,000)	12,150,000
Unrealized gain (loss) on Agency interest-only securities	660,000	(1,318,000)
Realized gain on sale of real estate, net	6,095,000	7,662,000
Fee and other income	2,975,000	3,541,000
Net result from derivative transactions	(50,862,000)	(39,139,000)
Earnings from investment in unconsolidated joint ventures	794,000	441,000
Gain on extinguishment of debt	5,382,000	0
Nonoperating Income (Expense)	(7,070,000)	35,037,000
Salaries and employee benefits	(12,615,000)	(13,758,000)
Operating expenses	(6,295,000)	(8,803,000)
Real estate operating expenses	(5,719,000)	(9,372,000)
Real estate acquisition costs	0	(600,000)
Fee expense	(731,000)	(1,123,000)
Depreciation and amortization	(9,802,000)	(9,723,000)
Total costs and expenses	(35,162,000)	(43,379,000)
Tax (expense) benefit	873,000	(3,104,000)
Net income (loss)	(11,444,000)	17,963,000
Total assets	5,655,295,000		$ 5,895,212,000
Company’s investment in unconsolidated joint ventures	34,855,000		33,797,000
Investment in FHLB stock	77,915,000		77,915,000
Deferred tax assets	6,200,000
Operating Segment | Loans
SEGMENT REPORTING
Interest income	41,328,000	36,056,000
Interest expense	(6,151,000)	(5,422,000)
Net interest income	35,177,000	30,634,000
Provision for loan losses	(150,000)	(150,000)
Net interest income after provision for loan losses	35,027,000	30,484,000
Operating lease income	0	0
Tenant recoveries	0	0
Sale of loans, net	7,830,000	30,027,000
Realized gain on securities	0	0
Unrealized gain (loss) on Agency interest-only securities	0	0
Realized gain on sale of real estate, net	641,000	611,000
Fee and other income	1,805,000	1,484,000
Net result from derivative transactions	(16,125,000)	(13,950,000)
Earnings from investment in unconsolidated joint ventures	0	0
Gain on extinguishment of debt	0
Nonoperating Income (Expense)	(5,849,000)	18,172,000
Salaries and employee benefits	(1,500,000)	(2,800,000)
Operating expenses	0	69,000
Real estate operating expenses	0	0
Real estate acquisition costs		0
Fee expense	(436,000)	(891,000)
Depreciation and amortization	0	0
Total costs and expenses	(1,936,000)	(3,622,000)
Tax (expense) benefit	0	0
Net income (loss)	27,242,000	45,034,000
Total assets	1,926,164,000		2,310,409,000
Operating Segment | Securities
SEGMENT REPORTING
Interest income	18,256,000	20,321,000
Interest expense	(1,970,000)	(2,012,000)
Net interest income	16,286,000	18,309,000
Provision for loan losses	0	0
Net interest income after provision for loan losses	16,286,000	18,309,000
Operating lease income	0	0
Tenant recoveries	0	0
Sale of loans, net	0	0
Realized gain on securities	(573,000)	12,150,000
Unrealized gain (loss) on Agency interest-only securities	660,000	(1,318,000)
Realized gain on sale of real estate, net	0	0
Fee and other income	0	0
Net result from derivative transactions	(34,737,000)	(25,189,000)
Earnings from investment in unconsolidated joint ventures	0	0
Gain on extinguishment of debt	0
Nonoperating Income (Expense)	(34,650,000)	(14,357,000)
Salaries and employee benefits	0	0
Operating expenses	0	0
Real estate operating expenses	0	0
Real estate acquisition costs		0
Fee expense	0	(2,000)
Depreciation and amortization	0	0
Total costs and expenses	0	(2,000)
Tax (expense) benefit	0	0
Net income (loss)	(18,364,000)	3,950,000
Total assets	2,598,874,000		2,407,217,000
Operating Segment | Real Estate
SEGMENT REPORTING
Interest income	0	0
Interest expense	(6,195,000)	(5,219,000)
Net interest income	(6,195,000)	(5,219,000)
Provision for loan losses	0	0
Net interest income after provision for loan losses	(6,195,000)	(5,219,000)
Operating lease income	19,294,000	19,147,000
Tenant recoveries	1,335,000	2,526,000
Sale of loans, net	0	0
Realized gain on securities	0	0
Unrealized gain (loss) on Agency interest-only securities	0	0
Realized gain on sale of real estate, net	5,454,000	7,051,000
Fee and other income	342,000	11,000
Net result from derivative transactions	0	0
Earnings from investment in unconsolidated joint ventures	(98,000)	339,000
Gain on extinguishment of debt	0
Nonoperating Income (Expense)	26,327,000	29,074,000
Salaries and employee benefits	0	0
Operating expenses	(422,000)	0
Real estate operating expenses	(5,719,000)	(9,372,000)
Real estate acquisition costs		(600,000)
Fee expense	(114,000)	(38,000)
Depreciation and amortization	(9,797,000)	(9,718,000)
Total costs and expenses	(16,052,000)	(19,728,000)
Tax (expense) benefit	0	0
Net income (loss)	4,080,000	4,127,000
Total assets	843,085,000		868,528,000
Corporate / Other
SEGMENT REPORTING
Interest income	17,000	6,000
Interest expense	(15,220,000)	(14,171,000)
Net interest income	(15,203,000)	(14,165,000)
Provision for loan losses	0	0
Net interest income after provision for loan losses	(15,203,000)	(14,165,000)
Operating lease income	0	0
Tenant recoveries	0	0
Sale of loans, net	0	0
Realized gain on securities	0	0
Unrealized gain (loss) on Agency interest-only securities	0	0
Realized gain on sale of real estate, net	0	0
Fee and other income	828,000	2,046,000
Net result from derivative transactions	0	0
Earnings from investment in unconsolidated joint ventures	892,000	102,000
Gain on extinguishment of debt	5,382,000
Nonoperating Income (Expense)	7,102,000	2,148,000
Salaries and employee benefits	(11,115,000)	(10,958,000)
Operating expenses	(5,873,000)	(8,872,000)
Real estate operating expenses	0	0
Real estate acquisition costs		0
Fee expense	(181,000)	(192,000)
Depreciation and amortization	(5,000)	(5,000)
Total costs and expenses	(17,174,000)	(20,027,000)
Tax (expense) benefit	873,000	(3,104,000)
Net income (loss)	(24,402,000)	(35,148,000)
Total assets	287,172,000		309,058,000
Investment in FHLB stock	77,900,000		77,900,000
Deferred tax assets	6,200,000		5,000,000
LCRIP I
SEGMENT REPORTING
Fee and other income	6,905	100,000
Earnings from investment in unconsolidated joint ventures	892,000	$ 102,000
Company’s investment in unconsolidated joint ventures	1,000,000		49,000
LCRIP I | Corporate / Other
SEGMENT REPORTING
Company’s investment in unconsolidated joint ventures	1,000,000		48,771
Real Estate Joint Ventures | Operating Segment
SEGMENT REPORTING
Company’s investment in unconsolidated joint ventures	33,900,000		33,700,000
Senior Unsecured Notes | Various Dates
SEGMENT REPORTING
Senior Notes	558,134,000
Senior Unsecured Notes | Various Dates | Corporate / Other
SEGMENT REPORTING
Senior Notes	$ 558,100,000		$ 612,600,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Credit Agreement - Committed loan repurchase facility - Subsequent Event	Apr. 19, 2016Extension
Subsequent Event [Line Items]
Number of extension maturity periods	2
Length of extension options	1 year